09 aug: DSV, 465 - Insideres handel med aktier i DSV
10 aug: Dato for offentliggørelse af delårsrapport for første halvår (Q2)..
10-08-2012 08:00:01

Wulff Group Plc’s Interim Report for January 1 – June 30, 2012

Relateret indhold

Net Sales Decreased, Net Profit and Cash Flow Increased

WULFF GROUP PLC

INTERIM REPORT August 10, 2012 at 9:00 A.M.

WULFF GROUP PLC’S INTERIM REPORT FOR JANUARY 1 – JUNE 30, 2012

Net Sales Decreased, Net Profit and Cash Flow Increased

-- In the first half of the year, the Group’s net sales decreased by almost 9

percentages down to EUR 45.4 million from last year’s EUR 49.6 million. The

second-quarter net sales were EUR 22.0 million (EUR 24.4 million).

-- In the first half of the year, EBITDA was EUR 0.84 million (EUR 1.04

million) being 1.9 percentages (2.1 %) of net sales. In the second quarter,

EBITDA was EUR 0.36 million (EUR 0.76 million) being 1.7 percentages (3.1

%) of net sales.

-- In the first half of the year, the operating profit (EBIT) was EUR 0.32

(EUR 0.50 million) being 0.7 percentages (1.0 %) of net sales. In the

second quarter, EBIT was EUR 0.11 million (EUR 0.49 million).

-- The net profit after taxes rose up to a profit of EUR 0.23 million (EUR

0.13 million) in the first half of 2012. The net profit was EUR 0.05

million (EUR 0.29 million) in the second quarter.

-- Earnings per share (EPS) were EUR 0.03 (EUR 0.01) in the first half of the

year. EPS were EUR 0.00 (EUR 0.04) in the second quarter.

-- The cash flow from operating activities was positive: EUR 0.37 million (EUR

-2.71 million) in the whole reporting period and EUR 0.68 million (EUR

-0.69 million) in the second quarter.

GROUP’S NET SALES AND RESULT PERFORMANCE

In the first half of the year, the Group’s net sales decreased by almost 9

percentages down to EUR 45.4 million from last year’s EUR 49.6 million. The

second-quarter net sales were EUR 22.0 million (EUR 24.4 million). The entire

reporting period’s net profit and cash flow increased positively due to

improving the operations’ efficiency and focusing on profitable business.

Profitability improved in the Contract Customers Division and especially Wulff

Entre, the company providing fair services, made a clear result improvement

compared to the first half of 2011. The merging and development of the Group’s

business gift operations as well as the reorganisation costs in the

Scandinavian direct sales operations brought non-recurring expenses in the

reporting period.

In the first half of the year, EBITDA was EUR 0.84 million (EUR 1.04 million)

being 1.9 percentages (2.1 %) of net sales. In the second quarter, EBITDA was

EUR 0.36 million (EUR 0.76 million) being 1.7 percentages (3.1 %) of net sales.

In the first half of the year, the operating profit (EBIT) was EUR 0.32 (EUR

0.50 million) being 0.7 percentages (1.0 %) of net sales. In the second

quarter, EBIT was EUR 0.11 million (EUR 0.49 million). 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 general economic situation and the

decrease in the products’ demand led to the sales decrease. The markets have

not improved positively and our customers’ demand for our products has not been

as expected. Even we have won new customers, our net sales decreased from last

year’s level. I believe that by focusing on serving our customers in the best

possible way as well as by investing in sales and the development of our Nordic

concept, we will strengthen our status in Scandinavia and will still be able to

serve our customers as the domestic market leader. We will ensure a good result

with our strategic focusing on profitable business and operational efficiency.

We will also continue the inventory turnover optimisation, in which we have

succeeded well in the first half of the year. Our equity-to-assets ratio

increased by almost four percentages from the comparable period. Our goal is to

achieve market leadership in the Nordic countries within the next five years.

The business development jointly with our personnel and our customers is the

key in achieving this goal. We have had the privilege of being the front runner

in our industry for more than 120 years ­– on August 23, we will celebrate our

122nd anniversary.”

In the first half of the year, the financial income and expenses totalled (net)

EUR -0.04 million (EUR -0.28 million) including dividend income of EUR 0.02

million (EUR 0.02 million), interest expenses of EUR 0.13 million (EUR 0.19

million) and mainly currency-related other financial items (net) EUR +0.07

million (EUR -0.11 million). The second-quarter financial income and expenses

netted EUR -0.05 million (EUR -0.17 million).

