WULFF-GROUP PLC'S INTERIM REPORT 1 January – 30 September 2009

WULFF-GROUP PLC INTERIM REPORT 6 November 2009, 9:00 a.m.

WULFF-GROUP PLC’S INTERIM REPORT 1 January – 30 September 2009

Wulff-Group’s net sales and operating profit declined year-over-year. The
Group’s net sales in January-September dropped by 12.4% to EUR 49.1 million (EUR
56.0 million). Wulff-Group reported an operating loss, including one-off items,
of EUR 0.50 million (profit of EUR 1.54 million). Operating loss excluding
one-off items was EUR 0.22 million. The result for the period was EUR 0.95
million negative (EUR 0.07 million positive). Earnings per share (EPS) totalled
EUR -0.14 (EUR 0.01).

In the review period, the Group divested its shares in Everyman Oy and Officeman
Oy, two companies in which it had a 70% holding, to the minority shareholders.
The one-off sales loss of EUR 280,000 recorded for the transaction had a
negative impact on the operating profit for the review period.

Wulff’s third-quarter net sales were up on the previous year, totalling EUR 17.6
million (EUR 16.2 million). The Group reported an operating loss of EUR 0.43
million (profit of EUR 0.31 million), which accounted for -2.4% of net sales
(1.9%). Excluding one-off items, operating profit was EUR 0.15 million negative,
which corresponds to -0.8% of net sales. Earnings per share were EUR -0.09 (EUR
-0.01).

NET SALES AND PROFIT DEVELOPMENT

Wulff-Group’s net sales and operating profit declined 12.4% year-over-year. The
Group’s net sales in January-September 2009 totalled EUR 49.1 million (EUR 56.0
million).

The Group reported an operating loss, including one-off items, of EUR 0.50
million (profit of EUR 1.54 million), which accounts for -1.0% (2.7%) of net
sales. The pre-tax result for the review period was EUR -0.66 million (EUR 0.84
million). The result for the period totalled EUR -0.95 million (EUR 0.07
million), and earnings per share (EPS) were EUR -0.14 (EUR 0.01).

The third quarter is expected to be the weakest for Wulff-Group due to seasonal
fluctuation. Owing to slack sales in July, the third-quarter net sales are
usually weaker than those of other quarters. The Group’s operating result was
also negatively affected by the non-recurring sales loss from the divestment of
Everyman Oy and Officeman Oy and from the general economic downturn. However,
performance picked up towards the end of the period, especially following the
Group’s latest acquisition, that of Strålfors Supplies.

CEO Heikki Vienola: “In these financially challenging times it is important to
aim at the targets set and work in line with our strategy. What it means for us
is focusing on sales and growth and developing our operations. Our vision is to
become the Nordic market leader, and we took a big step towards this goal in the
review period. The important acquisition of Strålfors Supplies AB in July was a
big investment in Nordic growth and made us a notable player in the Nordic
countries. Our latest acquisition is a well managed and profitable company. I
believe the transaction to begin to show a positive impact on our EPS later this
year. The acquisition will raise our net sales by some 40 per cent annually. We
prepared for the economic downturn and the general market conditions in early
2009 by implementing an effective cost-savings programme drawn up in cooperation
with the personnel. Operations have been adjusted to improve productivity. This
has also made our cost structure lighter. I believe these measures will have a
strong impact in the future. The latter part of the year will be challenging for
all players in the sector. However, being a Finnish market leader, we consider
challenges to be first and foremost opportunities to demonstrate our strength as
a cooperation partner that provides service and offers cost savings to
customers.”

CONTRACT CUSTOMERS DIVISION

The Contract Customers division is a comprehensive partner to customers in the
field of office supplies, business and promotional gifts, as well as fair and
event marketing services. The mission of the Contract Customers division is to
be most sought-after partner in the field and to offer customers overall
solutions for enhancing offices and promoting customer sales. The division
comprises Wulff Oy Ab, KB-tuote Oy, Ibero Liikelahjat Oy, Entre Marketing Oy and
Strålfors Supplies AB.

