Published:

2014-02-20 12:00:02 CET

Registered:

2014-02-20 12:00:07 CET

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Nurminen Logistics Oyj - Financial Statement Release

NURMINEN LOGISTICS PLC’S FINANCIAL STATEMENT RELEASE 2013

Difficult 2013 sees both net sales and result weaken clearly

Nurminen Logistics Plc Financial Statement Release 20 February 2014 at
1:00 p.m.

NURMINEN LOGISTICS KEY FIGURES 1 JANUARY - 31 DECEMBER 2013

-- Net sales were EUR 63.8 million (2012: EUR 78.4 million).
-- Reported operating result was EUR 0.2 million (EUR 5.4 million).
-- Operating margin was 0.3% (6.9%).
-- Operating result excluding non-recurring items was EUR 1.6 million (EUR 5.6
million).
-- EBT was EUR -3.0 million (EUR 4.0 million).
-- Net result was EUR -3.9 million (EUR 2.7 million).
-- Earnings per share, undiluted: EUR -0.32 (EUR 0.05).
-- Earnings per share, diluted: EUR -0.32 (EUR 0.05).

FOURTH QUARTER 1 OCTOBER - 31 DECEMBER 2013

-- Net sales were EUR 14.4 million (2012: EUR 18.4 million).
-- Reported operating result was EUR -0.9 million (EUR 0.7 million).
-- Operating margin was -6.2% (3.7%).
-- Operating result excluding non-recurring items was EUR 0.1 million (EUR 0.9
million).
-- EBT was EUR -1.8 million (EUR 0.1 million).
-- Net result was EUR -2.0 million (EUR -0.2 million).
-- Earnings per share, undiluted: EUR -0.15 (EUR -0.03).
-- Earnings per share, undiluted: EUR -0.15 (EUR -0.03).

As of the beginning of 2012, Nurminen Logistics Group has reported on four
business segments: Railway Logistics, Special Transports and Projects, Transit
Logistics and Forwarding and Value Added Services. On 20 September 2013, the
company announced the launch of a profit improvement programme in order to
improve its profitability, competitiveness and operational requirements in a
challenging business environment. On 8 November 2013, Nurminen Logistics
announced it will merge the Transit Logistics business unit into the Forwarding
and Value Added Services business unit. The profit improvement actions are
estimated to allow the company to achieve approximately EUR 2 million in annual
savings compared to 2013. On 31 December 2013, Nurminen Logistics announced it
is divesting the 4PL business and selling it to the operative management of the
business.

As of 1 January 2014, Nurminen Logistics reports on three business units:
Railway Logistics, Special Transports and Projects and Forwarding and Value
Added Services.

OUTLOOK FOR 2014

Nurminen Logistics expects its net sales, operating result and earnings per
share to improve compared to 2013.

BOARD OF DIRECTORS' PROPOSAL FOR PROFIT DISTRIBUTION

The Board of Directors proposes to the Annual General Meeting that no dividend
be paid for the financial year 1 January - 31 December 2013.

OLLI POHJANVIRTA, PRESIDENT AND CEO:

“The company's financial development was not satisfactory in 2013. We fell
short of our objectives in terms of both net sales and operating profit. Our
operating result excluding non-recurring items amounted to EUR 1.6 million,
compared to EUR 5.6 million in 2012. The general economic conditions remained
subdued in the Finnish market, which was naturally also reflected in our
operations. Our market share has remained good. We are among the three largest
companies in almost all of our service segments in Finland, including
forwarding. In railway logistics, we are the market leader in covered wagons in
rail transport between Finland and Russia. Our growth in the internal markets
of Russia and its neighbouring countries in 2013 was lower than expected.

In 2013, we carried out considerable restructuring of operations and improved
the efficiency of our operations to better match the prevailing situation.
Among other things, this meant the development of the processes at the Vuosaari
terminal, closing down our Vainikkala terminal, trimming personnel expenses and
also implementing reforms in the senior management of the company. I am certain
that we are heading into 2014 as a considerably more competitive company.

The past year also included many positives for our company. We achieved
pleasing successes in project transport services related to major industrial
investments. In railway transport services, we secured new customers in Russia
towards the end of the year. In Finland, our market share remained unchanged in
spite of the challenging conditions. In addition, the satisfaction of our
customers with our services remained high, which shows that our employees are
committed and exceptionally skilled.

Due to the structural changes and efficiency improvement measures carried out
last year, we are well prepared for better profitability. Our strategy will not
change, but the rate at which we implement it will. This year, we aim to
increase the number of our own wagons registered in Russia. We will also invest
in our Russian organisation with the aim of securing new significant customer
accounts. We will grow our special transports and projects business. We will
develop our partner network in the key markets. We know the Russian logistics
market and society well. We expect considerable growth in the internal railway
market in Russia and the CIS countries as well as international project
transports. We intend to achieve results through our own active measures -
regardless of the tight market situation. Our success in the international
market will guarantee competitive service to our Finnish customers as well”,
states CEO Olli Pohjanvirta.

MARKET SITUATION IN THE REVIEW PERIOD

In railway logistics, the Russian market of important for Nurminen Logistics
wagon types remained stable, although there was some normal seasonal variation.
Due to economic growth levelling off, the average revenue per wagon declined
during the review period and competition for customers intensified. In Finnish
rail export, the demand for transport was slightly weaker than in 2012. The
loading of railway wagons was increasingly done directly at factories, which
reduced the utilisation rate of terminal capacity. The demand for import
transport and forwarding of raw wood remained at a good level throughout the
review period.

The continued uncertainty in the world economy and the tightening of financial
markets were reflected in the demand for special transports and projects, which
remained subdued. Demand for projects and transports to Russia and the CIS area
was better than in other markets. Competition remained intense and price levels
in the market fluctuated considerably.

In transit logistics, the demand on routes between the Baltic countries and
Russia remained almost unchanged compared to the previous year. The demand for
transport from the Baltic countries to Central Asia declined substantially from
the high level seen in the comparison period. The demand for services at the
Kotka and Hamina terminals remained at a higher level than in the comparison
period. The market demand for transit logistics through Finland to Russia
fluctuated considerably and price competition was intense.

The market for forwarding and value added services remained challenging. The
volumes of goods handled fluctuated significantly during the review period.
Demand at the Vuosaari terminal grew, and the company was successful in
acquiring significant new customer accounts there.

