WULFF-GROUP PLC'S INTERIM REPORT JANUARY 1 – JUNE 30 2009

WULFF-GROUP PLC INTERIM REPORT 11 AUGUST 2009, 9.00 A.M.

WULFF-GROUP PLC’S INTERIM REPORT JANUARY 1 – JUNE 30 2009

Wulff-Group’s turnover and operating profit declined in comparison with the
corresponding figures for the previous year. The Group’s turnover in the January
to June period dropped 21.0 % and totalled EUR 31.5 million (EUR 39.9 million).
The Group generated an operating loss of EUR 0.07 million (EUR 1.23 million
profit). The result for the period showed a loss of EUR 0.37 million (EUR 0.16
million profit). Earnings per share (EPS) fell to EUR -0.06 (EUR 0.03).

Wulff-Group’s turnover for the second quarter declined 28.8 % from the
corresponding period of the previous year. Turnover totalled EUR 14.7 million
EUR 20.7 million). Operating profit totalled EUR 0.06 million (0.85 million),
representing 0.4 % of net sales. Earnings per share were EUR -0.02 (EUR 0.05).

TURNOVER AND PROFIT DEVELOPMENT

Wulff-Group Plc’s turnover decreased by 21.0 % year-on-year, totalling EUR 31.5
million (EUR 39.9 million), The decreased turnover can still be attributed to
the weakened demand in both Group divisions due to the general economic
situation.

Wulff-Group’s operating loss was EUR 0.07 million (EUR 1.23 million profit),
representing -0.2 % (3.1 %) of turnover. Loss before extraordinary items
amounted to EUR -0.17 million (EUR 0.72 million). Net loss after financial
expenses and minority interests amounted to EUR -0.37 million (EUR 0.16 million
profit). Earnings per share (EPS) were EUR -0.06, down from EUR 0.03 the year
before.

CEO Heikki Vienola: ”The decline in turnover due to the market slow-down that
began in late 2008 continued in the second quarter of 2009. The slow-down of
financial activities is clearly reflected in our promotional product business in
particular. Economic uncertainties had the expected effect on our sales also in
the other product groups. We prepared for the changes in the market situation by
implementing measures in line with our cost savings programme planned jointly
with our employees. Our key effort in response to the economical challenges is
focusing on sales and developing our business. We have solid faith in our
strategy and we will comply with it at all times. I believe that braveness pays
off, especially in challenging times – we made a major investment in growth in
Scandinavia by purchasing Strålfors Supplies AB in July. At the annual level,
this acquisition will increase our turnover by approximately 40 percent.
Strålfors Supplies AB operates in accordance with the contract customer concept
in Sweden, Norway and Denmark. This acquisition made us the biggest Scandinavian
player in the field. I believe that the Strålfors Supplies AB acquisition will
have a positive effect on our EPS already in 2009.”

CONTRACT CUSTOMERS DIVISION

The Contract Customer Division operates as a comprehensive partner in the
purchasing of office supplies, business and advertising gifts products and fair
and event marketing services. The mission of The Contract Customers division is
to be most sought-after partner in the business and to offer customers
comprehensive solutions for enhancing offices and promoting sales. The division
comprises Wulff Oy Ab, KB-tuote Oy, Ibero Liikelahjat Oy and Entre Marketing Oy.

The Contract Customers division generated a turnover of EUR 21.3 million for the
review period (EUR 28.0 million) and an operating profit of EUR 0.33 million
(EUR 0.58). The reference figures are pro forma and include the entire 2008
turnover and operating result of Ibero Liikelahjat Oy that was merged with the
Group on October 1, 2008.

Jani Puroranta, Executive Vice President and Head of Contract Customers
Division: ”The personnel cuts implemented by major companies and groups during
the review period had an impact on Wulff Oy’s contractual office supply sales.
Business gift sales have a cyclic nature and we knew to expect a heavy decline
in this product group’s sales. Our contract-based solutions bring our customers
cost savings because they are flexible and help streamline activities, and
therefore I believe that we have a strong market position with our high-quality
services and good competitive edge. The acquisition of the office supply
provider Strålfors Supplies AB made us the most significant Scandinavian company
in our industry. Joining the forces of Wulff Oy and Strålfors Supplies AB puts
us in an excellent position to develop a Scandinavian contract customer concept.
Our Scandinavian customers will benefit from the new practices in the form of
improved services. This co-operation puts us in a good position to land new,
major Scandinavian customer accounts.

