Annual Report 2020 1 2020 ANNUAL REPORT 2 Annual Report 2020
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Wulff Annual Report 2020 1 2020 ANNUAL REPORT 2 Annual Report 2020 TABLE OF CONTENTS The Future is made today ........................................................................................................ 3 Our client Fennia talks ............................................................................................................. 4 CEO’s Review Sales, resilience, accountability ............................................................................................ 8 Wulff now and then ................................................................................................................11 Operating environment in a state of rapid flux ................................................................ 12 More sustainable strategy and business ...........................................................................16 Responsible Wulff...................................................................................................................22 MANAGEMENT Board and Management .....................................................................................................32 Corporate Governance Statement ....................................................................................34 FINANCIAL STATEMENTS Review of the Board of Directors ........................................................................................40 Key Figures ...............................................................................................................................46 Calculation Principles of Key Figures .................................................................................48 Risks and Risk Management ................................................................................................50 Shares and Shareholders .....................................................................................................53 Information for Shareholders ...............................................................................................57 Consolidated Financial Statements, IFRS ..........................................................................58 Consolidated Income Statement and Statement of Comprehensive Income ...........................................................................59 Consolidated Statement of Financial Position ..............................................................60 Consolidated Cash Flow Statement .............................................................................. 61 Consolidated Statement of Changes in Equity ...........................................................62 Notes to the Consolidated Financial Statements ........................................................63 Parent Company’s Financial Statements, FAS ............................................................101 Notes to the Parent Company’s Financial Statements, FAS ................................... 105 Signatures to the Financial Statements ..............................................................................114 Auditor’s Report ......................................................................................................................115 Contact information in Finland and Scandinavia ...........................................................118 Wulff Annual Report 2020 3 THE FUTURE IS MADE TODAY YEAR 2020 – A TIME WHEN THE WORLD BOTH GREW AND SHRANK The year 2020 was strange and special for the world and for Wulff. We were all brought together and separated by the Covid-19 pandemic, and its impact on the lives and operations of individuals, companies and communities. As human beings, we found more common ground in our battle to beat the life- threatening virus, and we noticed that we are citizens of the world and very local at the same time. As physical boundaries were closed, we learned to be together online, across boundaries. Simultaneously, what we had locally, grew even closer, even more familiar and important. What did we at Wulff learn from 2020? A positive attitude towards change, the abil- ity to learn new things, the skill to identify what needs to be preserved – the elements found in the DNA of Wulff have carried us on for 130 years, and they will also pave our way to future success. In 2020, Wulff implemented its strategy and purpose above all by making working days safe. In 2020, ensuring companies’ operations with hygiene and protective products was crucial. Our basic idea remained the same: we are working towards a better world, one workplace at a time. We are thinking about what the perfect work- ing day is like, and what you will need for it. As the world changes, and even amidst a crisis, we at Wulff are enabling work in an environment where companies, entrepreneurs and employees operate. The pandemic has also prompted us to look after the world and make a stronger impact on it. That is why we have updated our strategy to make it even more sustainable. With the decisions we take today, each of us can affect the world of tomorrow, as well as the world tens or hundreds of years from now. You can read more about Wulff’s Sustain- ability Scheme on page 20. The ability to adjust and learn new things will carry us in life and working life. 4 Annual Report 2019 Our client Fennia talks Wulff Annual Report 2020 5 Teea Syrjälä thanks Wulff for their expertise NEW SAFE EVERYDAY AT FENNIA Cleanliness and safety at workplaces have become a special feature from the end of year 2019. Hygiene and many other protective products have come into the ranks of workplace products. With it, Fennia's busi- ness premises manager Teea Syrjälä has delved into a completely new product world. ow to create a clean and safe work environment? During the spring 2020, Teea Syrjälä, Fennia's business Good conditions for everyone HThe new norm of office work requires investing in premises manager responsible for procurement and services, It was natural for Syrjälä herself to switch to remote working, hygiene, cleanliness and cleaning differently than before. delved into a completely new product world. She thanks as her working time is divided into business trips, remote work- Wulff's professionals, especially Juha Kovanen and Niina ing and office work. Fennia has had good opportunities for The life-changing COVID-19 epidemic in 2020 has greatly Satomäki, for their good support and professional help. remote working, connections have worked well and equip- changed the daily lives and behavior of workplaces and their ment has been good. staff. "I have put out quite specific questions about products. I had to think about whether the surfaces tolerate weekly disinfection, During spring and summer last year, people worked rarely We spend most of the day indoors at work. Open and or what kind of hand disinfectant machines are available. at Fennia's offices. However, changes to cleanliness routines multi-space offices are places with a lot of common interfaces First of all, we have received information from Wulff about have been made with the idea that those who want to use and opportunities for bacteria and viruses to spread smoothly. what kind of products exist at all that will help in a changed office space have safe working conditions. For example, In the new everyday life, workplaces must invest differently in everyday life.” special attention was paid to surface washing, and a droplet safe work than before. protection plexiglass was installed at the customer service points of the branches. ? ! STAR Fennia Group concists of Provider of insurance services Fennia's values are quality Fennia, Henki-Fennia and for 140 years. service, an encouraging Fennia-palvelu Oy. atmosphere, continuous The average number of development, Partner for businesses, employees in 2019 was 1,064. effective operation entrepreneurs and private and entrepreneurship. customers in financial security. 6 Annual Report 2020 “Cleaning services have switched to using disinfectant products. All contact surfaces have been washed more often than before, ? including textile furniture, which has usually had a sufficient level of once a year.” Teea Syrjälä premises manager Has worked at Fennia for 10 years, of which 5 years as a business premises ma- nager in the development of the work environment and business premises services. Best at work: Every day is different and you always learn something new. The most rewarding is a satisfied customer. In open-space offices, special attention is now paid to cleaning surfaces. Together with HR functions and sales, Syrjälä made plans about the needs for safe work. Fennia has about 40 branches nationwide, each with 2-4 customer service points. In addition, guests are met in the meeting rooms and in their own study rooms. Hygiene products came to stay The sudden change in situation in early spring 2020 caused a supply spike as jobs across the country faced the same situation. “For Wulff Annual Report 2020 7 example, you couldn’t get hand disinfectant products anywhere and prices went up. At some point we had daily contact with Wulff back then. In it, email and phone sang when any of our offices ran out of products. We had to constantly ask for information about delivery dates. There has usually been no such problem with Wulff,” Syrjälä recalls events. “Wulff did a great job, for example, looking for replacement products. It was also great that when we were offered a product that was not familiar to me before, I dared to trust Wulff's expertise.” Many hygiene products have now come to stay in offices and customer service facilities, Syrjälä