2009-02-25 08:00:00 CET
2009-02-25 08:00:02 CET
REGULATED INFORMATION
Nurminen Logistics Oyj - Financial Statement Release
NURMINEN LOGISTICS PLC'S FINANCIAL STATEMENT RELEASE 2008
Nurminen Logistics Plc Stock Exchange Release 25 February 2009 9.00 am NURMINEN LOGISTICS PLC'S FINANCIAL STATEMENT RELEASE 2008 - Growth of net sales and profit met the company objectives during the review period despite the weakening of the market situation in the end of the year REVIEW PERIOD IN BRIEF Nurminen Care business unit is included in the figures until end of October. Review period 1 January - 31 December 2008 - Net sales were EUR 89.4 million (EUR 81.7 million). - Reported operating profit was EUR 5.5 million (EUR 4.5 million). - Operating profit excluding non-recurring items was EUR 5.2 million (EUR 4.5 million). - EBT was EUR 3.6 million (EUR 2.1 million) - Net profit was EUR 2.9 million (EUR 1.7 million). - Earnings per share: 0.17 Euros. Continuing operations 1 January - 31 December 2008 - Net sales were EUR 81.8 million (EUR 75.0 million). - Reported operating profit was EUR 4.6 million (EUR 3.7 million). - Operating profit excluding non-recurring items was EUR 4.3 million (EUR 3.7 million). - EBT was EUR 2.9 million (EUR 1.4 million) - Net profit was EUR 2.3 million (EUR 1.2 million). - Earnings per share: 0.13 Euros. Fourth quarter 1 October- 31 December 2008 - Net sales were EUR 21.7 million (EUR 20.2 million). - Reported operating profit was EUR 0.9 million (EUR 1.4 million) - Operating profit excluding non-recurring items was EUR 0.7 million (EUR 1.4 million). - EBT was EUR 0.1 million (EUR 0.3 million) - Net profit was EUR 0.2 million (EUR 0.2 million). - Earnings per share: 0.01 Euros. Continuing operations fourth quarter 1 October - 31 December 2008 - Net sales were EUR 20.9 million (EUR 18.1 million). - Reported operating profit was EUR 0.7 million (EUR 1.2 million). - EBT was EUR 0.0 million (EUR 0.1 million) - Net profit was EUR 0.2 million (EUR 0.1 million). - Earnings per share: 0.01 Euros. The Board of Directors proposes that a dividend of EUR 0.06 per share shall be distributed for the financial year 2008, which meets the company's dividend policy. Until 31 December 2007, Nurminen Logistics Plc was called Kasola Plc. The company sold its old operations (the "Kasola operations") in a transaction executed on 23 November 2007. Correspondingly, the company received its current operations (the "Nurminen Logistics operations") on 1 January 2008. These arrangements were described in more detail in earlier stock exchange releases and the registration document and securities note published by Kasola Plc on 7 December 2007. The comparative figures presented in the first section of this interim report are 2007 carve-out financial information of Nurminen Logistics operations demerged from John Nurminen LLC. Whenever comparative carve-out figures are not available they are not presented. Nurminen Logistics Plc and the minority shareholders signed on 10 October 2008 an agreement to divest the Nurminen Care business unit to a fund managed by private equity investor Sentica Partners Oy. The transaction was completed on 27 October and Nurminen Care is included in the group's financial information until end of October. Nurminen Logistics Plc divested its ambulance operator services in order to be able to focus on logistics and closely related operations as stated in its published strategy. Therefore, the review period figures have been divided to continuing and discontinued operations. BUSINESS ENVIRONMENT Nurminen Logistics strengthened its market share over the past year. The company's market share in railway export to Russia and other CIS countries is significant. The company maintained its strong position in the special and heavy transport market. The company achieved the financial objectives set for net sales and profitability. The market situation for Nurminen Cargo business unit was mainly positive during the year. Overall the first half of the year went according to expectations, and the demand situation remained excellent in third quarter. However, during fourth quarter the global economic crisis had a clear effect on demand. The fourth quarter volumes were lower than anticipated as companies attempted to reduce their inventory levels, and the normal year-end volume decline was unusually strong. Due to the changes in wood markets Nurminen Logistics drove down its wood operations as stated in its strategy. Operations in wood terminals in Russia ceased during the review period. A significant portion of the company's stanchion wagons have been modified or are in the process of being modified into flat wagons. The volumes of the Nurminen Heavy business unit vary with the rhythm of the deliveries of mechanical engineering industry. The decline of the demand situation caused a drop in Nurminen Heavy's volumes in fourth quarter. Economic uncertainty is at an exceptionally high level, and it is not possible to estimate the scale and duration of the current financial crisis. The decline in the volume of economy and foreign trade will also affect the outlook for Nurminen Logistics. Russian economy is forecasted to have no growth or to slightly decline during 2009. These forecasts are very sensitive to oil price development. Russian government's own forecast for the economic growth is -2.2%. Russian imports have grown very strongly in recent years. This growth will end and may even turn into decline. On the other hand, weakening of rouble will improve the competitiveness of Russian export industries, which will create