2012-11-02 08:00:03 CET
2012-11-02 08:00:12 CET
REGULATED INFORMATION
Nurminen Logistics Oyj - Interim report (Q1 and Q3)
NURMINEN LOGISTICS PLC’S INTERIM REPORT 1 JANUARY - 30 SEPTEMBER 2012
Operating EBIT continued to grow
Nurminen Logistics Plc Interim report 2 November
2012 at 9:00 a.m.
Nurminen Logistics has reorganized its operations as of 4 October 2011. As a
part of these reorganization measures the operations were divided into four
accountable business units: Railway Logistics, Special Transports and Projects,
Transit Logistics and Forwarding and Value Added Services. In the 2011 Group
financial reporting there was one operating unit reported. As from 1 January
2012 Nurminen Logistics Plc reports four separate business units.
Nurminen Logistics' key figures 1 January - 30 September 2012
-- Net sales were EUR 60.0 million (2011: EUR 57.2 million).
-- Reported operating result was EUR 4.7 million (EUR 0.9 million)
-- Operating margin was 7.9% (1.6%).
-- Operating result excluding non-recurring items was EUR 4.7 million (EUR 0.6
million).
-- EBT was EUR 3.9 million (EUR -0.8 million)
-- Net result was EUR 2.8 million (EUR -1.3 million).
-- Earnings per share, undiluted: 0.08 Euros (-0.15 Euros).
-- Earnings per share, diluted: 0.08 Euros (-0.15 Euros).
Third quarter 1 July - 30 September 2012
-- Net sales were EUR 20.5 million (2011: EUR 20.9 million).
-- Reported operating result was EUR 2.0 million (EUR 1.4 million)
-- Operating margin was 9.9% (6.6%).
-- Operating result excluding non-recurring items was EUR 2.0 million (EUR 1.3
million).
-- EBT was EUR 1.9 million (EUR 0.3 million)
-- Net result was EUR 1.5 million (EUR 0.1 million).
-- Earnings per share, undiluted: 0.07 Euros (-0.01 Euros).
-- Earnings per share, diluted: 0.07 Euros (-0.01 Euros).
Topi Saarenhovi, President and CEO:
“The profitability of Nurminen Logistics developed nicely in the third quarter
of the year. Even though we saw a slight decrease in net sales compared to the
corresponding period in the previous year, we managed to improve our
profitability and achieve a good operating profit for the company.
Market situations varied between different business operations during the
review period. Demand remained strong on the internal markets of Russia and the
CIS area, which are particularly important to railway and transit logistics.
The market situation in Finland, however, was more challenging and varied
between different business operations and areas. Vuosaari, in particular,
continued to face a challenging market situation.
I am particularly pleased that we have managed to improve the profitability of
all of our business units. We have achieved this mostly through our own
actions, not as a result of market growth. Particularly in railway logistics
and our Baltic units, we have successfully taken measures to strengthen our
position on the key markets consisting of Russia and other CIS countries. The
result of the Vuosaari logistics center remains at an unsatisfactory level, but
it has improved from last year as a result of measures taken since late 2011.
This continues to rank among our company's most crucial development areas, and
we will stay focused in order to improve the centre's profitability.”
MARKET SITUATION
Russia and the CIS countries, important markets for Nurminen Logistics,
remained active throughout the review period, although the increased
uncertainty of the world economy led to decreased demand with certain customers
at the end of the review period. In Finland, markets remained at a reasonable
level, although the demand and market situation varied between different
business operations.
The volumes of export by rail to the CIS countries developed favorably at the
beginning of the review period, evening out over the summer after the initial
spike. In the second and third quarters of the year, railway traffic across the
border was on average slightly quieter than expected. On Russia's domestic
railway market, demand remained at a good level throughout the review period.
The company has managed to increase its share in Russia's domestic railway
transport as expected.