The turnover of Wulff Oy that sells office supplies and computer accessories
declined in comparison with the corresponding period of last year. The clear
decrease in purchases by major customers affected our turnover. Due to cost
savings and personnel cuts, the customer companies have also cut back their
office supply purchases. Acquisition of new customers and concept development
were key focus areas in the review period. Wulff Oy Ab’s turnover accounts for
some 35 % of Wulff-Group’s consolidated net sales.

In the field of selling and marketing business and advertising gifts, KB-tuote
Oy continued to expand its contractual customer base according to its goals. The
company has made major investments in increasing the activity level of its sales
forces and enhancing cost efficiency. The prospects of demand for corporate
promotional products have been very challenging in the first quarter of the
year, and operations have been adjusted to the market situation through such
measures as personnel lay-offs. KB-tuote Oy provides major companies with a
promotional product solution whereby the customer can order products designed in
line with the company brand through an electronic order system.

Thanks to the streamlining measures and cost savings programme implemented in
2008, Entre Marketing Oy made profit in the first quarter of the year. The
successfully revamped service concept had a positive effect on business
development, and Entre Marketing Oy’s operating result for the January – June
2009 period was significantly better than that of last year’s corresponding
period. However, in light of the general market situation, the latter half of
the year is expected to be challenging for fair and event marketing service
sales. The implemented changes enable Entre to increasingly focus on its core
business and enhance its competitive edge, as outlined in its strategy. Entre’s
revamped service offering comprises Finnish trade fairs, international trade
fairs, marketing events, marketing and communication services and e-services.

Ibero Liikelahjat Oy’s result remained at a good level despite the challenging
situation in the field of corporate promotional product sales. Being a
medium-sized company, Ibero Liikelahjat is a flexible and fast company and
partner for its customers. Wulff-Group Plc acquired the entire share capital of
Ibero Liikelahjat Oy from Progift Oy in October 2008.

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. The
mission of the Direct Sales division is to make the activities of its customers
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 and Norway.

The Direct Sales Division’s turnover for the review period was EUR 10.6 million
(EUR 14.1 million) with an operating loss of EUR 0.34 million (EUR 0.78 million
profit).

Veijo Ågerfalk, Executive Vice President and Head of Direct Sales Division: ”The
weakened demand pursuant to the downtrend in financial activity has had a
negative effect on our sales. However, I believe that we will come out of this
recession as winners if we increase our activity level and respond to market
developments quickly, for example, by revamping our product offering and
activities. Recruitment is a major challenge for us. Direct sales results are
generated by skilled salespeople, and we are currently ready to recruit even one
hundred new salespeople to Finland and 50 to Scandinavia. We have placed a
strong focus on visibility and recruitment marketing in different media. In
direct sales, even new salespeople can make the company profits soon after
joining the company. The major inputs in superior and induction training, as
well as the quality development of the recruitment process that were initiated
early this year are still ongoing. Providing our new salespeople with the best
possible competence is a contribution to our future success.”

Direct Sales revamped its sales activity monitoring and company profitability
monitoring practices in the review period. The cost savings programme planned
jointly with company employees is expected to bear fruit visible in the third
quarter’s results. According to the strategy, the clarification and streamlining
of management practices that was initiated in the previous quarter will
continue, and the reforms have had a positive impact on the operational
development of Finnish direct sales companies.

The declined demand has also affected the Group’s Scandinavian business
development. However, Nordisk Profil of Norway has been able to maintain a good
level of sales and profits, given the current situation, thanks to the
investments in operational expansion and profitability improvement. In Sweden,
the biggest challenge is recruiting skilled salespeople.

EVENTS IN THE REVIEW PERIOD

THE ACQUISITION OF STRÅLFORS SUPPLIES AB

In accordance with the trade agreement signed on 1 July 2009, Wulff-Group Plc
has today acquired a majority interest in the Nordic company Strålfors Supplies
AB. Strålfors Supplies AB will boost Wulff-Group Plc’s business in Scandinavia
substantially. This acquisition will also make it the biggest Nordic player in
the field. The company’s pro forma net sales in the accounting period ended on
31 December 2008 totalled SEK 356.9 million (EUR 32.5 million) and its pro forma
operating profit was SEK 12.3 million (EUR 1.1 million). Strålfors Supplies AB,
which sells office and computer supplies based on the contract customer concept,
operates in Sweden, Norway and Denmark. The company has a staff of 43 people and
employs 60 people in total.