NET SALES AND FINANCIAL PERFORMANCE 1 JANUARY - 31 DECEMBER 2013

The net sales for the financial period amounted to EUR 63.8 million (2012: EUR
78.4 million), which represents a decrease of 18.6% compared to 2012. The
reported operating result was EUR 216 (5,421) thousand. The operating result
includes non-recurring items of EUR -1,366 (-148) thousand. The comparative
operating result was therefore EUR 1,582 (5,570) thousand. The operating result
was improved by the sale of used rolling stock.

The non-recurring expenses during the review period were the result of
adjustment measures related to the profit improvement programme, as well as
personnel arrangements and restructuring. The non-recurring expenses in 2012
were due to costs associated with the change of the Group's corporate structure
in Finland. The non-recurring profit recorded in the 2012 financial year
resulted from the one-time payment of a receivable written down in the 2010
financial statements.

The depreciation of the Russian rouble during the review period decreased the
financial result by EUR 1.1 million. This exchange rate loss had no cash flow
impact. The financial expenses for the period also include a non-recurring debt
arrangement cost of EUR 0.3 million.

Railway Logistics

The Railway Logistics business unit's net sales for the review period amounted
to EUR 33,131 (2012: 43,620) thousand and the operating result was EUR 5,062
(6,275) thousand. The operating result includes non-recurring items of EUR -794
(-49) thousand. The comparative operating result was therefore EUR 5,855
(6,324) thousand. Volumes in rail exports from Finland to Russia fluctuated
substantially during the year. The total volume for the review period fell
short of the comparison period primarily due to the weakened demand for
transport from Finland to Russia in the fourth quarter. Demand for domestic
transport in Russia and its neighbouring countries remained at a good level,
although it declined somewhat towards the end of the year. The development of
sales and the customer base, along with successful operational improvements in
areas such as domestic transport in Russia, improved the profitability of
operations. As part of the implementation of the Railway Logistics unit's
strategy, the fleet of rolling stock was streamlined by selling certain wagon
types. The proceeds from these sales had a positive effect on the operating
result.

Special Transports and Projects

The Special Transports and Projects business unit's net sales for the review
period amounted to EUR 8,874 (2012: 9,375) thousand and the operating result
was EUR -221 (441) thousand. The operating result includes non-recurring items
of EUR -76 (-16) thousand. The comparative operating result was therefore EUR
-145 (457) thousand. Despite the intensified competition caused by the weaker
market situation, the net sales of the Special Transports and Projects business
unit only declined by 5% compared to the corresponding period in 2012. However,
the margins on received orders remained at an unsatisfactory level on average.
The results of the profit improvement programme commenced late in the year will
not be reflected in the result until the next financial year.

Transit Logistics

The Transit Logistics business unit's net sales for the review period amounted
to EUR 9,764 (13,903) thousand and the operating result was EUR -1,108 (2,510)
thousand. The operating result includes non-recurring items of EUR -196 (-42)
thousand. The comparative operating result was therefore EUR -912 (2,552)
thousand. The result of Transit Logistics declined in the review period,
particularly due to a decrease in container volumes transported to the CIS area
and Central Asia through the Baltic countries. The volume of transit logistics
in Finland operated by the Group's Finnish units remained low due to the
decreased market share of Finnish ports and the uncertain situation with
respect to TIR shipments. The export transport volumes and chemical storage
services of the Kotka unit helped compensate for the reduced transit volume.

Forwarding and Value Added Services

The net sales of the Forwarding and Value Added Services business unit for the
review period amounted to EUR 12,604 (11,774) thousand and the operating result
was EUR -3,516 (-3,805) thousand. The operating result includes non-recurring
items of EUR -300 (-41) thousand. The comparative operating result was
therefore EUR -3,216 (-3,763) thousand. The operational loss of the Vuosaari
logistics centre was EUR 2.2 (2.8) million for the financial year. The action
programme to improve profitability had the expected impact on the development
of the result of terminal operations in Vuosaari, while the demand for
forwarding operations remained low. The impacts of further efficiency
improvement measures implemented in the fourth quarter will not be reflected in
the result until the next financial year.

NET SALES BY UNIT 1-12/2013 1-12/2012
---------------------------------------------------------
EUR 1,000
---------------------------------------------------------
Railway Logistics 33,131 43,620
---------------------------------------------------------
Special Transports and Projects 8,874 9,375
---------------------------------------------------------
Transit Logistics 9,764 13,903
---------------------------------------------------------
Forwarding and Value Added Services 12,604 11,774
---------------------------------------------------------
Eliminations -530 -276
---------------------------------------------------------
Total 63,844 78,396

OPERATING RESULT BY UNIT 1-12/2013 1-12/2012
---------------------------------------------------------
EUR 1,000
---------------------------------------------------------
Railway Logistics 5,062 6,275
---------------------------------------------------------
Special Transports and Projects -221 441
---------------------------------------------------------
Transit Logistics -1,108 2,510
---------------------------------------------------------
Forwarding and Value Added Services -3,516 -3,805
---------------------------------------------------------
Total 216 5,421
---------------------------------------------------------

NET SALES AND FINANCIAL PERFORMANCE IN THE FOURTH QUARTER

The net sales for the fourth quarter of 2013 amounted to EUR 14.4 million
(2012: EUR 18.4 million), which represents a decrease of 21.6% compared to
2012. The reported operating result was EUR -892 (684) thousand. The operating
result includes non-recurring items of EUR -975 (2012: -217) thousand. The
non-recurring expenses during the fourth quarter of 2013 were the result of
adjustment measures related to the profit improvement programme, as well as
personnel arrangements and restructuring.

The depreciation of the Russian rouble during the fourth quarter decreased the
company's financial result by EUR 0.2 million. This exchange rate loss had no
cash flow impact. The financial expenses for the fourth quarter also include a
non-recurring debt arrangement cost of EUR 0.3 million.

The net sales and operating result of Railway Logistics declined in the fourth
quarter as demand weakened due to increased uncertainty in the market. Volumes
decreased particularly in export transport from Finland to Russia. In addition,
a slight decline in demand in the internal market of Russia and its
neighbouring countries led to increased price competition.

