WULFF GROUP PLC
INTERIM REPORT May 8, 2014 at 9:00 A.M.
WULFF GROUP PLC’S INTERIM REPORT FOR JANUARY 1 – MARCH 31, 2014
Market Situation Remained Difficult
- In January-March 2014, the net sales totalled EUR 19.8 million (EUR 22.7 million).
- EBITDA was EUR 0.29 million (EUR 0.41 million) being 1.5 percentages (1.8 %) of net sales.
- The operating profit (EBIT) amounted to EUR 0.03 (EUR 0.12 million) being 0.2 percentages (0.5 %) of net sales.
- Earnings per share (EPS) was EUR 0.00 (EUR 0.00).
- Equity-to-assets ratio was 39.2 percentages (December 31, 2013: 38.3 %).
- Equity per share rose up to EUR 1.83 (December 31, 2013: EUR 1.80).
GROUP’S NET SALES AND RESULT PERFORMANCE
In January-March 2014 the net sales totalled EUR 19.8 million (EUR 22.7 million) and EBITDA was EUR 0.29 million (EUR 0.41 million) being 1.5 percentages (1.8 %) of net sales. The operating profit (EBIT) amounted to EUR 0.03 (EUR 0.12 million) being 0.2 percentages (0.5 %) of net sales. Employee benefit expenses amounted to EUR 4.3 million (EUR 4.8 million). Other operating expenses amounted to EUR 2.4 million (EUR 2.9 million). Employee benefit and other operating expenses were affected by the cost-saving program performed in the end of 2013. The cost-saving program is expected to achieve annual savings of 2.0 million which are estimated to impact the result mainly in 2014. The general economic situation remained difficult which impacted the demand in the market. The Group continues to review its expense structure and optimise its operations to improve the profitability of its businesses.
Wulff Group’s CEO Heikki Vienola: “The market situation has remained difficult in the beginning of 2014. The cost-saving program performed in the end of 2013 had an expected effect in the first quarter. We are developing cost-efficient electronic order services which enable us to serve our clients in a modern and cost-efficient way. Wulff Entre’s establishment in the Swedish market has come off according to plan and I see great opportunities in growth there in the future.”
In January-March the financial income and expenses totalled (net) EUR -0.08 million (EUR -0.06 million) including interest expenses of EUR 0.05 million (EUR 0.05 million) and mainly currency-related other financial items (net) EUR -0.03 million (EUR -0.02 million).
In January-March the result before taxes was EUR 0.05 million negative (EUR 0.06 million positive) and the net profit after taxes was EUR 0.04 million negative (EUR 0.05 million positive). Earnings per share (EPS) was EUR 0.00 (EUR 0.00).
Return on investment (ROI) was -0.01 percentages (0.4 %) and return on equity (ROE) was -0.3 percentage (0.3 %).
CONTRACT CUSTOMERS DIVISION
The Contract Customers Division is the customer’s comprehensive partner in the field of office supplies, IT supplies, business and promotional gifts as well as international fair services. In January-March the division’s net sales totalled EUR 16.7 million (EUR 19.5 million) and operating profit was EUR 0.2 (EUR 0.5 million).
The general economic situation and the decrease in the products’ demand have led to the decrease in net sales. Due to the cost-saving program performed in the end of 2013 operating profit decreased only by EUR 0.3 million despite of the significant drop in the net sales. Traditionally the Contract Customers Division’s result is affected by the cycles of the business and promotional gift market: the majority of the products are delivered and the majority of the annual profit is generated in the second and the last quarter of the year.
International fair services are significant part of Wulff’s business. Wulff Entre’s investments in sales and its development have resulted in both stronger customer relationships and an increase in clientele in Finland but also in Russia, Germany and Sweden. In the first quarter Wulff Entre succeeded in winning new customers and improving its net sales and profit.
In 2014 Wulff Entre exports Finnish companies’ know-how to more than 30 countries. Wulff Entre is the market leader in its field in Finland and there has been a solid trust in Wulff Entre’s ability to find the right international venues for over 90 years.
