WULFF GROUP PLC's HALF-YEAR FINANCIAL REPORT FOR JANUARY 1 - JUNE 30, 2022
The corrected release is in its entirety below.
WULFF GROUP PLC's HALF-YEAR FINANCIAL REPORT FOR JANUARY 1 - JUNE 30, 2023
Strong second quarter - investments in sales culture and synergies are paying off
1.4.-
- Net sales totalled
EUR 24.4 million (24.9), decreased by 2.0% -
EBITDA and comparable EBITDA was
EUR 1.3 million (1.0) -
Operating profit and comparable operating profit (EBIT) were
EUR 0.8 million (0.4) -
Earnings and comparable earnings per share (EPS) were
EUR 0.09 (0.02) - The equity ratio was 42.1% (38.8)
- The outlook remains unchanged; Wulff estimates that net sales and comparable operating profit 2023 will increase compared to 2022.
1.1.-
- Net sales totalled
EUR 49.6 million (50.5), decreased by 1.7% -
EBITDA and comparable EBITDA were
EUR 2.7 million (2.8) -
Operating profit and comparable operating profit (EBIT) were
EUR 1.7 million (1.6) -
Earnings and comparable earnings per share (EPS) were
EUR 0.17 (0.16)
I am pleased with the positive earnings development in our first half of the year. It reports that the integration of the acquisition of Staples Finland in spring 2021: the integration of expertise, operating models, doing and systems, progressed as planned and well. The realized synergy benefits are reflected positively in our result. In all operating countries and business areas, it has been possible to clarify the focus of operations after the pandemic period, and necessary changes have also been made to operations. Our position as an expert in the Nordic working life has also been strengthened in this respect in all our businesses. It is important to know what is important to our customers now and in the future - and we get this information effectively and in real time from up to 200,000 personal customer encounters every year.
The positive development of profitability gives us the capabilities to build a responsible future and develop our product and service selection in line with our customers' wishes. Our results also show our customers' appreciation for our top-class sales expertise. At Wulff, solution-oriented customer service is the number one goal in both sales and support services. I believe we are the most competitive company in the field in the Nordics thanks to our committed staff and partners. What makes us a successful company is that we strongly share the same values with our customers. That's why our customers choose us as their partner again and again, and that's why we also win new ones.
GROUP'S NET SALES AND RESULT PERFORMANCE
In January-
In January-
In January-
Other operating expenses amounted to
In January-
In January-
In January-
The net profit for the reporting period was
Earnings per share and comparable earnings per share (EPS) were
II | II | I-II | I-II | I-IV | |
2023 | 2022 | 2023 | 2022 | 2022 | |
Net sales | 24 365 | 24 873 | 49 617 | 50 483 | 102 171 |
Change in net sales % | -2.0% | 7.1% | -1.7% | 31.0% | 13.0 % |
Gross profit | 7 494 | 7 127 | 15 247 | 15 318 | 30 986 |
Gross profit. % | 30.8% | 28.7% | 30.7% | 30.3% | 30.3 % |
EBITDA | 1 308 | 971 | 2 725 | 2 770 | 6 213 |
EBITDA margin. % | 5.4% | 3.9% | 5.5% | 5.5% | 6.1 % |
Operating profit/loss | 832 | 398 | 1 741 | 1 605 | 3 988 |
Operating profit/loss margin. % | 3.4% | 1.6% | 3.5% | 3.2% | 3.9 % |
Profit/Loss before taxes | 541 | 224 | 1 218 | 1 224 | 3 273 |
Profit/Loss before taxes margin. % | 2.2% | 0.9% | 2.5% | 2.4% | 3.2 % |
Net profit/loss for the period attributable to equity holders of the parent company | 598 | 163 | 1 159 | 1 077 | 3 052 |
Net profit/loss for the period. % | 2.5% | 0.7% | 2.3% | 2.1% | 3.0 % |
Earnings per share. EUR (diluted = non-diluted) | 0.09 | 0.02 | 0.17 | 0.16 | 0.45 |
Return on equity (ROE). % | 2.8% | 0.9% | 5.5% | 5.6% | 15.5 % |
Return on investment (ROI). % | 2.3% | 0.9% | 4.7% | 4.4% | 11.2 % |
Equity-to-assets ratio at the end of period. % | 42.1% | 38.8% | 42.1% | 38.8% | 40.5 % |
Debt-to-equity ratio at the end of period | 65.6% | 65.9% | 65.6% | 65.9% | 60.6 % |
Equity per share at the end of period. EUR * | 3.08 | 2.82 | 3.08 | 2.82 | 3.02 |
Investments in non-current assets | 271 | 931 | 723 | 1 443 | 2 479 |
Investments in non-current assets. % of net sales | 1.1% | 3.7% | 1.5% | 2.9% | 2.4 % |
111 624 | 44 812 | 111 624 | 44 812 | 111 624 | |
1.6% | 0.6% | 1.6% | 0.6% | 1.6 % | |
Average number of outstanding shares | 6 796 004 | 6 862 816 | 6 796 004 | 6 858 521 | 6 852 051 |
Number of total issued shares at the end of period | 6 907 628 | 6 907 628 | 6 907 628 | 6 907 628 | 6 907 628 |
Personnel on average during the period | 269 | 285 | 273 | 287 | 286 |
Personnel at the end of period | 267 | 287 | 267 | 287 | 280 |
* Equity attributable to the equity holders of the parent company / Number of shares excluding the acquired own shares.
