2020-08-07 12:00:00 CEST
2020-08-07 12:00:13 CEST
REGULATED INFORMATION
Nurminen Logistics Oyj - Half Year financial report
NURMINEN LOGISTICS PLC HALF YEAR FINANCIAL REPORT 1 JANUARY–30 JUNE 2020
Nurminen Logistics Plc Half
Year Financial Report 7 August 2020 at 1:00 p.m.
Our China cargo train an engine of growth in the first half of the year: Net
sales increased, and operating loss decreased. Cash flow from operating
activities was positive.
Nurminen Logistics KEY 1.1.-30.6.2020 1.1.-30.6.2019
FIGURES 1 JANUARY – 30 JUNE
2020
MEUR
Net sales 36.5 34.5
Operating result -0.5 -1.7
Operating result-% -1.4% -5.0%
Net result -1.6 -3.2
Earnings per share (€) -0.05 -0.11
Cash flow from operating 3.4 0.1
activities
INTERIM PRESIDENT AND CEO, OLLI POHJANVIRTA:
Net sales increased and operating loss decreased in the first half of the year.
China cargo train sales growth had an evident impact on the operating result for
the first half of the year. April–June’s operating result was EUR 0.1 million
positive. Positive performance will continue and, in the second half of the
year, we expect to see a significant improvement compared to first half of 2020.
Fixed costs are estimated to decrease by EUR 0.4–0.5 million in the second half
of 2020 in comparison to first half. On the annual level fixed costs are
estimated to decrease further by EUR 1 million compared to 2020.
The first half of the year was twofold, the January–March period was difficult
performance-wise. The forest industry strike, a shipping container shortage, and
disturbances in inland traffic in China due to the COVID-19 outbreak had a
negative effect on business. Our China cargo train operations were stalled for
over a month due to the exceptional COVID-19 situation as restrictions imposed
by the authorities disrupted China inland traffic and the distribution of goods.
At no point were any restrictions set on the movement of trains, which
demonstrates the operational reliability of the cargo train product.
I am delighted with the determination and competence of our personnel in
developing and improving our business, despite the difficult circumstances
during the first half of the year. The development has been noticeable in
improved customer service which has influenced both net sales growth and the
operating result turning positive in April–June. The ratio of fixed costs to net
sales is still too high. To ensure continued improvement in profitability, net
sales growth especially in China cargo train transport and operational
efficiency improvements regarding all Finnish operations will remain our focus.
The China cargo train product highlights our unique operational capability,
including Forwarding services and the Vuosaari cargo handling services, vast
customer base representing different industries and trade, as well as a growing
international clientele who benefit from our train service in shipments to
Central Europe. These factors combined enable profitable growth in the future.
Our China cargo train played a significant role in securing the availability of
medical supplies for Finnish health care.
In June, we signed a contract with the Port of Narvik, with the aim of becoming
a key player in fresh fish export to China. Deliveries will begin during 2020.
We are introducing temperature-controlled reefer containers in our China cargo
train transport, which opens up a notable new market and competitive advantage
for us also in the export of fresh meat and beverages.
We strengthened our organisation in the international railway business to ensure
continued good progress with China cargo train business. This enables the
company to stay in pole position in logistics throughout the EU when it comes to
accessibility of the China market. Our highly efficient cargo train product is
the single greatest logistics innovation on the Finnish market in the 21st
century. The growth prospects for the business are good.
A new operative management structure was introduced in June and it will
emphasise profit responsibility and improve service development in the future.
Both cargo handling and forwarding volumes remained more stable than expected
during the quickly evolving market situation. This stable development was
attributed to our vast clientele across various industries and the regional
coverage of our offices.
Cargo terminal services operated at a loss in the first half of the year and we
will accelerate efficiency measures, which will lower fixed costs and improve
service. Terminal handling was still strained by high rent level in offices
where space is leased. Cargo terminal handling services are expected to be more
profitable in 2021. Higher performance standards will be set especially for the
unique chemical terminals in Kotka and the Heavy terminal in Vuosaari.
