Wulff Group Plc’s Half-Year Financial Report for January 1 – June 30, 2020


This is a summary of Wulff Group Plc’s half-year financial report for January-June 2020. Wulff Group’s half-year financial report as a whole is attached as a PDF file to this stock exchange release and it is also available on the company’s website www.wulff.fi.


Adaptability generated profitable business even in remote offices

1.4.–30.6.2020 BRIEFLY

  • Net sales totalled EUR 15.1 million (15.4), decrease of 2.0%
  • EBITDA and comparable EBITDA grew to EUR 1.7 million (0.9)
  • Operating profit and comparable operating profit (EBIT) were EUR 1.2 million (0.6)
  • Earnings per share (EPS) and comparable earnings per share (EPS) were EUR 0.09 (0.06)
  • Equity-to-assets ratio was 38.9% (36.0)
  • Tomi Hilvo has been appointed CEO of Wulff Entre fair service business and a member of the Wulff Group’s Management Team. Hilvo starts in the role on August 3, 2020.
  • Wulff updated the outlook for the comparable operating profit on July 21, 2020; Wulff estimates the comparable operating profit 2020 to grow from 2019.

1.1.–30.6.2020 BRIEFLY

  • Net sales totalled EUR 29.8 million (29.2), increased by 2.0%
  • EBITDA and comparable EBITDA were EUR 2.4 million (1.5)
  • Operating profit and comparable operating profit (EBIT) were EUR 1.5 million (0.7)
  • Earnings per share (EPS) and comparable earnings per share were EUR 0.09 (0.8)


“Our mission is to make a better world a workplace at a time, regardless of the circumstances. Entrepreneurial attitude makes bold decisions and active actions possible. We reacted quickly to how the environment changed. That is why Wulff succeeded great during the exceptional circumstances. We modified the product portfolio to be more current and we enabled safe and quick deliveries to homes and summerhouses in addition to business premises. The good result was made specially with hygiene and protective products added in the product portfolio as well as with excellent professional and service-minded sales organisation. It was important to understand the exceptional circumstances, the changes in the business environment as well as people’s own life situations and individual needs and habits to work. I’m proud of how wulffsters can flexibly find and offer the customers suitable solutions in all circumstances. A person is a faster adapter than a machine and the result behind the exceptional circumstances was our ‘person serving a person’ -concept.”


In January-June 2020 net sales totalled EUR 29.8 million (29.2), and in April-June EUR 15.1 million (15.4). Net sales increased in the first half year period by 2.0% (4.3) and decreased by -2.0% (11.9) in the second quarter. The company acquired new suppliers, products and sold the kind of, especially hygiene, products that suited the exceptional circumstances and customers’ needs. Significant part of the second quarter’s net sales resulted from hygiene products. Overall, the second quarter’s net sales decreased slightly from the comparison period, because during the reporting period there were no fair events and increased remote working decreased the consumption of contract customers segment’s traditional office services and products. The sales of hygiene products increased the whole reporting period’s net sales.

In January-June 2020 the gross margin amounted to EUR 11.0 million (10.2) being 36.9% (35.0) of the net sales, and EUR 5.8 million (5.3) in the second quarter being 38.6% (34.3) of the net sales. The sales of hygiene products increased the reporting period’s and second quarter’s gross margin. The average gross margin of hygiene products was better than other products average gross margin.

In January-June 2020 employee benefit expenses amounted to EUR 6.5 million (6.3) and 21.8% (21.4) of net sales, and respectively, in the second quarter EUR 3.2 million (3.1), being 21.5% (20.1) of net sales. During the second quarter Wulff adjusted its operations to the exceptional circumstances by temporarily laying off personnel in those businesses which were affected by the demand diminishing coronavirus situation. This decreased the salary expenses by EUR 0.7 million. The Group’s Expertise Sales segment succeeded in the second quarter to increase the sales splendidly, so the result-based compensations increased the salary expenses. In addition, the salary expenses included compensation of ending employment relationships.

Other operating expenses amounted to EUR 2.3 million (2.6) in January-June 2020 being 7.7% (8.9) of net sales and respectively EUR 1.0 million (1.3) in the second quarter, being 6.3% (8.6) of net sales. The other operating expenses decreased as a result of adjustment measures to meet the exceptional circumstances.

In January-June 2020 EBITDA and comparable EBITDA amounted to EUR 2.4 million (1.5) being 7.9% (5.1) of net sales, and EUR 1.7 million (0.9) in the second quarter, being 11.2% (6.0) of net sales. 

The operating profit (EBIT) and the comparable operating profit (EBIT) amounted to EUR 1.5 million (0.7), 5.0% (2.6) of net sales and respectively EUR 1.2 million (0.6), 8.1% (3.6) in the second quarter. The first half-year periods of 2020 and 2019 did not include items affecting comparability.

In January-June 2020 the net of financial income and expenses totalled EUR -0.4 million (-0.2) including interest expenses EUR -0.1 million (-0.1) and mainly the net of currency-related other financial items and bank expenses EUR -0.3 million (-0.1). In the second quarter, the financial income and expenses totalled (net) EUR -0.2 million (-0.1).

