FINANCIAL STATEMENTS RELEASE |
This is a summary of
Positive profitability development in Q4, a proposal for a growing dividend
1.10.-
- 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 wasEUR 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) wasEUR 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) wasEUR 0.13 (0.16) -
Cash flow from operating activities was
EUR 4.2 million (3.0)
1.1.-
- 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 wasEUR 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) wasEUR 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 wereEUR 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 ofEUR 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
Many thanks to our customers, partners and staff. We achieved many of our goals during 2023. The integration of the operations of
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-
In January-
In January-
Other operating expenses amounted to
In January-
In January-
In January-
In January-
Net profit in the reporting period was
Earnings per share (EPS) were
IV | IV | I-IV | I-IV | |
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 margin, % | 7.2% | 6.4% | 5.8% | 6.1% |
Operating profit/loss | 1 093 | 1 218 | 3 170 | 3 988 |
Operating profit/loss margin, % | 4.8% | 4.4% | 3.4% | 3.9% |
Comparable operating profit/loss | 1 161 | 1 218 | 3 530 | 3 988 |
Comparable perating profit/loss margin, % | 5.1% | 4.4% | 3.8% | 3.9% |
Profit/Loss before taxes | 802 | 1 035 | 2 132 | 3 273 |
Profit/Loss before taxes margin, % | 3.5% | 3.7% | 2.3% | 3.2% |
Comparable profit/Loss before taxes | 870 | 1 035 | 2 492 | 3 273 |
Comparable profit/Loss before taxes margin, % | 3.8% | 3.7% | 2.7% | 3.2% |
Net profit/loss for the period attributable to equityholders of the parent company | 809 | 1 087 | 2 087 | 3 052 |
Net profit/loss for the period, % | 3.5% | 3.9% | 2.2% | 3.0% |
Comparable net profit/loss for the period attributable to equity holders of the parent company | 877 | 1 087 | 2 446 | 3 052 |
Comparable net profit/loss for the period, % | 3.8% | 3.9% | 2.6% | 3.0% |
Earnings per share, EUR (diluted = non-diluted) | 0.12 | 0.16 | 0.31 | 0.45 |
Comparable earnings per share, EUR (diluted = non-diluted) | 0.13 | 0.16 | 0.36 | 0.45 |
Return on equity (ROE), % | 3.8% | 5.5% | 9.9% | 15.5% |
Return on investment (ROI), % | 3.3% | 3.6% | 9.0% | 11.2% |
Equity-to-assets ratio at the end of period, % | 45.5% | 40.5% | 45.5% | 40.5% |
Debt-to-equity ratio at the end of period | 52.5% | 60.6% | 52.5% | 60.6% |
Equity per share at the end of period, EUR * | 3.17 | 3.02 | 3.17 | 3.02 |
Investments in non-current assets | 565 | 620 | 1 649 | 2 479 |
Investments in non-current assets, % of net sales | 2.5% | 2.2% | 1.8% | 2.4% |
111 624 | 111 624 | 111 624 | 111 624 | |
1.6% | 1.6% | 1.6% | 1.6% | |
Average number of outstanding shares | 6 796 004 | 6 828 557 | 6 796 004 | 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 |
Personnel on average during the period | 241 | 282 | 262 | 286 |
Personnel at the end of period | 234 | 280 | 234 | 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
On
On
(*) 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
STRATEGY
On
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
· 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,
Wulff has systematically renewed its business organizations for Finnish workplace products and services. After the acquisition of
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
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/wulff-group-plc-s-financial-statements-release-january-1---december-31--2023,c3931032
https://mb.cision.com/Main/12579/3931032/2612205.pdf
(c) 2024 Cision. All rights reserved., source