The Special Transports and Projects business unit's net sales decreased and
operating result weakened substantially in the fourth quarter compared to the
corresponding period in 2012. The market situation improved slightly, but the
improvement in the order backlog will not be reflected in the result until the
next financial year.

In Transit Logistics, the development of the result also weakened in the fourth
quarter, particularly in the Baltic countries. In Finnish operations, volumes
fluctuated throughout the year and turned to an increase late in the review
period.

In Forwarding and Value Added Services, net sales increased substantially
compared to the corresponding period in 2012 and grew slightly from the third
quarter of 2013. The operational loss of the Vuosaari logistics centre was EUR
0.6 million in the fourth quarter, compared to EUR 0.8 million in the
corresponding period in 2012.

NET SALES BY UNIT 10-12/2013 10-12/2012 Change
-------------------------------------------------------------------
EUR 1,000
-------------------------------------------------------------------
Railway Logistics 7,465 10,346 -2,881
-------------------------------------------------------------------
Special Transports and Projects 1,838 2,519 -681
-------------------------------------------------------------------
Transit Logistics 2,161 2,755 -594
-------------------------------------------------------------------
Forwarding and Value Added Services 3,126 2,797 329
-------------------------------------------------------------------
Eliminations -153 -13 -140
-------------------------------------------------------------------
Total 14,436 18,404 -3,968
-------------------------------------------------------------------

OPERATING RESULT BY UNIT 10-12/2013 10-12/2012 Change
-------------------------------------------------------------------
EUR 1,000
-------------------------------------------------------------------
Railway Logistics 1,075 1,456 -381
-------------------------------------------------------------------
Special Transports and Projects -248 65 -313
-------------------------------------------------------------------
Transit Logistics -577 306 -883
-------------------------------------------------------------------
Forwarding and Value Added Services -1,141 -1,143 2
-------------------------------------------------------------------
Total -892 684 -1,576
-------------------------------------------------------------------

OUTLOOK

Nurminen Logistics expects that its key market of Russia and its neighbouring
countries will grow in 2014 based on already concluded customer agreements and
the stable outlook of the Russian railway market in 2014-2015. Demand in the
Finnish market is expected to be better than in 2013.

Nurminen Logistics expects its net sales, operating result and earnings per
share to improve compared to 2013.

The company's long-term goal is to grow at a faster rate than the market, on
average by over 15% per year. Going forward, over 50% of net sales will come
from the growth markets of Russia and its neighbouring countries. The company's
further long-term goals are to improve profitability, achieve an operating
profit level of 10 per cent and return on equity of 20 per cent.

SHORT-TERM RISKS AND UNCERTAINTIES

Sustained uncertainty in the world economy may result in lower industrial
production volumes and, as a consequence, weaker demand for the company's
services and the cancellation of orders. Unfavourable market development in
Russia and its neighbouring countries, in particular, would have a negative
effect on the development of the company's net sales and result.

Overcapacity in Finnish ports keeps price competition intense. The company
operates in Vuosaari, Kotka, Hamina, Turku and Rauma harbours, and therefore
the variation in volume development of these ports has an effect on the
company's result.

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 import taxes from the year 2009. The company's liability for the import
taxes is, at a maximum, EUR 0.5 million. The company does not consider itself
liable for the aforementioned import taxes and has not recorded provisions for
the associated costs. If there is a case for subsequent levy, the company's
view is that the levy should primarily be directed at the bankruptcy estate of
VG Cargo Plc and be paid from its 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.

The company has received notification of an adjustment decision pertaining to
the taxation of the pre-demerger John Nurminen Ltd for the financial year 2007.
The former John Nurminen Ltd was demerged on 1 January 2008 according to a
demerger plan dated 7 September 2007, with the two receiving companies being
the new John Nurminen and Kasola Plc. Kasola Plc subsequently changed its name
to Nurminen Logistics Plc. According to the adjustment decision, the tax due is
EUR 0.4 million. The allocation of the tax liability between the new John
Nurminen Ltd and Nurminen Logistics Plc will be determined in arbitration
proceedings.

The potential resolution of the aforementioned disputes in favour of the
counterparty would not affect the company's operating capacity or ability to
fulfill its commitments or other obligations.

FINANCIAL POSITION AND BALANCE SHEET

The company's cash flow from operations was EUR 3,476 thousand. Cash flow from
investments was EUR 3,419 thousand. Cash flow from financing activities
amounted to EUR -8,122 thousand.

At the end of the review period, cash and cash equivalents amounted to EUR
3,553 thousand. Liquidity remained at a satisfactory level during the review
period, but the weak results of fourth quarter have been weakening the
liquidity in the beginning of 2014. Financing negotiations related to the
company's continuing business operations are planned to be held in the first
quarter of 2014. The management is confident that the negotiations will reach a
positive outcome.

The Group's interest-bearing debt totalled EUR 23.8 million at the end of the
financial year, while net interest-bearing debt amounted to EUR 20.2 million.

The balance sheet total was EUR 57.5 million and the equity ratio was 36.4%.

CAPITAL EXPENDITURE

The Group's gross capital expenditure during the review period amounted to EUR
429 (1,145) thousand, accounting for 0.7% of net sales. Depreciation totalled
EUR 3.5 (4.0) million, or 5.5% of net sales.

GROUP STRUCTURE

The company turned its operations in Finland into independent companies at the
end of 2012. In the transformation, Nurminen Logistics Plc's Forwarding and
Value Added Services, Railway Logistics and Transit Logistics business units
formed one independent company, named Nurminen Logistics Services Oy, and the
Special Transports and Projects business unit was transformed into another
independent company, named Nurminen Logistics Heavy Oy. The new Finnish
companies started operating under the new structure on 1 January 2013. The
companies responsible for the Estonian and Lithuanian operations of Nurminen
Logistics Plc were transferred directly under the parent company in 2012. The
Russian operations will continue as a separate company directly under the
parent company. These implemented structural changes have no impact on Group
reporting.

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%), Nurminen Logistics
Services Oy (100%), Nurminen Logistics Heavy Oy (100%), Nurminen Logistics
Finland Oy (100%), OOO John Nurminen, St. Petersburg (100%), Nurminen Maritime
Latvia SIA (51%), Pelkolan Terminaali Oy (20%), ZAO Irtrans (100%), OOO
Nurminen Logistics (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%).

