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Beskrivning

LandFinland
ListaSmall Cap Helsinki
SektorIndustri
IndustriIndustriprodukter
Wulff Group är en återförsäljare av kontorsmaterial. Utbudet är brett och inkluderar exempelvis inventarier, IT-lösningar, första hjälpen utrustning, samt diverse ergonomilösningar. Utöver erbjuds belysning samt produkter för byggarbetsplatser. Bolaget är verksamma runtom den internationella marknaden, med störst närvaro inom den nordiska marknaden. Huvudkontoret ligger i Vantaa.
2024-02-19 08:30:00

FINANCIAL STATEMENTS RELEASE | FEBRUARY 19, 2024 AT 9.30 A.M.

This is a summary of Wulff Group Plc's Financial Statements Release January 1-December 31, 2023. The complete report is attached to this stock exchange release as a pdf-file. The report is also available at the website www.wulff.fi

Positive profitability development in Q4, a proposal for a growing dividend

1.10.-31.12.2023 BRIEFLY
  • Net sales decreased by 17.1% and totalled EUR 22.9 million (27.7)
  • EBITDA was EUR 1.6 million (1.8), and comparable EBITDA was EUR 1.6 million (1.8)
  • Operating profit (EBIT) was EUR 1.1 million (1.2) being 4.8% (4.4) of net sales and comparable operating profit (EBIT) was EUR 1.2 million (1.2) being 5.1% (4.4) of net sales
  • Earnings per share (EPS) was EUR 0.12 (0.16) and comparable earnings per share (EPS) was EUR 0.13 (0.16)
  • Cash flow from operating activities was EUR 4.2 million (3.0)
1.1.-31.12.2023 BRIEFLY
  • Net sales totalled EUR 93.8 million (102.2), decreased by 8.2%
  • EBITDA was EUR 5.1 million (6.2) being 5.4% (6.1) of net sales, and comparable EBITDA was EUR 5.5 million (6.2) being 5.8% (6.1) of net sales
  • Operating profit (EBIT) was EUR 3.2 million (4.0) being 3.4% (3.9) of net sales, and comparable operating profit (EBIT) was EUR 3.5 million (4.0) being 3.8% (3.9) of net sales. Comparable operating profit (EBIT) decreased by 11.5%
  • Comparable operating profit increased by 2.7%
  • Earnings per share (EPS) were EUR 0.31 (0.45), and comparable earnings per share were EUR 0.36 (0.45)
  • Cash flow from operating activities was EUR 4.6 million (4.0)
  • The equity ratio was 45.5 % (40.5)
  • The Board of Directors proposes to the Annual General Meeting to be held on April 4, 2024 that a dividend of EUR 0.15 per share (0.14) will be paid
  • Financial guidelines for the year 2024: Wulff estimates that net sales will increase, and that the comparable operating profit will remain at a good level in 2024

WULFF GROUP PLC'S CEO ELINA RAHKONEN

Many thanks to our customers, partners and staff. We achieved many of our goals during 2023. The integration of the operations of Staples Finland Oy, which was acquired in the spring of 2021, proceeded as planned and successfully. The operating models and systems of domestic workplace products and services were combined, and an important investment for us, a joint enterprise resource planning system, was successfully implemented at the end of the year. The integration work continues with the enhancement of assortment management and unification of material flows. The school supply store we won at the end of 2023 will bring us strategically important purchasing power and during 2024 also about EUR 4-5 million in net sales.

In 2023, we carried out an extensive customer satisfaction survey, the results of which were pleasant to read. Our personal way of serving, our sales expertise and our multi-channel approach are perceived as Wulff's competitive advantage. We agree with our customers about areas for operational development and what is needed more: responsible products, services and the carbon neutrality of operational processes are valued.

I am delighted that we can propose an increasing dividend, for the sixth time in a row. We started 2024 with news of a fast start in a new business area for us, when our new staffing company started its nationwide operations. We will continue to grow our successful accounting and financial management business both organically and through acquisitions.