DIRECT SALES DIVISION
The Direct Sales Division aims to improve its customers’ daily operations with innovative products as well as the industry’s most professional personal and local service. In January-March the division’s net sales totalled EUR 3.0 million (EUR 3.3 million) and operating profit was EUR -0.09 (EUR -0.09 million).
The Division’s profitability is improved by concentrating on profitable product and service fields and by optimising the operations’ efficiency. Wulff invests strongly in the development of the product and service range and aims to increase the synergy of the purchasing operations by group wide competitive bidding and cooperation. The most significant product of the new product range is the LED lighting. The LED lighting is both environmentally friendly and economical. At its best an investment made today pays back within a year and cost-savings in the energy consumption can be benefitted from for years.
Successful recruiting affects especially the performance of Direct Sales. New sales personnel are being actively recruited by, for example, campaigning in the social media and co-operating with the employment agencies. Wulff’s own introduction and training programmes ensure that every sales person gets both a comprehensive starting training and further education on how to improve one’s own know-how. Wulff is constantly prepared to employ new sales persons in Finland and in Scandinavia. Wulff’s sales growth is fuelled most importantly by the talented sales personnel.
FINANCING, INVESTMENTS AND FINANCIAL POSITION
In January-March the cash flow from operating activities was EUR -1.6 million (EUR -1.9 million). In this industry it is typical that the result and cash flow are generated in the last quarter.
For its fixed asset investments the Group paid a net of EUR 0.3 million (EUR 0.4 million) in January-March. The Group paid EUR 0.06 million for the acquisition of non-controlling interests in S Supplies Holding AB to the subsidiary’s key personnel. The Group raised loans of net EUR 1.7 million in January March 2014 (EUR 1.2 million, net).
The Group’s cash balance decreased by EUR 0.4 million in January-March (EUR -1.0 million). The Group’s bank and cash funds totalled EUR 1.7 million in the beginning of the year and EUR 1.4 million in the end of the reporting period.
In the end of March 2014 the Group’s equity-to-assets ratio was 39.2 percentages (December 31, 2013:
38.3 %). Equity attributable to the equity holders of the parent company increased to EUR 1.83 per share (December 31, 2013: EUR 1.80).
SHARES AND SHARE CAPITAL
Wulff Group Plc’s share is listed on NASDAQ OMX Helsinki in the Small Cap segment under the Industrials sector. The company’s trading code is WUF1V. In the end of the reporting period the share was valued at EUR 1.35 (EUR 1.90) and the market capitalization of the outstanding shares totalled EUR 8.8 million (EUR 12.4 million).
In January-March 2014 no own shares were reacquired. In the end of March 2014, the Group held 79,000 (March 31, 2013: 85,000) own shares representing 1.2 percentage (1.3 %) of the total number and voting rights of Wulff shares. According to the Annual General Meeting’s authorisation on April 10, 2014, the Board of Directors decided in its organizing meeting to continue the acquisition of its own shares, by acquiring a maximum of 300.000 own shares by April 30, 2015.
Wulff Group Plc’s Annual General Meeting decided not to pay dividend (dividend in April 2013 was 0.08 per share). The decisions of the Annual General Meeting were announced in the stock exchange release in more detail on April 10, 2014.
PERSONNEL
In the first quarter of 2013 the Group’s personnel totalled 295 (326) employees on average. In the end of March the Group had 295 (325) employees of which 115 (124) persons were employed in Sweden, Norway, Denmark or Estonia.
The majority, approximately 60 percentages, of the Group’s personnel works in sales operations and approximately 40 percentages of the employees work in sales support, logistics and administration. The personnel consists approximately half-and-half of men and women.
RISKS AND UNCERTAINTIES IN THE NEAR FUTURE
The demand for office supplies is still affected by the organizations’ personnel lay-offs and cost-saving initiatives made during the economic downturn. The general uncertainty may still continue which will affect the ordering behaviour of some corporate clients.
Although the business gifts are seen increasingly as a part of the corporate communications as a whole and they are utilized also in the off-season, some cost savings may be sought after by decreasing the investments in the brand promotion. The ongoing economic uncertainties impact especially the demand for business and promotional gifts. During the uncertain economic periods, the corporations may also minimize attending fairs.
