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2008-08-15 08:00:00 CEST 2008-08-15 08:00:01 CEST REGULATED INFORMATION Nurminen Logistics Oyj - Interim report (Q1 and Q3)NURMINEN LOGISTICS PLC'S INTERIM REPORT 1 JANUARY - 30 JUNE 2008Nurminen Logistics Plc Interim report 15 August 2008 9.00 am NURMINEN LOGISTICS PLC'S INTERIM REPORT 1 JANUARY - 30 JUNE 2008 Until 31 December 2007, Nurminen Logistics Plc was called Kasola Plc. The company sold its old operations (the "Kasola operations") in a transaction executed on 23 November 2007. Correspondingly, the company received its current operations (the "Nurminen Logistics operations") on 1 January 2008. These arrangements were described in more detail in earlier stock exchange releases and the registration document and securities note published by Kasola Plc on 7 December 2007. The comparative figures presented in the first section of this interim report are 2007 carve-out financial information of Nurminen Logistics operations demerged from John Nurminen LLC. Whenever comparative carve-out figures are not available they are not presented. In addition, the first half figures with comparison to Kasola Plc's first half 2007 and full year 2007 figures are presented in Section 2. These figures, however, are not comparable with the company's current operations. The pro forma balance sheet consists of Nurminen Logistics business operations' carve-out information and Kasola Plc's balance sheet after the Kasola operations were sold. SECTION I 1 JANUARY - 30 JUNE 2008 IN BRIEF First half 2008 - Net sales were EUR 42.7 million (EUR 40.6 million). - Reported operating profit was EUR 2.6 million (EUR 1.9 million). - Operating profit excluding non-recurring items was EUR 2.5 million (EUR 1.9 million). - EBT was EUR 1.7 million (EUR 1.1 million) - Net profit was EUR 1.3 million (EUR 0.8 million). - Earnings per share: 0.07 Euros. Second quarter 2008 - Net sales were EUR 21.7 million (EUR 21.8 million). - Reported operating profit was EUR 1.4 million (EUR 1.0 million). - Operating profit excluding non-recurring items was EUR 1.4 million (EUR 1.0 million). - EBT was EUR 1.5 million (EUR 0.5 million) - Net profit was EUR 1.1 million (EUR 0.4 million). - Earnings per share: 0.06 Euros. BUSINESS ENVIRONMENT 1 JANUARY - 30 JUNE 2008 Nurminen Cargo enjoyed favourable market conditions for most of the first quarter, but during the second quarter Russian trade volumes were lower than expected. Economic outlook in Russia was good, even though uncertainty regarding world economy and especially the banking sector increased. The future prospects of wood imports from Russia are bleak due to export duties set by Russia. The company has therefore systematically reduced its exposure to this business. Moscow air cargo business was discontinued due to weak profitability, which caused some non-recurring costs. Shares in Turku Stevedoring Oy were profitably divested. Nurminen Heavy continued to benefit from the boom in the mechanical engineering industry. Demand was robust in all main markets. Nurminen Heavy operations in Tallinn were shut down, which did not have a material impact on profits. The market conditions of Nurminen Care did not change significantly. The consolidation of the ambulance operator market continues as the basic structure of the industry remains fragmented. TURNOVER AND FINANCIAL PERFORMANCE FIRST HALF AND SECOND QUARTER 2008 The 2008 first half net sales of amounted to EUR 42.7 (2007: 40.6) million. Compared to the corresponding period last year the increase of the net sales was 5.2%. Reported operating profit was EUR 2,619 (1,881) thousand. The increase was 39.6%. Operating profit includes non-recurring profits of EUR 186 thousand (0) and non-recurring costs of EUR 81 (0) thousand. Therefore comparative operating profit was EUR 2,514 thousand and increased 33,7% compared to the corresponding period last year. The 2008 second quarter net sales amounted to EUR 21.7 (2007: 21.8) million. The net sales decreased by 0.4%. Reported operating profit (which does not include non-recurring items) was EUR 1,433 (1,048) thousand. The increase was 36.7%. Non-recurring asset sale profit (EUR 186 thousand) resulted in first quarter from other shareholders redeeming Nurminen Logistics Plc's shares in Turku Stevedoring Oy. Non-recurring costs were related to the winding-up of Moscow air cargo business during the first quarter. The winding-up was published in stock exchange release by Kasola Plc on 28 December 2007. The net sales development was slightly below expectations especially during the second quarter due to lower than anticipated volume development in Nurminen Cargo. The profitability developed positively as expected. The financial result was burdened by the weakening of Russian rouble, which resulted in unrealised net translation loss of EUR 525 thousand. These losses were related to an internal loan which the parent company granted to a Russian subsidiary. The company has hedged approximately half of its Russian rouble exchange rate risk. Nurminen Cargo's net sales for the first half amounted to EUR 33.0 (32.8) million. The net sales development was below expectations due to lower than anticipated volumes in exports to Russia during the second quarter. The growth was further weakened by changes in business structure. Compared to first half 2007 the net sales of raw wood operations declined by EUR 1.2 million and the net sales of the wound-up Moscow air cargo business declined by EUR 0.3 million. The operating profit developed positively as expected and was EUR 1,936 (922) thousand. Nurminen Heavy's first half net sales increased to EUR 5.3 (4.9) million. Operating profit was EUR 669 (567) thousand and above expectations. During second quarter strong project business boosted Nurminen Heavy's financial performance. Nurminen Care's net sales amounted to EUR 4.4 (2.9) million. Its net sales increased as a result of the acquisitions and successful tenders in 2007. The growth was slightly weaker than expected due to lower