2010-08-06 08:00:00 CEST
2010-08-06 08:00:03 CEST
REGULATED INFORMATION
Nurminen Logistics Oyj - Interim report (Q1 and Q3)
NURMINEN LOGISTICS PLC'S INTERIM REPORT 1 JANUARY - 30 JUNE 2010
Nurminen Logistics Plc Interim report 6 August 2010 9.00 am NURMINEN LOGISTICS PLC'S INTERIM REPORT 1 JANUARY - 30 JUNE 2010 - Net sales recovered slightly, operating profitability weaker than expected REVIEW PERIOD IN BRIEF Review period 1 January - 30 June 2010 - Net sales were EUR 32.4 million (2009: EUR 30.6 million). - Reported operating profit was EUR -0.6 million (EUR 0.7 million). - Operating margin -1.8%(2.4%). - Operating result excluding non-recurring items was EUR -1.5 million (EUR -0.4 million). - EBT was EUR 0.1 million (EUR -1.2 million). - Net profit was EUR -0.7 million (EUR -1.4 million). - Earnings per share: -0.09 Euros (-0.14 Euros). Outlook for 2010 Nurminen Logistics Plc expects the company's net sales to increase in 2010 compared to 2009, but the operating result excluding non-recurring items is expected to be negative. The change of the outlook is due to the weaker than expected volume and price development in the market. The company published its previous outlook for 2010 on 7 May 2010. In that outlook the net sales were expected to increase in 2010 compared to 2009 and the operating result excluding non-recurring items was expected to be positive despite the weak profitability in the beginning of the year. Second quarter 2010 - Net sales were EUR 17.0 million (EUR 15.8 million). - Reported operating result was EUR -0.4 million (EUR 1.0 million). - Operating margin was -2.2% (6.4%). - Operating result excluding non-recurring items was EUR -0.8 million (EUR -0.1 million). - EBT was EUR -0.4 million (EUR 0.1 million) - Net profit was EUR -0.7 million (EUR 0.0 million). - Earnings per share: -0.07 (-0.03) Euros. BUSINESS ENVIRONMENT 1 JANUARY - 30 JUNE 2010 The market situation became somewhat easier as the world economy slowly recovered. The foreign trade volumes increased compared to the year before, but are still clearly below the pre-crisis levels. Therefore, price competition has been intense. The recovery of the Russian economic outlook improved the company's demand situation in the Russian trade, although the volumes of mechanical engineering industry remained in a low level. The Finnish stevedores' strike in March hindered the foreign trade flows especially through the harbours and affected the company's operations negatively. Demand and volumes in the Nurminen Cargo business unit recovered compared to the year before, alongside the market. However, volume development was weaker than expected during the second quarter. Demand in the Nurminen Heavy business unit varies with the rhythm of mechanical engineering industry and infrastructure projects. Demand situation remained weak, although the second quarter was better than the first quarter in this respect. TURNOVER AND FINANCIAL PERFORMANCE 1 JANUARY- 30 JUNE 2010 The net sales for the review period amounted to EUR 32.4 (2009: 30.6) million. Compared to the corresponding period last year the increase of the net sales was 5.8%. Reported operating result was EUR -582 (744) thousand. The decrease was 178.2%. Operating profit includes non-recurring profits of EUR 868 (1157) thousand. Therefore, comparative operating profit was EUR -1,450 thousand and decreased 251.1% compared to the corresponding period last year. Non-recurring profit of the review period was a result of the company's decision to give up its purchase option and first refusal right to the logistics centre in Vuosaari as published on 18 June 2009. The company has a long-term lease agreement in Vuosaari. As compensation the company received a payment of EUR 3,500 thousand, of which EUR 2,024 thousand was recorded as other revenues during 2009. EUR 868 thousand has been recorded for the review period and the remaining EUR 608 thousand will be recorded monthly during the period from July 2010 to November 2010. The original term of the purchase option was 19 November 2008 - 18 November 2010. The appreciation of the Russian rouble during the review period increased the company's financial result by 1.6 million euros. Nurminen Cargo segment's net sales for the review period amounted to EUR 29.1 (26.3) million. Net sales increased mainly due to increased demand for Finnish export volumes to Russia and other CIS countries. In addition, the stabilization of the operations of Vuosaari harbour has increased the demand for services of the logistics centre in Vuosaari. Operating result was EUR -1,178 (-732) thousand. The intensified price competition burdens Nurminen Cargo's profitability. Operating result was also weakened by the increase of fixed costs in the logistics centre in Vuosaari. On the other hand, operating result was positively affected by the strong result of the company's Latvian operations. Nurminen Heavy's net sales decreased to EUR 3.3 (4.3) million as the demand situation of its clientele mainly in the mechanical engineering industry weakened. Operating result decreased strongly to EUR -272 (319) thousand. Operating result decreased due to drop in business volume and increased price competition. However, profitability increased towards the end of the review period as demand situation recovered slowly. NET SALES AND FINANCIAL PERFORMANCE OF THE SECOND QUARTER The 2010 second quarter net sales amounted to EUR 16.9 (2009: 15.8) million. Compared to the corresponding period last year the increase of the net sales was 7.5%. Reported operating result was EUR -382 (1,015) thousand. The operating result decreased by 137.6%. Operating result includes non-recurring profits EUR 434 (2009: 