The Contract Customers division reported net sales of EUR 35.2 million (EUR 46.1
million) for the review period and an operating profit of EUR 0.19 million (EUR
1.14). The comparison figures are pro forma and include the entire 2008 net
sales and operating result of Ibero Liikelahjat Oy, which was merged with the
Group on 1 October 2008, as well as the figures for Strålfors Supplies AB,
merged with the Group on 1 August 2009, corresponding to the period during which
it has been a part of the Group.

The net sales and sales of Strålfors Supplies AB developed positively,
especially in Norway. The company focused on acquiring new, especially
medium-sized, customers in the review period. In July, Wulff-Group Plc acquired
a majority shareholding in Strålfors Supplies AB, a company that sells office
and computer supplies based on the contract customer concept and operates in
Sweden, Norway and Denmark. The company has a 43-strong staff and employs around
60 people in all. Strålfors Supplies AB will continue to operate as an
independent unit at its current facilities and with the current staff. Trond
Fikseaunet will stay on as Managing Director. The net sales of Strålfors
Supplies AB account for some 40% of Wulff-Group’s consolidated net sales.

The net sales of Wulff Oy, which sells office supplies and computer accessories,
declined year-over-year. The clear decrease in purchases by major customers
affected net sales. Owing to cost savings and personnel cuts, customer companies
have also reduced their purchases of office supplies. This year, the focus has
been on new customer acquisition and concept development. The successful
acquisition of new customers is expected to have an impact on performance
starting in late 2009. Wulff Oy Ab’s net sales account for some 30% of
Wulff-Group’s consolidated net sales.

KB-tuote, a provider of business and promotional gifts, began to prepare for a
sharp decrease in sales in early 2009. It adapted operations to the market
situation, among other things, through staff layoffs. The company has made major
inputs in increasing the activity of its sales force and in enhancing
cost-effectiveness. In the review period, the company continued to increase its
contract customer base and acquired new customers, for example, at the business
gift event arranged in the autumn. KB-tuote made a strong performance at the
event, launching its new Liikelahjamoottori.fi online service.
Liikelahjamoottori.fi is Finland’s first online tool offered to facilitate the
selection of gifts. Founded in 1955, KB-tuote has always been a pioneer in its
field. It provides major corporations with a business gift service that enables
companies to order products designed in line with their brand through an
electronic order system.

The restructuring measures, cost-savings programme and successfully revised
service concept that Entre Marketing Oy initiated in 2008 made 2009 a
considerably better year than the loss-making 2008 period. However, due to the
continued economic downturn and seasonal fluctuation, the latter part of the
year will continue to be challenging in the sales of fair and event marketing
services. The changes carried out enable Entre to follow its strategy, which
means focusing on its core business and improving its competitiveness. This year
is expected to be slightly profitable. Entre’s revamped service offering
comprises Finnish and international trade fairs, marketing events, marketing and
communication services and e-services.

The result of Ibero Liikelahjat Oy remained good despite the challenging
situation in the field of corporate promotional product sales. The company had
an active presence at the business gift event in the fall where it established
many new customer contacts. Being a medium-sized company, Ibero Liikelahjat is a
flexible and fast company and partner for its customers.

DIRECT SALES DIVISION

The vision of the Direct Sales division is to be the biggest and most profitable
direct sales company in the Nordic countries and neighbouring regions. Its
mission is to make customer operations more flexible with innovative products
and the most professional, personal and local service in the field. The division
comprises the direct sales companies in Finland, Sweden, Norway and Denmark.

The Direct Sales Division reported net sales of EUR 13.4 million (EUR 18.9
million) and an operating loss of EUR 0.26 million (EUR 1.27 million profit) in
the review period.

The September divestment of Everyman Oy and Officeman Oy is in line with
Wulff-Group Plc’s strategy, according to which the company focuses on product
sales and operates as an efficient and direct supply channel. Retail sales and
consumer products do not belong to the core operations of Wulff’s direct sales.
The Direct Sales division acquires nearly all of its products straight from the
manufacturers and sells them directly to end users. It will continue to
cooperate with the companies in B2B products. The net sales and balance sheet
total of the divested companies have accounted for some 4% of Wulff-Group Plc’s
consolidated net sales and balance sheet.