than expected order volumes. Nurminen Care's operating profit was EUR 14 (325) thousand. Operating profit developed weaker than anticipated due to clearly higher than average fleet repair costs and start-up costs related to new business locations. OUTLOOK Company's outlook has remained the same since the publication of the financial statements bulletin on 29 February 2008. The management of the company expects the organic growth to exceed 10% of net sales, and the company's operating margin to improve compared to 2007 carve-out financial information of Nurminen Logistics. The strong growth outlook during the second half of the year is based on increased demand of the company's services and on increased wagon and terminal capacity. On the long-term Company's goal is to increase its turnover annually by approximately 20% on average, including acquisitions, and reach an operating profit level of over 7%. The economies of Russia and other CIS countries seem to continue their strong growth. Export of oil and natural gas continues to grow, which fuels vigorous growth of Russian imports. This will lead to growing demand both international and internal logistics services. These factors create a good basis for the development of Nurminen Cargo's operations, in particular. Nurminen Heavy is looking for growth particularly in the traffic of Russia and other CIS countries. The unit will acquire additional transport equipment in 2008. Due to completed acquisitions and tendering processes, Nurminen Care's sales will continue to increase. SHORT-TERM RISKS AND UNCERTAINTIES The most significant business risks are associated with the pace of economic growth in Russia and other CIS countries as well as potential slowdown of global economic growth and uncertainty in the international financial markets. Economies of Russia and other CIS countries are expected to develop positively despite a possible slowdown of global economic growth, but have risks typical of emerging markets. FINANCIAL POSITION AND BALANCE SHEET Company's financial position has remained stable after the transaction which was closed on 1 January 2008. Company's cash flow from operations was EUR -3,212 thousand. It was burdened by EUR 2.1 million increase in Russian VAT receivables, which are related to wagon investments. Cash flow from investments was EUR 5,231 thousand. The positive cash flow from investments is caused by reverse take over. Cash flow from financing activities amounted to EUR -482 thousand. At the end of the period, cash and cash equivalents amounted to EUR 4,622 thousand. Liquidity was good throughout the reporting period. Group's interest bearing dept was EUR 38.3 million and correspondingly the net interest bearing dept was EUR 33.7 million. Balance sheet totalled EUR 89.5 million and equity rate 41.2 %. As a compensation for transferring the logistics businesses of John Nurminen LLC to Kasola Plc, Kasola Plc issued 9,999,989 new class A shares to the shareholders of John Nurminen LLC. In the transaction goodwill of EUR 4 764 thousand was formed. This goodwill will be allocated to the business segments according to their respective fair values. CAPITAL EXPENDITURE The Group's gross capital expenditure H1/2008 amounted to EUR 4.9 (7.4) million, accounting for 11.4% of net sales. Depreciation totaled EUR 2.3 (2.4) million, or 5.4% of net sales. Investments were mainly made in railway wagons. PERSONNEL In the first half of 2008, the Group staff was 610 on average (578 on 31 December 2007). The number of personnel working abroad was 117 on average. Nurminen Cargo had 343 employees, Nurminen Heavy 28 and Nurminen Care 205. Management and administrative staff numbered to 35. SHARES AND SHAREHOLDERS The trading volume of Nurminen Logistics Plc's shares was 44,148 in 1 January - 30 June 2008, which represented 0.35% of the total number of shares. The value of the turnover was EUR 231,594. The lowest price for the period was EUR 4.66 per share and the highest EUR 5.70 per share. The closing price for the period was EUR 5.10 per share and the market value of the entire share capital EUR 61,687,727. At the end of the period, there were 294 shareholders. The company has one series of shares. The company owns 705 of its own shares, which represent 0.006% of the votes in the company. DECISIONS OF THE GENERAL ANNUAL MEETING The Annual General Meeting of Shareholders held on 11 April 2008 made the following decisions: The Annual General Meeting of Shareholders confirmed the company's financial statements and the group's financial statements for the financial period 1 January - 31 December 2007 and released the Board of Directors and the Managing Director from liability. Amendment of Articles of Association The Annual General Meeting of Shareholders decided in accordance with the proposal made by the Board of Directors that a provision shall be added to Section 4 of the company's Articles of Association according to which three (3) deputy members, at the most, may be elected to the company's Board of Directors. It was further decided to amend Section 7 of the Articles of Association so that the company shall have one (1) auditor, which is required to be an Authorized Public Accountant -audit firm, and that no deputy auditor shall be elected. Changes reflecting the aforesaid amendments were made to Section 10 of the Articles of Association with respect to matters to be submitted to the Annual General Meeting of Shareholders. Composition and remuneration of the Board of Directors The Annual General Meeting of Shareholders resolved that the Board of Directors shall consist of five (5) ordinary members and one (1) deputy member. The Annual General Meeting of Shareholders re-elected the following ordinary members to the Board of Directors: Olli Pohjanvirta, Juha Nurminen, Matti Lainema, Matti Packalén and Rolf Saxberg. Jukka Nurminen was elected deputy member of the Board of Directors. In its first meeting immediately following the Annual General Meeting of Shareholders, the Board of Directors elected