In the first half of the year, the result before taxes rose up to EUR 0.28

million (EUR 0.23 million) and the net profit after taxes rose up to a profit

of EUR 0.23 million being EUR 0.09 million better than in the first half of

2011 (EUR 0.13 million). The second quarter’s result before taxes was EUR 0.06

million (EUR 0.32 million) and net profit after taxes was EUR 0.05 million (EUR

0.29 million).

Earnings per share (EPS) were EUR 0.03 (EUR 0.01) in the first half of the

year. EPS were EUR 0.00 (EUR 0.04) in the second quarter.

Return on investment (ROI) was 1.55 percentage (1.48 %) for the whole reporting

period and 0.41 percentage (1.55 %) in the second quarter. Return on equity

(ROE) was 1.33 percentage (0.80 %) for the whole reporting period and 0.28

percentage (1.78 %) in the second quarter.

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 fair services. The segment’s net sales were EUR 38.0 million (EUR 41.1

million) in the first half of the year and EUR 18.4 million (EUR 20.1 million)

in the second quarter. In the first half of the year, the division’s operating

profit was EUR 0.85 million being EUR 0.21 million better than in the first

half of 2011 (EUR 0.64 million). The operating profit was EUR 0.35 million (EUR

0.52 million) in the second quarter. The merging and development of the Group’s

business gift operations brought non-recurring expenses in the reporting

period. According to the Group’s strategy, it is very important to invest in

the constant development of services and renew the Group’s structure when

necessary.

In the first half of the year, the good result of Wulff Supplies AB, operating

in Scandinavia, improved further and also the Finnish office supplies

companies, Wulff Oy Ab and Torkkelin Paperi Oy, improved their results. The

Group’s webstore Wulffinkulma.fi has shown especially good growth and profit

increase, and it has been an important investment for the future and produced

quick results.

Wulff Entre, the company offering international fair services, continued to

make good result by focusing on profitable services and its special expertise

in the international fair services. Investing in sales and its development has

resulted in both stronger customer relationships and an increase in clientele.

In 2012, Wulff Entre exports Finnish companies’ know-how to various new

countries.

The 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.

Wulff Group’s business gift companies, Finland’s two oldest business and

promotional gift companies, Ibero Liikelahjat Oy and KB-tuote Oy, merged into

Wulff Liikelahjat Oy in spring 2012. The new name and the common brand show the

customers the most relevant idea that the customers are served by professionals

of Wulff Liikelahjat Oy. Wulff Liikelahjat Oy’s goal is to be the biggest and

strongest player in Finland’s business gift industry.

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. The division’s net sales were EUR 7.4 million (EUR 8.6 million)

in the entire reporting period and EUR 3.7 million (EUR 4.3 million) in the

second quarter. The operating result totalled EUR -0.09 million (EUR 0.25

million) in the entire reporting period and EUR 0.01 million (EUR 0.18 million)

in the second quarter. The result was affected by e.g. the reorganisation costs

of the Scandinavian direct sales operations, among other things.

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 groupwide competitive

bidding and cooperation. Unifying the sales support systems and introducing the

new CRM program are important investments for the future. Up-to-date and

unified tools and systems save time and facilitate the sales work leaving more

time for customer service.

A talented and skilled personnel is Wulff’s growth engine. The number and the

skill level of the sales personnel affect especially the performance of Direct

Sales. New sales personnel are being actively recruited by, for example,

campaigning in the social media. 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. In 2012,

the personnel development and training programme has been renewed. We have

especially invested in the regular superior training.

A sales organization is a good leadership school and sales experience is valued

increasingly wide also in Finnish companies. Wulff is known as a sales academy.

Being a growing and internationalizing Group, Wulff has possibilities to employ

both experienced sales professionals and new sales talents, who are entering

the industry for the first time, as well as people who are changing jobs. The

Group has potential to recruit several new sales talents in its operational

countries.

FINANCING, INVESTMENTS AND FINANCIAL POSITION

The cash flow from operating activities was positive: EUR 0.37 million (EUR

-2.71 million) in the whole reporting period and EUR 0.68 million (EUR -0.69

million) in the second quarter. The Group has enhanced its working capital

management and EUR -1.53 million less working capital was tied in the

inventories than a year ago.