Half of the Group’s net sales come from other than euro-currency countries. Fluctuation of the currencies affect the Group’s net result, however the effect of the fluctuation is expected to be moderate.
EVENTS AFTER THE REPORTING PERIOD
No significant events have occurred after the end of the reporting period.
MARKET SITUATION AND FUTURE OUTLOOK
Wulff is the most significant Nordic player in its industry. Wulff’s mission is to help its corporate customers to succeed in their own business by providing them with leading-edge products and services in a way best suitable to them. The markets have been consolidating in the past few years and the Nordic markets are expected to consolidate in the future as well. Wulff is prepared to carry out new strategic acquisitions.
Despite the challenging situation operating results is believed to improve in 2014 due to cost savings. Typically in the industry, the annual profit is made in the last quarter of the year.
The group continues to improve the efficiency of its operations along with the continuous renewal in order to increase the Group’s profitability and to reach its long-term financial targets. The cost-saving program performed in the end of 2013 had an expected impact to the first quarter, and it is expected to gain annual savings of EUR 2.0 million mainly in 2014.
The Group focuses strongly on sales activities, the development of its sales operations and new solutions offered to customers. Examples of new products and services, which have already received good customer feedback, are LED lights and lighting solutions as well as acoustic panels improving work environment, personnel well-being and ecological objectives.
FINANCIAL REPORTING 2014
Wulff Group Plc will release the following financial reports in 2014:
Interim Report, January-June 2014 Thursday August 7, 2014
Interim Report, January-September 2014 Thursday November 6, 2014
In Vantaa on May 7, 2014
WULFF GROUP PLC
BOARD OF DIRECTORS
Further information:
CEO Heikki Vienola
tel. +358 9 5259 0050 or mobile: +358 50 65 110
e-mail: heikki.vienola@wulff.fi
DISTRIBUTION
NASDAQ OMX Helsinki Oy
Key media
www.wulff-group.com
CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 1.1. - 31.3.2014
The information presented in the interim report has not been audited.
| CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS (IFRS) | I | I | I-IV |
| EUR 1000 | 2014 | 2013 | 2013 |
| Net sales | 19 775 | 22 742 | 83 543 |
| Other operating income | 35 | 41 | 110 |
| Materials and services | -12 849 | -14 652 | -55 190 |
| Employee benefit expenses | -4 283 | -4 849 | -17 811 |
| Other operating expenses | -2 390 | -2 875 | -10 649 |
| EBITDA | 289 | 407 | 3 |
| Depreciation and amortization | -257 | -287 | -1 104 |
| Impairment | 0 | 0 | -1 620 |
| Operating profit/loss | 31 | 120 | -2 721 |
| Financial income | 6 | 108 | 155 |
| Financial expenses | -90 | -164 | -829 |
| Profit/Loss before taxes | -53 | 64 | -3 395 |
| Income taxes | 9 | -16 | -510 |
| Net profit/loss for the period | -44 | 48 | -3 904 |
| Attributable to: | |||
| Equity holders of the parent company | 13 | 29 | -3 874 |
| Non-controlling interest | -57 | 19 | -31 |
| Earnings per share for profit | |||
| attributable to the equity holders | |||
| of the parent company: | |||
| Earnings per share, EUR | 0,00 | 0,00 | -0,59 |
| (diluted = non-diluted) | |||
| CONDENSED CONSOLIDATED STATEMENT OF OCI | I | I | I-IV |
| EUR 1000 | 2014 | 2013 | 2013 |
| Net profit/loss for the period | -44 | 48 | -3 904 |
| Other comprehensive income which may be reclassified to profit or loss subsequently (net of tax) | |||
