WULFF-GROUP PLC INTERIM REPORT 8 MAY 2008, AT 9.00 A.M.
WULFF-GROUP PLC INTERIM REPORT 1 JANUARY - 31 MARCH 2008
Wulff-Group's net sales continued to grow and amounted to EUR 19.1 million (EUR
16.9 million). Operating profit totalled EUR 0.38 million (EUR 0.17 million).
Result for the period showed a loss of EUR 0.19 million (EUR -0.07 million).
Earnings per share (EPS) fell to EUR -0.03 (EUR - 0.01).
NET SALES AND PROFIT DEVELOPMENT
Wulff-Group Plc's net sales increased by 13.1% year-on-year, totalling EUR 19.1
million (EUR 16.9 million). The increase in net sales was influenced by the
acquisition of Entre Marketing in May, 2007.
Wulff-Group's operating profit was EUR 0.38 million (EUR 0.17 million),
representing 2.0% (1.0%) of net sales. Profit before extraordinary items
amounted to EUR 0.05 million (EUR 0.12 million). Earnings per share (EPS)
dropped to EUR -0.03 from EUR -0.01 a year earlier. The Group made a loss of EUR
0.19 million after financial expenses in the first quarter (EUR -0.07 million).
Compared with Q1 in 2007, the company's sales grew. CEO Heikki Vienola: ”In
addition to the Entre Marketing acquisition, the growth can be attributed to the
sales of Wulff Oy Ab that remained good. During the spring we introduced the
uniform name and brand, as Beltton-Group Plc became Wulff-Group Plc. Leading the
way, quality and first-class service have always been the cornerstones in the
business of Beltton and Wulff alike. Therefore Wulff, a recognized and valued
company in the industry, was a natural choice as the umbrella brand for the
entire group. The name change was a strong investment in our brand and its
development, and I believe that it will help customers find us even better.
Factors influencing this quarter's results include the result of Entre Marketing
that was weaker than expected and the seasonal character of business gift sales.
Traditionally, most of the business gift sales take place in the second and,
especially, the fourth quarter.”
Wulff Oy Ab, a company that sells office supplies and computer accessories and
accounts for about 40% of Wulff-Group's net sales, managed to win new contract
customers during the period. Both Wulff's sales and profitability showed
positive development during the review period. Wulff's logistics renewal
completed last year and the co-operation with Itella are reflected in the
continuous service level increase. In 2008, Wulff will place a strong focus on
new customer acquisition and expanding its customer base, which is now possible
thanks to the new logistics solution.
In the field of selling and marketing business and advertising gifts, KB-tuote
Oy continued to expand its contractual customer base according to its goals.
Improving profitability has been a focus area in the first quarter of this year,
and the efforts will continue throughout the year, including such measures as
optimizing the product range. KB-Tuote Oy provides major corporations with an
outsourced business gift service whereby the customer can order products
designed in line with the company brand through an electronic order system.
In direct sales, the focus has been on sales supervisor training and improving
the efficiency of the recruitment process and induction training. The review
period's sales were at the same level as last year. Investments were made during
the period in a uniform sales control system for the Group's direct sales
companies, which brings cost savings and enables more efficient warehouse
operations. Wulff-Group's direct sales business consists of ten direct sales
companies in Finland, all of which sell computer accessories, office supplies,
corporate promotional products and ergonomic products.
The Scandinavian subsidiaries of the Wulff-Group showed positive development,
particularly in Norway. The investments made by the Norwegian subsidiary in
business expansion and profitability were reflected in the growth of sales and
results. The Swedish business results have remained at a good level.
The latest corporate acquisition made by the Wulff-Group, Entre Marketing Oy
that has been included in the incorporated financial statements as of May 9,
2007, focused on sales activation and commercialization during the review
period. Expenses have come down thanks to more efficient cost monitoring but the
business was, nevertheless, in the red during the first quarter. The efficiency
improvements should result in better cost-efficiency during the following
quarters.
FINANCING AND INVESTMENTS
Cash flow from business operations amounted to EUR 0.41 million (EUR 0.71
million).
The consolidated balance sheet total at the end of the period amounted to EUR
40.5 million (EUR 40.4 million) and the equity ratio was 50.4 % (45.1 %). The
investments in fixed assets entered in the balance sheet amounted to EUR 0.19
million, or 1.0% (EUR 0.30 million, 1.8%) of net sales.
PERSONNEL
Wulff-Group Plc had 455 (422) employees at the end of the review period and an
average of 461 (417) employees over the period. A total of 92 (96) employees
worked in Sweden, Norway and Estonia.