The direct sales companies continued to implement the measures of the
cost-savings programme devised in early 2009. The clarification and streamlining
of management practices initiated in the first quarter continued, and the
reforms have had a positive impact on the operational development of Finnish
direct sales companies. The major inputs in superior and induction training, as
well as the quality development of the recruitment process, which were initiated
earlier this year are still ongoing. Providing our new salespeople with the best
possible competence is a contribution to our future success. We have emphasised
new customer acquisition by focusing on the activities of sales representatives.
New contacts were also sought at the Secretary & Assistant autumn event, where
Finnish direct sales companies had a strong presence.

Weaker demand has also affected business development in Scandinavia, especially
in Sweden, where the recruitment of skilled sales representatives continues to
be the biggest challenge. In Norway, the sales and result of Nordisk Profil have
remained good in view of the challenging conditions. Norwegian sales support has
been heavily boosted through email marketing, which has led to good results.
Activities were also launched in Denmark, and the results are promising. Danish
operations are managed from Sweden, which makes them more cost-effective. This
leads to savings in, for example, facilities, management and logistics.

FINANCING AND INVESTMENTS

Operating cash flow amounted to EUR 0.23 million (EUR 0.90 million) in the
review period.

The consolidated balance sheet total at the end of the period amounted to EUR
46.8 million (EUR 39.9 million) and equity ratio to 40.4% (48.9%). The decrease
in equity ratio resulted from the acquisition of Strålfors Supplies at the end
of July. The acquisition was partly financed with debt. Equity per share
amounted to EUR 2.86 (EUR 3.00). Investments in fixed assets, recognised in the
balance sheet, amounted to EUR 0.57 million (EUR 0.65 million), or 1.2% (1.2%)
of net sales, and mainly involved IT systems and equipment.

PERSONNEL

Wulff-Group Plc had 383 (432) employees at the end of the review period and an
average of 397 (450) employees over the period. A total of 110 (96) employees
work in Sweden, Norway, Denmark and Estonia.

TREASURY SHARES

During the review period, Wulff-Group Plc repurchased 23,699 shares based on the
authorisation given by the Annual General Meeting on 4 April 2008 and 24 April
2009. The repurchased shares account for 0.4% of Wulff-Group’s share capital and
votes. In the review period, the Group received 3,643 company shares previously
included in the incentive system for subsidiary sales.

The shares were acquired on NASDAQ OMX Helsinki in a proportion other than that
of current shareholdings at the fair value awarded to them in public trading.

The Group’s registered share capital on March 30, 2009 amounted to EUR
2,650,000.00 and the total amount of shares was 6,607,628. Wulff Group held
36,583 of its own shares on March 30, 2009, which represents 0.6% of the Group’s
shares and votes.

RISKS AND UNCERTAINTIES IN THE NEAR FUTURE

The slowdown of economic growth and financial uncertainty that began in late
2008 are also reflected in Wulff-Group Plc’s business and will affect net sales
development. The general economic downturn has weakened the demand for office
supplies. This may be experienced especially in the Christmas season business
gift sales. Wulff-Group’s business is characterised by seasonal fluctuation, and
a significant share of the company’s net sales and profit is generated in the
fourth quarter.

OUTLOOK FOR THE REST OF 2009

The weaker economic situation has clearly affected the demand for office
supplies. Company management believes that the net sales and operating profit
will remain below the previous year’s levels but will nevertheless stay in the
black. The last quarter is the most significant one for the Group’s performance.
The company will continue to implement its profitability enhancement programme
and boost operations in 2009. The current economic situation offers an excellent
opportunity to increase the headcount in sales.

ACCOUNTING PRINCIPLES APPLIED IN THE INTERIM REPORT

This interim report has been prepared in compliance with the recognition and
measurement principles of the IFRS standards and IAS 34 Interim Financial
Reporting. IFRS 8 affects the segment information in the Notes, while IAS 1
Presentation of Financial Statements has made changes to the presentation of the
income statement and the statement of changes in equity. These standards do not
have a material impact on the presentation of the interim report. This interim
report has not been audited.

FINANCIAL REPORTING

The financial statements bulletin for 2009 will be published on 5 February 2010
at 9:00 a.m.