GROUP'S NET SALES AND RESULT PERFORMANCE

In January-December 2023, net sales totalled EUR 93.8 million (102.2), and EUR 22.9 million (27.7) in the last quarter. Net sales decreased by 8.2% (+13.0) during the whole financial year, and by 17.1% (+0.1) in the last quarter. In the last quarter, the Contract Customers Segment's net sales decreased both in Finland and in Scandinavia due to the weakened general market situation. The net sales of Wulff's accounting and financial management services increased in the last quarter. The sales of international exhibition services and remote meeting solutions shrank from the comparison period due to the event selections that affected sales targeting. Net sales of the Expertise Sales Segment decreased both in Finland and Scandinavia. Scandinavian Expertise Sales was sold to minority owners on September 1, 2023. The group's net sales decreased by 6.9% during the whole financial year and by 13.9% in the last quarter, excluding the effect of the sold Scandinavian Expertise Sales.

In January-December 2023, the gross margin amounted to EUR 28.7 million (31.0), 30.6% (30.3) of net sales, and EUR 7.4 million (8.5) in the last quarter being 32.4% (30.8) of net sales. The development of the relative sales margin was affected by changes in the priority areas of demand for the products sold by Wulff. The demand for products in the care products area increased, as did the consumables for properties. Sales of more traditional workplace products and services follow the general economic and employment situation, decreasing from the comparison period. Price inflation slowed down during the review period. The positive profitability development that started in the last quarter was the result of the program of measures started in the fall and successful assortment management.

In January-December 2023, employee benefit expenses amounted to EUR 16.5 million (17.4), 17.6% (17.0) of net sales, and EUR 4.0 million (4.7), 17.3% (16.9) of net sales in the last quarter. The one-time cost of EUR 0.1 million for the restructuring of personnel in the group's support functions in the last quarter has been removed from the comparable result.

Other operating expenses amounted to EUR 7.3 million (7.8) in January-December 2023, 7.8% (7.6) of net sales, and EUR 1.9 million (2.1), 8.3% (7.7) of net sales in the last quarter. On September 1, 2023, Wulff sold Wulff Beltton AB and Wulff Beltton AS, which were responsible for the loss-making Expertise Sales in Scandinavia, to their minority owners. The sales loss from the transaction was EUR 0.3 million and it increases other operating expenses from the comparison period. The sales loss EUR 0.3 million has been removed from the comparable result of the review period.

In January-December 2023, EBITDA amounted to EUR 5.1 million (6.2), or 5.4% (6.1) of net sales, and EUR 1.6 million (1.8) in the last quarter, or 6.9% (6.4) of net sales. In January-December 2023, comparable EBITDA amounted to EUR 5.5 million (6.2), or 5.8 % (6.1) of net sales, and in October-December, it amounted to EUR 1.6 million (1.8), or 7.2% (6.4) of net sales.

In January-December 2023, operating profit (EBIT) amounted to EUR 3.2 million (4.0), or 3.4 % (3.9) of net sales, and EUR 1.1 million (1.2), or 4.8% (4.4) of net sales in the last quarter. The comparable operating profit (EBIT) for the entire reporting period amounted to EUR 3.5 million (4.0), or 3.8% (3.9) of net sales, and EUR 1.2 million (1.2), or 5.1% (4.4) of net sales in the last quarter.

In January-December 2023, the financial income and expenses totalled (net) EUR -1.0 million (-0.7), including interest expenses of EUR -0.9 million (-0.5), and mainly currency-related other financial items (net) totalled EUR -0.1 million (-0.2). In the fourth quarter, the financial income and expenses totalled (net) EUR -0.3 million (-0.2).

In January-December 2023, the result before taxes was EUR 2.1 million (3.3), and EUR 0.8 million (1.0) in the last quarter. The financial year's comparable result before taxes was EUR 2.5 million (3.3), while the comparable result before taxes was EUR 0.9 million (1.0) in the last quarter.

Net profit in the reporting period was EUR 2.1 million (3.1) in January-December 2023, and EUR 0.8 million (1.1) in the last quarter. In January-December 2023, the comparable profit (attributable to the equity holders of the parent company) was EUR 2.4 million (3.1), and EUR 0.9 million (1.1) in the last quarter.