For its fixed asset investments, the Group paid a net of EUR 0.32 million (EUR

0.21 million) in the entire reporting period and EUR 0.16 million (EUR 0.16

million) during the second quarter. Wulff Group Plc paid its shareholders

dividends of EUR 0.46 million (EUR 0.33 million) and additionally the

subsidiaries’ non-controlling shareholders were paid dividends of EUR 0.07

million (EUR 0.07 million). The Group paid EUR 0.05 million for the

acquisitions and disposals of non-controlling interests in Wulff Supplies AB

and Wulff Direct AS to the subsidiaries’ key personnel in the first half of

2012.

In total, the Group’s cash flow was EUR -1.05 million (EUR -2.77 million) in

the entire reporting period and EUR -0.52 million (EUR -0.19 million) during

the second quarter. The Group’s bank and cash funds totalled EUR 2.46 million

in the beginning of the year and EUR 1.47 million in the end of June 2012.

In the first half of the year, the equity-to-assets ratio increased to 42.9

percentages (December 31, 2011: 40.3 %). Equity attributable to the equity

holders of the parent company was EUR 2.42 per share (December 31, 2011: EUR

2.45).

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 1.90 (EUR 2.38)

and the market capitalization of the outstanding shares totalled EUR 12.4

million (EUR 15.5 million).

This year no own shares have been reacquired. As a part of the Group’s

share-based incentive scheme, Wulff Group granted 5.000 own shares to a key

person. In the end of the reporting period, the Group held 85.000 (June 30,

2011: 90.000) own shares representing 1.3 percentage (1.4 %) of the total

number and voting rights of Wulff shares. According to the Annual General

Meeting’s authorisation on May 23, 2012, 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, 2013.

PERSONNEL

In January-June 2012, the Group’s personnel totalled 333 (364) employees on

average. In the end of the period, the Group had 321 (357) employees of which

121 (130) 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 most likely

affect the ordering behaviour of some corporate clients in 2012.

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 comes from other than euro-currency countries.

Fluctuation of the currencies may affect the Group’s net result and financial

position.

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.

Also in 2012, the Group continues taking actions for enhancing profitability.

The Group focuses on the growth and development of its sales operations. The

Group expects to win new customers and gain growth especially along with Wulff

Supplies AB in Scandinavia and with the webstore Wulffinkulma.fi in Finland.

Based on the Group management’s recent outlook for 2012, the annual net sales

will decrease from last year’s level (2011: EUR 99 million) but the Group has

still good opportunities to increase the operating profit excluding

non-recurring items due to the cost-efficiency improvement actions taken (2011:

EUR 1.6 million). Typically in the industry, the annual profit is made in the

last quarter of the year.

FINANCIAL REPORTING 2012

Wulff will release Interim Report for January-September 2012 on Thursday

November 8, 2012.

Wulff’s financial reports are published in Finnish and in English, and they are

available at the Group’s website www.wulff-group.com.

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (unaudited)

INCOME STATEMENT II II I-II I-II I-IV

EUR 1000 2012 2011 2012 2011 2011

--------------------------------------------------------------------------------

Net sales 22 039 24 390 45 365 49 632 99 129

Other operating income 34 46 122 177 238

Materials and services -14 078 -15 491 -28 962 -32 568 -65 532

Employee benefit expenses -4 867 -4 961 -9 939 -10 006 -19 204

Other operating expenses -2 764 -3 228 -5 747 -6 197 -11 942

--------------------------------------------------------------------------------

EBITDA 364 756 840 1 038 2 689

Depreciation and amortization -258 -265 -519 -537 -1 095

--------------------------------------------------------------------------------

Operating profit/loss 106 491 321 502 1 595

Financial income 28 46 126 105 182

Financial expenses -75 -219 -167 -382 -637

--------------------------------------------------------------------------------

Profit/Loss before taxes 58 318 281 225 1 139

Income taxes -10 -24 -54 -92 -320

================================================================================

Net profit/loss for the period 47 294 227 133 819

Attributable to:

Equity holders of the parent 25 241 198 61 634

company

Non-controlling interest 23 53 28 72 185

Earnings per share for profit

attributable to the equity holders

of the parent company:

Earnings per share, EUR 0,00 0,04 0,03 0,01 0,10

(diluted = non-diluted)

