ANNUAL REVIEW
2024
1 Annual Review 2024 |
TABLE OF CONTENTS
2024 in brief.................................................................................................................................................................................2
CEO’s review:
Sustainable growth – together! ...........................................................................................................................................3
STRATEGY AND BUSINESS ENVIRONMENT .................................................................................................................5
Worklife services .....................................................................................................................................................................6
Products for works environments .......................................................................................................................................... 14
SUSTAINABILITY ........................................................................................................................................................................18
Our sustainability efforts today ............................................................................................................................................ 23
Sustainability Program 2019-2024 ..................................................................................................................................... 25
MANAGEMENT ........................................................................................................................................................................ 29
Board and management ......................................................................................................................................................29
Corporate governance statement .......................................................................................................................................31
FINANCIAL STATEMENTS ......................................................................................................................................................36
Review of the board of directors .........................................................................................................................................36
Key figures ............................................................................................................... ................................................................ 42
Shares and shareholders ............................................................................ .........................................................................46
Information for Shareholders...................................................................................... .......................................................... 50
Consolidated Financial Statements, IFRS ..........................................................................................................................51
Consolidated Income Statement and Statement of Comprehensive Income .......................................................52
Consolidated Statement of Financial Position .............................................................................................................53
Consolidated Cash Flow Statement ..............................................................................................................................54
Consolidated Statement of Changes in Equity ............................................................................................................55
Notes to the Consolidated Financial Statements ........................................................................................................ 56
Parent Company’s Financial Statements, FAS ...................................................................................................................100
Notes to the Parent Company’s Financial Statements, FAS ......................................................................................104
Signatures to the Financial Statements ...............................................................................................................................116
Auditor’s Report .......................................................................................................................................................................117
Auditor’s Report on the ESEF Financial Statements .......................................................................................................... 121
WORKLIFE SERVICES AND PRODUCTS
FOR WORK ENVIRONMENTS
At the start of 2024, we updated our reporting structure to
align better with our business operations and strategic fo-
cus. This change helps investors and customers track better
our business performance and strategy. Increased revenue
and profit have strengthened Wulff’s financial foundation
and problem-solving sales culture, preparing us to thrive
even in challenging market conditions.
We focused on growing our service business and boost-
ing profitability in both Worklife services and Products for
works environments.
Our profit growth was driven by a sustainable strategy that
prioritizes continuous customer experience improvement
and the development of sustainability goals and digital
services. Making our products and services more sustaina-
ble is essential for protecting the planet, and it is also good
business sense, as more customers choose partners based
on sustainability.
GROWTH IN SERVICE BUSINESS
Wulff’s Worklife services segment benefited from the
ongoing transformation in the world of working life. The
demand for flexible service-based work arrangements
continued to grow, allowing businesses to acquire the right
workforce and expertise as needed. Our newly estab-
2024 IN BRIEF
Restructuring of
Reporting Framework
Sustainability and
Development of
Digital Services
Sustainable Growth
Strategy
lished staffing company, Wulff Works, aims to provide the
best employee and customer experience in the industry.
Wulff Works is a community where employees thrive, find
employment, and develop in line with their life situations
and career paths.
In the consolidating accounting and financial services
industry, Wulff Accounting focuses on employee satisfac-
tion and skills development while offering customers the
local and personal service they value. We expanded our
accounting services in eastern Uusimaa, Ostrobothnia, and
Åland.
At the end of the year, we entered the consulting sector.
Wulff Consulting is a versatile partner for sustainable
business development, project management, and regional
development.
SUSTAINABLE DEVELOPMENT
Through our 2019-2024 Sustainability Program, we have
advanced the UN’s sustainable development goals with
a focus on climate action, equality, and fostering decent
work and economic growth. We achieved five out of our
nine sustainability targets. In 2024, we examined all our
business operations through a sustainability lens, and in
2025, we will take sustainability work to the next level in
both strategy and practice.
Growth in Service
Business and
Profitabilit
| Annual Review 2024 2
3 Annual Review 2024 |
In 2025, we have excellent opportunities to improve the
profitability of the entire group. Most of the investments
required to launch Wulff Works were made in 2024.
Moving forward, achieving the best customer experi-
ence will require determined efforts that align with our
values. As a strong team of sales and expert profession-
als, we at Wulff are ready for this challenge.
The theme of 2024 for us at Wulff and our customers
was #GROWTOGETHER. The year concluded with the
highest revenue in our history: 102.8 million euros. The
comparable operating profit margin was 3.2% (3.8%),
and the group’s revenue in Q4 2024 grew by 21.7%.
We successfully executed our growth strategy despite
an increasingly challenging operating environment.
I am particularly pleased with the profitable growth of
the Worklife services segment: our staffing business,
Wulff Works, launched in January 2024, grew impres-
sively as expected, already accounting for over 10% of
the group’s revenue. Wulff Accounting’s revenue and
operating profit more than doubled, maintaining solid
profitability and stable growth.
Our service businesses help companies grow sustain-
ably and operate ethically. They also provide flexibility
and adaptability to businesses. With Wulff Works
and Wulff Accounting, our customers can grow more
efficiently by optimizing their internal resources.
ELINA RAHKONEN
toimitusjohtaja
Wulff-Yhtiöt Oyj
SUSTAINABLE GROWTH –
TOGETHER!
CEO’s review
It is essential that we
create value for our
customers, employees,
and shareholders alike.
| Annual Review 2024 4
Economic and geopolitical uncertainty impacted de-
mand in the Products for works environments segment
in Finland and Scandinavia, leading to a 6.2% decline
in revenue in 2024 (excluding the comparison impact
of the Scandinavian Expert Sales divestment in autumn
2023). However, the integration and streamlining
efforts in Wulff’s workplace business have reduced
fixed costs in Finland, helping to balance the decline in
revenue.
In 2025, our goal is to strengthen profitability by
developing even more efficient operational models
and enhancing our competitiveness. Key focus areas
include improving the operational efficiency of the
logistics chain and refining and making the product
selection more sustainable.
Promoting sustainability and responsible business prac-
tices remains at the core of our strategy and values.
Our mission “A better world, one workplace at a time”
Thank you to all employees, our customers, and par-
tners for 2024 – together, we have built success and
sustainable growth. It is a privilege to work with you!
reflects the strength of our sustainable business strat-
egy: responsible choices create a positive impact on
both the environment and people’s well-being while
driving business success.
An increasing number of customers choose partners
who align with their values, prioritizing ethical and
sustainable business practices. Our strong develop-
ment and strategic direction are further demonstrated
by our proposal for a seventh consecutive dividend
increase – a testament to the continued confidence of
our customers, employees, partners, and shareholders
in Wulff.
In 2025, we are committed to further strengthening
growth and collaboration with determined actions and
a clear focus on sustainability. Welcome 2025 and
#SUSTAINABLEGROWTHTOGETHER!
Thank you for trusting Wulff again this year!
Elina Rahkonen
5 Annual Review 2024 |
STRATEGY AND
BUSINESS ENVIRONMENT
STRATEGY
2022–2026
MISSION
We make the world a better place,
one workplace at a time.
VISION
Wulff is the most recommended and
responsible partner and employer.
CUSTOMER PROMISE
We enable better and more
sustainable work environments
and the perfect workday.
| Annual Review 2024 6
Skilled people as competitive advantage
The staffing industry is highly competitive, with relatively
low barriers to entry for new players. Wulff Works
differentiates itself through experienced industry profes-
sionals, an entrepreneurial mindset, a strong focus on
customer needs and business understanding and the
support of the trusted and well-known Wulff Group.
Wulff Works’ team includes some of the most ex-
perienced experts in the staffing industry, with deep
knowledge of both employees’ and corporate clients’
expectations and goals. The local offices are led by
owner-entrepreneurs, ensuring strong commitment and
a drive for growth.
When a company’s success is directly linked to the
dedication and decisions of its local leaders, a moti-
vated, responsible, and customer-focused work culture
thrives. Every employee plays a key role in the growth
story and contributes to the company’s success.
WULFF WORKS – Making job searching
and partnerships personal, fun, and easy.
Our staffing services empower our customers’
business growth by building job markets where
skills and opportunities connect more
effectively.
Launched in early 2024, Wulff Works is a specialist in
staffing and recruitment, experiencing strong growth in
Finland. The company aims to significantly strengthen its
market position and challenge the largest players in the
industry. In 2024, Wulff’s staffing services met expec-
tations, and in 2025, Wulff Works targets doubling its
revenue.
Despite the initial investments required in its first year of
operation, Wulff Works has maintained strong profita-
bility. By the end of the year, it had eight local offices
in Espoo, Jyväskylä, Kuopio, Rauma, Seinäjoki, Turku,
Tampere, and Vaasa, with further expansion planned
for 2025.
Worklife services
The Worklife services segment includes staffing services, accounting and financial management services, consulting
services, exhibition, event, and space design services, both internationally and domestically, as well as professional
printing and document management solutions.
Wulff Works makes job searching and partnerships personal, enjoyable, and effortless. Wulff Accounting is a reputable,
digitally advanced, and responsible financial management partner. Wulff Consulting supports sustainable business devel-
opment, project management, and regional development. Wulff Entre is a bold innovator in the exhibition and event indus-
try, serving clients not only in Finland but also in Germany, Sweden, Norway, and the United States. Printing is increasingly
offered as a service. Canon Business Center Vantaa, part of the Wulff Group, provides high-quality office and professional
printing solutions as well as document management services to businesses.
Local presence, agile service
Local teams have in-depth knowledge of their regional
job markets, understand clients’ businesses, and can
respond quickly to changing needs. This flexibility and
deep local insight make Wulff Works a trusted and
agile partner for companies across Finland.
Beyond a strong brand and extensive business network,
Wulff Works benefits from Wulff Group’s support, ena-
bling rapid scalability and the sharing of best practices.
Operating environment and market
The staffing market has undergone significant changes
in recent years. In 2023, the market contracted by 5%,
reflecting the impact of economic uncertainty caused
by the COVID-19 pandemic and Russia’s invasion of
Ukraine. This uncertainty has led businesses to re-eval-
uate their investments and business decisions more
cautiously.
In Finland, the overall decline in employment levels has
also affected the demand for temporary labor. Structur-
7 Annual Review 2024 |
significant opportunities. Temporary staffing is a
strategic solution that offers companies the flexibility
they need. It allows businesses to quickly scale their
workforce, adapt staffing levels to changing market
conditions without the burden of complex recruitment
or layoff processes, and efficiently allocate resources
where they are needed most. By reducing risk in times
of uncertainty, temporary staffing serves as a flexible
workforce solution – supporting both business growth
and economic fluctuations.
Future prospects
As the economy recovers, demand for staffing and
recruitment services rises immediately. Long-term meg-
atrends such as an aging population, skills shortages,
and the increasing prevalence of flexible work models
support Wulff Works’ growth.
For an increasing number of companies, sustainability is
becoming a central factor in all operations. As part of
the Wulff Group, Wulff Works is well-positioned to be
a pioneer in sustainable lifestyles and business practic-
es within the staffing industry.
A pioneer in sustainable
lifestyles and business
practices
al changes in the job market and shifts in employment
practices have led companies to be more selective in
hiring decisions.
While construction and hospitality sectors remained
slow in 2024, industries such as manufacturing, logis-
tics, facility management, and maintenance have seen
higher demand for workforce solutions.
The staffing industry presents both challenges and
The use of temporary staffing is a strategic solution
that provides companies with the flexibility they
need.
Jobs offered:
approx. 1,500
Total hours worked in client companies:
over 500,000
Candidate pool:
nearly 24,000 applicants
WULFF WORKS
2024
| Annual Review 2024 8
WULFF ACCOUNTING – A domestic and
personalized financial management expert.
As a strategic partner, Wulff Accounting
supports the sustainability and growth of
its clients’ businesses.
An increasing number of companies are outsourcing
their financial management to a partner who under-
stands their business and can provide tailored solutions.
Wulff Accounting is a highly skilled strategic partner,
offering not only traditional bookkeeping and payroll
services but also a broad range of expert consulting and
advisory services.
Wulff Accounting offers companies high-quality, cost-ef-
fective accounting, financial management, payroll and
human resources management services that are always
tailored to the needs of their customers. It also provides
expert advice on tax and corporate law matters, cor-
porate restructurings and owner-entrepreneur matters.
Wulff Accounting also offer solutions such as account-
ing for holding and franchise companies. International
services are possible through a strong and experienced
business partner.
Wulff Accounting utilize market-leading financial
management software, including Fennoa, Netvisor and
Procountor enabling automated and up-to-date report-
ing. Its expert local teams provide comprehensive,
proactive service, ensuring that each client receives the
best financial solutions tailored to their specific needs.
In 2024, Wulff Accounting strengthened its position in
the industry through strategic acquisitions and organic
growth. It expanded its operations significantly by
acquiring several accounting firms in different parts of
Finland.
The company significantly expanded its operations
by acquiring several accounting firms across Finland,
including Lundström and Sandström & Lundström, Ab
Bokföringsbyrå and Tilitoimisto Esse (Eastern Uusimaa),
Raahen Tase (Northern Ostrobothnia) and Aktiva
Redovisning (Åland).
The growth has continued in early 2025 with the
acquisition of Hämeen Tilidiili (Hämeenlinna) and the
acquisition of Convido (Ostrobothnia).
With these latest acquisitions, Wulff has become a
highly regarded and competitive accounting partner in
Finland’s Swedish-speaking regions.
Key competitive strengths: trust, continuity,
and a designated expert
A designated financial expert is the most valued
aspect for Wulff Accounting’s clients when selecting a
A customer-focused financial management partner
committed to quality and personalized service.
financial management partner. Wulff Accounting deliv-
ers on this promise brilliantly, ensuring that every client
has a trusted point of contact who understands their
business.
Accounting partners play a critical role in a company’s
operations, as clients entrust them with their core finan-
cial matters. With great responsibility comes great trust
– this is why Wulff Accounting invests heavily in quality,
customer experience, and continuous professional
development for its team.
Two different trends can be seen in the accounting
office sector: an efficiency-based mass service, where
accounting is done as cheaply as possible and in
serial production, or alternatively, a high-quality, expert
service, where personal advice and customer-specific
solutions are the focus.
Wulff Accounting has chosen to invest in quality and
expertise. Clients appreciate working with financial pro-
fessionals who understand the unique characteristics of
their industries and can provide customized, value-add-
ing solutions.
Wulff Accounting serves businesses of all sizes across
various industries. Its diverse client portfolio includes
investment companies, law firms, healthcare providers,
veterinary clinics and other animal service businesses.
9 Annual Review 2024 |
broader operational systems, enhancing efficiency and
real-time financial oversight.
The accounting industry has been undergoing strong
consolidation for several years. Larger players continue
to increase their market share, intensifying competition
within the sector. Additionally, Finnish accounting firms
are exploring international expansion opportunities.
The accounting services market is expected to grow by
3–7% annually.
Future prospects
Wulff aims to outpace market growth in its accounting
business. The company’s goal is to become the most
recommended partner and employer in the industry. To
achieve this, Wulff is actively investing in professional
development through the Wulff Accounting Academy,
supporting employees’ career growth and expertise.
By fostering continuous learning, Wulff ensures both an
outstanding customer experience and strong profes-
sional commitment within its team. With high-quality,
locally tailored service, Wulff Accounting competes
with the largest industry players.
The future of financial management is a blend of
efficiency, expertise, and personalized service. Wulff
Accounting ensures that its clients benefit from both
cutting-edge technology and expert financial advisory
services, providing long-term business support and
strategic insights.
The accounting services
market is consolidating,
and competition is
intensifying.
By combining deep industry expertise with tailored
financial solutions, Wulff Accounting continues to be a
trusted and strategic financial management partner.
Operating environment and market
The accounting industry is undergoing a transforma-
tion, driven by several megatrends. Automation and
artificial intelligence are streamlining basic bookkeep-
ing tasks, shifting the focus toward advisory services.
As a result, the role of financial experts is evolving, with
greater emphasis on strategic financial guidance and
business consulting.
Looking ahead, financial management is expected
to become even more integrated with companies’
WULFF ACCOUNTING
2024
Clients: approx. 2,700
Employees: 55 professionals
Local offices:
Espoo, Hyvinkää, Maarianhamina, Nivala,
Porvoo, Raahe, Sipoo and Tampere
At the beginning of 2025, Wulff Accounting
expanded through two acquisitions, increasing the
client base to over 3,500 and the team to
85 employees.
| Annual Review 2024 10
WULFF ENTRE – A design and project
agency for meeting spaces.
Wulff Entre designs spaces and environments
that enhance its clients’ business growth by cre-
ating impactful and engaging meeting places.
Wulff Entre brings brands to life, transforms spaces
into commercially effective environments, and makes
businesses more influential. Its experts create settings
where stakeholders can connect with brands in a
meaningful and immersive way, utilizing every square
meter efficiently.
Traditionally recognized as a leading internation-
al exhibition specialist, Wulff Entre strengthened its
position in the domestic trade show and event industry
last year. The company gained new clients, particularly
in the healthcare, defense, and technology sectors.
Additionally, commercial space design, such as retail
environments, became an increasingly important part of
its service offering.
Wulff Entre provides a comprehensive service portfolio,
covering everything from concept design to execution,
ensuring clients can manage their entire project seam-
lessly with a single partner.
Competitive edge: designing inspiring and
high-impact spaces
Wulff Entre possesses extensive expertise and a strong
partner network in the trade show and event industry.
With the solid backing of Wulff Group, the company
can facilitate larger investments and secure highly
competitive international exhibition spaces.
Wulff Entre’s experts maintain direct connections with
both international and domestic trade show and event
organizers, ensuring strategically advantageous and
cost-effective exhibition locations for its clients. This
enables a seamless booking process and optimal
visibility at the right events.
Promoting reuse and a
circular economy are
integral parts of Wulff
Entre’s operations.
Standing out at trade shows and events requires
strategic planning—an area where Wulff Entre excels.
The company combines top-tier design, project
management, execution, customer-centric service, and
sustainable solutions, making it a distinct and valuable
partner in exhibition and space design.
Wulff Entre is actively reshaping the perception of
trade shows as single-use, disposable events. The
company prioritizes reuse and recycling, ensuring that
booth structures, walls, and furniture are repurposed
for future events, such as fabric graphics are reused as
new printed textile materials and carpets are recycled
for packaging materials or donated for repurposing.
By integrating sustainability into its design and execu-
tion processes, Wulff Entre ensures that businesses can
showcase their brand effectively while minimizing their
environmental footprint.
Operating environment and market
The trade show and event industry has undergone
significant changes in recent years. Following the
pandemic, demand has returned, and trade show
calendars are gradually resembling pre-pandemic
schedules. However, the market remains sensitive to
global economic conditions and corporate investment
decisions.
11 Annual Review 2024 |
In 2024, the industry experienced structural shifts, with
larger players strengthening their market positions, while
smaller companies exited the industry.
The key growth areas for Wulff Entre are the healthcare,
defense, security, and technology industries, where
trade shows and events are becoming increasingly
essential for building customer relationships.
In retail and office space design, there is a growing
emphasis on user experience, with businesses seeking
to create more functional, brand-enhancing, and cus-
tomer-centric spaces.
Wulff Entre’s success is built on agility and deep
industry knowledge, particularly in understanding trade
The key growth areas
are healthcare, defense,
security, and technology
industries.
shows, events, and their organizers. The company’s ex-
perts seamlessly combine commercial thinking, space
design, and user experience to help clients achieve
their business goals effectively.