| Change in translation differences | 39 | 100 | -258 |
| Fair value changes on available-for-sale investments | -8 | -15 | -50 |
| Total other comprehensive income | 85 | 85 | -308 |
| Total comprehensive income for the period | -13 | 133 | -4 212 |
| Total comprehensive income attributable to: | |||
| Equity holders of the parent company | 23 | 96 | -4 148 |
| Non-controlling interest | -36 | 37 | -64 |
| CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION (IFRS) | March 31 | March 31 | Dec 31 |
| EUR 1000 | 2014 | 2013 | 2013 |
| ASSETS | |||
| Non-current assets | |||
| Goodwill | 7 830 | 9 592 | 7 845 |
| Other intangible assets | 1 166 | 1 372 | 1 180 |
| Property, plant and equipment | 1 501 | 1 953 | 1 536 |
| Non-current financial assets | |||
| Interest-bearing financial assets | 35 | 34 | 35 |
| Non-interest-bearing financial assets | 236 | 299 | 246 |
| Deferred tax assets | 1 739 | 2 091 | 1 737 |
| Total non-current assets | 12 506 | 15 341 | 12 578 |
| Current assets | |||
| Inventories | 8 717 | 10 100 | 9 053 |
| Current receivables | |||
| Interest-bearing receivables | 23 | 17 | 20 |
| Non-interest-bearing receivables | 11 724 | 14 619 | 11 728 |
| Financial assets recognised at fair value through profit/loss | 3 | 3 | 3 |
| Cash and cash equivalents | 1 395 | 1 747 | 1 774 |
| Total current assets | 21 862 | 26 486 | 22 578 |
| TOTAL ASSETS | 34 369 | 41 827 | 35 156 |
| EQUITY AND LIABILITIES | |||
| Equity | |||
| Equity attributable to the equity holders of the parent company: | |||
| Share capital | 2 650 | 2 650 | 2 650 |
| Share premium fund | 7 662 | 7 662 | 7 662 |
| Invested unrestricted equity fund | 223 | 223 | 223 |
| Retained earnings | 1 438 | 5 947 | 1 190 |
| Non-controlling interest | 819 | 1 251 | 1 137 |
| Total equity | 12 792 | 17 733 | 12 861 |
| Non-current liabilities | |||
| Interest-bearing liabilities | 4 675 | 5 782 | 4 825 |
| Deferred tax liabilities | 50 | 99 | 39 |
| Total non-current liabilities | 4 725 | 5 880 | 4 864 |
| Current liabilities | |||
| Interest-bearing liabilities | 4 521 | 3 189 | 2 839 |
| Non-interest-bearing liabilities | 12 329 | 15 025 | 14 591 |
| Total current liabilities | 16 850 | 18 214 | 17 431 |
| TOTAL EQUITY AND LIABILITIES | 34 369 | 41 827 | 35 156 |
| CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (IFRS) | I | I | I-IV |
| EUR 1000 | 2014 | 2013 | 2013 |
| Cash flow from operating activities: | |||
| Cash received from sales | 19 719 | 21 493 | 85 210 |
|
Cash received from other operating income |
35 | 45 | 114 |
| Cash paid for operating expenses | -20 932 | -23 180 | -84 131 |
| Cash flow from operating activities before financial items and income taxes | -1 178 | -1 642 | 1 193 |
| Interest paid | -59 | -54 | -136 |
| Interest received | 3 | 7 | 30 |
| Income taxes paid | -326 | -202 | -520 |
| Net cash flow from operating activities | -1 559 | -1 891 | 567 |
| Cash flow from investing activities: | |||
|
Investments in intangible and tangible assets |
-237 | -490 | -828 |
|
Proceeds from sales of intangible and tangible assets |
1 | 46 | 123 |
|
Disposal of other non-current investments |
0 | 0 | 11 |
| Loans granted | -65 | -2 | -65 |
| Repayments of loans receivable | 0 | 33 | 34 |
| Net cash flow from investing activities | -300 | -413 | -725 |
| Cash flow from financing activities: | |||
| Dividends paid | 0 | -21 | -638 |
| Dividends received | 0 | 7 | 7 |
| Payment for the partial interest in a subsidiary that does not involve loss of control | -57 | -33 | -33 |
