Annual Report
2023
2023 in Brief ................................................................................................................ 1
CEO’s Review:
A better world, one workplace at a time, is done together ............................ 2
Operating environment ............................................................................................ 6
Strategy and business .............................................................................................10
The sustainable Wulff ............................................................................................. 18
MANAGEMENT
Board and Management ......................................................................................26
Corporate Governance Statement ......................................................................28
FINANCIAL STATEMENTS
Review of the Board of Directors ..........................................................................34
Key Figures ................................................................................................................ 41
Calculation Principles of Key Figures ...................................................................43
Risks and Risk Management ..................................................................................45
Shares and Shareholders ......................................................................................49
Information for Shareholders .................................................................................53
Consolidated Financial Statements, IFRS ............................................................ 54
Consolidated Income Statement and
Statement of Comprehensive Income ............................................................. 55
Consolidated Statement of Financial Position ................................................56
Consolidated Cash Flow Statement ................................................................57
Consolidated Statement of Changes in Equity ..............................................58
Notes to the Consolidated Financial Statements .......................................... 59
Parent Company’s Financial Statements, FAS ................................................ 96
Notes to the Parent Company’s Financial Statements, FAS ...................... 100
Signatures to the Financial Statements ............................................................. 10 9
Auditor’s Report .......................................................................................................110
Contact information in Finland and Scandinavia ............................................116
TABLE OF CONTENTS
Wulff Annual Report 2023 1
A YEAR OF DEVELOPMENT AND STRENGTHENING OPERATIONS
In 2023, general economic uncertainty and price inflation persisted, affect-
ing Wulff's operations. Wulff responds to changes promptly while ensuring
high-quality customer experience. Although revenue slightly fell short of ex-
pectations in 2023, positive development of profitability towards the end of the
year indicates that Wulff's strategy – A better world, one workplace at a time –
is effective. We believe that 2024 will be another year of growth for Wulff!
In 2023, Wulff achieved numerous milestones. Following a significant corporate
acquisition, the company successfully integrated systems and optimized opera-
tions efficiently. The implementation of a unified domestic workplace products and
service management system, introduced in the later part of the year, represents a
significant investment in the company's future performance. Integration efforts will
continue in 2024 with the streamlining of assortment management and material
flows.
A YEAR OF STRENGTHENING SALES CULTURE
Wulff's most important assets are caring, value-driven, and strategy-committed
personnel. Commercial success is made possible by understanding the customers,
and the desire to positively impact the customer's business. Part of Wulff's sales
approach involves presenting responsible alternatives and actions to customers,
ultimately contributing to the development of their businesses in a more responsible
manner. The sales culture and a clear shared direction were strengthened through-
out the year in various collective meetings among Wulff employees.
TOGETHER WITH CUSTOMERS
Wulff's competitive advantages lie in personalized service, sales expertise, and
multichannel capabilities. After the pandemic, face-to-face interactions with cus-
tomers have resumed in sales meetings, events, and trade shows. Wulff will persist
in prioritizing direct, personalized service going forward, as face-to-face encoun-
ters are valued, and in addition to developing its online services.
2023 IN BRIEF
A Year of Strengthening Sales Culture
#TOGETHER Wulff Business Forum 2023 brought together over 300 individuals interested in
workplace development at Helsinki Olympic Stadium. The event featured top speakers including Elina
Gustafsson, Anu Hälvä, Markku "Rive" Kanerva, and Antti-Jussi Niemi.
The year 2023 was a
year of strengthening
competitiveness and
achieving goals for Wulff.
2 Wulff Annual Report 2023
A BETTER WORLD, ONE WORKPLACE AT A
TIME, IS DONE TOGETHER
Elina Rahkonen
CEO
Wulff Group Plc
TOGETHER WITH OUR CUSTOMERS
Warm thanks to our customers, partners, and em-
ployees: Wulff's 2023 was marked by achievements,
challenges, learning opportunities, and, above all,
numerous successes. Post-pandemic, we have once
again had the opportunity to meet our customers
face-to-face in sales meetings, events, and trade
shows. A significant portion of the over 200,000
annual encounters with Wulff's customers now take
place in person, fostering meaningful connections.
The theme in 2023 for us at Wulff and for our
customers was #TOGETHER, and it was evident in
our actions and communications. Thanks to every-
one who participated in our events and shared their
Wulff experiences on our social media channels and
customer stories on our website.
STRENGTHENING COMPETITIVENESS
One of our biggest achievements in 2023 was the
integration of Staples Finland Oy's operations. We
worked diligently to unify our systems and opera-
tional models. A common domestic workplace
products and services ERP system was implement-
ed at the end of 2023. This was a significant step
towards more efficient and competitive operations.
Integration work continues with the optimization
of product range management and streamlining
material flows, and we are pleased with the smooth
progress.
Sales culture and a common clear direction were
strengthened through various joint meetings through-
out the year. Unified operating models and inte-
grated systems serve us well when we have shared
goals to which we are committed. The everyday
compass of a solution-oriented sales company
is found in our values of customer experience,
responsibility, entrepreneurship, and effectiveness.
They are meaningful to all of us at Wulff, and it is
gratifying to see how they also influence our cus-
tomers' choices.
WHAT DO WULFF'S CUSTOMERS VALUE?
In 2023, we conducted an extensive customer sat-
isfaction survey, the results of which were pleasing.
Sustainable products, comprehensive sustainability
reporting and expertise, as well as initiatives to
CEO’s Review
93.8
meur
Net sales 2023
€
3.5
meur
Comparable
operating profit
2023
0.15
€/per share
Dividend 2023
Wulff Annual Report 2023 3
Key Figures
2023
4 Wulff Annual Report 2023
encourage and guide towards carbon-neutral
operations through optimized deliveries, are
valued. Wulff's strengths lie in our personalized
approach to service, sales expertise, and multi-
channel capabilities. On areas for development,
we agree with our customers: sustainability will be
even more emphasized in the future. An encour-
aging read for the future of our planet!
A WORKPLACE EXPERT WITH OVER 130 YEARS
OF EXPERIENCE
Today, we serve our Nordic customers with over
40,000 different products. Our operations began
in 1890 with an innovative business model: a paper
store that served quality supplies to businesses,
prominent individuals of the time, as well as ordi-
nary people. At Wulff, it was ensured that every-
one had access to excellent tools for work and
self-improvement. Much of the same is true of our
operations today. Companies of all sizes, sole
entrepreneurs, consumers, municipalities, cities,
and various communities are welcome as our
customers. As a domestic publicly listed company,
we are a reliable and sought-after partner. As
an example of this, towards the end of 2023, we
won a significant school supply contract, which
strategically brings us procurement power and
Wulff's equity ratio increased to 45.5%:n (40.5% year 2022).
Effective dividend yield 7. 7 % /share (4.3% year 2022)
IN 2023
€
15-20% annual
net sales growth
on average
Rising
comparable
operating margin
Rising
dividend
per share
WULFF 'S
FINANCIAL
OBJECTIVES
Wulff Annual Report 2023 5
increases revenue by approximately 4-5
million euros for 2024. This strengthens
our position in the industry and gives us
the opportunity to expand even further in
the future.
TOWARDS A YEAR OF GROWTH IN
2024
I am delighted that we can propose an
increased dividend, for the sixth consec-
utive time. We started 2024 with news of
a rapid start in a new business area for
us, as our new staffing company Wulff
Works began its operations nationwide.
We will continue to grow our successful
accounting and financial management
business both organically and through
acquisitions, and in mid-February 2024,
we announced our expansion of the
accounting market in East Uusimaa by
acquiring accounting office Lundström
Oy and Sandström & Lundström Oy Ab.
This acquisition will increase the annual
turnover of accounting and financial
management services in the group to
approximately 3 million euros. In addition
to responsible products, I believe that the
share of services will increase significantly
in Wulff's turnover in the future.
What feeling do I take from 2023 into
2024? Gratitude. I have the privilege of
working with great people and leading
a growth-oriented group in a vibrant
market, in the prosperous Nordics.
Thank you!
Elina Rahkonen
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WULFF
VALUES
Happy
Wulffians
Responsible
supply chain
Carbon Neutral
Wulff
WULFF’S
SUSTAINABILITY
OBJECTIVES
Wulff believes it can influence the business
environment by shaping the industry from
within: redefining what workplace products
and services entail. Good examples of this
include its investments in accounting and
financial management services, as well as its
latest venture into personnel leasing.
INFLUENCES OF THE
INDUSTRY
6 Wulff Annual Report 2023
Wulff Annual Report 2023 7
OPERATING ENVIRONMENT
DYNAMIC OPERATING
ENVIRONMENT
We live in a rapidly evolving world. For
instance, when measuring technological
progress, we've advanced more in the last
30 years than in the preceding 300 years
combined. We also live in a world where
significant and irreversible changes can quickly
occur in our business environment. Climate
change brings damage from extreme weather
events closer to Wulff's operating environment.
The coronavirus pandemic and Russia's attack
on Ukraine are examples of events that started
quickly and affected the entire world and the
global economy. We know that the operating
environment will constantly change in the future
as well.
MARKET SIZE
According to Wulff's estimate, the market
size for workplace products and services has
remained the same for several years. The com-
pany estimates the market size to be approxi-
mately 400 million euros in Finland, 700 million
euros in Sweden, 450 million euros in Norway,
and 400 million euros in Denmark. Wulff has
also started operations in the accounting and
financial management market, which has a size
of nearly 1.5 billion euros in Finland, and, as
of the beginning of 2024, in the staffing- lease
sector in Finland. The personnel leasing market
in Finland is approximately 2.5 billion euros.
Both new markets for Wulff have been growing
in recent years.
COMPANY PURCHASING POWER
The general economic and market develop-
ment and the employment rate have a signif-
icant impact on the demand for workplace
products and services. The development of the
global and local economies is influenced by
rising prices and monetary policy decisions
aimed at taming inflation.
The immediate recession caused by the coro-
navirus pandemic in Wulff's operating countries
was smaller than estimated, but the Russian
invasion of Ukraine has brought new challeng-
es and uncertainties to the general economic
development. The current situation may further
weaken the conditions for economic growth,
investments may continue to decline, and the
recovery of the labor markets may be delayed.
Although the rapid inflation that occurred in
2022 has slowed down in 2023, economic
recovery is still affected by uncertainty about
the future, as well as rising prices and interest
rates. However, growth is expected in Finland
in the coming years: according to the forecasts
of the Bank of Finland, the gross domestic
product will contract in 2023 and 2024, but
growth is expected to return to the long-term
average level thereafter. Economic growth of
1.5 percent is forecasted for 2025 and 1.3
percent for 2026. A significant challenge is the
widespread nature of economic growth, which
is reflected in an increase in household savings
instead of consumption and a significant
decrease in investments, especially in housing
construction. Soon, the overall economic
situation in the Nordic countries will also be
affected by the change in the demographic
dependency ratio due to the aging of the pop-
ulation. These factors, among others, also affect
Wulff's long-term growth prospects.
WULFF – A STRONG INFLUENCER IN A
FRAGMENTED MARKET
The Nordic markets are very similar in terms of
the number of customers, purchasing behavior,
and product demand. The industry´s market
has traditionally been very fragmented. There
are many small companies in the industry
because entry into the market is easy. Every
year, numerous companies enter and exit the
industry. Over the past decade, there have also
been mergers and acquisitions in the industry.
Wulff believes that the future of the industry lies
in the hands of companies like itself and larger
players. Mergers and acquisitions are expect-
ed to continue, according to Wulff's estimate,
and consolidation is expected to be strong.
Wulff is a pioneer in industry acquisitions and a
strong player and influencer in the fragmented
market. In 2021, the company made a signif-
icant move in Finland by acquiring its strong
competitor, Staples Finland (formerly Oy Lindell
Ab). Wulff is expected to make acquisitions
in the future as well, and has a continuous
readiness to do so. The company believes that
it can also influence the operating environment
by shaping the industry from within: redefining
what workplace products and services entail.
Good examples of this include its investments
in accounting and financial management ser-
vices, as well as its latest venture into personnel
leasing.
OPERATING ENVIRONMENT OF
WORKPLACE PRODUCTS AND
SERVICES
Remote work and digital colleagues
The operating environment of workplace
products and services has been in transition for
a long time, and we are now experiencing a
new type of work life: a landscape character-
ized by remote work and diverse work settings.
Megatrends such as environmental conscious-
ness and its improvement, population aging
and diversification, technology integration into
all operations, and the transformation of work
and consumption practices, significantly affect
Wulff's operating environment.
Presential work done in multiple locations -
Conducted from home offices or vacation
properties, has seen a surge in popularity, with
a growing number of individuals, particularly
in knowledge-intensive professions, opting
to work remotely most of the time. Teams
collaborate across multiple locations, utilizing
spaces that best serve their needs at any given
moment.
The rapid changing pace of digitalization is
reshaping the world as we know it, especially
in the realm of knowledge work. What roles
will humans play in the future, and what tasks
will be automated by artificial intelligence? At
the same time, the value of common face-to-
face interaction has become more empha-
sized. The pandemic era made us realize
the importance of interpersonal connections,
highlighting the immeasurable value of being
physically present in the same space. Such in-
teractions foster a sense of belonging, enhance
well-being, promote engagement, and boost
productivity. Additionally, tacit knowledge and
information is more easily exchanged through
informal conversations. Consequently, there is a
growing emphasis on creating stimulating and
functional spaces where colleagues, clients,
and partners can meet.
At Wulff, we acknowledge the ongoing trans-
formation of the operating environment and
actively monitor these changes, viewing them
primarily as opportunities. For example, there
is a growing need for ergonomic workstations
The value of shared and collaborative encounters are
emphasized. For this reason, we desire to invest in spaces
where colleagues, clients, and partners can meet. These
should be as stimulating and functional as possible.
and tools that maintain and enhance well-be-
ing in the workplace. Investing in high-qual-
ity tools and equipment for both communal
workspaces and home offices is becoming
increasingly important as employers seek the
best and most productive talent. Moreover,
many seniors wish to continue working in
roles that they find meaningful for as long as
they are able, and Wulff is well-positioned to
support their well-being at work. We consider
environmental responsibility, particularly the
preservation and improvement of a sustainable
climate and environment, to be the most im-
pactful megatrend shaping both our operating
environment and our own operations. There is
a rising trend in Value-based decision-making,
evident both in individual product purchases
and in partner selection. We at Wulff believe
that responsible thinking and embracing
sustainability will be the most profound strength
for our competitiveness in the future.
COMPETITORS
Wulff competes in all market areas, with
numerous unlisted, small, and medium-sized
specialized retail companies. In Finland, Wulff
Group faces around ten significant competi-
tors, including Lyreco and RCK Finland. In the
Scandinavian contract customer markets, Wulff
Supplies competes with Lyreco. In expert sales,
companies such as Canncolor Group and
Oy Rahmqvist Ab compete for market share in
Finland.
CONSTRUCTION OPERATING
ENVIRONMENT
In Finland and Scandinavia, construction
plays a significant role in Wulff's operating
environment within the sales of lamination and
protective solutions. Business opportunities
are influenced by the status of residential and
commercial construction, and the economic
uncertainty makes forecasting challenging.
Before the pandemic, the construction sector in
Wulff's operating countries experienced slow
but stable growth. In 2022, the rapid rise in
construction prices affected projects in 2023,
with a significant portion either delayed or not
initiated at all. For instance, new construction
in Finland is estimated to have decreased in
2023 almost half of previous years, with no
growth expected for 2024.However, the rate
of construction price increases is expected to
slow down. Positive developments in the gen-
eral economic situation also have a favorable
impact on construction.
TRADE SHOW OPERATING
ENVIRONMENT
The trade show sector faced exceptional
circumstances during the pandemic, with
many international and domestic trade events
canceled or postponed due to the COV-
ID-19 pandemic. The trade fair environment is
recovering from the pandemic, and the 2024
exhibition calendar is already resembling
pre-pandemic times. The possibility of organiz-
ing international trade fairs is still partly affected
by Russia's invasion of Ukraine. Wulff assesses
that the trade show environment has significant-
ly changed from pre-pandemic times: there is a
need to organize trade show encounters and
other events remotely while maintaining high
quality and providing an immersive experience.
Competitors in the Group's international trade
show services, remote meeting solutions, and
office space planning services are event
production and marketing agencies, exhibition
service providers, and stand builders. They are
mainly located in the Nordic countries, the
Netherlands, Germany, and Eastern European
countries.
PRINTING OPERATING
ENVIRONMENT
According to Wulff, the operating environment
of printing and document management servic-
es is most significantly affected by sustainable
thinking. The company believes that the most
8 Wulff Annual Report 2023
Wulff Annual Report 2023 9
in communicating company values. Gifts or
products that reflect the company's activities
and values are given to customers and partners
when they meet them. This is why traditional
Christmas and summer gifts no longer appear
in the off-season as the same kind of sales
spikes they used to.
The significant change in consumerism seen in
the Nordic economy in recent decades also
affects how Wulff sees the opportunity to build
success and growth. Entrepreneurship and, for
example, services produced by so-called ‘light
entrepreneurs’ are becoming more common,
and more and more people will employ them-
selves in the future, selling their own expertise. It
is important for Wulff to be a flexible and agile
company that responds to market changes,
and that it has the courage and capacity to
innovate and provide services for companies
of all sizes.
VALUES AND CONTINUOUS CHANGE
Wulff considers the most significant change in
its operating environment to be the increas-
ing importance of responsible thinking and
value-based partner selection. The company is
building its future growth and competitiveness
around responsible, ethical, and environmen-
tally friendly products and services. Significant
and unexpected changes can still occur
rapidly in the operating environment in the
future. Therefore, it is important to invest in the
ability of the company and its people to react
to and adapt to situations beyond their control.
Wulff aims to be the most proactive player in
its industry. It seeks to develop and transform
its own and its customers' operations, and the
entire industry, influencing the operating envi-
ronment and business values. Those who can
leverage development and lead change will
succeed in the industry.
EVERY CHOICE HAS AN IMPACT
Wulff assesses that the COVID-19 pandemic
and the war situation will affect the financial
situations of businesses for several years to
come. According to Wulff, the pandemic
brought a positive change to the values and
operations of businesses and organizations: it
made us realize how human actions impact the
environment and nature. During the pandemic,
the environment's performance and resilience
improved in some areas in a short time due to
a drastic reduction in air pollution or emissions.
Human actions, coupled with better choices by
businesses and individuals, matter. Significance
builds competitiveness. A company is chosen
as a partner when its values align. Products and
services must do more than just solve everyday
problems. For example, the carbon footprint
or ethical production methods of a product or
service are important decision-making criteria.
At Wulff, future success is also built on continu-
ous improvement of customer experience and
internal operations.
Products and services must
do more than just solve
everyday problems.
successful companies in the industry are those
offering the most responsible solutions. Wulff
estimates that the printing market is showing
signs of stabilization, with the industry's focus
shifting towards companies providing top-
notch services and established, trustworthy
brands. In Finland, the Group provides services
through Canon Business Center in the capital
region.
ACCOUNTING AND FINANCIAL
MANAGEMENT OPERATING
ENVIRONMENT
Wulff perceives that there is room in the
Nordic markets for a new expert in the field of
accounting and financial management who
serves locally and personally: Wulff. The indus-
try has been profitable and growing steadily
for a long time, and Wulff now seeks a share
of this growth in Finland. Currently, the largest
players in the industry in Finland are Accountor,
Talenom, and Rantalainen, with Wulff's opera-
tions still relatively small.
FOR COMPANIES, ENTREPRENEURS
AND COMMUNITIES
Demand for products that enable a smooth
working day is constant and not seasonal in
nature in the areas of data storing solutions,
cafeteria and catering, facility management,
toner cartridges, and paper and cleaning
products, among others. Demand is influ-
enced by the general economic situation. For
example, as large companies hire more staff,
consumption increases. Some products have
a very long life cycle. For example, ergonomic
products are often considered carefully before
buying, and they can last for decades. Sales
of promotional and gift items have tradition-
ally been seasonal, with an emphasis on
the second and fourth quarters of the year.
Nowadays, gifts and promotional items are
increasingly an integral part of corporate
marketing communications and are significant
10 Wulff Annual Report 2023
A better world, one workplace at a time
Wulff Annual Report 2023 11
Values
The guiding values of Wulff's operations
are customer experience, responsibility,
entrepreneurship, and effectiveness. Good
values, like the company's mission, endure
over time, and it's important to actively dis-
cuss them with employees and stakeholders,
making updates and clarifying emphases
as needed. In recent years, sustainability
has strongly guided the development of
Wulff's business - something that we, our
customers, and partners are all extremely
proud of.
Strategy
Wulff is an expert in Finnish and Nordic
work life, with a strategy aimed at making a
better world, one workplace at a time. Our
goal is to enable the perfect workday –
regardless of the current or future methods
and locations of remote work.
Through our activities, products and servic-
es, we want to make a particular contri-
bution to positive climate action, equality,
decent work and economic growth in the
world. Read more about sustainability at
Wulff on page18.
STRATEGY AND BUSINESS
Objectives and the future
Wulff aims to be the most recommended
and responsible partner and market leader
in its markets. The financial target is to
increase turnover to EUR 200 million during
the strategy period 2022-2026. The growth
strategy will be based on the expansion
of the product and service portfolio and
acquisitions in the Nordic countries. The
company is aiming for an average annual
growth in turnover of 15- 20%. It also aims
to increase its comparable operating profit
percentage and dividend per share. The
turnover for the year 2023 was 93.8 million
euros, just under the slightly over 100 million
euros revenue recorded in 2022. Looking
ahead to 2024, the company anticipates
growth in both revenue and comparable
operating profit.
Focusing on what's important
Focus areas help Wulff employees work
with purpose and relevance. Quality is
always experienced on a personal level,
individually. The customer chooses how they
want to be served: that is why multi-channel
and advanced ways of dealing with the
customer are important. At the same time,
STRATEGY
2022-2026
Mission
We make the world a better place,
one workplace at a time.
Customer promise
We help companies create better and
more sustainable working environments
and perfect working days.
Goal
Wulff is the most recommended and
responsible partner and employer.
STRATEGY
2022-2026
Mission
We make the world a better place,
one workplace at a time.
Customer promise
We help companies create better and
more sustainable working environments
and perfect working days.
Goal
Wulff is the most recommended and
responsible partner and employer.
12 Wulff Annual Report 2023
Wulff believes that personal service will
continue to be a competitive advantage in
the future, alongside modern digital service
channels. Providing the best customer ex-
perience in the industry requires input from
all Wulff employees as well as ideas and
feedback from customers and partners.
The customer experience is measured,
monitored and developed. Immediate
feedback is sought and obtained when
encountering customers, and in addition, an
annual customer satisfaction survey is con-
ducted.Wulff develops its activities on the
basis of information gathered from personal
encounters and the results of the customer
satisfaction survey, among other things.
Wulff has a strong sales identity and aims to
be the best sales organisation in the Nordic
countries. In addition, investing in what cus-
tomers praise the most will have a positive
effect on the development of sales and net
sales. Continuous optimisation of one’s own
operations is important, because everyone
at Wulff can use more efficient operating
methods for a better result.
For Wulff, leadership means a culture of
servant leadership, personal leadership;
self-leadership and listening to the thinking
of partners and clients. Leadership is about
being a good human being, and thought
leadership is about insightfulness, especially
towards responsible solutions. When inte-
grating acquisitions and building a shared
culture, human, productive, empathetic, and
values-driven leadership is required not just
in definition but also through clear actions.
PROJECTSANDCONCEPTS
Sustainability is the most important value
guiding Wulff’s operations and the most
significant driver of competitiveness. Wulff’s
goal is to contribute to positive climate
change and increase global equality, in
particular through its own operations and
product and service offerings. The third
theme is to increase decent work and eco-
nomic growth in the world.
Wulff Lab is an operating model that
encourages a culture of experimentation
and quick scaling of successes, as well as
boldly giving up unprofitable business or
business that is not in line with our values.
The Lab activities include finding new and
more sustainable products for our selection,
as well as introducing completely new ser-
vices to the Wulff selection. Coming up with
new and more effective ways of working
and development are also part of the Lab
activities.
Sustainability and environmental aspects
are also highlighted in the Wulff Academy
and Wulff Digital projects. Wulff Acad-
emy includes an orientation and training
programme, as well as indicators of daily
activities and development used to ensure
that our personnel have the necessary
competence now and in the future. The
purpose of the Wulff Digital project is to
ensure continued modernisation of the
company’s digital capabilities and deep-
ening of the company’s pioneer status. The
best customer experience in the industry is
made possible by the aspects mentioned
above, as well as with the participation of
committed people and a strong feeling of
STRATEGIC FOCUS AREAS
Customer experience is only as good as employee experience.
Therefore, Wulff's goal is to be the most recommended and
responsible partner and employer in its industry. We achieve this
by investing in our strategic focus areas.
CUSTOMER
EXPERIENCE
SALES
EXCELLENCE
OPERATIONAL
EFFICIENCY
SUSTAINABILITY
MULTI-
CHANNEL
LEADERSHIP
Wulff Annual Report 2023 13
purpose, a shared objective to make the
world a better place.