Juha Nurminen as the Chairman of the Board. The Annual General Meeting of Shareholders decided to pay annual remuneration of EUR 30,000 to the Chairman of the Board, EUR 20,000 to the deputy Chairman of the Board, and EUR 15,000 to the other members of the Board and in addition a fee of EUR 700 per meeting to each member of the Board. It was decided to compensate the travel and other expenses of the members of the Board in accordance with customary practice. It was furthermore decided to pay to the members of the Board a merit pay, which shall be tied to the profit of the company's share during the term of the Board of Directors. The profit of the company's share shall be calculated from the change in the share's average price of the month preceding the Annual General Meeting of Shareholders (i.e. March 2008) and the average price of March 2009, taking into account the dividends. For each percent the profit has accrued the Chairman of the Board shall be paid a remuneration of EUR 2,000 and other members of the Board EUR 1,000. If the yearly profit exceeds 25 percent, the remuneration shall be paid according to 25 percent. The decision means that the final remuneration of the members of the Board of Directors shall be subject to the total return of the company's share. Dividend The Annual General Meeting of Shareholders approved the Board's proposal that a per share dividend of EUR 0.12 shall be paid for the financial year 2007. The dividend was paid to shareholders entered in the company's shareholder register on the record date of 16 April 2008. The dividend payment date was 25 April 2008. Auditor KPMG Oy Ab, Authorised Public Accountant audit-firm, was re-elected as Nurminen Logistics Plc's auditor. Mr. Lasse Holopainen acts as the responsible auditor. DIVIDEND POLICY Company's board has on 14 May 2008 determined company's dividend policy, according to which Nurminen Logistics Plc aims to, in case company's financial policy so allows, annually distribute as dividends approximately one third of its net profit. AUTHORISATIONS GIVEN TO THE BOARD The authorization given by the extraordinary general meeting on 8 October 2007 to the board to decide on the issue of shares and special rights, for a maximum of 20,000,000 new shares, is still valid. SHARE-BASED INCENTIVE PLAN FOR THE GROUP KEY PERSONNEL The Board of Directors of Nurminen Logistics Plc has approved a new share-based incentive plan for the Group key personnel. The plan was described in more detail in stock exchange release published on 17 April 2008. EVENTS AFTER THE REVIEW PERIOD Nurminen Care acquired 9 July 2008 the majority of Luumäen Ensihoito Oy. The company published on 11 July 2008 a stock exchange release, according to which the company explores strategic alternatives regarding Nurminen Care. Nurminen Care acquired 11 August 2008 the majority of Sairaankuljetus A. Järvenpää Oy, which operates in Oulu region. This interim report has been prepared in accordance with requirements of IAS 34 standard. All figures in this interim report have been rounded and consequently the sum of individual figures can deviate from the presented sum figure. The presented financials are unaudited. Disclaimer Certain statements in this bulletin are forward-looking and are based on the management's current views. Due to their nature, they involve risks and uncertainties and are susceptible to changes in the general economic or industry conditions. NURMINEN LOGISTICS PLC Board of Directors For more information, please contact Lasse Paitsola, President and CEO (tel. +358 400 405 801) DISTRIBUTION OMX Nordic Exchange Helsinki Major media www.nurminenlogistics.com Nurminen Logistics provides high-quality logistics services, such as railway transports, terminal services, forwarding, special and heavy transports and medical transports. The company has collected logistics know-how from three centuries, starting in 1886. Nurminen Logistics' main market areas are Finland, the Baltic Sea region, Russia and other CIS countries. The company's share is listed on the Helsinki Stock Exchange. Accounting policies Until 31 December 2007, Nurminen Logistics Plc was called Kasola Plc. The company sold its old operations (the "Kasola operations") in a transaction executed on 23 November 2007. Correspondingly, the company received its current operations (the "Nurminen Logistics operations") on 1 January 2008, when the old John Nurminen LLC was demerged. These arrangements were described in more detail in earlier stock exchange releases and the registration document and securities note published by Kasola Plc on 7 December 2007. Carve-out financials presented have been carved out from income statement and balance sheet information of old John Nurminen LLC. The below presented pro forma balance sheet has been prepared for illustrative purposes to describe what company's Balance Sheet would have been in case the Nurminen Logistics operations had been acquired at the date of the balance sheet. Pro forma balance sheet is formed by combining the balance sheet of company's annual report per 31 December 31 2007 and the carve-out balance sheet information of Nurminen Logistics business as per 31 December 31 2007. In the pro forma balance sheet the acquisition of Nurminen Logistics operations has been treated as a reverse acquisition on the basis of IFRS 3 Business Combinations. This means that in the pro forma balance the acquirer is Nurminen Logistics operations and the acquisition target is the company. The pro forma balance sheet presumes that the acquisition date is the date of the pro forma balance sheet. -------------------------------------------------------------------------------- | INCOME STATEMENT | 1-6/2008 | 1-6/2007 | 1-12/2007 | -------------------------------------------------------------------------------- | EUR 1,000 | Total | Carve out | Carve out | | | | Total | Total | -------------------------------------------------------------------------------- | NET SALES | 42 690 | 40 577 | 81 693 | -------------------------------------------------------------------------------- | Other operating income | 896 | 701 | 1 885 | -------------------------------------------------------------------------------- | Materials and services | -20 018 | -21 329 | -41 471 | -------------------------------------------------------------------------------- | Employee benefits expenses | -10 221 | -8 386 | -18 120 | -------------------------------------------------------------------------------- | Depreciation | -2 318 | -2 380 | -4 448 | -------------------------------------------------------------------------------- | Other operating costs | -8 410 | -7 302 | -15 012 | -------------------------------------------------------------------------------- | OPERATING PROFIT | 2 619 | 1 881 | 4 527 | -------------------------------------------------------------------------------- | Financial income | 578 | 99 | 16 | -------------------------------------------------------------------------------- | Financial expenses | -1 463 | -927 | -2 507 | -------------------------------------------------------------------------------- | Share of profit in associates | 8 | 15 | 29 | -------------------------------------------------------------------------------- | PROFIT BEFORE TAX | 1 742 | 1 068 | 2 065 | -------------------------------------------------------------------------------- | Income taxes | -448 | -278 | -384 | -------------------------------------------------------------------------------- | PROFIT FOR THE PERIOD | 1 294 | 790 | 1 681 | -------------------------------------------------------------------------------- | Net profit attributable | | | | -------------------------------------------------------------------------------- | To equity holders of the parent | 837 | 666 | 1 373 | -------------------------------------------------------------------------------- | To minority interest | 461 | 124 | 308 | -------------------------------------------------------------------------------- | EPS undiluted | 0,07 | | | -------------------------------------------------------------------------------- | EPS diluted | 0,07 | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | INCOME STATEMENT | 4-6/2008 | 4-6/2007 | | -------------------------------------------------------------------------------- | EUR 1,000 | Total | Carve out | Change | | | | Total | | -------------------------------------------------------------------------------- | NET SALES | 21 732 | 21 830 | -98 | -------------------------------------------------------------------------------- | Other operating income | 492 | 397 | 95 | -------------------------------------------------------------------------------- | Materials and services | -10 086 | -11 802 | 1 716 | -------------------------------------------------------------------------------- | Employee benefits expenses | -5 305 | -4 454 | -851 | -------------------------------------------------------------------------------- | Depreciation | -1 215 | -1 310 | 95 | -------------------------------------------------------------------------------- | Other operating costs | -4 185 | -3 613 | -572 | -------------------------------------------------------------------------------- | OPERATING PROFIT | 1 433 | 1 048 | 385 | -------------------------------------------------------------------------------- | Financial income | 310 | -80 | 390 | -------------------------------------------------------------------------------- | Financial expenses | -262 | -430 | 168 | -------------------------------------------------------------------------------- | Share of profit in associates | 5 | 4 | 1 | -------------------------------------------------------------------------------- | PROFIT BEFORE TAX | 1 486 | 542 | 944 | -------------------------------------------------------------------------------- | Income taxes | -382 | -159 | -223 | -------------------------------------------------------------------------------- | PROFIT FOR THE PERIOD | 1 104 | 383 | 721 | -------------------------------------------------------------------------------- | Net profit attributable | | 0 | | -------------------------------------------------------------------------------- | To equity holders of the parent | 754 | 368 | 0 | -------------------------------------------------------------------------------- | To minority interest | 350 | 15 | 0 | -------------------------------------------------------------------------------- | EPS undiluted | 0,06 | | | -------------------------------------------------------------------------------- | EPS diluted | 0,06 | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | BALANCE SHEET | 30.6.2008 | 31.12.2007 | 31.12.2007 | -------------------------------------------------------------------------------- | EUR 1,000 | 0 | Carve out | Proforma | -------------------------------------------------------------------------------- | ASSETS | 0 | 0 | 0 | -------------------------------------------------------------------------------- | Non-current assets | 0 | 0 | 0 | -------------------------------------------------------------------------------- | Property, plan, equipment | 49 835 | 48 041 | 48 041 | -------------------------------------------------------------------------------- | Goodwill | 15 030 | 10 725 | 15 489 | -------------------------------------------------------------------------------- | Intangible assets | 2 479 | 2 317 | 2 317 | -------------------------------------------------------------------------------- | Investments in associates | 261 | 210 | 210 | -------------------------------------------------------------------------------- | Other long-term | 47 | 262 | 262 | | investments | | | | -------------------------------------------------------------------------------- | Deferred tax asset | 326 | 337 | 337 | -------------------------------------------------------------------------------- | NON-CURRENT ASSETS | 67 978 | 61 892 | 66 656 | -------------------------------------------------------------------------------- | Current assets | | | | -------------------------------------------------------------------------------- | Trade receivables and | 16 937 | 15 103 | 17 783 | | other receivables | | | | -------------------------------------------------------------------------------- | Cash and bank | 4 622 | 3 085 | 10 156 | -------------------------------------------------------------------------------- | CURRENT ASSETS | 21 559 | 18 188 | 27 939 | -------------------------------------------------------------------------------- | ASSETS TOTAL | 89 537 | 80 080 | 94 595 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | EQUITY AND LIABILITIES | | | | -------------------------------------------------------------------------------- | Share capital | 4 215 | 4 215 | | -------------------------------------------------------------------------------- | Other reserves | 22 439 | 8 592 | | -------------------------------------------------------------------------------- | Retained earnings | 9 436 | 10 309 | | -------------------------------------------------------------------------------- | Minority interest | 808 | 391 | | -------------------------------------------------------------------------------- | SHAREHOLDERS' EQUITY | 36 898 | 23 507 | 36 566 | -------------------------------------------------------------------------------- | Long-term liabilities | | | | -------------------------------------------------------------------------------- | Deferred tax liability | 492 | 760 | 760 | -------------------------------------------------------------------------------- | Non-current interest-free | 2 175 | 1 480 | 1 480 | | liabilities | | | | -------------------------------------------------------------------------------- | Long-term liabilities, | 35 161 | 35 726 | 35 726 | | interest-bearing | | | | -------------------------------------------------------------------------------- | NON-CURRENT LIABILITIES | 37 828 | 37 966 | 37 966 | -------------------------------------------------------------------------------- | Current liabilities | | | | -------------------------------------------------------------------------------- | Trade Payables and Other | 11 664 | 15 754 | 17 210 | | Liabilities | | | | -------------------------------------------------------------------------------- | Short-term | 3 147 | 2 853 | 2 853 | | interest-bearing | | | | | liabilities | | | | -------------------------------------------------------------------------------- | CURRENT LIABILITIES | 14 811 | 18 607 | 20 063 | -------------------------------------------------------------------------------- | TOTAL LIABILITIES | 52 639 | 56 573 | 58 029 | -------------------------------------------------------------------------------- | TOTAL EQUITY AND | 89 537 | 80 080 | 94 595 | | LIABILITIES | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CONSOLIDATED CASH FLOW | 1-6/2008 | 1-6/2007 | 1-12/2007 | | STATEMENT | | | | -------------------------------------------------------------------------------- | CASH FLOW FROM OPERATING | | | | | ACTIVITIES | | | | -------------------------------------------------------------------------------- | Profit for the period | 1295 | 157 | 129 | -------------------------------------------------------------------------------- | Adjustments to reconcile | -302 | 0 | -1604 | | profit | | | | -------------------------------------------------------------------------------- | Depreciation and | 2318 | 354 | 644 | | amortisation | | | | -------------------------------------------------------------------------------- | Unrealised foreign | 595 | 0 | 0 | | exchange wins and losses | | | | -------------------------------------------------------------------------------- | Other adjustments | 675 | 0 | 0 | -------------------------------------------------------------------------------- | Paid and received | -110 | 15 | 76 | | interest | | | | -------------------------------------------------------------------------------- | Taxes paid | -964 | -133 | -230 | -------------------------------------------------------------------------------- | Changes in working | -6719 | -417 | -800 | | capital | | | | -------------------------------------------------------------------------------- | Cash flow from operating | -3212 | -24 | -1785 | | activities | | | | -------------------------------------------------------------------------------- | CASH FLOW FROM INVESTING | | | | | ACTIVITIES | | | | -------------------------------------------------------------------------------- | Acquisition of | 6980 | 0 | 0 | | subsidiaries, net of cash | | | | | acquired | | | | -------------------------------------------------------------------------------- | Disposal of | 118 | 0 | 4930 | | subsidiaries/associated | | | | | companies | | | | -------------------------------------------------------------------------------- | Proceeds from sales of | 683 | 0 | 3204 || fixed assets | | | | -------------------------------------------------------------------------------- | Investments in tangible | -4850 | -65 | -286 | | and intangible assets | | | | -------------------------------------------------------------------------------- | Proceeds from repayments | 2300 | 0 | 0 | | of loans | | | | -------------------------------------------------------------------------------- | Cash flow from investing | 5231 | -65 | 7848 | | activities | | | | -------------------------------------------------------------------------------- | CASH FLOW FROM FINANCING | | | | | ACTIVITIES | | | | -------------------------------------------------------------------------------- | Changes in liabilities | 1124 | -84 | -1672 | -------------------------------------------------------------------------------- | Dividends paid | -1606 | -297 | -297 | -------------------------------------------------------------------------------- | Cash flow from financing | -482 | -381 | -1969 | | activities | | | | -------------------------------------------------------------------------------- | CHANGE IN CASH AND CASH | 1537 | -470 | 4094 | | EQUIVALENTS | | | | -------------------------------------------------------------------------------- | Cash