In special transport, demand varied greatly among customers. Price levels also
fluctuated intensely on the market. The market situation remained similar to
the preceding quarter, but in the mechanical engineering industry in
particular, competition for large project deliveries remained tight.
Particularly in the Baltic countries, the volumes of transit transport remained
at a good level throughout the review period. Volumes at the Kotka and Hamina
terminals as well as capacity utilization rates developed positively during the
review period. Market demand for transit transport to Russia through Finland
varied, and the price competition was tight.
The forwarding and value-added services market in Southern Finland and at
Vuosaari Harbor remained challenging and kept the volume trends fluctuating and
the price level unsatisfactory. Among the main customer groups, demand from the
forest industry increased in comparison with the first half of 2012.
NET SALES AND FINANCIAL PERFORMANCE 1 JANUARY - 30 SEPTEMBER 2012
The net sales for the review period amounted to EUR 60.0 million (2011: 57.2
million). Compared to 2011 the increase of net sales was 4.9%. Reported
operating result was EUR 4,737 (938) thousand. The increase was 405.3%.
Operating result includes non-recurring items of EUR 69 (363) thousand.
Therefore, comparative operating result was EUR 4,669 (575) thousand and
increased 712.3% compared to 2011. The allocation of expenses of the short and
long-term incentive bonus plans, decided upon according to the result
development, has been taken into account in the administrative expenses of the
company. These allocations were not made in the comparative period of year
2011.
The non-recurring item in the first quarter of the year was a result of a
partial payment of a receivable written down in the financial statements 2010.
The appreciation of the Russian rouble during the review period increased the
company's financial result by EUR 0.4 million. This exchange rate profit had no
cash flow impact.
Railway Logistics
The Railway Logistics business unit net sales for the review period amounted to
EUR 33,359 (2011: 32,973) thousand and operating result was EUR 4,820 (2011:
3,840) thousand. Operating result includes non-recurring items of EUR 69 (363)
thousand. Therefore, comparative operating result was EUR 4,751 (3,477)
thousand. The growth of net sales and operating result was mainly due to an
improved client base, especially in Russia, and more effective operation of
wagons. The number of domestic railway transports in key customer segments in
Russia remained at a good level. The number of forwarding assignments in
domestic transports in Russia has also grown as planned. According to its plan,
the company has developed its organization in Russia by improving the sales of
railway logistics, among other things. These measures, together with the
company's comprehensive railway stock and high-quality services, facilitated
the sales growth and customer interest in the company's services in Russia and
other CIS countries. However, throughout the review period, railway transport
between Finland and Russia has been slightly quieter than expected.
Special Transports and Projects
The Special Transports and Projects business unit net sales for the review
period amounted to EUR 6,847 (5,906) thousand and operating result was EUR 364
(-166) thousand. Mainly due to the competition situation and a surge in fuel
prices, the margins of received orders remained at an unsatisfactory level on
average. The operating result improved from the comparative period as a result
of the development of sales and operational efficiency, among other things.
Transit Logistics
The Transit Logistics business unit net sales for the review period amounted to
EUR 10,811 (8,365) thousand and operating result was EUR 2,214 (-114) thousand.
The result of the Transit Logistics unit during the review period was very
good, especially due to the container volumes transported via the Baltic
countries to the CIS countries and Central Asia, as well as the increased
export of containers in the Klaipeda unit. The profitability of the company's
operations in Finland improved as a result of enhanced volumes and higher
utilization rates of terminals.
Forwarding and Value Added Services
The net sales of the Forwarding and Value Added Services business unit for the
review period amounted to EUR 8,976 (9,968) thousand and the operating result
was EUR -2,661 (-2,622) thousand. The year-to-date net sales and operating
result of the unit fell below comparative period's figures due to non-recurring
project incomes received during the comparative period. The operating loss of
the Vuosaari logistics center amounted to EUR 1.9 (2.3) million in the review
period of January to September. The volumes of the Vuosaari terminal increased
by approximately 14%, mainly in the customer groups of forest industry and
mechanical engineering industry, whereas forwarding volumes remained nearly
unchanged. The profitability development program launched at the end of 2011 at
the Vuosaari logistics center will be continued with determination.