RESEARCH AND DEVELOPMENT

Nurminen Logistics offers logistics services and aims to constantly develop
these services both on its own and in cooperation with its partners. Due to the
nature of its operations the company did not have separate research and
development costs in its income statement in 2013.

PERSONNEL

At the end of the review period the Group's number of personnel stood at 261,
compared to 341 on 31 December 2012. The number of employees working abroad was
66.

The Railway Logistics unit had 96 employees, the Special Transports and
Projects unit had 23 employees, the Transit Logistics unit had 80 employees and
the Forwarding and Value Added Services unit had 43 employees. Management and
administrative personnel comprised 19 employees.Personnel expenses in 2013
totalled EUR 14.6 million (2012: EUR 15.9 million).

The company issued a stock exchange release on 19 March 2013 announcing the
conclusion of co-determination negotiations held during the review period. As a
result of the negotiations, the company decided to reorganise and improve the
efficiency of processes, streamline its management structure and consolidate
operations. This requires a reduction in personnel of approximately 23
employees and the cost savings are estimated at roughly EUR 700 thousand in
2013 and approximately EUR 1,100 thousand from 2014 onwards. The non-recurring
costs associated with this, approximately EUR 200 thousand, were lower than
expected and recorded in the first quarter of the year.

The company issued a stock exchange release on 22 April 2013 to announce that
Nurminen Logistics Services Oy and Transval Handling Oy have signed an
agreement for the outsourcing of goods handling at Nurminen Logistics' Vuosaari
terminal. The agreement took effect on 1 May 2013, with 20 employees previously
employed by Nurminen Logistics Services Oy transferring to Transval Handling Oy
on the same date. The change did not involve any reductions in personnel and
the employees transferred to the new employer as existing employees.

The company announced on 25 June 2013 that the co-determination negotiations
started on 12 June 2013 pertaining to terminal and forwarding personnel in
Nurminen Logistics Services Oy's Railway Logistics business unit have come to a
close and as a result, the terminal and forwarding personnel of the Railway
Logistics business unit will be laid off for a maximum of 90 days. The layoffs
will take effect before the end of the second quarter of 2014. In addition, the
company is looking into other options for the reorganisation of work, which may
lead to the dismissal of a maximum of 10 persons. The measures agreed on in the
negotiations affect a total of 67 employees. The cost savings associated with
the adjustments implemented as a result of the co-determination negotiations
are estimated at approximately EUR 200 thousand in 2013.

The company issued a stock exchange release on 8 November 2013 to announce that
it has concluded the statutory co-determination negotiations on the efficiency
programme announced on 20 September 2013. The aim of the efficiency improvement
programme is to improve profitability, competitiveness and operational
requirements in a challenging business environment. The terminal in Vainikkala
will be closed down and the terminal functions will be transferred to the
Luumäki terminal. Forwarding functions will continue in Vainikkala. According
to preliminary estimates, the need for personnel cuts was estimated to be
approximately 40 employees. Retirements and relocation within the Group may
have effects on the need for reductions. The annual savings from reductions
that will be made on the basis of the negotiations are about EUR 2 million
starting from 2014. The non-recurring expenses arising from the need for
personnel reduction amount to approximately EUR 600 thousand, which was
recognised for the last quarter of 2013.

CHANGES IN THE TOP MANAGEMENT

The Nurminen Logistics Plc's President and CEO Topi Saarenhovi left his
position on 19 November 2013. The Board of Directors of Nurminen Logistics Plc
appointed Mr. Olli Pohjanvirta (LL.M.) as President and CEO of the Company. Mr.
Pohjanvirta has previously acted as the Chairman of the Board of Directors of
the Company. Mr. Olli Pohjanvirta started immediately in the position of the
President and CEO. Mr. Olli Pohjanvirta has resigned from his position as the
Chairman of the Board of Directors of the Company. The Board of Directors of
the Company appointed Tero Kivisaari (Master Degrees in Science and Economics)
as the Chairman of the Board. This information was published in a stock
exchange release on 19 November 2013.

Nurminen Logistics concluded on 8 November 2013 the statutory co-determination
negotiations on the efficiency programme announced by the company on 20
September 2013. The aim of the efficiency improvement programme is to improve
profitability, competitiveness and operational requirements in a challenging
business environment. The company merged the Transit Logistics units in Kotka
and Hamina into the Forwarding and Value Added Services business unit, in which
three new business lines was created. The new business lines were Forwarding,
Cargo Handling and Neutral Logistics Outsourcing (4PL). Topi Saarenhovi,
President and CEO, was responsible for the new merged business unit. Mike
Karjagin was appointed as the head of the Forwarding business line, Risto
Holopainen as the head of the Cargo Handling business line and Janne Lehtimäki
as the head of the Neutral Logistics Outsourcing (4PL) business line. The new
business line heads assumed their positions on 11 November 2013. The above
restructuring resulted in changes in Nurminen Logistics' Executive Board. As of
11 November 2013, the line-up of Nurminen Logistics Plc's Executive Board was
as follows: Topi Saarenhovi (President and CEO), Paula Kupiainen (CFO), Fedor
Larionov (Senior Vice President, Railway Logistics) and Hannu Vuorinen (Senior
Vice President, Special Transports and Projects). This information was
published in a stock exchange release on 8 November 2013.

The company issued a stock exchange release on 31 December 2013 to announce
that it gives up the 4PL business and sells it to the business' operative
management.

Mr. Risto Miettinen, Senior Vice President responsible for IT and Quality and
member of Nurminen Logistics Plc's Executive Board, left his post on 30
September 2013. Risto Miettinen was a member of the Executive Board since 2012
and in the service of the company since 1994. Paula Kupiainen, CFO and member
of the Executive Board, has assumed responsibility for IT in addition to her
own duties as of 1 October 2013. Forwarding Manager Mika Eloranta has assumed
responsibility for Nurminen Logistics' quality and environmental systems in
addition to his own duties as of 1 October 2013. The size of Nurminen
Logistics' Executive Board decreased from six members to five as a result of
the change. As of 1 October 2013, Nurminen Logistics' Executive Board consisted
of the following members: Topi Saarenhovi, President and CEO; Paula Kupiainen,
CFO; Fedor Larionov, Senior Vice President, Railway Logistics; Janne Lehtimäki,
Senior Vice President, Forwarding and Value Added Services and Hannu Vuorinen,
Special Transports and Projects. This information was published in a stock
exchange release on 17 September 2013.