CONDENSED FINANCIAL STATEMENTS AND NOTES

——————————————————————————–
| Wulff-Group Plc | | | | (EUR 1,000) |
——————————————————————————–
——————————————————————————–
| CONSOLIDATED INCOME | 7-9/09 | 7-9/08 | 1-9/09 | 1-9/08 | 1-12/08 |
| STATEMENT | | | | | |
——————————————————————————–
——————————————————————————–
| NET SALES | 17 570 | 16 170 | 49 061 | 56 024 | 76 178 |
——————————————————————————–
——————————————————————————–
| Other operating income | 136 | 97 | 340 | 675 | 745 |
——————————————————————————–
| Materials and services | 10 825 | 9 169 | 28 265 | 31 083 | 42 234 |
——————————————————————————–
| Employee benefits | 3 495 | 3 574 | 11 489 | 13 624 | 18 124 |
| expenses | | | | | |
——————————————————————————–
| Depreciation | 215 | 252 | 645 | 804 | 1 075 |
——————————————————————————–
| Impairment of goodwill | 0 | 0 | 0 | 0 | 100 |
——————————————————————————–
| Other operating expenses | 3 599 | 2 965 | 9 503 | 9 648 | 13 125 |
——————————————————————————–
——————————————————————————–
| OPERATING PROFIT | -428 | 307 | -502 | 1 540 | 2 264 |
——————————————————————————–
——————————————————————————–
| Financial income | 46 | 63 | 154 | 222 | 363 |
——————————————————————————–
| Financial expenses | -106 | -254 | -311 | -924 | -1 091 |
——————————————————————————–
——————————————————————————–
| PROFIT BEFORE TAXES | -488 | 116 | -659 | 838 | 1 535 |
——————————————————————————–
——————————————————————————–
| Income taxes | 27 | 170 | 223 | 522 | 773 |
——————————————————————————–
——————————————————————————–
| PROFIT AFTER TAXES | -515 | -54 | -882 | 315 | 763 |
——————————————————————————–
| | | | | | |
——————————————————————————–
| ATTRIBUTABLE TO THE | -581 | -96 | -947 | 66 | 454 |
| EQUITY HOLDERS OF THE | | | | | |
| PARENT | | | | | |
——————————————————————————–
| Minority interest | 66 | 42 | 65 | 249 | 309 |
——————————————————————————–
| | -515 | -54 | -882 | 315 | 763 |
——————————————————————————–
——————————————————————————–
| Earnings per share for | | | | | |
| profit | | | | | |
——————————————————————————–
| attributable to the | | | | | |
| equity | | | | | |
——————————————————————————–
| holders of the parent | -0,09 | -0,01 | -0,14 | 0,01 | 0,07 |
——————————————————————————–
——————————————————————————–
| STATEMENT OF | | | | | |
| COMPREHENSIVE | | | | | |
——————————————————————————–
| INCOME | | | | | |
——————————————————————————–
| Translation differences | -91 | -9 | 3 | 1 | -37 |
——————————————————————————–
| Investments available or | 12 | -29 | 62 | -28 | -68 |
| sale: Valuation gains or | | | | | |
| losses recognised under | | | | | |
| shareholders’ equity | | | | | |
——————————————————————————–
| Total | -79 | -38 | 65 | -27 | -105 |
——————————————————————————–
——————————————————————————–
| Total comprehensive | -660 | -134 | -882 | 39 | 349 |
| income | | | | | |
——————————————————————————–