NET SALES BY UNITS 1-9/2012 1-9/2011 1-12/2011
------------------------------------------------------------------
EUR 1,000
------------------------------------------------------------------
Railway Logistics 33,359 32,973 43,777
------------------------------------------------------------------
Special Transports and Projects 6,847 5,906 7,572
------------------------------------------------------------------
Transit Logistics 10,811 8,365 12,250
------------------------------------------------------------------
Forwarding and Value Added Services 8,976 9,968 13,030
------------------------------------------------------------------
Total 59,992 57,212 76,630
------------------------------------------------------------------
OPERATING RESULT BY UNITS 1-9/2012 1-9/2011 1-12/2011
------------------------------------------------------------------
EUR 1,000
------------------------------------------------------------------
Railway Logistics 4,820 3,840 5,608
------------------------------------------------------------------
Special Transports and Projects 364 -166 -461
------------------------------------------------------------------
Transit Logistics 2,214 -114 423
------------------------------------------------------------------
Forwarding and Value Added Services -2,661 -2,622 -3,623
------------------------------------------------------------------
Total 4,737 938 1,947
------------------------------------------------------------------
NET SALES AND FINANCIAL PERFORMANCE OF THIRD QUARTER
The 2012 third quarter net sales amounted to EUR 20.5 million (2011: 20.9
million). Compared to 2011 the decrease of net sales was 2.0%. Reported
operating result was EUR 2,035 (1,377) thousand. The increase was 47.7 %.
Operating result includes non-recurring items of EUR 0 (115) thousand.
Therefore, comparative operating result was EUR 2,035 (1,262) thousand and
increased 61.2% compared to 2011.
The depreciation of the Russian rouble during the review period increased the
company's financial result by EUR 0.3 million. This exchange rate profit had no
cash flow impact.
In the third quarter of 2012, net sales increased by approximately EUR 0.1
million in comparison with the second quarter of 2012. The operating result
improved by EUR 0.5 million and the operating result, excluding non-recurring
items, improved by EUR 0.5 million compared to the second quarter of 2012.
The net sales and operating result of the Railway Logistics unit decreased
slightly in the third quarter compared to the second quarter and the
corresponding period in the previous year. This was due to a slight decrease in
transport volumes between Finland and Russia and the occasional congestion of
Russian railways. Demand for railway transports in Russia and the CIS area
remained good.
The net sales of the Special Transports and Projects unit declined slightly in
the third quarter of the year compared to the second quarter, mainly due to the
customers' holiday season. The operating result, on the other hand, was
improved as a result of more efficient equipment use, among other things.
The net sales and operating result of the Transit Logistics unit remained
strong, mainly due to the container volumes transported via Baltic countries.
The volumes and profitability of the Kotka and Hamina terminals improved due to
new customers.
In the Forwarding and Value Added Services unit, the net sales and operating
result were slightly below the previous year's figures in the third quarter due
to a large forwarding project that took place in the 2011 review period. The
volumes of the Vuosaari terminal increased due to deliveries in the forest and
mechanical engineering industries, whereas volumes for forwarding (Helsinki,
Rauma, Turku, Vaalimaa) remained almost unchanged.