Mr. Fedor Larionov, 42, was appointed the new Senior Vice President of Nurminen
Logistics' Railway Logistics business unit as well as a member of the Group's
Executive Board. Larionov is based in St. Petersburg and reports to Topi
Saarenhovi, President and CEO. Before joining Nurminen Logistics, Larionov had
been the Director of the St. Petersburg branch of Daher CIS since 2011.
Larionov joined Nurminen Logistics on 29 July 2013. Mr. Artur Poltavtsev, the
previous Senior Vice President of Railway Logistics and member of the Executive
Board, decided to leave the company on June 30, 2013. Railway Logistics
business unit reported directly to CEO Topi Saarenhovi until 28 July 2013. The
company issued a stock exchange release on this on 27 June 2013.

ENVIRONMENTAL FACTORS

Nurminen Logistics seeks environmentally friendly and efficient transport
solutions as part of the development of its services. All services provided by
the company in Finland are covered by a certified environmental management
system that meets the requirements of the ISO 14001:2004 standard.

SHARES AND SHAREHOLDERS

Nurminen Logistics Plc's share has been quoted on the main list of NASDAQ OMX
Helsinki Ltd under the current company name since 1 January 2008. The total
number of Nurminen Logistics Plc's registered shares is 13,012,737 and the
registered share capital is EUR 4,214,521. The company has one share class and
all shares carry equal rights in the company. The company name was Kasola Oyj
until 31 December 2007. The company was listed on the Helsinki Stock Exchange
in 1987.

The trading volume of Nurminen Logistics Plc's shares was 190,092 during the
period from 1 January to 31 December 2013. This represented 1.5% of the total
number of shares. The value of the turnover was EUR 369,328. The lowest price
during the review period was EUR 1.52 per share and the highest EUR 2.20 per
share. The closing price for the period was EUR 1.60 per share and the market
value of the entire share capital was EUR 20,820,379.20 at the end of the
period.

At the end of the 2013 financial year the company had 567 shareholders. At the
end of 2012 the number of shareholders stood at 525.

On 13 May 2013, the Board of Directors of Nurminen Logistics Plc decided on a
directed share issue without consideration by authorisation of the company's
Annual General Meeting of Shareholders held on 15 April 2013. A total of
124,339 shares were issued in the directed share issue without consideration,
comprising 16,330 in own shares held by the company and 108,009 in new shares.
The issued shares were used for reward payments associated with Nurminen
Logistics Group's Share-based Incentive Plan 2011-2012 for key personnel
according to the achievement of targets established for the earnings criteria
approved by the Board of Directors as well as for the Board's remuneration
payments for the term ending at the 2014 Annual General Meeting. The newly
issued shares, numbering 108,009, were entered in the Trade Register on 12 June
2013. The shares give their holder the right to dividends and other shareholder
rights as of the date of registration. After the registration of the new
shares, the total number of Nurminen Logistics Plc's shares stood at
13,012,737. The shares entered in the Trade Register were subject to public
trading as of 13 June 2013. Stock exchange releases on the matter were
published on 14 May and 12 June 2013.

After the share issue without consideration announced by Nurminen Logistics on
14 May 2013, the company did not hold any of its own shares. The company issued
a stock exchange release on 27 June 2013 to announce changes in its Executive
Board. As a result of the changes, the number of shares paid as incentives to
key personnel decreased from 80,005 to 69,760.

After the return of the shares, in the end of 2013 the company held 10,245 of
its own shares, corresponding to 0.079% of votes.

In accordance with the decision of the Board of Directors, the company
distributed on 31 May 2012 as repayment of equity EUR 0.08 per share from the
reserves for invested unrestricted equity.

DECISIONS MADE BY THE ANNUAL GENERAL MEETING OF SHAREHOLDERS

Nurminen Logistics Plc's Annual General Meeting of Shareholders held on 15
April 2013 made the following decisions:

Adoption of the financial statements 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 2012 - 31 December 2012 and released the Board of Directors and the
Managing Director from liability.

Repayment of equity from the reserves for invested unrestricted equity

In accordance with the proposal of the Board of Directors, the Annual General
Meeting of Shareholders resolved that EUR 0.08 per share shall be distributed
from the reserves for invested unrestricted equity as repayment of equity on
the basis of the adopted balance sheet in respect of the financial year ending
on 31 December 2012. The repayment of equity is paid to shareholders registered
in the company's shareholders' register held by Euroclear Finland Ltd on the
record date 18 April 2012. The payment date is 31 May 2013.

Composition and remuneration of the Board of Directors

The Annual General Meeting of Shareholders resolved that the Board of Directors
shall consist of six (6) ordinary members. The Annual General Meeting of
Shareholders re-elected the following ordinary members to the Board of
Directors: Tero Kivisaari, Jan Lönnblad, Juha Nurminen, Jukka Nurminen and Olli
Pohjanvirta. Alexey Grom was elected as a new member of the Board of Directors.
In its organising meeting immediately following the Annual General Meeting of
Shareholders, the Board of Directors elected Olli Pohjanvirta as the Chairman
of the Board. The Board of Directors also appointed an Audit Committee. The
members of the Audit Committee are Tero Kivisaari and Jukka Nurminen.

The Annual General Meeting of Shareholders resolved that 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 2014 remuneration level will be as follows:
annual remuneration of EUR 80,000 for the Chairman and EUR 20,000 for the other
members. Additionally a meeting fee of EUR 1,000 per meeting for the Board and
Board Committee meetings shall be 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. 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 Article 2 of the Articles of Association

In accordance with the proposal of the Board of Directors, the Annual General
Meeting of Shareholders resolved to amend Article 2 (line of business) of the
Articles of Association and add the following sentences to it: ”In its capacity
as the parent company, the company can attend to the administration, human
resources management, financing, finances, information management, legal
affairs and communications as well as other joint services and tasks of the
Group. The company may engage in operations itself and through subsidiaries and
associated companies and joint ventures.”