Forwarding services continued to operate at a profit. Earlier investments in IT
systems support upright development also in the future, considering the
dependency on Finnish import and export volumes. Baltic operations remained
stable.
All in all, the company’s profitability is still unsatisfactory and further
measures are needed to improve profitability and balance sheet structure.
MARKET SITUATION IN THE REVIEW PERIOD
Finland’s economic growth slowed down in the first half of 2020 as a result of
the COVID-19 pandemic. Trade between Finland and China remained at a good level.
This was manifested in Nurminen Logistics’ operations positively. China cargo
train transport volumes grew rapidly due to the reliability and strong
operational capability of the services as well as uncertainty related to other
transport modes.
NET SALES AND FINANCIAL PERFORMANCE 1 JANUARY – 30 JUNE
EUR 1000 1–6/2020 1–6/2019
Net sales 36,480 34,470
EBIT -508 -1,709
Net sales for the first half of 2020 increased to EUR 36.5 (34.5) million,
growing 5.8 percent from 2019. EBIT improved to EUR -0.5 million (-1.7).
Positive development is primarily due to growth in China cargo train services.
Operating result grew also in forwarding services in the beginning of the year.
Fixed administrative costs declined substantially from 2019.
BUSINESS REVIEW 1 JANUARY – 30 JUNE
The result for the first half of 2020 improved substantially from 2019, where
ramping up costs of China cargo train burdened the company’s operating result
heavily. The COVID-19 pandemic influenced global logistics during the first half
of the year. The reduction in industrial production was evident in declining
transport volumes. Sea freight connections were limited and traffic between
continents decreased.
A challenging operating environment was reflected in China cargo train services
especially in February–March when shipments were delayed due to movement
restrictions. The strong recovery in China in the second quarter together with
reduced sea and air freight capacity and price increases supported sales growth
for China cargo train business. The clientele expanded. Growth in net sales was
manifested in the result. In January–June 2020, net sales of the China cargo
train business increased by 44 percent from 2019 to EUR 4.1 million (2.9). The
China cargo train business’s share of total net sales is 11 percent (8).
Net sales of the Forwarding business grew, and the operating result improved in
the first half of 2020. Positive development was seen especially in the first
quarter when volumes were high in the forest industry and in steel imports. The
COVID-19 effects were evident in consignment volumes mainly in May. In
January–June, net sales totalled EUR 6.6 million (4.9) and growth from previous
year was 36 percent. The Forwarding business amounts to 18 percent of group net
sales (14).
In the Cargo handling business, the effects of the paper industry strike in
January–February remained minor and the first quarter result improved from 2019.
The influence of the paper industry strike and the COVID-19 pandemic were seen
in the second quarter in declining inventory levels and delays in project
deliveries. COVID-19 affected business less than expected. In January–June, net
sales decreased by 8 percent from previous year to EUR 7.0 million (7.6). The
Cargo handling business accounts for 19 percent of group net sales (22).
Nurminen Logistics nominated a new operative management board in June. The
operative management board enables the improvement of the service level and
efficiency. It will support especially the development of fast-growing China
rail service business.
Net sales for the Russian company and its profitability decreased year-on-year
in the first half of 2020. The COVID-19 pandemic did not affect operations
directly. In June, Olga Stepanova joined the operative management board and took
over China rail freight service business. She was appointed Managing Director,
OOO Nurminen Logistics. Stepanova has taken part in building the cargo train
services network between China and Europe from its very beginning as Sales
Director at Russian Railways. She has solid background knowledge and connections
within the market and within the vast European customer base. Her know-how in
bulk transport creates growth potential in Russian rail freight business.
In the first half of 2020, net sales of Baltic business declined and operating
profit decreased from 2019. The effects of the COVID-19 pandemic remained minor.
Strong export volumes supported the Lithuanian operations. The Latvian
operations’ net sales grew due to project deliveries to Russia and Central Asia.