——————————————————————————–
| CONSOLIDATED BALANCE SHEET | | (EUR 1,000) |
——————————————————————————–
——————————————————————————–
| Assets | 9/2009 | 9/2008 | 12/2008 |
——————————————————————————–
| | | | |
——————————————————————————–
| FIXED ASSETS | | | |
——————————————————————————–
——————————————————————————–
| Intangible assets | 1 347 | 564 | 582 |
——————————————————————————–
| Goodwill | 10 824 | 7 204 | 8 356 |
——————————————————————————–
| Tangible assets | 2 073 | 2 368 | 2 338 |
——————————————————————————–
| Other financial assets | 416 | 415 | 341 |
——————————————————————————–
| Deferred tax assets | 810 | 803 | 691 |
——————————————————————————–
| | | | |
——————————————————————————–
| TOTAL FIXED ASSETS | 15 470 | 11 355 | 12 307 |
——————————————————————————–
——————————————————————————–
| CURRENT ASSETS | | | |
——————————————————————————–
| Inventories | 12 237 | 10 743 | 10 904 |
——————————————————————————–
| Trade and other receivables | 14 987 | 12 701 | 11 336 |
——————————————————————————–
| Financial assets recognised at the | 61 | 1 375 | 275 |
| fair value in the income statements | | | |
——————————————————————————–
| Cash and cash equivalents | 4 002 | 3 725 | 4 628 |
——————————————————————————–
——————————————————————————–
| TOTAL CURRENT ASSETS | 31 287 | 28 544 | 27 143 |
——————————————————————————–
——————————————————————————–
| TOTAL ASSETS | 46 757 | 39 898 | 39 451 |
——————————————————————————–
——————————————————————————–
——————————————————————————–
| Equity and liabilities | 9/2009 | 9/2008 | 12/2008 |
——————————————————————————–
——————————————————————————–
| SHARE OF SHAREHOLDERS’ EQUITY THAT BELONGS TO | | |
| OWNERS OF THE PARENT COMPANY | | |
——————————————————————————–
| Share capital | 2 650 | 2 603 | 2 650 |
——————————————————————————–
| Share premium fund | 7 662 | 7 662 | 7 662 |
——————————————————————————–
| Invested unrestricted equity fund | 223 | 0 | 223 |
——————————————————————————–
| Retained earnings | 7 194 | 8 121 | 8 459 |
——————————————————————————–
——————————————————————————–
| Minority interest | 1 153 | 1 135 | 1 137 |
——————————————————————————–
——————————————————————————–
| TOTAL EQUITY | 18 882 | 19 521 | 20 131 |
——————————————————————————–
——————————————————————————–
——————————————————————————–
| LIABILITIES | | | |
——————————————————————————–
| Long-term liabilities | | | |
——————————————————————————–
| Interest-bearing | 9 623 | 7 638 | 6 533 |
——————————————————————————–
| Short-term liabilities | | | |
——————————————————————————–
| Interest-bearing | 1 095 | 1 262 | 1 780 |
——————————————————————————–
| Accounts payable and other | 17 156 | 11 477 | 11 007 |
| liabilities | | | |
——————————————————————————–
——————————————————————————–
| TOTAL LIABILITIES | 27 875 | 20 377 | 19 320 |
——————————————————————————–
——————————————————————————–
| TOTAL EQUITY AND LIABILITIES | 46 757 | 39 898 | 39 451 |
——————————————————————————–
——————————————————————————–

——————————————————————————–
| CONSOLIDATED STATEMENT OF CHANGES IN EQUITY Jan 1st – Sep 30th 2009 |
——————————————————————————–
| | | | | | | (EUR 1,000) |
——————————————————————————–
——————————————————————————–
——————————————————————————–
——————————————————————————–
——————————————————————————–
——————————————————————————–
| | Share | Share | Invest | Retain | Total | Minor- | Total |
| | capit | premi | -ed | -ed | | ity | |
| | al | um | un- | earn-i | | inte-r | |
| | | fund | restr- | ngs | | est | |
| | | | icted | | | | |
| | | | equity | | | | |
| | | | fund | | | | |
——————————————————————————–
| | | | | | | | |
——————————————————————————–
| Equity Jan 1 | 2 650 | 7 662 | 223 | 8 459 | 18 994 | 1 137 | 20 131 |
| 2009 | | | | | | | |
——————————————————————————–
——————————————————————————–
| Total | | | | -882 | | 65 | -817 |
| comprehensive | | | | | | | |
| income | | | | | | | |
——————————————————————————–
| | | | | | | | |
——————————————————————————–
| Dividends paid | | | | -329 | | -93 | -422 |
——————————————————————————–
——————————————————————————–
| Treasury share | | | | -54 | | | -54 |
| acquisition | | | | | | | |
——————————————————————————–
——————————————————————————–
| Divestment of | | | | | | 43 | 43 |
| subsidiaries | | | | | | | |
——————————————————————————–
| Total equity | 2 650 | 7 662 | 223 | 7 194 | 17 709 | 1 153 | 18 882 |
| Sep 30 2009 | | | | | | | |
——————————————————————————–
——————————————————————————–