After the amendment, Article 2 of the Articles of Association read as follows:

“§2 The company's business area is to produce and provide logistics and
forwarding services, engage in transport and in financing activities and other
activities related to the above in Finland and abroad. With respect to the
forwarding business the company may grant guarantees to parties levying customs
duties, taxes and other public fees. To conduct its activities, the company may
own and possess properties, hold shares in companies that support and
complement its activities and engage in leasing of office and warehouse
premises. In addition, the company may acquire, own and sell securities. In its
capacity as the parent company, the company can attend to the administration,
human resources management, financing, finances, information management, legal
affairs and communications as well as other joint services and tasks of the
Group. The company may engage in operations itself and through subsidiaries and
associated companies and joint ventures.”

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 2014.

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 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 2014.

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 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.

AUTHORISATIONS GIVEN TO THE BOARD

Authorising the Board of Directors to decide on the repurchase of the company's
own shares

The authorisation remains in force until 30 April 2014.

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.

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 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
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 2014.

OTHER EVENTS DURING THE REVIEW PERIOD

Nurminen Logistics to give up the 4PL business

The company announced on 31 December 2013 that it sells its 4PL business to the
business operative management. The parties have agreed not to disclose the sale
price. Three employees will transfer in connection with the transaction. The
business transaction has no effect on Nurminen Logistics Plc's result.

Nurminen Logistics to become the largest paper and cardboard handler at the
Port of Helsinki

The company announced on 27 September 2013 that it has signed a significant
contract with the paper and pulp company Sappi to handle paper products at
Nurminen Logistics' terminal at Vuosaari Harbour. Sappi will consolidate all ofits shipping through the Port of Helsinki to Nurminen Logistics' terminal in
Vuosaari. The cooperation will gradually start with limited quantities in Q4
2013 to be fully operational on the effective start date of 1 January 2014,
date when the volume transfer will be finalized. Nurminen Logistics has also
signed a two-year extension contract with Metsä Board for handling cardboard at
Vuosaari Harbour. The combined annual sales from the two contracts will be in
excess of EUR 5 million. The paper and cardboard handling volume in Vuosaari
will be some 350,000 tonnes per year, equivalent to approximately 31,000 (TEU)
containers.

Nurminen Logistics to carry out a large project delivery to Belarus

Nurminen Logistics announced on 30 August 2013 that it will carry out the
overall machinery delivery to Svetlogorsk, Belarus for the pulp mill of the
mechanical engineering group Andritz. The value of logistics in this large
project is more than EUR 2 million. The project delivery consists of more than
450 loads, approximately one third of which are special transports. In addition
to transport, the Svetlogorsk delivery includes the overall management of
transport logistics in the project. Transports for the project have started and
will continue until mid-2014.

Liquidity providing in the share of Nurminen Logistics Plc ended

The company issued a stock exchange release on 17 January 2013 announcing that
the market making in accordance with the liquidity providing agreement between
Nurminen Logistics Plc and Evli Bank Plc for the share of Nurminen Logistics
Plc will end on 18 February 2013.

EVENTS AFTER THE REVIEW PERIOD

Change in Nurminen Logistics' Executive Board

The company announced on 8 January 2014 that Mr. Marko Tuunainen, M.Sc. (Econ),
aged 43, has been appointed the Senior Vice President of Nurminen Logistics
Plc's Forwarding and Value Added Services business unit and member of the
Executive Board of Nurminen Logistics. He reports to Olli Pohjanvirta,
President and CEO. Mr. Tuunainen started in his new position on 14 January
2014. Before joining Nurminen Logistics, Marko Tuunainen worked as the CEO of
iResponse Solutions Oy.

Due to this change the size of Nurminen Logistics' Executive Board increased
from four members to five. From 14 January 2014, Nurminen Logistics' Executive
Board consists of the following members:

Olli Pohjanvirta, President and CEO
Paula Kupiainen, CFO
Fedor Larionov, Senior Vice President, Railway Logistics
Marko Tuunainen, Senior Vice President, Forwarding and Value Added Services
Hannu Vuorinen, Senior Vice President, Special Transports and Projects.

The Board of Directors of Nurminen Logistics Plc decided on a new stock option
plan

The company announced on 14 January 2014 a new key employee stock option plan.
The company has a weighty financial reason for the issue of stock options,
since the stock options are intended to form part of the incentive and
commitment program for the Group key employees. The purpose of the stock
options is to encourage the key employees to work on a long-term basis to
increase shareholder value. The purpose of the stock options is also to commit
the key employees to the employer.

The maximum total number of stock options issued is 1,500,000, and they entitle
their owners to subscribe for a maximum total of 1,500,000 new shares in the
company or existing shares held by the company. The stock options will be
issued gratuitously. Of the stock options, 500,000 are marked with the symbol
2014A, 500,000 are marked with the symbol 2014B and 500,000 are marked with the
symbol 2014C. The Board of Directors will decide upon the distribution of stock
options to the key employees.

The number of shares subscribed by exercising stock options now issued
corresponds to a maximum total of 10.34 per cent of all shares and votes of the
shares in the company after the potential share subscription, if new shares are
issued in the share subscription.

The share subscription price of the stock options 2014 is EUR 1.60 per share.
The share subscription price is based on the prevailing price of the company's
share. The share subscription price will be credited to the reserve for
invested unrestricted equity.

The share subscription period, for stock option 2014A will be 1 April 2015 - 31
March 2018, for stock option 2014B, 1 April 2016 - 31 March 2018, and for stock
option 2014C, 1 April 2017 - 31 March 2018. The share subscription period will
begin only if the Group's net result is positive during the period of time
determined by the Board of Directors.

After the share subscriptions with stock options, the number of the company's
shares may be increased by a maximum total of 1,500,000 shares, if new shares
are issued in the share subscription.

The Board of Directors decided on the new stock option plan on the basis of the
authorization granted by the company's Annual General Meeting held on 15 April
2013. Approximately 10 key employees, including the members of the Group's
Executive Board and other separately named executives, belong to the target
group of the plan. For all key employees, the prerequisite for receiving stock
options is share ownership in the company.

Nurminen Logistics Plc arranges a share issue to the personnel

The Board of Directors of Nurminen Logistics Plc has decided on 14 January 2014
to arrange a share issue directed to the personnel. In the share issue, new
shares in the company will be offered for subscription to all Group employees.