Net sales of the Baltic business decreased by 2 percent to EUR 18.7 million
(19.2) in January–June. The business amounts to 51 percent of group net sales
(56). The profitability of the Baltic business is at a good level and the
prerequisites for business are good.
OUTLOOK
Nurminen Logistics estimates that the growth of the economy and markets will
continue to slow down due to the effects of the COVID-19 pandemic. We believe
that Nurminen Logistics’ China cargo train business will continue its growth.
The company’s profitability will continue to improve. Demand for the company’s
specialised logistics services will remain good on account of our expertise.
FINANCIAL GUIDANCE
Nurminen Logistics is not issuing financial guidance for 2020.
SHORT-TERM RISKS AND UNCERTAINTIES
Any weakening in world trade and particularly weakening in Finnish exports and
imports, due to the current situation would have a negative impact on the demand
for the company’s services and the result. The company’s business development
turning out significantly weaker than expected would have a negative impact on
the company’s financial position.
A second big wave of the COVID-19 epidemic in China would affect the country’s
inland logistics, which would in turn affect feeder lines.
The growth rate of China cargo train services may slow down from what is
expected, particularly with regard to new types of shipments and new route
connections, if COVID-19 passenger travel restrictions continue or are further
tightened. The passenger travel restrictions may complicate commercial
negotiations for our clients especially considering launches of new products.
More detailed information about the company’s risk information can be found on
the Investors page on Nurminen Logistics’ website www.nurminenlogistics.com.
FINANCIAL POSITION AND BALANCE SHEET
Cash flow from operating activities amounted to EUR 3.4 million. Cash flow from
investing activities totalled EUR -0.2 million. Cash flow from investing
activities was impacted by investments in IT systems and digitalization
totalling EUR 0.1 million and the acquisition of PFC Nordic Oy totalling EUR 0.1
million. Cash flow from financing activities amounted to EUR -3.3 million.
At the end of the review period, cash and cash equivalents amounted to EUR 4.0
million. The management of the company estimates that the operating cash flow
generated by the company covers the current business needs and current
liabilities for the next 12 months.
Current interest-bearing liabilities of the company, a total of EUR 3.2 million,
consist of lease liabilities of EUR 2.3 million and factoring debt of EUR 0.9
million. The company’s non-current interest-bearing liabilities are EUR 40.0
million, of which EUR 27.0 million are in connection with leases capitalised in
accordance with the IFRS 16 standard. Long-term loans amount to EUR 13.0
million. These loans from Ilmarinen are due in June 2023.
The Group’s interest-bearing liabilities totalled EUR 43.2 million and net
interest-bearing debt amounted to EUR 39.1 million. The company has an equity
-based hybrid loan from Ilmarinen that amounts to EUR 1.5 million.
The balance sheet total was EUR 52.8 million, and the equity ratio was -4.3
percent.
CAPITAL EXPENDITURE
The Group’s gross capital expenditure during the review period amounted to EUR
0.1 million (EUR 0.4 million), accounting for 0.3% of net sales. Depreciation
totalled EUR 2.6 (2.7) million, or 7.1% (7.9) 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, %): Nurminen Logistics Services Oy (100%), RW Logistics
Oy (100%), PFC Nordic Oy (100%), Kiinteistö Oy Kotkan Siikasaarentie 78 (100%),
Kiinteistö Oy Luumäen Suoanttilantie 101 (100%), Kiinteistö Oy Vainikkalan
Huolintatie 13 (100%), NR Rail Oy (51%), Pelkolan Terminaali Oy (20 %), OOO
Nurminen Logistics (100 %), Nurminen Maritime Latvia SIA (51%), UAB Nurminen
Maritime (51%) and Nurminen Maritime Eesti AS (51%).
PERSONNEL
At the end of the review period, the Group had 171 employees, compared with 177
on 30 June 2019. The number of employees working abroad was 28. Personnel
expenses in the first half of 2020 totalled EUR 4.4 million (EUR 4.4 million).