——————————————————————————–
| CONSOLIDATED STATEMENT OF CHANGES IN EQUITY Jan 1st – Sep 30th 2008 |
——————————————————————————–
| | | | | | (EUR 1,000) |
——————————————————————————–
——————————————————————————–
——————————————————————————–
——————————————————————————–
——————————————————————————–
——————————————————————————–
| | Share | Share | Retain | Total | Minor-i | Total |
| | capita | premiu | -ed | | ty | |
| | l | m fund | earn-i | | inte-re | |
| | | | ngs | | st | |
——————————————————————————–
——————————————————————————–
| Total equity Jan 1 | 2 603 | 7 662 | 9 321 | 19 586 | 1 048 | 20 634 |
| 2008 | | | | | | |
——————————————————————————–
——————————————————————————–
| Total comprehensive | | | 39 | | 249 | 288 |
| income | | | | | | |
——————————————————————————–
——————————————————————————–
| Dividends paid | | | -1 168 | | -159 | -1 327 |
——————————————————————————–
——————————————————————————–
| Treasury share | | | -71 | | | -71 |
| acquisition | | | | | | |
——————————————————————————–
——————————————————————————–
| Total equity Sep 30 | 2 603 | 7 662 | 8 121 | 18 386 | 1 135 | 19 521 |
| 2008 | | | | | | |
——————————————————————————–
——————————————————————————–

——————————————————————————–
| KEY RATIOS | | | | (EUR 1,000) |
——————————————————————————–
——————————————————————————–
| | 7-9/09 | 7-9/08 | 1-9/09 | 1-9/08 | 1-12/08 |
——————————————————————————–
——————————————————————————–
| Net sales | 17 570 | 16 170 | 49 061 | 56 024 | 76 178 |
——————————————————————————–
| Increase in net sales % | 8,7 % | -1,2 % | -12,4 % | 8,0 % | 2,8 % |
——————————————————————————–
——————————————————————————–
| Operating profit | -428 | 307 | -502 | 1 540 | 2 264 |
——————————————————————————–
| % of net sales | -2,4 % | 1,9 % | -1,0 % | 2,7 % | 3,0 % |
——————————————————————————–
——————————————————————————–
| Profit before taxes | -488 | 116 | -659 | 838 | 1535 |
——————————————————————————–
| % of net sales | -2,8 % | 0,7 % | -1,3 % | 1,5 % | 2,0 % |
——————————————————————————–
——————————————————————————–
| Net profit | -581 | -96 | -947 | 66 | 454 |
——————————————————————————–
| % of net sales | -3,3 % | -0,6 % | -1,9 % | 0,1 % | 0,6 % |
——————————————————————————–
——————————————————————————–
| Equity ratio% | | | 40,4 % | 49,1 % | 51,0 % |
——————————————————————————–
——————————————————————————–
| Investments in fixed assets | 85 | 170 | 568 | 650 | 915 |
——————————————————————————–
| % of net sales | 0,5 % | 1,1 % | 1,2 % | 1,2 % | 1,2 % |
——————————————————————————–
——————————————————————————–
| Average number of personnel | | | 397 | 450 | 440 |
——————————————————————————–
| Number of personnel at the | | | 383 | 432 | 412 |
| end of period | | | | | |
——————————————————————————–
——————————————————————————–
| Earnings per share, euro | -0,09 | -0,01 | -0,14 | 0,01 | 0,07 |
——————————————————————————–
——————————————————————————–
| Equity per share, euro | | | 2,86 | 3,00 | 3,05 |
——————————————————————————–
——————————————————————————–