opportunities for logistics service providers like Nurminen Logistics. TURNOVER AND FINANCIAL PERFORMANCE JANUARY-DECEMBER 2008 The net sales for the review period amounted to EUR 89.4 (2007: 81.7) million. Compared to the corresponding period last year the increase of the net sales was 9.4%. Reported operating profit was EUR 5,542 (4,527) thousand. The increase was 22.4%. Operating profit includes non-recurring profits of EUR 403 thousand (0) and non-recurring costs of EUR 81 (0) thousand. Therefore comparative operating profit was EUR 5,220 thousand and increased 15.3% compared to the corresponding period last year. The net sales of the continuing operations amounted to EUR 81.8 (2007: 75.0) million. Compared to the corresponding period last year the increase of the net sales was 9.1%. Operating profit of the continuing operations was EUR 4,638 (3,746) thousand. The increase was 23.8%. Operating profit includes non-recurring profits of EUR 403 thousand (0) and non-recurring costs of EUR 81 (0) thousand. Therefore comparative operating profit was EUR 4,316 thousand and increased 15.2% compared to the corresponding period last year. Non-recurring asset sale profits resulted in fourth quarter (EUR 217 thousand) when company divested its Nurminen Care segment and in first quarter (EUR 186 thousand) from other shareholders redeeming Nurminen Logistics Plc's shares in Turku Stevedoring Oy. Non-recurring costs were related to the winding-up of Moscow air cargo business during the first quarter. The winding-up was published in stock exchange release by Kasola Plc on 28 December 2007. The two last-mentioned non-recurring items are included in continuing operations. Nurminen Cargo's net sales for the review period amounted to EUR 71.2 (65.6) million. The strong demand situation of third quarter continued until beginning of November. After that the slowing down of world economy and Russian foreign trade weakened Nurminen Cargo's volumes significantly. As a whole net sales developed as expected during the review period. Operating profit developed as expected and amounted to EUR 4,263 (2,819) thousand. Nurminen Heavy's net sales for the review period increased to EUR 10.7 (9.5) million. After strong second and third quarter the growth rate of net sales weakened during the fourth quarter as expected. Operating profit was EUR 1,139 (927) thousand. Both net sales and operating profit developed as expected during the review period. Nurminen Care segment divestiture was completed on 27 October 2008 and it is part of the group's financial information until 31 October 2008. Net sales for the review period amounted to EUR 7.6 (6.7; comparative figure 12 months) million. Its net sales increased as a result of the acquisitions and successful tenders in 2007 and in 2008. The growth was slightly weaker than expected due to lower than expected order volumes. Nurminen Care's operating profit was EUR 140 (781) thousand. Operating profit was weaker than anticipated due to clearly higher than average fleet repair costs and start-up costs related to new business locations. TURNOVER AND FINANCIAL PERFORMANCE 1 OCTOBER - 31 DECEMBER 2008 The 2008 fourth quarter net sales amounted to EUR 21.7 (2007: 20.2) million. The net sales increased by 7.4%. Reported operating profit, which included non-recurring profit of EUR 217 thousand, was EUR 896 thousand (1,445 thousand, does not include non-recurring items). Therefore operating profit declined 38.0% and comparative operating profit declined 53.0%. The 2008 fourth quarter net sales of the continuing operations amounted to EUR 20.9 (2007: 18.1) million. The net sales increased by 15.3%. Operating profit (which does not include non-recurring items) was EUR 656 (1,214) thousand. The decrease was 46.0%. The development of Nurminen Cargo's net sales was positive until the beginning of November. In addition to the market situation the growth was assisted by the extensions of Niirala and Luumäki terminals and the addition of new railway wagons. After the second half of November the development of net sales turned negative. The company opened new logistics centre in Vuosaari harbour in end of November. Profitability weakened during the fourth quarter of the review period due to growth investments and rapidly changed market situation. Operating profit was burdened by the start-up costs of Vuosaari logistics centre (EUR 0.2 million). DIVESTMENTS IN 2008 Nurminen Logistics Plc and the minority shareholders signed on 10 October 2008 an agreement to divest the Nurminen Care business unit to a fund managed by private equity investor Sentica Partners Oy. Nurminen Logistics Plc divested its ambulance operator services in order to be able to focus on logistics and closely related operations as stated in its published strategy. The transaction was published in stock exchange release on 10 October 2008 and completed on 27 October 2008. OUTLOOK Due to the recession in global economy the economic outlook and market situation are very uncertain. Therefore, the company will not give a net sales or operating profit level forecast for year 2009. On the long-term the company's 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 situation of the financial markets may delay achieving of the growth objectives in a short term. There was a sudden change for the worse in Finnish economy during November and December. Export volumes declined in all sectors and also import volumes declined strongly in the end of the year. Also investments are expected to decline during 2009. Despite the quite satisfactory outcome of the financial year 