Strålfors Supplies AB will continue to operate as an independent unit at its
current facilities and with the current staff. Trond Fikseaunet will continue as
the Managing Director.

The price of the acquired shares was specified to total SEK 37.2 million (EUR
3.6 million), while the price determined on 2 July 2009 was SEK 40 million. The
final sales price is based on the company’s balance sheet on 31 July 2009, and
the purchase price is not expected to significantly change. The transaction is
financed partly with Wulff-Group Plc’s liquid assets and partly with long-term
debt. Wulff-Group Plc owns 68 % of shares of the Strålfors Supplies AB.

FINANCING AND INVESTMENTS

Operating cash flow amounted to EUR 0.86 million (EUR 0.94 million).

The consolidated balance sheet total at the end of the period amounted to EUR
37.3 million (EUR 39.9 million) and Equity Ratio to 51.8 % (49.1 %). Equity per
share amounted to EUR 2.97 (EUR 3.01). The investments in fixed assets entered
in the balance sheet amounted to EUR 0.48 million, or 1.5 % (EUR 0.48 million,
1.2%) of net sales in the review period, and mainly involved machinery and
equipment.

PERSONNEL

Wulff-Group Plc had 373 (427) employees at the end of the review period and an
average of 393 (447) employees over the period. A total of 75 (82) employees
worked in Sweden, Norway and Estonia.

TREASURY SHARES

During the review period, the Board of Directors used the authorisation to
repurchase treasury shares given by the AGM 4 April 2008 and repurchased 17,707
shares. The acquired shares represent 0.3 % of the share capital and votes of
Wulff-Group.

The shares were purchased through public trading at NASDAQ OMX Helsinki Ltd in a
proportion other than that of current shareholder holdings at the market price
determined in public trading at the time of purchase.

The Group’s registered share capital on 30 June 2009 amounted to EUR
2,650,000.00 and the total amount of shares is 6,607,628. Wulff-Group held
27,648 of its own shares on 30 June 2009, which represents 0.4 % of the Group’s
shares.

RISKS AND UNCERTAINTIES OF 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 have a negative
effect on turnover development. The general economic downtrend will weaken the
demand for office supplies. The economical situation may particularly influence
the Christmas business gift season. Wulff-Group’s business experiences seasonal
change, and a significant share of the company’s turnover and profit is
generated in the fourth quarter.

OUTLOOK FOR 2009

The weaker economic situation has also clearly affected the demand for office
supplies. Company management believes that the turnover and operating profit
will remain below the previous year’s levels but nevertheless stay in the black.
In the accumulation of the group’s full year profit, the last quarter of the
year is the most significant. During 2009, the company will continue its
profitability enhancement programme and boosting operations. 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, but not all the requirements of
IAS 34 have been taken into account in preparations. The IFRS 8 Operating
Segments standard has been applied since the beginning of the financial year
2009. Apart from this, the accounting principles are the same as in the
financial statements for 2008. The tables of this interim report are presented
in a so-called condensed version. This interim report has not been audited.

FINANCIAL REPORTING

The next interim report for the period Jan. 1 – Sept. 30, 2009, will be released
on November 6, 2009, at 9 a.m.