| Proceeds on disposal of partial interest in a subsidiary that does not involve loss of control | 1 | 0 | 0 |
|
Cash paid for (received from) short-term investments (net) |
1 | 77 | 95 |
|
Withdrawals and repayments of short-term loans |
1 652 | 1 762 | 1 357 |
| Withdrawals of long-term loans | |||
| Repayments of long-term loans | -119 | -483 | -1 385 |
| Net cash flow from financing activities | 1 478 | 1 309 | -598 |
| Change in cash and cash equivalents | -382 | -995 | -756 |
| Cash and cash equivalents at the beginning of the period | 1 774 | 2 749 | 2 749 |
| Translation difference of cash | 3 | -7 | -219 |
| Cash and cash equivalents at the end of the period | 1 395 | 1 747 | 1 774 |
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
| EUR 1000 | Equity attributable to equity holders of the parent company | ||||||||||
| Fund | |||||||||||
| for in | |||||||||||
| vested | |||||||||||
| non | Trans | Re | Non | ||||||||
| Share | re | lation | tai | cont | |||||||
| pre | strict | diffe | Fair value fund | ned | rolling | ||||||
| Share | mium | ed | Own | ren | Earn | inte | |||||
| capital | fund | equity | shares | ces | ings | Total | rest | TOTAL | |||
| Equity on Jan 1, 2013 | 2 650 | 7 662 | 223 | -272 | 28 | -25 | 6 118 | 16 384 | 1 283 | 17 667 | |
| Net profit / loss for the period | 29 | 29 | 19 | 48 | |||||||
| Other comprehensive income (net of taxes): | |||||||||||
| Change in translation diff | 81 | 81 | 19 | 100 | |||||||
|
Fair value changes on available-for-sale investments |
-15 |
-15 | -15 | ||||||||
| Comprehensive income (net of taxes) | 81 | -15 | 29 | 96 | 37 | 133 | |||||
| Dividends paid | 0 | 0 | -21 | -21 | |||||||
| Treasury share disposal | 0 | 0 | |||||||||
| Share- based payments | 1 | 1 | 1 | ||||||||
| Changes in ownership | 0 | -49 | -49 | ||||||||
| Equity on March 31, 2013 | 2 650 | 7 662 | 223 | -272 | 110 | -40 | 6 149 | 16 482 | 1 251 | 17 733 | |
| Equity on Jan 1, 2014 | 2 650 | 7 662 | 223 | -260 | -196 | -76 | 1 723 | 11 725 | 1 137 | 12 862 | |
| Net profit / loss for the period | 13 | 13 | -57 | -44 | |||||||
| Other comprehens. income (net of taxes): | |||||||||||
| Change in translation diff | 18 | 18 | 21 | 39 | |||||||
|
Fair value changes on available-for-sale investments |
-8 |
-8 | -8 | ||||||||
| Comprehensive income (net of taxes) | 18 | -8 | 13 | 23 | -36 | -13 | |||||
| Dividends paid | 0 | 0 | 0 | ||||||||
| Share- based payments | 1 | 1 | 1 | ||||||||
| Changes in ownership | 224 | 224 | -282 | -58 | |||||||
| Equity on March 31, 2014 | 2 650 | 7 662 | 223 | -260 | -178 | -84 | 1 961 | 11 973 | 819 | 12 792 | |
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FUNANCIAL STATEMENTS
1. BASIS OF PREPARATION
This interim report has been prepared in accordance with IAS 34 Interim Financial Reporting. The accounting principles used in the preparation of this report are consistent with those described in the 2013 IFRS Consolidated Financial Statements, with the exception of the changes to the IFRS standards effective and adopted as of 1 January 2014. The changes are described in the 2013 IFRS Consolidated Financial Statements. The changes do not have a significant effect on the interim report.
The IFRS principles require the management to make estimates and assumptions when preparing financial statements. Although these estimates and assumptions are based on the management’s best knowledge of today, the final outcome may differ from the estimated values presented in the financial statements.
All figures are presented as thousands of euros and have been rounded to the nearest thousand euros.