Future prospects
While the industry remains in a state of constant
transformation and Wulff Entre’s revenue declined in
2024, long-term trends support the company’s growth.
Businesses are increasingly seeking differentiation, and
physical encounters remain the most effective way to
make a lasting impact.
In the longer term, the use of recycled and environ-
mentally friendly materials will become the industry
standard. Wulff Entre is already a leader in adopting
and demanding sustainable solutions from its partners.
On a global scale, Finnish companies are recognized
as trusted partners, and the appreciation for Finnish
design expertise is growing.
Wulff Entre continues to execute its growth strategy,
focusing on expanding international trade show oper-
ations, strengthening its position in the domestic market
and advancing commercial space design. The com-
pany is confident in its ability to transform spaces into
experiences—and make those experiences immersive
and engaging. In 2025, Wulff Entre aims for positive
financial growth, particularly by strengthening its sales
force through organizational expansion.
WULFF ENTRE 2024
Over 60 events in 11 countries
Trusted by more than 250 clients
for trade show and event services
Expanded portfolio includes
My Remote Studio virtual meeting solutions
and space and interior design projects
| Annual Review 2024 12
CANON BUSINESS CENTER VANTAA
– efficiency and security in document
management.
A printing and document management expert,
ensuring seamless and secure workflows.
Canon Business Center Vantaa helps companies
streamline document management and free up time
for essential tasks. Their high-quality solutions ensure
seamless, secure, and cost-efficient printing, scanning,
and document handling.
As part of Canon’s nationwide network, Canon
Business Center Vantaa holds a strong market position
in Finland. The company aims to further strengthen its
presence by offering advanced solutions that meet the
evolving demands of hybrid work, data security, and
sustainability.
In 2024, Canon Business Center Vantaa maintained
steady growth, with its printing and document manage-
ment services meeting revenue expectations. The com-
pany successfully responded to the increasing demand
for recycled devices and energy-efficient solutions
through its circular economy model – refurbished devic-
es now account for nearly 70% of equipment sales.
The Wulff Easy Print service, a fixed-price Canon print-
ing and scanning solution, had a strong sales launch at
the end of the year.
Looking ahead to 2025, Canon Business Center
Vantaa aims to expand its customer base and further
increase the share of sustainable and circular econo-
my devices in its sales.
Competitive edge: expertise and
industry-leading customer experience
Canon Business Center Vantaa operates in a rapidly
evolving market, where technological advancements
and data security play an increasingly critical role. The
company’s experts are industry pioneers with deep
technical expertise and a strong customer-centric
approach. The renowned Canon brand is a guarantee
of quality and reliability for its customers.
Nowadays, people want to
manage and print
documents remotely.
The Canon Business Center Vantaa team has a strong
vision for the future of document management and a
deep understanding of customer needs. The compa-
ny’s goal is to make printing and document manage-
ment as seamless and secure as possible, catering to
both large organizations and smaller businesses.
Security is at the core of Canon’s solutions. Secure
printing and data protection measures ensure that
documents remain confidential and accessible only to
authorized personnel.
Canon Business Center’s services are also scalable,
adapting to the needs of hybrid work environments.
With Canon’s solutions, document management is
possible from anywhere – including remote locations.
Canon Business Center Vantaa combines a custom-
er-driven approach with a commitment to sustainabili-
ty. The company understands the unique requirements
of various industries and provides tailored solutions for
logistics, healthcare, and facility management sectors.
Its ability to introduce innovative services to the market
while reducing businesses’ carbon footprints makes
Canon Business Center a powerful player for the
future.
13 Annual Review 2024 |
Operating environment and market
Basic printing has declined due to digitalization, and
this trend is expected to continue, with the market
contracting by approximately 8% annually. In recent
years, hybrid work models and remote work have sig-
nificantly impacted traditional office printing solutions.
Companies are increasingly looking for cost-effective
and secure solutions that integrate physical and digital
document management, enabling remote and hybrid
printing.
While digitalization has reduced printing needs in some
industries, sectors such as healthcare and defense still
rely heavily on physical documents, with demand even
increasing. Paper documents often provide higher data
security compared to digital files, which can be vulner-
able to cyber threats.
Canon and Wulff see growth opportunities in printing
and document management, particularly in solutions
that support multi-location work. The need to print
confidential documents and high-value materials will
remain, ensuring the ongoing demand for secure and
reliable printing solutions.
Future prospects
Looking ahead, companies will place greater empha-
sis on security, automation, and sustainability in their
document management strategies. Customers will seek
smarter and more responsible printing solutions that
enhance both efficiency and sustainability.
As part of the global Canon network, Canon Business
Center Vantaa remains at the forefront of industry
advancements, providing solutions that help businesses
adapt to changing work environments.
By combining sustainability and circular economy
solutions, strong local expertise, and the sales develop-
ment support of Wulff Group, Canon Business Center
Vantaa is well-positioned to meet future challenges
and opportunities with a winning approach.
CANON BUSINESS
CENTER VANTAA 2024
Nearly 70% of sold devices
were circular economy products
Despite an 8%
decline in the printing market,
Canon Business Center Vantaa successfully
increased
both revenue and profitability.
Canon Business Center Vantaa is a pioneer
in the sale of circular economy products.
| Annual Review 2024 14
Products for works environments and Solutions
The Products for works environments and Solutions segment consists of business operations in Finland and
Scandinavia, providing a high-quality selection of products for works environments and solutions. Custom-
ers can also utilize an automated replenishment service for snacks, office supplies, and facility maintenance
essentials.
Companies are investing in workplace interactions, with many employers enhancing their attractiveness by offer-
ing employees smoothies, premium coffee, tea, refreshments, energy drinks, and snack bars. Wulff provides all
these products – and in the Helsinki metropolitan area, it also offers a sustainable catering service and healthy
Wulff FruitBar fruit deliveries.
Wulff is the strongest player in its sector in Finland and one of the leading providers in Scandinavia, trusted by
some of the largest companies in the Nordic region.
Among the cost- and time-saving procurement channels, the most popular ones in Finland are Wulff’s MiniBar
and in Scandinavia, Cabinet Service, which can be found in hundreds of large companies and corporations.
The replenishment and shelving service MiniBar functions like its namesake in hotels. Thanks to the automatic
replenishment service, the shelves are stocked and ready for use with up-to-date and traditional products for
works environments. In different industries, the replenishment service product selection and MiniBar can look very
different: in the IT sector, the shelves contain energy bars, and in the healthcare sector, essential medical supplies.
SUSTAINABLE WORKING
ENVIRONMENTS OF THE
FUTURE ARE CREATED TODAY
Making everyday working life easier for
customers
Wulff is shaping Nordic workplaces to become smoother,
more sustainable, and more efficient. We provide com-
panies and organizations with solutions that allow their
employees to focus on what matters most – their work.
Our comprehensive product and service selection covers
everything from essential supplies to specialized solutions
for various work environments.
We offer everything a workplace or office needs from
coffee and hand creams to copy paper, from health-
Everything you need
for a variety of work
environments.
WORKPLACE
PRODUCTS IN
2024
T Delivered products and solutions:
over 30,000,000 units
Main markets:
Finland, Sweden,
Norway, Denmark
Market size in the Nordic region:
approx. 700 million euros
15 Annual Review 2024 |
care and caregiving products to IT accessories, from
cleaning and facility maintenance supplies to a diverse
selection of café and snack products.
Additionally, we supply retail, industry, logistics, and
large-scale kitchens, ensuring that businesses across
sectors have the right products and solutions to support
their operations.
A changing market requires adaptability
The increasing importance of sustainability is reshaping
purchasing decisions, as customers seek environmental-
ly responsible and ethical choices. Wulff is recognized
for its high-quality products and solutions, fast deliveries,
and seamless service experience.
Trust as the foundation of competitiveness
Today, a significant portion of purchases are made
online. Wulff provides customers with clear and
user-friendly digital services across all its operating
countries. Large corporate clients, municipalities, and
cities benefit from customized e-commerce solutions,
while in Finland, consumers, micro-enterprises, and
small businesses are served through the open-access
online store Wulffinkulma.fi and brick-and-mortar stores
in Helsinki, Lahti, and Turku.
While diverse online services enhance efficiency and
streamline procurement, the value of expert sales is
more critical than ever. As digitalization progresses, trust
becomes increasingly important. In major and strategic
purchasing decisions, the insights and advice of an
experienced professional are irreplaceable.
Wulff is committed to investing in digital solutions while
maintaining personalized service as a core part of its
strategy. This ensures that customers benefit from mod-
ern technology while always having expert support
available when needed.
Wulff professionals know their customers
While market practices and customer segments vary
between Finland and Scandinavia, one key factor
remains constant: Wulff’s success is built on deep
customer understanding.
Across all its operating countries, Wulff is committed
to long-term customer relationships and ensuring a
profound understanding of its clients’ business needs,
challenges, and goals.
This customer-centric approach is reflected in a care-
fully curated product and service portfolio, solution-ori-
ented sales practices and the continuous development
of Wulff’s operations to meet evolving customer
expectations.
Finland
In Finland, Wulff serves its customers through a com-
prehensive sales network. Contract Sales supports
Nordic countries and strengthen business profitability.
In the coming years, Wulff will focus particularly on
products and solutions that align with sustainable devel-
opment and support environmentally friendly practices.
Additionally, the development of digital services will
be a priority, enabling customers to place orders and
manage their purchases more easily and quickly.
WHY WULFF?
Everything you need – effortlessly from one partner
• SAVING CUSTOMERS TIME –
One partner, all solutions
• QUALITY AND SUSTAINABILITY –
Ethical, sustainable, and premium products
• MULTICHANNEL SERVICE –
Online, sales network, contract partnerships, and stores
• FAST AND RELIABLE DELIVERIES –
Competitive logistics solutions
Making everyday life easier for customers –
everything you need from one partner
| Annual Review 2024 16
logistics solution that combines automation with human
expertise. The company’s domestic logistics center is lo-
cated in Tuusula, complemented by outsourced logistics
through Posti. Additionally, the Expert Sales logistics hub
operates from Wulff House in Espoo, adjacent to the
company’s headquarters, ensuring efficient and flexible
operations.
In 2024, Wulff’s workplace product business in Finland
focused on streamlining product selection, enhancing
operational efficiency, and optimizing customer ex-
perience as part of the Staples Finland Oy acquisition
integration plan.
Scandinavia
In Sweden, Norway, and Denmark, Wulff Supplies
serves customers as one of the leading workplace
product companies in Scandinavia. It provides products
and solutions primarily for retail, industry, logistics, the
restaurant and hospitality sector, and traditional office
environments.
The diverse product range ensures that customers can
find everything they need in one place, streamlining
MEGATRENDS SHAPING THE
WORKPLACE PRODUCT BUSINESS:
• ECOLOGICAL RECONSTRUCTION –
Customers prioritize sustainable product
• TECHNOLOGICAL TRANSFORMATION –
Digital ordering channels and automation are advancing
• CHANGING WORK AND SKILLS
LANDSCAPE –
The role of work environments in competitiveness is increasing
• GROWING IMPORTANCE OF TRUST –
Customers prefer reliable partners
large corporate clients and public sector procurement,
while Expert Sales provides tailored solutions for busi-
nesses of all sizes.
Expert Sales specializes in branded and personalized
products, workplace well-being and ergonomic solu-
tions and a wide range of equipment and supplies for
construction sites and industrial projects.
With a broad service offering and a personalized ap-
proach, Wulff ensures that customers receive the right
products and solutions to meet their specific needs—
efficiently and reliably.
Wulff’s contract customers in Finland benefit from a
Sustainability as a
competitive advantage –
high-quality and ethical
products
17 Annual Review 2024 |
procurement processes and improving cost efficiency.
In 2024, Wulff Supplies focused on enhancing its
digital customer experience and advancing sustainabil-
ity efforts. The company has successfully implemented
Wulff Group’s strategy of continuously improving prod-
uct selection and operations to be more sustainable
and ethically responsible.
Wulff Supplies operates its own logistics center in
Ljungby, Sweden, strategically located for efficient
distribution across Scandinavia. The company’s Scan-
dinavian headquarters is based in Oslo, Norway, with
additional offices in Sweden’s Malmö, Gothenburg,
and Stockholm, Norway’s Bergen and Stavanger and
Denmark’s Copenhagen.
Operating environment and market
The products for works environments market in the Nor-
dic region has slightly contracted in recent years, as
industry growth closely follows the general economic
climate. At the same time, businesses are increasingly
looking for new solutions to enhance productivity and
employee well-being.
Wulff is continuously developing its services to meet
this growing demand by offering ethical and sustaina-
ble products, advancing digital ordering channels, and
expanding comprehensive worklife services.
Future prospects
By understanding our customers’ daily lives and oper-
ating environments, we create value for their business-
es. Wulff’s workplace product business has expanded
and adapted to rapidly changing market conditions.
The Group’s goal is to increase its market share in the
DRIVERS OF GROWTH IN THE
WORKPLACE PRODUCT BUSINESS
• SOLUTIONS FOR THE HEALTHCARE
AND CARE SECTOR–
A growing segment
• ECOLOGICAL AND SUSTAINABLE PRODUCTS,
RECYCLING, AND CIRCULAR ECONOMY
SOLUTIONS –
Increasing demand
• DIGITAL ORDERING CHANNELS AND
CUSTOMER EXPERIENCE –
Leveraging technology for seamless service
• OPERATIONAL EFFICIENCY –
Reliability, speed, profitable growth, and competitive
logistics
Innovations in working
environments –
sustainable solutions
and digitalization
| Annual Review 2024 18
SUSTAINABILITY
19 Annual Review 2024 |
A COMMITMENT TO SUSTAINABLE BUSINESS
GROWTH
At Wulff, we believe that sustainable business prac-
tices are the only viable path to long-term success. In
2024, all of the company’s business operations were
evaluated by experts through the lens of sustainability.
The Group experienced strong growth, particularly in
its expanding service business areas, and sustainability
initiatives were implemented with consideration for
each segment’s specific characteristics.
INTEGRATING THE SUSTAINABILITY PROGRAM
INTO WULFF’S CORE STRATEGY
Impactful actions now and in the future
Wulff’s greatest opportunity to drive positive change for
the planet and people lies in focusing its sustainability
efforts on three key areas: a sustainable product and
service offering that considers climate and biodiversity,
employee and partner well-being, and a corporate
culture and leadership approach that actively supports
sustainability. A strong foundation has already been
established through Wulff’s sustainability program,
launched in 2019. By the end of 2024, the company
had successfully achieved five of its nine sustainability
goals. By fully integrating the sustainability program and
principles of sustainable development into the Group’s
overarching strategy, Wulff ensures that sustainability
will continue to drive business growth, decision-making,
and long-term value creation across all its operations.
Building
Wulff’s strong
sustainability
Sustainability focus
areas where Wulff
will have the most
significant impact
on the well-being
of the planet and
people.
| Annual Review 2024 20
KEY SUSTAINABILITY FOCUS
AREAS FOR WULFF
Environmental responsibility
• climate change
• biodiversity and ecosystems
• water resources and marine natural assets
• pollution
• circular economy
Social responsibility
• own workforce
• working conditions in the value chain
• consumers and end users
Economic responsibility and
good governance
Wulff’s long-term goal is to transition from simply reduc-
ing its carbon footprint to creating a carbon handprint
– actively generating positive environmental impact
through its own operations and the solutions it offers to
customers. This is achievable by prioritizing planetary
sustainability in product selection and continuously
updating the range with more sustainable alternatives.
Third-party certifications ensure that the products meet
strict environmental and health standards. For exam-
ple, the cleaning products sold by Wulff comply with
rigorous criteria regarding biodegradability and the
minimization of harmful chemicals. When it comes to
workplace furniture, certifications verify that products
are made from responsibly sourced materials and de-
signed for long-term durability. Through these initiatives,
Wulff helps its customers make more sustainable choic-
es while actively promoting environmentally responsible
business practices on a broader scale.
MANY OPPORTUNITIES TO CREATE A
POSITIVE IMPACT ON THE ENVIRONMENT
AND SOCIETY
Products for Work Environments
Wulff’s most established business is the sale of
products and solutions for work environments. Our
customers know that when making decisions about
workplace solutions, the expertise of Wulff’s spe-
cialists ensures the best possible outcome—both
today and in the future. In an increasingly digital and
AI-driven world, workplaces still require products
whose production and logistics inherently consume
natural resources. That is why it is essential for Wulff
to continuously develop its product selection and
supply chains in ways that actively reduce the carbon
footprint relative to revenue. The remaining emissions
from business operations are offset through certified
carbon sink projects.
Wulff’s experts guide customers toward more sustain-
able choices, supported by comprehensive data on
procurement and its environmental impact. Thoughtful
planning and optimized ordering cycles help reduce
the real emissions from transportation. Customers
receive detailed reporting from Wulff on both the
emissions impact of procurement-related logistics and
the sustainability of their product choices. Together
with our customers, we continuously work to make
both areas more sustainable. A growing number
of our customers are selecting sustainable products
for their MiniBar shelving service, with some even
committing to stocking only the most environmentally
responsible solutions.
…the product selection is
updated primarily with
items that prioritize pla-
netary sustainability.
21 Annual Review 2024 |
Continuously reducing emissions throughout the supply
chain is a key priority for Wulff. In import logistics,
warehousing, and customer deliveries, the company
prioritizes low-emission solutions, and packaging
materials are fully recyclable. In 2024, Wulff launched
an innovative recycling initiative for transport boxes,
allowing customer-returned boxes to be reused multiple
times.
In the Workplace Products segment, Wulff will im-
plement a harmonized emissions reporting system
across all operating countries in 2025, following the
GHG Protocol. Transparency in environmental impact
reporting will be enhanced through commitment to the
Science Based Targets initiative (SBTi), ensuring that
emissions reduction targets are aligned with scientific
climate goals. Additionally, an updated audit plan will
help identify and manage potential environmental,
human rights, and ethical risks within the supply chain.
In 2024, Wulff launched
an innovative recycling
initiative for transport
boxes.
WULFF’S WORKPLACE PRODUCT BUSINESS VALUE CHAIN
In Wulff’s workplace product business value chain, we examine the entire process from product sourcing to customer
delivery. This assessment includes procurement, warehousing, order processing, and logistics, ensuring an efficient, trans-
parent, and sustainable supply chain.
| Annual Review 2024 22
Worklife Services
Wulff’s worklife services are united by a commitment to
promoting ethical corporate culture and reducing the
carbon footprint of client companies. Wulff’s experts
and temporary employees bring sustainable values into
the daily operations of businesses.
Accounting firms are trusted partners for businesses.
Properly managed financial administration ensures
transparent, lawful, and responsible operations, forming
the foundation for ethical and accountable business
practices. Wulff Accounting provides digital bookkeep-
ing and payroll solutions for companies of all sizes,
Ongoing skills development enhances employabil-
ity and professional value, helping individuals build
meaningful careers. Wulff Works demonstrates its
broad industry expertise by having placed employees
in positions covered by 46 different collective labor
agreements (TES).
Wulff’s newest business area, consulting, focuses on
enhancing the competitiveness of businesses and
organizations in a sustainable way.
Growth in worklife services means
expansion into new business areas.
particularly helping small and medium-sized enterpris-
es transition from paper-based financial processes to
more environmentally friendly digital solutions.
Wulff’s staffing services advance social responsibility
and workplace well-being in Finland. Equality, diversi-
ty, and the matching of the right skills with a company’s
values and culture are key considerations in workforce
recruitment. Wulff Works supports the growth and
career development of its temporary employees by
providing continuous dialogue and coaching with
staffing industry professionals.