APERFECTWOKINGDAYIS
SUSTAINABLE
Value-based decision making is increasing
in the procurement of individual products,
as well as in selecting business partners.
Companies and communities are not
only expected to have opinions and issue
responsibility statements, but to act in line
with them. That is why Wulff thinks a perfect
working day is also sustainable. It means
that our impact on our operations and
our customers’ operations, as well as on
the planet we’re living on, are positive.
We enable better work environments and
make the workplace – wherever it may be.
More comfortable, healthier, safer, more
enjoyable, more efficient, more ecological,
more functional, more diverse – how do
you want to improve your working day and
environment? Wulff has the solution.
WHATAREWORKPLACE
PRODUCTS
What kind of products are purchased from
Wulff, and what are workplace products?
Wulff's best-selling workplace products are
coffee, toner cartridges and printer paper.
The share of cafeteria and property main-
tenance products of all sold products is
increasing continuously. At Wulff, we know
that to succeed in our business we need to
actively and insightfully renew our product
selection, because the demand for tradi-
tional office supplies has been declining for
a longer period. There are digital replace-
ments for pens, paper and notebooks.
On the other hand, traditional paper
calendars, beautiful notebooks, and more
valuable signature pens are all experienc-
ing a new era of prosperity. Handwriting
is valued and appreciated, and physical
products are perceived as making it easier
and more natural to concentrate than work-
ing solely on a screen.
EASYPROCUREMENTFOR
CONTRACTCUSTOMERS
Wulff Contract Customer concept is a
popular and easy way to manage all work-
place purchases. It is popular with larger
companies and organisations with 50 or
more employees and/or multiple locations.
Wulff's Contract Customers comprise a
large group of companies and corpora-
tions whose procurement of workplace
products, such as cafeteria and facility
maintenance items, as well as office
supplies, for office spaces and remote
work, has nearly returned to pre-pandemic
levels. There is a keen return to presential
interactions in workplaces, and Wulff has
been able to serve customers with its wide
range of products. Sales of hygiene and
protection products have continued to
decrease since the pandemic. However,
they have become part of people's daily
lives and work environments, with demand
expected to be slightly higher than before
the pandemic. A caring employer ensures
the safety and well-being of employees by
providing items like face masks and hand
sanitizers for protection against seasonal flu
and other viruses. Companies also invest in
human interactions in the workplace. Wulff
has received praise for its quick response
to even larger, unexpected needs. For ex-
ample, arranging a shared morning coffee
break with smoothies, porridge, and energy
bars provided by the company is easy to
organize with Wulff, even on short notice
In Finland, Wulff is the market leader, and
in Scandinavia it is one of the top operators
in the industry, with an exceptional number
of large companies in the Nordics trusting
its services. One of the most popular cost
and time-saving supply solutions in Finland
is Wulff’s MiniBar, and in Scandinavia,
the Cabinet Service, which can be found
iNover a thousand large companies
and corporations. . The refill and shelving
services, MiniBar, operate like its namesake
in a hotel. The automated refilling services
house ready-to-use current and traditional
workplace products on their shelves. The
share of traditional office supplies in total
sales has decreased over the years as the
rest of the workplace product range has
expanded. The exceptional circumstances
altered the content of our fulfillment services:
alongside IT, cafeteria, and facility man-
agement supplies, hygiene and cleaning
products have become essential. The Min-
iBar selection increasingly features a wide
range of refreshing cafeteria and snack
items and products, while the demand for
health-enhancing premium beverages is
rapidly increasing.
The share of knowledge work, remote and
mobile work among working environment
has been increasing for a long time. A
significant share of work will be done in
multiple locations and in different changing
environments in the future. Wulff is therefore
investing in a product portfolio that enables
safe, ergonomic, and pleasant ways of
working not just on business premises, but
also multi-locally: in home offices, second-
ary residences, public spaces like cafes or
office hotels, and while moving from place
to place. As knowledge work increases, the
population ages and careers are getting
longer, more and more attention is paid to
work ergonomics. Wulff sees strong op-
portunities for growth in this development,
as expertise in workstation ergonomics and
the best, sustainable solutions have been
Wulff's strong expertise for decades.
PORTFOLIOOFSERVICES
International Trade Shows, Space
Designs and Events
Wulff Entre is an international destination
design and project agency that plans and
produces exhibition stands, public and
commercial spaces, and corporate events
for its clients worldwide. The company helps
showcase the expertise of Finnish businesses
in approximately 30 countries annually
and executes several dozen meeting points
around the world.
Trade show activity is rebounding from the
exceptional circumstances, with nearly as
many major international trade show events
expected in 2024 as before the pandem-
ic. From the perspective of Wulff Entre's
traditional trade show sales, it is positively
impacting that face-to-face encounters are
perceived as valuable and meaningful after
14 Wulff Annual Report 2023
pleasing, and visually impactful spaces for
various settings, including corporate offices,
retail stores, restaurants, cafes, and various
business and shared spaces.
Document and Information
Management Solutions and
Printing
The printing market has undergone consol-
idation in recent years, leading to a more
stabilized industry. Wulff believes in the
success of brands that invest in sustainabili-
ty, offering well-known and trusted solutions
in the market.
In Finland, the Canon Business Center
Vantaa, a part of the Wulff Group, stands
as one of the leading sellers of informa-
tion, document management, and printing
solutions in the Helsinki metropolitan area.
Canon holds a clear market leadership
position in Finland. Canon Business Center
Vantaa is part of Canon's nationwide sales
and service network, with branches in
nearly 40 locations across Finland. Canon's
unified approach ensures consistent and
high-quality service delivery. Canon Oy has
recognized Canon Business Center Vantaa
(Mavecom Palvelut Oy) as the Canon Busi-
ness Center Reseller of the Year three times,
most recently in 2020-2021. Together with
Canon's product and service concepts and
Wulff's sales-driven organization, Canon
Business Center Vantaa aims to attract new
customers and continue its success.
the pandemic. Wulff believes that trade
show activity will return to pre-pandemic
levels during 2024.
Wulff Entre's remote meeting spaces, My
Remote Studios, are produced according
to the client's needs when face-to-face
meetings are not possible. With My Remote
Studio, clients can easily conduct meetings,
webinars, and training sessions themselves.
Studio services can be explored remotely
and are also easy to try out at Wulff's office
building in Espoo, Finland.
The company's latest service is space plan-
ning. Specializing in the design and layout
of public and commercial environments,
Wulff Entre creates functional, aesthetically
Canon Business Center places a strong
emphasis on sustainable development in
its operations. Its goal is to significantly
enhance the utilization and appreciation
of circular economy devices in the coming
years. Starting from early 2024, circular
economy devices can also be acquired
through Wulff's online store. In addition to
printing services, Canon Business Center
provides document management services in
collaboration with skilled partners. The de-
mand for handling and archiving scanned
materials in businesses has increased
significantly in recent years. Canon Business
Center Vantaa leverages its sales expertise
in rental solutions and contact network for
the sales of Wulff Entre's remote meeting
solution, My Remote Studio.
WULFF
SUSTAINABILITY
POSITIVE CLIMATE ACTIONS
EQUALITY
INCREASING EQUALITY AND
DECENTWORK AND ECONOM-
IC GROWTH
• a sustainable supply chain
• a carbon-neutral Wulff
• happy Wulff employees
WULFF
DIGITAL
Customer service and
meetings digitally and
personally. Digital contacts
producing leads and sales.
Digitalization streamlining
and facilitating the work of
Wulff personnel.
WULFF
LAB
New products and
services, as well as
product and service
areas: discovering,
piloting,development.
WULFF
ACADEMY
RECRUITMENT
• Skills, attitude
ORIENTATION
• coaching
QUALITY
• feedback, results
DEVELOPMENT
• coaching
CONCEPTS AND PROJECTS
Wulff Annual Report 2023 15
Accounting and Financial
Management Services
Accounting and financial management
services complement Wulff's offerings
excellently, and the sector has been strate-
gically expanded through acquisitions: Es-
poo-based financial management service
provider Carpentum was acquired into the
group in 2022, and the latest acquisition
in the sector is the purchase of Tilitoimisto
Lundström Oy and Sandström & Lund-
ström Oy Ab in February 2024. The group
provides accounting and financial manage-
ment services nationwide, with local service
points located in the Helsinki metropolitan
area, Eastern Uusimaa, Pirkanmaa, and
Ostrobothnia. Wulff has performed well in
the industry and received excellent feed-
back from customers in satisfaction surveys.
Accounting and financial management
services are profitable for Wulff, currently
contributing approximately €3 million in
annual revenue to the group.
Growth from New Sectors
Wulff actively seeks complementary new
services to enhance its operations and is
prepared to invest in new product cate-
gories and services in line with its strategy,
both organically and through acquisitions,
in the future as well. At the beginning of
2024, Wulff made a swift entry into a new
sector, personnel leasing, with the launch
of Wulff Works in Finland. The company
operates nationwide and has local offices
in six locations.
In Finland, Wulff also offers its customers
high-quality, domestic, and sustainable
catering services under the Wulff Catering
brand in the Helsinki metropolitan area.ä.
Experts at your service
Expertise Sales is an expert service that
requires knowledge of the customer, the
customer’s business, and operating envi-
ronment, and it emphasizes the importance
of personal contact. Wulff stands out from
the competition for its local and domestic
nature. The Expertise Sales Segment offers
personal service to its clients and the prod-
uct concept is always tailored together with
the customers to meet their needs.
The Expertise Sales Segment offers custom-
ers the latest products and favourites, as
well as a broad range of wellbeing and
ergonomic products for the workplace, first
aid, and products improving work safety.
Sustainability, locality and ecofriendliness
are important grounds for choices. Safe
ways of working and ensuring hygiene and
protection will remain a part of the work
environment even after the pandemic.
Due to the aging workforce, Nordic
companies are increasingly investing in
ergonomics and first aid products for the
workplace. Knowledge work will continue
to account for an ever-increasing part of all
labour, so companies are also proactively
investing in good workplace ergonomics.
With good workplace ergonomics, it is
possible to achieve significant savings due
to the decrease in sick leaves.
Ergonomics and first aid preparedness are
increasingly important in Nordic com-
SERVICE-ORIENTED WULFF
In addition to Finland, the Wulff Group
operates in Sweden, Norway, and Denmark.
The service models of the multichannel
operating group nicely complement
each other
They all share the idea of offering the
company’s competence to customers.
Comprehensive service promotes customer
satisfaction and the continuity of customer
relationships.
In the Nordic countries, Wulff has
approximately 100,000 customers served
personally by almost 250 B2B sales
professionals. That means more than
200,000 customer encounters per year!
Q2
2022
Q3
2022
Q4
2022
Q1
2023
Q2
2023
Q3
2023
Q4
2023
16 Wulff Annual Report 2023
panies as the working population ages.
There is also an increasing focus on good
ergonomics as a preventive measure.
Good ergonomics has the potential to save
significant amounts of money in terms of
reduced sickness absence. Expert sales are
particularly targeted at medium-sized and
small local companies. In 2024, Wulff's
Expert Sales was reorganized for maximum
profitability. Wulff Beltton, responsible for
Expert Sales in the Wulff Group's Scandi-
navian division, transitioned in September
2023 to ownership by the family of the
individual leading the company.
For small companies, micro
businesses and consumers
Wulff’s open webshop Wulffinkulma.fi is
constantly being developed. Lately, the
webshop, which is geared towards small
companies and self-employed people
has focused on also serving consumers
and small business owners operating in a
consumer-like manner. The webshop, which
serves a wider selection than its competi-
tors in the workplace product and supplies
sector, is constantly increasing its selection
according to customers' wishes. There
are already almost 5,000 products in the
selection. The store offers new and current
products, including plenty of healthy snacks,
among other items.
The Wulffinkulma.fi webshop is known for
its fast and reliable deliveries. This versatile
and mobile-friendly webshop’s advan-
tages are secure and accurate deliveries.
Whether it is to business premises, the home,
remote office or a self-employed person’s
desk in a co-working space, Wulffinkulma.
fi webshop delivers products where and
when the customer wants. The same daily
products are in use in home offices as in
traditional office spaces: soft tissue papers,
hand towels, soap, coffee and snacks.
Wulff is appreciated for its local, sustaina-
ble, and environmentally sound range. Our
assortment of items tomorrow are based
on what customers express interest and
delight in, today. The webshop is continu-
ously being developed to offer even more
sustainable options and information on the
environmental impact of its products.
THEINTEGRATIONOFTHE
COMPANYACQUISITION
CONTINUES
The most significant acquisition in Wulff's
history is the acquisition of Staples Finland
Oy in spring 2021. The combination of two
Finland-based leaders in workplace prod-
ucts and services made Wulff an even more
powerful player in the market and signifi-
cantly increased our number of customers.
The Group's customers will benefit from an
even wider range of products and strength-
ened expertise. Staples Finland, originally
Oy Lindell Ab was founded in 1890 in
Helsinki and t was known as a strong
contract supplier of workplace products
and work environment solutions to large
companies and the public sector. In Finland,
the alignment and streamlining of Wulff
Oy Ab and Wulff Solutions Oy Contract
Sales' organisations, operating models and
systems continued in 2023.
The company's corporate structure was
simplified through a merger, when Wulff Oy
Ab, Wulff Solutions Oy (formerly Staples
Finland), and its subsidiary Wulff Finland
Oy merged into one company in June
2023. The company was named Wulff
Oy Ab after the most recognizable brand
and the longest-operating company in
Finland. The merger brought cost efficiency
to operational activities and administration,
enabling the restructuring of the company's
WULFF HOUSE
Espoo's Wulff House
is being renovated to
create more space for
new Wulffians. Moving
to common facilities.
LOGISTICS REFORM
Developing the order and supply
chain to align with a progressive and
sustainable operating model.
DELIVERIES
TRANSFERRED
TO POSTI
Transfer of deliveries and
MiniBar filling service
to Posti.
WULFF'S NEW
WEBSITE
The new Wulff
website is launched.
NEW HR AND
PAYROLL SYSTEM
A common HR and
payroll system.
THE INTEGRATION OF
THE ACQUISITION IS
PROCEEDING
ACCORDING TO PLAN
Q2
2021
Q3
2021
ACQUISITION
Wulff Group Plc buys
the operations of Staples
Finland Oy
REORGANIZATION
After the acquisition, the company
was consolidated
overlapping and similar activities.
Q2
2022
Q3
2022
Q4
2022
Q1
2023
Q2
2023
Q3
2023
Q4
2023
Wulff Annual Report 2023 17
Q2
2022
Q3
2022
Q4
2022
Q1
2023
Q2
2023
Q3
2023
Q4
2023
Q2
2022
Q3
2022
Q4
2022
Q1
2023
Q2
2023
Q3
2023
Q4
2023
CONTRACT SALES
WEBSHOP
New online shop for Contract
Sales will be launched.
MERGER
Merger of Wulff Oy,
Wulff Solutions Oy and
Wulff Finland Oy.
ERP SYSTEM
A common ERP system
Q1
2024
Q3
2024
INTEGRATION
The integration continues
by improving selection management
and material flows
unification.
Q2
2022
Q3
2022
Q4
2022
Q1
2023
Q2
2023
Q3
2023
Q4
2023
financial functions, among others. The most
significant investment in 2023 was the
project to integrate the ERP systems, which
was completed at the end of the year. The
unified ERP system enhances operational
efficiency in internal processes, positively
impacting the company's competitiveness.
Customers benefit from the upgrade through
improved features of the B2B online service
and, most importantly, an expanded range
of sustainable products.
WULFF-HOUSE,SUSTAINABLE
DEVELOPMENTINFINLAND
Located in Kilo, Espoo, Wulff House serves
all Wulff stakeholders across Finland. In
2019, the company underwent renova-
tions to create modern, comfortable, and
sustainable office spaces. Additionally, the
Espoo Wulff House installed its own solar
power system on the roof. Further expan-
sions in 2022 added a total of 850 square
meters of new working, meeting, and event
spaces. These facilities house the adminis-
tration, support services, and sales opera-
tions for all domestic business functions and
support cost savings in rental expenses. The
upgraded spaces foster vibrant interactions,
collaboration, and support the future of
remote work.
ANEFFECTIVEDISTRIBUTION
CHANNELOFHIGH-QUALITY
SERVICESANDPRODUCTS
Wulff is a significant and desirable partner
for the companies which provide Group
companies with products and services.
For example, a nationwide sales channel
makes launching new products to customers
in a tight timeframe possible while provid-
ing each customer with bespoke service.
The growing Group can offer its customers
an increasingly diverse range of services,
price benefits, more sustainable services,
products, and information about the impacts
of their purchases. The company actively
collects feedback and information from
companies and product users regarding
their needs and wishes. In addition to
Wulff’s own operational development, sup-
pliers also utilise this information. The best
ideas for product development and new
products often come from customers.
IMPORTANTNETWORKS
INTERACTION, the leading wholesaler
association in the field, is an important
network for Wulff Group. All member
companies are leading companies in their
native countries. INTERACTION-members
meet regularly to coordinate joint purchases
and share knowledge and skills in sales,
marketing, and logistics. For example,
INTERACTION companies exchange
information about bestselling products in
different countries. Wulff benefits directly
from the market and product information
it receives. The joint purchasing organisa-
tion has its own international brand called
Q-CONNECT. The high quality Q-CON-
NECT products are also included in Wulff
Group’s product range, and their popularity
and number in Wulff’s selection have grown
continuously. Q-CONNECT products are
still being developed to be more sustaina-
ble in terms of raw materials, manufacturing
processes and logistics.
THE INTEGRATION OF
THE ACQUISITION IS
PROCEEDING
ACCORDING TO PLAN
18 Wulff Annual Report 2023
The importance of
sustainability in Wulff’s
operations, as well as in the
operations of all companies
and communities, has
significantly increased in
recent years
Wulff Annual Report 2023 19
Humans represent only about 0.01% of life
on Earth but can affect 100% of life on this
planet. That's why every choice counts,
whether it's a pen, a coffee or a trade fair
partner.
For Wulff, sustainability especially means
positive climate actions, increasing equal-
ity, decent work and economic growth in
the world. When the themes have a strong
presence in our strategy, taking care of
environmental, economic, and corporate
social responsibility is a natural part of our
operations.
Wulff’s sustainability targets, actions and indi-
cators have been designed in collaboration
with the sustainability service company Third
Rock and climate and environmental expert
Leo Stranius. Wulff has found it important to
set meaningful targets for operational devel-
opment that will be meaningful and have an
impact now and in the future. The aim was to
decide on targets that would be challenging
but achievable with determined and persistent
work. At Wulff, we are pleased to see that
sustainability has become a more significant
decision-making criterion for an ever-increas-
ing group of customers and Wulff stakehold-
ers. It makes sustainability and sustainability
projects an inspiring tool that benefits all.
The three important elements of Sustainabil-
ity at Wulff are happy Wulff employees, a
SUSTAINABLEWULFF
sustainable supply chain and a carbon-neutral
Wulff. The Sustainability theme is reviewed
annually at Wulff: internal and external audits,
and help from experts if necessary, are used to
ensure that practices and development trends
also serve Wulff’s strategy as the operating en-
vironment changes.Next time, we will update
objectives and metrics, and evaluate successes
with Third Rock in 2024.
ENVIRONMENTAL RESPONSIBILITY
AND POSITIVE CLIMATE ACTIONS
Wulff’s targets regarding carbon-neutrality
and a sustainable supply chain are strong
statements for positive climate actions and
environmental responsibility. It is important to
know the carbon footprint of your own actions
and choices, decrease it, and compensate for
any emissions. However, acknowledging and
decreasing your carbon footprint is only the
first step. In its own operations and the product
selection it offers for its customers, Wulff aims to
create climate benefits with products, services,
or processes, or to turn the carbon footprint into
a carbon handprint.
MORE SUSTAINABLE CHOICES FOR
CUSTOMERS
We need information, indicators, guidance
and inspiration for more sustainable opera-
tions. Wulff has invested in collecting informa-
tion, creating indicators and communications.
As a customer of Wulff, more sustainable
operations are easy because customers get
extensive information about the impacts of
their choices on the world and suggestions
for making your operations and actions more
sustainable.
Wulff has been praised on several occasions
for its detailed environmental reporting. For
example, CO2 emissions burdening the
environment are monitored in Contract Cus-
tomer sales, by company and by company
location. Our environmental calculator counts
the operations’ carbon footprint and indicates
how much offset CO2 emissions are created.
Customer-specific CO2 emissions reports
have been part of Wulff’s Contract Customer
sales’ standard reporting in Finland for a long
time. Customers are also actively steered to-
wards low-emission operations by optimising
the number of deliveries they receive.
The delivery options used are environmentally
friendly and carbon-neutral. Deliveries with
no carbon dioxide emissions are executed
in Finland through the Posti Green service.
CERTIFIED
OWN OPERATIONS
Wulff's commitment to sustainability
is demonstrated through the prestig-
ious ISO 14001 certification. Our
latest environmental certification is
the WWF Green Office: at the Wulff
House in Espoo, Finland, where
we operate in an environmentally
friendly manner and continuously
strive to make our operations even
more sustainable.
RESPONSIBLE ACTIONS
FOR THE BENEFIT OF THE
WORLD AND SOCIETY
Our planet and its inhabitants thrive
when children and young people
grow into well-being, caring adults
with the ability to make good deci-
sions and act responsibly. In 2023,
Wulff supported the Vamos, youth
service of the Deaconess. Institute
with a Christmas donation.
SUPPORTING OUR CUSTOMERS’
SUSTAINABILITY EFFORTS
The more Wulffians meet customers, the more we increase awareness of
more responsible options. Every year we have up to 200 000
encounters with our customers - all opportunities to make a difference!
20 Wulff Annual Report 2023
Decreasing and calculating CO2 emis-
sions is realised using Posti’s environmental
programme, and the remaining emissions are
compensated by funding certified climate
projects in countries with no emission ceilings.
CARBON-NEUTRALSUPPLYCHAIN
In the supply chain: in import transportation,
storage, customer deliveries and recycling
and returns, environmentally friendly, car-
bon-neutral alternatives are used whenever
possible. Any remaining emissions are com-
pensated by financing certified climate pro-
jects. During 2022, Wulff unified its transport
partner practices in Finland and invested even
more than before in more accurate emissions
calculation and analysis of its own operations.
In early 2023, an even more detailed plan
was completed to reduce real emissions
and develop operations towards enabling a
carbon handprint.
All packaging material used in shipping
goods are recyclable or can be utilised as
energy. Cardboard boxes, packaging tape,
packing rims, stretch wrap and pallet hoods,
as well as filler paper, have all been select-
ed for their recyclability or environmentally
friendly disposal.
EMPOWERING RECYCLING: WULFF
MAKES IT EFFORTLESS FOR
CUSTOMERS
Wulff actively provides different recycling
options for its customers – for example,
recycling containers and the Wulff Eko-Bag.
The recycling of used toner cartridges, soft
drink bottles, batteries, and waste electrical
and electronic equipment (WEEE) is quick
and easy thanks to returnable collection
containers. Workplace products made of
different materials can easily be sent out for
sorting and reuse in the Wulff Eko-Bag. As the
container or bag is starting to fill up, you order
a collection from Posti, and the products will
be processed further for recycling. In Contract
Customer sales, the sustainability percentage
of customers’ purchases is monitored and
discussed with Wulff’s key account manager.
Customers of the wulffinkulma.fi online store
that is open to everyone are encouraged to
make better choices with the sustainability
indicator in the shopping basket. In both
personal and online encounters, Wulff steers
customers towards better choices. Better
choices can be environmentally friendly,
ethically made, certified, domestic and locally
manufactured products.
WE’RE RAISING AWARENESS OF
MORE SUSTAINABLE ALTERNATIVES
The more customers our Wulff employees
meet, the more we succeed in increasing the
amount of information on sustainable options
in the world. By taking care of the well-being
of the environment, we create good operating
conditions for both individuals and businesses
in the future.
The operation of road vehicles constitutes part
of the Wulff carbon footprint. The job of many
Wulff employees requires meeting customers
in different corners of the country, sometimes
far away. At Wulff House in Kilo, Espoo, we
have electric vehicle charging stations that are
available for our personnel and customers to
use. The car policy of Wulff Group includes
renewing our fleet to limit vehicles that burden
the environment to a minimum. Some of the
fleet is renewed every year. The number of
more environmentally friendly vehicles is thus
continuously increasing. The emission limits for
new cars have been decreased significantly.
In addition, we provide our employees with
the opportunity to select an environmen-
tally friendly gas car as their vehicle. Wulff
employees are also encouraged to commute,
and those working in the offices are advised
to go to lunch or the train station by bicycle
or on foot to be able to take in the beauty
of nature— a little exercise break also works
wonders for the mind and body!
The increase in remote meetings has cut the
kilometres driven, and the coronavirus pan-
demic accelerated the transformation where
Supply chain emissions kg CO
2
e / 2023
(Wulff Oy and Wulff Naxor/Suomi)
Wulff’s goal is to reduce total emissions relative to net sales, with a particular focus on reducing
real emissions. Any remaining emissions are offset either within the supply chain or by Wulff.