STATEMENT OF COMPREHENSIVE INCOME II II I-II I-II I-IV

EUR 1000 2012 2011 2012 2011 2011

--------------------------------------------------------------------------------

Net profit/loss for the period 47 294 227 133 819

Other comprehensive income, net of

tax

Change in translation differences 22 -28 89 -31 34

Fair value changes on -33 -22 -5 -13 -4

available-for-sale investments

Total other comprehensive income -11 -50 84 -44 30

--------------------------------------------------------------------------------

Total comprehensive income for the 37 244 311 89 849

period

Total comprehensive income

attributable to:

Equity holders of the parent 13 191 252 72 663

company

Non-controlling interest 24 53 59 17 186

STATEMENT OF FINANCIAL POSITION June 30 June 30 Dec 31

EUR 1000 2012 2011 2011

--------------------------------------------------------------------------------

ASSETS

Non-current assets

Goodwill 9 500 9 414 9 467

Other intangible assets 1 218 1 449 1 355

Property, plant and equipment 2 137 1 907 2 102

Non-current financial assets

Interest-bearing financial assets 78 121 97

Non-interest-bearing financial assets 361 424 367

Deferred tax assets 1 835 1 239 1 621

--------------------------------------------------------------------------------

Total non-current assets 15 129 14 555 15 008

Current assets

Inventories 10 484 12 015 11 280

Current receivables

Interest-bearing receivables 52 0 51

Non-interest-bearing receivables 14 661 14 927 15 646

Financial assets recognised at fair value through 60 99 56

profit/loss

Cash and cash equivalents 1 469 1 636 2 464

--------------------------------------------------------------------------------

Total current assets 26 725 28 677 29 497

================================================================================

TOTAL ASSETS 41 854 43 232 44 505

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 5 257 4 867 5 461

Non-controlling interest 1 135 1 067 1 198

--------------------------------------------------------------------------------

Total equity 16 928 16 469 17 195

Non-current liabilities

Interest-bearing liabilities 6 633 7 951 7 409

Deferred tax liabilities 121 123 128

--------------------------------------------------------------------------------

Total non-current liabilities 6 754 8 073 7 537

Current liabilities

Interest-bearing liabilities 2 378 3 933 2 135

Non-interest-bearing liabilities 15 794 14 757 17 639

--------------------------------------------------------------------------------

Total current liabilities 18 172 18 689 19 773

================================================================================

TOTAL EQUITY AND LIABILITIES 41 854 43 232 44 505

STATEMENT OF CASH FLOW II II I-II I-II I-IV

EUR 1000 2012 2011 2012 2011 2011

--------------------------------------------------------------------------------

Cash flow from operating

activities:

Cash received from sales 22 918 25 557 46 369 49 329 98 153

Cash received from other operating 6 21 22 72 130

income

Cash paid for operating expenses -22 189 -26 098 -45 563 -51 779 -96 462

--------------------------------------------------------------------------------

Cash flow from operating activities 736 -521 827 -2 378 1 821

before financial items and income

taxes

Interest paid -23 -68 -98 -146 -278

Interest received 18 21 49 39 93

Income taxes paid -55 -123 -415 -229 -605

--------------------------------------------------------------------------------

Cash flow from operating activities 676 -691 365 -2 713 1 031

Cash flow from investing

activities:

Investments in intangible and -193 -237 -517 -663 -1 253

tangible

assets

Proceeds from sales of intangible 37 81 202 453 456

and

tangible assets

Loans granted -6 -11 -6 -12 -12

Repayments of loans receivable 1 0 5 74 74

--------------------------------------------------------------------------------

Cash flow from investing activities -160 -168 -316 -148 -735

Cash flow from financing

activities:

Acquisition of own shares 0 0 0 -3 -3

Dividends paid -491 -350 -531 -397 -433

Dividends received 0 18 20 21 40

Payments for subsidiary share -2 -409 -129 -982 -982

acquisitions

Payments received for subsidiary 81 0 81 0 0

share disposals

Cash paid for (received from) 8 10 -3 -99 -56

short-term investments (net)