WULFF’S WORKLIFE SERVICES VALUE CHAIN
Wulff’s worklife services value chain consists of the development, customization, and implementation of expert services tailored to meet
customer needs. It includes the recruitment and placement of skilled workforce across various industries, as well as accounting, payroll,
and consulting services. Additionally, the value chain encompasses services related to international and domestic trade shows and events,
as well as printing and document management solutions that enhance business efficiency and growth for Wulff’s customers.
23 Annual Review 2024 |
OUR SUSTAINABILITY
EFFORTS TODAY
Determining our own
emissions in accordance
with the GHG Protocol and
developing a science-based
climate roadmap (SBTi)
Reducing
the carbon footprint
of our product and
service portfolio
Increasing the share
of products made from
recycled and renewable
materials
Supporting
customers’
sustainability
efforts
Next: Assessing our ecological footprint.
| Annual Review 2024 24
We humans represent only about 0.01%
of life on Earth, yet our actions have the
power to impact 100% of life on this
planet.
A sustainable future is built on the
understanding that humans are part of
nature and dependent on its well-being.
The carrying capacity of nature forms
the foundation for social and economic
sustainability – without ecological
balance, there can be no sustainable
society or strong economy.
25 Annual Review 2024 |
SUSTAINABILITY PROGRAM
2019–2024
Our sustainability program, launched in 2019 and in
effect until the end of 2024, has helped us make our
operations more sustainable. Out of our nine goals, we
successfully achieved five. Now, it is time to build the
next phase of our sustainability journey.
Driving positive climate actions and advancing
equality, decent work, and economic growth
Our sustainability program has been built around the
United Nations’ Sustainable Development Goals
(SDGs) for 2030, specifically supporting gender equal-
ity, decent work and economic growth, reducing ine-
qualities, responsible consumption, and climate action.
Within our program, these goals have been integrated
into three core areas: Happy Wulff employees, Car-
bon-Neutral Wulff, and a Responsible Supply Chain.
Happy Wulff employees
A strong employee experience is the foundation for
an outstanding customer experience, which is why the
Happy Wulff employees initiative focuses on meaningful
work, an inclusive and equal workplace, and the posi-
tive contributions of Wulff and its employees to society
and the environment.
Meaningful work
Wulff measures the meaningfulness of work through an
extensive annual employee survey conducted across
the Group. Employee satisfaction at Wulff is consistently
high, with a 2024 score of 3.83 on a scale of 1 to 5.
Employee satisfaction has been systematically meas-
RESPONSIBLE SUPPLY CHAIN
1. Code of conduct update and
Supplier implementation by 2022
• Metric: Signed contracts
2. Customer responsibility work support
• when you become aware, you become
responsible - Indicator: Number of
encounters
3. Offering sustainable products
• Indicator: Share of sustainable products (%)
sales (Note. Responsible product Definition
important)
CARBON NEUTRAL WULFF
1. Carbon-neutral locations 2022
• Indicator: Emission reduction and offsetting
actual emissions
2. Carbon-neutral supply chain 2022
• Indicator: Reduction of emissions and actual
Offsetting emissions
3. Carbon-neutral products by 2030
• Indicator: Number of carbon-neutral
products (%)
HAPPY WULFFIANS
1. Meaningful work
• Indicator: Workplace well-being survey,
Well-being index
2. Equal workplace
• Indicator: Wulff employees (workers,
Trains, trainees, students) Diverse and
diverse profile
3. Responsible actions for
the benefit of society
• Indicator: Amount of volunteer work
personnel (h or % of staff), Number of
partnerships and donations (pcs, €)
Wulff is an
inspirer and builder of
sustainable work
environments
Goal achieved
WULFF’S SUSTAINABILITY PROGRAM 2019-2024
| Annual Review 2024 26
numerous trainees, interns, and individuals in rehabilita-
tion programs, introducing more than ten new people
to Wulff as a workplace.
Responsible actions for society
Wulff and its employees contribute to building a more
sustainable society in various ways. Wulff 4H encour-
ages employees to make a positive impact through
meaningful volunteer work by offering them four hours
of paid working time per year for voluntary activities
of their choice. Wulff supports this initiative by provid-
ing recommendations on nonprofit organizations and
associations that align with its sustainability strategy.
Many Wulff employees choose to spend their 4H
hours together with colleagues, engaging in activities
such as collecting litter from nature or donating blood.
A long-standing tradition at Wulff is donating the
company’s employee Christmas gift fund to charity.
In 2024, the donation went to Deaconess Founda-
tion’s Vamos youth service, which supports young
people aged 16–29 facing significant challenges. By
ensuring that children grow into well-being-focused
and responsible young adults with the ability to make
good decisions, Wulff contributes to long-term positive
societal change.
Each year, Wulff supports various volunteer organiza-
tions as well as clubs and associations that promote
healthy and meaningful lifestyles. Additionally, the
company provides product donations in response
to urgent crises. In 2024, Wulff made a significant
donation of first aid supplies to Ambulances for Ukraine
association, reinforcing its commitment to social respon-
sibility.
Carbon-neutral Wulff
Ensuring a livable planet requires a commitment to
low-emission and ultimately carbon-neutral operations.
Wulff’s Carbon-neutral Wulff initiative is built on three
key areas: facilities, supply chain, and products. From
2019 to 2024, Wulff successfully reduced its carbon
footprint relative to revenue. With the company’s ex-
pansion into new business areas, emissions calculations
and reduction targets will be updated in 2025 to reflect
its evolving operations.
Carbon-neutral facilities
All Wulff-owned properties in every operating country
are equipped with solar power plants, and both owned
and leased facilities operate using climate-friendly
electricity. These solar plants generate a significant
amount of emission-free electricity, covering a large
share of the energy needs of Wulff’s own facilities.
In Finland, for example, Wulff’s solar power plants in
Espoo and Tuusula produce 162,000 kWh annually,
which is equivalent to the annual electricity consump-
tion of approximately ten electrically heated detached
homes (calculated based on Motiva standards).
Utilizing solar energy is a concrete step toward more
sustainable and environmentally responsible business
ured at the Group level for nearly a decade, showing
positive development in recent years. In addition to
the comprehensive annual survey, Wulff conducts two
shorter Pulse surveys each year to gather real-time
insights that support operational development and
leadership improvements. Based on the Pulse survey
results, leadership and management practices have
been continuously refined, ensuring that employees’
voices are heard and acted upon.
An inclusive workplace
Wulff aims to become an even more diverse and
inclusive company. Diversity is a strength, as differ-
ent backgrounds, perspectives, and skills enrich and
strengthen workplace collaboration. We are actively
working to foster a more diverse and inclusive work
community, with a key focus on recognizing and over-
coming unconscious biases.
We also promote equality through active collaboration
with educational institutions, employment centers, and
rehabilitation organizations. Wulff’s Trainee, intern-
ship, and work experience programs follow a 50/50
model, balancing learning and opportunities for
success. Interns spend approximately 50% of their time
on tasks they are already familiar with, allowing them
to experience success and focus on integrating into
the work community. The remaining 50% is dedicated
to learning new skills, receiving guidance, networking,
or working on projects such as thesis writing. In 2024,
Wulff provided work experience opportunities for
All Wulff-owned properties in every operating
country have their own solar power plant.
27 Annual Review 2024 |
goods delivered to customers each year. In Finland
alone, Wulff supplied customers with over 20 million
products in 2024. The company has systematically
focused on making its product selection more sustaina-
ble. Following the 2021 acquisition of Staples Finland
Oy, a major project to integrate enterprise resource
planning (ERP) systems and product selections was
completed in 2024, with further efforts now direct-
ed toward streamlining the product assortment. The
product portfolio continues to evolve toward greater
sustainability, with the guiding principle that every
new product introduction must align with sustainable
development goals. At Wulff, the belief is that the best
choices are those that benefit both business and the
planet.
Responsible supply chain
A responsible supply chain considers not only environ-
mental impact but also social and ethical responsibility
throughout the value chain.
Code of Conduct -agreement update round
The Code of Conduct agreements of Wulff’s procure-
ment partners in the Products for Work Environments
Segment were updated to take into account the
principles of responsibility, honesty and sustainable
development. A major revision of these agreements
was completed by the end of 2022, ensuring that
all new partners commit to ethical business practices
through signed agreements. In 2025, Wulff will further
evaluate and update its Code of Conduct agreements,
extending the review across all business segments to
ensure alignment with the company’s broader sustain-
ability strategy.
practices, demonstrating how renewable energy can
effectively reduce a company’s carbon footprint.
Wulff understands that energy-efficient operations, cir-
cular economy principles, and smarter resource utiliza-
tion within facilities help reduce costs. That is why Wulff
actively guides both employees and customers toward
more sustainable practices at all its locations. As recog-
nition of its commitment to environmental responsibility,
Wulff’s headquarters, Wulff House in Espoo, has been
awarded the WWF Green Office certification.
Carbon-neutral supply chain
Wulff has been actively working to reduce real emis-
sions within the supply chains of its Workplace Products
segment. Emission reductions have been made in line
with GHG Protocol targets, and remaining emissions
have been offset through certified climate projects.
Carbon-beutral products
The Products fro Work Environments Segment has an
extensive product range, with a significant volume of
Responsible operations
benefit both the
environment and the
economy.
| Annual Review 2024 28
Supporting customers in their sustainability
efforts
“At the moment you become aware, you become
responsible” is a mindset deeply embedded in Wulff’s
way of working, driving responsible actions and sus-
tainable solutions. Whenever we see an opportunity to
operate more sustainably, we seize it. A great exam-
ple of this is our delivery optimization model, which has
received overwhelmingly positive feedback. Our sales
team guides customers in optimizing their order cycles
to reduce unnecessary deliveries, saving both time and
environmental resources. By minimizing the frequency
of shipments, we help cut real emissions significant-
ly. Wulff’s experts also provide professional advice
on reducing material waste and improving energy
efficiency, knowing that even the smallest changes
can lead to major improvements. With over 200,000
customer interactions every year, we recognize that
each encounter presents an opportunity to drive more
sustainable business practices.
Offering sustainable product choices
By encouraging customers to make climate-friendly
product choices, Wulff has the potential to gener-
ate a meaningful positive impact on environmental
well-being. The share of sustainable products in total
sales has been increasing since 2018, and in 2025,
thanks to the completed integration of ERP systems and
product selections in Finland, customers will have the
opportunity to review their entire order history through
a sustainability lens. This will allow them to see how
their purchasing choices have evolved toward a more
environmentally friendly direction.
Wulff employees
Wulff offers diverse career growth opportunities and
is committed to being an equal employer that values
diversity. We employ professionals of all ages and
backgrounds, with a wide range of educational and
work experiences. In 2024, Wulff Group employed a
total of 291 people, of whom 53% were women and
47% men. The age distribution is equally diverse, with
33% of employees under 40 years old and 67% over
40. Geographically, 85% of Wulff employees worked
in Finland, 12 % in Sweden, 3% in Norway, and less
than 1% in Denmark.
Within Wulff, 42% of employees work in sales, while
58% work as experts, in administration, support func-
tions, and logistics.
In our solution-driven sales organization, the mindset
that “everyone sells” is deeply rooted in our culture.
Every Wulff employee is committed to delivering an
exceptional customer experience, facilitating successful
sales and enabling business growth. One of our most
cherished traditions is ensuring that all employees,
including those in administrative and support functions,
get to experience customer interactions firsthand by
accompanying sales teams on client visits. These shared
sales days are highly valued learning experiences. By
meeting customers, all of us at Wulff gain a deeper
appreciation for our role in enhancing the service
experience and advancing more sustainable business
practices.
29 Annual Review 2024 |
KARI JUUTILAINEN b. 1966
Chairman of the Board,
Responsibilities: Sales development and management coaching
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, vice president 1991–2004
Qualification in Business and Administration
Positions of trust:
Interi Oy, Board Member since 2023
InHunt Holding Oy, 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, 2024: 29 519 Wulff shares repre-
senting 0.4% of the company’s shares and votes
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 2021-2022
Azets Oy, Customer Success Trainee 2019-2021
Turku School of Economics, M.Sc. (Econ), Marketing, 2021
Positions of trust:
Wulff Group Plc, Board Member since 2018
Wulff ownership as of December 31, 2024: 33 875 Wulff shares repre-
senting 0.5% of the company’s shares and votes
JUSSI VIENOLA b. 1995
Board Member,
Responsibilities: Finance
Substantial experience and education:
Suomen Vaihtoauto Oy, CEO since 2020
PwC, Trainee 2019–2020
JOOL Group, Trainee 2019–2019
PYN Fund Management, Trainee 2017–2017
Aalto-yliopisto, Master of Science in Business Administration, Finance, 2024
Aalto-yliopisto, Bachelor of Science in Business Administration, Finance, 2019
Positions of trust:
Wulff Group Plc, Board Member since 2018
Wulff ownership as of December 31, 2024: 34 240 Wulff shares representing
0.5% of the company’s shares and votes
LAURI SIPPONEN b. 1969
Board Member,
Responsibilities: Business development
Substantial experience and education:
Laitilan Wirvoitusjuomatehdas Oy, CEO 2022-2023
VR Group, CEO 2021-2022
Lidl Suomi Ky, CEO 2010–2019, Administrative Director 2008–2010,
Regional Director 2003–2008, Internal Audit Manager 2002–2003,
Manager, Business Control 2001–2002
University of Jyväskylä, M.Sc. (Econ), Accounting and marketing 1998
Wirtschaftsakademie Schleswig-Holstein, Groß- und Außenhandelskaufmann, 1993
Positions of trust:
Broman Group Oy, Board Member since 2025
HKFoods Oyj, Board Member since 2024
Raisio Oyj, Board Member 2023-2025
Wulff Group Plc, Board Member since 2020
CAP-Group Oy, Chairman of the Board 2020-2022, Board Memeber since 2023
Deutsch-Finnische Handelskammer DFHK, Board Member since 2021
Repolar Pharmaceuticals Oy, Board Member since, 2006
Laitilan Wirvoitusjuomatehdas Oy, Board Member 2020-2023
Kaupan Liitto, Finnish Commerce Federations, Board Member 2015-2019
PTY Finnish Grocery Trade Association, Board Vice Chairman and Member 2011–2019
Wulff ownership as of December 31, 2024: 26 260 Wulff shares representing 0.4% of
the company’s shares and votes
BOARD AND MANAGEMENT | BOARD
| Annual Review 2024 30
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
Aallon Group Plc, CEO 2018–2019
Ahlsell Ltd, CFO 2017–2018
Wulff Group Plc CFO 2014–2017 and interim CEO 2016–2017
Deloitte & Touche Ltd, auditor (APA) 2011–2014
Other positions within financial management 2002–2011
M.Sc. (Econ), University of Tampere, 2009
Positions of trust:
Olas Group Oy, Board Member since 2023
LapWall Oyj, Board Member and Chair of the Audit Committee since 2023
Kreate Group Oyj, Board Member since 2020 and Chair of the Audit Committee since 2024
Wulff Group Plc, Executive Board Member since 2019
Wulff ownership as of December 31, 2024: 40 000 Wulff shares representing
0.6% of the company’s shares and votes
TROND FIKSEAUNET b. 1963
Wulff Supplies AB’s Managing Director, Executive Board Member
Responsibilities: Wulff Supplies AB’s management, development of
Skandinavia’s Products for Work Environments operations
Substantial experience and education:
Wulff Supplies AB, Managing Director since 2009
Strålfors, various positions 1998–2009,
Skandinavian 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 the Scandinavian Management Group in Supplies business area
2006–2009
Wulff ownership as of December 31, 2024: 0 shares
IIRIS POHJANPALO b. 1980
Wulff Group Plc Chief Financial Officer (CFO), Executive Board Member
Responsibilities: Finance, Investor Communications, Secretary of the Board
Substantial experience and education:
Wulff Group Plc, CFO since 2023
Nurminen Logistics Oyj, CFO 2020-2023
Nurminen Logistics Oyj, Director Group Business Control 2019-2020
Fira Group Ltd, Group Controller 2017-2019
Diacor Healthcare Ltd, Business Controller 2014-2017
Management Events, Group Controller 2011-2014
VR Group, Controller 2009-2011
Accenture Ltd, Management Consultant 2007-2009
M.Sc. (Econ), Helsinki School of Economics, 2005
Positions of trust:
Wulff Group Plc, Executive Board Member since 2023
Railgate Finland Ltd Board Member 2023-2024
Wulff ownership as of December 31, 2024: 0 shares
TARJA TÖRMÄNEN b. 1974
Communications and Marketing Director, Executive Board Member
Responsibilities: Communications, Marketing and HR and their development
Substantial experience and education:
Wulff Group Plc, Communications and Marketing Director since 2009
Wulff Group Plc, Communications Manager/Brand Manager 2002-2009
Vista Communications 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 2018-2021, Board Member since 2021
Wulff ownership as of December 31, 2024: 134 Wulff shares representing
0.0% of the company’s shares and votes
BOARD AND MANAGEMENT | GROUP EXECUTIVE BOARD
31 Annual Review 2024 |
Wulff Group Plc is a Nordic listed Company and
the most significant Nordic player in office supplies.
The Group consists of the parent company Wulff
Group Plc and its subsidiaries in Finland, Sweden,
Norway and Denmark. Wulff’s product and service
range includes workplace products and services,
staff leasing services, accounting and financial
management services, consulting services, exhibition,
event, and commercial interior design services both
internationally and domestically, as well as solutions
and services for office and professional printing and
document management. The Group also serves
its customers online with a webshop for workplace
products at wulffinkulma.fi.
Wulff Group Plc’s corporate governance is based
on Finnish legislation, such as the Limited Liability
Companies Act, Securities Market Act, the regula-
tions concerning the companies in the Helsinki Stock
Exchange, and regulations 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 company 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 Board of Directors’ Report.
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 Mee-
ting (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 domi-
cile, Helsinki, 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 participating 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 per-
taining to it according to the Limited Liability Compa-
nies 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 Members 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 reimburse-
ment 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 authorised to
amend the Articles of Association. An Extraordinary
General Meeting is summoned, if required, by the
Board of Directors.
In 2024 Wulff Group Plc’s Annual General Meeting
was held on April 4. The Annual General Meeting
adopted the financial statements for the financial
year 2023 and discharged the Members of the
Board of Directors and CEO from liability. The AGM
decided to pay a dividend of EUR 0.15 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 concerning the authorisation to perform
share issues. The AGM adopted the remuneration
policy. The AGM also approved the remuneration
report for 2023. 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 Joonas Selenius as the lead audit
partner, was chosen as the auditor of Wulff Group
Plc. The Annual General Meeting decided that the
reimbursements to the Auditors are paid on the basis
of reasonable invoicing.
In 2025, Wulff Group Plc’s Annual General Meeting
will be held on April 3.
BOARD OF DIRECTORS
The Board of Directors is responsible for the admi-
nistration and the proper organisation of the ope-
rations of the company. The Board supervises and
controls the operative management of the company,
appoints and dismisses the managing director, ap-
proves 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 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 elec-
tion. 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 management of
company operations, administration 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 procedu-
res 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
CORPORATE GOVERNANCE STATEMENT
| Annual Review 2024 32
of business operations
• preparation and presentation of the remunerati-
on policy and report at the AGM
• 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 4, 2024 elected four members to the Board of
Directors.