In 2023, Wulff’s offset obligation amounted to 171,430.
0
100000
200000
300000
400000
500000
600000
700000
800000
2020 2023
Wulff toimitusketjun päästöt/ kg CO
2
e
Toimitusketjun kokonaispäästöt Kompensoitavaa Wulff Kompensoitu toimitusketjussa
0
100000
200000
300000
400000
500000
600000
700000
800000
2020 2023
Wulff toimitusketjun päästöt/ kg CO
2
e
Toimitusketjun kokonaispäästöt Kompensoitavaa Wulff Kompensoitu toimitusketjussa
GOAL:
CARBON-NEUTRAL
SUPPLY CHAIN
The goal of achieving a carbon-neutral
supply chain was reached
in Finland for the first time in 2022,
and for the second time in 2023.
The company continues to develop its
supply chain to become even more
responsible.
Total supply chain emissions
Compensated for in supply chain
Requiring Wulff offset
Wulff Annual Report 2023 21
in-person meetings can also be an experi-
ential online encounter. Teams, Zoom and
Google-Meet meetings will be part of the
ecological everyday life of Wulff stakeholders
in the future as well. Wulff people will meet
each other, and partners and customers can
utilize the Wulff Entre's My Remote Studio.
AIMINGFOTTHEMOST
SUSTAINABLEPRODUCTRANGE
INTHEINDUSTRY
Many of our customers who purchase
workplace products from Wulff have noticed
that sustainable products are good for the
environment and the budget. Wulff’s selec-
tion of sustainable products is increasing
continuously. When selecting partners, we
prefer companies committed to sustainable
development, improving the environment
and ethical operations. In particular, we are
adding products to our selection in which
environmentally friendly raw materials and
production have been used.
We refined and strengthened our own ethical
partner guidelines in 2021 and have updated
the contracts with our partners during 2022.
Commitment to our ethical guidelines is
verified by a signed contract. In addition to
environmental impacts, the guidelines take a
stand on bribery and human rights.
CARBON-NEUTRALWORKPLACES
In its own operations, Wulff is actively
decreasing the emissions, consumption and
waste created in its operations. Wulff's own
offices have been carbon neutral since 2022.
All Wulff-owned properties in all its countries
of operation generate energy from rooftop
solar power plants. For example, Wulff House
in Kilo, Espoo, has a capacity of 110 kWp
and a total annual production of approx.
90 MWh. Solar energy is green energy at
its best, because its production is noise-free,
inexhaustible, and almost pollution-free.
Wulff was among the first to start using solar
panels in Finland at both its headquarters in
Espoo and its logistics centre in Pakkasraitti,
Tuusula. By investing in its own solar power
plants that generate renewable energy,
Wulff as a company can improve its energy
efficiency and decrease carbon dioxide
emissions for its part.
The emissions remaining from our own oper-
ations are compensated. Planting forests is
one of the most effective ways of increasing
carbon sinks in the world, and Wulff people
have even planted their own Wulff forest in
Northern Savo in Finland.
With all its stakeholders, Wulff promotes
sustainable operations in all its operations,
always taking into account environmental
responsibility. On a national level, Wulff is
already the industry’s most environmentally
friendly operator in Finland. Its operations
have been standardised with the ISO 14001
certification.
Energy consumption of facilities in Finland / kWh
Carbon footprint
of facilities
0 kg CO
2
e
in 2023
Wulff’s energy consumption in Finland has significantly decreased due to measures aimed at reducing energy
consumption and installing solar power plants on its premises. Nowadays, solar power plants are installed on all of
Wulff’s properties in all operating countries. The goal at the facilities is to operate as energy efficiently as possible.
Thanks to solar power plants, a large portion of the energy can be self-produced.
In Finland, Wulff’s owned properties, the Wulff House in Espoo and the logistics center in Tuusula, both utilize their own
solar power plants. The energy used is 100% renewable, including in the leased properties at Wulff’s stores in Helsinki,
Lahti, and Turku. Once again in 2023, Wulff achieved its goal of having carbon-neutral premises.
2023
0 kg CO
2
e
1465000
1470000
1475000
1480000
1485000
1490000
1495000
2022
2023
Toimipisteiden energiankulutus / kWh
1465000
1470000
1475000
1480000
1485000
1490000
1495000
2022
2023
Toimipisteiden energiankulutus / kWh
2023
2022
22 Wulff Annual Report 2023
Effectiveness is responsibility.
Financial success enables
a strong investment in
sustainable development
in business.
Wulff Annual Report 2023 23
EQUALITYAND WULFF
Equality and leadership is at the heart of so-
cial responsibility at Wulff. When we succeed
in making the world a more equal place, and
when we increase equality and decrease in-
equality, we create more positive experiences
for people.
The objective of Wulff is to provide an
opportunity for meaningful work. That is why
discussions on what makes work meaningful
are important and encouraged. To truly share
the same values, the values of the company
and the people must meet at a sufficient level.
An employee who feels well and healthy
is any company’s most precious asset. We
track the wellbeing and satisfaction at work
of Wulff employees with an annual employee
survey. Wulff employees actively respond to
the survey. The job satisfaction in the Group
has remained at a high level and some of its
aspects have also developed positively.
For Wulff, good leadership means a culture
of servant leadership, human and individu-
al-centred leadership as well as self-leader-
ship. In 2023, Wulff focused particularly on
strengthening the sales culture and develop-
ing collaboration – and after the years of
the pandemic, on shared experiences and
togetherness.
CREATINGANDINCLUSIVE
ENVIRONMENTFORALLEMPLOYEES
Wulff employs different kinds of people with
diverse educational and work experience
backgrounds. Some are starting out on their
career, and some have a long career behind
them. Every employee’s need for personal
coaching is evaluated separately.
Every year, Wulff employees hone their skills
by attending training and coaching sessions
for an average of 9 days. Sales is experi-
enced as a field accessible to anyone, equal-
ly, where you can influence your work greatly,
and opportunities for advancing in your
career are expansive. Wulff has received
a lot of praise from students, educational
institutions, interns and employment centres,
because it offers opportunities to learn work-
ing life skills in practice with Wulff employees
in real work and customer situations.
Maintaining and developing working life
skills, commanding basic skills and taking
into account the growing number of inca-
pacitated people with limited working ability
is important. Wulff therefore also provides
opportunities for those considering a new
job, as well as those in work trials, training
and rehabilitation. We provide people from
different backgrounds and even in challeng-
ing life situations with an opportunity to get
positive experiences of being part of a work
community.
Entrepreneurship is becoming more com-
mon and organisations, including Wulff, are
increasingly buying targeted expertise and,
for example, project-specific knowhow from
expert entrepreneurs. Wulff’s goal is to be the
most recommended and responsible partner
also, for example, for light entrepreneurs who
provide services to Wulff. Partner satisfaction
with Wulff is measured in an annual survey..
ASOCIALCHANGEMAKER
Wulff is actively committed to bettering our
society operator. Every year, Wulff supports
charity projects that have a positive effect on
the climate, increase equality or are otherwise
in line with Wulff’s values and strategy—mak-
ing an impact on the overall appreciation
of the sales field or encouraging healthy
lifestyles, among other important outcomes.
Wulff encourages its own employees to give
their time to do good: Wulff 4H means that
every Wulff employee can spend four hours
of their working time each year on volunteer
work that they consider important. Many at
Wulff choose to do 4H activities that are pos-
itive climate actions or projects that promote
equality or human dignity.
PERFORMANCE IS RESPONSIBILITY
The Group’s financial success enables oper-
ational success in line with sustainable and
responsible development. Wulff’s objective in
all its operating countries is to create value for
its stakeholders: customers, suppliers and em-
ployees. For its shareholders, Wulff produces
value in the form of dividends and increases
in value, for example. Wulff’s objective is to
share approximately 50% of the financial
year’s profit as dividend. The Board has pro-
posed to the Annual General Meeting to be
held on 04/04/2024 that a dividend of EUR
0.15 per share be paid for the financial year
2023. at Wulff choose to do 4H activities that
are positive climate actions or projects that
promote equality or human dignity.
Wulffin tavoitteena on siirtyä hiilijalanjäljestä hiilikädenjälkeen.
24 Wulff Annual Report 2023
Wulff Annual Report 2023 25
•Sales support 60%
•Sales 40%
•Under 30 year old 9%
•30-35 year old 9%
•36-40 year old 12%
•41-50 year old 26%
•51-60 year old 32%
•Yli 60 year old 12%
•Women 53%
•Men 47%
•Finland 80%
•Sweden 15%
•Norway 4%
•Denmark >1%
WORKPLACE WITH OPPORTUNITIES TO GROW
AND DEVELOP
Wulff offers its employees good opportunities to grow
and develop in their own work. For example, most of
the subsidiaries’ managing directors have started their
careers in sales. As a Nordic company, Wulff also
offers a possibility to create an international career.
Wulff is a forward-thinking employer committed to
equality, embracing individuals of all ages and diverse
educational and professional backgrounds. While
many companies focus their business operations in the
Helsinki metropolitan area or significant growth cen-
tres, Wulff can offer vacancies in numerous locations
around its operating countries. To strengthen organ-
ic sales growth, the Group focuses strongly on the
recruitment of sales personnel. Wulff seeks to hire new
specialist sales personnel in all its operating countries.
Wulff is largely a sales company, and selling is an
equal job that is suitable for many different people,
regardless of age or gender. Between January and
December 2022, Wulff Group’s personnel totalled an
average of 262 (286) employees. At the end of De-
cember 2023, the Group had 234 (280) employees,
of whom 46 (72) persons were employed in Sweden,
Norway or Denmark. The Group’s personnel consists
of 40 % (41) of employees in sales operations, and
60 % (59 %) in sales support, logistics and administra-
tion. 53 % (52) of the personnel are women and 47%
(48) are men.
In Finland, the logistics for Contract Sales are man-
aged not only by Wulff's own logistics center in
Tuusula but also by Posti, a long-standing partner.
Approximately 30 logistics professionals, who joined
Wulff as part of the acquisition of Staples Finland Oy
in 2021, work at Tuusula's modern, largely automated
logistics center.
Sales/
administration
and logistics
Age Gender
PERSONNEL
BY
COUNTRIES
28 Wulff Annual Report 2023
BOARD AND MANAGEMENT | Board
Substantial experience and education:
• InHunt Group Oy, Partner/CEO since 2014
InHunt Group Oy, Partner/Headhunter 2012-2014
• GT Design Oy, CEO 2004-2011
• Securitas Direct Oy, Sales Director 2004–2004
• Leo Longlife Group Ltd, Sales Director 1991–2004
• Qualification in Business and Administration
Positions of trust:
• Interi Oy, only Board Member since 2023
• InHunt Holding Oy, only Board Member since 2023
• InHunt Boards Oy, only Board Member since 2019
• Wulff Group Plc, Chairman of the Board since 2019
• Wulff Group Plc, Board Member since 2018
• InHunt World Oy, only Board Member since 2017
• InHunt Group Oy, Board Member since 2014
• GT Design Oy, Chairman of the Board 2004–2011
Wulff ownership as of December 31, 2023: 20,199 Wulff shares representing 0.3% of the company’s shares and votes.
Substantial experience and education:
• Suomen Vaihtoauto Oy, CEO since 2020
• PwC, Trainee since 2019–2020
• JOOL Group, Trainee 2019–2019
• PYN Fund Management, Trainee 2017–2017
• Aalto University, Master of Science in Business Administration, Finance, since 2019
• Aalto University, Bachelor of Science in Business Administration, Finance, 2016-2019
Positions of trust:
• Wulff Group Plc, Board Member since 2018
Wulff ownership as of December 31, 2023: 34,240 Wulff shares representing 0.5% of the company’s shares and votes.
JUSSI VIENOLA b. 1995
Board Member, Responsibilities: Finance
KRISTINA VIENOLA b. 1996
Board Member, Responsibilities: Communications and Marketing
Substantial experience and education:
• Tahko Spa, Marketing Manager since 2024
• Google LLC, Account Manager 2022-2023
• Leadfeeder, Business Development Specialist since 2021-2022
• Azets Oy, Customer Success Trainee since 2019-2021
• Turku School of Economics at the University of Turku, Marketing, 2021
Positions of trust:
• Wulff Group Plc, Board Member since 2018
Wulff ownership as of December 31, 2023: 33,875 Wulff shares representing 0.5% of the company’s shares and votes.
Substantial experience and education:
• Laitilan Wirvoitusjuomatehdas Oy, CEO 2022-2023
• VR Group, CEO 2021-2022
• Lidl Suomi Ky, CEO, 2010–2019, Administration Director 2008–2010, Regional Director 2003–2008,
Auditing Manager 2002–2003, Business Controlling Manager 2001–2002
• Yritys-Sampo Insurance (IF), Business Controller, Marketing Manager 1998–2001
• University of Jyväskylä, M.Sc. (Econ), Accounting and marketing 1998
• Wirtschaftsakademie Schleswig-Holstein, Industrie- und Außenhandelsassistent, Groß- und Außenhandelskaufmann, Kiel 1993
Positions of trust:
• Wulff Group Plc, Board Member since 2020
• Raisio Oyj, Board Member since 2023
• CAP-Group Oy, Chairman of the Board 2020-2022, Board Member since 2023
• Repolar Pharmaseuticals Oy, Board Member since 2006
• Deutsch-Finnische Handelskammer DFHK, Board Member since 2021
• Kaupan Liitto, Finnish Commerce Federation, Board Member 2015–2019
• PTY Finnish Grocery Trade Association, Board Vice Chairman 2011–2019
Wulff ownership as of December 31, 2023: 26,260 Wulff shares respresenting 0.4% of the company's shares and votes.
LAURI SIPPONEN b. 1969
Board Member, Responsibilities: Business Development
KARI JUUTILAINEN b. 1966
Chairman of the Board, Responsibilities: Sales Development and management coaching
Wulff Annual Report 2023 29
BOARD AND MANAGEMENT | Group executive board
ELINA RAHKONEN b. 1979
Wulff Group Plc CEO, Chairman of the Executive Board
Responsibilities: Wulff Group Plc’s CEO
Substantial experience and education:
• Wulff Group Plc CEO since 2019
• Ahlsell Ltd CFO 2017–2018
• Wulff Group Plc CFO 2014–2017 and interim CEO 2016–2017
• Deloitte & Touche Ltd auditor (APA) 2011–2014
• Other financial management functions 2002–2011
• Aallon Group Ltd CEO 2018–2019
• Master of Science in Economics
Positions of trust:
• Olas Group Oy,Board Member since 2023
• LapWall Oyj, Board Member since 2023
• Kreate Group Oyj, Board Member since 2020
• Wulff Group Plc, Executive Board Member since 2019
Wulff ownership as of December 31, 2023: 40,000 Wulff shares representing 0.6% of the company’s shares and votes.
Substantial experience and education:
• Wulff Group Plc, Communications and Marketing Director since 2009
• Wulff Group Plc, Communications Manager/Brand Manager since 2002-2009
• Vista Communication Instruments Ltd, Office Manager 2001–2002
• Previta Ltd, Communications Manager 2000–2001
• Beltton Group, Brand Manager 1999–2000
• Specialist Qualification in Marketing Communications 2013
• NLP Trainer, NLP Coach, CxO Certified Business Mentor
Positions of trust:
• Stepfamily Association of Finland, Board Member since 2021
• Era Nova Bookshop Oy, Chairman of the Board since 2018
• Wulff Group Plc, Executive Board Member since 2009
• Finnish NLP Association, Board Member 2007-2018, Chairman of the
Board since 2018-2021, Board Member since 2021
Wulff ownership as of December 31, 2023: 1,600 Wulff shares representing 0.0% of the company’s shares and votes.
TARJA TÖRMÄNEN b. 1974
Communications and Marketing Director, Executive Board Member
Responsibilities: Communications, Marketing and HR as well as their development
Substantial experience and education:
• Wulff Supplies AB, Managing Director since 2009
• Strålfors, various positions 1998–2009, Scandinavian Director in Supplies business area 2006–2009
• Strålfors Norway, Managing Director 2002–2006
• 3M, Sales and Marketing Manager 1986–1998
Positions of trust:
• Wulff Group Plc, Executive Board Member since 2011
• Member of Management Group in Supplies business area 2006–2009
Wulff ownership as of December 31, 2023: 0 shares.
TROND FIKSEAUNET b. 1963
Wulff Supplies AB’s Managing Director,Executive Board Member
Responsibilities: Wulff Supplies AB’s management, development of
Scandinavia’s Contract Customer operations
IIRIS POHJANPALO b. 1980
Wulff Group Plc Chief Financial Officer (CFO), Executive Board Member
Responsibilities: Finance, Investor Communications, Secretary of the Board of Directors
Substantial experience and education:
• Wulff Group Plc, CFO since 2023
• Nurminen Logistics Plc, CFO 2020-2023
• Nurminen Logistics Plc, Director Group Business Control 2019-2020
• Fira Group Ltd, Group Controller 2017-2019
• Diacor Healthcare Ltd, Business Controller 2014-2017
• VR-Group Ltd, Controller 2009-2011
• Accenture Ltd, Management Consultant 2007-2009
• Master of Science in Economics
Positions of trust:
• Wulff Group Plc, Executive Board Member since 2023
• Railgate Finland Oy, Board Member since 2023
Wulff ownership as of December 31, 2023: 0 shares.
30 Wulff Annual Report 2023
CORPORATE GOVERNANCE STATEMENT
Wulff Group Plc is a Nordic listed company
and the most significant Nordic player in
office supplies. Wulff sells and markets work-
place products, IT supplies and ergonomics.
Its service range also includes international
exhibition services and financial management
services. In addition to Finland, Wulff operates
in Sweden, Norway and Denmark. The
Group also serves its customers online with a
webshop for workplace products at wulffinkul-
ma.fi.
Wulff Group Plc’s corporate governance is
based on Finnish legislation, such as the Limit-
ed Liability Companies Act, Securities Market
Act, the regulations concerning the companies
in the Helsinki Stock Exchange, and regu-
lations regarding corporate governance of
public listed companies, as well as the Articles
of Association. Wulff Group Plc adheres
also to the Securities Market Association’s
Finnish Corporate Governance Code which
is publicly available on the Securities Market
Association’s web pages (cgfinland.fi). The
current Articles of Association are available
on the Group’s website wulff.fi. The Corporate
Governance Code is based on a Comply or
Explain principle which means that a compa-
ny can deviate from individual guidelines if it
explains and gives reasons for the deviation.
The entire document describing the Group’s
corporate governance principles and
practices is available on the Group’s investor
pages (wulff.fi). This Corporate Governance
Statement is presented separately from the
Review of the Board of Directors.
GENERAL MEETING
Wulff Group’s highest decision-making power
is exercised by shareholders at the general
meeting held at least once a year. The Annual
General Meeting (AGM) is held annually on
a date determined by the Board of Directors
within six months of the end of the financial
period either in the company’s domicile, Hel-
sinki, or in Espoo. Shareholders may exercise
their rights to speak, request information and
vote.
Shareholders are invited to general meetings
by publishing a notice at Wulff’s corporate
website. The notice and instructions for par-
ticipating in the meeting are also published
as a stock exchange release. The Board’s
proposed agenda as well as the proposed
Board Members and auditors are announced
in the notice or in a separate stock exchange
release before the general meeting.
The Annual General Meeting handles the
tasks pertaining to it according to the Limited
Liability Companies Act and Wulff Group’s
Articles of Association, which include:
• adopting the income statement and
balance sheet
• handling the profit or loss according to
the adopted balance sheet, dividend
distribution
• discharging the Members of the Board of
Directors and the CEO from liability
• determining the number of Board Mem-
bers and appointing members for one
year at a time
• electing auditors
• determining the fees of Board Members
and auditors, as well as the criteria for
reimbursement of travel expenses
• remuneration policy and the approval of
the remuneration report
• other matters mentioned in the notice of the
meeting.
The Annual General Meeting is also author-
ised to amend the Articles of Association. An
Extraordinary General Meeting is summoned,
if required, by the Board of Directors.
In 2023, Wulff Group Plc’s Annual General
Meeting was held on April 5. The Annual
General Meeting adopted the financial
statements for the financial year 2022 and
discharged the Members of the Board of
Directors and CEO from liability. The AGM
decided to pay a dividend of EUR 0.14 per
share and authorised the Board of Directors
to decide on the repurchase of the company’s
own shares. The Annual General Meeting
also accepted the Board’s proposal con-
cerning the authorisation to perform share
issues. The AGM also approved the remu-
neration report for 2022. Kari Juutilainen,
Lauri Sipponen, Jussi Vienola, and Kristina
Vienola were re-elected as Board Members.
The organising meeting of Wulff Group Plc’s
Board of Directors, held after the Annual
General Meeting, decided that the Chairman
of the Board is Kari Juutilainen. BDO Oy, with
Authorized Public Accountant Juha Selänne as
the lead audit partner, was chosen as the au-
ditor of Wulff Group Plc. The Annual General
Meeting decided that the reimbursements to
the Auditors are paid on the basis of reasona-
ble invoicing.
In 2024, Wulff Group Plc’s Annual General
Meeting will be held on April 4.
BOARD OF DIRECTORS
The Board of Directors is responsible for
the administration and the proper organisa-
tion of the operations of the company. The
Board supervises and controls the operative
management of the company, appoints and
dismisses the managing director, approves
the strategic goals and the risk management
principles for the company and ensures the
proper operation of the management system.
The Annual General Meeting elects three to
Wulff Annual Report 2023 31
six members to the Board of Directors and at
most as many deputy members. The Board’s
term ends at the termination of the first Annual
General Meeting following the election. In
the organising meeting held after the AGM,
the Board elects a Chairperson among its
members. If the Chairperson is disqualified or
prevented from attending to his/her duties, a
Deputy Chairperson is elected among Board
Members for the duration of a meeting.
The Board of Directors supervises the man-
agement of company operations, adminis-
tration and accounting. It annually confirms
a written charter for its activities, which it
complies with in addition to the Articles of
Association, Finnish legislation and other
regulations. The charter lays out the Board’s
meeting procedures and tasks. According to
the Board’s charter, in addition to the issues
specified in legislation and the Articles of
Association, Wulff Group’s Board of Directors:
• approves the company’s long-term goals
and strategy
• approves the company’s action plan,
budget and financing plan and supervises
their implementation
• handles and adopts interim and half-year
reports and the financial statements
• decides on individual big and strategically
significant investments, such as company
acquisitions and acquisitions and disposals
of business operations
• preparation and presentation of the remu-
neration policy and report at the Annual
General Meeting
• appoints the CEO and decides on his/her
salaries and other remuneration
• approves risk management and reporting
procedures
• draws up the dividend policy
• sets up committees, if needed, to enhance
Board work
• appoints the Group Executive Board
• supervises auditing
• assesses the auditor’s independence and
additional auditing services.
Wulff Group’s Annual General Meeting held
on April 5, 2023 elected four members to the
Board of Directors.
In the preparation of the proposal for the
composition of the Board of Directors, the
requirements placed by the company’s strat-
egy, operations and development phase as
well as the sufficient diversity of the Board of
Directors are taken into account. The diversity
of the Board of Directors is examined from
different perspectives. Important factors for
the company are academic and professional
backgrounds as well as strong, versatile and
mutually complementary expertise, experi-
ence and knowledge in the different business
areas important to the company, interna-
tionality, independence of the company, an
appropriate number of members, and the age
and gender distribution. The Board must have
sufficient economic and financial knowledge
and management, marketing, and sales
expertise.
In 2023, Wulff Group Plc’s Board of Directors
fulfilled the principles concerning diversity and
expertise taking into consideration the com-
pany’s strategy and the market and business
environment as well as development projects.
The focus of the strategy is customer experi-
ence, sales expertise and operating through
multiple channels. Important strategic projects
are taking advantage of digitalization, sup-
porting sales with marketing communications,
development of product and service portfolio
especially with environmentally sustainable
solutions and enhancing personnel’s expertise.
Especially important for the Board of Directors
is developing the sales management accord-
ing to the company’s growth strategy.
The company’s target is that both genders
are represented on the Board of Directors.
Currently, one of the four Board Members is
a female, which means that the company's
goal concerning the representation of both
genders has been fulfilled. In the selection and
evaluation process of new Board Members,
the primary criterion is the qualifications of
the individual and the possibility to devote a
sufficient amount of time to the work, thus both
genders are taken into consideration equally.
The majority of Board Members must be
independent of the company. In addition,
at least two of the members in this majority
must be independent of the company’s major
shareholders. The independence is evaluat-
ed in compliance with recommendations of
the Finnish Corporate Governance Code.
The Members of the Board of Directors own
shares of the company. The Chairman of the
Board of Directors (since April 9, 2019) Kari
Juutilainen owned 0.3%, and Members of
the Board Jussi Vienola and Kristina Vieno-
la owned 0.5% each and Lauri Sipponen
owned 0.4% of the outstanding shares on
31.12.2023. Considering the portion of the
shareholding the dependence of the compa-
ny is considered insignificant. The Members of
the Board were not employed by the compa-
ny in 2023 or 2022. According to the Board's
assessment, the Members of the Board were
independent of the company and significant
shareholders in 2023 and 2022.
