INTERIM REPORT
This is a summary of
The acquisition boosted growth and the positive earnings trend continued
- Net sales totalled
EUR 24.2 million (12.4), increased by 95.1% -
EBITDA and comparable EBITDA were
EUR 1.7 million (1.3) -
Operating profit (EBIT) and comparable operating profit (EBIT) were
EUR 1.0 million (0.9) -
Earnings per share (EPS) and comparable earnings per share were
EUR 0.10 (0.09) -
Wulff estimates that net sales will grow to more than
EUR 90 million in 2021 (EUR 57.5 million in 2020), operating profit will grow significantly from the previous year, and comparable operating profit will remain at a good level in 2021.
- Net sales totalled
EUR 62.8 million (42.2), increased by 48.7% -
EBITDA was
EUR 7.7 million (3.7) and comparable EBITDA wasEUR 4.0 million (3.7) -
Operating profit (EBIT) was
EUR 6.2 million (2.4) and comparable operating profit (EBIT) wasEUR 2.4 million (2.4) -
Earnings per share (EPS) was
EUR 0.78 (0.19) and comparable earnings per share wasEUR 0.23 (0.19) - The equity ratio was 35.9% (41.5)
"The transformation of working life is here now, and we at Wulff are ready to serve our customers in the new situation. We strongly believe that people look forward to returning to work and encounters, while multi-location and teleworking has become a permanent part of our daily lives. As a market leader in our field and as a multi-channel company, we reach comprehensively and personally companies of different sizes in different industries in our operating countries. We get real-time information about companies' needs - and we can respond to them quickly. Our market position is strengthened, and growth and the positive development of profitability are supported by the acquisition of Staples Finland to the
GROUP NET SALES AND PERFORMANCE
In January-
A price of
In January-
In January-
Other operating expenses amounted to
In January-
Operating profit (EBIT) amounted to
In January-
(-0.4). In the third quarter, the financial income and expenses (net) totalled
In January-
In January-
Earnings per share (EPS) were
III | III | I-III | I-III | I-IV | |
2021 | 2020 | 2021 | 2020 | 2020 | |
Net sales | 24 246 | 12 425 | 62 788 | 42 227 | 57 541 |
Change in net sales, % | 95.1% | 3.2% | 48.7% | 2.3% | 2.1% |
Gross profit | 7 392 | 4 408 | 19 806 | 15 403 | 20 748 |
Gross profit. % | 30.5% | 35.5% | 31.5% | 36.5% | 36.1% |
EBITDA | 1 714 | 1 327 | 7 738 | 3 677 | 5 204 |
EBITDA margin, % of net sales | 7.1% | 10.7% | 12.3% | 8.7% | 9.0% |
Comparable EBITDA | 1 714 | 1 327 | 3 981 | 3 677 | 5 204 |
Comparable EBITDA margin. % of net sales | 7.1% | 10.7% | 6.3% | 8.7% | 9.0% |
Operating profit/loss | 1 032 | 899 | 6 167 | 2 390 | 3 541 |
Operating profit/loss margin, % of net sales | 4.3% | 7.2% | 9.8% | 5.7% | 6.2% |
Comparable operating profit/loss | 1 032 | 899 | 2 410 | 2 390 | 3 541 |
Comparable operating profit/loss, % of net sales | 4.3% | 7.2% | 3.8% | 5.7% | 6.2% |
Profit/Loss before taxes | 889 | 802 | 5 856 | 1 900 | 3 101 |
Profit/Loss before taxes margin, % of net sales | 3.7% | 6.5% | 9.3% | 4.5% | 5.4% |
Comparable profit before taxes | 889 | 802 | 2 099 | 1 900 | 3 101 |
Comparable profit before taxes, % of net sales | 3.7% | 6.5% | 3.3% | 4.5% | 5.4% |
Net profit/loss for the period attributable to equity holders of the parent company | 661 | 619 | 5 292 | 1 260 | 2 174 |
Net profit/loss for the period, % of net sales | 2.7% | 5.0% | 8.4% | 3.0% | 3.8% |
Comparable net profit/loss for the period attributable to equity holders of the parent company | 661 | 619 | 1 535 | 1 260 | 2 174 |
Comparable net profit/loss for the period, % of net sales | 2.7% | 5.0% | 2.4% | 3.0% | 3.8% |
Earnings per share, EUR (diluted = non-diluted) | 0.10 | 0.09 | 0.78 | 0.19 | 0.32 |
Comparable earnings per share. EUR (diluted = non-diluted) | 0.10 | 0.09 | 0.23 | 0.19 | 0.32 |
Return on equity (ROE), % | 33.3% | 5.0% | 33.3% | 12.1% | 19.1% |
Return on investment (ROI), % | 21.8% | 3.9% | 21.8% | 9.5% | 15.2% |
Equity-to-assets ratio at the end of period, % | 35.9% | 41.5% | 35.9% | 41.5% | 41.9% |
Debt-to-equity ratio at the end of period | 63.8% | 62.6% | 63.8% | 62.6% | 57.3% |
Equity per share at the end of period, EUR * | 2.64 | 1.95 | 2.64 | 1.95 | 2.00 |
Investments in non-current assets | 247 | 27 | 968 | 388 | 719 |
Gross investments, % of net sales | 1.0% | 0.2% | 1.5% | 0.9% | 1.2% |
137 260 | 144 260 | 13 7260 | 144 260 | 144 260 | |
2.0% | 2.1% | 2.0% | 2.1% | 2.1% | |
Average number of outstanding shares | 6 770 368 | 6 763 368 | 6 769 009 | 6 800 335 | 6 791 043 |
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 | 299 | 185 | 276 | 192 | 189 |
Personnel at the end of period | 297 | 182 | 297 | 182 | 176 |
* 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