In the preparation of the proposal for the compo-
sition of the Board of Directors, the requirements
placed by the company’s strategy, 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 com-
pany are academic and professional backgrounds
as well as strong, versatile and mutually comple-
mentary expertise, experience and knowledge in the
different business areas important to the company,
internationality, 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 manage-
ment, marketing, and sales expertise.
In 2024, Wulff Group Plc’s Board of Directors fulfil-
led the principles concerning diversity and expertise
taking into consideration the company’s strategy
and the market and business environment as well
as development projects. The focus of the strategy is
customer experience, sales expertise and operating
through multiple channels. Important strategic proje-
cts are taking advantage of digitalization, supporting
sales with marketing communications, development
of product and service portfolio especially with
environmentally sustainable solutions and enhancing
personnel’s expertise. Especially important for the Bo-
ard of Directors is developing the sales management
according 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 representati-
on 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 indepen-
dent 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 evaluated 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 (since 2019)
Kari Juutilainen owned 0.4%, and Members of the
Board Jussi Vienola and Kristina Vienola owned
0.5% each and Lauri Sipponen owned 0.4% of the
outstanding shares on 31.12.2024. Considering the
portion of the shareholding the dependence of the
company is considered insignificant. The Members
of the Board were not employed by the company in
2024 or 2023. According to the Board’s assessment,
the Members of the Board were independent of the
company and significant shareholders in 2024 and
2023. Due to the Group’s small size, setting up Bo-
ard committees or a supervisory board has not been
considered necessary. The entire Board of Directors
has handled all its tasks. The Board of Directors con-
venes 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 agenda is prepared
by the CEO together with the Secretary of the Board.
Wulff Group Plc’s Board of Directors convened 20
times (15) in 2024. The average meeting attendance
of the Board Members was 99 percent (100). At its
organising meeting the Board approved the charter
and action plan for 2024 and evaluated the inde-
pendence of its members. According to the meeting
plan for 2025, the Board of Directors will convene
12 times. The Board carries out annual assessments
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 succes-
sfull in 2024. More information on Board Members
and their Wulff shareholdings is presented in Board
and Management.
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
accounting 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 situati-
on. 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, considering 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 has acted as the Wulff Group Plc’s
CEO from September 2019 onwards.
GROUP EXECUTIVE BOARD
The Group Executive Board led by the Group CEO
is responsible for the Group’s operations in practice.
The Group Executive Board convenes regularly
to analyse and evaluate the financial and busi-
ness 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 significant 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
33 Annual Review 2024 |
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 Association,
the Annual General Meeting determines the remu-
neration of the Board Members on a proposal from
the Board of Directors. A fixed, monthly fee of EUR
1,250 resolved by the Annual General Meeting is
paid to the Chairman and Board Members.
The Board Members are not rewarded by share-ba-
sed 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 4.4 of the Consolidated Financial
Statements and in the table presented. According
to the authorization granted by the Annual General
Meeting on April 4, 2024, the Board of Directors has
the right to continue the repurchase of the company’s
own shares by acquiring at most 300,000 own sha-
res. The authorisation is in force until April 30, 2025.
According to the authorization the company can
acquire treasury shares to support the implementation
of an incentive scheme or to be otherwise disposed
of. No own shares were reacquired in 2024 nor in
2023.
CEO
The Board prepares a proposal and determines the
Group CEO’s remuneration and other contractual
issues.
A part of the Group’s CEO’s benefits is a statutory
pension. The contract does not specify a retirement
age. No supplementary pension benefits were
agreed or paid.
The Board appointed Elina Rahkonen, M.Sc. (Econ),
as the Wulff Group Plc CEO on September 17,
2019 and she started in her position on September
30, 2019. In 2024, the remuneration of CEO Elina
Rahkonen consisted of monetary wages and fringe
benefits of the amount of EUR 218 thousand (208).
The Group CEO’s service contract includes the
above-mentioned sharebased 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 com-
pany 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 cont-
ractual terms, salaries and possible other benefits
and incentives of the Group’s Executive Board Mem-
bers. 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-determined 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 Törmänen’s
communication and marketing director service is
obtained as an outsourced service during 2024, the
service costs amounted to EUR 108 thousand (108).
The outsourced service is included in other operating
expenses and has been presented also in the Note
for Related Party transactions.
In 2024 and 2023, the Group Executive Board
consisted of Atte Ailio until August 4, 2023, Sami
Hokkanen until August 21, 2023, Veijo Ågerfalk until
August 21, 2023, Iiris Pohjanpalo from August 21,
2023, Tarja Törmänen, Trond Fikseaunet, and CEO
Elina Rahkonen.
The employment benefits presented in the table abo-
ve, include the above-mentioned employee 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 manage-
ment and supervision of internal controls’ effective-
ness in practice.
Ultimate responsibility for accounting, accuracy of
the financial statements and supervision of asset
management is carried out by Wulff Group’s Board
SUMMARY OF BOARD MEMBERS’ BENEFITS
EUR 1 000 2024 2023
Board members' salaries and fees 15 15
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 2024 2023
Salaries and other short term remuneration 590 690
Fringe Benefits 23 39
Bonuses 56 56
Other long term remuneration, additional pension benefits 8 23
Group Executive Board’s employee benefits total 677 808
| Annual Review 2024 34
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
margin, 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 monthly 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 regularly. 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 companies. The Group CEO and
CFO analyse and control each subsidiary’s and busi-
ness area’s operations, performance and financial
status regularly.
Wulff Group follows the risk management policy de-
vised by the Board of Directors, which determines the
objectives and responsibilities of risk management,
as well as the reporting procedures. The company’s
risk management supports the achievement of stra-
tegic objectives and ensures business continuity. The
realisation of risk management policies is controlled
with internal audits regularly and also external audi-
tors supervise the adequacy and effectiveness of the
risk management as a part of the audit procedures
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, business objectives set by
shareholders as well as the expectations of custo-
mers, personnel and other important stakeholders.
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 making business-relat-
ed 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 management
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 deter-
mine 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. Se-
lected 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 management. Instead,
risk management is arranged in compliance with the
company’s other business operations and organisa-
tion 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 informa-
tion 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 Annual General Mee-
ting elects only one auditor and if the auditor is not a
firm of Authorised Accountants, additionally one de-
puty 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 Joo-
nas Selenius as the lead audit partner, was chosen as
the auditor of Wulff Group Plc in 2024.
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 audi-
tors’ 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 132 (91) thousand in 2024, of
which EUR 0 thousand (9) were expenses other than
audit fees (please see Note 2.6 for further informa-
tion).
Following the corporate governance regulations, 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 European Securities Markets
Authority (“ESMA”). Further, the company observes
Finnish legislation, 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 Su-
pervisory 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 manager 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 20 000 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 associat-
ed persons, as specified in MAR and within two days
of the receipt of the notification, 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-specific insiders. Pro-
ject-specific lists will be established and maintained
for each project or event constituting inside infor-
mation, based on a separate decision. All persons
working 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
35 Annual Review 2024 |
who are working for the implementation of an insider
project, will be entered in a project-specific insider
list. Persons 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 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 authorised access to unpublished
financial result information are added to a list of
Financial Information Recipients.
Wulff applies an absolute trading prohibition (a ‘clo-
sed 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.
REPORTING BREACHES
Wulff has a confidential channel for reporting
suspected violations of securities markets regulations.
The channel is maintained by an external company
independent of the Group.
RELATED PARTY TRANSACTIONS
As part of the Group’s key management personnel,
the Group’s related parties consist of the Members of
Board of Directors, members of the Group Executive
Board, their family members and the companies
under their control, and subsidiaries, associated
companies and joint ventures 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 announcements. The company’s
financial management is responsible for supervising
and reporting related party transactions to the Board
as needed. A related party transaction in accordan-
ce with normal commercial terms does not require
a decision by the Board of Directors to execute the
related party transaction. The nature and the terms of
related party transactions are assessed in relation to
the company’s normal operations and commercial
terms. In making decisions concerning related party
transactions, the company ensures that potential
conflicts of interest are duly taken into account, and a
potential related party does not participate in deci-
sion-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 Financial Statements and, if necessary, in
the activity report and interim and half-year reports.
In addition, the necessary related party transactions
are announced in accordance with the Securities
Market Act and the Stock Exchange’s rules.
In 2024, related party transactions consisted of
normal, market-based business transactions. Related
party transactions have been presented in Note
4.4 of the Consolidated Financial Statements. The
Group’s parent company and subsidiary relation-
ships have been presented in Note 4.2.
COMMUNICATIONS
The Group publishes all its stock Exchange relea-
ses 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 sharehol-
ders.
The Group’s stock exchange releases, Corporate
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’ calen-
dar 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 regar-
ding its outlook and development and during which
insiders are prohibited from trading with the Group’s
financial instrument.
BOARD OF
DIRECTORS’ REPORT
| Annual Review 2024 37
WULFF GROUP BOARD OF
DIRECTORS:
The year 2024 ended at Wulff with the highest net
sales figure in our history: EUR 102.8 million. The
comparable operating profit margin was 3.2% (3.8).
The group’s net sales for October-December 2024
increased by 21.7%.
We succeeded in implementing our growth strategy
in a more challenging operating environment than
before. The profitable growth in the Worklife Services
segment is something to be very happy about: the
staff leasing business of Wulff Works, which started
in January 2024, grew wonderfully in line with
expectations and its share of the group’s net sales is
already above 10%. Wulff Accountings’ net sales
and operating profit more than doubled. The profi-
tability of accounting services is at a good level and
the development is stable.
Our service operations help companies grow sustai-
nably and operate ethically. They also bring flexibility
and adaptability to companies’ operations. With
Wulff Works and Wulff Accounting, it is easy for our
client companies to grow when they can use their
own resources efficiently.
In 2025, we have good opportunities to improve
the profitability of the entire Group. For example, the
initial efforts related to starting the operation of Wulff
Works have mostly been made during 2024.
In addition, determined and value-driven work is
needed to enable the best customer experience. As
a strong team of sales and experts, we at Wulff are
ready for this.
Economic and geopolitical uncertainty impacted
the demand for the Products for Work Environments
segment in Finland and Scandinavia, and the seg-
ment’s net sales in 2024 decreased by 6.2%, with the
Scandinavian Expert Sales sold in the fall of 2023
removed from the comparison figure. Wulff’s con-
solidation and efficiency measures for workplace
businesses have contributed to the reduction of the
segment’s fixed costs in Finland, which has balanced
the decline in net sales. The goal is to strengthen
profitability during 2025 by developing even
more efficient operating models and strengthening
competitiveness. The key focus areas are improving
the operational efficiency of the logistics chain and
refining the selection and making it more responsible.
Promoting sustainable development and responsible
operations is an important part of our strategy and
values. Our mission, a better world one job at a time,
encapsulates the finesse of a sustainable business
strategy: more responsible choices are an oppor-
tunity to positively influence the well-being of the
environment and people, while at the same time suc-
ceeding as a company and operating commercially
profitably. More and more of our customers choose
as their partner a company that operates ethically
and sustainably - compatible with their own values.
Our strong development and strategy is also indicat-
ed by the fact that we are proposing an increasing
dividend for the seventh time in a row. For this, we
would like to thank all our customers, personnel,
SERVICE BUSINESS BUILDING
GROWTH IN 2024
• Net sales totalled EUR 102.8 million (93,8), increasing by 9.6%
• EBITDA was EUR 5.4 million (5,1) i.e. 5.3% (5.4) of net sales, and comparable EBITDA was EUR
5.6 million (5.5) i.e. 5.4% (5.8) of net sales
• Operating profit (EBIT) was EUR 3.2 million (3.2) i.e. 3.1% (3.4) of net sales and comparable
operating profit (EBIT) was EUR 3.3 million (3.5) i.e. 3.2% (3.8) of net sales
• Earnings per share (EPS) were EUR 0.26 (0.31) and comparable earnings per share (EPS) were
EUR 0.29 (0.36)
• The equity ratio was 41.3 % (45.5)
• The Board of Directors proposes to the Annual General Meeting to be held on April 3, 2025 that
a dividend of EUR 0.16 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 2025
partners and shareholders who have made growth
possible. Thank you for trusting Wulff.
GROUP’S NET SALES AND
RESULT PERFORMANCE
In January—December 2024 net sales totalled EUR
102.8 million (93.8), and in the last quarter EUR
27.9 million (22.9). Net sales for the financial year
increased by 9.6% (-8.2) and for the fourth quarter
by 21.7% (-17.1).
Worklife Services segment’s net sales increased
by 339.3% in October—December, and 214.1%
in January—December especially due to the new
staff leasing business’ strong organic growth — the
business was launched at the beginning of the year,
— and the expansion of Wulff’s accounting services
business. The acquisitions of accounting companies
during the financial year increased the net sales in
January—December by EUR 1.9 million.
Products for Work Environments segment’s net sales
decreased by 5.8% in October—December, and by
6.2% in January—December, excluding the Scandi-
navian Expertise Sales sold in autumn 2023 from the
comparison. Net sales decreased both in Finland
and in Scandinavia.
The gross margin amounted to EUR 8.1 million (7.4)
being 29.2% (32.4) of net sales in October—De-
cember 2024, and EUR 30.2 million (28.7) being
29.4% (30.6) of net sales in January–December
2024. There were no disturbances in the availability
of products during the reporting period.
In October—December 2024 employee benefit
expenses amounted to EUR 4.6 million (4.0) being
16.6% (17.3) of net sales. In January—December
2024 employee benefit expenses amounted
WULFF GROUP: KEY FIGURES 1.1. –31.12.2024
38 Annual Review 2024 |
to EUR 17.3 million (16.5) being 16.8% (17.6) of
net sales. The decrease in personnel costs relative
to net sales during the reporting period is related
to the organizational reforms implemented both in
early spring and previous years. Wulff’s change
negotiations during the reporting period resulted in
a one-time expense of EUR 0.2 million, which has
been removed from the comparable result.
Other operating expenses amounted to EUR 2.2 mil-
lion (1.9) in the last quarter of 2024 being 7.8% (8.3)
of net sales. In January—December other operating
expenses amounted to EUR 7.7 million (7.3) being
7.5% (7.8) of net sales. The change in other operating
expenses in relation to net sales comes from the
growth in the Worklife Services segment.
In October—December 2024 EBITDA amounted
EUR 1.4 million (1.6), or 5.1% (6.9) of net sales and
comparable EBITDA amounted to EUR 1.4 million
(1.6), or 5.1% (7.2) of net sales. In January—De-
cember EBITDA amounted EUR 5.4 million (5.1), or
5.3% (5.4) of net sales and comparable EBITDA
amounted to EUR 5.6 million (5.5), or 5.4% (5.8) of
net sales.
Operating profit (EBIT) amounted to EUR 0.8 million
(1.1), or 2.9% (4.8) of net sales in October—De-
cember 2024 and comparable operating profit
amounted to EUR 0.8 million (1.2), or 2.9% (5.1)
of net sales. Operating profit (EBIT) amounted to
EUR 3.2 milllion (3.2), or 3.1% (3.4) of net sales in
January—December 2024 and comparable opera-
ting profit amounted to EUR 3.3 milllion (3.5), or
3.2% (3.8) of net sales.
In the last quarter financial income and expenses
totalled (net) EUR -0.3 million (-0.3). In January—De-
cember 2024, the financial income and expenses
totalled (net) EUR -1.1 million (-1.0), including
interest expenses of EUR -1.0 million (-0.9), and
mainly currencyrelated other financial items (net)
totalled EUR -0.1 million (-0.1).
In October—December 2024 the result before taxes
was EUR 0.5 million (0.8), and the comparable result
before taxes was EUR 0.5 million (0.9). In January—
December 2024 the result before taxes was EUR 2.1
million (2.1), and the comparable result before taxes
was EUR 2.3 million (2.5).
In the last quarter of 2024 net profit attributable to
equity holders of the parent company was EUR 0.3
million (0.8) and comparable net profit was EUR
0.3 million (0.9). The net profit attributable to equity
holders of the parent company was EUR 1.8 million
(2.1) and comparable net profit was EUR 1.9 million
(2.4) in January—December.
Earnings per share (EPS) were EUR 0.04 (0.12) and
comparable earnings per share (EPS) were 0.04
(0.13) in the last quarter of 2024. Earnings per share
(EPS) were EUR 0.26 (0.31) and comparable ear-
nings per share (EPS) were 0.29 (0.36) in January—
December 2024.
WORKLIFE SERVICES SEGMENT
The Worklife Services segment includes staff leasing
services, accounting services, consulting services,
exhibition, event, and space design services
both internationally and domestically, as well as
solutions and services for office and professional
printing and document management.
Worklife Services segment’s net sales increased by
214.1% and totalled EUR 24.7 million (7.9). Net sales
increased thanks to the start of Wulff Works’ staff
leasing business and both, acquisitions and organic
growth of Wulff Accounting. Net sales of Wulff Entre,
which specializes in events, decreased from the
comparison period as expected. It is typical for the
events industry that large events are not organized
every year, and this affected net sales relative to the
comparison period. Canon Business Center Vantaa’s
net sales increased from the comparison period.
Operating profit (EBIT) increased from the com-
parison period and was EUR 0.6 million (0.2),
being 2.5% (3.1) of net sales. Staff leasing business
grew according to expectations and the result was
profitable since June. The operating profit of Wulff
Accounting increased from the comparison period
due to organic growth and acquisitions carried out
during the year. The operating result of Wulff Entre,
which specializes in events, decreased from the
comparison period. Canon Business Center Vantaa’s
operating profit increased.
During the reporting period, Wulff expanded its
services to the consulting industry. Wulff Consulting,
founded in October, impacted EUR 0.1 million to the
net sales and EUR -0.1 million to the operating profit
of the segment.
PRODUCTS FOR WORK ENVIRONME-
NTS
The Products for Work Environments segment consists
of the business of workplace products and services
in Finland, Sweden, Norway, and Denmark. Wulff
offers a high-quality selection of different work
environment solutions. The filling service model makes
everyday life easier, helping with procurement of for
example snacks, office supplies and property consu-
mables. Wulff is an expert partner also in production
solutions, such as industrial packaging material and
in protective products important for the care sector.
Products for Work Environments segment’s net sales
totalled EUR 78.8 million (86.0). Net sales decrea-
sed by 6.2%, excluding the Scandinavian Expertise
Sales sold in autumn 2023 from the comparison.
The general market situation affected the develop-
ment of net sales both in Finland and in Scandinavia.
Net sales decreased by 5.5% in Finland from the
comparison period and by 8.6% in Scandinavia,
excluding the Scandinavian Expertise Sales sold in
autumn 2023 from the comparison. The political stri-
kes that took place in Finland in March affected cus-
tomer demand in early spring. In January—Decem-
ber 2024, the net sales of property consumables,
school accessories and health products in particular
increased. Sales of more traditional workplace pro-
ducts and services followed the general economic
and employment situation, decreasing from the
comparison period. The school sales has been
more moderate than expected, but profitable.
Operating profit (EBIT) decreased from the compa-
rison period and was EUR 2.7 million (3.2), being
3.4% (3.7) of net sales. Wulff’s change negotiations
held during the reporting period affected the
Products for Work Environments segment’s person-
nel in Finland. The change negotiations resulted
in a non-recurring cost of EUR 0.2 million, which
burdened the segment’s operating profit. In early
spring gross margin was reduced by additional costs
related to optimizing material flows and the supply
chain, which had an estimated 1% impact on the
gross margin percentage.
FINANCING, INVESTMENTS
AND FINANCIAL POSITION
TIn January—December 2024 the cash flow from
operating activities was EUR 4.1 million (4.6).