Earnings per share (EPS) were EUR 0.31 (0.45) in January-December 2023, and EUR 0.12 (0.16) in the last quarter. Comparable earnings per share (EPS) for the entire reporting period were EUR 0.36 (0.45), and EUR 0.13 (0.16) in the last quarter.

KEY FIGURES

IV IV I-IV I-IV
EUR 1000 2023 2022 2023 2022
Net sales 22 934 27 677 93 782 102 171
Change in net sales, % -17.1% 0.1% -8.2% 13.0%
Gross profit 7 429 8 511 28 744 30 986
Gross profit, % 32.4% 30.8% 30.6% 30.3%
EBITDA 1 581 1 765 5 110 6 213
EBITDA margin, % 6.9% 6.4% 5.4% 6.1%
Comparable EBITDA 1 649 1 765 5 470 6 213
Comparable EBITDA 7.2% 6.4% 5.8% 6.1%
margin, %
Operating profit/loss 1 093 1 218 3 170 3 988
Operating profit/loss 4.8% 4.4% 3.4% 3.9%
margin, %
Comparable operating 1 161 1 218 3 530 3 988
profit/loss
Comparable perating 5.1% 4.4% 3.8% 3.9%
profit/loss margin, %
Profit/Loss before 802 1 035 2 132 3 273
taxes
Profit/Loss before 3.5% 3.7% 2.3% 3.2%
taxes margin, %
Comparable profit/Loss 870 1 035 2 492 3 273
before taxes
Comparable profit/Loss 3.8% 3.7% 2.7% 3.2%
before taxes margin, %
Net profit/loss for the 809 1 087 2 087 3 052
period attributable to
equityholders of the
parent company
Net profit/loss for the 3.5% 3.9% 2.2% 3.0%
period, %
Comparable net 877 1 087 2 446 3 052
profit/loss for the
period
attributable to equity
holders of the parent
company
Comparable net 3.8% 3.9% 2.6% 3.0%
profit/loss for the
period, %
Earnings per share, EUR 0.12 0.16 0.31 0.45
(diluted = non-diluted)
Comparable earnings per 0.13 0.16 0.36 0.45
share, EUR (diluted =
non-diluted)
Return on equity (ROE), 3.8% 5.5% 9.9% 15.5%
%
Return on investment 3.3% 3.6% 9.0% 11.2%
(ROI), %
Equity-to-assets ratio 45.5% 40.5% 45.5% 40.5%
at the end of period, %
Debt-to-equity ratio at 52.5% 60.6% 52.5% 60.6%
the end of period
Equity per share at the 3.17 3.02 3.17 3.02
end of period, EUR *
Investments in non 565 620 1 649 2 479
-current assets
Investments in non 2.5% 2.2% 1.8% 2.4%
-current assets, % of
net
sales
Treasury shares held by 111 624 111 624 111 624 111 624
the Group at the end
ofperiod
Treasury shares, % of 1.6% 1.6% 1.6% 1.6%
total share capital and
votes
Average number of 6 796 004 6 828 557 6 796 004 6 852 051
outstanding shares
Number of total issued 6 907 628 6 907 628 6 907 628 6 907 628
shares at the end of
period
Personnel on average 241 282 262 286
during the period
Personnel at the end of 234 280 234 280
period

* 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

On January 31, 2023, Wulff announced that it would begin change negotiations regarding organizational reform in the company's Finnish workplace products and services businesses. The personnel restructuring is part of the integration of the acquisition of Staples Finland Oy in spring 2021 and will support the positive development of profitability. The company estimates that the measures will have a positive effect on the result by around EUR 0.5 million annually.

On February 16, 2024, Wulff announced the acquisition of Tilitoimisto Lundström Oy and its subsidiary Sandström & Lundström Oy. The purchase price, EUR 1.4 million, was paid in cash at the time of the transaction. The annual turnover of the purchased companies is a total of EUR 1.3 million and they employ 13 people. The annual adjusted operating profit (*) is approximately EUR 0.3 million.

(*) Changes in the company's expense structure that occur as a result of the change in ownership have been taken into account as adjustments.