CONDENSED FINANCIAL STATEMENTS AND NOTES

——————————————————————————–
| Wulff-Group Plc | | | | (EUR 1,000) |
——————————————————————————–
——————————————————————————–
| CONSOLIDATED INCOME | 4-6/09 | 4-6/08 | 1-6/09 | 1-6/08 | 1-12/08 |
| STATEMENT | | | | | |
——————————————————————————–
——————————————————————————–
| TURNOVER | 14 746 | 20 706 | 31 491 | 39 854 | 76 178 |
——————————————————————————–
| | | | | | |
——————————————————————————–
| Other operating income | 153 | 136 | 204 | 578 | 745 |
——————————————————————————–
| Materials and services | 7 988 | 11 544 | 17 440 | 21 914 | 42 234 |
——————————————————————————–
| Employee benefits | 3 744 | 5 182 | 7 995 | 10 050 | 18 124 |
| expenses | | | | | |
——————————————————————————–
| Depreciation | 211 | 260 | 431 | 552 | 1 075 |
——————————————————————————–
| Impairment of goodwill | 0 | 0 | 0 | 0 | 100 |
——————————————————————————–
| Other operating expenses | 2 893 | 3 002 | 5 904 | 6 683 | 13 125 |
——————————————————————————–
——————————————————————————–
| OPERATING PROFIT | 64 | 854 | -74 | 1 233 | 2 264 |
——————————————————————————–
——————————————————————————–
| Financial income | 57 | 85 | 108 | 159 | 363 |
——————————————————————————–
| Financial expenses | -76 | -268 | -205 | -670 | -1 091 |
——————————————————————————–
——————————————————————————–
| PROFIT BEFORE | -12 | 671 | -171 | 722 | 1 535 |
| EXTRAORDINARY ITEMS AND | | | | | |
| TAXES | | | | | |
——————————————————————————–
| | | | | | |
——————————————————————————–
| Extraordinary items | 0 | 0 | 0 | 0 | 0 |
——————————————————————————–
| | | | | | |
——————————————————————————–
| PROFIT BEFORE TAXES | | 671 | -171 | 722 | 1 535 |
| | -12 | | | | |
——————————————————————————–
| | | | | | |
——————————————————————————–
| Income taxes | 118 | 189 | 196 | 352 | 773 |
——————————————————————————–
| Minority interest | -17 | 128 | -1 | 207 | 309 |
——————————————————————————–
| | | | | | |
——————————————————————————–
| NET PROFIT | -113 | 354 | -366 | 162 | 454 |
——————————————————————————–

——————————————————————————–
| CONSOLIDATED BALANCE SHEET | | (EUR 1,000) |
——————————————————————————–
——————————————————————————–
| Assets | 6/2009 | 6/2008 | 12/2008 |
——————————————————————————–
| | | | |
——————————————————————————–
| FIXED ASSETS | | | |
——————————————————————————–
——————————————————————————–
| Intangible assets | 604 | 596 | 582 |
——————————————————————————–
| Goodwill | 8 356 | 7 204 | 8 356 |
——————————————————————————–
| Tangible assets | 2 255 | 2 501 | 2 338 |
——————————————————————————–
| Other financial assets | 409 | 456 | 341 |
——————————————————————————–
| Deferred tax assets | 533 | 849 | 691 |
——————————————————————————–
| | | | |
——————————————————————————–
| TOTAL FIXED ASSETS | 12 159 | 11 607 | 12 307 |
——————————————————————————–
——————————————————————————–
| CURRENT ASSETS | | | |
——————————————————————————–
| Inventories | 10 220 | 10 151 | 10 904 |
——————————————————————————–
| Trade and other receivables | 10 442 | 12 360 | 11 336 |
——————————————————————————–
| Financial assets recognised at the | 156 | 317 | 275 |
| fair value in the income statements | | | |
——————————————————————————–
| Cash and cash equivalents | 4 315 | 5 496 | 4 628 |
——————————————————————————–
——————————————————————————–
| TOTAL CURRENT ASSETS | 25 134 | 28 324 | 27 143 |
——————————————————————————–
——————————————————————————–
| TOTAL ASSETS | 37 293 | 39 931 | 39 451 |
——————————————————————————–
——————————————————————————–
——————————————————————————–
| Equity and liabilities | 6/2009 | 6/2008 | 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 | 8 058 | 8 097 | 8 005 |
——————————————————————————–
| Net profit | -366 | 162 | 454 |
——————————————————————————–
——————————————————————————–
| Minority interest | 1 090 | 1 094 | 1 137 |
——————————————————————————–
——————————————————————————–
| TOTAL EQUITY | 19 317 | 19 618 | 20 131 |
——————————————————————————–
——————————————————————————–
——————————————————————————–
| LIABILITIES | | | |
——————————————————————————–
| Long-term liabilities | | | |
——————————————————————————–
| Interest-bearing | 6 306 | 7 632 | 6 533 |
——————————————————————————–
| Short-term liabilities | | | |
——————————————————————————–
| Interest-bearing | 1 375 | 1 273 | 1 780 |
——————————————————————————–
| Accounts payable and other | 10 296 | 11 407 | 11 007 |
| liabilities | | | |
——————————————————————————–
——————————————————————————–
| TOTAL LIABILITIES | 17 978 | 20 312 | 19 320 |
——————————————————————————–
——————————————————————————–
| TOTAL EQUITY AND LIABILITIES | 37 293 | 39 931 | 39 451 |
——————————————————————————–