NET SALES BY UNITS 7-9/2012 7-9/2011 Change
---------------------------------------------------------------
EUR 1,000
---------------------------------------------------------------
Railway Logistics 11,148 12,072 -924
---------------------------------------------------------------
Special Transports and Projects 2,211 2,105 106
---------------------------------------------------------------
Transit Logistics 4,035 3,199 836
---------------------------------------------------------------
Forwarding and Value Added Services 3,060 3,496 -437
---------------------------------------------------------------
Total 20,455 20,873 -418
---------------------------------------------------------------
OPERATING RESULT BY UNITS 7-9/2012 7-9/2011 Change
---------------------------------------------------------------
EUR 1,000
---------------------------------------------------------------
Railway Logistics 1,812 1,947 -135
---------------------------------------------------------------
Special Transports and Projects 161 26 135
---------------------------------------------------------------
Transit Logistics 1,003 137 866
---------------------------------------------------------------
Forwarding and Value Added Services -941 -733 -208
---------------------------------------------------------------
Total 2,035 1,377 658
---------------------------------------------------------------
OUTLOOK
The company updated its year 2012 outlook on 25 September 2012:
Nurminen Logistics Plc has decided to update its outlook for the year to be
more positive. The year 2012 has exceeded expectations, particularly with
regard to the company's result. The company's performance has improved across
all business areas.
Profitability has improved particularly in railway logistics due to the
positive development in Russian operations, greater efficiency in the operation
of wagons and strong development in the customer base. The company's transit
logistics in the Baltic countries has also developed better than expected.
Nurminen Logistics is updating its outlook for 2012.
Outlook published on 12 April 2012:
The net sales of the company are expected to increase in 2012 compared to 2011.
The company's operating result is expected to be clearly better than in 2011.
New outlook published on 25 September 2012:
The net sales of the company are expected to increase in 2012 compared to 2011.
The company's operating result is expected to be significantly better than in
2011, with the estimated figure being EUR 5-6 million.
SHORT-TERM RISKS AND UNCERTAINTIES
Increased uncertainty in the world economy might result in lower industrial
production volumes and as a consequence to cancellation of company's orders.
Especially unfavorable development of Russian and other CIS markets would have
a negative effect on company's net sales and result development.
Over-capacity of Finnish ports maintains tough price competition. The company
operates in Vuosaari, Kotka and Hamina harbors and therefore the volume
development variation of those harbors is relevant to the company.
The railway tariff changes of different countries might affect the price
competitiveness of rail transports and/or the company significantly. In
addition, price competition situation might burden the company's profitability
also in the future. Weaker than expected volume growth of foreign trade would
burden the development of the company's net sales and profitability. The
company has notable customer agreements whose continuity may be significant
especially to the profitability of the business operations of the Baltic
countries.
The company has received (a total of 32) subsequent levy decisions from the
National Board of Customs' Eastern District Office in Lappeenranta, which state
that the company and VG Cargo Plc, which has filed for bankruptcy, are liable
to pay EUR 0.9 million of import taxes from the year 2009. The company does not
consider itself liable for the aforementioned import taxes and has not made
cost accruals. If there is a case for subsequent levy, the company is of the
opinion that it should primarily be directed at the bankrupt's estate of VG
Cargo Plc and be paid from the valid customs guarantee. The company has filed
an appeal with the Helsinki District Court against the subsequent levy
decisions made by the National Board of Customs.
FINANCIAL POSITION AND BALANCE SHEET
Company's cash flow from operations was EUR 4,323 thousand. Cash flow from
investments was EUR -181 thousand. Cash flow from financing activities amounted
to EUR -2,868 thousand.
At the end of the review period, cash and cash equivalents amounted to EUR
3,804 thousand. Liquidity remained satisfactory in the review period.
Group's interest bearing debt was EUR 26.7 million and correspondingly the net
interest bearing debt was EUR 22.9 million.
Balance sheet totaled EUR 70.3 million and equity ratio was 44.2%.
CAPITAL EXPENDITURE
The Group's gross capital expenditure for review period amounted to EUR 585
(554) thousand, accounting for 1.0% of net sales. Depreciation totaled EUR 3.0
(3.2) million, or 5.0% of net sales.