Cash flow from investments during the review period
totalled EUR -4.7 million (-2.0). The acquisition of
| Annual Review 2024 39
Tilitoimisto Lundström Oy and its subsidiary Sand-
ström & Lundström Oy, carried out in February 2024,
affected the cash flow by EUR -1.4 million. The
acquisition of Raahen Tase Oy, carried out in June
2024, affected the cash flow by EUR -1.4 million.
The acquisitions of accounting companies carried
out in November-December affected the cash flow
by EUR -0.2 million. Investments in intangible and
tangible assets during the reporting period amounted
to EUR 1.6 million (1.6).
The cash flow of financing activities was EUR 1.5 mil-
lion (-3.4) in January—December 2024. Long-term
loans were withdrawn amounting to EUR 4.2 million
(0.0) and repaid in total of EUR 0.7 million (2.7).
Short-term loans were repaid amounting to EUR 0.2
million (withdrawn 1.0). Dividends were paid in the
amount of EUR 1.1 million (1.0).
Lease agreement payments were EUR 0.7 million
(0.6). Recognition of lease agreements within the ba-
lance sheet increased group assets EUR 1.4 million
(0.7) and liabilities EUR 1.7 million (0.9) at the end
of reporting period.
The Group’s cash balance changed by EUR 1.0
million (-0.9) in January—December. The Group’s
bank and cash funds totalled EUR 0.2 million (1.0) at
the beginning of the year and EUR 1.1 million
(0.2) at the end of the reporting period. The group
has a credit limit of EUR 5.5 million, of which EUR 4.6
million was unused at the end of the reporting period.
At the end of December 2024 equity attributable to
the owners of the parent company was EUR 3.26
per share (3.17). The equity ratio was 41.3% (45.5).
The balance sheet total was EUR 54.8 million (49.6)
OTHER KEY EVENTS
Wulff renewed the business operations of Finland’s
workplace products and services by restructuring
the organization. The aim of the arrangements is to
strengthen Wulff’s competitiveness and operational
efficiency. As part of the arrangement, change
negotiations were carried out, which ended on
February 20, 2024. There were 48 people involved
in the negotiations and the eployment of 9 people
ended as a result of the negotiations. The company
estimates that the measures will have a positive effect
on the result by around EUR 0.5 million annually.
(Stock exchange release January 31, 2024 and
February 20, 2024)
On February 16, 2024, Wulff announced the
purchase of Tilitoimisto Lundström Oy and Sandström
& Lundström Oy Ab. (Stock exchange release)
Wulff Group Plc’s Annual General Meeting was
held in the Wulff house in Espoo on April 4, 2024.
More has been said about the decisions of the mee-
ting in ”Decisions of the Annual General Meeting
and Board of Directors”. (Stock exchange release
April 4, 2024)
On April 11, 2024, Wulff announced the change in
the reporting structure and published the comparison
data of the segments. (Stock exchange release)
On June 10, 2024, Wulff announced the purchase
of Tilitoimisto Raahen Tase Oy. (Stock exchange
release)
On November 6, 2024, Wulff announced the
purchase of Toda Consulting Oy’s business. (Press
release)
On November 27, 2024, Wulff announced the
purchase of Ab Bokföringsbyrå Esse Tilitoimisto Oy.
(Press release)
On December 12, 2024, Wulff announced the
purchase of Aktiva Redovisning Åland Ab. (Press
release)
SHARES AND SHARE CAPITAL
Wulff Group Plc’s share is listed on Nasdaq 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 3.07 (1.95) and the market
capitalization of the outstanding shares totalled EUR
20.9 million (13.3).
In 2024, the trade volume for the stock was 848,570
(1,633,934), and the number of shareholders as of
31 December 2024 was 2,675 (2,780).
At the end of December 2024, the Group held
111,624 (111,624) own shares representing 1.6%
(1.6) of the total number and voting rights of Wulff
shares.
DECISIONS OF THE ANNUAL GE-
NERAL MEETING AND BOARD OF
DIRECTORS
Wulff Group Plc’s Annual General Meeting was held
in the Wulff house in Espoo on April 4, 2024. The
Annual General Meeting adopted the financial sta-
tements for the financial year 2023 and discharged
the members of the Board of Directors and CEO from
liability for the financial period 1.1.–31.12.2023. The
Annual General meeting decided to pay a dividend
of EUR 0.15 per share for the financial year 2023.
The Annual General Meeting approved the remu-
neration policy presented by the Board of Directors
and the 2023 remuneration report. Kari Juutilainen,
Lauri Sipponen, Jussi Vienola and Kristina Vienola
were re-elected as members of the Board. The
organizing 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. 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 Ac-
countants, with Authorized Public Accountant Joonas
Selenius 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 acquisition of maximum
300,000 own shares. The authorization is effective
until April 30, 2025. 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 decisions. The authorisation
remains in force until April 30, 2025.
LOANS, COMMITMENTS AND CON-
TINGENCIES TO RELATED PARTIES
Wulff Group Plc has granted a total of EUR 2.6 mil-
lion in loans without repayment period nor collateral
to its subsidiaries, i.e. related parties. The interest
rates on the loans are tied to the 12-month euribor
and their margins vary between 1-6%. The parent
company has also pledged the Wulff Supplies AB’s
loan to Nordea in 2019. The loan was withdrawn to
finance a logistics center, and the capital of of the
loan was EUR 1.6 million at the end of the reporting
period.
40 Annual Review 2024 |
MANAGEMENT TRANSACTIONS
The chairman of the board, Kari Juutilainen, acquired
a total of 5,320 Wulff Group Plc shares in February
at an average price of EUR 2.44.
The chairman of the board, Kari Juutilainen, acquired
a total of 4,000 Wulff Group Plc shares in Decem-
ber at an average price of EUR 3.02
PERSONNEL
Wulff employs people working in group companies
and temporary workers mediated by Wulff Works
staff leasing.
In January—December 2024 the Group’s personnel
totalled 271 (262) employees on average. At the
end of December, the Group had 292 (234) emp-
loyees of which 45 (46) persons were employed
in Sweden, Norway, or Denmark. Of the Group’s
personnel 41 % (40) work in sales operations and
59% (60) of the employees work in sales support,
logistics and administration. Of the personnel, 55%
(53) are women and 45% (47) are men.
In January—December 2024, there were an avera-
ge of 256 (0) temporary employees arranged by
Wulff Works calculated in person-years.
Due to the nature of the staff business, the total
number of employees employed by Wulff is greater
than the average number of personnel. In calcula-
ting the average number of temporary employees,
the employees’ work input has been converted into
person-years of work.
RISKS AND UNCERTAINTIES
The general economic and market development and
the employment rate have a significant impact on the
demand for products and services.
The development of global and local economies is
affected by rising prices and monetary policy deci-
sions aimed at taming inflation. Geopolitical tensions
and conflicts, growing protectionism as well as ext-
reme weather phenomena and the expansion of the
climate crisis, can affect product prices, availability,
and the strength of inflationary trends through higher
costs of energy commodities and logistics.
In addition, megatrends, for example green
transition, sustainability, digitalization and artificial
intelligence, 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 changing needs
involves both risks and lots of positive opportunities.
Usual business risks include the successful imple-
mentation of Wulff’s strategy, cyber security risks, as
well as operational risks arising from the personnel,
logistics and IT environment. Tight competition in the
workplace product and service industry can affect
business profitability. Changes in exchange rates
affect the group’s net profit and balance sheet.
SUBSEQUENT EVENTS
On January 10, 2025, Wulff announced the purcha-
se of Hämeen TiliDiili Oy. (Press release)
On February 13, 2025, Wulff announced the
purchase of 70% of Convido Ab Oy’s shares. (Stock
exchange release)
BOARD OF DIRECTORS’ PROPOSAL
FOR THE DISTRIBUTION OF PROFIT
The Group’s parent company Wulff Group Plc’s
distributable funds totalled EUR 4.0 million (1.5). The
Group’s net result attributable to the owners of the
parent company for the financial year was EUR
1.8 million (2.1), or EUR 0.26 per share (0.31). The
Board of Directors proposes to the Annual General
Meeting to be held on April 3, 2025, that a dividend
of EUR 0.16 per share (0.15) be paid in two instal-
ments 0.08 during the second quarter of 2025 and
0.08 during the last quarter of 2025, for the financial
year 2024, totalling EUR 1.1 million, and the remai-
ning distributable funds to be transferred in retained
earnings in the shareholders’ equity.
The effective dividend yield of the proposed dividend
is 5.2 percent (calculated at the 31.12.2024 share
price, which was EUR 3.07/share).
STRATEGY
In December 2021, Wulff Group Plc’s Board of
Directors approved an updated strategy and me-
dium-term targets for the company for 2022–2026.
Profitable growth in the current business operations
is at the heart of the strategy, which will be accelerat-
ed through acquisitions.
The company’s goal is to be the market leader for
workplace products and services, and the most re-
commended 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 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 percen-
tage and
• increasing dividend per share
MARKET SITUATION AND
FUTURE OUTLOOK
Among the global megatrends, Wulff’s operating
environment is affected by the increase in the share
of knowledge work in all work performed. The de-
velopment of the demographic structure is currently
reducing the number of people actively working. The
integration of technology into products and services
changes the structures of working life. Digitization
brings new ways for the already multi-channel com-
pany 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 transi-
tion: is the environment treated as a resource or is the
goal to improve the state of the environment. Future
success will be strongly built on these themes, and
their importance will increase in the decision-making
of companies and consumers. Wulff has chosen
responsibility and especially positive climate actions,
increasing equality and decent work and economic
growth (UN Sustainable Development Goals 2030)
as important elements of its strategy.
Products for Work Environments
The uncertainty of the global economic outlook as
well as the geopolitical and economic policy situati-
on has increased and continues to create instability
in the market. The demand for Wulff’s products and
services is essentially influenced by the general
development of the economy and the market, as well
as the employment rate. According to the Decem-
ber 2024 forecast of the Bank of Finland, Finland’s
GDP is expected to grow by 0.8% in 2025 and the
unemployment rate to increase by 0.4%-points from
2024 to 8.7%. According to the December 2024
forecast of the Riksbank of Sweden, the Swedish
economy is estimated to grow by 1.8% in 2025 and
the unemployment rate to remain in 8.4%. Norway’s
| Annual Review 2024 41
economy is expected to grow by 1.4% in 2025 and
the unemployment rate to remain almost unchanged
at 2.1% according to Norges Bank’s December
2024 forecast.
The uncertainty of the economic situation and
consumer caution continue in the Nordic countries.
Retailers, in particular, are still cautious about invento-
ry, which affects demand in this customer segment.
The outlook is uncertain. The improvement in business
and household confidence may bring positive
surprises, and the recovery of private consumption
and investments may be faster than predicted. Price
inflation is expected to stabilize and interest rates to
moderate, which will facilitate the recovery.
Despite the challenging business cycle, the market
for workplace products and services has developed
steadily in the Nordic countries. Work performed in
multiple locations has increased, increasing the num-
ber of workstations and the demand for products
needed at workstations. Encouraging close
work and common face-to-face meetings in the
workplace, which is on the rise, can be facilitated
with, for example, a versatile selection of snacks.
Worklife Services
According to preliminary information published by
Statistics Finland in February 2025, the turnover of
the service industries increased by 3.6% in 2024.
In Finland, the cyclical development of the service
industries has been varying depending on the
industry in recent months. The development in the staff
leasing industry has been descending. According
to EK’s January 2025 business cycle barometer, the
confidence of companies in the service sector is
stable and slow growth is expected in the coming
months.
The growth of the staff leasing market correlates with
the general GDP development. Accountancy busi-
ness is a defensive, steadily growing and profitable
industry, regardless of economic cycles. There are
many small companies in the industry and it is
consolidating. Digitization brings efficiency to the
industry.
Wulff’s goal is to grow profitably, especially in the
service businesses, both organically and through
acquisitions.
FINANCIAL GUIDANCE
Wulff estimates that net sales will increase, and that
the comparable operating profit will remain at a
good level in 2025.
The guidance is based on management’s assessment
of the market and business situation in Finland and
Scandinavia. In particular, service businesses are
expected to grow compared to 2024. Key uncer-
tainties affecting the outlook are the general econo-
mic and employment situation, the development of in-
flation and interest rates as well as geopolitics: crises,
tensions, protectionism and tightened competition
between superpowers.
ACCOUNTING PRINCIPLES FOR
ALTERNATIVE PERFORMANCE
MEASURES
The Group complies with the Guidelines on Alter-
native (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 EBITDA
and comparable operating profit do not include
items affecting comparability. These are income and
expenses that are not included in normal business ac-
tivities, 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 Accounting
Principles for IFRS.
42 Annual Review 2024 |
KEY FIGURES
EUR 1 000 2024 2023 2022 2021 2020
Net sales 102 815 93 782 102 171 90 424 57 541
Change in net sales % 9.6% -8.2% 13.0% 57.1 % 2.1%
Earnings before taxes, depreciation and amortization (EBITDA) 5 416 5 111 6 213 9 128 5 204
% of net sales 5.3% 5.4% 6.1% 10.1% 9.0%
Comparable earnings before taxes, depreciation and amortization (EBITDA) 5 577 5 470 6 213 6 073 5 204
% of net sales 5.4% 5.8% 6.1% 6.7% 9.0%
Operating profit/loss 3 180 3 171 3 988 6 940 3 541
% of net sales 3.1% 3.4% 3.9% 7.7% 6.2%
Comparable operating profit/loss 3 340 3 530 3 988 3 885 3 541
% of net sales 3.2% 3.8% 3.9% 4.3% 6.2%
Profit/Loss before taxes 2 109 2 132 3 273 6 552 3 101
% of net sales 2.1% 2.3% 3.2% 7.2% 5.4%
Comparable profit/loss before taxes 2 270 2 492 3 273 3 497 3 101
% of net sales 2.2% 2.7% 3.2% 3.9% 5.4%
Net profit/loss for the financial year attributable for the shareholders of the 1 778 2 087 3 052 5 896 2 174
parent company 1.7% 2.2% 3.0% 6.5% 3.8%
% of net sales 1 939 2 446 3 052 2 841 2 174
Comparable net profit/loss for the financial year attributable for the shareholders of the parent company 1.9% 2.6% 3.0% 3.1% 3.8%
Cash flow from operations 4 144 4 560 3 990 4 974 2 783
Return on equity (ROE) % 8.2% 9.9% 15.5% 36.3% 19.1%
Return on investment (ROI) % 9.0% 9.0% 11.2% 25.0% 15.2%
Equity ratio % 41.3% 45.5% 40.5% 38.1% 41.9%
Gearing, % 65.6% 52.5% 60.6% 62.1% 57.3%
Balance sheet total 54 801 49 550 5 4 119 52 045 35 353
Gross investments in fixed assets 1 628 1 649 2 479 1 388 719
% of net sales 1.6% 1.8% 2.4% 1.5% 1.2%
Average number of personnel during the financial year 271 262 286 248 189
Number of personnel at the end of financial year 292 234 280 278 176
| Annual Review 2024 43
SHARE-RELATED KEY FIGURES
EUR 1 000 2024 2023 2022 2021 2020
Earnings per share (EPS), EUR 0.26 0.31 0.45 0.87 0.32
Comparable earnings per share (EPS), EUR 0.29 0.36 0.45 0.42 0.32
Equity per share, EUR 3.26 3.17 3.02 2.73 2.00
Dividend per share, EUR* 0.16 0 .15 0 .14 0 .13 0 .12
Payout ratio % 61% 49% 31 % 15% 38%
Comparable payout ratio % 56% 41% 31 % 31 % 38%
Effective dividend yield % 5.2% 7.7% 4.3% 2.6% 3.7%
Price/Earnings (P/E) 11 . 7 6.3 7.4 5.6 10 .1
Comparable price/earnings (P/E) 10.8 5.4 7.4 11 . 7 10 .1
P/BV 0.94 0.62 1.09 1.80 1.62
EBITDA / share, EUR 0.80 0.75 0 .91 1.35 0.77
Comparable EBITDA / share, EUR 0.82 0.80 0.91 0.90 0.77
Cash flow from operations / share, EUR 0.61 0.67 0.59 0.73 0.41
Share prices:
Lowest share price, EUR 1.95 1.70 2.47 2.90 1. 31
Highest share price, EUR 3.20 4 .13 5.20 5.34 3.40
Average share price, EUR 2.61 3.13 3.94 4 .14 2.01
Closing share price, EUR 3.07 1.95 3.29 4.92 3.24
Market value as of Dec 31, MEUR 20.9 13. 3 22.4 33.3 21.9
Number of outstanding shares on average during the financial year 6 796 004 6 796 004 6 852 051 6 769 352 6 791 043
Number of outstanding shares at the end of the financial year 6 796 004 6 796 004 6 796 004 6 770 368 6 763 368
Number of shares traded 848 570 1 633 934 2 039 645 6 403 381 3 538 157
% of average number of shares 12.5% 24.0% 29.8% 94.6% 52.1%
Shares traded, EUR 2 169 926 4 652 372 7 790 740 25 279 930 7 459 624
* The Board of Directors’ dividend proposal from year 2024 to the Annual General Meeting to be held on April 3, 2025.
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 EBITDA 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-downs 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 Annual Review 2024 |
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 /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)
| Annual Review 2024 45
P/BV ratio
Share issue-adjusted closing share price at the end of period
Equity per share
Earnings before depreciation and amortization, financial
items, and taxes per share, EUR
Earnings before depreciation and amortization, financial items, and taxes (EBITDA)
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
operating 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
CALCULATION PRINCIPLES OF KEY FIGURES
46 Annual Review 2024 |
SHARE CAPITAL
The parent company’s share capital of EUR 2.65 mil-
lion consists of 6,907,628 shares with one vote each
and with no par value. There were no changes in
share capital in 2024 or 2023.
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 4, 2024
authorised the Board to decide on the issue of new
shares, disposal of treasury 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 encompasses 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, 2025.
The authorisation entitles the Board to deviate from
shareholders’ pre-emptive rights is provided in the law
(private placement). The authorisation can be used to
carry out acquisitions or other business-related arran-
gements, to finance investments, to improve the com-
pany’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 decide 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 2024
or 2023.
Authorizing the Board of Directors to decide on the
Repurchase of the Company’s
own Shares
The Annual General Meeting on April 4, 2024
authorised the Board of Directors to resolve on the
acquisition of maximum 300,000 own shares. The aut-
horization is effective until 30.4.2025. The authoriza-
tion 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 conside-
ration 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 imple-
mentation 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 did not
use the authorization in 2024 or 2023.
TREASURY SHARES
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.
SHARE-BASED PAYMENTS
The Group does not have any option schemes current-
ly 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. The Group
does not have any share reward plans in force.
SHARE QUOTATION
Wulff Group Plc’s stock exchange history started in
October 2000 when the company’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 Consumer Discre-
tionary 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 September 25, 2006. The share series’
ISIN code used for international settlement of
securities is FI0009008452
TRADING AND PRICE DEVELOPMENT
OF WULFF SHARES
In 2024 a total of 848,570 (1,633,934) Wulff shares
were traded which represents 12.5% (24.0%) of
the total outstanding number of shares.
The trading was worth EUR 2,169,926
(4,652,372). In 2024 the highest share price was EUR
3.20 euroa (4.13) and the lowest price was EUR 1.95
(1.70). At the end of 2024, the share was valued at
EUR 3.07 (1.95) and the market capitalization of the
outstanding shares totalled EUR 20.9 million (13.3).