CHANGES IN THE GROUP MANAGEMENT TEAM
On 30 June 2020, Nurminen Logistics’ Management Team consisted of the following
members: Olli Pohjanvirta, interim CEO from 25 May 2020; Iiris Pohjanpalo, CFO;
Petri Luurila, CIO; and Jonna Paasonen, VP Forwarding from 15 May 2020. In
addition, the Management Team included Mikko Järvinen, SVP Sales until 20 May
2020, and Tero Vauraste, CEO until 24 May 2020.
MANAGEMENT TRANSACTIONS
On 4 May 2020, Nurminen Logistics Plc announced the subscription by CEO Tero
Vauraste for 120,000 shares at a price of EUR 0.24.
SHARES AND SHAREHOLDERS
The trading volume of Nurminen Logistics Plc’s shares was 2,325,321 during the
period from 1 January to 30 June 2020. This represented 5.2% of the total number
of shares. The value of the turnover was EUR 585,000. The lowest price during
the review period was EUR 0.23 per share and the highest EUR 0.30 per share. The
closing price for the period was EUR 0.24 per share and the market value of the
entire share capital was EUR 10,733,802 at the end of the period.
At the end of the review period the company had 1,443 shareholders. The holdings
of the 10 largest shareholders of the company are presented in the tables
section.
During the review period, the company had 44,724,174 shares. On 30 June 2020,
the company held 106,333 of its own shares, corresponding to 0.24% of votes.
DECISIONS OF THE ANNUAL GENERAL MEETING
Nurminen Logistics Plc's Annual General Meeting held on 12 June 2020 passed the
following decisions:
Adoption of the annual accounts and resolution on discharge from liability
The General Meeting adopted the annual accounts, including the consolidated
annual accounts for the financial year 1 January 2019 − 31 December 2019 and
discharged the members of the Board of Directors, the President and CEO and the
interim President and CEO from liability. The Annual General Meeting adopted the
Remuneration Policy for governing bodies.
Payment of dividend
The Annual General Meeting approved the Board’s proposal that no dividend shall
be paid for the financial year 1 January 2019 − 31 December 2019.
Composition and remuneration of the Board of Directors
The Annual General Meeting resolved that the Board of Directors is composed of
five members. The Annual General Meeting re-elected the following members to the
Board of Directors: Olli Pohjanvirta, Juha Nurminen, Jukka Nurminen, Irmeli
Rytkönen and Alexey Grom.
The Annual General Meeting resolved that for the members of the Board elected at
the Annual General Meeting for the term expiring at the close of the Annual
General Meeting in 2021, the remuneration is paid as follows: annual
remuneration of EUR 40,000 to the Chairman and EUR 20,000 to the other members
of the Board.
In addition, a meeting fee of EUR 1,500 per meeting for the Board and Board
Committee meetings is paid to the Chairman of the Board, a meeting fee of EUR
1,000 per meeting for the Board and Board Committee meetings is paid for each
member of the Board living in Finland and EUR 1,500 per meeting for a member of
the Board living outside Finland. Of the annual remuneration, 50 per cent is be
paid in Nurminen Logistics Plc’s shares and the rest in cash. A member of the
Board of Directors may not dispose of shares received as annual remuneration
before a period of three years has elapsed from receiving the shares. In
addition, the Chairman of the Board will be granted a telephone benefit.
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
The Annual General Meeting authorised the Board to decide on the issuance of
shares and/or special rights entitling to shares as referred to in chapter 10,
section 1 of the Finnish Limited Liability Companies Act.
Based on the authorisation, the Board of Directors is entitled to issue or
transfer, 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 could be used, e.g., for financing of company and business
acquisitions or for financing of other business arrangements and investments,
for the expansion of the ownership structure, paying of remuneration of the
Board members and/or for the creating incentives for, or encouraging commitment
in, personnel.