General economic and market developments as well as the employment rate have a significant impact on the demand for workplace products and services. The general uncertainty in the global economy also impacts Wulff's operations. The effects of the coronavirus pandemic and the restrictions in place to contain and mitigate the virus have a broad impact on the needs of both the global and local economy and customers. In addition, megatrends in the global economy, such as digitalization and responsibility, are affecting market change. There are both risks and opportunities involved in developing a range of products and services in line with changing markets and needs. Typical business risks include the successful implementation of Wulff's strategy, such as the integration of operations from business acquisitions, and operational risks arising from the personnel, logistics and IT environment. Intense competition in the workplace products and services industry can affect the profitability of the business. Changes in exchange rates affect the Group's net result and balance sheet.
SUBSEQUENT EVENTS
The Group has not had any significant events after the reporting period.
MARKET SITUATION AND FUTURE OUTLOOK
Megatrends play a role in Wulff's operations. The company's operating environment is positively affected by the growing share of knowledge work in all work performed. On the other hand, demographic developments are actively reducing the number of people in employment at present. The integration of technology into products and services is an opportunity for Wulff. Digitalization brings new ways for an already multi-channel company to reach and serve customers and streamline its own operations. Of the megatrends, the most significant for Wulff's operations and future is responsible operations and, in particular, consideration for the environment: is the environment treated as a resource or is the goal to improve the state of the environment. Future success is strongly built on these themes and their importance is growing in business and consumer decision-making. Wulff has chosen responsibility, particularly positive climate action and increasing equality as important elements of its strategy.
Demand for products is significantly affected by general economic and market developments as well as the employment rate. Before the pandemic, the market for workplace products and services in the Nordic countries remained stable for several years. Wulff estimates that the overall market for workplace products and services will remain stable, despite rapid changes in work environments. With the positive development in vaccine coverage, protection products will no longer be as necessary as they were at the onset of the pandemic. However, safe encounters will continue to be important. Wulff expects demand for hygiene, cleansing, cleaning, and protection products to remain at a good level despite the change. At the same time, the pandemic has brought lasting changes to the way we work; teleworking has increased and increased the number of workstations and the demand for products needed at workstations. Demand for IT supplies, printing products and traditional office supplies is expected to stabilize at pre-pandemic levels in the near future. This is due to the partial return to work and the increased number of new workstations created by the pandemic-driven change in working life in homes and leisure homes. The Group's net sales and operating profit are weakened by the situation in the international exhibition services, which is recovering slowly. Demand for Wulff Entre's traditional Premium Exhibition services remains low due to the coronavirus pandemic, even though the market has finally opened.
Wulff renewed its Finnish Contract Customers organization. As a result of the co-operation negotiations between
Wulff aims to grow profitably, and it has the continuing ability to be a more active player in M&A than its competitors.
Wulff maintains its guidance for operating profits and its outlook for net sales. Wulff estimates that net sales will grow to more than
In Espoo on
WULFF-YHTIÖT OYJ
BOARD OF DIRECTORS
Further information:
CEO
tel. +358 40 647 1444
e-mail: elina.pienimaki@wulff.fi
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A better world - one workplace at a time. Wulff's goal is a perfect workday! We enable better working environments and create workplaces, wherever you may be. More responsible, more comfortable, healthier, safer, more enjoyable, more active, and more diverse? How would you like to improve your working day and environment? Wulff has the solution. We offer our customers hygiene- and protective products, air purifiers, office supplies, facility management products, catering solutions, IT supplies, ergonomics, first aid, and innovative products for worksites. Customers can also acquire international exhibition services and solutions for remote encounters from Wulff. As the clear market leader in
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