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 Annual General
Meeting on April 3, 2025 that dividend of EUR 0.16
per share be paid in two installments during the se-
cond and last quarters of 2025, for the financial
year 2024 totalling EUR 1.1 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 maintained by
Euroclear Finland Ltd. The most significant sharehol-
ders and the ownership 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
guidance given by the European Securities
Markets Authority (“ESMA”). Further, the company
complies with Finnish legislation, especially the Secu-
rities Markets Act (746/2012, as amended) and the
Finnish Penal Code (39/1889, as amended),
SHARES AND SHAREHOLDERS
| Annual Review 2024 47
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 permanent insiders
since July 3, 2016. Instead, all persons involved with
insider projects will be listed as project-specific insi-
ders. 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 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-spe-
cific insider list. Preparation of periodic disclosure (an-
nual 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 compa-
ny’s financial results, the persons determined by the
company, based on their position or access rights, to
have authorised access to unpublished financial result
information are added to a list of Financial Information
Recipients. Wulff applies an absolute trading prohi-
bition (a ‘closed window’ principle) during a period
beginning 30 calendar days before the announce-
ment 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.
SHARES AND SHAREHOLDERS
48 Annual Review 2024 |
MAJOR SHAREHOLDERS DECEMBER 31, 2024
Major shareholders December 31, 2024 Number of shares % of shares
1 Vienola Heikki 2,521,000 36,5%
2 LähiTapiola 761,10 0 11,0%
Keskinäinen Työeläkevakuutusyhtiö Elo 350,000 5,1%
LähiTapiola Keskinäinen Vakuutusyhtiö 283,900 4,1%
LähiTapiola Keskinäinen Henkivakuutusyhtiö 127,200 1,8%
3 Nordea 324,697 4,7%
Sijoitusrahasto Nordea Nordic Small Cap 29 6 ,12 8 4,3%
Nordea Henkivakuutus Suomi 20,000 0,3%
Nordea Bank Abp 8,569 0,1%
4 Skandinaviska Enskilda BankenAB 251,843 3,6%
5 TCF-Myynti Oy 170,000 2,5%
6 Wulff-Yhtiöt Oyj 111 , 6 2 4 1,6%
7 Keskinäinen työeläkevakuutusyhtiö Varma 67,984 1,0%
8 Laine Capital Oy 64,665 0,9%
9 Laakkonen Mikko 64,18 5 0,9%
10 Lindsay von Julin & Co Ab 64,000 0,9%
11 Salonen Jari 52,000 0,8%
12 Heikki Tervonen Oy 45,000 0,7%
13 Tolppola Kim 42,512 0,6%
14 Progift Oy 41,162 0,6%
15 Pim Partners Ab 40,000 0,6%
Total of 15 biggest shareholders 4,621,772 66,9%
Total of other shareholders 2,285,856 33,1%
Total number of shares 6,907,628 100,0%
- Own shares - 111 , 6 2 4
Total number of outstanding shares 6,796,004
The shareholders information is based on the shareholders’ register main-
tained 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 exer-
cise authority and stated as aggregate amounts and specified category.
The shareholdings of companies belonging to the same group are stated
both as aggregate amounts and specified by category. The list of major
shareholders can be found on the Group’s website at wulff.fi/en/
| Annual Review 2024 49
Owner group Number of shareholders % Number of shares %
Companies 97 3.6% 747, 8 51 10.8%
Financial and insurance institutions 7 0.3% 740,928 10.7%
Public entities 2 0.1% 417,984 6.1%
Non-profit organisations 4 0.1% 18 ,11 0 0.3%
Private persons 2,539 94.9% 4,693,306 67.9%
Foreign shareholders 18 0.7% 5,191 0.1%
Nominee-registered shareholders 8 0.3% 284,258 4.1%
Total 2,675 100.0% 6,907,628 100.0%
SHAREHOLDERS BY GROUP AS OF DECEMBER 31, 2024
SHAREHOLDERS BY THE NUMBER OF SHARES
OWNED DECEMBER 31, 2024
Number of shares Number of shareholders % Number of shares %
1-500 1,930 72.1 % 278,937 4.0 %
501-1000 344 12.9 % 268,812 3.9 %
1 001-10 000 348 13.0 % 1,018,140 14.7 %
10 001-100 000 45 1.7 % 1,230,044 17.8 %
100 001- 8 0.3 % 4,111,695 59.5 %
Total 2,675 100.0 % 6,907,628 100.0 %
50 Annual Review 2024 |
ANNUAL GENERAL MEETING 2025
Wulff Group Plc’s Annual General Meeting will be
held on April, 3 2025 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
counter-proposals and questions in advance. The
meeting can be followed via 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/annual-general-meeting/.
A shareholder who is registered in the company’s
shareholder register maintained by Euroclear Finland
Ltd on Monday March, 24 2025 has the right to parti-
cipate in the Annual General Meeting by voting
in advance. Advance voting will begin on Thursday
March 6, 2025 at 9.00 a.m. A shareholder entered
in the company’s shareholder register who wishes to
participate in the Annual General Meeting must vote
in advance no later than Monday March 31, 2025 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 24, 2025. Participation also requires that the
shareholder be temporarily entered in the shareholder
register maintained by Euroclear Finland Ltd on the
basis of these shares no later than March 31, 2025 at
10.00 a.m.
The owner of a nominee-registered share is advised
to request the necessary instructions from his / her cus-
todian in good time regarding temporary registration
in the shareholder register, issuance of proxies and
registration for the Annual General Meeting. The cus-
todian’s account manager must notify the owner of the
nominee-registered share to be temporarily entered in
the company’s shareholder register by the abo-
ve-mentioned date at the latest and take care of vo-
ting on behalf of the nominee-registered shareholder.
DIVIDEND FOR 2024
The Board of Directors of Wulff Group Plc proposes to
the Annual General Meeting that a dividend of EUR
0.16 share in total shall be paid for the financial year
2024 in two instalments. The first instalment EUR 0.08
per share will be paid on April 14, 2025, to share-
holders who have been registered in the Company’s
shareholder list maintained by Euroclear Finland Ltd
on the record date of the dividend payment, April 7,
2025. The second instalment EUR 0.08 per share will
be paid on October 13, 2025, 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 6, 2025.
FINANCIAL REPORTING 2025
Wulff Group Plc will release the following financial
reports in 2025:
Interim Report
January-March 2025
Monday April, 28 2025
Half-Year Report
January-June 2025
Thursday July 17, 2025
Interim Report
January-September 2025
Monday October, 20 2025
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: investors@wulff.fi
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.rahkonen@wulff.fi
INFORMATION FOR THE SHAREHOLDERS
CONSOLIDATED
FINANCIAL
STATEMENTS
| Annual Review 2024 52
| CONSOLIDATED INCOME STATEMENT (IFRS) | |||
EUR 1 000 Note | Jan 1 - Dec 31, 2024 | Jan 1 - Dec 31, 2023 | |
Net sales 2.1, 2.2 | |||
Other operating income 2.3 | |||
Materials and services 2.4 | - | - | |
Employee benefit expenses 2.5 | - | - | |
Other operating expenses 2.6 | - | - | |
Earnings before depreciation (EBITDA) | |||
Depreciation and amortization 2.7 | - | - | |
Operating profit (EBIT) | |||
Financial income 2.8 | |||
Financial expenses 2.8 | - | - | |
Profit before taxes | |||
Income taxes 2.9 | - | ||
Net profit/loss for the period | |||
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) | 2.10 |
Attributable to:
| CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (IFRS) | ||
EUR 1 000 | Jan 1 - Dec 31, 2024 | Jan 1 - Dec 31, 2023 |
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 |
53 Annual Review 2024 |
| CONSOLIDATED STATEMENT OF FINANCIAL POSITION (IFRS) | |||
EUR 1 000 | Note | Dec 31, 2024 | Dec 31, 2023 |
| ASSETS | |||
| Non-current assets | |||
Goodwill | 3.1, 3.3 | ||
Intangible assets | 3.1 | ||
Property, plant and equipment | 3.2 | ||
| Non-current financial assets | |||
Long-term receivables from others | |||
Other investments | |||
Deferred tax assets | 2.9 | ||
Total non-current assets | |||
| Current assets | |||
Inventories | 3.4 | ||
| Short-term receivables | |||
Loan receivables from others | |||
Trade receivables from related parties | |||
Trade receivables from others | 3.5 | ||
Other receivables | 3.5 | ||
Accrued income and expenses | 3.5 | ||
Cash and cash equivalents | 3.5 | ||
Total current assets | |||
TOTAL ASSETS |
| CONSOLIDATED STATEMENT OF FINANCIAL POSITION (IFRS) | |||
EUR 1 000 | Note | Dec 31, 2024 | Dec 31, 2023 |
| 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 | 3.6 | ||
| Non-current liabilities | |||
Interest-bearing liabilities | 3.7 | ||
Leasing liabilities | 3.7 | ||
Non-interest-bearing liabilities | 3.7 | ||
Deferred tax liabilities | 2.9 | ||
Total non-current liabilities | |||
| Current liabilities | |||
Interest-bearing liabilities | 3.7 | ||
Leasing liabilities | 3.7 | ||
Trade payables | 3.7 | ||
Advance payments | 3.7 | ||
Other liabilities | 3.7 | ||
Accrued income and expenses | 3.7 | ||
Total current liabilities | |||
TOTAL EQUITY AND LIABILITIES |
| Annual Review 2024 54
CONSOLIDATED CASH FLOW STATEMENT (IFRS)
EUR 1 000 Note Jan 1 - Dec 31, 2024 Jan 1 - Dec 31, 2023
| 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 | 4.1 | - | - |
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 | 4.1 | - | |
Repayments of loans receivable | - | ||
Cash flow from investing activities | - | - | |
| Cash flow from financing activities: | |||
Dividends paid | 3.6 | - | - |
Dividens received | 2.8 | ||
Changes in the shares of minority shareholders | 4.1 | - | |
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 |
55 Annual Review 2024 |
| CONSOLIDATED STATEMENT OF CHANGES IN EQUITY, IFRS | ||||||||||
| EQUITY ATTRIBUTABLE TO EQUITY HOLDERS OF THE PARENT COMPANY | ||||||||||
EUR 1 000 | Note | Share | Sharepre- | Fund for invested | Treasury | Translation | Retained | Total | Non-control- | TOTAL |
| capital | mium fund | non-restricted | shares | differences | earnings | ling interes | ||||
| equity | ||||||||||
Equity on Jan 1, 2024 | - | - | ||||||||
Net profit/loss for the period | ||||||||||
| Other comprehensive income*: | ||||||||||
Change in translation differences | - | - | - | - | ||||||
Comprehensive income * | - | |||||||||
| Transactions with the shareholders: | ||||||||||
Dividends paid | - | - | - | - | ||||||
Transactions with the shareholders total | - | - | - | - | ||||||
Equity on Dec 31, 2024 | 3.6 | - | - | |||||||
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 | 3.6 | - | - |
*with tax impact included
NOTES TO THE CON-
SOLIDATED FINAN-
CIAL STATEMENTS
57 Annual Review 2024 |
| Annual Review 2024 58
59 Annual Review 2024 |
2.1 NET SALES
2. FINANCIAL PERFORMANCE
NET SALES
EUR 1 000 2024 2023
Revenue recognized at a single point in time 78 797 85 950
| Annual Review 2024 60
61 Annual Review 2024 |
2.2 SEGMENT INFORMATION
NET SALES BY OPERATING SEGMENTS
EUR 1 000 2024 2023
Worklife Services Segment
Sales to external customers 24 017 7 830
Intragroup sales to other segments 678 33
Total Worklife Services Segment 24 695 7 862
Products for Work Environments Segment
Sales to external customers 78 797 85 950
Intragroup sales to other segments 24 2
Total Products for Work Environments Segment 78 821 85 953
Group Services
Sales to external customers 1 1
Intragroup sales to other segments 1 377 1 300
Total Group Services 1 378 1 301
Intragroup eliminations between sgements -2 079 -1 335
Total net sales 102 815 93 782
Revenue from any individual customer did not exceed 10 percent share of the consolidated revenue in
2024 or 2023.
| Annual Review 2024 62
RESULT BY OPERATING SEGMENTS 2024
EUR 1 000 Worklife Services Products for Work
Environments
Group Services and
non-allocated items
Group
Net sales 24 695 78 821 -701 102 815
Expenses -23 551 -74 765 918 -97 399
Earnings before depreciation (EBITDA) 1 143 4 056 217 5 416
Depreciations -528 -1 377 -332 -2 237
Operating profit (EBIT) 615 2 679 - 115 3 180
Financial income (non-allocated) 159 159
Financial expenses (non-allocated) -1 230 -1 230
Profit before taxes 615 2 679 -1 186 2 109
RESULT BY OPERATING SEGMENTS 2023
EUR 1 000 Worklife Services Products for Work
Environments
Group Services and
non-allocated items
Group
Net sales 7 862 85 953 -34 93 782
Expenses -7 532 -82 081 941 -88 671
Earnings before depreciation (EBITDA) 331 3 872 907 5 110
Depreciations -87 - 674 -1 179 -1 940
Operating profit (EBIT) 244 3 198 -272 3 170
Financial income (non-allocated) 68 68
Financial expenses (non-allocated) -1 106 -1 106
Profit before taxes 244 3 198 -1 309 2 132
2.2 SEGMENT INFORMATION
63 Annual Review 2024 |
| Annual Review 2024 64
EUR 1 000 2024 2023
Salaries and fees 14 090 13 261
Pension expenses (defined contribution plans) 2 301 2 090
65 Annual Review 2024 |
2.6 OTHER OPERATING EXPENSES
EUR 1 000 2024 2023
Rents 129 171
Travel expenses 963 937
ICT expenses 1 438 1 043
External logistics expenses 964 1 277
| Annual Review 2024 66
2.7 AMORTIZATION, DEPRECIATION AND IMPAIRMENT
There was no impairment of goodwill in other long-term intangible or tangible assets during 2024
67 Annual Review 2024 |
| Annual Review 2024 68
69 Annual Review 2024 |
2024 2023
Profit for the period attributable to the equity holders of the parent company, EUR 1 000 1 778 2 087
Number of shares 6 907 628 6 907 628
Weighted average of the number of outstanding shares 6 796 004 6 796 004
Earnings per share (EPS); diluted = non-diluted, EUR 0.26 0.31
2.10 EARNINGS PER SHARE
| Annual Review 2024 70
3.1 GOODWILL AND INTANGIBLE ASSETS
3.1 GOODWILL AND INTANGIBLE ASSETS
2024, EUR 1 000
Goodwill Other intagible assets Customer relationships Advance payments Intangible assets total
3.2 TANGIBLE ASSETS AND RIGHT-OF-USE ASSETS
73 Wulff-Yhtiöt Oyj | Vuosikatsaus 2024
| Annual Review 2024 74
2024, EUR 1 000
Land Buildings Machinery and
equipment
Other tangible assets Tangible assets total
75 Annual Review 2024 |
RIGHT-OF-USE ASSETS
2024
Buildings Machinery and
equipment
Right-of-use assets total
| Annual Review 2024 76
3.3 GOODWILL ALLOCATION AND IMPAIRMENT TEST
EUR 1 000 2024 2023
Products for Work Environments / Finland 3 500 3 500
Products for Work Environments / Scandinavia 1 399 1 446
Worklife Services / Exhibition services 1 671 1 671
Worklife Services / Printing services 1 424 1 424
Worklife Services/ Financial management services 2 938 783
Goodwill total 10 933 8 824
Impairment tests have been performed in the last
quarter of 2024. Estimated cash flows are based on
management estimates.
In goodwill impairment tests the carrying amount is
compared to the unit’s discounted present value of
the recoverable cash flows i.e. the value in use, where
the previous profit performance level, the next year’s
budget approved by the Board, as well as manage-
ment’s estimates for future years revenue and profit
development 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 area. After this five-year
estimate period, the so-called eternity value is based
on a 1.0%-point growth assumption. The budgets and
later years’ estimates used in the testing are carefully
estimated and the growth expectations are moderate
considering also the previous realized development.
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 risk-free rate, risk
factor (beta), and risk premium parameters used to
determine the discount rate are based on informati-
on available from the market.
Of the goodwill related to the Products for Work
Environments business, the share of the Finnish
operations, which consists of the goodwill formed
by the acquisition of Wulff Oy Ab, is EUR 3.5
million (3.5) on December 31, 2024, and the share
of Scandinavia, which consists of the acquisition
of Wulff Supplies AB, is EUR 1.4 million (1.4). The
main assumptions of the calculations, along with the
mentioned growth assumption, are the maintaining
of customer profitability in the business area of
workplace products, cost management of logis-
tical costs and synergy benefits from the Nordic
workplace supplies cooperation.
77 Annual Review 2024 |
3.3 GOODWILL ALLOCATION AND IMPAIRMENT TEST
The goodwill generated from the acquisition of Wulff Entre Oy,
the exhibition, event and commercial interior design service busi-
ness, related to the Worklife Services business, is EUR 1.7 million
(1.7). The goodwill generated by the acquisition of document
management and printing services, i.e. Mavecom Palvelut Oy, is
EUR 1.4 million (1.4). The goodwill generated from acquisitions
related to the financial management and accounting services
business is EUR 2.8 million (0.8). Profitability development, which
is based on plans approved by the management, is used as a
key assumption in determining cash flows. Profitability develop-
ment is affected by business growth forecasts, changes in the fo-
cus areas in the service selection and pricing, staff retention and
success in recruitment, and the development of business costs.
In the 2024 impairment test, the recoverable amounts of all
cash-generating units exceeded their book value.
2024 2023
Workplace products and services, Finland Used value Change Used value Change
Discount rate 11.6% increase of 1.8 percentage points 14.4% increase of 5.6 percentage points
Average EBITDA, % of sales 4.8% decrease of 0.8 percentage points 4.9% decrease of 1.1 percentage points
Workplace products and services, Scandinavia Used value Change Used value Change
Discount rate 12.0% increase of 8.0 percentage points 13.3% increase of 9.4 percentage points
Average EBITDA, % of sales 4.9% decrease of 1.3 percentage points 5.7% decrease of 1.7 percentage points
Exhibition, event, and interior design services Used value Change Used value Change
Discount rate 11.8% increase of 2.6 percentage points 14.1% increase of 1.6 percentage points
Average EBITDA, % of sales 5.1% decrease of 0.6 percentage points 3.0% decrease of 0.3 percentage points
Document management and printing services Used value Change Used value Change
Discount rate 13.1% increase of 1.5 percentage points 14.8% increase of 3.4 percentage points
Average EBITDA, % of sales 11.0% decrease of 1.1 percentage points 14.2% decrease of 2.6 percentage points
Financial management services Used value Change Used value Change
Discount rate 13.1% increase of 42.6 percentage points 14.6% increase of 80.2 percentage points
Average EBITDA, % of sales 26.3% decrease of 19.4 percentage points 25.4% decrease of 19.8 percentage points
SENSITIVITY ANALYSIS IN IMPAIRMENT
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 remaining unchan-
ged) would cause the recoverable amount to equal the carrying
amount.
| Annual Review 2024 78
3.4 INVENTORIES
EUR 1 000 2024 2023
Products 12 313 12 0 31
Work in process 3 3
Prepayments for inventories 498 266
Total 12 814 12 300
79 Annual Review 2024 |
3.5 FINANCIAL ASSETS
| Annual Review 2024 80
3.5 FINANCIAL ASSETS
FINANCIAL ASSETS BY VALUATION GROUPS
2024 2023
EUR 1 000 Level 1 Level 2 Level 3 Level 1 Level 2 Level 3
Other shares
81 Annual Review 2024 |
3.5 FINANCIAL ASSETS
| Annual Review 2024 82
3.5 FINANCIAL ASSETS
OTHER RECEIVABLES
EUR 1 000 2024 2023
Valued added tax receivables 19 14
Other receivables 74 63
Other receivables total 92 77
83 Annual Review 2024 |
3.6 NOTES ON EQUITY
| Annual Review 2024 84
3.6 NOTES ON EQUITY
85 Annual Review 2024 |
3.7 FINANCIAL LIABILITIES
| Annual Review 2024 86
3.7 FINANCIAL LIABILITIES
CHANGES IN INTEREST-BEARING LIABILITIES 2024
EUR 1 000 1.1.2024 Cash flow
Foreign exchan-
ge difference
87 Annual Review 2024 |
| Annual Review 2024 88
3.7 FINANCIAL LIABILITIES
SHORT-TERM NON-INTEREST-BEARING LIABILITIES
Advances EUR 309 thousand are advances according to the customer contracts of future exhibitions after the reporting period netted by advances paid
to suppliers. The comparison period does not include advances paid to suppliers. The order backlog of Exhibition contracts total for events after year-end
31.12.2024 was EUR 1 869 thousand (1 784), of which 1 007 thousand euros (1 248) were invoiced.