The authorisation entitles the Board of Directors to decide on the share
issuance with or without payment. The authorisation for deciding on a share
issuance without payment includes also the right to decide on the share issue
for the company itself, so that the authorisation may be used in such a way that
in total no more than one tenth (1/10) of all shares in the company may from
time to time be in the possession of the company and its subsidiaries.
The authorisation includes the Board of Director’s right to decide on all other
terms and conditions of the share issuances and the issuances of special rights.
The authorisation entitles the Board of Directors to decide on share issuances,
issuances of option rights and other special rights entitling to shares in every
way to the same extent as could be decided by the General Meeting, including the
Board of Director’s right to decide on directed share issuances and/or issuance
of special rights.
The authorisation is valid until 30 April 2021 and the authorisation does not
revoke the authorisation granted to the Board of Directors by the Extraordinary
General Meeting on 17 July 2017 on the issuance of shares as well as the
issuance of options and other special rights entitling to shares.
Election of the auditor and resolution on their remuneration
Ernst & Young Oy was elected the auditor of the company for the term ending at
the close of the Annual General Meeting 2021. Juha Hilmola, Authorised Public
Accountant, acts as the principal auditor.
The auditor’s fee will be paid in accordance with the auditor’s invoice accepted
by the company.
DIVIDEND POLICY
The company’s Board of Directors has on 14 May 2008 determined the company’s
dividend policy, according to which Nurminen Logistics Plc aims to annually
distribute as dividends approximately one third of its net profit, provided that
the company’s financial position allows this.
OTHER EVENTS DURING THE REVIEW PERIOD
On 17 January 2020, the company announced that it was initiating the co
-determination procedure within the Finnish subsidiaries in order to prepare for
the possible reduction of orders due to the labour market situation facing
manufacturing industries in Finland. The co-determination procedure was
concluded on 4 February 2020. No personnel adjustments were made after the
labour market disturbances ended.
On 4 March 2020, the company announced that it will recognise in its
consolidated financial statements for the financial year ended 31 December 2019
a write down of approximately EUR 5.3 million on the company’s goodwill. The
write down has a negative impact on the company’s equity ratio. The company has
obtained waivers from its main financiers to secure the fulfilment of the
financial covenants in the relevant measurement point.
On 17 March 2020, the company announced that it was initiating the co
-determination procedure within Nurminen Logistics Services Oy in order to
prepare for a possible decrease in demand caused by the COVID-19 situation or
disruptions caused by coronavirus countermeasures. The co-determination
procedure was completed on 16 April 2020 resulting in possible temporary layoffs
considering all of the staff of the company up to 90 days before 31 March 2021.
On 16 April 2020, the company announced that it was initiating the co
-determination procedure within Nurminen Logistics Plc considering the staff of
the company and the members of staff who have entered the Group’s employment due
to the acquisition of PFC Nordic Oy in order to prepare for the financial and
operational effects of COVID-19 countermeasures. The co-determination procedure
was completed on 4 May 2020 resulting in possible temporary lay-offs considering
all of the staff of Nurminen Logistics Plc up to 90 days before 31 March 2021
and all of the staff who have entered the Group’s employment due to the
acquisition of PFC Nordic Oy up to 90 days before 27 October 2020.
On 22 April 2020, the company announced that the Board of Directors of Nurminen
Logistics Plc has resolved on 21 April 2020 to carry out a directed share issue
of 120,000 shares to the Company’s CEO Tero Vauraste at a subscription price of
EUR 0.24 per share. The shares were registered with the Trade Register on 30
April 2020.
On 22 April 2020, the company announced that Hannu Leinonen will leave the Board
of Directors of Nurminen Logistics Plc as of 22 April 2020.
On 15 June 2020, the company announced that the Board of Directors appointed
Irmeli Rytkönen as the Chairperson of the Board’s Audit Committee.
EVENTS AFTER THE REVIEW PERIOD
No significant events occurred after the review period.
Next financial release
Nurminen Logistics will announce the release date of the Financial Statement for
the year 2020 and other dates for releasing financial information during 2021 in
December 2020.