1157) thousand. Therefore comparative operating result decreased 375.0% compared to the corresponding period last year. Net sales continued to recover slowly. Nurminen Cargo business unit's demand situation recovered slightly. Nurminen Heavy business unit's demand situation recovered during the second quarter as the amount of its customers' deliveries grew. Profitability continued to be burdened by weak volume situation, increased price competition and the growth investments in Vuosaari. OUTLOOK Nurminen Logistics Plc expects the company's net sales to increase in 2010 compared to 2009, but the operating result excluding non-recurring items is expected to be negative. The change of the outlook is due to the weaker than expected volume and price development in the market. The company published its previous outlook for 2010 on 7 May 2010. In that outlook the net sales were expected to increase in 2010 compared to 2009 and the operating result excluding non-recurring items was expected to be positive despite the weak profitability in the beginning of the year. The company's unchanged long-term goal is to increase its net sales annually by approximately 20% on average, including acquisitions, and to reach an operating profit level of over 7%. The general economic situation is assessed to delay achieving of the growth objectives in the short term. The company is actively following the structural changes in the logistics market as well as acquisition opportunities. SHORT-TERM RISKS AND UNCERTAINTIES The downward trend of the world economy seems to have stopped and there are some signs of the recovery of the world economy. There is uncertainty in the development and the growth of the foreign trade volumes that are important to the company. Large variations in the volumes of different product categories are still possible. If the growth of the volume levels turns out to be temporary, there is a risk that intense price competition situation will be prolonged. FINANCIAL POSITION AND BALANCE SHEET Company's cash flow from operations was EUR -912 thousand. Cash flow from investments was EUR -199 thousand. Cash flow from financing activities amounted to EUR 406 thousand. At the end of the review period, cash and cash equivalents amounted to EUR 1,533 thousand. Liquidity was good throughout the review period. Group's interest bearing debt was EUR 34.5 million and correspondingly the net interest bearing debt was EUR 33.0 million. Balance sheet totaled EUR 81.8 million and equity ratio was 41.8%. CAPITAL EXPENDITURE The group's gross capital expenditure for review period amounted to EUR 263 (1,714) thousand, accounting for 0.8% of net sales. Depreciation totaled EUR 2.3 (2.3) million, or 7.0% 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 %), CMA CGM Latvia SIA (23 %), CMA CGM Estonia Oü (23 %), Team Lines Latvia SIA (23 %) and Team Lines Estonia Oü (20,3 %). PERSONNEL At the end of the review period the Group staff was 342 (346 on 31 December 2009). The number of personnel working abroad was 64. Nurminen Cargo had 291 employees and Nurminen Heavy 26. Management and administrative staff numbered to 25. SHARE-BASED INCENTIVE PLAN FOR THE GROUP PERSONNEL The Board of Directors of Nurminen Logistics Plc has approved in April 2008 a share-based incentive plan for the Group key personnel. The plan was described in stock exchange release published on 17 April 2008. SHARES AND SHAREHOLDERS The trading volume of Nurminen Logistics Plc's shares was 132,054 in 1 January - 30 June 2010. This represented 1.03% of the total number of shares. The value of the turnover was EUR 455,264. The lowest price for the period was EUR 3.20 per share and the highest EUR 3.73 per share. The closing price for the period was EUR 3.28 per share and the market value of the entire share capital EUR 42,241,408. At the end of the review period Nurminen Logistics Plc had 406 shareholders. The company owns 705 of its own shares, which represent 0.005% of the votes in the company. DECISIONS OF THE ANNUAL GENERAL MEETING Nurminen Logistics Plc's Annual General Meeting of Shareholders held on 14 April 2010 made the following decisions: Adoption of the financial statement and resolution on the discharge from liability The Annual General Meeting of Shareholders confirmed the company's financial statements and the Group's financial statements for the financial period 1 January 2009 - 31 December 2009 and released the Board of Directors and the Managing Director from liability. Payment of dividend The Annual General Meeting of Shareholders approved the Board's proposal that no dividend shall be paid for the financial year 1 January 2009 - 31 December 2009. Composition and remuneration of the Board of Directors The Annual General Meeting of Shareholders resolved that the Board of Directors shall consist of seven (7) ordinary members. The Annual General Meeting of Shareholders re-elected the following ordinary members to the Board of Directors: Olli Pohjanvirta, Juha Nurminen, Rolf Saxberg, Jukka Nurminen and Eero Hautaniemi. Tero Kivisaari and Antti Pankakoski were elected as new members of the Board of Directors. In its organising meeting immediately following the Annual General Meeting of Shareholders, the Board of Directors elected Juha Nurminen as the Chairman of the Board and Rolf Saxberg as the Vice Chairman of the Board. The Board of Directors also appointed an Audit Committee. The members of the Audit Committee are Eero Hautaniemi, Jukka Nurminen and Olli Pohjanvirta. The Annual General Meeting of Shareholders resolved that the remuneration level for the members of the Board elected at the Annual General Meeting for the term ending at the close of the Annual General Meeting in 2011 will remain unchanged and will be paid as follows: annual remuneration of EUR 27,000 for the Chairman, EUR 18,000 for the Vice Chairman and EUR 13,500 for the other members. Additionally a meeting fee of EUR 700 per meeting shall be paid for each member of the Board. 