Advance payments for long-term exhibition projects received before the beginning of the financial year generated net sales of EUR 2 387 thousand during the
financial year.
NON-INTEREST-BEARING LIABILITIES RECOGNIZED AT FAIR VALUE
EUR 1 000 2024 2023
Due after more than a year 17 -
Yhteensä 17 0
LONG-TERM NON-INTEREST-BEARING LIABILITIES
For the acquisition of Ab Bokföringsbyrå Esse Tilitoimisto Oy on 26 November 2024, an additional purchase price will be paid in cash based on the profita-
bility of the next three years. The additional purchase price has been valued based on the management’s estimate at the discounted fair value. The fair value
is discounted using the interest of the group’s additional credit in accordance with the payment dates of the additional purchase price debt. The portion of
the additional purchase price debt due within a year is presented in short-term interest-free liabilities.
Additional purchase price debt is an interest-free financial debt according to level 3, the fair value of which is based on market-based information other than
publicly verifiable information about the debt item, for example, management’s estimates and their use in generally accepted valuation models.
TRADE PAYABLES AND ADVANCE PAYMENTS
EUR 1 000 2024 2023
Trade payables 7 189 8 590
Exhibition advances from customer contracts 309 1 248
Other advance payments received 4 -
Total 7 502 9 838
89 Annual Review 2024 |
3.7 FINANCIAL LIABILITIES
OTHER CURRENT LIABILITIES
EUR 1 000 2024 2023
Value added tax liabilities 2 181 1 664
Additional purchase price 9 -
Other current liabilities 940 492
Other current liabilities total 3 130 2 156
ACCRUED INCOME AND EXPENSES
EUR 1 000 2024 2023
Accruals for employee benefits 4 194 2 453
Income tax liabilities 178 197
Interest accruals 116 107
Sales accruals 62 181
Other accruals 923 658
Accrued income and expenses total 5 473 3 595
MATURITY OF SHORT-TERM NON-INTEREST- BEARING LIABILITIES
EUR 1 000 2024 2023
Due within one month 8 805 10 340
Due 1 month to 6 months 5 604 4 705
Due from 6 months to 1 year 1 695 543
Due from 1 year to 5 years 1 1
Total 16 106 15 589
| Annual Review 2024 90
3.8 FINANCIAL RISK AND CAPITAL MANAGEMENT
91 Annual Review 2024 |
4.1 BUSINESS ACQUISITIONS AND SALES
4. GROUP STRUCTURE AND OTHER NOTES
| Annual Review 2024 92
4.1 BUSINESS ACQUISITIONS AND SALES
93 Annual Review 2024 |
4.1 BUSINESS ACQUISITIONS AND SALES
2025
EUR 1 000 Hämeen TiliDiili Oy Total
Customer relationships 113 113
Right-of-use-assets 79 79
| Annual Review 2024 94
Group companies by segment
Country Group's ownership and
voting rights%
Parent company's owner-
ship and voting rights%
Group Services
95 Annual Review 2024 |
4.3 MATERIAL SHARES OF NON-CONTROLLING INTERESTS
THE SUMMARY OF FINANCIAL INFORMATION OF SUBSIDIARIES
| Annual Review 2024 96
2024 2023
97 Annual Review 2024 |
4.4 RELATED PARTY INFORMATION
| Annual Review 2024 98
99 Annual Review 2024 |
4.5 COMMITMENTS
EUR 1 000 2024 2023
Mortgages and guarantees on own behalf
Business mortgage for the Group’s loan liabilities 17 650 16 650
PARENT COMPANY’S
FINANCIAL
STATEMENT, FAS
| Annual Review 2024 101
PARENT COMPANY’S INCOME STATEMENT, FAS
EUR 1 000 Note Jan 1 - Dec 31, 2024 Jan 1 - Dec 31, 2023
Net sales 1 487 462
Other operating income 2 77 66
Personnel expenses 3 -629 - 519
Other operating expenses 4 -98 -50
Depreciation and amortization according to plan 5 -161 -159
Operating profit/loss -324 -201
Financial income 6 4 495 2 977
Financial expenses 6 -1 275 -2 184
Profit/Loss before appropriations 2 895 591
Appropriations 7 525 128
Profit/Loss before taxes 3 420 720
Income taxes 8 117 105
Net profit/loss for the period 3 537 825
102 Annual Review 2024 |
PARENT COMPANY’S BALANCE SHEET, FAS
EUR 1 000 Note Dec 31, 2024 Dec 31, 2023
ASSETS
FIXED ASSETS
Intangible assets
Trademarks 9 1 050 1 200
Other intangible assets 9 4 6
Tangible assets
Machinery and equipment 9 4 4
Other tangible assets 9 32 38
Investments
Shares in Group companies 10 20 528 16 534
Other shares and holdings 380 251
Non-current receivables
Receivables from Group companies 11 2 624 2 806
Recaivables from others 27 34
Deferred tax assets 8 226 109
TOTAL FIXED ASSETS 24 875 20 981
CURRENT ASSETS
Current assets
Trade receivables - 31
Receivables from Group companies 11 2 555 538
Preaid expenses and accrued income 12 41 65
Current receivables total 2 596 633
Cash and cash equivalents 13 385 45
TOTAL CURRENT ASSETS 2 981 678
TOTAL ASSETS 27 855 21 659
PARENT COMPANY’S BALANCE SHEET, FAS
EUR 1 000 Note Dec 31, 2024 Dec 31, 2023
EQUITY AND LIABILITIES
SHAREHOLDERS’ EQUITY
Share capital 14 2 650 2 650
Share premium fund 14 7 890 7 890
Treasury shares 14 -332 -332
Invested unrestricted equity fund 14 676 676
Retained earnings 14 167 362
Net profit for the financial year 14 3 537 825
TOTAL SHAREHOLDERS’ EQUITY 14 14 588 12 070
LIABILITIES
Non-current liabilities
Loans from credit institutions 15 9 529 8 373
Other non-interest bearing liabilities 18 21
Total non-current liabilities 9 550 8 373
Current liabilities
Loans from credit institutions 15 3 468 1 012
Trade payables 16 25 5
Amounts owed to group companies 16 14 48
Other liabilities 18 37 25
Accrued liabilities and deferred income 17 173 126
Total current liabilities 3 718 1 216
TOTAL LIABILITIES 13 267 9 589
TOTAL EQUITY AND LIABILITIES 27 855 21 659
| Annual Review 2024 103
PARENT COMPANY CASH FLOW STATEMENT
EUR 1 000
Jan 1 - Dec 31, 2024 Jan 1 - Dec 31, 2023
Cash flow from operating activities:
Cash received from sales 609 385
Cash received from other operating income 77 66
Cash paid for operating expenses -389 -1 553
Cash flow from operating activities before financial items and income taxes 297 -1 102
Interest paid -948 -534
Interest received 492 460
Income taxes paid 3 775 2 412
Cash flow from operating activities 3 617 1 235
Cash flow from investing activities:
Investments in intangible and tangible assets -3 -8
Acquisition of shares in subsidiaries -3 994 - 221
Investments in other shares - 129 -
Loans granted -1 676 -1 085
Loan receivables repaid 704 706
Cash flow from investing activities -5 098 -607
Cash flow from financing activities:
Dividends paid -1 019 - 951
Changes in the shares of minority shareholders - - 81
Group contributions received 128 754
Group balance accounts (net) -82 1 554
Withdrawals of long-term loans 3 273 -
Repayments of long-term loans -479 -2 484
Cash flow from financing activities 1 8 21 -1 209
Change in cash and cash equivalents 340 -581
Cash and cash equivalents on January 1 45 626
Cash and cash equivalents on December 31 385 45
NOTES TO THE PA-
RENT COMPANY’S
FINANCIAL STATE-
MENTS
| Annual Review 2024 105
NOTES TO THE PARENT COMPANY’S FINANCIAL STATEMENTS
ACCOUNTING PRINCIPLES
Wulff Group Plc’s financial statements are prepared in accordance
with the Finnish accounting 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 thousand 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 recognized when incurred.
Income taxes are booked based on the Finnish tax and accounting
regulations.
Non-current intangible and tangible assets are valued in their acqui-
sition 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 year straight-line basis
Other machines and equipment: 5 year straight-line basis
Other tangible assets: 10 year straight-line basis
1. 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.
2. OTHER OPERATING INCOME
EUR 1 000 2024 2023
Rental income 48 41
Other 28 24
Total 77 66
3. PERSONNEL EXPENSES
EUR 1 000 2024 2023
Salaries, wages and fees
539 443
Pension expenses
82 67
Other personnel expenses
8 9
Total 629 519
Average number of employees in accounting period
3 3
Personnel at the end of period
4 3
106 Annual Review 2024 |
4. OTHER OPERATING EXPENSES
EUR 1 000 2024 2023
Travel expenses 13 10
ICT expenses 34 18
Marketin, PR and entertainmet expenses 17 46
Fees to auditors* 22 4
Bank expenses 83 74
Other -70 -103
Total 98 49
* Fees of the parent company’s auditors:
EUR 1 000 2024 2023
Audit 22 4
Total 22 4
5. AMORTIZATION AND DEPRECIATION
DURING THE FINANCIAL YEAR
EUR 1 000 2024 2023
Amortization of intangible assets:
Trademarks 15 0 15 0
Other intagible assets 1 0
Total amortization of intangible assets 151 15 0
Depreciation of tangible assets:
Machinery and equipment 9 9
Total depreciation of tangible assets 9 9
Total amortization and depreciation 161 159
| Annual Review 2024 107
6. FINANCIAL INCOME AND EXPENSES
EUR1 000 2024 2023
Financial income:
Dividens from group companies 3775 2412
Other interest and financial income from group companies 697 530
Other interest and financial income from other 22 35
Total 4 495 2 977
Financial expenses:
Interest expenses to group companies -343 -239
Interest expenses to others -845 -799
Foreign exchange losses -60 - 18
Other financial expenses -27 -1 128
Total -1 275 -2 184
Financial income and expenses total 3 219 792
7. APPROPRIATIONS
EUR 1 000 2024 2023
Appropriations: group contributions received 525 12 8
Total 525 128
108 Annual Review 2024 |
8. INCOME TAXES
INCOME TAXES IN THE INCOME STATEMENT
EUR 1 000 2024 2023
Change in deferred tax assets 117 105
Total 117 105
INCOME TAXES IN THE BALANCE SHEET
EUR 1 000 2024 2023
Deferred tax assets 226 109
| Annual Review 2024 109
9. INTANGIBLE AND TANGIBLE ASSETS
2024
Trademarks Other intangible
assets
Intangible
assets total
Other tangible
assets
Machinery
and equip-
ment
Tangible
assets total
Acquisition cost, Jan 1 3 000 6 3 006 67 12 79
Additions 3 3
Acquisition cost, Dec 31 3 000 6 3 006 67 15 82
Accumulated depreciation and impairment, Jan 1 -1 800 0 -1 800 -29 -9 -37
Depreciation during the period -150 -1 - 151 -7 -3 -9
Accumulated depreciation and impairment, Dec 31 -1 950 -1 -1 951 -35 - 11 -47
Book value, Jan 1 1 200 6 1 206 38 4 42
Book value, Dec 31 1 050 4 1 054 32 4 36
2023
Trademarks Other intangible
assets
Intangible
assets total
Other tangible
assets
Machinery
and equip-
ment
Tangible
assets total
Acquisition cost, Jan 1 3 000 0 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 0 -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 0 1 350 45 4 49
Book value, Dec 31 1 200 6 1 206 38 4 42
110 Annual Review 2024 |
10. SHARES IN GROUP COMPANIES
EUR 1 000 2024 2023
Acquisition cost, Jan 1 21 913 21 934
Additions 3 994 81
Sales -102
Acquisition cost, Dec 31 25 907 21 913
Accumulated depreciation and impairment, Jan 1 -5 379 -4 264
Additions -1 115
Accumulated depreciation and impairment, Dec 31 -5 379 -5 379
Book value, Jan 1 16 534 17 670
Book value, Dec 31 20 528 16 534
Wulff Group Plc made several business acquisitions
during the reporting period, acquiring the shares of
Bokföringsbyrå Lundström Ab, Sandström & Lundström
Oy Ab, Tilitoimisto Raahen Tase Oy, Ab Bokföringsby-
rå Esse Tilitoimisto Oy and Aktiva Redovisning Åland
Ab. Business acquisitions do not include any significant
individual acquisitions, but the combined individual
acquisitions constitute a significant entity. Detailed
information on acquisitions is given in note 4.1 of the
consolidated financial statements.
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. Wulff
Group Plc recorded an EUR 1.1 million impairment of
Wulff Entre Oy’s subsidiary shares in connection with
the group’s goodwill testing in 2023..
| Annual Review 2024 111
11. RECEIVABLES FROM GROUP COMPANIES
NON-CURRENT
EUR 1 000 euroa 2024 2023
Capital loans 905 600
Other loans 1 719 2 206
Non-current receivables total 2 624 2 806
CURRENT
EUR 1 000 euroa 2024 2023
Trade receivables 3 87
Other receivables 2 026 323
Accrued income and prepaid expenses 525 12 8
Current receivables total 2 555 538
Receivables from group companies total 5 17 9 3 344
112 Annual Review 2024 |
12. PREPAID EXPENSES AND ACCRUED INCOME
EUR 1 000 2024 2023
Accruals for employee benefits 2 2
Other accruals 40 64
Total 41 65
13. CASH AND CASH EQUIVALENTS
EUR 1 000 2024 2023
Carrying amount, Jan 1 45 626
Additions during the financial year 340 -581
Total, December 31 385 45
| Annual Review 2024 113
14. EQUITY
EUR 1 000 2024 2023
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 7 890 7 890
Share premium fund as of Dec 31 7 890 7 890
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 -332
Treasury shares as of Dec 31 -332 -332
Retained earnings from previous financial years as of Jan 1 1 186 1 313
Dividend distribution -1 019 - 951
Retained earnings from previous financial years as of Dec 31 167 362
Net profit for the financial year 3 537 825
Retained earnings total as of Dec 31 3 704 1 186
Equity total as of Dec 31 14 588 12 070
Distributable funds in EUR 1 000 as of Dec 31: 31.12.2024 31.12.2023
Invested unrestricted equity fund 676 676
Treasury shares* -332 -332
Retained earnings from previous financial years 167 362
Net profit for the financial year 3 537 825
Distributable funds total 4 048 1 531
*At the end of December 2024, the Group held 111,624 (111,624) own shares representing 1.6% (1.6) of the total number
and voting rights of Wulff shares.
114 Annual Review 2024 |
15. INTEREST-BEARING LIABILITIES
Book value Payment schedule (years):
EUR1 000 31.12.2024 2025 2026 2027 2028 2029 Myöhemmin
Non-current
Loans from financial institutions 9 529 2 609 2 234 2 776 1 265 645
Total 9 529 2 609 2 234 2 776 1 265 645
Current
Loans from financial institutions 3 468 3 468
Total 3 468 3 468
Loans from financial institutions include a short-term bank account credit limit.
16. AMOUNTS OWED TO GROUP COMPANIES
EUR 1 000 2024 2023
Accounts payable 14 48
Total 14 48
17. ACCRUED LIABILITIES AND DEFERRED INCOME
EUR 1 000 2024 2023
Accruals for employee benefits 72 40
Interest accruals 102 85
Total 173 126
| Annual Review 2024 115
19. COMMITMENTS
EUR 1 000 2024 2024
Mortgages and guarantees on own behalf:
Subsidiary shares pledged as security for own liabilities 13 585 10 556
Own business mortgages given as quarantee for own liabilities 13 600 12 600
Mortgages and guarantees on behalf of subsidiaries:
Guarantees for the loans of subsidiaries 234 234
Subsidiary shares pledged as security for group’s liabilities
are presented as book values and they consist o Wulff
Entre Oy (EUR 1 387 thousand), S Supplies Holding AB (1
178), Wulff Oy Ab (6 435), Mutual Real Estate Company
Kilonkallio 1 (1 556), Bokföringsbyrå Lundström Ab (875),
and Tilitoimisto Raahen Tase Oy (2 154).
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.
EUR 1 000 2024 2023
Non-current:
Additional purchase price 20 -
Rental deposit 1 -
Non-current other liabilities total 21 0
Current:
Additional purchase price 10 -
VAT payable 9 12
Other payables 17 13
Current other liabilities total 37 25
Other liabilities total 57 25
18. OTHER LIABILITIES
On November 26, 2024 Wulff Group Plc acquired the
entire share capital of Ab Bokföringsbyrå Esse Tilitoimisto
Oy, which offers financial management services. The total
purchase price of the share capital was approximately EUR
0.2 million. EUR 0.1 million of the purchase price was paid
in cash during the transaction and the rest of the purchase
price will be paid based on the profitability of Ab Bokförin-
gsbyrå Esse Tilitoimisto Oy during the next three years. The
maximum amount of the conditional additional purchase
price is EUR 10 thousand per year.
116 Annual Review 2024 |
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 5, 2025
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 5, 2025
BDO Oy,
Authorized Public Accountant Firm
Joonas Selenius
KHT
| Annual Review 2024 117
To the Annual General Meeting of Wulff-Yhtiöt Oyj
Report on the Audit of the Financial Statements
Opinion
We have audited the financial statements of Wulff-Yhtiöt Oyj
(business identity code 1454963-5) for the year ended 31
December 2024. The financial statements comprise the consol-
idated balance sheet, income statement, statement of com-
prehensive income, statement of changes in equity, statement
of cash flows and notes, including material 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 performance
and cash flows in accordance with IFRS Accounting Stand-
ards as adopted by the EU
• the financial statements give a true and fair view of the par-
ent company’s financial 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
practice are further described in the Auditor’s Responsibilities for
the Audit of the Financial Statements section of our report.
We are independent of the parent company and of the group
companies in accordance 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 understanding, 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 any non-audit services to the parent
company or group companies.
We believe that the audit evidence we have obtained is suffi-
cient and appropriate to provide a basis for our opinion.
AUDITOR’S REPORT (TRANSLATION OF THE FINNISH ORIGINAL)
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 management override of in-
ternal controls. This includes consideration of whether there was
evidence of management bias that represented a risk of material
misstatement due to fraud.
118 Annual Review 2024 |
• The consolidated balance sheet includes inven-
tories amounting to EUR 12,8 million.