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 Olli Pohjanvirta, interim CEO, tel. +358
40 900 6799.
DISTRIBUTION
Nasdaq Helsinki
Major media
www.nurminenlogistics.com
Nurminen Logistics is a listed company established in 1886 that offers logistics
services. The company provides high-quality forwarding and cargo handling
services as well as railway transport and related project transport services.
The main market areas of Nurminen Logistics are Finland, Russia and its
neighbouring countries.
TABLES SECTION
CONSOLIDATED STATEMENT OF COMPREHENSIVE 1-6/2020 1-6/2019 1-12/2019
INCOME
EUR 1,000
NET SALES 36 480 34 470 69 340
Other operating income 13 16 64
Use of materials and supplies -26 945 -25 200 -50 418
Employee benefit expenses -4 381 -4 433 -9 196
Depreciation, amortisation and impairment -2 586 -2 706 -11 044
losses
Other operating expenses -3 089 -3 856 -7 262
OPERATING RESULT -508 -1 709 -8 517
Financial income 3 5 12
Financial expenses -991 -1 165 -2 382
Share of profit of equity-accounted -6 16 25
investees
RESULT BEFORE INCOME TAX -1 501 -2 852 -10 864
Income tax expense -141 -312 -570
RESULT FOR THE PERIOD -1 642 -3 164 -11 433
Other comprehensive income
Other comprehensive income to be
reclassified to profit or loss in
subsequent periods:
Translation differences -3 -48 -41
Other comprehensive income after income -3 -48 -41
taxes
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD -1 645 -3 212 -11 474
Result attributable to
Equity holders of the parent company -2 225 -4 917 -12 903
Non-controlling interest 583 1 753 1 470
Total comprehensive income attributable to
Equity holders of the parent company -2 228 -4 965 -12 944
Non-controlling interest 583 1 753 1 470
Earnings per share, undiluted, euro -0.05 -0.11 -0.29
Earnings per share, diluted, euro -0.05 -0.11 -0.29
CONSOLIDATED STATEMENT OF 30 June 2020 30 June 2019 31 December 2019
FINANCIAL POSITION
EUR 1,000
ASSETS
Non-current assets
Property, plant and 34 733 39 388 35 810
equipment
Goodwill 899 5 970 899
Other intangible assets 1 793 1 818 1 933
Investments in equity 204 201 209
-accounted investees
Receivables 244 317 244
NON-CURRENT ASSETS 37 872 47 694 39 095
Current assets
Inventories 80 92 87
Trade and other 9 817 8 042 7 822
receivables
Cash and cash equivalents 4 095 9 389 4 187
Non-current assets held 897 897
for sale
CURRENT ASSETS 14 889 17 523 12 993
TOTAL ASSETS 52 761 65 217 52 088
EQUITY AND LIABILITIES
Equity attributable to
holders of the parent
company
Share capital 4 215 4 215 4 215
Share premium reserve 86 86 86
Other reserves 28 836 28 808 28 808
Translation differences -9 -13 -6
Retained earnings -37 779 -27 552 -35 497
Hybrid bond 1 500 1 500 1 500
Equity attributable to -3 151 7 044 -894
holders of the parent
company
Non-controlling interest 904 1 983 1 695
EQUITY, TOTAL -2 247 9 027 802
LIABILITIES
NON-CURRENT LIABILITIES
Deferred tax liabilities 52 24
Other liabilities 186 74 212
Financial liabilities 39 999 41 181 39 900
NON-CURRENT LIABILITIES 40 185 41 307 40 136
CURRENT LIABILITIES
Current tax liabilities 273 237
Financial liabilities 3 211 6 471 3 102
Trade payables and other 11 611 8 138 7 811
liabilities
CURRENT LIABILITIES 14 822 14 883 11 150
LIABILITIES, TOTAL 55 007 56 190 51 287
EQUITY AND LIABILITIES, 52 761 65 217 52 088
TOTAL
Consolidated cash flow 1-6/2020 1-6/2019 1-12/2019