Due to the Group’s small size, setting up
Board committees or a supervisory board has
not been considered necessary. The entire
Board of Directors has handled all its tasks.
The Board of Directors convenes on average
once a month during the financial year and
more often if needed. The Chairman of the
Board is responsible for convening meetings
and for meeting activities. The meeting agen-
da is prepared by the CEO together with the
Secretary of the Board.
Wulff Group Plc’s Board of Directors convened
15 times (15) in 2023. The average meeting
attendance of the Board Members was 100
percent (98). At its organising meeting the
Board approved the charter and action plan
for 2023 and evaluated the independence of
its members. According to the meeting plan for
2024, the Board of Directors will convene 11
times. The Board carries out annual assess-
ments of its operations and working styles
based on a self-evaluation form. Based on the
assesment, which was carried out in writing,
Board work was successfull in 2023.
More information on Board Members and
their Wulff shareholdings is presented in
Board and Management.
32 Wulff Annual Report 2023
CEO
The Board appoints the Chief Executive
Officer (CEO) who supervises the company’s
operational management in accordance with
the Limited Liability Companies Act with the
instructions and guidelines provided by the
Board. The CEO ensures that the account-
ing practices of the Group comply with the
law and that the financial management of
the group has been arranged in a reliable
manner. The CEO ensures that the Board has
sufficient information to assess the company’s
operations and financial situation. The CEO
is responsible for the accomplishment of the
Board’s decisions and reports the results to the
Board.
The CEO may undertake acts which, consid-
ering the scope and nature of the operations
of the company, are unusual or extensive, only
with the authorisation of the Board.
The CEO of the parent company Wulff Group
Plc also acts as the Chairman of the Group
Executive Board.
Elina Rahkonen started as the Wulff Group
Plc’s CEO on September 30, 2019.
GROUP EXECUTIVE BOARD
The Group Executive Board led by the Group
CEO is responsible for the Group’s opera-
tions in practice. The Group Executive Board
convenes regularly to analyse and evaluate
the financial and business performance as
well as the key development initiatives of the
segments. The management team has no
official statutory position but, in practice, it
has a significant role in the organisation of the
company management. Based on the CEO’s
proposal, the Board of Directors confirms
the composition and new nominations to the
Group Executive Board.
The Managing Directors of subsidiaries are
in charge of the business operations in each
subsidiary. Significant decisions, such as sig-
nificant investments, are subject to the Group
CEO’s approval. Each subsidiary has its own
financial administration, while the Group’s
Chief Financial Officer has responsibility of
group-wide financial administration.
More information on Group Executive Board
Members, their responsibilities, and their Wulff
shareholdings is presented in the section
Board and Management.
REMUNERATION
Board of Directors
According to the company’s Articles of Associ-
ation, the Annual General Meeting determines
the remuneration of the Board Members on a
proposal from the Board of Directors. A fixed,
monthly fee of EUR 1,250 resolved by the An-
nual General Meeting is paid to the Chairman
and Board Members.
These Board Members are not rewarded by
share-based remuneration plans or in any
other way. The Group has not granted loans,
guarantees or other contingencies to the Board
Members. A summary of the remuneration of
the Board of Directors is presented in Note 25
of the Consolidated Financial Statements and
in the table presented.
According to the authorization granted by
the Annual General Meeting on April 5,
2023, the Board of Directors has the right to
continue the repurchase of the company’s
own shares by acquiring at most 300,000
own shares. The authorisation is in force until
April 30, 2024. According to the authoriza-
tion the company can acquire treasury shares
to support the implementation of an incentive
scheme or to be otherwise disposed of. In
January-December 2023 no own shares
were reacquired. During the last quarter of
2022, between October 26 and November
29, Wulff Group Plc repurchased 66,812
shares at the market price quoted through
public trading on Nasdaq Helsinki Ltd, in
accordance with the rules regarding the
acquisition of company’s own shares. The
acquired shares are intended to be used to
finance acquisitions and other arrangements
according to the company´s growth strategy.
Chief Executive Officer
The Board prepares a proposal and deter-
mines the Group CEO’s remuneration and
other contractual issues.
On February 22, 2021 The Board of Directors
decided on a short- and long-term incentive
scheme for the Group CEO. The programme
aims to promote the implementation of the
company’s strategy and its long-term profita-
bility. The Board of Directors decided that the
CEO is entitled to a short-term incentive for
2021, depending on the development of the
adjusted operating profit and share price in
2021. The maximum amount of the remuner-
ation is 10,000 Wulff Group Plc shares. The
Board of Directors decided that the CEO is
entitled to a long-term incentive for the period
between January 1, 2021 and December 31,
2023, depending on the development of the
share price during the period in question and
the CEO’s shareholdings on December 31,
2023. The maximum amount of the remuner-
ation is 30,000 Wulff Group Plc shares. The
remuneration to be paid through the scheme
is equal to the value of a maximum of 40,000
shares in Wulff Group Plc (excluding indirect
wage costs). The fee will not be paid to the
CEO if the company or the CEO resignes
or terminates the CEO's contract berofe the
payment of the fee. On February 22, 2021 ,
the Board of Directors decided to issue 7,000
of the company’s own shares to the CEO as
remuneration for 2020. The transfer of the
shares is based on the authorisation given to
the Board of Directors by the Annual General
Meeting on 23 April 2020. On February 21,
2022, the Board of Directors decided to issue
10,000 of the company’s own shares to the
CEO in accordance with the short-term incen-
tive scheme decided on February 22, 2021.
They also decided that the CEO is entitled to
a short-term incentive for 2022, depending
on the development of the adjusted operating
profit and share price in 2022.
A part of the Group’s CEO’s benefits is a stat-
utory pension. The contract does not specify
a retirement age. No supplementary pension
benefits were agreed or paid.
The Board appointed Elina Rahkonen as the
Wulff Group Plc CEO on September 17, 2019
and she started in her position on September
Wulff Annual Report 2023 33
30, 2019. In 2023, the remuneration of CEO
Elina Rahkonen consisted of monetary wages
and fringe benefits of the amount of EUR 208
thousand (correspondingly in 2022 in total
EUR 255 thousand, of which monetary wages
and fringe benefits 210 and share-based
incentives 45). The Group CEO’s service
contract includes the above-mentioned share-
based incentive. The Group CEO is entiled
to the holiday pay and possibly to a bonus
scheme to be determined later. The period of
notice is three months from the Group CEO
side and six months from the company’s side.
In case the company resigns the Group CEO
contract unilaterally the Group CEO is entitled
to a severance payment equal to three
months salary.
Group Executive Board
The Group CEO prepares and determines
the contractual terms, salaries and possible
other benefits and incentives of the Group’s
Executive Board Members. The pay raises of
the Executive Board Members are approved
by the Chairman of the Board.
Remuneration of the Group Executive Board
consist of fixed monetary wages, fringe
benefits, additional pensions, annually-de-
termined performance-based bonuses
and possible share-based incentives. The
performance-based bonuses are determined
by the company’s financial performance
and the person’s individual goal-setting. The
Group does not have any option schemes or
share-based incentives currently in force as
a part of Group Executive Board Members’
remuneration plan.
Of the Executive Board Members, Tarja Törmä-
nen’s communication and marketing director
service is obtained as an outsourced service
and during 2023, the service costs amounted
to EUR 108 thousand (104). The outsourced
service is included in other operating expenses
and has been presented also in the Note for
Related Party transactions.
In 2023 and 2022, the Group Executive
Board consisted of Atte Ailio until August 4,
2023, Sami Hokkanen until August 21, 2023,
Iiris Pohjanpalo from August 21, 2023, Tarja
Törmänen, Trond Fikseaunet, Veijo Åger-
falk until August 21, 2023, and CEO Elina
Rahkonen.
The employment benefits presented in the table
above, include the above-mentioned employ-
ee benefits received by the Group CEO.
RISK MANAGEMENT, INTERNAL
CONTROL AND INTERNAL AUDIT
The Board of Directors is responsible for the
internal control and the Group CEO arranges
the management and supervision of internal
controls’ effectiveness in practice.
Ultimate responsibility for accounting, accura-
cy of the financial statements and supervision
of asset management is carried out by Wulff
Group’s Board of Directors. Business control
and supervision are carried out through a
group-wide reporting system. Each business
area’s and subsidiary’s net sales, sales mar-
gin, main expenses and operating profit with
comparison data are reported to the Board
each month. Additionally the Group CEO
presents an overview of the current situation
and future outlook based on weekly and
onthly analyses.
The segments’ financial reports and the
situation of the businesses’ key development
projects are on the agenda of the Group
Executive Board which convenes on a
tertiary basis. The subsidiaries’ own Boards
of Directors and management teams discuss
their own business issues which are taken also
to the Group Executive Board if those issues
have influence also on other group compa-
nies. The Group CEO and CFO analyse and
control each subsidiary’s and business area’s
operations, performance and financial status
regularly.
Wulff Group follows the risk management
policy devised by the Board of Direc-
tors, which determines the objectives and
responsibilities of risk management, as well
as the reporting procedures. The company’s
risk management supports the achievement
SUMMARY OF BOARD MEMBERS’ BENEFITS TOTAL
EUR 1 000 2023 2022
Board members' salaries and fees
Kari Juutilainen 4/2018- Chairman of the Board 4/2019- 15 15
Jussi Vienola 4/2018- 15 15
Kristina Vienola 4/2018- 15 15
Lauri Sipponen 4/2020- 15 15
Board members' benefits total
60 60
SUMMARY OF GROUP EXECUTIVE BOARD’S EMPLOYMENT BENEFITS
EUR 1 000 2023 2022
Salaries and other short term 690 734
Fringe Benefits 39 31
Bonuses 56 60
Other long term remuneration, additional pension benefits 23 43
Share-based incentives - 45
Group executvie board's employee benefits total
808 913
34 Wulff Annual Report 2023
of strategic objectives and ensures business
continuity. The realisation of risk management
policies is controlled with internal audits
regularly and also external auditors supervise
the adequacy and effectiveness of the risk
management as a part of the audit proce-
dures related to Group’s governance.
Risk management is a part of Wulff Group’s
business operations management. Wulff’s risk
management is guided by legislation, busi-
ness objectives set by shareholders as well as
the expectations of customers, personnel and
other important stakeholders. The Group’s risk
management aims to systematically and ex-
tensively identify and understand any risks that
may prevent the achievement of the Group’s
business objectives, as well as to ensure
that risks are appropriately managed when
making business-related decisions. Threats to
business include risks related to changes in the
market and business acquisitions, IT risks, risks
related to the staff and its availability, as well
as factors related to the general economic
development and the company’s reputation.
Risks are classified into categories of strategic,
operational and market risks. The risk man-
agement process aims to identify and assess
risks and then plan and implement practical
measures to mitigate each risk. Possible
measures include, for example, avoiding the
risk, reducing it in different ways or transferring
it with insurance or agreements.
Wulff Group carries out annual risk surveys to
determine the main risks in terms of their signif-
icance and probability. The business unit lead-
ers are responsible for carrying out the surveys
and risk monitoring on which they report to
the Group Executive Board. Selected persons
are responsible for the monitoring of specific
issues within each risk category i.e. strategic,
operative or market risks. The Group has not set
up a separate organisation for risk manage-
ment. Instead, risk management is arranged in
compliance with the company’s other business
operations and organisation structure.
The main risks determined in the risk survey,
changes in the significance and probability of
the risks, as well as the persons responsible,
actions completed and results achieved are
reported to the Group’s Board of Directors
annually. Special attention is paid to any
possible new risks that are detected. More
information on risks and risk management is
presented in a separate section.
The goal of Wulff Group Plc’s internal audit is
to ensure that the Group’s internal processes
and operating methods are efficient and
correct taking into consideration significant
risks of the business operations. Internal audits
are carried out on the basis of an annually
prepared audit plan, which the Board of
Directors approves at the beginning of the
year. The Group’s internal auditor draws up
the plan, presents it to the Board of Directors
and reports on the implementation of the
measures. The internal auditor reports directly
to the Board of Directors.
EXTERNAL AUDIT
Based on the Articles of Association, Wulff
Group Plc shall have 1-2 auditors. If the Annu-
al General Meeting elects only one auditor
and if the auditor is not a firm of Authorised
Accountants, additionally one deputy auditor
shall be elected. Based on the Articles of
Association, the auditors are appointed
until further notice. BDO Oy, a company of
Authorized Public Accountants, with Authorized
Public Accountant Juha Selänne as the lead
audit partner, was chosen as the auditor of Wulff
Group Plc in 2017.
In addition to their statutory duties, the auditors
report their audit findings to the Chairman of
the Board when necessary, and at least once
a year to the Board of Directors.
The Annual General Meeting decides on the
auditors’ fees and the expense compensation
principles.
Based on the Board’s decision, auditors can
be paid reasonable fees for non-recurring
other service assignments. The total audit fees
for all Wulff Group companies were EUR 91
(85) thousand in 2023, of which EUR 9 thou-
sand (11) were expenses other than audit fees
(please see Note 8 for further information).
Following the corporate governance regula-
tions, the auditors do not own shares of Wulff
Group Plc or its subsidiaries.
INSIDER ADMINISTRATION
Wulff Group Plc complies with applicable
EU regulations, especially the Market Abuse
Regulation (EU 596/2016, “MAR”), and any
regulation and guidance given by the Euro-
pean Securities Markets Authority (“ESMA”).
Further, the company observes Finnish legis-
lation, especially the Securities Markets Act
(746/2012, as amended) and the Finnish Pe-
nal Code (39/1889, as amended), including
the insider and other guidelines of Nasdaq
Helsinki Ltd and the standards and guidance
of the Finnish Financial Supervisory Authority
(“FIN-FSA”) and other authorities.
Managers, according to the definition given
by MAR, include the Members of the Board
of Directors and Group Executive Board
Members. MAR requires that each manag-
er and his/her closely associated persons
notify the company and FIN-FSA of their
transactions in the financial instruments of or
linked to the company conducted on his/her
own account after a total of EUR 5 thousand
per calendar year has been reached. The
notifications shall be made promptly and no
later than three business days after the date
of transaction (T+3). Wulff will issue stock
exchange releases to disclose information on
transactions by managers and their closely
associated persons, as specified in MAR and
within two days of the receipt of the notifica-
tion, in accordance with the rules of the Stock
Exchange.
Wulff no longer maintains a list of permanent
insiders. Instead, all persons involved with
insider projects will be listed as project-spe-
cific insiders. Project-specific lists will be
established and maintained for each project
or event constituting inside information, based
on a separate decision. All persons working
for Wulff, representatives of external entities,
stakeholders and authorities who have infor-
mation concerning an insider project or have
Wulff Annual Report 2023 35
access to project-specific inside information,
as well as persons who are working for the
implementation of an insider project, will be
entered in a project-specific insider list. Per-
sons that belong to a project-specific list are
forbidden from trading with the company’s
financial instruments during an insider project.
Preparation of periodic disclosure (half-year
financial statements, interim reports, financial
statements bulletins) or regular access to un-
published financial information is not regard-
ed as an insider project. However, due to the
sensitive nature of unpublished information on
the company’s financial results, the persons
determined by the company, based on their
position or access rights, to have authorised
access to unpublished financial result informa-
tion are added to a list of Financial Informa-
tion Recipients.
Wulff applies an absolute trading prohibi-
tion (a ‘closed window’ principle) during a
period beginning 30 calendar days before
the announcement of each of the periodic
financial reports and the year-end report (the
financial statements bulletin) and ending at the
end of the trading day following the day of
publication of such a report. At the minimum,
a closed period commences at the end of
the reporting period in question. The closed
window principle applies to the managers
(as defined by MAR) as well as the Financial
Information Recipients.
The person in charge of Wulff’s insider register
is the CFO.
RELATED PARTY TRANSACTIONS
As part of the Group’s key management per-
sonnel, the Group’s related parties consist of
the Members of Board of Directors, members
of the Group Executive Board, and subsidi-
aries of Wulff Group Plc. The company does
not hold shares in affiliates or joint ventures.
Wulff Group Plc monitors transactions with its
related parties on a quarterly basis and on
the basis of related party's own announce-
ments. The company's financial management
is responsible for supervising and reporting
related party transactions to the Board
as needed. A related party transaction in
accordance with normal commercial terms
does not require a decision by the Board of
Directors to execute the related party transac-
tion. The nature and the terms of related party
transactions are assessed in relation to the
company's normal operations and commer-
cial terms. In making decisions concerning
related party transactions, the company en-
sures that potential conflicts of interest are duly
taken into account, and a potential related
party does not participate in decision-making
on significant related party transactions.
Related party transactions are reported as
required by the Companies Act and the
provisions on the preparation of financial
statements in the notes to the company's finan-
cial statements and, if necessary, in the report
of the Board of Directors and the interim and
half-year reports. In addition, the necessary
related party transactions are disclosed in
accordance with the Securities Markets Act
and the rules of the Exchange.
In 2023, related party transactions consisted
of normal, market-based business transac-
tions. Related party transactions have been
presented in Note 25 of the Consolidated
Financial Statements. The Group’s parent
company and subsidiary relationships have
been presented in Note 26.
COMMUNICATIONS
The Group publishes all its stock exchange
releases and other matters related to listed
companies’ disclosure requirements on its
website in Finnish and English. The Annual
Report is published in electronic format so that
it is equally available to all shareholders.
The Group’s stock exchange releases, Cor-
porate Governance principles and insider
information is available at the Group’s investor
page Board and corporate governance
(wulff.fi/en/investors).
Before the end of the year, the investors’
calendar with dates for the Group’s financial
reporting during the next calendar year is
published in a stock exchange release and
on the Group’s website. The Group applies
an absolute trading prohibition, a 30-day
‘closed window’ principle, during which the
company does not comment on questions
regarding its outlook and development and
during which insiders are prohibited from
trading with the Group’s financial instrument.
WULFF GROUP PLC’S REVIEW OF THE BOARD OF DIRECTORS
36 Wulff Annual Report 2023
Wulff Annual Report 2023 37
POSITIVE YEAR END AND GROWTH STRIDES IN EARLY 2024
WULFF GROUP BOARD OF
DIRECTORS:
We achieved many of our important goals in
2023. Especially the integration of operations
of Staples Finland, which was acquired into
the group in the spring 2021, proceeded as
planned and effectively. The introduction of a
joint enterprise resource planning system was
a large project, which succeeded. Operat-
ing models and systems in the sales function
of Finnish workplace products and services
have been combined to support as efficient
as possible operations. Post-acquisition inte-
gration work is already well under way and
it is being completed by enhancing selection
management and material flows
unification in 2024.
The school supply store win achieved at the
end of the year will significantly strengthen
our strategic purchasing power as expert of
WULFF GROUP PLC: FINANCIAL YEAR KEY FIGURES 1.1. –31.12.2023
• 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 compara-
ble 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%
• Earnings per share (EPS) were EUR 0.31 (0.45) and comparable earnings per share were EUR
0.36 (0.45)
• Equity-to-assets ratio was 45.5% (40.5)
• The Board proposes to the Annual General Meeting to be held on April 4, 2024 that a divi-
dend of EUR 0.15 per share will be paid
• Wulff estimates that net sales will increase, and that the comparable operating profit will remain
at a good level in 2024
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 consum-
ables 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 peri-
od. 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 ben-
efit 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
workplace products. The win brings us net
sales of about EUR 4-5 million.
Wulff's competitive advantages are our sales
expertise, personal service and versatile and
multi-channel way of being present in the
customer's everyday life. We are delighted
that the extensive customer survey carried
out with Balentor in 2023 tells us for us to be
excellent in the aforementioned areas. The
customers also agree with the Wulfians that
the importance of especially responsibility;
supply of products and services that support
sustainable development, and, of car-
bon-neutral operating processes grows con-
stantly. We will invest in these in a progressive
and strong way in the future.
The year 2024 started with good news
from the start for Wulff in a new business area,
when the new staffing company Wulff
Works started its nationwide operations
in Finland. We continued growing our suc-
cessful accounting and financial management
business in February 2024 with the purchase
of a new accounting and financial manage-
ment company from Eastern Uusimaa. For the
year 2024 we aim for further growth both
organically and through acquisitions.
Thank you to our customers, our partners
and for the Wulfians for the eventful and great
year.
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 Cus-
tomers Segment's net sales decreased both in
Finland and in Scandinavia due to the weak-
ened 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 affect-
ed 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
38 Wulff Annual Report 2023
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–De-
cember, 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 amount-
ed 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 curren-
cy-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 profit 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 profit before taxes was
EUR 2.5 million (3.3), while the comparable
profit 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 report-
ing period were EUR 0.36 (0.45), and EUR
0.13 (0.16) in the last quarter.
CONTRACT CUSTOMERS SEGMENT
Wulff’s Contract Customers Segment is the
customer’s expert partner in the field of work-
place services and products, Canon printing
and data management solutions, financial
management services as well as international
exhibition and remote meeting services in
Finland and Scandinavia. For the company it
is important to improve the customer experi-
ence constantly and to develop its operations
to be as efficient and sustainable as possible.
The Contract Customers Segment invests in the
best customer experience in the industry.
In January–December 2023, the Contract
Customers Segment’s net sales totalled EUR
87.4 million (95.0), and EUR 21.8 million
(25.3) in the last quarter. In January–Decem-
ber 2023, the operating profit (EBIT) was EUR
3.8 million (4.2), and EUR 1.2 million (1.2) in
the last quarter. The sales of the Contract Cus-
tomers Segment decreased both in Finland
and in Scandinavia due to the weakened
general market situation. The impact of the
decline in net sales in the last quarter on prof-
itability was minimal due to successful pricing
and management of fixed costs.
The unification of Wulff's workplace products
and services business operations proceed-
ed with a legal merger on May 31, 2023,
when Wulff Oy Ab and Wulff Solutions Oy
merged with Wulff Finland Oy. Along with the
mergers, the receiving company assumed the
name Wulff Oy Ab of the group's best-known
brand. The most significant investment in 2023
was the enterprise resource planning system
unification project that was started in 2022
and was completed in November 2023.
With the reorganization related to the unifica-
tion of business operations, a cost saving of
about EUR 0.1 million was achieved in the last
quarter of 2023 and a saving of about EUR
0.7 million during 2023.
Wulff Entre sold and implemented both
in-person exhibitions and remote meeting
services for its customers. The company's net
sales decreased compared to the corre-
sponding time of the previous year. The
exhibition industry has recovered almost to
its original state after the pandemic. Some of
the exhibitions are still held every other year,
which had an impact on the net sales for
the quarter. The goal is to increase sales per
exhibition and also grow through new event
representation. In the post-pandemic world,
face-to-face encounters are perceived as
valuable and meaningful. When companies
go to an exhibition, they invest in it.
Wulff's contract customers include a large
number of companies and groups whose
need is to manage the procurement of work-
place products and services as easily and
smoothly as possible. People have returned
to face-to-face meetings enthusiastically at
workplaces, and Wulff has once again been
able to serve customers with its entire wide
range of products, both at company locations
and at new workspaces and workstations cre-
ated by multi-location work. Sales of coffee
and snack products as well as property con-
sumables increased while sales of traditional
office supplies decreased from the com-
parison period in January–December and
in the last quarter. The share of health care
and care products in sales also continued to
grow in January-December and in the last
quarter, after Wulff won new customers from
the health and care service sector. More and
more employers take care of their employees'
comfort and well-being with, among other
things, smoothies, high-quality coffee, tea and
refreshments, energy drinks and snack bars.
You can get all of these from Wulff - and in
the capital region of Finland also a responsi-
ble Catering service.
In Finland, Wulff is the strongest in its field
and one of the most significant operators in
Scandinavia, and a significant number of the
largest companies in the Nordic countries rely
on its services. Among the procurement chan-
nels that save costs and time, the most popular
in Finland are Wulff's MiniBar and Cabinet
Service in Scandinavia, which can be found
in hundreds of large companies and groups.
The filling and shelving service MiniBar works
like its namesake in hotels. Thanks to the auto-
matic filling service, you can find current and
traditional workplace products ready for use
on the shelves. In different industries, the filling
service product range and the MiniBar can
look very different: in the care sector, the Mini-
Wulff Annual Report 2023 39
Bar contains healthcare supplies; traditional
notebooks, pens and modern presentation
technology, and in the IT sector, the shelves
are full of the best domestic refreshing drinks.
For an expert in Nordic working life, there are
opportunities for growth in the upheaval and
changes in working life. The most important
point of view for the development of opera-
tions and product and service selection is re-
sponsibility. Its importance in making decisions
is emphasized. For Wulff, it means an empha-
sis on responsibility both in its own operations
and in the development of the product and
service selection, as well as in the develop-
ment of the measurement and reporting of the
effects of procurement. The share of informa-
tion work in all work has been increasing for
a long time. A significant part of the work is
done in multiple locations, in various changing
environments. That's why Wulff invests in a
product and service selection that enables,
among other things, an ergonomic, comfort-
able and inspiring way to work in addition
to company premises, for example in home
offices, leisure apartments, shared spaces;
for example in cafes or office hotels and
when moving from one place to another. For
example, expertise in workstation ergonomics
and the best, sustainable solutions have been
Wulff's strong expertise for decades.