CHANGE OF THE BUSINESS NAME
The Board of Directors of Wulff-Group Plc decided on 11 March 2008 to propose to
the Annual General Meeting that the business name be changed to Wulff-Group Plc.
The new name strengthens the company's renown as a trustworthy forerunner of
good quality and as the market leader within the office business. In the future,
the Wulff brand will be clearly visible in all marketing operations of the
Group. The change of name does not change the operations of the subsidiaries.
The names and businesses of the subsidiaries of the group and Wulff Oy Ab remain
the same.
The Annual General Meeting of Wulff-Group Plc decided on the change of business
name on 4 April 2008. The change was entered into the Trade Register on 21 April
2008. Following the corporate name change, the trading code of the company's
share on the OMX Nordic Exchange in Helsinki was renamed to WUF1V. The change
took effect in the trade system on 22 April 2008.
EVENTS IN THE REVIEW PERIOD
Jani Puroranta, MSc (Econ.) and MBA, was appointed Chief Business Development
Officer of the Wulff-Group and member of Group Management as of 2 January 2008.
Puroranta will be responsible for acquisitions and the development of strategy
jointly with the Group's management. Born in 1974, Puroranta transfers to
Wulff-Group from McKinsey & Company, a global consulting firm. From 2002 to 2004
he worked at OMX Exchanges as Senior Vice President, Business Development &
Support, and as a member of the management team, among other things. In
addition, Puroranta has worked as a partner at Privanet Capital and in various
management positions in the Helsinki Stock Exchange.
The Group's Board of Directors of Beltton-Group Plc decided on 6 February 2008
on a new share-based incentive plan for the Wulff-Group key personnel. The Plan
includes three earning periods which are calendar years 2008, 2009 and 2010. The
potential reward from the Plan for the earning period 2008 will be based on
achieved results.
The potential reward from the earning period 2008 will be paid as the Company's
shares and in cash in 2009. The proportion to be paid in cash will cover taxes
and tax-related costs arising from the reward. The rewards to be paid on the
basis of the Plan correspond approximately to the value of a maximum total of
70,000 Beltton-Group Plc shares. It is prohibited to transfer the shares during
the two year restriction period. If a key person's employment or service ends
during the restriction period, he/she must return the shares given as reward to
the Company without compensation.
TREASURY SHARES
The Board of Directors of Wulff-Group Plc decided in its meeting on 6 February
2008 to initiate a share buyback in accordance with the authorisation given to
it at the Annual General Meeting on 4 April 2007. Treasury share acquisition was
initiated on 14 February 2008.
The shares were purchased through public trading at OMX Nordic Exchange Helsinki
in a proportion other than that of current shareholder holdings at the market
price determined in public trading at the time of purchase.
The Group's registered share capital on 31 March 2008 amounted to EUR
2,603,051.20 and the total amount of shares is 6,507,628. Wulff Group held
14,990 of its own shares on 31 March 2008, which represents 0.2% of the Group's
shares.
With the said authorization, a total of 15,890 shares were acquired before the
next Annual General Meeting which took place on 4 April 2008. The acquired
shares represent 0.2% of the share capital of the Wulff-Group.
DECISIONS MADE BY THE ANNUAL GENERAL MEETING
Wulff-Group Plc's Annual General Meeting held on 4 April 2008 unanimously
adopted the financial statements for 2007 and discharged the members of the
Board and the CEO from liability for the financial year.
In accordance with the proposal of the Board of Directors the Annual General
Meeting decided to pay a dividend of EUR 0.18 per share for the financial year
2007. The record date for the dividend payment was 9 April 2008, and the payment
was made on 16 April 2008.
The Annual General Meeting confirmed the Board of Directors' proposals for
amendments to the Articles of Association. The following amendments were
resolved:
- Change of the business name to Wulff-Group Plc and the domicile to Helsinki
(Section 1).
- Further specification of the company's business sector (Section 2).
- Deletion of the following Sections, rendered obsolete by the amendments to the
Companies Act: Section 3 (minimum and maximum share capital), Section 4 (nominal
value) and Section 12 (financial period).
- Abbreviation of Section 5 by removal of the now obsolete transitional
regulations for incorporation into the book-entry system.
- Revision of the convocation period to the minimum 17 days stipulated in the
Act, and deletion of the now obsolete reference to the book-entry system
(Section 11).
- Linking of the date and time of the Annual General Meeting to the end of the
financial period (Section 13).