GROUP STRUCTURE
The Group comprises the parent company, Nurminen Logistics Plc, as well as the
following subsidiaries and associated companies, owned directly or indirectly
by the parent (ownership, %): RW Logistics Oy (100 %), JN Ferrovia Oy (100 %),
OOO John Nurminen, St. Petersburg (100 %), OOO John Nurminen, Moscow (100 %),
Nurminen Maritime Latvia SIA (51 %), Pelkolan Terminaali Oy (20 %), ZAO Irtrans
(100 %), OOO Huolintakeskus (100 %), OOO John Nurminen Terminal (100 %), ZAO
Terminal Rubesh (100 %), Nurminen Logistics LLC (100 %), UAB Nurminen Maritime
(51 %), Nurminen Maritime Eesti AS (51 %), Team Lines Latvia SIA (23 %) and
Team Lines Estonia Oü (20,3 %).
PERSONNEL
At the end of the review period the Group staff was 344 (343 on 31 December
2011). The number of personnel working abroad was 69. Management and
administrative staff numbered to 26.
SHARE-BASED INCENTIVE PLAN FOR THE GROUP PERSONNEL
The Board of Directors of Nurminen Logistics Plc approved in 7 March 2011 a
share-based incentive plan for the Group key personnel. The information was
published in stock exchange release on the same day.
SHARES AND SHAREHOLDERS
The trading volume of Nurminen Logistics Plc's shares was 144,232 in 1 January
- 30 September 2012. This represented 1.12% of the total number of shares. The
value of the turnover was EUR 281,710. The lowest price for the period was EUR
1.78 per share and the highest EUR 1.98 per share. The closing price for the
period was EUR 1.97 per share and the market value of the entire share capital
EUR 25,422,314.
At the end of the review period Nurminen Logistics Plc had 522 shareholders.
The company owns 705 of its own shares, which represent 0.005% of the votes in
the company.
DECISIONS OF THE GENERAL ANNUAL MEETING
The decisions of the Nurminen Logistics Plc's Annual General Meeting of
Shareholders were published in stock exchange release on 23 April 2012.
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
Authorising the Board of Directors to decide on the repurchase of the company's
own shares
Annual General Meeting authorised the Board to decide on the repurchasing a
maximum of 50,000 of the company's shares. The authorisation will be used for
the paying of remuneration of the Board members. The own shares may be
repurchased pursuant to the authorisation only by using unrestricted equity.
The price payable for the shares shall be based on the price of the company's
shares in public trading. The own shares may be repurchased in deviation from
the proportional shareholdings of the shareholders (directed repurchase). The
authorisation includes the right whereby the Board is authorised to decide on
all other matters related to the acquisition of own shares.
The authorisation remains in force until 30 April 2013.
Authorising the Board of Directors to decide on the issuance of shares as well
as the issuance of options and other special rights entitling to shares
Annual General Meeting authorised the Board to decide on issuance of shares
and/or special rights entitling to shares pursuant to chapter 10 section 1 of
the Finnish Companies Act.
Based on the aforesaid authorisation the Board is entitled to release or
assign, either by one or several resolutions, shares and/or special rights up
to a maximum equivalent of 20,000,000 new shares so that aforesaid shares
and/or special rights can be used, e.g., for the financing of company and
business acquisitions corporate and business trading or for other business
arrangements and investments, for the expansion of owner structure, paying of
remuneration of the Board members and/or for the creating incentives for, or
encouraging commitment in, personnel.
The authorisation gives the Board the right to decide on share issue with or
without payment. The authorisation for deciding on a share issue without
payment also includes the right to decide on the issue for the company itself,
so that the number of shares granted to the company is no more than one tenth
of all shares of the company.
The authorisation includes the right whereby the Board is entitled to decide of
all other issues of shares and special rights. Furthermore, the Board is
entitled to decide on share issues, option rights and other special rights in
every way similarly as the Annual General Meeting could decide on these. The
authorisation also includes right to decide on directed issues of shares and/or
special rights.
The authorisation remains in force until 30 April 2013.