50 per cent of the annual remuneration will be paid in the form of Nurminen Logistics Plc's shares and the remainder in money. A member of the Board of Directors may not transfer shares received as annual remuneration before a period of three years has elapsed from receiving shares. Amendment of Articles of Association The Annual General Meeting of Shareholders decided in accordance with the proposal made by the Board of Directors that Article 9 of the Articles of Association regarding the Notice of General Meeting of Shareholders is amended so that the notice shall be given no later than three (3) weeks prior to the date of the General Meeting of Shareholders but at least nine (9) days prior to the record date of the General Meeting of Shareholders. In addition, section 9 was amended in accordance with the proposal made by the Board of Directors so that notice to the General Meeting may alternatively be delivered by publishing the notice on the company's website. 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 20,000 of the company's shares. The shares 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 2011. 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 2011. 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. The auditor's term ends at the end of the first Annual General Meeting following the election. Auditor's fee and costs will be paid in accordance with their invoice. 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 has authorised the Board to decide on the repurchasing a maximum of 20,000 of the company's shares. The shares 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 2011. 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 has 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 2011. EVENTS AFTER THE REVIEW PERIOD The announcement concerning the purchase commitment published in 2007 On 2 July 2010 the company released the following announcement: John Nurminen Oy has undertaken a purchase commitment relating to the tender offer for Kasola Oyj's (now Nurminen Logistics Plc) class A shares published on 10 December 2007. The purchase commitment applies to certain shareholders of Nurminen Logistics and 1,193,140 shares in total owned by them. As per the information that Nurminen Logistics has received from John Nurminen Oy the terms of the purchase commitment have been fulfilled and the contractual obligation concerning the purchase commitment has been passed on to JN Uljas Oy with the approval of the principal shareholders defined in the contract. The shareholders whom the purchase commitment concerns will receive instructions by letter from John Nurminen Oy and JN Uljas Oy. The shareholders in question must act during July if they want to sell their shares according to the purchase commitment. According to the two companies the sale and purchase of the shares is implemented as a stock exchange transaction as soon as possible after 30 July 2010. Flaggings: On 5 July 2010 Nurminen Logistics Plc received the following disclosure notification, pursuant to the Securities Markets Act, of a potential change in a portion of holdings: John Nurminen Oy has undertaken a purchase commitment relating to the public tender offer of Kasola Oyj in 2007. The purchase commitment applies to certain shareholders of Nurminen Logistics Plc and was to be implemented during the summer 2010. John Nurminen Oy has passed the contractual obligation concerning the purchase commitment on to JN Uljas Oy. The purchase commitment applies to 1,193,140 shares in total. If all the shareholders whom the purchase commitment concerns will sell their shares JN Uljas Oy's portion of Nurminen Logistics Plc's total number of shares and voting rights will exceed 10 and 15 per cent (1/10 and 3/20). JN Uljas Oy's share capital comprises at the moment 1,037,612 (8.06%) Nurminen Logistics Plc's shares and votes. If the purchase commitment between JN Uljas Oy and the certain shareholders of Nurminen Logistics Plc is implemented can JN Uljas Oy's share of Nurminen Logistics Plc rise to 2,230,752 shares which is equivalent to 17.32% of Nurminen Logistics Plc's share capital and voting rights. The purchase commitment is valid between 1 July 2010 and 30 July 2010. JN Uljas Oy (business ID 0717307-8) is a company controlled by Juha Nurminen. In addition Juha Nurminen controls directly or indirectly Nurminen Logistics Plc's shares and votes as follows: Juha Nurminen owns directly 5,483,715 shares (42.58% of the share capital and votes), through John Nurminen Oy (business ID 2139209-0) 657,903 shares (5.11% of the share capital and votes) and through the right of possession concerning Satu Lassila's, Jukka Nurminen's and Mikko Nurminen's 2,014,640 shares (15.64% of the share capital and votes). Nurminen Logistics Plc's share capital comprises 12,878,478 shares and votes. On 9 July 2010 Nurminen Logistics Plc received the following disclosure notification, pursuant to the Securities Markets Act, of a potential change in a portion of holdings: John Nurminen Oy has undertaken a purchase commitment relating to the public tender offer of Kasola Oyj in 2007. The purchase commitment applies to certain shareholders of Nurminen Logistics Plc and was to be implemented during the summer 2010. John Nurminen Oy has passed the contractual obligation concerning the purchase commitment on to JN Uljas Oy. The purchase commitment applies to 1,193,140 shares in