The amendments to the Articles of Association were entered in Trade Register on
21 April 2008.
The Annual General Meeting adopted the Board's proposals concerning the
authorisation to perform share issues and to buy the company's own shares.
The number of members of the Board was confirmed at six. The following members
were re-elected: Ari Lahti, Ere Kariola, Ari Pikkarainen, Pentti Rantanen,
Sakari Ropponen and Heikki Vienola. In its organising meeting held on 22 April
2008, the Board of Directors elected Ari Lahti as its Chairman.
RISKS AND UNCERTAINTIES IN THE NEAR FUTURE
Wulff-Group's business experiences seasonal change, and a significant share of
the company's turnover and profit is generated in the fourth quarter. The main
uncertainty factors in the near future are related to the profit development of
Entre Marketing. The demand for corporate promotional products may begin to
change, as the general economic sentiment takes a downward turn.
No other significant changes have affected Wulff-Group's risks and uncertainty
factors.
EVENTS AFTER THE REVIEW PERIOD
The Board of Directors of Wulff-Group Plc decided in its meeting on 22 April
2008 to initiate a share buyback of maximum of 300,000 own shares in accordance
with the authorisation given to it at the Annual General Meeting on 4 April
2008. The shares will be purchased through public trading at OMX Nordic Exchange
Helsinki in a proportion other than that of current shareholder holdings. The
shares will be purchased at the market price determined in public trading at the
time of purchase.
According to the authorisation, the treasury shares can be acquired to carry out
acquisitions or other business-related arrangements, to improve the company's
capital structure, to support the implementation of the company's incentive
scheme or to be cancelled or disposed of.
The acquisition of the company's own shares shall start at the earliest on 9 May
2008 and end by the end of the next Annual General Meeting at the latest.
OUTLOOK FOR 2008
Wulff-Group expects the office supplies market to continue to grow moderately in
2008. Wulff-Group's outlook for 2008 is favourable. Company management believes
that the Group's turnover and operating profit will improve year-over-year.
Wulff-Group is prepared for acquisitions in line with its strategy.
ACCOUNTING PRINCIPLES APPLIED IN THE INTERIM REPORT
This interim report was prepared in compliance with the IFRS accounting and
valuation principles and the principles of IAS 34. The accounting principles are
the same as those used in the financial statements for 2007. This interim report
has not been audited.
FINANCIAL REPORTING
Wulff-Group Plc will publish financial reports in 2008 as follows:
- Interim Report 1.1. - 30.6.2008 on Friday, 8 August 2008
- Interim Report 1.1. - 30.9.2008 on Thursday 6 November 2008.
INVESTOR AND ANALYST MEETING
Wulff-Group Plc will arrange a meeting with investors and analysts in the
company's premises in the Autotalo building in Helsinki, at Salomonkatu 17 B,
12th floor, on 8 May 2008 starting at noon.
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| Wulff-Group Plc | | (1 000 euro) |
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| CONSOLIDATED INCOME STATEMENT | 1-3/2008 | 1-3/2007 | 1-12/2007 |
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| TURNOVER | 19 148 | 16 925 | 74 087 |
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| Other operating income | 442 | 80 | 3 727 |
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| Materials and services | 10 370 | 8 945 | 39 456 |
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| Employee benefits expenses | 4 868 | 4 175 | 17 644 |
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| Depreciation and amortization | 292 | 299 | 1 735 |
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| Other operating expenses | 3 681 | 3 413 | 13 581 |
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| OPERATING PROFIT | 378 | 172 | 5 399 |
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| Financial income and expenses | -328 | -51 | -852 |
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| PROFIT BEFORE EXTRAORDINARY ITEMS | 50 | 121 | 4 547 |
| AND TAXES | | | |
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| Extraordinary items | 0 | 0 | 0 |
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| PROFIT BEFORE TAXES | 50 | 121 | 4 547 |
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| Income taxes | 163 | 180 | 1 353 |
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| Minority interest | 79 | 11 | 166 |
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| NET PROFIT | -192 | -70 | 3 028 |
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| CONSOLIDATED BALANCE SHEET | | (1 000 euro) |
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| Assets | 31.3.2008 | 31.3.2007 | 31.12.2007 |
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| | | | |
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| FIXES ASSETS | | | |
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| Intangible assets | 627 | 439 | 587 |
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| Goodwill | 7 204 | 4 903 | 7 204 |
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| Tangible assets | 2 507 | 4 979 | 2 829 |
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| Investments held for sale | 318 | 328 | 310 |
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| Investments | 144 | 148 | 144 |
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| Deferred tax assets | 992 | 1 026 | 954 |
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| | | | |
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| TOTAL FIXED ASSETS | 11 792 | 11 823 | 12 028 |