• Inventories are valued at the lowest value, either
acquisition cost or net realizable value.
• 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.
• This matter is a significant risk of material
misstatement referred to in EU Regulation No
537/2014, point (c) of Article 10(2).
• We have tested automated controls designed
to ensure the accuracy of inventory pricing and
performed substantive procedures.
• We have analyzed inventory turnover figures
and the development in the slow-moving stock.
and reviewed possible negative margins and the
reasons to the negative margins.
• We have tested the adequacy of the write-
downs at the financial year end, for example
by comparing the development of the amount
of the stock items with low turnover rates to the
prior year and by comparing products’ values to
changed market values.
• Goodwill in the consolidated balance sheet
amounts to EUR 10,9 million. No amortization is
recorded on the goodwill, but goodwill is tested
for impairment at least annually. An impairment
loss is recorded for an asset when its book value
exceeds the recoverable amount.
• The determination of key assumptions underly-
ing cash flow forecasts for impairment testing
requires management judgment, particularly
regarding the applied discount rate, growth
projections, and profitability.
• During the financial year, business combinations
resulted in the recognition of goodwill amount-
ing to EUR 2.2 million and customer contracts
amounting to EUR 0.9 million. The economic
useful life of customer contracts is finite. The
valuation of customer relationships related to
business combinations involves management
judgment, particularly regarding assumptions
on future cash flows and the assessment of the
economic useful life.
• This matter is a significant risk of material
misstatement referred to in EU Regulation No
537/2014, point (c) of Article 10(2).
• We have assessed the allocation basis, i.e. the
allocation of goodwill to the tested cash-gener-
ating units complies with the allocation principles
defined by the company.
• We have assessed critically the foundations and
management assumptions underlying the future
cash flow forecast.
• We have involved BDO’s valuation special-
ists for the testing of technical integrity of the
calculations and assessing the assumptions used
in determining the discount rate to market and
industry information.
• We have assessed the accuracy of sensitivity
analysis and the appropriateness of the notes in
respect of impairment testing.
• For customer relationships related to business
combinations, we have assessed the key as-
sumptions used in valuation, such as the discount
rate. We have also evaluated the appropriate-
ness of the applied amortization period.
Key audit matter How the matter was addressed in the audit
Valuation of inventories
(Refer to general accounting principles and consolidated notes 3.4)
Valuation of goodwill and acquired customer relationships
(Refer to general accounting principles and consolidated notes 3.3 and 4.1)
Key audit matter How the matter was addressed in the audit
| Annual Review 2024 119
• As of 31 December 2024, the equity of the
parent company is EUR 14.6 million, of which
the distributable equity amounting to EUR 4.0
million.
• A significant portion of the parent company’s
assets consist of investments in the subsidiar-
ies. The subsidiary shares and long–term loan
receivables amount to EUR 23.2 million as of
31 December 2024. The measurement of these
investments has a material impact when calculat-
ing the parent company’s distributable equity.
• In Accordance with Finnish Accounting Act, If
the estimated future revenue generated by a
non-current asset is expected to be permanently
lower than the undepreciated balance of the ac-
quisition cost, an adjustment to the value must be
made to write off the difference as an expense.
• Cash-flow based impairment tests are prepared
by the management for the valuation of the
subsidiary shares and long-term receivables.
• Determination of the key assumptions in future
cash flow forecasts underlying the impairment
tests requires management to make judgements
over certain key inputs, for example business
plans, discount rate, growth rates and profitabili-
ty levels.
• We have evaluated the reliability of the Group’s
budgeting process and assessed the historical
accuracy of forecasts by comparing the actual
results for the year 2024 with the forecasts
made in previous years. We assessed critically
the foundations and management assumptions
underlying the future cash flow forecast.
• We have involved BDO’s valuation specialist
in comparing the assumptions used in deter-
mining 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 have analyzed the valuation of the subsidi-
ary shares and long-term receivables compared
to subsidiaries’ equities and EBIT.
Key audit matter How the matter was addressed in the audit
Valuation of the subsidiary shares and long-term receivables
(Refer to parent company’s accounting principles and parent company’s notes 10, 11 and 14)
Responsibilities of the Board of Directors and the
Managing Director for the Financial Statements
The Board of Directors and the Managing Director are responsi-
ble for the preparation of consolidated financial statements that
give a true and fair view in accordance with IFRS Accounting
Standards 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 a 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 realis-
tic alternative but to do so.
Auditor’s Responsibilities for the Audit of the
Financial Statements
Our objectives are to obtain reasonable assurance about
whether the financial statements as a whole are free from mate-
rial misstatement, whether due to fraud or error, and to issue an
auditor’s report that includes our opinion. Reasonable assurance
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. Misstate-
ments can arise from fraud or error and are considered material
if, individually or in the 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 professional judgment and maintain professional
skepticism throughout the audit. We also:
120 Annual Review 2024 |
• Identify and assess the risks of material misstatement of the
financial statements, whether due to fraud or error, design
and perform audit procedures responsive to those risks, and
obtain audit evidence that is sufficient and appropriate 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, misrepresentations, 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 parent
company’s or the group’s internal control.
• Evaluate the appropriateness of accounting policies used
and the reasonableness of accounting estimates and relat-
ed disclosures made by management.
• Conclude on the appropriateness of the Board of Directors’
and the Managing Director’s use of the going concern
basis of accounting and based on the audit evidence
obtained, whether a material uncertainty exists related to
events or conditions that may cast significant 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 required to draw attention in our auditor’s re-
port to the related disclosures in the financial statements or,
if such disclosures 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 parent company or the
group 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 statements give
a true and fair view.
• Plan and perform the group audit to obtain sufficient appro-
priate audit evidence regarding the financial information of
the entities or business units within the group as a basis for
forming an opinion on the group financial statements. We
are responsible for the direction, supervision and review of
the audit work performed for purposes of the group audit.
We remain solely responsible for our audit opinion.
We communicate with those charged with governance regard-
ing, among other matters, the planned scope and timing of the
audit and significant audit findings, including 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 require-
ments regarding independence, and communicate 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 govern-
ance, 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 circum-
stances, we determine that a matter should not be communicat-
ed 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 engagement
We were first appointed as auditors by the Annual General
Meeting on 6 April 2017, and our appointment represents a
total period of uninterrupted engagement of 8 years.
Other Information
The Board of Directors and the Managing Director are responsi-
ble 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
or our auditor’s report thereon. We have obtained the report of
the Board of Directors 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 re-
sponsibility 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 compliance with
the applicable provisions.
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 compliance with the applicable provisions.
If, based on the work we have performed on the other informa-
tion that we obtained prior to the date of this auditor’s report, we
conclude that there is a material misstatement of this other infor-
mation, we are required to report that fact. We have nothing to
report in this regard.
In Helsinki on 5 March 2025
BDO Oy, Audit Firm
Joonas Selenius
KHT
| Annual Review 2024 121
To the Board of Directors of Wulff-Yhtiöt Oyj.
Independent auditor’s report on the ESEF
financial statements of Wulff-Yhtiöt Oyj
We have performed a reasonable assurance en-
gagement on the consolidated financial statements
(74370016PW2V4W02LX91-2024-12-31-0-en.zip) of Wulff-
Yhtiöt Oyj (1454963-5) that have been prepared in accord-
ance with the Commission’s regulatory technical standard for the
financial year ended 31.12.2024.
Responsibilities of the Board of Directors and the
Managing Director
The Board of Directors and the Managing Director are respon-
sible for the preparation of the company’s report of the Board of
Directors and financial statements (the ESEF financial statements)
in such a way that they comply with the requirements of the
Commission’s regulatory technical standard. This responsibility
includes:
• preparing the ESEF financial statements in XHTML format in
accordance with Article 3 of the Commission’s regulatory
technical standard
• tagging the primary financial statements, notes and compa-
ny’s identification data in the consolidated financial state-
ments that are included in the ESEF financial statements with
iXBRL tags in accordance with Article 4 of the Commission’s
regulatory technical standard and
• ensuring the consistency between the ESEF financial state-
ments and the audited financial statements.
The Board of Directors and the Managing Director are also re-
sponsible for such internal control as they determine is necessary
to enable the preparation of ESEF financial statements in ac-
cordance with the requirements of the Commission’s regulatory
technical standard.
Auditor’s independence and quality management
We are independent of the company in accordance with the
ethical requirements that are applicable in Finland and are
relevant to the engagement we have performed, and we have
fulfilled our other ethical responsibilities in accordance with these
requirements.
The auditor applies International Standard on Quality Manage-
ment (ISQM) 1, which requires the firm to design, implement
and operate a system of quality management including policies
or procedures regarding compliance with ethical requirements,
professional standards and applicable legal and regulatory
requirements.
Auditor’s responsibilities
Our responsibility is to, in accordance with Chapter 7, Section 8
of the Securities Markets Act, provide assurance on the financial
statements that have been prepared in accordance with the
Commission’s regulatory technical standard. We express an
opinion on whether the consolidated financial statements that
are included in the ESEF financial statements have been tagged,
in all material respects, in accordance with the requirements of
Article 4 of the Commission’s regulatory technical standard.
Our responsibility is to indicate in our opinion to what extent the
assurance has been provided. We conducted a reasonable as-
surance engagement in accordance with International Standard
on Assurance Engagements (ISAE) 3000.
The engagement includes procedures to obtain evidence on:
• whether the primary financial statements in the consolidated
financial statements that are included in the ESEF financial
statements have been tagged, in all material respects, with
iXBRL tags in accordance with the requirements of Article 4
of the Commission’s regulatory technical standard and
• whether the notes and company’s identification data in the
consolidated financial statements that are included in the
ESEF financial statements have been tagged, in all material
respects, with iXBRL tags in accordance with the require-
ments of Article 4 of the Commission’s regulatory technical
standard and
• whether there is consistency between the ESEF financial
statements and the audited financial statements.
The nature, timing and extent of the selected procedures depend
on the auditor’s judgment. This includes an assessment of the risk
of a material deviation due to fraud or error from the require-
ments of the Commission’s regulatory technical standard.
We believe that the evidence we have obtained is sufficient and
appropriate to provide a basis for our opinion.
Opinion
Our opinion pursuant to Chapter 7, Section 8 of the Securities
Markets Act is that the primary financial statements, notes and
company’s identification data in the consolidated financial state-
ments that are included in the ESEF financial statements of Wulff-
Yhtiöt Oyj (74370016PW2V4W02LX91-2024-12-31-0-en.zip)
for the financial year ended 31.12.2024 have been tagged, in
all material respects, in accordance with the requirements of the
Commission’s regulatory technical standard.
Our opinion on the audit of the consolidated financial statements
of Wulff-Yhtiöt Oyj for the financial year ended 31.12.2024 has
been expressed in our auditor’s report (dated 5 March 2025).
With this report we do not express an opinion on the audit of the
consolidated financial statements nor express another assurance
conclusion.
In Espoo 5 March 2025
BDO Oy, Audit Firm
Joonas Selenius
KHT
AUDITOR’S ASSURANCE REPORT OF ESEF FINANCIAL STATEMENTS
(TRANSLATION OF THE FINNISH ORIGINAL)
Wulff-Yhtiöt Oyj | Vuosikertomus 2024 12 2
123 Annual Review 2024 |
OUR CUSTOMERS SHARE THEIR STORIES
Visit Wulff.fi
and find inspiring customer stories about our successful collaborations!
With Wulff’s team, our daily operations and
we always receive expert support, even in more
uncommon situations. Highly recommended!
daily operations
run smoothly
and we always receive expert support, even in more
uncommon situations. Highly recommended!
Saara Paronen
Partner, CEO
Valu Partners Attorneys at Law Ltd
Wulff's services play a key role for us, especially
in the procurement of
branded products and
corporate gifts.
Give-away gifts communicate the employer's
care for its employees.
Katja Holla
Executive Assistant
Valmet Flow Control
Ecological products
are clearly labeled in the online store that
Wulff customized and opened for us. This
makes responsible purchasing significantly
easier and helps us reduce the greenhouse
gas emissions and other environmental impacts
of our operations.
Ranja Kontturi
Director, Saga Tammilinna
Saga Senior Services
Working with Wulff Works is easy and
even enjoyable, and we have always
received great candidates
great candicates
for interviews, whether for short-term or
long-term positions. The Wulff team selects
the best candidates on our behalf, saving
us effort and freeing up resources for our
core business.
Olli-Pekka Kettunen
Unit Manager
Bravida Finland
| Annual Review 2024 124
We are extremely satisfied with Wulff Entre's
services –
high-quality
stands
,
seamless arrangements, and an excellent final
result that truly captures visitors' attention. The
full-service experience is effortless! There's
no need to worry about the details when
professionals take care of everythingn.
Antti Lassila
Business Director, Chairman of the Board
Potma
Wulff's MiniBar shelving service is fantastic!
With a
single order
from one supplier,
we receive delicious snacks and drinks, always
fully stocked and beautifully arranged in our
fridge and office shelves. A hassle-free and
convenient service!
Tracy Nguyen
Office Manager
Supermetrics
The image features Supermetrics’ CoolBar
125 Annual Review 2024 |
WULFF EXPERTS SHARE THEIR INSIGHTS
What are the key trends in sustainability for 2025?
Wulff professionals from our various business areas share their insights and recommendations.
Humanity and meaningfulness are at the core.
People are increasingly drawn to work that
motivates them and
adds purpose to
their lives.
Additionally, collaboration and a sense of
community play a key role in advancing
sustainability.
Liisa Jaatinen
Director Sustainability and Conceptual
Development, Wulff Consulting
From a logistics perspective, ecological and
economic sustainability are now at the forefront.
Waste minimization, efficient recycling, and the
preference for renewable natural resources are key
factors guiding decisions. In inbound logistics, there
is an increasing emphasis on sustainable and eco-
friendly solutions, with procurement favoring
domestic suppliers
and shorter
transport distances,
lowest price alone is no longer the deciding factor.
Toni Voutilainen
Warehouse Supervisor, Wulff Logistics
The mindset of quality over quantity is
gaining strength, and the importance of the
circular economy
is growing. For us and our customers, it’s not just
about the origin of materials but increasingly about
how they can be reused or recycled after an event
Ninni Laaksonen
Head of Sales, Wulff Entre
In Wulffi Magazine, you’ll find insights on sustainability, megatrends, and many other timely topics.
Alongside Wulff experts, our customers and partners also share their perspectives.
The inspiring themes for the 2025 issues are ”Nature’s Wisdom, Human Responsibility” in the
spring and ”Celebrate Life” in the autumn. Read the magazine online at wulff.fi/wulffi-lehti (in Finnish).
| Annual Review 2024 12 6
On construction sites and building projects
durable
products
and sustainability are highly valued. We offer
"oat-powered" products, such as Xyron laminators
that have been in use for 25 years – and the
crank still turns smoothly. Our reusable floor
protection solutions consistently receive praise for
both their practicality and eco-friendliness.
Petri Kautonen
Manager Director, Wulff Naxor
Domestic products and those
further processed
in Finland
are gaining even more momentum. There is strong
demand for these products, and the need for
locally sourced alternatives continues to grow.
Sari Viljakainen
Customer Manager, Wulff Innovations
The image features Sari Viljakainen, Wulff Innovations.
127 Annual Review 2024 |
It All Began with a Small Paper Shop on August 23, 18
Did you know that Wulff’s history dates back to 1890? Wulff’s
history is intertwined with Finland’s, particularly the Helsinki
metropolitan area’s, cultural heritage.
In 2025, Wulff will celebrate its 135th anniversary. On August
23, 1890, a modest paper shop was established at Fredrikinkatu
47 in Helsinki, previously occupied by a butcher shop. The store
was warmly and firmly managed by Augusta Wulff. In keeping
JOIN US ON A JOURNEY THROUGH TIME!
with the customs of the time, Augusta’s husband, Thomas Wulff,
announced the opening of the new store in the esteemed news-
paper, Uusi Suometar. The inaugural day’s sales amounted to a
ceremonious six marks and ten pennies.
From that day forward, Wulff’s narrative has been enriched
with decades of success stories and remarkable chapters. This
is exemplified by the fact that just nine months later, the shop
had to relocate to larger premises on Eerikinkatu due to thriving
business. Seven years later, the main store moved to Esplanadi
We have curated over a century’s worth of significant events from our company’s history.
Discover our story!
Relocation to ”Wulff’s
Corner”
The Paper Shop
Expands into a
Limited Company:
Th. Wulff Oy Ab
1918 1939 1954 1987
The Wulff’s Corner
Property Becomes
Owned by
Th. Wulff Oy Ab
The Company
Name Changes to
Oy Wulff Ab
A New Central
Warehouse is
Completed in Pitä-
jänmäki, Helsinki.
A New Headquar-
ters is Completed at
Mannerheimintie 4,
Helsinki, Along with
Multiple Branch
Stores, a Central
Warehouse, and
Several Subsidiaries
Investment Com-
pany Sponsor
Oy Becomes the
Owner of Wulff
Oy Ab
Operations Cent-
ralized in a New
Headquarters in
Vantaa
Wholesale Paper
Companies Oy Yrjö
Koivisto Ab and
Su-Pa Oy Merge
into Wulff’s Business
Operations
Mercantile Oy
Becomes the Owner
of Wulff Oy Ab
Th. Wulff
Pappershandel
– Paper Shop is
founded
1890
Significant Event Mergers and Acquisitions, Worklife Services Mergers&Acquisitions, Worklife Products
19181918
1897
1945
1965
1988
1989
1992
| Annual Review 2024 12 8
P.S. Would you like to celebrate with us? Traditional, joyous
summer festivities and the
135th birthday
will be held at the Wulff House in Espoo on August 22.
Contact us at info@wulff.fi or call 0300 870 411 (€0.79/min + local
network charge) to
so we can add you to the guest list.
11, at the corner of Pohjois-Esplanadi and Mannerheimintie, a
location that became affectionately known as ”Wulff’s Corner.”
It was a popular meeting spot for both artists and the general
public and is fondly remembered. Today, Wulff’s Corner conti-
nues to thrive as one of the prime commercial locations. Wulf-
finkulma.fi serves customers online across Finland, and physical
Wulffinkulma stores can be visited in Helsinki, Lahti, and Turku.
2002
2003 2006
2007
2008 2018 2022
2024
The First Version of
the WulffNet Online
Service is Launched
Publicly Listed Com-
pany Beltton-Yhtiöt
Oyj Acquires Wulff’s
Share Capital
Wulff Acquires
Norwegian Gundersen
& CO A/S and Danish
Nordisk Profil A/S
Wulff Acquires IM
Inter-Medson Oy
Brand Products &
Corporate Gifts
Wulff Acquires Entre
Marketing Oy
Trade Show and
Event Services,
Wulff Entre
Wulff Acquires Ibero
Liikelahjat Oy –
Brand Products &
Corporate Gifts
Wulff Acquires
Swedish Strålfors
Supplies AB
Wulff Supplies AB
Wulffinkulma.fi
Online Store Opens
Wulff Acquires
Mavecom Palvelut
Oy / Canon Business
Center Vantaa Oy
Printing and
Document
Management
Services
Wulff Acquires
Staples Finland Oy
Wulff Acquires Car-
pentum Oy
Accounting Services
Wulff Works
Launches Operations
in Seven Locations
Staffing Services
Wulff Accounting
Expands with New
Offices in
six locations
1995
2009
2021
WULFFGROUPPCL| Kilonkartanontie 3 | FI02610 Espoo | tel. +358 300 870 410 | Business ID1454963-5 | wulff.fi