INTERIM REPORT     May 4, 2017 at 9.00 A.M.

Wulff’s profitability improved, the decrease in net sales ended and remained at previous year’s level

This is a summary of Wulff Group Plc’s interim report for January-March 2017. Wulff Group’s interim report for January-March 2017 is attached as a  PDF file to this stock exchange release and is also available on the company’s website at the address www.wulffyhtiot.fi.


  • Net sales totalled EUR 15.3 million (EUR 15.5 million). Net sales decreased by 1.0 percentages from the previous year.
  • EBITDA was EUR 0.2 million (EUR -0.2 million) being 1.4 percentages (-1.3 %) of net sales.
  • Operating profit (EBIT) amounted to EUR 0.1 million (EUR -0.3 million) being 0.8 percentages (-2.0 %) of net sales.
  • Earnings per share (EPS) was EUR 0.01 (EUR -0.06) in January-March.
  • Kimmo Laaksonen, M.Sc., was appointed as the new CEO of Wulff Group Plc beginning on March 13, 2017.
  • Wulff Group’s outlook for the 2017 comparable operating result remains unchanged; Wulff estimates that its 2017 comparable operating profit will increase. 


I am pleased with our good start to this year. We have succeeded in improving our result by developing and strengthening our sales and continuing to adhere to our long-standing cost-saving measures. Our traditional operating market has decreased in the past years which has affected the decrease of our net sales too. Right now, our net sales show the positive effects of the strategic investments that we have made in the development of our range of workplace products. 

Wulff has 100 000 customers. This means 200 000 customer encounters every year and opportunities to develop our business together with our clients. Our theme for 2017, ”Everyone grows”, means growth and renewal as a company but also as individuals. What kinds of products and services are used in future workplaces? Digitalization, automatization, new working environments and mobile work are a chance for Wulff to grow in a new market. That is why it is important for us to invest in future’s growth business. Due to the developing economic situation and our own strong performance, I believe that 2017 will be a year of positive improvement for us.  


In January-March 2017 net sales totalled EUR 15.3 million (EUR 15.5 million). Net Sales declined by 1.0 percentages from the previous year, while Net Sales decreased by 19.2 percentages in the previous year. Wulff has strongly invested in sales and its development. The increasing demand in operating countries and the strategic investments made in the development of Wulff’s range of workplace products have had a positive effect on the business and result.

In January-March 2017 gross margin amounted to EUR 5.2 million (EUR 5.1 million) being 34.0 percentages (32.9 %) of net sales. The increase in gross margin was especially affected by the international fair services’ positive gross margin development during the first quarter of 2017. One of the important, ongoing, measures to improve profitability is the streamlining of procurement processes.

In January-March 2017 employee benefit expenses amounted to EUR 3.2 million (EUR 3.5 million) being 21.1 percentages of net sales (22.3 %). Other operating expenses amounted to EUR 1.8 million (EUR 2.0 million) in January-March 2017, being 11.8 percentages of net sales (12.6 percentages). The decrease in other operating expenses was due to the successful optimization measures implemented in logistics and administration. To improve its profitability, the Wulff Group continues to examine its cost structure as part of ongoing reforms.

In January-March 2017 EBITDA was EUR 0.2 million (EUR -0.2 million) being 1.4 percentages (-1.3 %) of net sales. Depreciations amounted to EUR 0.1 million (EUR 0.1 million) in January-March 2017. In January-March 2017 the operating profit (EBIT) amounted to EUR 0.1 (EUR -0.3 million) being 0.8 percentages (-2.0 percentages) of net sales. January-March did not include items affecting the comparability in 2017 nor 2016. Typically, in the industry and in the Group, the annual profit is made in the last quarter of the year.

In January-March 2017 the financial income and expenses totalled (net) EUR -0.03 million (EUR -0.01 million) including interest expenses of EUR 0.02 million (EUR 0.03 million) and other financial items (net) EUR 0.05 million (EUR 0.06 million).

In January-March the result before taxes was EUR 0.1 million (EUR -0.4 million). In January-March the net profit after taxes was EUR 0.1 million (EUR -0.4 million). Earnings per share (EPS) was EUR 0.01 (EUR -0.06) in January-March.  


EUR 1000 2017 2016 2016
Net sales 15 332 15 490 59 304
Change in net sales, % -1,0 % -19,2 % -13,8 %
EBITDA 217 -194 998
EBITDA margin, % 1,4 % -1,3 % 1,7 %
Operating profit/loss 119 -312 583
Operating profit/loss margin, % 0,8 % -2,0 % 1,0 %
Profit/Loss before taxes 85 -365 351
Profit/Loss before taxes margin, % 0,6 % -2,4 % 0,6 %
Net profit/loss for the period attributable to equity holders of the parent company 50 -362 302
Net profit/loss for the period, % 0,3 % -2,3 % 0,5 %
Earnings per share, EUR (diluted = non-diluted) 0,01 -0,06 0,05
Return on equity (ROE), % 0,5 % -2,8 % 2,5 %
Return on investment (ROI), % 0,7 % -2,0 % 2,9 %
Equity-to-assets ratio at the end of period, % 48,6 % 49,0 % 50,5 %
Debt-to-equity ratio at the end of period 24,8 % 25,1 % 19,6 %
Equity per share at the end of period, EUR * 1,79 1,79 1,78
Net cash flow from operating activities -541 -193 679
Investments in non-current assets 215 14 319
Investments in non-current assets, % of net sales 1,7 % 0,0 % 0,5 %
Treasury shares held by the Group at the end of period 79 000 79 000 79 000
Treasury shares, % of total share capital and votes 1,2 % 1,2 % 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 203 222 214
Personnel at the end of period 195 218 203

* Equity attributable to the equity holders of the parent company / Number of shares excluding the acquired own shares 


The demand for office supplies is strongly affected by the general economic development. 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. 


The Group has not had material events after the reporting period.


Wulff is the most significant Nordic player in its field. 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. Wulff is prepared to carry out new strategic acquisitions, and as a listed company Wulff has a good opportunity to be a more active player than its competitors.

The developing economic situation affects Wulff’s business positively. Wulff’s aim is to further improve the profitability of its operations. Wulff estimates that its 2017 comparable operating profit will increase. In the industry, it is typical that the result and cash flow are generated in the last quarter.


Wulff Group Plc will release the following financial reports in 2017:

Half-year Report, January-June 2017 Thursday August 3, 2017
Interim Report, January-September 2017 Thursday November 2, 2017

In Vantaa on May 3, 2017


Further information:
CEO Kimmo Laaksonen
tel. +358 300 870 414 or mobile: +358 50 469 3060
e-mail: kimmo.laaksonen@wulff.fi  

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WULFF – CREATING WORKPLACES Wulff enables working in environments where companies and entrepreneurs operate. Already, people work a lot away from the office: digitalization enables telework and at the same time, mobile work creates new requirements for working environments. How to ensure that people can work effectively, ergonomically, environmentally friendly – and exactly like they want to? Wulff has the answers. We offer the industry’s most comprehensive product and service range that can help you create an office wherever you want it. What would you like? We offer our customers office supplies, facility management products, catering solutions, IT supplies, ergonomics, first aid, LED lighting solutions and innovative products for worksites. Customers can also acquire international exhibition services from Wulff.


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