Wulff Entre is a brave innovator in the inter-
national exhibition and event industry and,
in addition to Finland, it serves customers in
Germany, Sweden, Norway and the United
States, among others. The remote meeting
services developed by Wulff Entre enable
exhibition-like and inspiring meetings and,
for example, popular webinars produced by
the client company itself, easily and virtually.
Traditionally, Wulff Entre has annually exported
the know-how of Finnish companies to more
than 30 countries and has held more than 100
in-person events with its customers. Global ex-
ceptional conditions have drastically changed
the working environment in the last few years.
Wulff Entre's growth opportunities are strongly
influenced by, for example, the labor availabili-
ty challenges in the event industry.
Nowadays, printing is increasingly handled as
a service. Canon Business Center, part of the
Wulff Group, offers companies high-quality
office and professional printing and document
management solutions and services. Can-
on Business Center's business development
has been more positive than the market and
remained stable. Despite this, the company's
profitability has weakened. Canon Business
Center serves customers in Finland in the
capital region, and it plays an important role in
comprehensively serving the group's customers
operating in the area. Canon Business Center
also offers its customers advanced, responsible
recycling and life cycle solutions that effectively
reduce the environmental load.
Wulff seeks growth especially in new service
and product areas, also through acquisitions.
The group's newest services are accounting
and financial management services. The annual
net sales of these services are around EUR
2 million. The group's expert company in the
field is Carpentum Oy, operating in the capital
region, with which Wulff is a reputable, digi-
tal-capable and responsible financial manage-
ment partner for its customers.
Wulff’s open webshop Wulffinkulma.fi is con-
stantly being developed. Lately, the webshop,
which is geared towards small companies
and self-employed people has focused on
also serving consumers and small business
owners operating in a consumer-like manner.
The webshop, which serves a wider selection
than its competitors in the workplace product
and supplies sector, is constantly increasing
its selection according to customers' wishes.
There is always something new, up-to-date
and responsible in the store. Popular products
are Wulff's own and exclusively sold brands,
for example Q-CONNECT and STABILO.
The Wulffinkulma.fi webshop is known for
its fast and reliable deliveries. This versatile
and mobile-friendly webshop’s advantages
are secure and accurate deliveries. Whether
it is to business premises, the home, remote
office or a self-employed person’s desk in
a co-working space, Wulffinkulma.fi web-
shop delivers products where and when the
customer wants. The same daily products are
in use in home offices as in traditional office
spaces: soft tissue papers, hand towels, soap,
coffee, and snacks. Wulff is appreciated for
its local, sustainable, and environmentally
sound range. What the customers appreciate
will show in the assortment when it is devel-
oped in the future. The webshop is continu-
ously being developed to offer even more
sustainable options and information on the
environmental impact of its products.
EXPERTISE SALES SEGMENT
The Expertise Sales segment makes everyday
life at the workplace easier by offering the
best workplace products and novelties in the
market with the most professional, personal,
and local service.
During the review period, a transaction took
place in the segment, when Wulff sold Wulff
Beltton AB and Wulff Beltton AS, which were
responsible for the loss-making Scandinavian
Expertise Sales, to a minority owner on Sep-
tember 1, 2023. The net sales of Scandinavi-
an Expertise Sales in the financial year 2022
was EUR 3.4 million.
In January–December 2023, the Expertise
Sales Segment’s net sales totalled EUR 6.4
million (8.5), and EUR 1.2 million (2.6) in the
last quarter. In January–December 2023,
operating profit totalled EUR -0.4 million
(-0.1), and EUR 0.0 million (0.1) million in the
last quarter. The sales of the Expertise Sales
Segment decreased in January-December
and in the last quarter due to the general
sluggishness of the economy. The strength of
Expertise Sales is to quickly take over the sale
of current products and reach local customers
quickly and personally, knowing the special
features of different industries. Wulff's expert is
a contact who is trusted and whose profes-
sionalism is valued.
Wulff stands out from its competitors with its
locality and domesticity. Expertise Sales offers
its customers novelties and favorite prod-
ucts and a wide selection of different work
well-being, ergonomics and first aid products
as well as products that improve work safety.
Responsibility, domesticity and environmental
friendliness are important selection criteria.
Ergonomics and first aid readiness are being
increasingly invested in Nordic companies
as the working population ages. The share
of knowledge work in all work is constantly
increasing, and therefore more and more
is being invested in good ergonomics, also
40 Wulff Annual Report 2023
preventively. With good ergonomics, it is
possible to save significant amounts in the
form of a reduction in sick leave. The Expertise
Sales Segment offers its customers a personal
service, where the offered product concept is
always built together with the customer and
exactly to suit the customer's needs. Exper-
tise Sales actively bring innovative solutions
that improve the working day to customers'
awareness.
Wulff is a well-known workplace for suc-
cessful salespeople. More and more top
managers have experience and know-how
in sales, and the appreciation of sales skills in
our society is constantly growing. Successful
recruitments and the number of salespeople
have a significant impact on Wulff's Expertise
Sales. New talents and those who want to
become sales professionals are welcome at
Wulff! Wulff's own induction and training pro-
grams ensure that every salesperson receives
comprehensive initial training and an inspiring
start to their career, as well as further training
that develops their own skills.
FINANCING, INVESTMENTS AND
FINANCIAL POSITION
In January–December 2023, the cash flow
from operating activities was EUR 4.6 million
(4.0). The positive development of cash flow
was influenced by changes in working capital
amounts. The integration of the business op-
erations of the Contract Customers segment
implemented during 2023 made it possible
to lower safety stock levels, supporting the
positive development of operating cash flow.
It is typical for the industry that profit, and cash
flow accumulate during the last quarter.
Investments during the reporting period were
EUR 1.6 million (2.5), consisting mainly of in-
vestments in information systems as part of the
integration of the Wulff Solutions acquisition.
The cash flow from investments was a total of
EUR -2.0 million, including, in addition to fixed
asset investments, additional purchase prices
paid for acquisitions of subsidiary shares EUR
-0.2 million and EUR -0.2 million change
in cash resources due to the sale of Beltton
companies.
The cash flow of financing activities was EUR
-3.4 million (-0.5) in January–December
2023. Long-term loans were repaid in total
of EUR 2.7 million (2.2). Short-term loans
were withdrawn amounting to EUR 1.0 million
(-0.2). Wulff reorganized their bank loans in
such a way that the loan terms were extend-
ed. As a result, a total of EUR 2.3 million were
transferred from short-term loans to long-term
loans.
Lease agreement payments were EUR 0.6
million (1.0). Recognition of lease agreements
on the balance sheet increased group assets
by EUR 0.7 million (1.2), and liabilities by EUR
0.9 million (1.3), at the end of the reporting
period.
In April 2023, dividends totalling EUR 0.5
million and EUR 0.5 million in October were
paid to the owners of the parent company.
The Group’s cash balance changed by EUR
-0.9 million (0.2) in January-December. The
Group’s bank and cash funds totalled EUR
1.0 million (0.8) at the beginning of the year
and EUR 0.2 million (1.0) at the end of the
reporting period. The group has a credit limit
of EUR 5.5 million, of which EUR 4.5 million
was unused at the end of the financial year.
Equity attributable to the shareholders of the
parent company was EUR 3.17 per share
(3.02) at the end of December 2023. Equity
at the end of year was EUR 22.0 million,
compared to EUR 21.3 million at the end of
the previous year. The equity ratio improved
to 45.5% (40.5%) as a result of the lighter
balance sheet. The balance sheet total was
EUR 49.6 million (54.1).
SHARES AND SHARE CAPITAL
Wulff Group Plc’s share is listed on the Nas-
daq Helsinki in the Small Cap segment under
the Industrial Goods and Services sector. The
company’s trading code is WUF1V. At the
end of the reporting period, the share was
valued at EUR 1.95 (3.29) and the market
capitalisation of the outstanding shares
totalled EUR 13.3 million (22.4). In 2023, the
trade volume for the stock was 1,633,934
(2,039,645), and the number of sharehold-
ers as of 31 December 2023 was 2,780
(2,736).
The Board of Directors decided to establish
a short- and long-term incentive scheme
for CEO Elina Rahkonen on February 22,
2021. The remuneration to be paid through
the scheme excluding indirect wage costs is
equal to the value of a maximum of 40,000
shares in Wulff Group Plc from financial years
2021-2023.
On February 21, 2022, the Board of Directors
decided to transfer 10,000 treasury shares
held by the company to CEO Elina Rahkonen,
as a result of the short-term incentive plan
decided on February 22, 2021. The transfer
of the shares was based on the authorization
given to the Board of Directors by the Annual
General Meeting on April 8, 2021.
At the end of December 2023, the Group
held 111,624 (111,624) treasury shares rep-
resenting 1.6% (1.6) of the total number and
voting rights of Wulff shares.
DECISIONS OF THE ANNUAL
GENERAL MEETING AND BOARD OF
DIRECTORS
Wulff Group Plc’s Annual General Meeting
was held in the Wulff house in Espoo on
April 5, 2023. The Annual General Meeting
adopted the financial statements for the finan-
cial year 2022 and discharged the members
of the Board of Directors and CEO from lia-
bility for the financial period 1.1.–31.12.2022.
The Annual General meeting decided to
pay a dividend of EUR 0.14 per share for the
financial year 2022. The Annual General
Meeting adopted the remuneration report
presented by the Board of Directors.
Kari Juutilainen, Lauri Sipponen, Jussi Vienola
and Kristina Vienola were re-elected as mem-
bers of the Board. The organizing meeting of
Wulff Group Plc’s Board of Directors, held af-
ter the Annual General Meeting, decided that
the Chairman of the Board is Kari Juutilainen. It
was confirmed that the members of the Board
of Directors will receive a monthly fee of EUR
1,250.
BDO Oy, a company of Authorized Public
Accountants, with Authorized Public Account-
ant Juha Selänne as the lead audit partner,
was chosen as the auditor of Wulff Group Plc.
The Annual General Meeting authorised the
Board of Directors to resolve on the acquisi-
tion of maximum 300,000 own shares. The
authorization is effective until April 30, 2024.
The Board of Directors decided to continue
buying back own shares in accordance
Wulff Annual Report 2023 41
with the authorization granted by the Annual
General Meeting on April 5, 2023.
The Annual General Meeting authorised the
Board to decide on the issue of new shares,
disposal of treasury shares and/or the issue
of special rights. The authorisation entitles the
Board to issue a maximum of 1,300,000
shares, representing approximately 20% of
the company’s currently outstanding stock,
based on a single decision or several deci-
sions. The authorisation remains in force until
April 30, 2024.
PERSONNEL
In January–December 2023 the Group’s
personnel totalled 262 (286) employees on
average. At the end of September, the Group
had 234 (280) employees of which 46 (72)
persons were employed in Sweden, Norway
or Denmark. Of the Group’s personnel 40%
(41) work in sales operations and 60% (59)
in sales support, logistics, and administration.
53% (52) of the personnel are women and
47% (48) are men.
RISKS AND UNCERTAINTIES IN THE
NEAR FUTURE
The general economic and market develop-
ment and the employment rate have a signif-
icant 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 broad-
ened 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 de-
velopment 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 ex-
ample 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 profita-
bility. 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 change negotiations ended on Febru-
ary 20, 2024. The implemented personnel
restructuring is part of the integration of the ac-
quisition 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 attributa-
ble 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 remain-
ing 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 com-
pany 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 oper-
ating 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, al-
though 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 impor-
tance 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.
42 Wulff Annual Report 2023
The demand for products and services is
essentially influenced by the general de-
velopment 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 loca-
tions 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-pan-
demic. 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 im-
pact 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 reorganiza-
tion 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 ne-
gotiations. 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 approximate-
ly 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 in-
tegration of information systems, logistics and
operational processes, and business premises.
During 2023, Wulff has achieved a cost syn-
ergy 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.
ACCOUNTING PRINCIPLES FOR
ALTERNATIVE PERFORMANCE
MEASURES
The Group complies with the Guidelines
on Alternative (APM) issued by the European
Securities and Markets Authority (ESMA)
in its statutory reporting. These alternative
performance measures, such as the gross
margin, comparable EBITDA and compa-
rable operating profit, are used to present
the underlying business performance and to
enhance comparability between financial
periods. The comparable EBITDA and com-
parable operating profit do not include items
affecting comparability. These are income
and expenses that are not included in normal
business activities, such as profits from sales of
subsidiaries, and non-recurring costs related
to their implementation, and writedowns of
goodwill and significant one-time expenses.
The Alternative Performance Measures should
not be taken as substitutes for the standards
presented in the Generally Accepted Ac-
counting Principles for IFRS.
Wulff Annual Report 2023 43
KEY FIGURES
EUR 1 000 2023 2022 2 021 2020 2 019
Net sales 93 782 10 2 171 90 424 57 541 56 344
Change in net sales % -8.2% 13.0% 57.1% 2.1% 0.8%
Earnings before taxes, depreciation and amortization (EBITDA) 5 111 6 213 9 128 5 204 3 067
% of net sales 5.4% 6.1% 10.1% 9.0% 5.4%
Comparable earnings before taxes, depreciation and amortization (EBITDA) 5 470 6 213 6 073 5 204 3 184
% of net sales 5.8% 6.1% 6.7% 9.0% 5.7%
Operating profit/loss 3 171 3 988 6 940 3 541 1 570
% of net sales 3.4% 3.9% 7. 7 % 6.2% 2.8%
Comparable operating profit/loss 3 530 3 988 3 885 3 541 1 687
% of net sales 3.8% 3.9% 4.3% 6.2% 3.0%
Profit/Loss before taxes 2 13 2 3 273 6 552 3 101 1 194
% of net sales 2.3% 3.2% 7.2% 5.4% 2.1%
Comparable profit/loss before taxes 2 492 3 273 3 497 3 101 1 311
% of net sales 2.7% 3.2% 3.9% 5.4% 2.3%
Net profit/loss for the financial year attributable for the shareholders of the
parent company
2 087 3 052 5 896 2 174 1 039
% of net sales 2.2% 3.0% 6.5% 3.8% 1.8%
Comparable net profit/loss for the financial year attributable for the
shareholders of the parent company
2 446 3 052 2 841 2 174 1 156
% of net sales 2.6% 3.0% 3.1 % 3.8% 2.1%
Cash flow from operations 4 560 3 990 4 974 2 783 3 777
Return on equity (ROE) % 9.9% 15.5% 36.3% 19.1 % 8.5%
Return on investment (ROI) % 9.0% 11.2% 25.0% 15.2% 7. 9 %
Equity ratio % 45.5% 40.5% 38.1% 41.9 % 39.2%
Gearing, % 52.5% 60.6% 62.1% 57.3% 66.2%
Balance sheet total 49 550 5 4 119 52 045 35 353 33 093
Gross investments in fixed assets 1 649 2 479 1 388 719 7 359
% of net sales 1.8% 2.4% 1.5% 1.2% 13.1 %
Average number of personnel during the financial year 262 286 248 18 9 19 8
Number of personnel at the end of financial year 234 280 278 176 200
The Group complies with the Guidelines on Alternative Performance Measures (APM) issued by the European Securities and Markets Authority (ESMA) in its statutory reporting. These alternative performance measures,
such as the gross margin, comparable EBITDA and comparable operating profit, are used to present the underlying business performance and to enhance comparability between financial periods. The comparable EBIT-
DA and comparable operating profit do not include items affecting comparability. These are income and expenses that are not included in normal business activities, such as profits from sales of subsidiaries, and write-do-
wns of goodwill. The Alternative Performance Measures should not be taken as substitutes for the standards presented in the Generally Accepted Accounting Principles for IFRS.
44 Wulff Annual Report 2023
SHARE-RELATED KEY FIGURES
* The Board of Directors' dividend proposal from year 2023 to the Annual General Meeting to be held on April 4, 2024.
2023 2022 2 021 2020 2 019
Earnings per share (EPS), EUR 0.31 0.45 0.87 0.32 0 .15
Comparable earnings per share (EPS), EUR 0.36 0.45 0.42 0.32 0 .17
Equity per share, EUR 3.17 3.02 2.73 2.00 1. 76
Dividend per share, EUR* 0 .15 0 .14 0 .13 0 .12 0 .11
Payout ratio % 49% 31 % 15 % 38% 72%
Comparable payout ratio % 41 % 31 % 31 % 38% 65%
Effective dividend yield % 7. 7 % 4.3% 2.6% 3.7% 6.2%
Price/Earnings (P/E) 6.3 7. 4 5.6 10 .1 11 . 6
Comparable price/earnings (P/E) 5.4 7. 4 11 . 7 10.1 10.5
P/BV 0.62 1.09 1.80 1.62 1.00
EBITDA / share, EUR 0.75 0 .91 1.35 0.77 0.45
Comparable EBITDA / share, EUR 0.80 0 .91 0.90 0.77 0.47
Cash flow from operations / share, EUR 0.67 0.59 0.73 0.41 0.55
Share prices:
Lowest share price, EUR 1.70 2.47 2.90 1. 31 1.50
Highest share price, EUR 4 .13 5.20 5.34 3.40 1.91
Average share price, EUR 3 .13 3.94 4 .14 2.01 1.67
Closing share price, EUR 1.95 3.29 4.92 3.24 1.77
Market value as of Dec 31, MEUR 13 . 3 22.4 33.3 21. 9 12 .1
Number of outstanding shares on average during the financial year 6 796 004 6 852 051 6 769 352 6 791 043 6 828 628
Number of outstanding shares at the end of the financial year 6 796 004 6 796 004 6 770 368 6 763 368 6 828 628
Number of shares traded 1 633 934 2 039 645 6 403 381 3 538 157 736 299
% of average number of shares 24.0% 29.8% 94.6% 52.1% 10.8%
Shares traded, EUR 4 652 372 7 790 740 25 279 930 7 459 624 1 232 914
Wulff Annual Report 2023 45
CALCULATION PRINCIPLES OF KEY FIGURES
Return on equity (ROE), % Net profit/loss for the period (total including the non-controlling interest of the result) x 100
Shareholders’ equity total on average during the period (including non-controlling interest)
Return on investment (ROI), % (Profit before taxes + Interest expenses) x 100
Balance sheet total - Non-interest-bearing liabilities on average during the period
Equity ratio, % (Shareholders’ equity + Non-controlling interest at the end of the period) x 100
Balance sheet total - Advances received at the end of the period
Gearing, % Net interest-bearing debt x 100
Shareholders’ equity (including Non-controlling interest at the end of the period)
Earnings per share (EPS), EUR Net profit attributable to the equity holders of the parent company
Share issue adjusted number of outstanding shares on average during the period
Equity per share, EUR Equity attributable to equity holders of the parent company
Share issue-adjusted number of outstanding shares at the end of period
Dividend per share, EUR Dividend for the financial period
Share issue-adjusted number of outstanding shares at the end of period
Payout ratio, % (Dividend per share) x 100
Earnings per share (EPS)
Effective dividend yield, % (Dividend per share) x 100
Share issue-adjusted closing share price at the end of period
Price/Earnings (P/E) Closing share price at the end of period
Earnings per share (EPS)
46 Wulff Annual Report 2023
CALCULATION PRINCIPLES OF KEY FIGURES
P/BV ratio
Share issue-adjusted closing share price at the end of period
Equity per share
Earnings before depreciation and amortization, Earnings before depreciation and amortization, financial items, and taxes (EBITDA)
financial items, and taxes per share, EUR
Share issue adjusted number of outstanding shares on average during the period
Cash flow from operations per share Cash flow from operations (in the cash flow statement)
Share issue-adjusted average number of outstanding shares during the period
Net interest-bearing debt Interest-bearing liabilities - Interest-bearing receivables - Cash and cash equivalents
Market value of outstanding shares Share issue-adjusted number of outstanding shares at the end of period
x Closing share price at the end of period
EBITDA Net sales + Other operating income - Materials and services - Employee benefit expenses - Other opera-
ting expenses
EBITDA, % Operating profit before interest, taxes, depreciation, and amortization / Net sales x 100
Comparable EBITDA EBITDA +/- Items affecting comparability
Operating profit (EBIT) EBITDA - Depreciation and amortization - Impairment
Operating profit (EBIT), % Operating profit (EBIT) / Net sales x 100
Comparable operating profit (EBIT) Operating profit (EBIT) +/- Items affecting comparability
Wulff Annual Report 2023 47
RISKS AND RISK MANAGEMENT
48 Wulff Annual Report 2023
RISKS AND RISK MANAGEMENT
GOALS AND PRINCIPLES OF RISK
MANAGEMENT
Wulff Group follows the risk manage-
ment policy devised by the Board of
Directors that determines the objectives
and responsibilities of risk management,
as well as the reporting procedures. The
Company’s risk management supports the
achievement of strategic objectives and
ensures business continuity. The realisation
of risk management policies is controlled
with internal audit regularly and also
external auditors supervise the adequacy
and effectiveness of the risk management
as a part of the audit procedures related
to Group’s governance.
Risk management is part of Wulff Group’s
business operations management. Wulff’s
risk management is guided by legislation,
business objectives set by shareholders
as well as the expectations of customers,
personnel and other important stakehold-
ers. The Group’s risk management aims
to systematically and extensively identify
and understand any risks that may prevent
the achievement of the Group’s business
objectives, as well as to ensure that risks
are appropriately managed when mak-
ing business-related decisions. Threats to
business include risks related to acquisi-
tions, IT risks, risks related to the staff and
its availability, as well as factors related to
the general economic development and
the Company’s reputation.
RISK SURVEY
Risks are classified into strategic, oper-
ational and market risks. The risk man-
agement process aims to identify and
assess risks and then plan and implement
practical measures to deal with each risk.
Possible measures include, for example,
avoiding the risk, reducing it in different
ways or transferring it with insurance or
agreements.
Wulff Group carries out annual risk surveys
to determine the main risks in terms of their
significance and probability. The business
unit leaders are responsible for carrying
out the surveys and risk monitoring on
which they report to the Group Executive
Board. Selected persons are responsible
for the monitoring of specific issues within
each risk category i.e. strategic, operative
or market risks. The Group has not set up
a separate organisation for risk manage-
ment. Instead, risk management is ar-
ranged in compliance with the Company’s
other business operations and organisation
structure.
The divisions’ financial reports and the sit-
uation of the businesses’ key development
projects are on the agenda of the Group
Executive Board which convenes on a
tertiary basis. The main risks determined in
the risk survey, changes in the significance
and probability of the risks, as well as the
persons responsible, actions completed
and results achieved are reported to the
Group’s Board of Directors annually.
Special attention is paid to any possible
new risks that are detected.
STRATEGIC RISKS
The most significant strategic risks arise
from the uncertainties related to business
acquisitions that may expose the Group
to new types of market and operating
environment risks. Acquisitions involve also
risks related to the integration of busi-
ness, commitment of key personnel and
achievement of business objectives set for
the acquisition, as well as the increasing
exposure to currency and interest rate
risks. In accordance with the International
Financial Reporting Standards (IFRS),
consolidated goodwill is not amortized
on a regular basis, but instead is tested for
impairment at least annually or whenever
there are indications of impairment.
OPERATIVE RISKS
Customer Base Management
The main operational threats involve the
loss of customers or sales volume and risks
related to customer relationship manage-
ment. The Company tackles the risk of
possible customer or volume losses by de-
veloping compensating sales in other cus-
tomer or product groups. The risk of losing
customers is reduced by the Company’s
independence of individual customers.
The Group has a broad customer base
and the management analyses the risks
related to customer concentration.
The demand for office supplies is affected
by the organizations’ personnel lay-offs
and cost-saving initiatives made during
the economic downturn. As the general
economic uncertainty persists, it will most
likely affect the ordering behaviour of
some corporate clients. During the uncer-
tain economic periods, the corporations
may also minimize attending exhibitions.
Intense competition in the workplace
products and services indusrty can affect
the profitability of the business.
There are both risks and opportunities
involved in developing the product and
service portfolio to be in line with chang-
ing markets and needs. The uncertainties
relating to the general economic devel-
opment emphasizes the importance of
monitoring the credit and default risks
Wulff Annual Report 2023 49
associated with customers and other
affiliates. The credit and default risks and
control measures are presented under
Credit and Default Risks.
Personnel
The main operational threats involve also
factors related to the personnel and the
availability of workforce. Especially the
development of net sales and profitability
of the Expertise Sales Segment is partly
dependant on the number of sales repre-
sentatives and their sales know-how.
Financial Risks
The Group’s parent company finances the
major subsidiaries’ operations on a cen-
tralised basis and controls the financial
risks arising from them. Group companies
with non-controlling minority shareholders
may make more independent financial
decisions but always within the limits
defined by the Boards. The parent com-
pany’s Board of Directors determines the
principles of financial risk management,
with the goal to minimise the effects that
price fluctuations in the financial markets,
as well as other uncertainty factors may
have on result, financial position and cash
flow.