and cash equivalents | 3085 | 2976 | 2976 | | at beginning of period | | | | -------------------------------------------------------------------------------- | Cash and cash equivalents | 4622 | 2506 | 7070 | | at end of period | | | | -------------------------------------------------------------------------------- A= Share capital B= Share premium account C= Reserve fund D= Fair Value reserve E= Unrestricted equity reserve F= Translation differences G= Retained earnings H= Minority interest I= Total -------------------------------------------------------------------------------- | STATEMENT | A | B | C | D | E | F | G | H | I | | OF CHANGES | | | | | | | | | | | IN EQUITY | | | | | | | | | | | 1-6/07 | | | | | | | | | | -------------------------------------------------------------------------------- | Shareholde | 4215 | 86 | 2374 | 27 | 0 | 0 | 2685 | 0 | 9387 | | rs' equity | | | | | | | | | | | at | | | | | | | | | | | beginning | | | | | | | | | | -------------------------------------------------------------------------------- | Recognised | 0 | 0 | 0 | -1 | 0 | 0 | 0 | 0 | -1 | | in share | | | | | | | | | | | holder' | | | | | | | | | | | equity | | | | | | | | | | -------------------------------------------------------------------------------- | Profit for | 0 | 0 | 0 | 0 | 0 | 0 | 121 | 0 | 121 | | the period | | | | | | | | | | -------------------------------------------------------------------------------- | Dividens | 0 | 0 | 0 | 0 | 0 | 0 | -297 | 0 | -297 | -------------------------------------------------------------------------------- | Shareholde | 4215 | 86 | 2374 | 26 | 0 | 0 | 2509 | 0 | 9210 | | rs' equity | | | | | | | | | | | 30.6.2007 | | | | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | STATEMENT | A | B | C | D | E | F | G | H | I | | OF CHANGES | | | | | | | | | | | IN EQUITY | | | | | | | | | | | 1-6/08 | | | | | | | | | | -------------------------------------------------------------------------------- | Shareholde | 4215 | 86 | 2374 | 0 | 6132 | 0 | 10309 | 391 | 23507 | | rs' equity | | | | | | | | | | | at | | | | | | | | | | | beginning | | | | | | | | | | -------------------------------------------------------------------------------- | Recognised | 0 | 0 | 0 | 0 | 13868 | -21 | -232 | 87 | 13702 | | in share | | | | | | | | | | | holder' | | | | | | | | | | | equity | | | | | | | | | | -------------------------------------------------------------------------------- | Profit for | 0 | 0 | 0 | 0 | 0 | 0 | 834 | 461 | 1295 | | the period | | | | | | | | | | -------------------------------------------------------------------------------- | Dividens | 0 | 0 | 0 | 0 | 0 | 0 | -1475 | -131 | -1606 | -------------------------------------------------------------------------------- | Shareholde | 4215 | 86 | 2374 | 0 | 20000 | -21 | 9436 | 808 | 36898 | | rs' equity | | | | | | | | | | | 30.6.2008 | | | | | | | | | | -------------------------------------------------------------------------------- SEGMENT INFORMATION -------------------------------------------------------------------------------- | Net sales by segment | 1-6/2008 | 1-6/2007 | 1-12/2007 | -------------------------------------------------------------------------------- | EUR 1,000 | | Carve out | Carve out | -------------------------------------------------------------------------------- | Cargo | 32976 | 32791 | 65560 | -------------------------------------------------------------------------------- | Heavy | 5338 | 4932 | 9455 | -------------------------------------------------------------------------------- | Care | 4376 | 2854 | 6678 | -------------------------------------------------------------------------------- | Eliminations | | | | -------------------------------------------------------------------------------- | Total | 42690 | 40577 | 81693 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Operating profit by | 1-6/2008 | 1-6/2007 | 1-12/2007 | | segment | | | | -------------------------------------------------------------------------------- | EUR 1,000 | | Carve out | Carve out | -------------------------------------------------------------------------------- | Cargo | 1936 | 922 | 2819 | -------------------------------------------------------------------------------- | Heavy | 669 | 567 | 927 | -------------------------------------------------------------------------------- | Care | 14 | 325 | 781 | -------------------------------------------------------------------------------- | Eliminations | 0 | | | -------------------------------------------------------------------------------- | Total | 2619 | 1814 | 4527 | -------------------------------------------------------------------------------- Related party transactions The related parties comprise the members of the board of directors and executive board of Nurminen Logistics and companies in which these members have control. Related parties are also deemed to include shareholders with direct or indirect control or substantial influence. -------------------------------------------------------------------------------- | Related party transactions | | -------------------------------------------------------------------------------- | EUR 1,000 | 1-6/2008 | -------------------------------------------------------------------------------- | Sales | 416 | -------------------------------------------------------------------------------- | Expenses | 195 | -------------------------------------------------------------------------------- | Financial expenses | 140 | -------------------------------------------------------------------------------- | Trade receivables and other recivables | 66 | -------------------------------------------------------------------------------- | Trade Payables and Other Liabilities | 9 | -------------------------------------------------------------------------------- | Long-term liabilities | 10 170 | -------------------------------------------------------------------------------- KEY FIGURES (comparative figures of 2007 are from Kasola