total and is valid between 1 July 2010 and 30 July 2010. By 9 July 2010 has JN Uljas Oy received an announcement of 864,177 shares to be purchased according to the purchase agreement. After the purchase of these shares is completed JN Uljas Oy's portion of Nurminen Logistics Plc's total number of shares and voting rights will exceed 10 per cent (1/10). JN Uljas Oy's share capital comprises at the moment 1,037,612 (8.06%) Nurminen Logistics Plc's shares and votes. When the above mentioned purchase commitment between JN Uljas Oy and the certain shareholders of Nurminen Logistics Plc concerning 864,177 shares is completed JN Uljas Oy's share of Nurminen Logistics Plc will rise to 1,901,789 shares which is equivalent to 14.77% of Nurminen Logistics Plc's share capital and voting rights. On 14 July 2010 Nurminen Logistics Plc received the following disclosure notification, pursuant to the Securities Markets Act, of a potential change in a portion of holdings: John Nurminen Oy has undertaken a purchase commitment relating to the public tender offer of Kasola Oyj in 2007. The purchase commitment applies to certain shareholders of Nurminen Logistics Plc and was to be implemented during the summer 2010. John Nurminen Oy has passed the contractual obligation concerning the purchase commitment on to JN Uljas Oy. The purchase commitment applies to 1,193,140 shares in total and is valid between 1 July 2010 and 30 July 2010. By 14 July 2010 has JN Uljas Oy received an announcement of 1,038,235 shares to be purchased according to the purchase agreement. After the purchase of these shares is completed JN Uljas Oy's portion of Nurminen Logistics Plc's total number of shares and voting rights will exceed 15 per cent (3/20). JN Uljas Oy's share capital comprises at the moment 1,037,612 (8.06%) Nurminen Logistics Plc's shares and votes. When the above mentioned purchase commitment between JN Uljas Oy and the certain shareholders of Nurminen Logistics Plc concerning 1,038,235 shares is completed JN Uljas Oy's share of Nurminen Logistics Plc will rise to 2,075,847 shares which is equivalent to 16.12% of Nurminen Logistics Plc's share capital and voting rights. On 21 July 2010 Nurminen Logistics Plc has received the following disclosure notifications of changes in portions of holdings, pursuant to the Securities Markets Act: John Nurminen Oy has announced to Nurminen Logistics Plc that John Nurminen Oy's portion of Nurminen Logistics Plc's shares has fallen below 5% (1/20). John Nurminen Oy has sold its entire share holding (657,903 shares) in Nurminen Logistics Plc on 21 July 2010. This amount of shares is equivalent to 5.11% of Nurminen Logistics Plc's share capital and voting rights. The shares were sold to JN Uljas Oy. On the other hand, JN Uljas has announced to Nurminen Logistics Plc that due to the above mentioned transaction JN Uljas Oy's portion of Nurminen Logistics Plc's total number of shares and voting rights now exceeds 10 per cent (1/10). JN Uljas Oy's share capital now comprises 1,695,515 Nurminen Logistics Plc's shares which are equivalent to 13.17% of Nurminen Logistics Plc's share capital and voting rights. Before the transaction JN Uljas Oy's share capital comprised 1,037,612 shares (8.06% shares and votes). JN Uljas Oy has undertaken a purchase commitment which applies to certain shareholders of Nurminen Logistics and 1,193,140 shares in total owned by them. The purchase commitment is valid between 1 July 2010 and 30 July 2010. By 14 July 2010 has JN Uljas Oy received an announcement of 1,038,235 shares to be purchased according to the purchase agreement. After the purchase of these shares is completed JN Uljas Oy's portion of Nurminen Logistics Plc's total number of shares and voting rights will exceed 20 per cent (1/5). When the purchase commitment between JN Uljas Oy and the certain shareholders of Nurminen Logistics Plc concerning 1,038,235 shares is completed JN Uljas Oy's share of Nurminen Logistics Plc will rise to 2,733,750 shares which is equivalent to 21.23% of Nurminen Logistics Plc's share capital and voting rights. The possible effects that the purchase commitment has on the portions of holdings have been published in a stock exchange release on 5 July 2010, 9 July 2010 and 14 July 2010. Both John Nurminen Oy (business ID 2139209-0) and JN Uljas Oy (business ID 0717307-8) are companies controlled by Juha Nurminen. On 4 August 2010 Nurminen Logistics Plc received the following disclosure notification, pursuant to the Securities Markets Act, of a change in a portion of holdings: John Nurminen Oy has undertaken a purchase commitment relating to the public tender offer of Kasola Oyj in 2007. The purchase commitment applies to certain shareholders of Nurminen Logistics Plc and was to be implemented during the summer 2010. John Nurminen Oy has passed the contractual obligation concerning the purchase commitment on to JN Uljas Oy. The purchase commitment applied to 1,193,140 shares in total and was valid between 1 July 2010 and 30 July 2010. In total 1,166,126 shares were sold according to the purchase agreement and JN Uljas Oy's portion of Nurminen Logistics Plc's total number of shares and voting rights now exceeds both 15 per cent (3/20) and 20 per cent (1/5). Before the purchase of the above mentioned shares JN Uljas Oy's share capital comprised 1,678,972 (13.04%) Nurminen Logistics Plc's shares and votes. After the purchase JN Uljas Oy's share of Nurminen Logistics Plc has risen to 2,845,098 shares which is equivalent to 22.09% of Nurminen Logistics Plc's share capital and voting rights. 