Financial risks include currency risks, inter-
est rate risks, liquidity risks, and credit risks
managed by each subsidiary.
Currency Risks
More than 2/3 of the Group’s sales are
nominated in euros and 1/3 is nominat-
ed in Swedish, Norwegian and Danish
crowns. Fluctuation of the currencies
affects the Group’s net result and financial
position. In terms of import, the exposure
to currency risks affects especially the
currency risks of the Wulff Supplies sub-
group through changes between Sweden
and Norway. The Group has only minor
transactions in other currencies than euros
and Nordic currencies. Interest-bearing
liabilities by currencies are presented in
Note 21 of the consolidated financial
statements. The Group does not practice
any speculative hedging. No separate
hedging measures against currency risk
are taken.
Interest Rate Risks
The Group is exposed to interest rate risk
due to loans from financial institutions
and bank account limit facilities tied with
variable interest rates. Changes in market
rates impact directly the Group’s interest
payments in the future. More information
on the interest rates of the Group’s inter-
est-bearing liabilities is presented in Note
21 of the consolidated financial state-
ments. The Group does not make any
speculative interest rate agreements and
to date, no interest rate swaps have been
utilized for managing interest rate risks.
Liquidity Risks
Group companies operate with their own
cash flows and if necessary, they are
funded also with the Group’s internal fi-
nancing. In order to ensure good liquidity,
the Group emphasises the subsidiaries’
independence in the management of
operating cash flow and working capital.
Liquidity risks are managed on the group
level with Group bank account ar-
rangements in Finland and Scandinavia.
Continuous supervision is used to assess
and monitor the financing needed for the
subsidiaries’ operations. The availability
and flexibility of financing is ensured with
bank account credit limits. On December
31, 2023, unused credit limits totalled EUR
4.5 (5.5) million in Finland. The maturity of
loans is presented in Note 21.
Part of the Group’s loan agreements
include covenants, according to which
the equity ratio shall be 35 % at minimum
and the interest-bearing debt/EBITDA
ratio shall be 3.5 at maximum at the end
of each financial year. Covenant breach-
es lead to negotiations with the bank
granting the guarantee and any possible
consequences depend on the negotia-
tions. The covenant terms were met on
31.12.2023.
Credit and Default Risks
The uncertainties relating to the general
economic development have empha-
sized the importance of monitoring
the credit and default risks associated
with customers and other affiliates. The
subsidiaries manage their customers’
credit analyses and active credit control
independently. Together with the sub-
sidiaries’ management, the subsidiaries’
working capital management and related
risks are monitored also on segment and
group level by the Group's finances. The
Group’s trade receivables consist of an
extensive customer base, and most of the
annual sales volume is from well-known
and solvent customers. Consequently, the
Group has not considered credit guar-
antees or corresponding methods to be
necessary.
The risk management policy of each com-
pany defines the credit risks and credit
worthiness requirements, as well as the
terms of delivery and payment. Credit risk
monitoring is primarily the responsibility of
the subsidiaries’ management, while the
parent company’s financial management
monitors regularly the realisation of the
risk management principles, the develop-
ment of the Group's credit risk and exam-
ines the efficiency of the centralised own
collection operations and the outsourced
collection partner. Traditionally the group
companies’ credit losses have been
small in relation to their net sales. Aging
analysis of sales receivables is presented
in Note 17 of the consolidated financial
statements.
Capital Management
Wulff Group’s capital structure man-
agement aims to ensure and improve
the operating conditions of the group
companies and to increase the Group’s
shareholder value in a sustainable, opti-
mal way. The Group’s capital structure is
evaluated by monitoring the development
in equity ratio where the long-term target
is approximately 40 percent. The Group’s
companies operate with their own cash
flows and if necessary, they are funded
also with Group’s internal financing.
The Group emphasises the subsidiaries’
50 Wulff Annual Report 2023
independence in the management of
operating cash flow and working capital.
The Group Finance controls the group
companies’ working capital management
centrally. The Group Finance takes care
of the external loan financing and agrees
on the loans’ repayment schedules with
the financiers centrally.
IT Risks
Subsidiaries are responsible for man-
aging the risks related to their own IT
systems. Common practices are applied
in user management and data verficia-
tion. IT system management is evaluated
and inspected on group level with regard
to the most significant risks. Also external
auditors pay attention to IT risks and
efficiency of the Group’s IT processes,
and the auditors report their findings and
development recommendations to Group
management and Board, if necessary.
Asset Risks
The Group’s assets are comprehensively
insured against accidents and damage.
Some of the subsidiaries are also insured
against interruption in operations.
Environmental Risks
The Group also takes into account
environmental risks and emphasizes en-
vironmental-friendliness in its operations.
The Group’s subsidiary Wulff Oy Ab has
been granted the ISO 14001 environ-
mental certificate. Wulff provides cus-
tomers with information about recycling
solutions for office and IT supplies and
sees to the recycling of its customers’ used
ink cartridges. In addition, the Group
promotes a positive attitude towards envi-
ronmental matters and their development
among its personnel. Wulff Entre Oy and
Wulff Oy Ab have also been granted the
ISO 9001 quality certificate.
When selecting suppliers, Wulff's Con-
tract Customers in Finland favours com-
panies committed to sustainable develop-
ment. The company chooses products that
use environmentally friendly raw materials
and production methods. In addition, the
webshop provides a wide range of green
office products. Recycled and rapidly
renewable materials are preferred in the
material choices and CO2 emissions
caused by the transportation of products
are minimized. All of the packaging
materials used in Wulff’s Finnish Cotract
Customers's product deliveries can be
recycled or used as a source of energy.
All Wulff Group companies in Finland use
Posti Green deliveries that are CO2 neu-
tral. With improved energy efficiency and
use of low emission, renewable energy,
carbon dioxide emissions will be re-
duced. From the customers’ point of view,
the deliveries are completely carbon
neutral because the remaining emissions
are compensated by funding Posti Green
climate projects.
Wulff Supplies, which operates in Swe-
den, Norway and Denmark, comply
with the Supplies Control concept. The
concept contains all environmental pro-
cesses and future guidelines. The concept
was introduced in 2009 and it has been
developed in collaboration with custom-
ers, employees, and suppliers. With the
help of the concept, Wulff Supplies is
actively working to achieve overall cost
reduction along the entire supply chain
and minimizing environmental impacts.
Wulff Supplies makes certain that the
products they offer have been developed
and produced in compliance with ethical
guidelines and applicable legislation
and regulations. Wulff Supplies aims to
reduce use of materials, which means
more efficient utilization of materials and
energy. More environmental friendly
alternatives are used whenever they are
available and hazardous substances
are avoided. Wulff Supplies has been
awarded with the ISO 9001:2008 and
ISO 14001:2004 certificates in all of its
operating countries.
The Finnish Packaging Recycling RINKI
Ltd has awarded Wulff with a certificate
showing that the company handles the
recovery of the packages it supplies to
the market in compliance with directives,
acts and statutes.
MARKET RISKS
The main market risks include megatrends
in the global economy, such as digital-
isation and responsibilty, the effect of
economic cycles and employment rates
on the demand of workplace proudcts
and services, as well as international
customer contracts.
Changes in consumer preferences, such
as new trends in printing solutions, affect
development in the sector. International
pandemic or smaller epidemics, that
restrict traveling may have an impact
on demand of workplace products and
services as well as exhibition services.
The tightening of geopolitical tensions can
affect general economic development,
product availability and customer needs.
Wulff Group keeps a close eye on
changes and develops and searches for
new products and services. The Group’s
broad range of products and services
reduces the risks caused by changing
consumer preference. The Company
prepares for economic downturns by
adjusting operations and expanding its
customer base.
Wulff Annual Report 2023 51
SHARES AND SHAREHOLDERS
SHARE CAPITAL
The parent company’s share capital of
EUR 2.65 million consists of 6,907,628
shares with one vote each and with no
par value. There were no changes in
share capital in 2023 or 2022.
AUTHORIZATIONS OF THE BOARD
OF DIRECTORS
Authorizing the Board of Directors to
decide on a Share Issue and the Special
Entitlement of Shares
The Annual General Meeting on April 5,
2023 authorised the Board to decide on
the issue of new shares, disposal of treas-
ury shares and/or the issue of special
rights referred to in Chapter 10, Section
1 of the Companies Act in the following
way: The authorisation entitles the Board
to issue a maximum of 1,300,000 shares,
representing approximately 20% of the
company’s current outstanding stock,
based on a single decision or several
decisions. This maximum number encom-
passes the share issue and the shares
issued on the basis of special rights. The
share issue may be subject to or exempt
from fees and may be carried out for the
company itself as provided in the law.
The authorisation remains in force until
April 30, 2024.
The authorisation entitles the Board to de-
viate from shareholders’ pre-emptive rights
as provided in the law (private place-
ment). The authorisation can be used to
carry out acquisitions or other business-re-
lated arrangements, to finance invest-
ments, to improve the company’s capital
structure, to support the implementation
of the company’s incentive scheme or for
other purposes as decided by the Board.
The authorisation includes the right to de-
cide on the way in which the subscription
price is entered in the company’s balance
sheet. The subscription price can be paid
in cash or as a non-cash contribution,
either partly or in full, or by offsetting the
subscription price with a receivable of the
subscriber. The Board of Directors has the
right to decide on other matters related to
the share issue. The Company did not use
the authorization in 2023 or 2022.
Authorizing the Board of Directors to de-
cide on the Repurchase of the Company’s
own Shares
The Annual General Meeting on April 5,
2023 authorised the Board of Directors
to resolve on the acquisition of maximum
300,000 own shares. The authorization
is effective until 30.4.2024. The author-
ization encompasses the acquisitions
of the own shares through the public
trading arranged by Nasdaq Helsinki
Ltd in pursuance of its rules or through a
purchase offer made to the shareholders.
The consideration paid for the acquired
shares must be based on the market
price. To carry out treasury share acqui-
sitions, derivative, stock loan and other
agreements may be made on the capital
market in accordance with the relevant
laws and regulations. The company
can acquire treasury shares to carry out
acquisitions or other business-related
arrangements, to improve the company’s
capital structure, to support the implemen-
tation of the company’s incentive scheme
or to be cancelled or disposed of. The
Board of Directors has the right to decide
on other matters related to the acquisition
of treasury shares. The Company used its
autorization as described under header
Treasury Shares in 2022.
TREASURY SHARES
According to the Annual General Meet-
ing’s authorisation on April 8, 2022, the
Board of Directors decided in its organiz-
ing meeting to continue the acquisition of
its own shares, by acquiring a maximum
of 300,000 own shares by April 30,
2023.
The shares are acquired through pub-
lic trading on Nasdaq Helsinki Ltd in
a proportion other than that of current
shareholder holdings. The shares are
acquired at the market price quoted at
the time of the repurchase in accordance
with the rules regarding the acquisition
of company’s owns shares. According to
the authorisation, the treasury shares can
be acquired to carry out acquisitions or
other business related arrangements, to
improve the company’s capital structure,
to support the implementation of the
company’s incentive scheme or to be
cancelled or disposed of.
In 2023 there were no changes in the
number of own shares. In 2022 own
shares were aqcuired and disposed of.
During the last quarter the Board of Direc-
tors of Wulff Group Plc decided to start
buy back its own shares in accordance
with the authorization granted by the
Annual General Meeting. The repur-
chases started on October 26, 2022
and ended on November 29, 2022.
Wulff Group Plc repurchased 66,812
shares at the market price quoted through
public trading on Nasdaq Helsinki Ltd, in
accordance with the rules regarding the
acquisition of company’s owns shares.
52 Wulff Annual Report 2023
The acquired shares are intended to be
used to finance acquisitions and other
arrangements according to the compa-
ny´s growth strategy. On February 21,
2022 the Board of Directors decided to
transfer 10,000 own shares to the CEO
as renumeration for 2021 and in January
82,488 own shares were transferred as a
part of Carpentum Oys purchase price.
At the end of December 2023, the Group
held 111,624 (111,624) own shares repre-
senting 1.6% (1.6) of the total number and
voting rights of Wulff shares.
SHARE-BASED PAYMENTS
The Group does not have any option
schemes currently in force. Wulff Group
Plc’s Board of Directors draws up the rules
for the share reward plans and approves
the key persons to be included in the plan.
On February 22, 2021 the Board of
Directors decided to establish a share-
based incentive scheme for the CEO.
More information is given in the Corpo-
rate Governance Statement and in Note
25 Related Party Information.
SHARE QUOTATION
Wulff Group Plc’s stock exchange history
started in October 2000 when the com-
pany’s share was first listed on the Helsinki
Stock Exchange’s NM list. On April 22,
2003, Wulff transferred its shares to the
main list, where they were listed in the
Consumer Discretionary sector. Until
February 2012, Wulff Group Plc’s shares
were listed on NASDAQ OMX Helsinki
in the Small Cap segment under the Con-
sumer Discretionary sector. In February
2012, the sector changed to the Industrial
Goods and Services sector.
Wulff shares’ trading code is WUF1V.
NASDAQ OMX Helsinki commenced
trading in round lots of one share on Sep-
tember 25, 2006. The share series’ ISIN
code used for international settlement of
securities is FI0009008452.
TRADING AND PRICE DEVELOPMENT
OF WULFF SHARES
In 2023, a total of 1,633,934
(2,039,645) Wulff shares were trad-
ed which represents 24.0 % (29.8) of
the total outstanding number of shares.
The trading was worth EUR 4,652,372
(7,790,740). In 2023, the highest share
price was EUR 4.13 (5.20) and the lowest
price was EUR 1.70 per share (2.47). At
the end of 2023, the share was valued at
EUR 1.95 (3.29) and the market capital-
ization of the outstanding shares totalled
EUR 13.3 million (22.4).
DIVIDEND POLICY
Wulff Group Plc follows an active
dividend policy. The goal is to distribute
around 50% of the period’s net profit in
dividend. The Board of Directors of Wulff-
Group has decided to propose to the An-
nual General Meeting on April 4, 2023
that dividend of EUR 0.15 per share be
paid in two installments during the second
and last quarters of 2024, for the financial
year 2023 totalling EUR 1.0 million. Rest
of the distributable funds shall remain in
the shareholders’ retained earnings.
SHAREHOLDERS AND OWNERSHIP
STRUCTURE
Wulff Group Plc’s shares are registered in
the book-entry securities system main-
tained by Euroclear Finland Ltd. The most
significant shareholders and the owner-
ship structure are presented in the graphs
attached.
INSIDER REGULATIONS
Wulff Group Plc complies with applicable
EU regulations, especially the Market
Abuse Regulation (EU 596/2016,
“MAR”), and any regulation and guid-
ance given by the European Securities
Markets Authority (“ESMA”). Further, the
company complies with Finnish legisla-
tion, especially the Securities Markets Act
(746/2012, as amended) and the Finnish
Penal Code (39/1889, as amended),
including the insider and other guidelines
of Nasdaq Helsinki Ltd and the standards
and guidance of the Finnish Financial
Supervisory Authority (“FIN-FSA”) and
other authorities.
Wulff hasn’t maintained a list of perma-
nent insiders since July 3, 2016. Instead,
all persons involved with insider projects
will be listed as project-specific insiders.
Project-specific lists will be established
and maintained for each project or event
constituting inside information, based on
a separate decision. All persons work-
ing for Wulff, representatives of external
entities, stakeholders and authorities who
have information concerning an insider
project or have access to project-specific
inside information, as well as persons
who are working for the implementation
of an insider project, will be entered in a
project-specific insider list.
Preparation of periodic disclosure (annual
and half year financial statements, interim
reports, financial statements bulletins) or
regular access to unpublished financial
information is not regarded as an insider
project. However, due to the sensitive
nature of unpublished information on the
company’s financial results, the persons
determined by the company, based on
their position or access rights, to have au-
thorised access to unpublished financial
result information are added to a list of
Financial Information Recipients. Wulff
applies an absolute trading prohibition (a
‘closed window’ principle) during a pe-
riod beginning 30 calendar days before
the announcement of each of the periodic
financial reports and the year-end report
(the financial statements bulletin) and end-
ing at the end of the trading day following
the day of publication of such a report.
Wulff Annual Report 2023 53
MAJOR SHAREHOLDERS
DECEMBER 31, 2023
The shareholders information is based
on the shareholders’ register maintained
by Euroclear Finland Ltd. Shareholders
are grouped according to the known
direct holdings of individual shareholders,
individuals under their guardianship and
the shares held by associations where they
exercise authority and stated as aggre-
gate amounts and specified category. The
shareholdings of companies belonging to
the same group are stated both as aggre-
gate amounts and specified by category.
The list of major shareholders can be found
on the Group’s website at wulff.fi/en/.
Major shareholders December 31, 2023 Number of shares
% of shares
1 Vienola Heikki 2,521,000 36.5%
2 LähiTapiola 761,10 0 11.0%
Elo Mutual Pension Insurance Company 350,000 5.1%
LähiTapiola General Mutual Insurance Company 283,900 4.1%
Lähitapiola Mutual Life Assurance Company 127,200 1.8%
3 Nordea 316,278 4.6%
Nordea Nordic Small Cap Equity Fund 296,128 4.3%
Nordea Life Assurance Finland 20,000 0.3%
Nordea Bank Plc 15 0 0.0%
4 Skandinaviska Enskilda Banken AB 216,392 3.1%
5 TCF-Myynti Ltd 170,000 2.5%
6 Wulff Group Plc 111 , 6 2 4 1.6%
7 Varma Mutual Pension Insurance Company 67,984 1.0%
8 Lindsay von Julin & Co Ab 66,000 1.0%
9 Laakkonen Mikko 64 ,185 0.9%
10 Tolppola Kim 53,204 0.8%
11 Salonen Jari 52,000 0.8%
12 Heikki Tervonen Oy 45,000 0.7%
13 Progift Oy 41,162 0.6%
14 Pim Partners Ltd 40,000 0.6%
15 Elina Rahkonen 40,000 0.6%
Total of 15 biggest shareholders 4,565,929 66.1%
Total of other shareholders 2,341,699 33.9%
Total number of shares 6,907,628 100.0%
- Own shares - 111 , 6 2 4
Total number of outstanding shares
6,796,004
54 Wulff Annual Report 2023
SHAREHOLDERS BY GROUP AS OF DECEMBER 31, 2023
Owner groups Number of shareholders %
Number of shares %
Companies 10 6 3.8% 74 7, 9 70 10.8%
Financial and insurance institutions 6 0.2% 732,428 10.6%
Public entities 2 0.1% 417,9 8 4 6.1%
Non-profit organisations 0 0.0% 0 0.0%
Private persons 2,639 94.9% 4,760,624 68.9%
Foreign shareholders 18 0.6% 7, 9 3 5 0.1%
Nominee-registered shareholders 9 0.3% 240,687 3.5%
Total
2,780 100.0% 6,907,628 100.0%
SHAREHOLDERS BY THE NUMBER OF SHARES OWNED DECEMBER 31, 2023
Number of shares Number of shareholders %
Number of shares %
1-500 1,999 71.9 % 303,461 4.4%
501-1000 3 61 13.0% 282,704 4.1%
1 001-10 000 368 13.2% 1,054,250 15.3%
10 001-100 000 44 1.6% 1,190,969 17.2%
100 001- 8 0.3% 4,076,244 59.0%
Total
2,780 100.0% 6,907,628 100.0%
Wulff Annual Report 2023 55
INFORMATION FOR SHAREHOLDERS
ANNUAL GENERAL MEETING
2024
Wulff Group Plc’s Annual General Meeting
will be held on April, 4 2024 at 11.00 A.M.
The meeting is held in the Wulff house at
Kilonkartanontie 3, Espoo.
The company's shareholders and their
representatives may attend the meeting and
exercise their shareholder rights also by
voting in advance and by submitting coun-
ter-proposals and questions in advance.
The meeting can be followed by remote
connection. Instructions for participating in
the Annual General Meeting, submitting
counter-proposals and submitting questions
and voting in advance to shareholders have
been published by invitation to the Annual
General Meeting and are available on the
company's website www.wulff.fi/en/annu-
al-general-meeting/.
A shareholder who is registered in the
company's shareholder register maintained
by Euroclear Finland Ltd on Thursday,
March 21, 2024 has the right to participate
in the Annual General Meeting by voting
in advance. Advance voting will begin on
March 13, 2024 at 9:00 A.M., when the
deadline for submitting counter-proposals
for voting has expired and the company has
published any counter-proposals for voting
on the company's website. A shareholder
entered in the company's shareholder reg-
ister who wishes to participate in the Annual
General Meeting must vote in advance no
later than Thursday, March 28, 2023 at
10:00 A.M., by which time the votes must
be received.
The holder of nominee-registered shares
has the right to participate in the Annual
General Meeting by voting in advance
on the basis of those shares that would
allow them to be entered in the shareholder
register maintained by Euroclear Finland Ltd
on the record date of the Annual General
Meeting on March 21, 2023. Participation
also requires that the shareholder be tem-
porarily entered in the shareholder register
maintained by Euroclear Finland Ltd on the
basis of these shares no later than March
28, 2023 at 10.00 A.M.
The owner of a nominee-registered share is
advised to request the necessary instruc-
tions from his / her custodian in good time
regarding temporary registration in the
shareholder register, issuance of proxies
and registration for the Annual General
Meeting. The custodian's account manager
must notify the owner of the nominee-reg-
istered share to be temporarily entered in
the company's shareholder register by the
above-mentioned date at the latest and
take care of voting on behalf of the nomi-
nee-registered shareholder.
DIVIDEND FOR 2023
The Board of Directors of Wulff Group Plc
proposes to the Annual General Meeting
that a dividend of EUR 0.15 per share in total
shall be paid for the financial year 2023 in
two instalments. The first instalment EUR 0.08
per share will be paid on April 15, 2024, to
shareholders who have been registered in
the Company’s shareholder list maintained
by Euroclear Finland Ltd on the record date
of the dividend payment, April 8, 2024. The
second instalment EUR 0.07 per share will be
paid on October 14, 2024, to shareholders
who have been registered in the Company’s
shareholder list maintained by Euroclear
Finland Ltd on the record date of the dividend
payment, October 7, 2024.
FINANCIAL REPORTING 2024
Wulff Group Plc will release the following
financial reports in 2024:
Interim Report, January-March 2024
Monday April 22, 2024
Half-Year Report, January-June 2024
Thursday July 18, 2024
Interim Report, January-September 2024
Monday October 21, 2024
Wulff Group Plc’s financial reports are
published in Finnish and English and they
are also available at www.wulff.fi/en. To
receive Wulff Group Plc’s interim reports and
releases by email, shareholders can join the
company’s email distribution list by sending
a request by email to investors@wulff.fi.
CONTACT INFORMATION FOR
ORDERING THE ANNUAL REPORT
Wulff Group Plc
Kilonkartanontie 3, FI-02610
Espoo, Finland
tel: +358 300 870 414
email: [email protected]
The Annual Report is published as a PDF
document in Finnish and English. It can be
viewed at the Group’s website at
www.wulff.fi/en.