Withdrawals and repayments of -79 1 423 156 2 480 173

short-

term loans

Withdrawals of long-term loans 0 0 355 0 385

Repayments of long-term loans -557 -19 -1 044 -930 -1 348

--------------------------------------------------------------------------------

Cash flow from financing activities -1 039 673 -1 096 90 -2 226

================================================================================

Change in cash and cash equivalents -523 -186 -1 048 -2 771 -1 930

Cash and cash equivalents at the 1 973 1 804 2 464 4 379 4 379

beginning of the period

Translation difference of cash 18 18 52 28 15

Cash and cash equivalents at the 1 469 1 636 1 469 1 636 2 464

end of the period

STATEMENT OF CHANGES IN EQUITY

EUR 1000 Equity attributable to equity holders of the parent company

* net of Fund

tax

for Trans- Re- Non-

in-

Share vested lation tai- cont-

pre- non-re diffe- ned rollin

- g

Share mium strict Own ren- Earn- inte-

ed

capita fund equity shares ces ings Total rest TOTAL

l

--------------------------------------------------------------------------------

Equity on 2 650 7 662 223 -279 -149 5 549 15 656 1 158 16 814

Jan 1,

2011

Net profit 61 61 72 133

/loss for

the

period

Other

comprehen

s.

income*:

Change in 24 24 -55 -31

trans.

diff.

Fair value -13 -13 -13

changes

on

available-

for-sale

investment

s

--------------------------------------------------------------------------------

Comprehens 24 48 72 17 89

ive income

*

Dividends -325 -325 -72 -397

paid

Treasury -3 -3 -3

share

acquisiti

on

Share- 3 3 3

based

payments

Changes in 0 -36 -36

ownership

--------------------------------------------------------------------------------

Equity on 2 650 7 662 223 -283 -125 5 275 15 402 1 067 16 469

June 30,

2011

Equity on 2 650 7 662 223 -279 -149 5 549 15 656 1 158 16 814

Jan 1,

2011

Net profit 634 634 185 819

/loss for

the

period

Other

comprehen

s.

income*:

Change in 33 33 1 34

trans.

diff.

Fair value -4 -4 -4

changes

on

available-

for-sale

investment

s

--------------------------------------------------------------------------------

Comprehens 33 630 663 186 849

ive income

*

Dividends -325 -325 -110 -435

paid

Treasury -3 -3 -3

share

acquisiti

on

Share- 5 5 5

based

payments

Changes in 0 -36 -36

ownership

--------------------------------------------------------------------------------

Equity on 2 650 7 662 223 -283 -116 5 860 15 996 1 198 17 195

Dec 31,

2011

Equity on 2 650 7 662 223 -283 -116 5 860 15 996 1 198 17 195

Jan 1,

2012

Net profit 198 198 28 227

/loss for

the

period

Other

comprehen

s.

income*:

Change in 58 58 31 89

trans.

diff.