——————————————————————————–
| CONSOLIDATED STATEMENT OF CHANGES IN EQUITY Jan 1st – Jun 30th 2009 |
——————————————————————————–
| | | | | | | (EUR 1,000) |
——————————————————————————–
——————————————————————————–
——————————————————————————–
——————————————————————————–
——————————————————————————–
——————————————————————————–
| | Share | Share | Invest | Retain | Total | Minor- | Total |
| | capit | premi | -ed | -ed | | ity | |
| | al | um | un- | earn- | | inter- | |
| | | fund | restr- | ings | | est | |
| | | | icted | | | | |
| | | | equity | | | | |
| | | | fund | | | | |
——————————————————————————–
| | | | | | | | |
——————————————————————————–
| Equity Jan 1 | 2 650 | 7 662 | 223 | 8 459 | 18 994 | 1 137 | 20 131 |
| 2009 | | | | | | | |
——————————————————————————–
——————————————————————————–
| Net profit | | | | -366 | | -1 | -367 |
——————————————————————————–
| | | | | | | | |
——————————————————————————–
| Dividends paid | | | | -329 | | -80 | -409 |
——————————————————————————–
——————————————————————————–
| Investments | | | | 67 | | | 67 |
| available or | | | | | | | |
| sale: Valuation | | | | | | | |
| gains or losses | | | | | | | |
| recognised | | | | | | | |
| under | | | | | | | |
| shareholders’ | | | | | | | |
| equity | | | | | | | |
——————————————————————————–
——————————————————————————–
| Translation | | | | -88 | | 33 | -55 |
| differences | | | | | | | |
——————————————————————————–
——————————————————————————–
| Taxes related | | | | -17 | | 0 | -17 |
| to items | | | | | | | |
| recognised | | | | | | | |
| under | | | | | | | |
| shareholders’ | | | | | | | |
| equity | | | | | | | |
——————————————————————————–
——————————————————————————–
| Treasury share | | | | -35 | | 0 | -35 |
| acquisition | | | | | | | |
——————————————————————————–
——————————————————————————–
| Total equity | 2 650 | 7 662 | 223 | 7 692 | 18 227 | 1 090 | 19 317 |
| Jun 30 2009 | | | | | | | |
——————————————————————————–

——————————————————————————–
| CONSOLIDATED STATEMENT OF CHANGES IN EQUITY Jan 1st – Jun 30th 2008 |
——————————————————————————–
| | | | | | (EUR 1,000) |
——————————————————————————–
——————————————————————————–
——————————————————————————–
——————————————————————————–
——————————————————————————–
——————————————————————————–
| | Share | Share | Retain | Total | Minor- | Total |
| | capita | premiu | -ed | | ity | |
| | l | m fund | earn- | | inte- | |
| | | | ings | | rest | |
——————————————————————————–
——————————————————————————–
| Total equity Jan 1 | 2 603 | 7 662 | 9 321 | 19 586 | 1 048 | 20 634 |
| 2008 | | | | | | |
——————————————————————————–
——————————————————————————–
| Net profit | | | 162 | | 207 | 369 |
——————————————————————————–
| | | | | | | 0 |
——————————————————————————–
| Dividends paid | | | -1 168 | | -159 | -1 327 |
——————————————————————————–
——————————————————————————–
| Investments | | | 1 | | | 1 |
| available or sale: | | | | | | |
| Valuation gains or | | | | | | |
| losses recognised | | | | | | |
| under shareholders’ | | | | | | |
| equity | | | | | | |
——————————————————————————–
——————————————————————————–
| Translation | | | 10 | | -2 | 8 |
| differences | | | | | | |
——————————————————————————–
——————————————————————————–
| Treasury share | | | -67 | | | -67 |
| acquisition | | | | | | |
——————————————————————————–
——————————————————————————–
| Total equity Jun 30 | 2 603 | 7 662 | 8 259 | 18 524 | 1 094 | 19 618 |
| 2008 | | | | | | |
——————————————————————————–