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| CURRENT ASSETS | | | |
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| Inventories | 10 587 | 10 726 | 10 903 |
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| Trade receivables | 8 091 | 7 826 | 8 292 |
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| Other receivables | 4 205 | 3 714 | 4 796 |
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| Cash and cash equivalents and | 5 805 | 6 311 | 6 316 |
| financial assets recognised at fair | | | |
| value | | | |
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| TOTAL CURRENT ASSETS | 28 688 | 28 576 | 30 306 |
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| TOTAL ASSETS | 40 480 | 40 400 | 42 335 |
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| Equity and liabilities | 31.3.2008 | 31.3.2007 | 31.12.2007 |
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| EQUITY | | | |
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| Share capital | 2 602 | 2 603 | 2 603 |
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| Share premium fund | 7 662 | 7 662 | 7 662 |
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| Retained earnings | 9 279 | 7 146 | 6 293 |
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| Net profit | -192 | -70 | 3 028 |
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| Minority interest | 1 049 | 866 | 1 048 |
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| TOTAL EQUITY | 20 400 | 18 207 | 20 634 |
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| LIABILITIES | | | |
--------------------------------------------------------------------------------
| Long-term interest-bearing | 7 634 | 8 285 | 7 713 |
| liabilities | | | |
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| Short-term liabilities | 12 446 | 13 908 | 13 987 |
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| TOTAL LIABILITIES | 20 079 | 22 192 | 21 701 |
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| TOTAL EQUITY AND LIABILITIES | 40 480 | 40 400 | 42 335 |
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| CONSOLIDATED STATEMENT OF CHANGES IN EQUITY Jan 1st - Mar 31st 2008 |
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| | (1 000 euro) |
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| | Share | Share | Retain- | Total | Minor- | Total |
| | capita | premium | ed | | ity | |
| | l | fund | earn- | | inte- | |
| | | | ings | | rest | |
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| | | | | | | |
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| Equity Jan 1 2008 | 2 603 | 7 662 | 9 321 | 19 586 | 1 048 | 20 634 |
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| Net profit | | | -192 | | 79 | -113 |
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| Dividends paid | | | 0 | | -80 | -80 |
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| Investments held | | | 8 | | | 8 |
| for sale: | | | | | | |
| Valuation gains | | | | | | |
| or losses | | | | | | |
| recognised under | | | | | | |
| shareholders' | | | | | | |
| equity | | | | | | |
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| Translation | | | 3 | | 2 | 5 |
| differences | | | | | | |
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| Treasury shares | | | -52 | | | -52 |
| acquired | | | | | | |
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--------------------------------------------------------------------------------
| Taxes related to | | | -2 | | | -2 |
| items recognised | | | | | | |
| under | | | | | | |
| shareholders' | | | | | | |
| equity | | | | | | |
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| Equity Mar 31 | 2 603 | 7 662 | 9 086 | 19 351 | 1 049 | 20 400 |
| 2008 | | | | | | |
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| CONSOLIDATED STATEMENT OF CHANGES IN EQUITY Jan 1st - Mar 31st 2007 |
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| | | | | | (1 000 euro) |
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--------------------------------------------------------------------------------
| | Share | Share | Retain- | Total | Minor- | Total |
| | capita | premium | ed | | ity | |
| | l | fund | earn- | | inte- | |
| | | | ings | | rest | |
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| | | | | | | |
--------------------------------------------------------------------------------
| Equity Jan 1 2007 | 2 603 | 7 662 | 7 036 | 17 301 | 889 | 18 190 |
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| Net profit | | | -70 | | 11 | -59 |
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| Dividends paid | | | 0 | | -34 | -34 |
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| Investments held | | | 93 | | | 93 |
| for sale: | | | | | | |
| Valuation gains | | | | | | |
| or losses | | | | | | |
| recognised under | | | | | | |
| shareholders' | | | | | | |
| equity | | | | | | |
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| Financial | | | 34 | | | 34 |
| instruments | | | | | | |
| recognised under | | | | | | |
| shareholders' | | | | | | |
| equity | | | | | | |
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| Translation | | | 7 | | | 7 |
| differences | | | | | | |
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--------------------------------------------------------------------------------
| Taxes related to | | | -24 | | | -24 |
| items recognised | | | | | | |
| under | | | | | | |
| shareholders' | | | | | | |
| equity | | | | | | |
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| Equity Mar 31 | 2 603 | 7 662 | 7 076 | 17 341 | 866 | 18 207 |
| 2007 | | | | | | |
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| KEY RATIOS | | (1 000 euro) |