In the share issue, a maximum total of 200,000 new shares in the company will,
in deviation from the shareholders' pre-emptive right, be offered for
subscription to the Group personnel. The company has a weighty financial reason
for the deviation from the shareholders' pre-emptive right, since the purpose
of the share issue is to encourage the personnel to acquire and own the
company´s shares. The Group employs 197 people in Finland and 66 people outside
Finland.

The share subscription price is EUR 1.48 per share. The share subscription
price is based on the trade volume weighted average quotation of the company's
share on NASDAQ OMX Helsinki Ltd between 1 December 2013 and 31 December 2013,
and on a discount of 10 per cent calculated from such price. The trade volume
weighted average quotation of the company's share during the above period is
EUR 1.64 per share. The share subscription period will be 10 March-20 March
2014, and approved subscriptions must be paid no later than 11 April 2014. The
minimum subscription is 100 shares.

The decision on the share issue is based on the authorization granted by the
Annual General Meeting of Shareholders on 15 April 2013.

Change in Nurminen Logistics' own shares

A total of 10,030 shares granted as share-based incentives have been returned
to Nurminen Logistics on February 6, 2014 in accordance with the terms of the
incentive plan as the employment ended. Nurminen Logistics holds now a total of
20,275 its own shares. The number of own shares corresponds to 0.2% of all
Nurminen Logistics shares. This information was published in a stock exchange
release on 6 February 2014.

Nurminen Logistics will centralise its railway terminal operations to Luumäki

Nurminen Logistics announced on 20 January 2014 its plans to reduce its
terminal capacity and transfer terminal operations from the Niirala terminal to
the Luumäki terminal. Due to the personnel impact of the planned changes,
Nurminen Logistics launched co-determination negotiations concerning the
terminal and forwarding personnel of the Niirala location. The co-determination
negotiations were concluded on 11 February 2014, and the company has decided to
shut down the Niirala terminal and centralise its railway terminal operations
to Luumäki. Project deliveries through the Niirala project field will be
continued. As a result of the negotiations, Nurminen Logistics will permanently
lay off a maximum of nine people in Niirala. The lay-offs will be carried out
without delay. The company will support those being laid off to find new
employment. According to preliminary estimates, Nurminen Logistics will record
approximately EUR 0.2 million of expenses related to the arrangement to the
first quarter of 2014. The arrangement will save EUR 0.4 million annually from
2015 onwards.

By centralising its railway terminal operations to the Luumäki terminal,
Nurminen Logistics will adapt its operations to the market change taking place
in Finland, in which railway wagons are more often loaded directly at the
factory, and geographical routes change. The company's strategy is to
strengthen its position in domestic railway transport in Russia and nearby
countries, railway transport between Finland and Russia, as well as in special
and project transport. These changes will not affect this strategy.

BOARD OF DIRECTORS' PROPOSAL FOR PROFIT DISTRIBUTION

Based on the financial statements as at 31 December 2013, the parent company's
distributable equity is 32,031,057.66 euros. The Board of Directors proposes to
the Annual General Meeting that that no dividend shall be distributed for the
financial year 2013.

ANNUAL GENERAL MEETING 2014

The Annual General Meeting of Nurminen Logistics Plc will take place on
Tuesday, 8 April 2014 starting at 1.00 p.m. at the address Satamakaari 24,
00980 Helsinki, Finland.

CORPORATE GOVERNANCE STATEMENT

The Corporate Governance Statement of Nurminen Logistics Plc will be published
on 13 March 2014 on the company's website at www.nurminenlogistics.com.

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, President and CEO,

tel. +358 10 545 2431

DISTRIBUTION
NASDAQ OMX Helsinki
Major media

www.nurminenlogistics.com

Nurminen Logistics is a listed company established in 1886 that offers
logistics services. The company provides high-quality railway transports,
project transport services, special transports and forwarding and cargo
handling services to its customers. The main market areas of Nurminen Logistics
are Finland, Russia and its neighbouring countries.

TABLES

Tables concerning business units are presented in the verbal part of the
financial statement release.

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME 1-12/20 1-12/20
13 12
---------------------------------------------------------------
EUR 1,000
NET SALES 63 844 78 396
Other operating income 1 834 721
Materials and services -29 189 -33 801
Employee benefit expenses -14 606 -15 900
Depreciation, amortisation and impairment losses -3 538 -4 004
Other operating expenses -18 129 -19 991
OPERATING RESULT 216 5 421
Financial income 55 478
Financial expenses -3 444 -2 040
Share of profit in equity-accounted investees 126 185
RESULT BEFORE TAX -3 048 4 044
Income taxes -899 -1 360
PROFIT/LOSS FOR THE PERIOD -3 947 2 684
Other comprehensive income
Other comprehensive income to be reclassified to profit or
loss in subsequent periods:
Translation differences -2 287 867
Other comprehensive income for the period after tax -2 287 867
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD -6 234 3 552
Result attributable to
Equity holders of the parent company -4 149 682
Non-controlling interest 202 2 002
Total comprehensive income attributable to
Equity holders of the parent company -6 436 1 550
Non-controlling interest 202 2 002
EPS undiluted -0,32 0,05
EPS diluted -0,32 0,05

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME 10-12/2 10-12/2 Change
013 012
-------------------------------------------------------
EUR 1,000
NET SALES 14 436 18 404 -3 968
Other operating income 56 217 -161
Materials and services -6 203 -7 725 1 522
Employee benefit expenses -4 089 -4 017 -72
Depreciation, amortisation and impairment losses -789 -976 187
Other operating expenses -4 303 -5 219 917
OPERATING RESULT -892 684 -1 576
Financial income 3 25 -22
Financial expenses -986 -624 -363
Share of profit in equity-accounted investees 45 57 -11
RESULT BEFORE TAX -1 830 142 -1 972
Income taxes -192 -294 102
PROFIT/LOSS FOR THE PERIOD -2 022 -151 -1 871
Other comprehensive income
Other comprehensive income to be reclassified to
profit or loss in subsequent periods:
Translation differences -721 -158 -563
Other comprehensive income for the period after tax -721 -158 -563
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD -2 743 -309 -2 434
Result attributable to
Equity holders of the parent company -1 917 -339 -1 578
Non-controlling interest -105 188 -293
Total comprehensive income attributable to
Equity holders of the parent company -2 638 -497 -2 141
Non-controlling interest -105 188 -293
EPS undiluted -0,15 -0,03 -0,12
EPS diluted -0,15 -0,03 -0,12