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 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 and special and heavy 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 Eastern European countries. The company's share is listed on NASDAQ OMX Helsinki. TABLES -------------------------------------------------------------------------------- | INCOME STATEMENT | 1-6/2010 | 1-6/2009 | 1-12/2009 | -------------------------------------------------------------------------------- | EUR 1,000 | | | | -------------------------------------------------------------------------------- | Continuing operations | | | | -------------------------------------------------------------------------------- | NET SALES | 32 384 | 30 601 | 62 490 | -------------------------------------------------------------------------------- | Other operating income | 875 | 1 484 | 2 827 | -------------------------------------------------------------------------------- | Materials and services | -14 909 | -13 914 | -27 702 | -------------------------------------------------------------------------------- | Employee benefits expenses | -7 475 | -7 343 | -14 258 | | | | | | -------------------------------------------------------------------------------- | Depreciation and impartment | -2 271 | -2 338 | -4 560 | -------------------------------------------------------------------------------- | Other operating costs | -9 186 | -7 746 | -16 423 | -------------------------------------------------------------------------------- | OPERATING PROFIT | -582 | 744 | 2 374 | -------------------------------------------------------------------------------- | Financial income | 1 294 | 60 | 147 | -------------------------------------------------------------------------------- | Financial expenses | -747 | -2 121 | -3 091 | -------------------------------------------------------------------------------- | Share of profit in associates | 104 | 74 | 167 | -------------------------------------------------------------------------------- | PROFIT BEFORE TAX | 69 | -1 243 | -403 | -------------------------------------------------------------------------------- | Income taxes | -754 | -112 | -277 | -------------------------------------------------------------------------------- | PROFIT FOR THE PERIOD | -685 | -1 355 | -680 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | Other comprehensive income | | | | -------------------------------------------------------------------------------- | Translation differences | 2 394 | -1 058 | -699 | -------------------------------------------------------------------------------- | Other comprehensive income for | 2 394 | -1 058 | -699 | | the period | | | | -------------------------------------------------------------------------------- | Total comprehensive income for | 1 709 | -2 413 | -1 379 | | the period | | | | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | Net profit attributable | | | | -------------------------------------------------------------------------------- | To equity holders of the parent | -1 117 | -1 797 | -1 614 | -------------------------------------------------------------------------------- | To minority interest | 432 | 442 | 934 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | EPS undiluted | -0,09 | -0,14 | -0,13 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | EPS diluted | -0,09 | -0,14 | -0,13 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | INCOME STATEMENT | 4-6/2010 | 4-6/2009 | Change | -------------------------------------------------------------------------------- | EUR 1,000 | | | | -------------------------------------------------------------------------------- | Continuing operations | | | | -------------------------------------------------------------------------------- | NET SALES | 16 996 | 15 809 | 1 187 | -------------------------------------------------------------------------------- | Other operating income | 438 | 1 297 | -859 | -------------------------------------------------------------------------------- | Materials and services | -8 113 | -7 142 | -971 | -------------------------------------------------------------------------------- | Employee benefits expenses | -3 842 | -3 605 | -237 | | | | | | -------------------------------------------------------------------------------- | Depreciation and impartment | -1 163 | -1 258 | 95 | -------------------------------------------------------------------------------- | Other operating costs | -4 698 | -4 086 | -612 | -------------------------------------------------------------------------------- | OPERATING PROFIT | -382 | 1 015 | -1 397 | -------------------------------------------------------------------------------- | Financial income | 525 | 25 | 500 | -------------------------------------------------------------------------------- | Financial expenses | -533 | -949 | 416 | -------------------------------------------------------------------------------- | Share of profit in associates | 40 | 33 | 7 | -------------------------------------------------------------------------------- | PROFIT BEFORE TAX | -350 | 124 | -474 | -------------------------------------------------------------------------------- | Income taxes | -351 | -83 | -268 | -------------------------------------------------------------------------------- | PROFIT FOR THE PERIOD | -701 | 41 | -742 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | Other comprehensive income | | | | -------------------------------------------------------------------------------- | Translation differences | 750 | 658 | 92 | -------------------------------------------------------------------------------- | Other comprehensive income for | 750 | 658 | 92 | | the period | | | | -------------------------------------------------------------------------------- | Total