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| | 1-3/2008 | 1-3/2007 | 1-12/2007 |
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| Turnover | 19 148 | 16 925 | 74 087 |
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| Increase in turnover % | 13.1 % | 14.1 % | 19.4 % |
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| Operating profit | 378 | 172 | 5 399 |
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| % of turnover | 2.0 % | 1.0 % | 7.3 % |
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| Profit before taxes | 50 | 121 | 4 547 |
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| % of turnover | 0.3 % | 0.7 % | 6.1 % |
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| Net profit | -192 | -70 | 3 028 |
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| % of turnover | -1.0 % | -0.4 % | 4.1 % |
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| Equity ratio % | 50.4 % | 45.1 % | 48.7 % |
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| Investments in fixed assets | 194 | 301 | 1 171 |
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| % of turnover | 1.0 % | 1.8 % | 1.6 % |
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| Average number of personnel | 461 | 417 | 440 |
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| Number of personnel at end of period | 455 | 422 | 467 |
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| Earnings per share, euro | -0.03 | -0.01 | 0.47 |
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| Equity per share, euro | 3.14 | 2.66 | 3.17 |
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| CONSOLIDATED CASH FLOW | | (1 000 euro) |
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| | 1-3/2008 | 1-3/2007 | 1-12/2007 |
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| Cash flow from operations: | | | |
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| Payments received from sales | 19 349 | 17 972 | 74 328 |
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| Payments received from other operating | 25 | 0 | 227 |
| income | | | |
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| Amounts paid for operating expenses | -18 920 | -17 169 | -71 820 |
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| Cash flow from business operations | 455 | 802 | 2 735 |
| before financial items and taxes | | | |
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| Financial costs paid | -56 | -82 | -641 |
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| Interests received from operations | 35 | 31 | 146 |
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| Direct taxes paid | -25 | -46 | -131 |
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| Cash flow from operations | 409 | 705 | 2 109 |
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| Cash flow from investment activities: | | | |
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| Investments in tangible and intangible | -175 | -290 | -1 070 |
| assets | | | |
--------------------------------------------------------------------------------
| Sale of tangible and intangible assets | 690 | 42 | 6 709 |
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| Acquisition of shares in subsidiaries | -72 | 0 | -1 373 |
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| Sale of shares in subsidiaries | 0 | 0 | 0 |
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| Sale of other investments | 0 | 179 | 0 |
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| Loans granted | 0 | 0 | -414 |
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| Cash flow from investment activities | 443 | -69 | 3 852 |
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| Cash flow from financing activities: | | | |
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| Paid dividends | -80 | -40 | -867 |
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| Received dividends | 21 | 140 | 465 |
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| Short-term investments (increase -) | -1 157 | -952 | -198 |
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| Loss from the sale of short-term | -259 | -275 | 0 |
| investments | | | |
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| Loan withdrawals | 0 | 0 | 1 128 |
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| Loan repayments | -286 | 0 | -2 300 |
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| Cash flow from financing activities | -1 761 | -1 127 | -1 772 |
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| Change in liquid assets | -909 | -491 | 4 189 |
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| KEY RATIOS PER QUARTER | | (1 000 euro) |
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| | 1-3/08 | 10-12/0 | 7-9/07 | 4-6/07 | 1-3/07 | 10-12/0 |
| | | 7 | | | | 6 |
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| Turnover | 19 148 | 22 200 | 16 358 | 18 604 | 16 925 | 18 864 |
| (1000 euro) | | | | | | |
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| Operating profit | 378 | 4 095 | 204 | 928 | 172 | 1 033 |
| (1000 euro) | | | | | | |
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| Net profit | -192 | 2 616 | -5 | 487 | -70 | 659 |
| (1000 euro) | | | | | | |
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| Earnings per | -0.03 | 0.40 | 0.00 | 0.07 | -0.01 | 0.10 |
| share, euro | | | | | | |
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WULFF-GROUP PLC
Board of Directors
www.wulff-group.com
Further information:
Heikki Vienola, CEO
Tel. +358 9 5259 0050 or +358 50 65 110
e-mail: heikki.vienola@wulff.fi
Sirpa Väisänen, IR Officer
Tel. +358 9 5259 0050 or +358 400 943 243
e-mail: sirpa.vaisanen@wulff.fi
Distribution:
OMX Nordic Exchange Helsinki
Key media
www.wulff-group.com