——————————————————————————–
| CONSOLIDATED CASH FLOW | | (EUR 1,000) |
——————————————————————————–
——————————————————————————–
| | 1-9/2009 | 1-9/2008 | 1-12/2008 |
——————————————————————————–
——————————————————————————–
| Cash flow from operations: | | | |
——————————————————————————–
| Payments received from sales | 45 780 | 56 012 | 76 398 |
——————————————————————————–
| Payments received from other operating | 201 | 201 | 235 |
| income | | | |
——————————————————————————–
| Amounts paid for operating expenses | -45 557 | -54 855 | -74 983 |
——————————————————————————–
| Cash flow from business operations | 424 | 1 357 | 1 650 |
| before financial items and taxes | | | |
——————————————————————————–
| Financial costs paid | -275 | -480 | -560 |
——————————————————————————–
| Interest received from operations | 107 | 96 | 172 |
——————————————————————————–
| Direct taxes paid | -25 | -74 | -110 |
——————————————————————————–
| Cash flow from operations | 231 | 899 | 1 152 |
——————————————————————————–
——————————————————————————–
——————————————————————————–
| Cash flow from investments: | | | |
——————————————————————————–
| Investments in tangible and intangible | -512 | -622 | -1 050 |
| assets | | | |
——————————————————————————–
| Sale of tangible and intangible assets | 93 | 812 | 777 |
——————————————————————————–
| Acquisitions of shares in subsidiaries | -2 142 | -78 | 123 |
——————————————————————————–
| Sale of shares in subsidiaries | 238 | 0 | 0 |
——————————————————————————–
| Loans granted | 0 | 0 | -71 |
——————————————————————————–
| Cash flow from investments | -2 323 | 112 | -220 |
——————————————————————————–
——————————————————————————–
——————————————————————————–
| Cash flow from financing activities: | | | |
——————————————————————————–
| Paid dividends | -393 | -1 327 | -1 327 |
——————————————————————————–
| Received dividends | 8 | 74 | 74 |
——————————————————————————–
| Short-term investments (increase -) | -262 | 460 | -124 |
——————————————————————————–
| Loss from the sale of short-term | 18 | -486 | 0 |
| investments | | | |
——————————————————————————–
| Loan withdrawals | 2 700 | 0 | 1 547 |
——————————————————————————–
| Loan repayments | -605 | -918 | -2 396 |
——————————————————————————–
| Cash flow from financing activities | 1 466 | -2 197 | -2 226 |
——————————————————————————–
——————————————————————————–
——————————————————————————–
| Change in liquid assets | -626 | -1 186 | -1 293 |
——————————————————————————–
——————————————————————————–
| DIVESTMENT OF SHARES IN SUBSIDIARIES: | | | (EUR |
| | | | 1,000) |
——————————————————————————–
| In the review period, the Group | | | |
| divested its shares in Everyman Oy and | | | |
| Officeman Oy, two companies in which it | | | |
| had a 70% holding, to the minority | | | |
| shareholders | | | |
——————————————————————————–
——————————————————————————–
| The impact of divestments on the | | | |
| Group’s financial position: | | | |
——————————————————————————–
——————————————————————————–
| Property, plant and equipment | | -18 | |
——————————————————————————–
| Goodwill | | -52 | |
——————————————————————————–
| Other intangible assets | | -11 | |
——————————————————————————–
| Receivables | | -565 | |
——————————————————————————–
| Inventories | | -748 | |
——————————————————————————–
| Cash on hand and in bank | | -42 | |
——————————————————————————–
| Minority interest | | 258 | |
——————————————————————————–
| Interest bearing liabilities | | 106 | |
——————————————————————————–
| Accounts payable and other liabilities | | 509 | |
——————————————————————————–
| Total assets and liabilities | | -563 | |
——————————————————————————–
——————————————————————————–
| Cash consideration | | 280 | |
——————————————————————————–
| Cash and cash equivalents of divested | | 42 | |
| units | | | |
——————————————————————————–
——————————————————————————–
| Cash flow impact | | 238 | |
——————————————————————————–

——————————————————————————–
| RELATED PARTY TRANSACTIONS | | (EUR 1,000) |
——————————————————————————–
| | 1-9/2009 | 1-9/2008 | 1-12/2008 |
——————————————————————————–
| Business with parties exercising considerable control: |
——————————————————————————–
——————————————————————————–
| Purchases from related parties | 0 | 100 | 100 |
——————————————————————————–
——————————————————————————–
| Loans to related parties | 571 | 581 | 581 |
——————————————————————————–