BOARD OF DIRECTORS' PROPOSAL FOR THE ANNUAL RESULT

The Group's parent company Wulff Group Plc's distributable funds totalled EUR 1.5 million (1.7). The Group's net result attributable to the parent company shareholders for the financial year was EUR 2.1 million (3.1), or EUR 0.31 per share (0.45). The Board of Directors proposes to the Annual General Meeting to be held on April 4, 2024, that a dividend of EUR 0.15 per share (0.14) be paid in two instalments 0.08 during the second quarter of 2024 and 0.07 during the last quarters of 2024, for the financial year 2023, totalling EUR 1.0 million, and the remaining distributable funds to be transferred in retained earnings in the shareholders' equity. The effective dividend yield of the proposed dividend is 7.7 percent (calculated at the 31.12.2023 exchange rate, which was EUR 1.95/share).

STRATEGY

On 9 December 2021, Wulff Group Plc's Board of Directors approved an updated strategy and medium-term targets for the company for 2022-2026. Profitable growth in the current business operations is at the heart of the strategy, which will be accelerated through acquisitions.

The company's goal is to be the market leader for workplace products and services, and the most recommended and responsible partner in the sector - making a better world, one workplace at a time. The foundation of the growth strategy is an expansion of the product and service portfolio, and acquisitions in the Nordic countries.

The new medium-term financial targets approved by Wulff Group Plc's Board of Directors seek to double net sales, reaching net sales of EUR 200 million by 2026:
  • average net sales growth of 15-20% per year
  • growth of comparable operating profit percentage and
  • increasing dividend per share

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 capacity of the international exhibition service industry has recovered from the pandemic period.

The tightening of geopolitical tensions, Russia's attack on Ukraine and the escalation of the situation in the Middle East do not directly affect Wulff's operations, as Wulff has not had operations or partnerships in countries involved in the crisis. The crisis has had an impact on global supply chains, whose changes may still indirectly affect Wulff's operations as well. The changes in the supply chains have intensified and broadened the trend of price inflation. Although the availability challenges of many product groups have subsided after the comparison period due to the reorganization of global supply chains, it is possible that as a result of the escalation of the situation in the Middle East, new availability challenges will appear temporarily. As the inflation trend continues, measures are needed to ensure a positive development of the sales margin. The wide scope of price inflation and its effect on the costs of the services used, as well as the related uncertainty, limit predictability.

Wulff has systematically renewed its business organizations for Finnish workplace products and services. After the acquisition of Staples Finland Oy (later Wulff Solutions Oy) in the spring of 2021, the sales, administration and support functions of Wulff Oy Ab and Wulff Solutions Oy were combined in the August-September 2021 cooperation negotiations. Thanks to the consolidation of the organization, the company achieved annual personnel cost savings of approximately EUR 1.9 million. In total, the measures implemented in stages will bring at least EUR 3 million cost benefits annually, of which approximately EUR 2.5 million were achieved during the 2022 financial year. In addition to the reorganization of personnel, synergy will be achieved through, among other things, the integration of information systems, logistics and operational processes, and business premises. During 2023, Wulff has achieved a cost synergy benefit of approximately EUR 0.7 million with the above-mentioned measures.

Wulff's goal is to grow profitably, and it is constantly ready to be a more active player in business arrangements than its competitors.

FINANCIAL GUIDANCE

Wulff estimates that net sales will increase, and that the comparable operating profit will remain at a good level in 2024.

The guidance is based on an estimate of a relatively short-term recession in Finland and other Nordic countries. In particular, service businesses are expected to grow from 2023. Lower fixed costs support good profitability development. Key uncertainties affecting the outlook are the development of inflation and interest rates as well as geopolitical crises and tensions.

In Espoo on February 19, 2024

WULFF GROUP PLC
BOARD OF DIRECTORS

Further information:
CEO Elina Rahkonen
tel. +358 40 647 1444
e-mail: elina.rahkonen@wulff.fi 

DISTRIBUTION
Nasdaq Helsinki Oy
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 Canon printing and document management services as well as financial management services. Our customers also purchase international exhibition services and solutions for remote meetings from us. It is important for us to constantly develop our product range to be more and more sustainable and our customer experience to be the best in the field. Staff leasing is one of our newest service additions. In addition to Finland, Wulff Group operates in Sweden, Norway, and Denmark.