Plc) -------------------------------------------------------------------------------- | KEY FIGURES | 1-6/2008 | 1-6/2007 | 1-12/2007 | -------------------------------------------------------------------------------- | Gross capital | 4 850 | 164 | 286 | | expenditure, 1000 eur | | | | -------------------------------------------------------------------------------- | Personnel | 610 | 91 | 80 | -------------------------------------------------------------------------------- | Contingent liabilities, | | | | | 1000 eur | | | | -------------------------------------------------------------------------------- | Mortgages given | 4 223 | 5 264 | 0 | -------------------------------------------------------------------------------- | Other contingent | 7 038 | 188 | 0 | | liabilities | | | | -------------------------------------------------------------------------------- | Responsibility for future | 2798 | 0 | 0 | | investments in fixed | | | | | assets | | | | -------------------------------------------------------------------------------- | SHARE PRICE DEVELOPMENT | | | | -------------------------------------------------------------------------------- | Share price at beginning | 5,10 | 4,00 | 4,00 | | of period | | | | -------------------------------------------------------------------------------- | Share price at end of | 5,10 | 3,50 | 5,10 | | period | | | | -------------------------------------------------------------------------------- | Highest for the period | 5,70 | 4,20 | 5,75 | -------------------------------------------------------------------------------- | Lowest for the period | 4,66 | 3,48 | 3,43 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | EQUITY/SHARE EUR | 2,92 | 3,68 | 3,67 | -------------------------------------------------------------------------------- | EARNINGS/SHARE (EPS) | 0,07 | 0,05 | 0,01 | -------------------------------------------------------------------------------- | Equity ration % | 41,46 | 67,90 | 91,01 | -------------------------------------------------------------------------------- SECTION II: THE FINANCIAL INFORMATION OF 1 JANUARY - 30 JUNE 2008 COMPARED TO THE REPORTED FIGURES OF KASOLA PLC In the 2007 official annual report of Kasola Plc the profit and loss statement is divided to continued and discontinued operations. In the table below, the profit and loss statement comparison for the full year 2007 includes both continued and discontinued operations. -------------------------------------------------------------------------------- | INCOME STATEMENT | 1-6/2008 | 1-6/2007 | 1-12/2007 | -------------------------------------------------------------------------------- | EUR 1,000 | Total | Total | Total | -------------------------------------------------------------------------------- | NET SALES | 42 690 | 5 362 | 10 298 | -------------------------------------------------------------------------------- | Other operating income | 896 | 108 | 1 794 | -------------------------------------------------------------------------------- | Change in inventories of | 0 | -108 | 0 | | finished goods and work in | | | | | progress | | | | -------------------------------------------------------------------------------- | Production for own use | 0 | 18 | 0 | -------------------------------------------------------------------------------- | Materials and services | -20 018 | -1 841 | -3 956 | -------------------------------------------------------------------------------- | Employee benefits expenses | -10 221 | -1 893 | -4 201 | -------------------------------------------------------------------------------- | Depreciation | -2 318 | -354 | -644 | -------------------------------------------------------------------------------- | Other operating costs | -8 410 | -1 136 | -3 163 | -------------------------------------------------------------------------------- | OPERATING PROFIT | 2 619 | 157 | 128 | -------------------------------------------------------------------------------- | Financial income | 578 | 56 | 115 | -------------------------------------------------------------------------------- | Financial expenses | -1 463 | -49 | -206 | -------------------------------------------------------------------------------- | Share of profit in associates | 8 | 0 | 0 | -------------------------------------------------------------------------------- | PROFIT BEFORE TAX | 1 742 | 164 | 37 | -------------------------------------------------------------------------------- | Income taxes | -448 | -43 | -26 | -------------------------------------------------------------------------------- | PROFIT FOR THE PERIOD | 1 294 | 121 | 11 | -------------------------------------------------------------------------------- | Net profit attributable | 0 | 0 | 0 | -------------------------------------------------------------------------------- | To equity holders of the parent | 837 | 121 | 11 | -------------------------------------------------------------------------------- | To minority interest | 461 | 0 | 0 | -------------------------------------------------------------------------------- | EPS undiluted | 0,07 | 0,05 | 0,01 | -------------------------------------------------------------------------------- | EPS diluted | 0,07 | 0,05 | 0,01 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | INCOME STATEMENT | 4-6/2008 | 4-6/2007 | -------------------------------------------------------------------------------- | EUR 1,000 | Total | Total | -------------------------------------------------------------------------------- | NET SALES | 42 690 | 2 529 | -------------------------------------------------------------------------------- | Other operating income | 492 | 41 | -------------------------------------------------------------------------------- | Change in inventories of finished | 0 | -337 | | goods and work in progress | | | -------------------------------------------------------------------------------- | Production for own use | 0 | 4 | -------------------------------------------------------------------------------- | Materials