In January-June 2020 the result before taxes was EUR 1.1 million (0.6), and the net profit over the reporting period was EUR 0.9 million (0.5). In the second quarter the result before taxes was EUR 1.0 million (0.4) and the net profit was EUR 0.9 million (0.4). Earnings per share (EPS) and comparable EPS were EUR 0.09 (0.08) in January-June 2020, and EUR 0.09 (0.06) in the second quarter.


EUR 1000 2020 2019 2020 2019 2019
Net sales 15 072 15 384 29 802 29 228 56 344
Change in net sales. % -2.0% 11.9% 2.0% 4.3% 0.8%
Gross profit 5 820 5 281 10 996 10 227 19 825
Gross profit. % 38.6% 34.3% 36.9% 35.0% 35.2%
EBITDA 1 695 929 2 350 1 485 3 067
EBITDA margin. % 11.2% 6.0% 7.9% 5.1% 5.4%
Operating profit/loss 1 221 557 1 491 748 1 570
Operating profit/loss margin. % 8.1% 3.6% 5.0% 2.6% 2.8%
Profit/Loss before taxes 1 042 436 1 098 570 1 194
Profit/Loss before taxes margin. % 6.9% 2.8% 3.7% 1.9% 2.1%
Net profit/loss for the period attributable to equity holders of the parent company 620 436 641 535 1 039
Net profit/loss for the period. % 4.1% 2.8% 2.2% 1.8% 1.8%
Earnings per share. EUR (diluted = non-diluted) 0.09 0.06 0.09 0.08 0.15
Return on equity (ROE). % 6.7% 3.5% 7.1% 4.5% 8.5%
Return on investment (ROI). % 5.1% 2.5% 5.6% 3.5% 7.9%
Equity-to-assets ratio at the end of period. % 38.9% 36.0% 38.9% 36.0% 39.2%
Debt-to-equity ratio at the end of period 69.5% 89.7% 69.5% 89.7% 66.2%
Equity per share at the end of period. EUR * 1.86 1.68 1.86 1.68 1.76
Investments in non-current assets 147 2 516 361 6 243 7 359
Investments in non-current assets. % of net sales 1.0% 16.4% 1.2% 21.4% 13.1%
Treasury shares held by the Group at the end of period 144 260 79 000 144 260 79 000 79 000
Treasury shares. % of total share capital and votes 2.1% 1.1% 2.1% 1.1% 1.1%
Average number of outstanding shares 6 509 415 6 907 628 6 519 022 6 907 628 6 828 628
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 193 199 196 196 198
Personnel at the end of period 187 195 187 195 200

* 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 and the industry’s tight competition. Business operations are also affected by normal business risks such as the success of the Group’s strategy and operative risks stemming from the personnel, logistics and IT environments. Approximately half of the Group’s net sales come from other than euro-currency countries. Fluctuation of the currencies affects the Group’s net result and balance sheet. Risks relating to fair service business have increased due to international epidemic, which restricts traveling. Wulff anticipates rapid changes in demand also in work product sales due to the development of coronavirus conditions.


The Group has not had any significant subsequent events.


The coronavirus pandemic and the preventive actions to possible new epidemics impact the world economy significantly and with a fast schedule. The exceptional circumstances have increased the risks of business operations and reduced predictability.

The demand for our contract sales’ design and project management Wulff Entre’s fair services has diminished due to corona situation. Fair events have been postponed and cancelled. This will decrease Wulff group’s comparable operating profit in 2020. The demand for workplace services and products is significantly impacted by employment rate, restrictions in meeting and gathering and alternation of locations of working. At the same time the situation offers sales opportunities to Wulff: its more than 100 000 customers in the Nordic countries will need workplace products for their use also during the changing conditions.

Wulff is the most significant Nordic player in its field. Its aim is to lead the way, renew the field and be at the forefront of change. Wulff believes that the role of values and sustainability will come to have an increasingly important part in sourcing decisions and companies’ business partner selections in the future. With its strategy, Wulff will build its competitiveness and make sure that it can offer customers what they want: solutions for making the everyday work life smoother and the world better one workplace at a time. Competition is tough in the traditional market and the new market has got a lot of opportunities. The market known as office world is developing and renewing itself as the market changes even more to workplace product and service marketplace, where work is done in several locations. In the future success requires especially for example product and service portfolio’s development further. Wulff believes that the future is bright due to the strong, constantly developing strategy, its way of working, its active customer and partner networks, and its professional, committed personnel. The Group has an ongoing readiness to carry out new strategic acquisitions and as a listed company, Wulff is in a good position to be a more active player than its competitors.

Wulff estimates that the comparable operating profit of 2020 will increase from 2019 due to successful sales in the beginning of the year and adjustment measurements. In Wulff we believe that it is possible to build and make profitable business while people’s health and security are taken care of sustainably.


Wulff Group Plc will release the following financial report in 2020:

Interim Report, January-September 2020           Monday October 26, 2020

In Espoo on July 27, 2020


Further information:

CEO Elina Pienimäki

tel. +358 40 647 1444

e-mail: elina.pienimaki@wulff.fi 


NASDAQ OMX Helsinki Oy

Key media


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 are. More comfortable, healthier, safer, more enjoyable, more active and more diverse? How do you want to better you workday and working 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 from Wulff. In addition to Finland, Wulff operates in Sweden, Norway, and Denmark. Check out our products and services at wulff.fi.


View release (PDF)