statement, IFRS
EUR 1,000
Profit/loss for the period -1 642 -3 164 -11 433
Adjustments 3 785 4 137 12 658
Cash flow before change in 2 143 972 1 224
working capital
Changes in working capital 2 228 263 1 180
Financing items and taxes -981 -1 120 -1 945
Cash flow from operating 3 390 116 458
activities
Cash flow from investing -183 360 -81
activities
Cash flow from financing -3 299 -2 600 -7 837
activities
Net increase / decrease in -92 -2 125 -7 460
cash and cash equivalents
Cash and cash equivalents 4 054 11 514 11 514
at the beginning of the
year
Net increase / decrease in -92 -2 125 -7 460
cash and cash equivalents
Cash and cash equivalents 3 961 9 389 4 054
at the end of the period
A = Share capital
B = Share premium reserve
C = Legal reserve
D = Reserve for invested unrestricted equity
E = Hybrid loans
F = Translation differences
G = Retained earnings
H = Non-controlling interests
I = Total
CONSOLIDATED STATEMENT OF A B C D E F G H I
CHANGES IN EQUITY 1-6/2020 EUR
1,000
Equity on 1 Jan 2020 4 21 86 2 37 26 1 50 -6 -35 1 69 802
5 8 430 0 498 6
Result for the year -2 583 -1 642
225
Comprehensive income for the -3 -3
year / translation differences
Total comprehensive income for -3 -2 583 -1 645
the year 225
Business transactions with 29 29
share holders
Interest on hybrid loan after -24 -24
taxes
Share renumeration 35 93 128
Dividends -1 -1 467
467
Other changes* -68 -68
Total business transactions 29 -56 -1 -1 402
with shareholders 374
Equity on 30 Jun 2020 4 21 86 2 37 26 1 50 -9 -37 904 -2 247
5 8 458 0 779
*Kotka terminal property repair cost liability from previous financial years.
CONSOLIDATED A B C D E F G H I
STATEMENT OF
CHANGES IN
EQUITY 1-6/2019
EUR
1,000
Equity on 1 Jan 4 21 86 2 37 26 1 50 35 -22 1 12 13 151
2019 5 8 430 0 615 3
Result for the -4 1 75 -3 164
year 917 3
Comprehensive -48 -48
income for the
year /
translation
differences
Total -48 -4 1 75 -3 212
comprehensive 917 3
income for
the year
Business
transactions
with
share holders
Interest on -24 -24
hybrid loan
after
taxes
Share 35 35
renumeration
Dividends -937 -937
Other changes -30 44 14
Total business -19 -893 -912
transactions
with
shareholders
Equity 30 Jun 4 21 86 2 37 26 1 50 -13 -27 1 98 9 027
2019 5 8 430 0 552 3
Changes in property, plant and equipment
Changes in property, plant and equipment Tangible Intangible Total
EUR 1,000
Carrying amount on 1 Jan 2020 35 810 2 831 38 642
Additions IFRS leases 1 268 1 268
Additions FAS 11 55 65
Work-in-progress 46 46
Disposals -7 -4 -11
Depreciation, amortisation and impairment losses -2 394 -191 -2 586
Carrying amount on 30 Jun 2020 34 733 2 692 37 425
Changes in property, plant and equipment Tangible Intangible Total
EUR 1,000
Carrying amount on 1 Jan 2019 8 757 7 360 16 117
Additions IFRS leases 35 465 35 465
Additions FAS 44 565 609
Disposals -2 368 -2 368
Depreciation, amortisation and impairment losses -2 569 -137 -2 706
Exchange rate differences 59 59
Carrying amount on 30 Jun 2019 39 388 7 788 47 176
Related party transactions
The company’s related parties include the members of the Board of Directors and
those of the Management Team as well as companies under their control. Related
parties are also those shareholders that have direct or indirect control or
significant influence in the Group as well as the associate companies.