CONTACT PERSON FOR INVESTOR
RELATIONS
Group CEO
Elina Rahkonen
Kilonkartanontie 3
FI-02610 Espoo, Finland
tel: +358 300 870 414
mobile: +358 40 647 1444
email: elina.rah[email protected]
56 Wulff Annual Report 2022
CONSOLIDATED FINANCIAL STATEMENT, IFRS
Wulff Annual Report 2023 55
CONSOLIDATED INCOME STATEMENT, IFRS
EUR 1 000 | Note | Jan 1 - Dec 31, 2023 | Jan 1 - Dec 31, 2022 |
Net sales | 2, 4 | ||
Other operating income | 5 | ||
Materials and services | 6 | - | - |
Employee benefit expenses | 7 | - | - |
Other operating expenses | 8 | - | - |
Earnings before depreciation (EBITDA) | |||
Depreciation and amortization | 9 | - | - |
Operating profit (EBIT) | |||
Financial income | 10 | ||
Financial expenses | 10 | - | - |
Profit before taxes | |||
Income taxes | 11 | - | |
Net profit/loss for the period | |||
| Attributable to: | |||
Equity holders of the parent company | |||
Non-controlling interests | |||
| Earnings per share for profit attributable to the equity holders of the parent | |||
| company: | |||
Earnings per share, EUR (diluted = non-diluted) | 12 |
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME, IFRS
EUR 1 000 | Jan 1 - Dec 31, 2023 | Jan 1 - Dec 31, 2022 |
Net profit/loss for the period | ||
Other comprehensive income which may be reclassified to profit or loss subsequently (net of tax) | ||
Change in translation differences | - | - |
Total other comprehensive income | - | - |
Total comprehensive income for the period | ||
| Total comprehensive income attributable to: | ||
Equity holders of the parent company | ||
Non-controlling interests |
56 Wulff Annual Report 2023
CONSOLIDATED STATEMENT OF FINANCIAL POSITION, IFRS
EUR 1 000 | Note | Dec 31, 2023 | Dec 31, 2022 |
| ASSETS | |||
| Non-current assets | |||
Goodwill | 13, 15 | ||
Intangible assets | 13 | ||
Property, plant and equipment | 13 | ||
| Non-current financial assets | |||
Long-term receivables from others | |||
Available-for-sale investments | |||
Deferred tax assets | 11 | ||
Total non-current assets | |||
| Current assets | |||
Inventories | 16 | ||
| Short-term receivables | |||
Loan receivables from others | |||
Trade receivables from others | 17 | ||
Other receivables | 17 | ||
Accrued income and expenses | 17 | ||
Cash and cash equivalents | 18 | ||
Total current assets | |||
TOTAL ASSETS |
EUR 1 000 | Note | Dec 31, 2023 | Dec 31, 2022 |
| EQUITY AND LIABILITIES | |||
| Equity | |||
| Equity attributable to the equity holders of the parent company: | |||
Share capital | |||
Share premium fund | |||
Invested unrestricted equity fund | |||
Retained earnings | |||
Equity attributable to the equity holders of the parent company | |||
Non-controlling interests | |||
Total equity | 19, 20 | ||
| Non-current liabilities | |||
Interest-bearing liabilities | 21 | ||
Leasing liabilities | 21 | ||
Deferred tax liabilities | 11 | ||
Total non-current liabilities | |||
| Current liabilities | |||
Interest-bearing liabilities | 21 | ||
Leasing liabilities | 21 | ||
Trade payables | 23 | ||
Advance payments | 23 | ||
Other liabilities | 23 | ||
Accrued income and expenses | 23 | ||
Total current liabilities | |||
TOTAL EQUITY AND LIABILITIES |
Wulff Annual Report 2023 57
CONSOLIDATED CASH FLOW STATEMENT, IFRS
EUR 1 000 | Note | Jan 1 - Dec 31, 2023 | Jan 1 - Dec 31, 2022 |
| Cash flow from operating activities: | |||
Cash received from sales | |||
Cash received from other operating income | |||
Cash paid for operating expenses | - | - | |
Cash flow from operating activities before financial items and income taxes | |||
Interest paid | - | - | |
Interest received | |||
Income taxes paid | - | - | |
Cash flow from operating activities | |||
| Cash flow from investing activities: | |||
Investments in intangible and tangible assets | - | - | |
Acquisition of subsidiary company shares | - | - | |
Short-term invesments in other shares | - | ||
Proceeds from sales of intangible and tangible assets | |||
Sale of subsidiaries reduced by cash at the time of sale | - | ||
Repayments of loans receivable | |||
Cash flow from investing activities | - | - | |
| Cash flow from financing activities: | |||
Dividends paid | 20 | - | - |
Purchase of own shares | 19 | - | |
Dividens received | 10 | ||
Changes in the shares of minority shareholders | 3 | - | |
Repayments of lease liabilities | - | - | |
Withdrawals and repayments of short-term loans | - | ||
Withdrawals of long-term loans | |||
Repayments of long-term loans | - | - | |
Cash flow from financing activities | - | - | |
Change in cash and cash equivalents | - | ||
Cash and cash equivalents at the beginning of the period | |||
Translation difference of cash | - | - | |
Cash and cash equivalents at the end of the period | 18 |
58 Wulff Annual Report 2023
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY, IFRS
Equity attributable to equity holders of the parent company
| EUR 1 000 | Note | Share capital | Share- | Fund for invested | Treasury | Translation | Retained | Total | Non-controlling | TOTAL |
| premium fund | non-restricted equity | shares | differences | earnings | interest | |||||
Equity on Jan 1, 2023 | - | - | ||||||||
| Net profit/loss for the period | ||||||||||
| Other comprehensive income*: | ||||||||||
Change in translation differences | - | - | - | - | ||||||
Comprehensive income * | - | |||||||||
| Transactions with the shareholders: | ||||||||||
Dividends paid | - | - | - | - | ||||||
Sale of subsidiaries | - | - | - | - | ||||||
Changes in ownership | - | - | ||||||||
Transactions with the shareholders total | - | - | - | - | - | |||||
Equity on Dec 31, 2023 | 19 | - | - | |||||||
Equity on Jan 1, 2022 | - | - | ||||||||
| Net profit/loss for the period | ||||||||||
| Other comprehensive income*: | ||||||||||
Change in translation differences | - | - | - | - | ||||||
Comprehensive income * | - | |||||||||
| Transactions with the shareholders: | ||||||||||
Dividends paid | - | - | - | - | ||||||
Acquiistion of own shares | - | - | - | |||||||
Transfer of own shares | ||||||||||
Transactions with the shareholders total | - | - | - | - | ||||||
Equity on Dec 31, 2022 | 19 | - | - |
* with tax impact included
Wulff Annual Report 2023 59Wulff Vuosikertomus 2022 59
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
60 Wulff Annual Report 2023
1. ACCOUNTING PRINCIPLES
Wulff Annual Report 2023 61
62 Wulff Annual Report 2023
Wulff Annual Report 2023 63
64 Wulff Annual Report 2023
Wulff Annual Report 2023 65
66 Wulff Annual Report 2023
2. SEGMENT INFORMATION
NET SALES BY OPERATING SEGMENTS
EUR 1 000 2023 2022
Contract Customers Segment
Sales to external customers 87 350 93 697
Intragroup sales to other segments 94 1 321
Total Contract Customers Segment
87 444 95 019
Expertise Sales Segment
Sales to external customers 6 430 8 473
Intragroup sales to other segments 10 39
Total Expertise Sales Segment
6 441 8 512
Group Services
Sales to external customers 1 1
Intragroup sales to other segments 1 526 1 280
Total Group Services
1 527 1 281
Intragroup eliminations between segments -1 631 -2 640
Total net sales 93 782 102 171
Revenue from any individual customer did not exceed 10 percent share of the consolidated revenue
in 2023 or 2022.
Wulff Annual Report 2023 67
RESULT BY OPERATING SEGMENTS 2023
EUR 1 000
Contract Customers Expertise Sales
Group services and
non-allocated items
Eliminations Group
Net sales 87 444 6 441 1 527 -1 631 93 782
Expenses -82 868 -6 821 -1 289 2 307 -88 671
Earnings before depreciation (EBITDA)
4 576 -381 238 676 5 110
Depreciations -739 -22 -503 -676 -1 940
Operating profit (EBIT)
3 837 -402 -265 0 3 170
Financial income (non-allocated) 68 68
Financial expenses (non-allocated) -1 106 -1 106
Profit before taxes
3 837 -402 -1 302 0 2 132
2. SEGMENT INFORMATION
RESULT BY OPERATING SEGMENTS 2022
EUR 1 000
Contract Customers Expertise Sales
Group services and
non-allocated items
Eliminations Group
Net sales 95 019 8 512 1 281 -2 640 102 171
Expenses -90 100 -8 627 -896 3 665 -95 959
Earnings before depreciation (EBITDA)
4 919 - 115 385 1 024 6 213
Depreciations -687 -27 -487 -1 024 -2 224
Operating profit (EBIT)
4 233 -142 -102 0 3 988
Financial income (non-allocated) 20 20
Financial expenses (non-allocated) -735 -735
Profit before taxes
4 233 -142 - 817 0 3 273
68 Wulff Annual Report 2023
GEOGRAPHICAL INFORMATION
Wulff Group companies are located in the
Nordic countries. According to IFRS 8, the
consolidated net sales are presented by the
geographical location of both the group
companies and the customers. Non-current
assets of the group companies located in
different countries consist of goodwill as
well as other intangible and tangible assets.
As required by IFRS 8, these geographical
segments’ assets do not include non-current
financial assets and deferred tax assets.
NET SALES BY GROUP COMPANIES’ LOCATIONS
EUR 1 000 2023 2022
Sweden 19 908 21% 22 530 22%
Norway 11 12 7 12 % 12 083 12 %
Denmark 1 150 1% 1 163 1%
Net sales between countries -6 823 -7% -7 234 -7%
Net sales total
93 782 100% 102 171 100%
NET SALES BY CUSTOMERS’ LOCATIONS
EUR 1 000 2023 2022
Sweden 12 906 14 % 15 860 16%
Norway 11 2 2 3 12 % 12 409 12 %
Denmark 1 462 2% 1 498 1%
Estonia 64 0% 78 0%
Other European countries 219 0% 810 1%
Other countries 582 1% 585 1%
Net sales total
93 782 100% 102 171 100%
NON-CURRENT ASSETS BY GROUP COMPANIES’ LOCATIONS
EUR 1 000 2023 2022
Sweden 4 297 21% 4 399 21 %
Norway 4 0% 1 0%
Total non-current assets
20 347 100% 20 521 100%
2. SEGMENT INFORMATION
Wulff Annual Report 2023 69
70 Wulff Annual Report 2023
Wulff Annual Report 2023 71
72 Wulff Annual Report 2023
Wulff Annual Report 2023 73
74 Wulff Annual Report 2023
11. INCOME TAXES
Wulff Annual Report 2023 75
12. EARNINGS PER SHARE
2023 2022
Profit for the period attributable to the equity holders of the parent company, EUR 1 000 2 087 3 052
/ Weighted average number of shares; diluted = non-diluted (1,000 shares) 6 796 6 852
Earnings per share (EPS); Diluted = non-diluted, EUR 0.31 0.45
76 Wulff Annual Report 2023
Wulff Annual Report 2023 77
78 Wulff Annual Report 2023
Wulff Annual Report 2023 79
80 Wulff Annual Report 2023
15. GOODWILL ALLOCATION AND IMPAIRMENT TEST
Consolidated goodwill is not amortized sys-
tematically but their book values are tested for
possible impairment at least annually and addi-
tionally when the management has noted signs
of possible impairment, e.g. due to decreased
profitability performance. Wulff Group tests its
goodwill values separately for each cash-gen-
erating unit. Changes in goodwill during the
financial period are presented in Note 13
where all intangible assets are presented.
In goodwill impairment tests the carrying amount
is compared to the unit’s discounted present val-
ue of the recoverable cash flows i.e. the value in
use, where the previous profit performance level,
the next year’s budget as well as the sales and
profit estimates for future years are considered.
The testing calculations’ five-year estimate
period consists of the budget year and the
following four estimate years where a moder-
ate, approximately two-percent annual growth
is estimated in each business areas. After this
five-year estimate period, the so-called eternity
value is based on a 1.0%-point growth assump-
tion. The budgets and later years’ estimates used
in the testing are carefully estimated and the
growth expectations are moderate considering
also the impacts of economic slowdown. The
assets tested include goodwill together with that
cash-generating unit’s other assets and working
capital.
The discount factor in the impairment tests is
based on weighted average cost of capital
(WACC) before taxes. Weighted average cost
of capital represents the overall expense of both
equity and external loan financing, taking into
account also the different return expectations
and special risks related to different assets. The
discount rate was based on reference groups’
equity structure, balance sheets, and annual
financial data.
Goodwill for the Finnish workplace products
and services business was EUR 3.5 million (3.5)
arising from the acquisition of Wulff Oy Ab on
December 31, 2023. The assets tested totalled
approximately EUR 15.6 million (8.8). The
discounted value-in-use is approximately EUR
22.0 million. According to the management,
the key factors in the testing calculations are the
moderate growth and retaining the customer
profitability, logistics’ cost management and
synergies from Nordic purchase cooperation in
office supplies.
Goodwill for the Scandinavian workplace
products and services business was EUR 1.4
million (1.4) arising from the acquisition of Wulff
Supplies AB. The assets tested totalled approxi-
mately EUR 4.7 million (6.7) and the discounted
value-in-use is approximately EUR 8.2 million.
According to the management, the key factors in
the testing calculations are the moderate growth
and retaining the customer profitability, logistics’
cost management and synergies from Nordic
purchase cooperation in office supplies.
The goodwill arising from the acquisition of
Wulff Entre Oy operating in exhibition and event
services totalled EUR 1.7 million (1.7) and the
assets tested totalled approximately EUR 1.2
million (1.3). The discounted value-in-use is
approximately EUR 1.4 million. The manage-
ment's estimate is based on My Remote Studio-
and Exhibiiton on Demand -service concepts'
continued sales development in line with the
develpoment in 2023 and in the gradual recov-
ery of the international exhibition business to the
pre-pandemic level.
The goodwill arising from the Canon Business
Center printing services related to the work-
place products and services business, i.e. the
acquisition of Mavecom Palvelut Oy, totalled
EUR 1.4 million (1.4) and the assets tested
totalled approximately EUR 1.5 million (1.5). The
discounted value-in-use is approximately EUR
1.9 million.
Goodwill for the financial management services,
arising from the acquisition of Carpentum Oy
totalled EUR 0.8 million (0.8) and the assets test-
ed totalled approximately EUR 0.6 million (0.7).
The discounted value-in-use is approximately
EUR 3.3 million.
SENSITIVITY ANALYSIS IN IMPAIR-
MENT TESTING
The key assumptions used in determining value
in use are defined by the Group Management.
The most important assumptions are
• discount rate
• average EBITDA margin
(EBITDA/Net sales).
Sensitivity analyses have been made on the
assumption that the average EBITDA margin will
decrease or that the discount rate will increase.
The table below presents a change in the key
assumption which (with other assumptions re-
maining unchanged) would cause the recovera-
ble amount to equal the carrying amount.
EUR 1 000 2023 2022
Contract Customers segment:
Workplace products and services / Finland (Wulff Oy Ab) 3 500 3 500
Workplace products and services / Scandinavia (Wulff Supplies AB) 1 446 1 442
Exhibition services (Wulff Entre Oy) 1 671 1 671
Workplace products and services /
Printing services (Mavecom Palvelut Oy)
1 424 1 424
Financial management services (Carpentum Oy) 783 783
Goodwill total 8 824 8 820
Wulff Annual Report 2023 81
15. GOODWILL ALLOCATION AND IMPAIRMENT TEST
Dec 31, 2023 Dec 31, 2022
Workplace products and services, Finland Used value Change Used value Change
Discount rate
14.4% increase of 5.6 percentage points 14.2% increase of 6.0 percentage points
Average EBITDA, % of sales 4.9% decrease of 1.1 percentage points 5.3% decrease of 1.8 percentage points
Workplace products and services, Scandinavia Used value Change Used value Change
Discount rate
13.3% increase of 9.4 percentage points 12.6% increase of 3.6 percentage points
Average EBITDA, % of sales 5.7% decrease of 1.7 percentage points 4.6% decrease of 1.1 percentage points
Exhibition services Used value Change Used value Change
Discount rate
14.1% increase of 1.6 percentage points 14.4% increase of 31.7 percentage points
Average EBITDA, % of sales 3.0% decrease of 0.3 percentage points 7.9 % decrease of 5.3 percentage points
Printing services Used value Change Used value Change
Discount rate
14.8% increase of 3.4 percentage points 14.8% increase of 4.0 percentage points
Average EBITDA, % of sales 14.2% decrease of 2.6 percentage points 12.7% decrease of 3.2 percentage points
Financial management services Used value Change Used value Change
Discount rate
14.6% increase of 80.2 percentage points 14.7% increase of 34.6 percentage points
Average EBITDA, % of sales 25.4% decrease of 19.8 percentage points 21.9% decrease of 14.9 percentage points
82 Wulff Annual Report 2023
Wulff Annual Report 2023 83
17. FINANCIAL ASSETS
84 Wulff Annual Report 2023
19. NOTES ON EQUITY
Wulff Annual Report 2023 85
86 Wulff Annual Report 2023
Wulff Annual Report 2023 87
88 Wulff Annual Report 2023
Wulff Annual Report 2023 89
90 Wulff Annual Report 2023
23. NON-INTEREST-BEARING LIABILITIES
MATURITY OF SHORT-TERM NON-INTEREST-
BEARING LIABILITIES
EUR 1 000 2023 2022
Due within one month 10 340 12 892
Due 1 month to 6 months 4 705 5 456
Due from 6 months to 1 year 543 247
Due from 1 year to 5 years 1 6
Total
15 589 18 601
Wulff Annual Report 2023 91
92 Wulff Annual Report 2023
Wulff Annual Report 2023 93
BUSINESS TRANSACTIONS WITH RELATED PARTIES
EUR 1 000 2023 2022
Sales to related parties 81 94
Purchases from related parties 115 115
94 Wulff Annual Report 2023
Wulff Annual Report 2023 95
PARENT COMPANY’S FINANCIAL STATEMENT, FAS
98 Wulff Annual Report 2023
Wulff Annual Report 2023 99
PARENT COMPANY’S INCOME STATEMENT, FAS
EUR 1 000 Note Jan 1 - Dec 31, 2023 Jan 1 - Dec 31, 2022
Net sales 2 462 432
Other operating income 3 66 60
Personnel expenses 4 - 519 -593
Other operating expenses 5 -50 -70
Depreciation and amortization according to plan 6 -159 -159
Operating profit/loss
-201 -331
Financial income 7 2 977 829
Financial expenses 7 -2 184 -565
Profit/Loss before appropriations
591 -66
Appropriations 8 12 8 754
Profit/Loss before taxes
720 688
Income taxes 9 10 5 -27
Net profit/loss for the period 825 661
100 Wulff Annual Report 2023
PARENT COMPANY'S BALANCE SHEET, FAS
EUR 1 000 Note Dec 31, 2023 Dec 31, 2022
ASSETS
FIXED ASSETS
Intangible assets
Trademarks 10 1 200 1 350
Other intangible assets 10 6 -
Tangible assets
Machinery and equipment 10 4 4
Other tangible assets 10 38 45
Investments
Shares in Group companies 11 16 534 17 6 70
Other shares and holdings 251 251
Non-current receivables
Receivables from Group companies 12 2 806 3 515
Receivables from others 34 -
Deferred tax receivables 9 109 4
TOTAL FIXED ASSETS
20 981 22 838
CURRENT ASSETS
Current receivables
Trade receivables 31 31
Receivables from Group companies 12 538 940
Prepaid expenses and accrued income 13 65 43
Current receivables total
633 1 013
Cash and cash equivalents 14 45 626
TOTAL CURRENT ASSETS 678 1 639
TOTAL ASSETS 21 659 24 477
PARENT COMPANY’S BALANCE SHEET, FAS
EUR 1 000 Note Dec 31, 2023 Dec 31, 2022
EQUITY AND LIABILITIES
SHAREHOLDERS´ EQUITY
Share capital 15 2 650 2 650
Share premium fund 15 7 890 7 890
Treasury shares 15 -332 -332
Invested unrestricted equity fund 15 676 676
Retained earnings 15 362 652
Net profit for the financial year 15 825 6 61
TOTAL SHAREHOLDERS´ EQUITY 15 12 070 12 19 7
EUR 1 000 Note Dec 31, 2023 Dec 31, 2022
LIABILITIES
Non-current liabilities
Loans from credit institutions 16 8 373 8 373
Total Non-current liabilities
8 373 8 373
Current liabilities
Loans from credit institutions 16 1 012 2 484
Trade payables 5 11
Amounts owed to group companies 18 48 1 014
Other liabilities 17 25 260
Accrued liabilities and deferred income 19 12 6 13 8
Total current liabilities
1 216 3 907
TOTAL LIABILITIES 9 589 12 280
TOTAL EQUITY AND LIABILITIES 21 659 24 477
Wulff Annual Report 2023 101
PARENT COMPANY’S BALANCE SHEET, FAS PARENT COMPANY CASH FLOW STATEMENT
EUR 1 000 Jan 1 - Dec 31, 2023 Jan 1 - Dec 31, 2022
CASH FLOW FROM OPERATIONS:
Payments received from sales 385 463
Payments received from other operating income 66 60
Amounts paid for operating expenses -1 553 -535
CASH FLOW FROM BUSINESS OPERATIONS BEFORE FINANCIAL ITEMS AND TAXES
-1 102 -13
Interests and other financial costs paid -534 -298
Interest received from operations 460 18 8
Dividend received from operations
2 412 551
CASH FLOW FROM OPERATIONS
1 235 428
CASH FLOW FROM INVESTMENT ACTIVITIES:
Investments in intangible and tangible assets -8 -1
Acquisition of shares in subsidiaries - 221 -709
Investments in other shares - -251
Loans granted -1 085 -1 256
Loan receivables repaid 706 844
CASH FLOW FROM INVESTMENT ACTIVITIES
-607 -1 374
CASH FLOW FROM FINANCIAL ACTIVITIES:
Dividend distribution paid -951 -892
Purchase of own shares - -220
Changes in the shares of minority shareholders - 81 -
Group contributions received 754 510
Group balance accounts (net) 1 554 -290
Withdrawals of long-term loans - 4 000
Repayments of long-term loans -2 484 -1 875
CASH FLOW FROM FINANCIAL ACTIVITIES -1 209 1 232
CHANGE IN CASH AND CASH EQUIVALENTS -581 287
CASH AND CASH EQUIVALENTS ON JANUARY 1 626 339
CASH AND CASH EQUIVALENTS ON DECEMBER 31 45 626
NOTES TO THE PARENT COMPANY’S FINANCIAL STATEMENTS
102 Wulff Annual Report 2023
Wulff Annual Report 2023 103
1. ACCOUNTING PRINCIPLES
Wulff Group Plc’s financial statements are prepared in accordance with the Finnish account-
ing legislation whereas the consolidated financial statements are prepared according to IFRS
standards. The accounting principles applied in the consolidated financial statements are
described in the notes of the consolidated financial statements.
All figures are presented as thousands of euros and have been rounded to the nearest thou-
sand euros. Therefore the total sums do not necessarily fully reconcile to the sum of individual
figures.
Statutory pensions are taken care of in an external pension company and pensions are
expensed when incurred.
Income taxes are booked based on the Finnish tax and accounting regulations.
2. NET SALES
Net sales consist of sales income deducted by value added taxes and discounts. Service
income is recognized upon the delivery of the service. Parent company’s net sales consist of
only administrational services in Finland.
3. OTHER OPERATING INCOME
EUR 1 000 2023 2022
Rental income 41 36
Other 24 24
Total
66 60
Non-current intangible and tangible assets are valued in their acquisi-
tion prices deducted by depreciations according to plan.
THE AMORTIZATION AND DEPRECIATION TIMES ACCORDING
TO PLAN ARE:
Trademarks: 20 year straight-line basis
Immaterial rights: 5 year straight-line basis
IT equipment: 3 years straight-line basis
Other machines and equipment: 5 years straight-line basis
Other tangible assets: 10 years straight-line basis
104 Wulff Annual Report 2023
4. PERSONNEL EXPENSES
Information about the management’s
employment benefits and loans is pre-
sented in Note 25 of the Consolidated
Financial Statements. Information on
related party shareholdings is present-
ed under Board and Management.
EUR 1 000 2023 2022
Salaries, wages and fees 443 460
Pension expenses 67 80
Other personnel expenses 9 7
Share-based incentives - 46
Total
519 593
5. OTHER OPERATING EXPENSES
EUR 1 000 2023 2022
Travel expenses 10 12
ICT expenses 18 9
Marketing, PR and entertainment expenses 46 43
Fees to auditors * 4 8
Bank expenses 74 75
Other -103 -77
Total
49 70
* Fees to auditors:
EUR 1 000 2023 2022
Audit 4 8
Total
4 8
Average number of employees in accounting period 3 3
Personnel at the end of period 3 3
Wulff Annual Report 2023 105
6. AMORTIZATION AND DEPRECIATION
DURING THE FINANCIAL YEAR
EUR 1 000 2023 2022
Amortization of intangible assets:
Trademarks 15 0 15 0
Other intangible assets 0 -
Total amortization of intangible assets
15 0 15 0
Depreciation of tangible assets:
Machinery and equipment 9 9
Total depreciation of tangible assets
9 9
Total amortization and depreciation 159 159
7. FINANCIAL INCOME AND
EXPENSES
EUR 1 000 2023 2022
Financial income:
Dividends from group companies 2 412 551
Other interest and financial income from
group companies
530 273
Other interest and financial income from others 35 5
Total
2 977 829
Financial expenses:
Interest expenses to group companies -239 -163
Interest expenses to others -799 -307
Foreign exchange losses - 18 - 74
Other financial expenses -1 128 -21
Total
-2 184 -565
Financial income and expenses total 792 265
8. APPROPRIATIONS
EUR 1 000 2023 2022
Appropriations: group contributions received 12 8 754
Total
128 754
9. INCOME TAXES
EUR 1 000 2023 2022
Change in deferred tax asset 105 -27
Total
105 -27
INCOME TAXES IN THE INCOME STATEMENT:
EUR 1 000 2023 2022
Deferred tax receivables 10 9 4
Total
109 4
INCOME TAXES IN THE BALANCE SHEET:
106 Wulff Annual Report 2023
10. INTANGIBLE AND TANGIBLE ASSETS
EUR 1 000
2023
Trademarks Other intangible assets Intangible assets total Other tangible assets Machinery and equipment Tangible assets total
Acquisition cost, Jan 1 3 000 - 3 000 67 10 77
Additions 6 6 2 2
Acquisition cost, Dec 31
3 000 6 3 006 67 12 79
Accumulated depreciation and impairment, Jan 1 -1 650 - -1 650 -22 -6 -28
Depreciation during the period -150 0 -150 -7 -2 -9
Accumulated depreciation and impairment, Dec 31
-1 800 0
-1 800
-29 -9
-37
Book value, Jan 1 1 350 - 1 350 45 4 49
Book value, Dec 31 1 200 6 1 206 38 4 42
EUR 1 000
2022
Trademarks Intangible assets total Other tangible assets Machinery and equipment Tangible assets total
Acquisition cost, Jan 1 3 000 3 000 67 9 76
Additions 1 1
Acquisition cost, Dec 31
3 000 3 000 67 10 77
Accumulated depreciation and impairment, Jan 1 -1 500 -1 500 - 15 -4 - 19
Depreciation during the period -150 -150 -7 -2 -9
Accumulated depreciation and impairment, Dec 31
-1 650 -1 650 -22 -6 -28
Book value, Jan 1 1 500 1 500 52 5 57
Book value, Dec 31 1 350 1 350 45 4 49
Wulff Annual Report 2023 107
11. SHARES IN GROUP COMPANIES
EUR 1 000 2023 2022
Acquisition cost, Jan 1 21 934 21 019
Additions 81 914
Sales -102 -
Acquisition cost, Dec 31
21 913 21 934
Accumulated depreciation and impairment, Jan 1 -4 264 -4 264
Additions -1 115 -
Accumulated depreciation and impairment, Dec 31
-5 379 -4 264
Book value, Jan 1 17 670 16 755
Book value, Dec 31 16 534 17 670
12. RECEIVABLES FROM GROUP COMPANIES
EUR 1 000 2023 2022
Non-current:
Capital loans 600 1 130
Other loans 2 206 2 385
Non-current receivables total
2 806 3 515
Current:
Trade receivables 87 37
Other receivables 323 14 9
Accrued income and expenses 12 8 754
Current receivables total
538 940
Receivables from group companies total 3 344 4 455
In 2023, the Group acquired 2% of the
share capital of S Supplies Holding AB and
owned 89% of the company’s shares after
the acquisition
Wulff Group Plc sold Wulff Beltton AB and
Wulff Beltton AS, which were responsible
for the loss-making Scandinavian Expertise
Sales, to a minority owner on September 1,
2023. The sale price was EUR 0.1 million.
The net sales of Scandinavian Expertise
Sales in the financial year 2022 was EUR
3.4 million. Wulff Group Plc recorded an
EUR 1.1 million impairment of Wulff Entre
Oy's subsidiary shares.