EVENTS AFTER THE REVIEW PERIOD
Extraordinary General Meeting 5 October 2012
Nurminen Logistics Plc's Extraordinary General Meeting of Shareholders held on
5 October 2012 made the following decision:
Return on equity
In accordance with the proposal of the Board of Directors, the Extraordinary
General Meeting resolved that EUR 0.07 per share shall be distributed from the
other reserves of the unrestricted equity as repayment of equity on the basis
of the balance sheet adopted in respect of the financial year ending on 31
December 2011. The repayment of equity is paid to shareholders registered in
the company's shareholders' register held by Euroclear Finland Ltd on the
record date 10 October 2012. The payment date is 25 October 2012.
The decisions were published in stock exchange release on 5 October 2012.
Nurminen Logistics to align its legal corporate structure with the structure of
its business operations
Nurminen Logistics Plc is planning to turn its operations in Finland into
independent companies and to restructure its Baltic operations. The information
was published in stock exchange release on 12 October 2012. In this
transformation, Nurminen Logistics Plc's Forwarding and Value Added Services,
Railway Logistics and Transit Logistics business units will be turned into an
independent company and the Special Transports and Projects business unit will
be turned into another independent company. These two new Finnish companies
will start operating under the new structure on 1 January 2013. The companies
responsible for the Estonian and Lithuanian operations will be transferred
directly under the parent company during 2012. The Russian operations will
continue as a separate company. After these changes, Nurminen Logistics Plc
will be the direct parent company of all companies.
This restructuring is purely administrative in nature; with it, the company
streamlines its legal structure and cost allocation to current business
operations. All business operations of the Finnish business units mentioned
above will be transferred to the new companies. Personnel will transfer to the
new companies with unchanged terms of employment.
Turning these business operations into independent companies has no effect on
Nurminen Logistics Plc's financial reporting. The reported segments will still
be Forwarding and Value Added Services, Special Transports and Projects,
Railway Logistics and Transit Logistics.
The Group management and supporting functions will remain in Nurminen Logistics
Plc and provide the Group companies with financial and administrative services.
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 Topi Saarenhovi, President and CEO
(tel. +358 10 545 2431)
DISTRIBUTION
NASDAQ OMX Helsinki
Major media
www.nurminenlogistics.com
Nurminen Logistics provides high-quality logistics services, such as railway
transports, terminal services, forwarding, special and heavy transport and
value added services. 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 Eastern European countries. The
company's share is listed on NASDAQ OMX Helsinki.
TABLES
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME 1-9/2012 1-9/2011 1-12/2011
--------------------------------------------------
EUR 1,000
NET SALES 59 992 57 212 76 630
Other operating income 504 422 1 037
Materials and services -26 076 -28 431 -37 431
Employee benefit expenses -11 883 -10 905 -14 994
Depreciation, amortisation and impairment losses -3 028 -3 175 -4 185
Other operating expenses -14 771 -14 186 -19 110
OPERATING RESULT 4 737 938 1 947
Financial income 453 180 146
Financial expenses -1 416 -2 091 -2 931
Share of profit in equity-accounted investees 128 209 91
RESULT BEFORE TAX 3 902 -765 -746
Income taxes -1 066 -518 -784
PROFIT / LOSS FOR THE PERIOD 2 836 -1 283 -1 530
Other comprehensive income:
Translation differences 1 025 -897 -887
Other comprehensive income for the period after 1 025 -897 -887
tax
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD 3 861 -2 180 -2 417
Result attributable to
Equity holders of the parent company 1 022 -1 953 -2 458
Non-controlling interest 1 814 670 928
Total comprehensive income attributable to
Equity holders of the parent company 2 047 -2 850 -3 345
Non-controlling interest 1 814 670 928
EPS undiluted 0,08 -0,15 -0,19
EPS diluted 0,08 -0,15 -0,19
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME 7-9/2012 7-9/2011 Change
----------------------------------------------------
EUR 1,000
NET SALES 20 455 20 873 -418
Other operating income 142 133 9
Materials and services -8 716 -10 164 1 448
Employee benefit expenses -4 020 -3 664 -356
Depreciation, amortisation and impairment losses -1 006 -1 043 37
Other operating expenses -4 819 -4 756 -63
OPERATING RESULT 2 035 1 377 657
Financial income 258 42 216
Financial expenses -450 -1 163 713
Share of profit in equity-accounted investees 61 60 1
RESULT BEFORE TAX 1 904 316 1 587
Income taxes -386 -203 -183
PROFIT / LOSS FOR THE PERIOD 1 517 113 1 404
Other comprehensive income:
Translation differences 816 -1 056 1 872
Other comprehensive income for the period after tax 816 -1 056 1 872
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD 2 333 -943 3 276
Result attributable to
Equity holders of the parent company 930 -83 1 013
Non-controlling interest 587 196 391
Total comprehensive income attributable to
Equity holders of the parent company 1 746 -1 139 2 885
Non-controlling interest 587 196 391
EPS undiluted 0,07 -0,01 0,08
EPS diluted 0,07 -0,01 0,08
CONSOLIDATED BALANCE SHEET 30.9.2012 30.9.2011 31.12.2011
------------------------------------------
EUR 1,000
ASSETS
Non-current assets
Property, plant and equipment 39 324 40 426 40 785
Goodwill 9 516 9 516 9 516
Other intangible assets 810 662 719
Investments in equity-accounted investees 333 280 309
Receivables 35 714 35
Deferred tax assets 1 042 910 954
NON-CURRENT ASSETS 51 060 52 508 52 318
Current assets
Trade and other receivables 15 449 15 696 14 546
Cash and cash equivalents 3 804 1 863 2 490
CURRENT ASSETS 19 253 17 559 17 036
ASSETS TOTAL 70 313 70 066 69 354
EQUITY AND LIABILITIES
Share capital 4 215 4 215 4 215
Other reserves 18 323 17 395 17 896
Retained earnings 6 623 4 905 4 673
Non-controlling interest 1 920 807 1 064
EQUITY, TOTAL 31 080 27 320 27 848
Non-current liabilities
Deferred tax liability 402 472 398
Non-interest-bearing finance liabilities 639 681 635
Interest-bearing finance liabilities 17 624 18 806 19 044
NON-CURRENT LIABILITIES 18 665 19 960 20 077
Current liabilities
Interest-bearing finance liabilities 9 107 10 202 9 997
Trade payables and other liabilities 11 461 12 584 11 432
CURRENT LIABILITIES 20 568 22 786 21 429
TOTAL LIABILITIES 39 233 42 746 41 506
TOTAL EQUITY AND LIABILITIES 70 313 70 066 69 354
CONDENSED CONSOLIDATED CASH FLOW STATEMENT 1-9/20 1-9/20 1-12/2
12 11 011
---------------------------------------------------------
CASH FLOW FROM OPERATING ACTIVITIES
Profit/Loss for the period 2 836 -1 283 -1 530
Gains and losses on disposals of property, plant and -366 -39 -32
equipment and other non-current assets
Depreciation, amortisation and impairment losses 3 028 3 175 4 185
Unrealised foreign exchange gains and losses -361 601 234
Other adjustments 2 053 1 428 2 731
Paid and received interest -980 -1 090 -1 505
Taxes paid -813 -611 -995
Changes in working capital -1 073 1 545 1 781
Cash flow from operating activities 4 324 3 726 4 868
CASH FLOW FROM INVESTING ACTIVITIES
Proceeds from sale of property, plant and equipment and 404 124 54
intangible assets
Investments in property, plant and equipment and -585 -554 -905
intangible assets