Related party transactions 1-6/2020
EUR 1,000
Sales 59
Purchases 33
Current receivables 3
At the end of April, CEO Tero Vauraste subscribed for 120,000 shares of Nurminen
Logistics Plc in a directed share issue at a subscription price of EUR 0.24 per
share.
Key figures
Key figures 1-6/2020 1-6/2019 1-12/2019
Gross capital expenditure, EUR 1,000 111 444 722
Number of employees at the end of period 171 177 176
Operating profit-% -1.4 % -5.0 % -12.3 %
Share price development
Share price at beginning of period 0.27 0.25 0.25
Share price at end of period 0.24 0.30 0.27
Highest for the period 0.30 0.44 0.44
Lowest for the period 0.23 0.25 0.26
Equity / share, EUR -0.07 0.16 -0.02
Earnings / share, EUR, undiluted -0.05 -0.11 -0.29
Earnings / share, EUR, diluted -0.05 -0.11 -0.29
Equity ratio % -4.3 % 13.9 % 1.5 %
Net gearing % 1741.0 % 424.7 % 4849.1 %
Other Liabilities and Commitments
Contingencies and commitments, EUR 1,000 30 30 31 December 2019
June June
2020 2019
Liabilities for which business mortgages
have been given and subsidiary shares
pledged
Loans from financial institutions 13 878 14 285 13 707
Mortgages given 15 500 15 500 15 500
Book value of pledged subsidiary shares and 23 352 10 108 23 352
loan receivables
Other commitments
Customs duties and other guarantees 5 923 6 135 5 999
Rental obligations 907 735 1 064
Ten largest Number of shares and votes Share of votes-%
shareholders 30 June
2020
KESKINÄINEN 8 780 000 19.6
ELÄKEVAKUUTUSYHTIÖ
ILMARINEN
NURMINEN JUHA MATTI 5 681 497 12.7
SUKA INVEST OY 5 169 588 11.6
K. HARTWALL INVEST 3 837 838 8.6
OY AB
AVANT TECNO OY 3 446 392 7.7
JN ULJAS OY 3 049 388 6.8
RUSCAP OY 2 163 962 4.8
HISINGER-JÄGERSKIÖLD 1 279 279 2.9
EVA CONSTANCE
NURMINEN JUKKA 1 055 625 2.4
MATIAS
TUULI MARKKU JUHANI 953 850 2.1
TOTAL 35 417 419 79.2 %
Accounting principles
The half year financial report has been prepared in accordance with IAS 34
Interim Financial Reporting. The accounting policies applied are consistent with
those applied in the consolidated financial statements for 2019.
The preparation of the financial statements in accordance with IFRS requires
management to make estimates and assumptions that affect the valuation of the
reported assets and liabilities and other information, such as contingent
liabilities and the recognition of income and expenses in the statement of
income.
The COVID-19 pandemic has caused Nurminen Logistics to review the estimates and
assumptions used in the preparation of the half year financial report. The
impact of the COVID-19 pandemic on estimates in the financial reporting is based
on management’s best judgement. The effects of the COVID-19 pandemic have not
deteriorated the company’s estimates and there are no indications of impairment
of assets.
The full financial impact of the COVID-19 outbreak cannot be quantified at this
time, as it will depend on the duration, severity and pace of recovery from the
pandemic, as well as on the effectiveness of government actions in different
geographical areas.
The interim report has not been audited.
Tables and calculation formulas for indicators
All figures are rounded, so the sums of individual figures may differ from the
reported sum. The key performance indicators have been calculated using exact
values.
Equity = Equity, total x 100 Balance
ratio (%) sheet total – advances received
Earnings per = Result attributable to equity holders of the parent
share (EUR) company . Weighted average number
of outstanding ordinary shares
Equity per = Equity attributable to equity holders of the parent
share (EUR) company . Undiluted number of shares at
closing date
Net gearing = Interest bearing debt - cash and cash equivalents x 100
(%) Equity
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