Part of the Group’s loan agreements include covenants, according to which the equity ratio shall be 35 percentages at minimum and the interest-bearing debt/EBITDA ratio shall be 3.5 at maximum in the end of each financial year. On December 31, 2013 the covenant debt/EBITDA ratio was breached due to the negative result. The Group management negotiated the breach with the banks during the end of 2013 with the result that the banks collected a one-time fee. Interest-bearing liabilities are classified as long-term or short-term based on repayment schedule.
The Group has no knowledge of any significant events after the end of the financial period that would have had a material impact on this report in any other way that has been already discussed in the review by the Board of Directors.
2. CHANGES IN GROUP STRUCTURE
Changes in the shares of minority shareholders
In March 2014, the Group acquired an additional 2 % share of the share capital of S Supplies Holding AB, and now the Group owns 85 % of the company’s share capital. The sales price was 56 thousand euros. The book value of S Supplies Holding AB’s net assets (without goodwill) was 2,795 thousand euros. As a result of the acquisition, the share of non-controlling interest decreased by 56 thousand euros.
In January 2014, the Group sold 20 % share of the share capital of Wulff Liikelahjat Oy, and now the Group owns 80 % of the company’s share capital. The sales price was 1 thousand euros. The book value of Wulff Liikelahjat Oy was 1,151 thousand euros negative. As a result of the transaction a profit of 231 thousand was recognised in retained earnings and the share of non-controlling interest decreased accordingly.
| 3. SEGMENT INFROMATION | I | I | I-IV |
| EUR 1000 | 2014 | 2013 | 2013 |
| Net sales by operating segments | |||
| Contract Customers Division | 16 725 | 19 487 | 70 669 |
| Direct Sales Division | 3 040 | 3 253 | 12 892 |
| Group Services | 126 | 202 | 659 |
| Intersegment eliminations | -115 | -201 | -677 |
| TOTAL NET SALES | 19 775 | 22 742 | 83 543 |
| Contract Customers Division | 221 | 466 | -70 |
| Goodwill impairment | 0 | 0 | -1 619 |
| Contract Customers Division | 221 | 466 | 2 041 |
|
Direct Sales Division |
-93 | -87 | -108 |
| Group Services and non-allocated items | -97 | -259 | -923 |
| TOTAL OPERATING PROFIT/LOSS | 31 | 120 | -2 721 |
| 4. KEY FIGURES | I | I | I-IV |
| EUR 1000 | 2014 | 2013 | 2013 |
| Net sales | 19 775 | 22 742 | 83 543 |
| Change in net sales, % | -13,0 % | -2,5 % | -7,4 % |
| EBITDA | 289 | 407 | 3 |
| EBITDA margin, % | 1,5 % | 1,8 % | 0,0 % |
| Operating profit/loss | 31 | 120 | -2 721 |
| Operating profit/loss margin, % | 0,2 % | 0,5 % | -3,3 % |
| Profit/Loss before taxes | -53 | 64 | -3 395 |
| Profit/Loss before taxes margin, % | -0,3 % | 0,3 % | -4,1 % |
| Net profit/loss for the period attributable to equity holders of the parent company | 13 | 29 | -3 874 |
| Net profit/loss for the period, % | 0,1 % | 0,1 % | -4,6 % |
| Earnings per share, EUR (diluted = non-diluted) | 0,00 | 0,00 | -0,59 |
| Return on equity (ROE), % | -0,34 % | 0,27 % | -25,58 % |
| Return on investment (ROI), % | -0,01 % | 0,42 % | -13,92 % |
| Equity-to-assets ratio at the end of period, % | 39,2 % | 44,2 % | 38,3 % |
| Debt-to-equity ratio at the end of period | 60,5 % | 40,4 % | 45,4 % |
| Equity per share at the end of period, EUR * | 1,83 | 2,53 | 1,80 |
| Investments in non-current assets | 238 | 465 | 778 |
| Investments in non-current assets, % of net sales | 1,2 % | 2,0 % | 0,9 % |
| Treasury shares held by the Group at the end of period | 79 000 | 85 000 | 79 000 |
| Treasury shares, % of total share capital and votes | 1,2 % | 1,3 % | 1,2 % |
| Number of total issued shares at the end of period | 6 607 628 | 6 607 628 | 6 607 628 |