Proceeds from sale of interests in associates 0 0 404
Cash flow from investing activities -181 -429 -448
CASH FLOW FROM FINANCING ACTIVITIES
Acquisition of own shares -70 0 -47
Changes in liabilities -1 840 -3 092 -3 569
Dividends paid -958 -857 -857
Cash flow from financing activities -2 868 -3 949 -4 473
CHANGE IN CASH AND CASH EQUIVALENTS 1 314 -700 -73
Cash and cash equivalents at beginning of period 2 490 2 563 2 563
Cash and cash equivalents at end of period 3 804 1 863 2 490
A= Share capital
B= Share premium reserve
C= Legal reserve
D= Reserve for invested unrestricted equity
E= Translation differences
F= Retained earnings
G= Non-controlling interest
H= Total
STATEMENT OF CHANGES IN EQUITY A B C D E F G H
1-9/2011 EUR 1,000
-------------------------------
Equity 1.1.2011 4215 86 2378 19178 -3352 7373 993 30872
Result for the period 0 0 0 0 0 -1953 670 -1283
Total comprehensive income for 0 0 0 0 -897 0 0 -897
the period / translation
differences
Other changes 0 0 0 0 0 -515 0 -515
Dividends 0 0 0 0 0 0 -857 -857
Equity 30.9.2011 4215 86 2378 19178 -4248 4905 807 27320
STATEMENT OF CHANGES IN EQUITY A B C D E F G H
1-9/2012 EUR 1,000
--------------------------------
Equity 1.1.2012 4215 86 2378 19131 -3699 4673 1064 27848
Result for the period 0 0 0 0 0 1022 1814 2836
Total comprehensive income for 0 0 0 0 496 529 0 1025
the period / translation
differences
Other changes 0 0 0 -70 0 399 0 329
Dividends 0 0 0 0 0 0 -958 -958
Equity 30.9.2012 4215 86 2378 19061 -3203 6623 1920 31080
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 1-9/2012
---------------------------
EUR 1,000
Sales 5
Purchases 12Interest expenses 52
Current receivables 1
Current liabilities 1 921
KEY FIGURES
KEY FIGURES 1-9/2012 1-9/2011 1-12/2011
-------------------------------------
Gross capital expenditure, EUR 1,000 585 554 905
Personnel 344 343 343
Operating margin % 7,9 % 1,6 % 2,5 %
Share price development
Share price at beginning of period 1,78 2,89 2,89
Share price at end of period 1,97 1,84 1,78
Highest for the period 1,98 3,00 3,00
Lowest for the period 1,78 1,66 1,51
Eguity/share EUR 2,41 2,12 2,07
Earnings/share (EPS) EUR, undiluted 0,08 -0,15 -0,19
Earnings/share (EPS) EUR, diluted 0,08 -0,15 -0,19
Equity ratio % 44,20 38,99 40,15
OTHER LIABILITIES AND COMMITMENTS
Contingencies and commitments, EUR 1,000 30.9.2012 30.9.2011 31.12.2011
-----------------------------------------
Mortgages given 4 000 3 000 4 000
Other contingent liabilities 11 458 10 780 11 458
Rent liabilities 78 179 79 500 83 766
Accounting policies
The interim financial information has been prepared in accordance with IAS 34
'Interim Financial Reporting'. The IFRS recognition and measurement principles
as described in the annual financial statements for 2011 have also been applied
in the preparation of the interim financial information, with the exception of
Amendments to IFRS 7 Financial Instruments: Disclosures which the Group has
applied as of 1 January 2012.
The amendments in question have not had impact on reported figures.
All figures have been rounded and consequently the sum of individual figures
can deviate from the presented sum figure. Key figures have been calculated
using exact figures. This interim report is unaudited.
Calculation of Key Figures
Equity ratio (%) =
Equity
______________________________________ x 100
Balance sheet total - advances received
Earnings per share (EUR) =
Result attributable to equity holders of the parent company
_________________________________________________________
Weighted average number of ordinary shares outstanding
Equity per share (EUR) =
Equity attributable to equity holders of the parent company
________________________________________
Number of shares at the end of the financial year, adjusted for the share
issue
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