——————————————————————————–
| SEGMENT REPORTING | | (EUR 1,000) |
——————————————————————————–
| | 1-9/2009 | 1-9/2008 | 1-12/2008 |
——————————————————————————–
| SEGMENT NET SALES | | | |
——————————————————————————–
| | | Pro forma | Pro forma |
——————————————————————————–
| Contract Customers Division | | | |
——————————————————————————–
| External | 35 237 | 46 097 | 68 755 |
——————————————————————————–
| Internal | 373 | 549 | 893 |
——————————————————————————–
——————————————————————————–
| Direct Sales Division | | | |
——————————————————————————–
| External | 13 363 | 18 886 | 24 245 |
——————————————————————————–
| Internal | 361 | 841 | 1 182 |
——————————————————————————–
| | | | |
——————————————————————————–
| Group Services | | | |
——————————————————————————–
| External | 460 | 440 | 570 |
——————————————————————————–
| Internal | 980 | 1 424 | 1 847 |
——————————————————————————–
——————————————————————————–
| External net sales total | 49 061 | 65 423 | 93 270 |
——————————————————————————–
| | | | |
——————————————————————————–
| SEGMENT OPERATING PROFIT | | | |
——————————————————————————–
——————————————————————————–
| Contract Customers Division | 189 | 1 136 | 2 091 |
——————————————————————————–
| Direct Sales Division | -255 | 1 268 | 1 090 |
——————————————————————————–
| Group | -156 | -140 | -252 |
——————————————————————————–
——————————————————————————–
| Operating profit total | -222 | 2 264 | 2 929 |
——————————————————————————–

——————————————————————————–
| KEY RATIOS PER QUARTER |
——————————————————————————–
| | 7-9/09 | 4-6/09 | 1-3/09 | 10-12/0 | 7-9/08 | 4-6/08 |
| | | | | 8 | | |
——————————————————————————–
——————————————————————————–
| Net Sales | 17 570 | 14 746 | 16 745 | 20 154 | 16 170 | 20 706 |
| (EUR 1,000) | | | | | | |
——————————————————————————–
| Operating profit | -428 | 64 | -139 | 725 | 307 | 854 |
| (EUR 1,000) | | | | | | |
——————————————————————————–
| Net profit | -581 | -113 | -341 | 388 | -96 | 354 |
| (EUR 1,000) | | | | | | |
——————————————————————————–
| Earnings per | -0,09 | -0,02 | -0,05 | 0,06 | -0,01 | 0,05 |
| share, euro | | | | | | |
——————————————————————————–

——————————————————————————–
| TREASURY SHARES | | | |
——————————————————————————–
| | 9/2009 | 12/2008 | 9/2008 |
——————————————————————————–
——————————————————————————–
| Number of treasury shares held by the | 36 583 | 27 254 | 20 102 |
| Group | | | |
——————————————————————————–
| % of share capital and votes | 0,6 % | 0,4 % | 0,3 % |
——————————————————————————–
——————————————————————————–
| Number of issued shares at the end of | 6 607 628 | 6 607 628 | 6 507 628 |
| period | | | |
——————————————————————————–

——————————————————————————–
| THE GROUP’S CONTINGENT LIABILITIES | | | |
——————————————————————————–
| | 9/2009 | 12/2008 | 9/2008 |
——————————————————————————–
| Mortgage on company assets | 6 850 | 6 850 | 6 850 |
——————————————————————————–
| Absolute guarantees on behalf of | 3 160 | 200 | 200 |
| subsidiaries | | | |
——————————————————————————–
| Absolute guarantees on behalf of | 332 | 52 | 52 |
| subsidiaries | | | |
——————————————————————————–

WULFF-GROUP PLC
Board of Directors

www.wulff-group.com

Further information:

CEO Heikki Vienola
tel. +358 9 5259 0050 or 050 65 110
e-mail: heikki.vienola@wulff.fi

CFO Petri Räsänen
tel. +358 9 5259 0050 or 040 728 1516
e-mail: petri.rasanen@wulff.fi

DISTRIBUTION
NASDAQ OMX Helsinki
www.wulff-group.com
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