CONSOLIDATED STATEMENT OF FINANCIAL POSITION 31.12.2013 31.12.2012
---------------------------------------------
EUR 1,000
ASSETS
Non-current assets
Property, plant, equipment 31 492 38 737
Goodwill 9 516 9 516
Other intangible assets 530 813
Investments in equity-accounted investees 295 389
Receivables 35 35
Deferred tax assets 926 1 068
NON-CURRENT ASSETS 42 795 50 558
Current assets
Trade and other receivables 11 045 14 157
Current tax receivables 93 156
Cash and cash equivalents 3 553 4 901
CURRENT ASSETS 14 691 19 214
TOTAL ASSETS 57 486 69 772
EQUITY AND LIABILITIES
Share capital 4 215 4 215
Other reserves 19 591 20 622
Translation differences -4 193 -3 276
Retained earnings 720 5 799
Non-controlling interest 558 2 437
EQUITY, TOTAL 20 891 29 797
Non-current liabilities
Deferred tax liabilities 350 431
Other liabilities 561 656
Interest-bearing finance liabilities 14 849 17 571
NON-CURRENT LIABILITIES 15 760 18 658
Current liabilities
Current tax liabilities 88 283
Interest-bearing finance liabilities 8 902 11 536
Trade payable and other liabilities 11 846 9 497
CURRENT LIABILITIES 20 835 21 317
TOTAL LIABILITIES 36 595 39 975
TOTAL EQUITY AND LIABILITIES 57 486 69 772

CONDENSED CONSOLIDATED CASH FLOW STATEMENT 1-12/20 1-12/20
13 12
---------------------------------------------------------------
CASH FLOW FROM OPERATING ACTIVITIES
Profit/Loss for the period -3 947 2 684
Gains and losses on disposals of property, plant and equipment -1 685 -559
and other non-current assets
Depreciation, amortisation and impairment losses 3 538 4 004
Unrealised foreign exchange gains and losses 1 071 -322
Other adjustments 2 297 2 603
Paid and received interest -1 400 -1 300
Taxes paid -1 244 -1 160
Changes in working capital 4 848 -1 578
Cash flow from operating activities 3 476 4 372
CASH FLOW FROM INVESTING ACTIVITIES
Proceeds from sale of property, plant and equipment and 3 863 639
intangible assets
Investments in property, plant and equipment and intangible -446 -1 151
assets
Proceeds from sale of other investments 2 0
Cash flow from investing activities 3 419 -512
CASH FLOW FROM FINANCING ACTIVITIES
Investment by non-controlling interest 0 63
Acquisition of own shares 0 -70
Changes in liabilities -5 360 66
Dividends paid / repayments of equity -2 762 -1 532
Cash flow from financing activities -8 122 -1 474
CHANGE IN CASH AND CASH EQUIVALENTS -1 349 2 411
Cash and cash equivalents at beginning of period 4 901 2 490
Cash and cash equivalents at end of period 3 553 4 901

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
1-12/12 EUR 1,000
--------------------------------
Equity 1.1.2012 4215 86 2378 19131 -3699 4673 1064 27848
Result for the period 0 0 0 0 0 682 2002 2684
Total comprehensive income for 0 0 0 0 423 444 0 867
the period / translation
differences
Other changes 0 0 0 -70 0 -1 0 -71
Dividends / repayments of 0 0 0 -903 0 0 -628 -1532
equity
Equity 31.12.2012 4215 86 2378 18158 -3276 5799 2437 29797

STATEMENT OF CHANGES IN A B C D E F G H
EQUITY 1-12/13 EUR 1,000
------------------------------
Equity 1.1.2013 4215 86 2378 18158 -3276 5799 2437 29797
Result for the period 0 0 0 0 0 -4149 202 -3947
Total comprehensive income 0 0 0 0 -917 -1370 0 -2287
for the period / translation
differences
Other changes 0 0 0 0 0 441 -351 90
Dividends / repayments of 0 0 0 -1031 0 0 -1731 -2762
equity
Equity 31.12.2013 4215 86 2378 17127 -4193 721 558 20891

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 1-12/2013
Sales 4
Purchases 330
Interest expenses 8
Current liabilities 145

KEY FIGURES

KEY FIGURES 1-12/2013 1-12/2012
-------------------------------------
Gross capital expenditure, EUR 1,000 429 1 145
Personnel 277 342
Operating margin % 0,3 % 6,9 %
Share price development
Share price at beginning of period 1,88 1,78
Share price at end of period 1,60 1,88
Highest for the period 2,20 2,34
Lowest for the period 1,52 1,78
Equity/share EUR 1,56 2,12
Earnings/share (EPS) EUR, undiluted -0,32 0,05
Earnings/share (EPS) EUR, diluted -0,32 0,05
Equity ratio % 36,42 42,71
Gearing % 96,7 81,2

OTHER LIABILITIES AND COMMITMENTS

Contingencies and commitments, 1000 eur 31.12.2013 31.12.2012
----------------------------------------
Mortgages given 11 000 11 000
Book value of pledged subsidiary shares 46 516 27 952
Other contingent liabilities 13 875 14 580
Rent liabilities 67 194 73 954

The amount of rent liabilities as of 31.12.2012 has been changed from the
previous financial statements reporting due to reconciliation calculations.
Pledged subsidiary shares include the book value of the shares of OOO Nurminen
Logistics for the loan of 0,5 million euros that has been entirely repaid in
the beginning of 2014.

Accounting policies

The consolidated financial statements have been prepared in accordance with
International Financial Reporting Standards (IFRS) complying with the standards
and interpretations effective on 31 December 2013. This year-end report 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 2012 have also been applied in the preparation of the interim
financial information, with the changes mentioned below. Other adopted new and
amended IFRS-standards and interpretations have not had significant impact on
reported figures.

The Group has applied the following revised and amended standards as of 1
January 2013:

Amendments to IAS 1 Presentation of financial statements

Amendments to IFRS 7 Financial Instruments: Disclosures

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 year-end 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

________________________________________

Undiluted number of shares outstanding at the end of the financial year

Gearing (%) =

Interest-bearing liabilities - cash and cash equivalents

____________________________________________ X 100

Equity