——————————————————————————–
| KEY RATIOS | | | | (EUR 1,000) |
——————————————————————————–
——————————————————————————–
| | 4-6/09 | 4-6/08 | 1-6/09 | 1-6/08 | 1-12/08 |
——————————————————————————–
——————————————————————————–
| Turnover | 14 746 | 20 706 | 31 491 | 39 854 | 76 178 |
——————————————————————————–
| Increase in turnover % | -28.8 | 11.3 % | -21.0 % | 12.2 % | 2.8 % |
| | % | | | | |
——————————————————————————–
——————————————————————————–
| Operating profit | 64 | 854 | -74 | 1 233 | 2 264 |
——————————————————————————–
| % of turnover | 0.4 % | 4.1 % | -0.2 % | 3.1 % | 3.0 % |
——————————————————————————–
——————————————————————————–
| Profit before taxes | -12 | 671 | -171 | 722 | 1535 |
——————————————————————————–
| % of turnover | -0.1 % | 3.2 % | -0.5 % | 1.8 % | 2.0 % |
——————————————————————————–
——————————————————————————–
| Net profit | -113 | 354 | -366 | 162 | 454 |
——————————————————————————–
| % of turnover | -0.8 % | 1.7 % | -1.2 % | 0.4 % | 0.6 % |
——————————————————————————–
——————————————————————————–
| Equity ratio% | | | 51.8 % | 49.1 % | 51.0 % |
——————————————————————————–
——————————————————————————–
| Investments in fixed assets | 121 | 286 | 483 | 480 | 915 |
——————————————————————————–
| % of turnover | 0.8 % | 1.4 % | 1.5 % | 1.2 % | 1.2 % |
——————————————————————————–
——————————————————————————–
| Average number of personnel | | | 393 | 447 | 440 |
——————————————————————————–
| Number of personnel at the | | | 373 | 427 | 412 |
| end of period | | | | | |
——————————————————————————–
——————————————————————————–
| Earnings per share, euro | -0.02 | 0.05 | -0.06 | 0.03 | 0.07 |
——————————————————————————–
——————————————————————————–
| Equity per share, euro | | | 2.97 | 3.01 | 3.05 |
——————————————————————————–

——————————————————————————–
| CONSOLIDATED CASH FLOW | | (EUR 1,000) |
——————————————————————————–
——————————————————————————–
| | 1-6/2009 | 1-6/2008 | 1-12/2008 |
——————————————————————————–
——————————————————————————–
| Cash flow from operations: | | | |
——————————————————————————–
| Payments received from sales | 32 384 | 39 194 | 76 398 |
——————————————————————————–
| Payments received from other operating | 95 | 170 | 235 |
| income | | | |
——————————————————————————–
| Amounts paid for operating expenses | -31 382 | -38 147 | -74 983 |
——————————————————————————–
| Cash flow from business operations | 1 097 | 1 217 | 1 650 |
| before financial items and taxes | | | |
——————————————————————————–
| Financial costs paid | -238 | -320 | -560 |
——————————————————————————–
| Interest received from operations | 60 | 70 | 172 |
——————————————————————————–
| Direct taxes paid | -61 | -27 | -110 |
——————————————————————————–
| Cash flow from operations | 858 | 940 | 1 152 |
——————————————————————————–
——————————————————————————–
——————————————————————————–
| Cash flow from investments: | | | |
——————————————————————————–
| Investments in tangible and intangible | -450 | -465 | -1 050 |
| assets | | | |
——————————————————————————–
| Sale of tangible and intangible assets | 60 | 715 | 777 |
——————————————————————————–
| Acquisitions of shares in subsidiaries | -76 | -78 | 123 |
——————————————————————————–
| Sale of shares in subsidiaries | 0 | 0 | 0 |
——————————————————————————–
| Loans granted | 0 | 0 | -71 |
——————————————————————————–
| Cash flow from investments | -466 | 172 | -220 |
——————————————————————————–
——————————————————————————–
| | | | |
——————————————————————————–
| Cash flow from financing activities: | | | |
——————————————————————————–
| Paid dividends | -380 | -1 327 | -1 327 |
——————————————————————————–
| Received dividends | 8 | 74 | 74 |
——————————————————————————–
| Short-term investments (increase -) | 96 | 815 | -124 |
——————————————————————————–
| Loss from the sale of short-term | -24 | -469 | 0 |
| investments | | | |
——————————————————————————–
| Loan withdrawals | 0 | 0 | 1 547 |
——————————————————————————–
| Loan repayments | -405 | -630 | -2 396 |
——————————————————————————–
| Cash flow from financing activities | -705 | -1 537 | -2 226 |
——————————————————————————–
——————————————————————————–
——————————————————————————–
| Change in liquid assets | -313 | -425 | -1 293 |
——————————————————————————–