| Personnel on average during the period | 295 | 326 | 311 |
| Personnel at the end of period | 295 | 325 | 295 |
* Equity attributable to the equity holders of the parent company / Number of shares excluding the acquired own shares
| QUARTERLY KEY FIGURES | I | IV | III | II | I |
| EUR 1000 | 2014 | 2013 | 2013 | 2013 | 2013 |
| Net sales | 19 775 | 22 585 | 17 474 | 20 743 | 22 742 |
| EBITDA | 289 | 328 | -246 | -486 | 407 |
| Operating profit/loss | 31 | -930 | -1 141 | -769 | 120 |
| Profit/Loss before taxes | -53 | -1 242 | -1 212 | -1 005 | 64 |
| Net profit/loss for the period attributable to the equity holders of the parent company | 13 | -2 113 | -1 030 | -760 | 29 |
| Earnings per share, EUR (diluted = non-diluted) | 0,00 | -0,32 | -0,16 | -0,12 | 0,00 |
| 5. RELATED PARTY TRANSACTIONS | I | I | I-IV |
| EUR 1000 | 2013 | 2012 | 2012 |
| Sales to related parties | 49 | 61 | 247 |
| Purchases from related parties | 11 | 50 | 56 |
| Current non-interest-bearing receivables from related parties | 20 | 21 | 49 |
| Non-current interest-bearing receivables from related parties | |||
| Current non-interest-bearing liabilities to related parties | 12 |
| 6. CONTINGENT LIABILITIES AND OTHER COMMITMENTS | March 31 | March 31 | Dec 31 |
| EUR 1000 | 2014 | 2013 | 2013 |
| Mortgages and guarantees on own behalf | |||
| Business mortgage for the Group's loan liabilities | 7 550 | 7 550 | 7 550 |
| Real estate pledge for the Group's loan liabilities | 900 | 900 | 900 |
|
Subsidiary shares pledged as security for group companies' liabilities |
6 702 | 4 018 | 6 702 |
|
Other listed shares pledged as security for group companies' liabilities |
115 | 167 | 125 |
|
Current receivables pledged as security for group companies' liabilities |
242 | 266 | 239 |
|
Pledges and guarantees given for the group companies' off-balance sheet commitments |
186 | 228 | 183 |
| Guarantees given on behalf of third parties | 0 | 98 | 0 |
| Minimum future operating lease payments | 4 264 | 5 847 | 4 648 |
| Calculation of Key Figures | |
| Return on equity (ROE), % | Net profit/loss for the period (total including the non-controlling interest of the result) |
| Shareholders’ equity total on average during the period (including non-controlling interest) | |
| Return on investment (ROI), % | (Profit before taxes + Interest expenses) x 100 |
| Balance sheet total - Non-interest-bearing liabilities on average during the period | |
| Equity ratio, % | (Shareholders’ equity + Non-controlling interest at the end of the period) x 100 |
| Balance sheet total - Advances received at the end of the period | |
| Net interest-bearing debt | Interest-bearing liabilities - Interest-bearing receivables - Cash and cash equivalents |
| Gearing, % | Net interest-bearing debt x 100 |
| Shareholders’ equity + Non-controlling interest at the end of the period | |
| Earnings per share (EPS), EUR | Net profit attributable to the equity holders of the parent company |
| Share issue adjusted number of outstanding shares on average during the period | |
| Equity per share, EUR | Equity attributable to equity holders of the parent company |
| Share issue-adjusted number of outstanding shares at the end of period | |
| Dividend per share, EUR | Dividend for the financial period |
| Share issue-adjusted number of outstanding shares at the end of period | |
| Payout ratio, % | (Dividend per share) x 100 |
| Earnings per share (EPS) | |
| Earnings before taxes, depreciation and | Earnings before taxes, depreciation and amortization (EBITDA) |
| amortization (EBITDA) per share, EUR | Share issue adjusted number of outstanding shares on average during the period |
| Market value of outstanding shares | Share issue-adjusted number of outstanding shares at the end of period |
| x Closing share price at the end of period |