RISKS AND UNCERTAINTIES IN THE NEAR FUTURE
The general economic and market development and the employment rate have a significant impact on the demand for workplace products and services. Global inflation trends have an impact on Wulff's operations. The rate of increase in prices accelerated during the comparison period and gradually broadened since then. During the review period, the development of costs related to energy commodities and logistics has moderated, as have the least processed products. The development of global and local economies is affected by rising prices and monetary policy decisions aimed at taming inflation. These also affect Wulff's operations. In addition, megatrends in the global economy, for example responsibility, digitalization, the sharing economy and the aging of the population, affect the market change. The development of a product and service selection in line with changing markets and needs involves both risks and opportunities. Usual business risks include the successful implementation of Wulff's strategy, for example the integration of operations related to a company acquisition, as well as operational risks arising from the personnel, logistics and IT environment. Tight competition in the workplace product and service industry can affect business profitability. Changes in exchange rates affect the group's net profit and balance sheet.
SUBSEQUENT EVENTS
The Group has not had any significant subsequent events.
MARKET SITUATION AND FUTURE OUTLOOK
Among the global megatrends, Wulff's operating environment is positively affected by the increase in the share of knowledge work in all work performed. The development of the demographic structure is currently reducing the number of people actively working, although at the same time working careers are getting longer, e.g. as the average retirement age rises. The integration of technology into products and services is an opportunity for Wulff. Digitization already brings new ways for the multi-channel company to reach and serve customers and increase the productivity of its own operations. The most significant of the megatrends in terms of Wulff's operation and future is responsible operation and the green transition: is the environment treated as a resource or is the goal to improve the state of the environment. Future success will be strongly built on these themes, and their importance will increase in the decision-making of companies and consumers. Wulff has chosen responsibility and especially positive climate actions, increasing equality and decent work and economic growth (UN Sustainable Development Goals 2030) as important elements of his strategy.
The demand for products and services is essentially influenced by the general development of the economy and the market, as well as the employment rate. The market for workplace products and services has developed steadily in the Nordic countries. Wulff estimates that the overall market for workplace products and services remains relatively stable even when rapid changes occur in work environments. The demand for hygiene, cleaning, and protective products seems to have stabilized at a higher level than before the pandemic, as they are perceived as important occupational health and safety products. Work performed in multiple locations has increased and increased the number of workstations and the demand for products needed at workstations. The demand for IT supplies, printing products and traditional office supplies continues to develop post-pandemic. This is affected by the return to jobs and the increased number of new jobs. The group's turnover and operating profit are affected by the ongoing recovery of the capacity of the international exhibition service industry from the pandemic period.
The ongoing geopolitical crisis,
As a result of the cooperation negotiations between
Thanks to the implemented reorganization measures, Wulff achieved a cost synergy benefit of approximately
Wulff's goal is to grow profitably, and it is constantly ready to be a more active player in business arrangements than its competitors.
Wulff estimates that net sales and comparable operating profit 2023 will increase compared to 2022.
Interim Report, January-
In Espoo on
BOARD OF DIRECTORS
Further information:
CEO
tel. +358 40 647 1444
e-mail: elina.rahkonen@wulff.fi
DISTRIBUTION
Key media
www.wulff.fi/en
A better world - one workplace at a time. We enable better and more sustainable work environments and a perfect working day. We make the workplace where you do your work. Here you can find today's workplace products: e.g. cafe supplies, real estate and cleaning maintenance products, office and IT supplies, ergonomics, first aid, hygiene, protection and safety products, air purification and innovative products for construction sites. Our selection also includes high-quality
https://news.cision.com/wulff-yhtiot-oyj/r/correction-to-wulff-group-plc-s-half-year-financial-report-for-january-1---june-30--2023,c3805823
https://mb.cision.com/Main/12579/3805823/2191667.pdf
(c) 2023 Cision. All rights reserved., source