On January 4, 2022, Wulff Group Plc
aquired Carpentum Oy for EUR 0.9 million,
of which EUR 0.4 was paid by transferring
82,448 Wulff's own shares and the remain-
ing EUR 0.5 million was paid in cash.
108 Wulff Annual Report 2023
13. PREPAID EXPENSES AND
ACCRUED INCOME
EUR 1 000 2023 2022
Accruals for employee benefits 2 3
Other accruals 64 40
Total
65 43
14. CASH AND CASH
EQUIVALENTS
EUR 1 000 2023 2022
Carrying amount, Jan 1 626 339
Additions during the financial year -581 287
Total
45 626
15. EQUITY
EUR 1 000 2023 2022
Share capital as of Jan 1 2 650 2 650
Share capital as of Dec 31 2 650 2 650
Share premium fund as of Jan 1 7 889 7 889
Share premium fund as of Dec 31 7 889 7 889
Invested unrestricted equity fund as of Jan 1 676 676
Invested unrestricted equity fund as of Dec 31 676 676
Treasury shares as of Jan 1 -332 -343
Acquisitions of treasury shares*
- -220
Transfer of treasury shares*
- 231
Treasury shares as of Dec 31
-332 -332
Retained earnings from previous financial
years as of Jan 1
1 313 1 329
Dividend distribution -951 -892
Transfer on treasury shares* - 215
Retained earnings from previous financial
years as of Dec 31
362 652
Net profit for the financial year 825 6 61
Retained earnings total as of Dec 31
1 186 1 313
Equity total as of Dec 31 12 070 12 197
Distributable funds in EUR 1 000 as of Dec 31 31.12.2023 31.12.2022
Invested unrestricted equity fund 676 676
Treasury shares* -332 -332
Retained earnings from previous financial years 362 652
Net profit for the financial year 825 6 61
Distributable funds total
1 531 1 657
*In 2022 the Board of Directors of Wulff Group Plc decided to start buying back its own shares in
accordance with the authorization granted by the Annual General Meeting. The repurchases started
on October 26, 2022 and ended on November 29, 2022. Wulff Group Plc repurchased 66,812
shares at the market price quoted through public trading on Nasdaq Helsinki Ltd, in accordance
with the rules regarding the acquisition of company’s owns shares. The acquired shares are intended
to be used to finance acquisitions and other arrangements according to the company's growth strategy. In 2022, 82,488 own shares were transferred as a part of Carpentum Oy's purchase price and 10,000 own shares in
accordance with the decision of the Board of Directors on February 21, 2022, of which more information is provided in Note 25 Related parties. At the end of December 2023, the Group held 111,624 (111,624) own shares
representing 1.6% (1.6) of the total number and voting rights of Wulff shares.
Wulff Annual Report 2023 109
15. EQUITY
16. INTEREST-BEARING LIABILITIES
PAYMENT SCHEDULE FOR THE LOANS
Book value Payment schedule (years):
EUR 1 000 Dec 31, 2023 2024 2025 2026 2027 2028 Later
Non-current
Loans from financial institutions 8 373 1 737 1 688 1 688 2 354 906
Total
8 373
1 737
1 688
1 688
2 354
906
Current
Loans from financial institutions 1 012 1 012
Total
1 012 1 012
17. OTHER LONG-TERM AND SHORT-TERM NON-INTEREST BEARING
LIABILITIES
EUR 1 000 2023 2022
Other short-term non-interest bearing liabilities - 2 21
Total
- 221
On August 14, 2018, Wulff Group Plc
a cquired the entire share capital of Mavecom
Palvelut Oy that specializes in printing solutions.
The preliminary purchase price for the share
capital of Mavecom was approximately EUR
1.5 million. The purchase prices consisted of
directed share issue and additional price to be
paid in cash:
With the authorization granted by the Annual
General Meeting to the Board of Directors,
Wulff Group Plc carried out a directed share
issue of 300,000 shares to the owners of
Mavecom Palvelut Ltd. The value of the new
shares was approximately EUR 0.5 million.
The share subscription price corresponded
to the volume weighted average price of
the company’s shares quoted on NASDAQ
OMX Helsinki Ltd (”Helsinki Stock Exchange”)
between May 1, 2018 and July 31, 2018. The
directed share issue increased Wulff Group
Plc’s invested unrestricted equity by EUR 0.5
million.
The final additional purchase price of the
shares was paid in cash based on the prof-
itability of Mavecom Palvelut Oy’s business
during 2018-2022. No limit was set for the
additional purchase price. The last installment
of the additional purchase price was paid
during 2023. During financial year 2023 EUR
221 thousand (195) was paid in cash of the
acquisition. The additional purchase price
was paid yearly on the basis of the approved
financial statements of the subsidiary.
Loans from financial institutions include a short-term bank account credit limit.
110 Wulff Annual Report 2023
18. AMOUNTS OWED TO GROUP
COMPANIES
EUR 1 000 2023 2022
Accounts payable 48 25
Other short-term liabilities - 990
Total
48 1 014
19. ACCRUED LIABILITIES AND
DEFERRED INCOME
EUR 1 000 2023 2022
Accruals for employee benefits 40 96
Interest accruals 85 42
Total
126 138
20. COMMITMENTS
EUR 1 000 2023 2022
Mortgages and guarantees on own behalf
Subsidiary shares pledged as security for own
liabilities
10 556 15 090
Own business mortgages given as quarantee for
own liabilities
12 600 5 600
Mortgages and guarantees on behalf of subsidiaries
Guarantees for the loans of subsidiaries 234 234
Pledges and guarantees given for the group
companies' off-balance sheet commitments
(rents, customs etc)
- 580
Subsidiary shares pledged as security for group’s liabilities are presented as book values
and they consist of Wulff Entre Oy (1 387 thousand euros), S Supplies Holding AB (1 178),
Wulff Oy Ab (6 435), and Mutual Real Estate Company Kilonkallio 1 (1 556).
Wulff Group Plc has pledged the Wulff Supplies AB’s loan from Nordea to Nordea raised
on 9.1.2019. The loan was raised to acquire the subsidiary’s logistic center on 9.1.2019.
Wulff Annual Report 2023 111
EUR 1 000 2023 2022
Mortgages and guarantees on own behalf
Subsidiary shares pledged as security for own
liabilities
10 556 15 090
Own business mortgages given as quarantee for
own liabilities
12 600 5 600
Mortgages and guarantees on behalf of subsidiaries
Guarantees for the loans of subsidiaries 234 234
Pledges and guarantees given for the group
companies' off-balance sheet commitments
(rents, customs etc)
- 580
SIGNATURES TO THE FINANCIAL STATEMENTS AND
REPORT OF THE BOARD OF DIRECTORS
Signatures of the Board and Group CEO to the Financial Statements
Espoo, March 8, 2024
Elina Rahkonen
CEO
Kari Juutilainen Lauri Sipponen
Chairman of the Board Member of the Board
Jussi Vienola Kristina Vienola
Member of the Board Member of the Board
Auditor’s note
We have today submitted the report on the conducted audit.
Espoo, March 8, 2024
BDO Oy,
Authorized Public Accountant Firm
Juha Selänne
Authorized Public Accountant
112 Wulff Annual Report 2023
AUDITOR’S REPORT
(TRANSLATION OF THE FINNISH ORIGINAL)
To the Shareholder's Meeting of Wulff-
Yhtiöt Oyj
Report on the Audit of Financial
Statements
Opinion
We have audited the financial statements
of Wulff-Yhtiöt Oyj (business identity
code 1454963-5) for the year ended
31 December, 2023. The financial state-
ments comprise the consolidated balance
sheet, statement of comprehensive income,
statement of changes in equity, statement
of cash flows and notes, including materi-
al accounting policy information, as well
as the parent company’s balance sheet,
income statement, statement of cash flows
and notes.
In our opinion
• the consolidated financial statements
give a true and fair view of the group’s
financial position, financial perfor-
mance and cash flows in accordance
with IFRS Accounting Standards as
adopted by the EU
• the financial statements give a true and
fair view of the parent company’s finan-
cial performance and financial position
in accordance with the laws and
regulations governing the preparation
of financial statements in Finland and
comply with statutory requirements.
Our opinion is consistent with the additional
report submitted to the Board of Directors.
Basis for Opinion
We conducted our audit in accordance
with good auditing practice in Finland. Our
responsibilities under good auditing prac-
tice are further described in the Auditor’s
Responsibilities for the Audit of Financial
Statements section of our report.
We are independent of the parent compa-
ny and of the group companies in accord-
ance with the ethical requirements that are
applicable in Finland and are relevant to
our audit, and we have fulfilled our other
ethical responsibilities in accordance with
these requirements.
In our best knowledge and understand-
ing, the non-audit services that we have
provided to the parent company and
group companies are in compliance with
laws and regulations applicable in Finland
regarding these services, and we have not
provided any prohibited non-audit services
referred to in Article 5(1) of regulation (EU)
537/2014.
We have not provided to the parent com-
pany and group companies other services
than audit services.
We believe that the audit evidence we
have obtained is sufficient and appropriate
to provide a basis for our opinion.
Key Audit Matters
Key audit matters are those matters that, in
our professional judgment, were of most
significance in our audit of the financial
statements of the current period. These
matters were addressed in the context of
our audit of the financial statements as a
whole, and in forming our opinion thereon,
and we do not provide a separate opinion
on these matters.
We have also addressed the risk of man-
agement override of internal controls. This
includes consideration of whether there
was evidence of management bias that
represented a risk of material misstatement
due to fraud.
Key audit matter in the audit of the
group - Valuation of inventories
We refer to the Basis for Preparation of the
consolidated financial statements and to
the note 16 of the consolidated financial
statements.
The inventory balance in the consolidated
statement of financial position amounted to
EUR 12.3 million.
• Inventories are measured at the lower
of cost and net realizable value or
repurchase price in the financial state-
ments.
• The Group’s business and the nature of
industry in which the Group operates
require maintaining a certain level
of inventories and product range.
Inventories may include slow-moving
items. This also increases the risk that
the carrying amounts of inventory items
exceed their net realizable values or
repurchase price.
• This matter is a significant risk of
material misstatement referred to in EU
Regulation No 537/241, point (c) of
Article 10(2).
How our audit addressed the Key Audit
Matter
• We tested manual and automatic con-
trols designed to ensure the accuracy
of inventory pricing and performed
substantive procedures.
• Using data analytics, we compared the
products’ inventory values at the year
end to product revenues received and
reviewed possible negative margins
and the reasons to the negative mar-
gins.
• We analyzed inventory turnover figures
and the development in the slow mov-
ing stock.
• We tested the adequacy of the write-
downs at the financial year end, for
example by comparing the develop-
ment of the amount of the stock items
with low turnover rates to the prior year
and by comparing products’ values to
changed market values.
Wulff Annual Report 2023 113
Key audit matter in the audit of the
group - Impairment of goodwill
We refer to the Basis for Preparation of the
consolidated financial statements and to the
note 15.
• The value of goodwill in the consoli-
dated balance sheet amounted to EUR
8.8 million.
• Goodwill is not amortized, but is tested
annually for impairment. An impairment
loss is recognized when the carrying
amount of an asset exceeds its recov-
erable amount.
• Determination of the key assumptions
in future cash flow forecasts underlying
the impairment tests requires manage-
ment make judgements over certain
key inputs, for example discount rate,
growth rates and profitability levels.
• This matter is a significant risk of
material misstatement referred to in EU
Regulation No 537/241, point (c) of
Article 10(2).
How our audit addressed the Key Audit
Matter
• We assessed the allocation basis, i.e.
the allocation of goodwill to the tested
cash-generating units complies with the
allocations principles defined by the
company.
• We evaluated the reliability of the
Group’s business plans and budgeting
procedures and assessed the historical
accuracy of forecasts by comparing
the actual results for the year 2023 with
the forecasts made in previous years.
• We involved our own valuation spe-
cialist when assessing the assumptions
used in determining the discount rate to
market and industry information.
• Furthermore, we considered the
accuracy of sensitivity analysis and the
appropriateness of the notes in respect
of impairment testing.
Key audit matter in the audit of the
parent company - Valuation of the
subsidiary shares and long-term
receivables
We refer to the Basis for Preparation of the
Consolidated financial statements and the
Notes to the Parent Company financial
statements 11, 12 and 15
.
• The equity of the parent company
is € 12.1 million as of 31 December
2023, of which the distributable equity
amounts to € 1.5 million.
• A significant portion of the parent
company’s assets consist of investments
in the subsidiaries. The subsidiary
shares and long-term loan receiva-
bles amount to € 19.3 million as of 31
December 2023. The measurement of
these investments has a material impact
when calculating the parent company’s
distributable equity.
• According to the Finnish Bookkeeping
Act, if the fair value of the long-term
investment is evaluated to be perma-
nently lower than the book value, the
difference must be written down.
• Cash-flow based impairment tests are
provided also for the subsidiary shares.
• Determination of the key assumptions
in future cash flow forecasts underlying
the impairment tests requires manage-
ment to make judgements over certain
key inputs, for example discount rate,
growth rates and profitability levels.
How our audit addressed the Key Audit
Matter
• We evaluated the reliability of the
Group’s budgeting procedures and
assessed the historical accuracy of
forecasts by comparing the actual
results for the year 2023 with the fore-
casts made in previous years.
• We involved our own valuation spe-
cialist when assessing the assumptions
used in determining the discount rate to
market and industry information.
• We assessed the assumptions used in
the valuation of the subsidiary shares
and long-term receivables to market
and industry information.
• We analyzed the valuation of the sub-
sidiary shares and long-term receiva-
bles compared to subsidiaries’ equities
and EBIT.
Responsibilities of the Board of Di-
rectors and the Managing Director
for the Financial Statements
The Board of Directors and the Managing
Director are responsible for the preparation
of consolidated financial statements that
give a true and fair view in accordance
with International Financial Reporting Stand-
ards (IFRS) as adopted by the EU, and of
financial statements that give a true and
fair view in accordance with the laws and
regulations governing the preparation of
financial statements in Finland and comply
with statutory requirements. The Board of
Directors and the Managing Director are
also responsible for such internal control as
they determine is necessary to enable the
preparation of financial statements that are
free from material misstatement, whether
due to fraud or error.
In preparing the financial statements, the
Board of Directors and the Managing
Director are responsible for assessing the
parent company’s and the group’s ability
to continue as going concern, disclosing,
as applicable, matters relating to going
concern and using the going concern basis
of accounting. The financial statements are
prepared using the going concern basis
of accounting unless there is an intention to
liquidate the parent company or the group
or cease operations, or there is no realistic
alternative but to do so.
Auditor’s Responsibilities in the
Audit of Financial Statements
Our objectives are to obtain reasonable
assurance on whether the financial state-
ments as a whole are free from material
misstatement, whether due to fraud or
error, and to issue an auditor’s report that
includes our opinion. Reasonable assur-
ance is a high level of assurance, but is not
a guarantee that an audit conducted in
accordance with good auditing practice
will always detect a material misstatement
when it exists. Misstatements can arise from
fraud or error and are considered material
if, individually or in aggregate, they could
reasonably be expected to influence the
economic decisions of users taken on the
basis of the financial statements.
As part of an audit in accordance with
good auditing practice, we exercise profes-
sional judgment and maintain professional
skepticism throughout the audit.
We also:
• Identify and assess the risks of material
misstatement of the financial statements,
whether due to fraud or error, design
and perform audit procedures respon-
sive to those risks, and obtain audit
evidence that is sufficient and appropri-
114 Wulff Annual Report 2023
ate to provide a basis for our opinion.
The risk of not detecting a material
misstatement resulting from fraud is
higher than for one resulting from error,
as fraud may involve collusion, forgery,
intentional omissions, misrepresenta-
tions, or the override of internal control.
• Obtain an understanding of internal
control relevant to the audit in order
to design audit procedures that are
appropriate in the circumstances, but
not for the purpose of expressing an
opinion on the effectiveness of the par-
ent company’s or the group’s internal
control.
• Evaluate the appropriateness of ac-
counting policies used and the reason-
ableness of accounting estimates and
related disclosures made by manage-
ment.
• Conclude on the appropriateness of
the Board of Directors’ and the Man-
aging Director’s use of the going con-
cern basis of accounting and based on
the audit evidence obtained, whether
a material uncertainty exists related to
events or conditions that may cast sig-
nificant doubt on the parent company’s
or the group’s ability to continue as a
going concern. If we conclude that a
material uncertainty exists, we are re-
quired to draw attention in our auditor’s
report to the related disclosures in the
financial statements or, if such disclo-
sures are inadequate, to modify our
opinion. Our conclusions are based on
the audit evidence obtained up to the
date of our auditor’s report. However,
future events or conditions may cause
the company to cease to continue as a
going concern.
• Evaluate the overall presentation,
structure and content of the financial
statements, including the disclosures,
and whether the financial statements
represent the underlying transactions
and events so that the financial state-
ments give a true and fair view.
• Obtain sufficient appropriate audit
evidence regarding the financial
information of the entities or business
activities within the group to express an
opinion on the consolidated financial
statements. We are responsible for the
direction, supervision and performance
of the group audit. We remain solely
responsible for our audit opinion.
We communicate with those charged with
governance regarding, among other mat-
ters, the planned scope and timing of the
audit and significant audit findings, includ-
ing any significant deficiencies in internal
control that we identify during our audit.
We also provide those charged with
governance with a statement that we have
complied with relevant ethical requirements
regarding independence, and communi-
cate with them all relationships and other
matters that may reasonably be thought
to bear on our independence, and where
applicable, related safeguards.
From the matters communicated with those
charged with governance, we determine
those matters that were of most significance
in the audit of the financial statements of
the current period and are therefore the
key audit matters. We describe these
matters in our auditor’s report unless law
or regulation precludes public disclosure
about the matter or when, in extremely rare
circumstances, we determine that a matter
should not be communicated in our report
because the adverse consequences of
doing so would reasonably be expected to
outweigh the public interest benefits of such
communication.
Other Reporting Requirements
Information on our audit engage-
ment
We were first appointed as auditors by the
Annual General Meeting on 6.4.2017, and
our appointment represents a total period
of uninterrupted engagement of seven
years.
Other Information
The Board of Directors and the Manag-
ing Director are responsible for the other
information. The other information comprises
the report of the Board of Directors and the
information included in the Annual Report
but does not include the financial statements
and our auditor’s report thereon. We have
obtained the report of the Board of Direc-
tors prior to the date of this auditor’s report,
and the Annual Report is expected to be
made available to us after that date.
Our opinion on the financial statements
does not cover the other information.
In connection with our audit of the financial
statements, our responsibility is to read the
other information identified above and,
in doing so, consider whether the other
information is materially inconsistent with
the financial statements or our knowledge
obtained in the audit, or otherwise appears
to be materially misstated. With respect
to the report of the Board of Directors, our
responsibility also includes considering
whether the report of the Board of Directors
has been prepared in accordance with the
applicable laws and regulations.
In our opinion, the information in the report
of the Board of Directors is consistent with
the information in the financial statements
and the report of the Board of Directors
has been prepared in accordance with the
applicable laws and regulations.
If, based on the work we have performed
on the other information that we obtained
prior to the date of this auditor’s report, we
conclude that there is a material misstate-
ment of this other information, we are re-
quired to report that fact. We have nothing
to report in this regard.
Espoo 8.3.2024
BDO Oy, Audit Firm
Juha Selänne
Authorized Public Accountant
Wulff Annual Report 2023 115
Customer
Stories
Blogs
News
Magazines,
Brochures
and Catalogs
116 Annual Report 2023
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VISITEDUSYET?
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Wulff Annual Report 2023 117
WULFF IN FINLAND
118 Annual Report 2023
WULFF HOUSE/WULFF GROUP PLC
Kilonkartanontie 3
02610 Espoo
tel. 0300 870 411
wulff.fi
Canon Business Center Vantaa
tel. 020 758 9700
Wulff Entre
tel. 010 633 5500
sales@wulffentre.com
wulffentre.com
Wulff Ergonomia
tel. 0300 870 405
myynti@wulffergonomia.fi
wulffergonomia.fi
Wulff Innovaatiot
tel. 0300 870 405
myynti@wulffinnovaatiot.fi
wulffinnovaatiot.fi
Wulff Naxor
tel. 0300 870 415
myynti@wulffnaxor.fi
wulffnaxor.fi
Wulff Contract Sales
tel. 0300 870 410 (WulffNet)
tel. 010 681 681 (EasyOrder)
wulff.fi
WULFFINKULMA-
STORES AND
CONTRACT SALES
SHOWROOMS
Wulffinkulma & Outlet Helsinki
Ristipellontie 23
00390 Helsinki
tel. 0300 870 412
Wulffinkulma & Outlet Lahti
Kauppakeskus Maili
Ajokatu 55
15500 Lahti
tel. 0300 870 410
Wulffinkulma & Outlet Turku
Läntinen Pitkäkatu 21-23
20100 Turku
tel. 0300 870 413
Online store
wulffinkulma.fi
Wulff Annual Report 2023 119
WULFF WORKS -
STAFF LEASING
Wulff Works serves nationwide,
see all locations: wulffworks.fi
WULFF ABROAD
Wulff Contract Sales, Norway
Wulff Supplies AS
Østensjøveien 36
0667 Oslo, Norway
tel. +47 810 301 23
See all locations: wulffsupplies.no
Wulff Contract Sales Sweden
Wulff Supplies AB
Näsvägen 2 B
341 34 Ljungby, Sweden
tel. +46 372 775 600
See all locations: wulffsupplies.se
Wulff Contract Sales, Denmark
Wulff Supplies A/S
Kirkebjerg Parkvej 12
2605 Brøndby, Denmark
tel. +46 372 775 600
wulffsupplies.dk
SHOWROOMS/
LOCAL OFFICES
Wulff Ahvenanmaa
Wulff Sopimusmyynti
Storagatan 15
22100 Mariehamn
tel. 040 757 0859
Wulff Jyväskylä
Wulff Sopimusmyynti
Ahlmaninkatu 2 E
40100 Jyväskylä
tel. 045 652 1650
Wulff Tampere
Wulff Entre
Peltokatu 26
33100 Tampere
tel. 0300 870 413
WULFF ACCOUNTING AND
FINANCIAL SERVICES
Carpentum Oy
Espoo ja Tampere
carpentum.fi
Talouspalvelut Helmitaulu Oy
Pohjanmaa
helmitaulu.com
Tilitoimisto Lundström Oy and
Sandström & Lundström Oy Ab
Nikkilä, Porvoo ja Söderkulla
tililundstrom.fi
WULFF GROUP PLC | Kilonkartanontie 3 | 02610 Espoo | tel. +358 300 870 410 | Business ID 1454963-5 | wulff.fi
A better world – one workplace at a time.