comprehensive income for | 49 | 699 | -650 | | the period | | | | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | Net profit attributable | | | | -------------------------------------------------------------------------------- | To equity holders of the parent | -946 | -353 | -593 | -------------------------------------------------------------------------------- | To minority interest | 245 | 386 | -141 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | EPS undiluted | -0,07 | -0,03 | -0,04 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | EPS diluted | -0,07 | -0,03 | -0,04 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | BALANCE SHEET | 30.6.2010 | 30.6.2009 | 31.12.2009 | -------------------------------------------------------------------------------- | EUR 1,000 | | | | -------------------------------------------------------------------------------- | ASSETS | | | | -------------------------------------------------------------------------------- | Non-current assets | | | | -------------------------------------------------------------------------------- | Property, plant, equipment | 48 221 | 49 835 | 46 416 | -------------------------------------------------------------------------------- | Goodwill | 9 516 | 15 030 | 9 516 | -------------------------------------------------------------------------------- | Intangible assets | 855 | 2 479 | 1 035 | -------------------------------------------------------------------------------- | Investments in associates | 418 | 261 | 497 | -------------------------------------------------------------------------------- | Other long-term investments | 769 | 47 | 718 | -------------------------------------------------------------------------------- | Deferred tax asset | 822 | 326 | 952 | -------------------------------------------------------------------------------- | NON-CURRENT ASSETS | 60 601 | 67 978 | 59 134 | -------------------------------------------------------------------------------- | Current assets | | | | -------------------------------------------------------------------------------- | Trade receivables and other | 19 706 | 16 937 | 17 580 | | receivables | | | | -------------------------------------------------------------------------------- | Cash and bank | 1 533 | 4 622 | 2 238 | -------------------------------------------------------------------------------- | CURRENT ASSETS | 21 239 | 21 559 | 19 818 | -------------------------------------------------------------------------------- | ASSETS TOTAL | 81 840 | 89 537 | 78 952 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | EQUITY AND LIABILITIES | | | | -------------------------------------------------------------------------------- | Share capital | 4 215 | 4 215 | 4 215 | -------------------------------------------------------------------------------- | Other reserves | 19 952 | 22 439 | 17 561 | -------------------------------------------------------------------------------- | Retained earnings | 9 424 | 9 436 | 9 737 | -------------------------------------------------------------------------------- | Minority interest | 598 | 808 | 1 072 | -------------------------------------------------------------------------------- | SHAREHOLDERS' EQUITY | 34 189 | 36 898 | 32 585 | -------------------------------------------------------------------------------- | Long-term liabilities | | | | -------------------------------------------------------------------------------- | Deferred tax liability | 370 | 492 | 328 | -------------------------------------------------------------------------------- | Non-current interest-free | 954 | 2 175 | 851 | | liabilities | | | | -------------------------------------------------------------------------------- | Long-term liabilities, | 26 337 | 35 161 | 27 659 | | interest-bearing | | | | -------------------------------------------------------------------------------- | NON-CURRENT LIABILITIES | 27 661 | 37 828 | 28 838 | -------------------------------------------------------------------------------- | Current liabilities | | | | -------------------------------------------------------------------------------- | Short-term interest-bearing | 8 218 | 11 664 | 5 825 | | liabilities | | | | -------------------------------------------------------------------------------- | Trade payables and other | 11 772 | 3 147 | 11 704 | | liabilities | | | | -------------------------------------------------------------------------------- | CURRENT LIABILITIES | 19 990 | 14 811 | 17 529 | -------------------------------------------------------------------------------- | TOTAL LIABILITIES | 47 651 | 52 639 | 46 367 | -------------------------------------------------------------------------------- | TOTAL EQUITY AND LIABILITIES | 81 840 | 89 537 | 78 952 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CONSOLIDATED CASH FLOW | 1-6/2010 | 1-6/2009 | 1-12/2009 | | STATEMENT | | | | -------------------------------------------------------------------------------- | CASH FLOW FROM OPERATING | | | | | ACTIVITIES | | | | -------------------------------------------------------------------------------- | Profit/Loss for the period | -685 | -1 363 | -680 | -------------------------------------------------------------------------------- | Adjustments to reconcile profit | 4 | -76 | -61 | -------------------------------------------------------------------------------- | Depreciation and amortisation | 2 271 | 2 338 | 4 560 | -------------------------------------------------------------------------------- | Unrealised foreign exchange | -1 587 | 311 | 258 | | wins and losses | | | | -------------------------------------------------------------------------------- | Other adjustments | 1 722 | 1 795 | 2 767 | -------------------------------------------------------------------------------- | Paid and received interest | -1 064 | -1 880 | -2 783 | -------------------------------------------------------------------------------- | Taxes paid | -587 | 392 | -178 | -------------------------------------------------------------------------------- | Changes in working capital | -986 | 1 205 | -1 463 | -------------------------------------------------------------------------------- | Cash flow from operating | -912 | 2 722 | 2 420 | | activities | | | | -------------------------------------------------------------------------------- | CASH FLOW FROM INVESTING | | | | | ACTIVITIES | | | | -------------------------------------------------------------------------------- | Acquisition of subsidiaries, | 0 | 0 | -362 | | net of cash acquired | | | | -------------------------------------------------------------------------------- | Proceeds from sales of fixed | 64 | 218 | 15 334 | | assets | | | | -------------------------------------------------------------------------------- | Investments in tangible and | -263 | -1 714 | -2 887 | | intangible assets | | | | -------------------------------------------------------------------------------- | Proceeds from repayments of | 0 | 250 | 266 | | loans | | | | -------------------------------------------------------------------------------- | Cash flow from investing | -199 | -1 246 | 12 350 | | activities | | | | -------------------------------------------------------------------------------- | CASH FLOW FROM FINANCING | | | | | ACTIVITIES | | | | -------------------------------------------------------------------------------- | Changes in liabilities | 1 310 | -865 | -15 426 | -------------------------------------------------------------------------------- | Dividends paid | -904 | -1 023 | -1 219 | -------------------------------------------------------------------------------- | Cash flow from financing | 406 | -1 888 | -16 645 | | activities | | | | -------------------------------------------------------------------------------- | CHANGE IN CASH AND CASH | -705 | -412 | -1 966 | | EQUIVALENTS | | | | -------------------------------------------------------------------------------- | Cash and cash equivalents at | 2 238 | 4 204 | 4 204 | | the beginning of period | | | | -------------------------------------------------------------------------------- | Cash and cash equivalents at | 1 533 | 3 792 | 2 238 | | the end of period | | | | -------------------------------------------------------------------------------- A= Share capital B= Share premium account C= Reserve fund D= Unrestricted equity reserve E= Translation differences F= Retained earnings G= Minority interest H= Total -------------------------------------------------------------------------------- | STATEMENT | A | B | C | D | E | F | G | H | | OF CHANGES | | | | | | | | | | IN EQUITY | | | | | | | | | | 1-6/09 EUR | | | | | | | | | | 1,000 | | | | | | | | | -------------------------------------------------------------------------------- | Shareholde | 4215 | 86 | 2374 | 20000 | -3441 | 10675 | 975 | 34884 | | rs' equity | | | | | | | | | | at the | | | | | | | | | | beginning | | | | | | | | | -------------------------------------------------------------------------------- | Other | 0 | 3 | 0 | 0 | 0 | 313 | -401 | -85 | | changes | | | | | | | | | -------------------------------------------------------------------------------- | Total | 0 | 0 | 0 | 0 | -1058 | -1797 | 442 | -2413 | | comprehens | | | | | | | | | | ive income | | | | | | | | | | for the | | | | | | | | | | period | | | | | | | | | -------------------------------------------------------------------------------- | Dividends | 0 | 0 | 0 | -765 | 0 | 0 | -258 | -1023 | -------------------------------------------------------------------------------- | Shareholde | 4215 | 89 | 2374 | 19235 | -4499 | 9191 | 758 | 31363 | | rs' equity | | | | | | | | | | 30.6.2009 | | | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | STATEMENT | A | B | C | D | E | F | G | H | | OF CHANGES | | | | | | | | | | IN EQUITY | | | | | | | | | | 1-6/10 EUR | | | | | | | | | | 1,000 | | | | | | | | | -------------------------------------------------------------------------------- | Shareholde | 4215 | 89 | 2374 | 19238 | -4140 | 9737 | 1072 | 32585 | | rs' equity | | | | | | | | | | at | | | | | | | | | | beginning | | | | | | | | | -------------------------------------------------------------------------------- | Other | 0 | -2 | 0 | -1 | 0 | 804 | -2 | 799 | | changes | | | | | | | | | -------------------------------------------------------------------------------- | Total | 0 | 0 | 0 | 0 | 2394 | -1117 | 432 | 1709 | | comprehens | | | | | | | | | | ive income | | | | | | | | | | for the | | | | | | | | | | period | | | | | | | | | -------------------------------------------------------------------------------- | Shareholde | 4215 | 87 | 2374 | 19237 | -1746 | 9424 | 598 | 34189 | | rs' equity | | | | | | | | | | 30.6.2010 | | | | | | | | | -------------------------------------------------------------------------------- SEGMENT INFORMATION -------------------------------------------------------------------------------- | Net sales by segment | 1-6/2010 | 1-6/2009 | 1-12/2009 | -------------------------------------------------------------------------------- | EUR 1,000 | | | | -------------------------------------------------------------------------------- | Nurminen Cargo | 29 082 | 26 343 | 55 187 | -------------------------------------------------------------------------------- | Nurminen Heavy | 3 301 | 4 258 | 7 303 | -------------------------------------------------------------------------------- | Eliminations | 0 | 0 | 0 | -------------------------------------------------------------------------------- | Total | 32 383 | 30 601 | 62 490 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Operating result by segment | 1-6/2010 | 1-6/2009 | 1-12/2009 | -------------------------------------------------------------------------------- | EUR 1,000 | | | | -------------------------------------------------------------------------------- | Nurminen Cargo | -1 178 | -732 | 341 | -------------------------------------------------------------------------------- | Nurminen Heavy | -272 | 319 | 10 | -------------------------------------------------------------------------------- | Other segments | 868 | 1 157 | 2 023 | -------------------------------------------------------------------------------- | Total | -582 | 744 | 2 374 | -------------------------------------------------------------------------------- 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 | 1-6/2010 | -------------------------------------------------------------------------------- | Sales | 51 | -------------------------------------------------------------------------------- | Expenses | 55 | -------------------------------------------------------------------------------- | Financial expenses | 82 | -------------------------------------------------------------------------------- | Trade payables and other liabilities | 2 543 | -------------------------------------------------------------------------------- | Long-term liabilities | 3 846 | -------------------------------------------------------------------------------- KEY FIGURES -------------------------------------------------------------------------------- | KEY FIGURES | 1-6/2010 | 1-6/2009 | 1-12/2009 | -------------------------------------------------------------------------------- | Gross capital expenditure, EUR | 263 | 1 714 | 2 887 | | 1,000 | | | | -------------------------------------------------------------------------------- | Personnel | 342 | 366 | 346 | -------------------------------------------------------------------------------- | Operating margin % | -1.8 % | 2.4 % | 3.8 % | -------------------------------------------------------------------------------- | SHARE PRICE DEVELOPMENT | | | | -------------------------------------------------------------------------------- | Share price at the beginning of | 3.35 | 3.00 | 3.00 | | period | | | | -------------------------------------------------------------------------------- | Share price at the end of | 3.28 | 3.37 | 3.35 | | period | | | | -------------------------------------------------------------------------------- | Highest for the period | 3.73 | 3.50 | 3.52 | -------------------------------------------------------------------------------- | Lowest for the period | 3.20 | 2.50 | 2.50 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | EQUITY/SHARE EUR | 2.66 | 2.45 | 2.53 | -------------------------------------------------------------------------------- | EARNINGS/SHARE (EPS) | -0.09 | -0.03 | -0.13 | -------------------------------------------------------------------------------- | Equity ration % | 41.78 | 40.86 | 41.21 | -------------------------------------------------------------------------------- OTHER LIABILITIES -------------------------------------------------------------------------------- | Contingent liabilities, EUR | 1-6/2010 | 1-6/2009 | 1-12/2009 | | 1,000 | | | | -------------------------------------------------------------------------------- | Mortgages given | 3 000 | 8 223 | 0 | -------------------------------------------------------------------------------- | Other contingent liabilities | 10 780 | 7 038 | 10 780 | -------------------------------------------------------------------------------- | Rent liabilities | 76 125 | 80 417 | 77 426 | -------------------------------------------------------------------------------- Accounting policies The interim financial information has been prepared in accordance with IAS 34 'Interim Financial Reporting' and in compliance with IFRS standards and interpretations in force as at 1 January 2010, as adopted by the EU. The IFRS recognition and measurement principles as described in the annual financial statements for 2009 have also been applied in the preparation of the interim financial information, with the changes mentioned below. The Group has applied e.g. the following revised and amended standards as of 1 January 2010: IFRS 3 (Revised 2008) Business Combinations and IAS 27 (Amended 2008) Consolidated and Separate Financial Statements. The adoption of the revised IFRS 3 'Business Combinations' will have an impact on the amount of goodwill from acquisitions and results on disposing businesses. The standard is estimated to also have an impact on profit and loss in those periods in which new business is acquired, the deferred purchase price is paid or additional shares are acquired. According to the transitional provisions of the standard, business combinations for which the acquisition date is before the adoption of the standard, are not adjusted. The amended IAS 27 'Consolidated and Separate Financial Statements' requires the effects of all transactions with a non-controlling interest to be recorded in equity if the control remains with the parent company. The amendment also specifies that a share of the loss for period can also be allocated to non-controlling interest when the losses exceed the amount of invested capital by the non-controlling parties. 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 (%) = 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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