——————————————————————————–
| RELATED PARTY TRANSACTIONS | | (EUR 1,000) |
——————————————————————————–
| | 1-6/2009 | 1-6/2008 | 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) |
——————————————————————————–
| | 1-6/2009 | 1-6/2008 | 1-12/2008 |
——————————————————————————–
| SEGMENT TURNOVER | | | |
——————————————————————————–
| | | Pro forma | Pro forma |
——————————————————————————–
| Contract Customers Division | | | |
——————————————————————————–
| External | 20 901 | 27 614 | 53 515 |
——————————————————————————–
| Internal | 373 | 406 | 893 |
——————————————————————————–
——————————————————————————–
| Direct Sales Division | | | |
——————————————————————————–
| External | 10 272 | 13 810 | 24 245 |
——————————————————————————–
| Internal | 361 | 281 | 1 182 |
——————————————————————————–
| | | | |
——————————————————————————–
| Group Services | | | |
——————————————————————————–
| External | 318 | 340 | 270 |
——————————————————————————–
| Internal | 691 | 1 024 | 1 847 |
——————————————————————————–
——————————————————————————–
| External turnover total | 31 491 | 41 764 | 77 830 |
——————————————————————————–
| | | | |
——————————————————————————–
| SEGMENT OPERATING PROFIT | | | |
——————————————————————————–
——————————————————————————–
| Contract Customers Division | 334 | 581 | 1 426 |
——————————————————————————–
| Direct Sales Division | -344 | 783 | 1 090 |
——————————————————————————–
| Group | -64 | -88 | -252 |
——————————————————————————–
——————————————————————————–
| Operating profit total | -74 | 1 276 | 2 264 |
——————————————————————————–

——————————————————————————–
| KEY RATIOS PER QUARTER |
——————————————————————————–
| | 4-6/09 | 1-3/09 | 10-12/0 | 7-9/08 | 4-6/08 | 1-3/08 |
| | | | 8 | | | |
——————————————————————————–
——————————————————————————–
| Turnover | 14 746 | 16 745 | 20 154 | 16 170 | 20 706 | 19 148 |
| (EUR 1,000) | | | | | | |
——————————————————————————–
| Operating profit | 64 | -139 | 725 | 307 | 854 | 378 |
| (EUR 1,000) | | | | | | |
——————————————————————————–
| Net profit | -113 | -341 | 388 | -97 | 354 | -192 |
| (EUR 1,000) | | | | | | |
——————————————————————————–
| Earnings per | -0.02 | -0.05 | 0.06 | -0.01 | 0.05 | -0.03 |
| share, euro | | | | | | |
——————————————————————————–

——————————————————————————–
| TREASURY SHARES | | | |
——————————————————————————–
| | 6/2009 | 12/2008 | 6/2008 |
——————————————————————————–
——————————————————————————–
| Number of treasury shares held by the | 27 648 | 27 254 | 18 791 |
| Group | | | |
——————————————————————————–
| % of share capital and votes | 0.4 % | 0.4 % | 0.3 % |
——————————————————————————–
| Nominal value of treasury shares, EUR | 11 059 | 10 901 | 7 516 |
——————————————————————————–
| Number of issued shares at the end of | 6 607 628 | 6 607 628 | 6 507 628 |
| period | | | |
——————————————————————————–

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

DISTRIBUTION
NASDAQ OMX Helsinki
www.wulff-group.com
Key media