and services | -10 086 | -878 | -------------------------------------------------------------------------------- | Employee benefits expenses | -5 305 | -878 | -------------------------------------------------------------------------------- | Depreciation | -1 215 | -176 | -------------------------------------------------------------------------------- | Other operating costs | -4 185 | -471 | -------------------------------------------------------------------------------- | OPERATING PROFIT | 1 433 | -165 | -------------------------------------------------------------------------------- | Financial income | 310 | 32 | -------------------------------------------------------------------------------- | Financial expenses | -262 | -28 | -------------------------------------------------------------------------------- | Share of profit in associates | 5 | 0 | -------------------------------------------------------------------------------- | PROFIT BEFORE TAX | 1 486 | -161 | -------------------------------------------------------------------------------- | Income taxes | -382 | 39 | -------------------------------------------------------------------------------- | PROFIT FOR THE PERIOD | 1 104 | -122 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | BALANCE SHEET | 30.6.2008 | 30.6.2007 | 31.12.2007 | -------------------------------------------------------------------------------- | EUR 1,000 | | | | -------------------------------------------------------------------------------- | ASSETS | | | | -------------------------------------------------------------------------------- | Non-current assets | | | | -------------------------------------------------------------------------------- | Property, plan, equipment | 49 835 | 5 959 | 0 | -------------------------------------------------------------------------------- | Goodwill | 15 030 | 0 | 0 | -------------------------------------------------------------------------------- | Intangible assets | 2 479 | 49 | 0 | -------------------------------------------------------------------------------- | Investments in associates | 261 | 0 | 0 | -------------------------------------------------------------------------------- | Other long-term investments | 47 | 43 | 0 | -------------------------------------------------------------------------------- | Deferred tax asset | 326 | 334 | 0 | -------------------------------------------------------------------------------- | NON-CURRENT ASSETS | 67 978 | 6 385 | 0 | -------------------------------------------------------------------------------- | Current assets | 0 | 0 | 0 | -------------------------------------------------------------------------------- | Inventories | 0 | 2 107 | 0 | -------------------------------------------------------------------------------- | Trade receivables and other | 16 937 | 2 010 | 2 931 | | receivables | | | | -------------------------------------------------------------------------------- | Cash and bank | 4 622 | 2 506 | 7 071 | -------------------------------------------------------------------------------- | CURRENT ASSETS | 21 559 | 6 623 | 10 002 | -------------------------------------------------------------------------------- | ASSETS TOTAL | 89 537 | 13 008 | 10 002 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | EQUITY AND LIABILITIES | | | | -------------------------------------------------------------------------------- | Share capital | 4 215 | 4 215 | 4 215 | -------------------------------------------------------------------------------- | Other reserves | 22 439 | 2 486 | 2 460 | -------------------------------------------------------------------------------- | Retained earnings | 9 436 | 2 509 | 2 429 | -------------------------------------------------------------------------------- | Minority interest | 808 | 0 | 0 | -------------------------------------------------------------------------------- | SHAREHOLDERS' EQUITY | 36 898 | 9 210 | 9 104 | -------------------------------------------------------------------------------- | Long-term liabilities | | | | -------------------------------------------------------------------------------- | Deferred tax liability | 492 | 290 | 0 | -------------------------------------------------------------------------------- | Non-current interest-free | 2 175 | 175 | 0 | | liabilities | | | | -------------------------------------------------------------------------------- | Long-term liabilities, | 35 161 | 1 336 | 0 | | interest-bearing | | | | -------------------------------------------------------------------------------- | NON-CURRENT LIABILITIES | 37 828 | 1 801 | 0 | -------------------------------------------------------------------------------- | Current liabilities | | | | -------------------------------------------------------------------------------- | Trade Payables and Other | 11 664 | 1 654 | 898 | | Liabilities | | | | -------------------------------------------------------------------------------- | Short-term interest-bearing | 3 147 | 343 | 0 | | liabilities | | | | -------------------------------------------------------------------------------- | CURRENT LIABILITIES | 14 811 | 1 997 | 898 | -------------------------------------------------------------------------------- | TOTAL LIABILITIES | 52 639 | 3 798 | 898 | -------------------------------------------------------------------------------- | TOTAL EQUITY AND | 89 537 | 13 008 | 10 002 | | LIABILITIES | | | | -------------------------------------------------------------------------------- Calculation of Key Figures Equity ratio (%) = Total equity ______________________________________ x 100 Total assets - advances received Earnings per share (EUR) = Profit for the period attributable to equity holders of the parent company _________________________________________________________ x 100 Number of shares (average during the period) Equity per share (EUR) = Equity ________________________________________ x 100 Number of shares at the end of the period |
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