Fair value -5 -5 -5

changes

on

available-

for-sale

investment

s

--------------------------------------------------------------------------------

Comprehens 58 194 252 59 311

ive income

*

Dividends -457 -457 -74 -531

paid

Treasury 11 -11 0 0

share

disposal

Share- 1 1 1

based

payments

Changes in 0 -48 -48

ownership

--------------------------------------------------------------------------------

Equity on 2 650 7 662 223 -272 -58 5 587 15 793 1 135 16 928

June 30,

2012

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

SEGMENT INFORMATION II II I-II I-II I-IV

EUR 1000 2012 2011 2012 2011 2011

--------------------------------------------------------------------------------

Net sales by operating segments

Contract Customers Division 18 380 20 137 37 953 41 098 82 542

Direct Sales Division 3 699 4 299 7 446 8 591 16 397

Group Services 295 267 588 522 1 138

Intersegment eliminations -335 -313 -622 -579 -948

================================================================================

TOTAL NET SALES 22 039 24 390 45 365 49 632 99 129

Operating profit/loss by operating

segments

Contract Customers Division 350 523 854 643 2 136

Direct Sales Division 5 179 -89 246 215

Group Services and non-allocated items -250 -210 -444 -387 -756

================================================================================

TOTAL OPERATING PROFIT/LOSS 106 491 321 502 1 595

KEY FIGURES II II I-II I-II I-IV

EUR 1000 2012 2011 2012 2011 2011

--------------------------------------------------------------------------------

Net sales 22 039 24 390 45 365 49 632 99 129

Change in net sales, % -9,6 % 1,6 % -8,6 % 8,8 % 6,5 %

EBITDA 364 756 840 1 038 2 689

EBITDA margin, % 1,7 % 3,1 % 1,9 % 2,1 % 2,7 %

Operating profit/loss 106 491 321 502 1 595

Operating profit/loss margin, % 0,5 % 2,0 % 0,7 % 1,0 % 1,6 %

Profit/Loss before taxes 58 318 281 225 1 139

Profit/Loss before taxes margin, % 0,3 % 1,3 % 0,6 % 0,5 % 1,1 %

Net profit/loss for the period 25 241 198 61 634

attributable to equity holders of

the parent company

Net profit/loss for the period, % 0,1 % 1,0 % 0,4 % 0,1 % 0,6 %

Earnings per share, EUR (diluted = 0,00 0,04 0,03 0,01 0,10

non-diluted)

Return on equity (ROE), % 0,28 % 1,78 % 1,33 % 0,80 % 4,82 %

Return on investment (ROI), % 0,41 % 1,55 % 1,55 % 1,48 % 5,45 %

Equity-to-assets ratio at the end 42,9 % 39,3 % 42,9 % 39,3 % 40,3 %

of period, %

Debt-to-equity ratio at the end of 43,8 % 61,5 % 43,8 % 61,5 % 40,3 %

period

Equity per share at the end of 2,42 2,36 2,42 2,36 2,45

period, EUR *

Investments in non-current assets 209 217 519 574 1 167

Investments in fixed assets, % of 0,9 % 0,9 % 1,1 % 1,2 % 1,2 %

net sales

Treasury shares held by the Group 85 000 90 000 85 000 90 000 90 000

at the end of period

Treasury shares, % of total share 1,3 % 1,4 % 1,3 % 1,4 % 1,4 %

capital and votes

Number of total issued shares at 6607628 6607628 6607628 6607628 6607628

the end of period

Personnel on average during the 333 366 333 364 365

period

Personnel at the end of period 321 357 321 357 359

* Equity attributable to the equity holders of the parent company / Number of

shares excluding the acquired own shares

QUARTERLY KEY FIGURES II I IV III II I

EUR 1000 2012 2012 2011 2011 2011 2011

--------------------------------------------------------------------------------

Net sales 22 039 23 326 27 526 21 971 24 390 25 242

EBITDA 364 476 1 084 567 756 282

Operating profit/loss 106 216 785 308 491 10

Profit/Loss before taxes 58 223 763 151 318 -93

Net profit/loss for the period 25 174 468 105 241 -180

attributable to the equity

holders of the parent company

Earnings per share, EUR (diluted 0,00 0,03 0,07 0,02 0,04 -0,03

= non-diluted)

RELATED PARTY TRANSACTIONS II II I-II I-II I-IV

EUR 1000 2012 2011 2012 2011 2011

--------------------------------------------------------------------------------

Sales to related parties 37 23 91 98 184

Purchases from related parties 4 12 9 19 30

Current non-interest-bearing receivables from 0 0 0 0 6

related parties

Non-current interest-bearing receivables from 68 77 68 77 87

related parties

COMMITMENTS June 30 June 30 Dec 31

EUR 1000 2012 2011 2011

-----------------------------------------------------------------------------

Mortgages and guarantees on own behalf

Business mortgage for the Group's loan liabilities 7 350 7 350 7 350

Real estate pledge for the Group's loan liabilities 900 900 900

Subsidiary shares pledged as security 3 284 3 284 3 284

for group companies' liabilities

Other listed shares pledged as security 209 272 215

for group companies' liabilities

Current receivables pledged as security 265 257 258

for group companies' liabilities

Pledges and guarantees given for the 227 221 222

group companies' off-balance sheet

commitments

Guarantees given on behalf of third parties 145 206 176

Minimum future operating lease payments 5 966 6 202 5 861

Accounting principles applied in the condensed consolidated financial statements

These condensed consolidated financial statements are unaudited. This report

has been prepared in accordance with IAS 34 following the valuation and

accounting methods guided by IFRS principles. The accounting principles used in

the preparation of this report are consistent with those described in the

previous year’s Financial Statement taking into account also the possible new,

revised and amended standards and interpretations. Income tax is the amount

corresponding to the actual effective rate based on year-to-date actual tax

calculation.

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.

A 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, 2011 the equity ratio was 40.3 % and the interest-bearing

debt/EBITDA ratio exceeded 3.5 in accordance with the covenant requirement.

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.

In Vantaa on August 9, 2012

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

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