2008 the company must be prepared for a possible decline in net sales by adapting its operations and cost structure to the general volume of economy. There is an exceptional amount of uncertainty also in the development of Russian economy. That as well as the rouble exchange rate is connected to the world market price of oil. Devaluation of rouble hinders the outlook of Russian imports but on the other hand it improves the possibilities of Russian exports as well as foreign companies' investment opportunities in Russia. As trade becomes more versatile and foreign investments grow, there will be new opportunities for logistics service providers like Nurminen Logistics. Extensions of Niirala and Luumäki terminals and the opening of logistics centre in Vuosaari harbour on 28 November 2008 have positive effects on the outlook of Nurminen Cargo. The extension of Niirala terminal increased terminal space by 4,000 square meters to a total 18,000 square meters. The extension of Luumäki terminal increased terminal space 3,400 square meters to a total 11,700 square meters. The logistics centre in Vuosaari has in the first phase 38,000 square meters. As a result of these investments, investments in railway wagons, and due to the rationalization of its operations, the company has a strong competitive position when economy starts to grow. On the other hand the costs of these investments hamper the company's profitability in the current economic situation. The outlook of Nurminen Heavy is mostly affected by the volumes of mechanical engineering industry and its project cargos. The outlook for mechanical engineering industry has weakened recently and it remains to be seen how its backlog will develop. The market situation of mechanical engineering industry will after some delay also affect Nurminen Heavy's operations. SHORT-TERM RISKS AND UNCERTAINTIES The most significant business risks are associated with the uncertainty of the global economy and the international financial markets and local banks ability to act. It remains to be seen how pertinent the stimulus packages of different states are and what their effects are. The scale and duration of the effects of the financial crisis in Western countries and Russia are difficult to estimate. The impact of economic uncertainty on company's business environment is difficult to forecast. In the coming months even large variations in the volumes of different product categories are possible. FINANCIAL POSITION AND BALANCE SHEET Company's financial position has remained stable after the transaction which was closed on 1 January 2008. Company's cash flow from operations was EUR -752 thousand. It was burdened by EUR 2.7 million increase in Russian VAT receivables, which are related to wagon investments. Cash flow from investments was EUR 2,162 thousand. The positive cash flow from investments is caused by reverse takeover. Cash flow from financing activities amounted to EUR -169 thousand. At the end of the period, cash and cash equivalents amounted to EUR 4,204 thousand. Liquidity was good throughout the review period. Group's interest bearing debt was EUR 33.9 million and correspondingly the net interest bearing dept was EUR 29.7 million. Of this interest bearing debt EUR 11.3 million was rouble based. The divestment of Nurminen Care decreased group's net interest-bearing debt approximately by EUR 8.0 million. Balance sheet totalled EUR 79.0 million and equity rate 44.2 %. CAPITAL EXPENDITURE The group's gross capital expenditure for review period amounted to EUR 11.1 (20.6) million, accounting for 12.4% of net sales. Depreciation totaled EUR 4.9 (4.4) million, or 5.5% of net sales. Investments were mainly made in terminals and railway wagons. 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 %), Nurminen Heavy Oü (100 %), OOO John Nurminen, Pietari (100 %), OOO John Nurminen, Moskova (100 %), Nurminen Maritime Latvia SIA (51 %), Pelkolan Terminaali Oy (20 %), ZAO Irtrans (100 %), OOO Huolintakeskus (88 %), OOO John Nurminen Terminal (100 %), ZAO Terminal Rubezh (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 352 (578 on 31 December 2007). The number of personnel working abroad was 57. The reduction of personnel was mainly due to the divestment of Nurminen Care segment. Nurminen Cargo had 292 employees and Nurminen Heavy 27. Management and administrative staff numbered to 34. Employee benefit expenses in 2008 totaled EUR 20.3 million (2007 EUR 18.1 million). SHARE-BASED INCENTIVE PLAN FOR THE GROUP PERSONNEL The Board of Directors of Nurminen Logistics Plc has approved in February 2008a new share-based incentive plan for the Group key personnel. The plan was described in more detail in stock exchange release published on 17 April 2008. SHARES AND SHAREHOLDERS Nurminen Logistics Plc's share has been quoted on the main list of NASDAQ OMX Helsinki Ltd with the current company name since 1 January 2008. The total number of Nurminen Logistics Plc's registered shares is 12,719,119 and registered share capital is EUR 4,214,521. The company has one share class and all the shares carry equal rights in the company. The company name was until 31 December 2007 Kasola Plc. The company was listed on Helsinki Stock Exchange in 1987. For the financial year 2007 the company distributed a dividend of EUR 0.12 per share to a total of 1,526,209.68 EUR. The trading volume of Nurminen Logistics Plc's shares was 82,946 in 1 January - 31 December 2008. This represented 0.65% of the total number of shares. The value of the turnover was EUR 392,292. The lowest price for the period was EUR 2.90 per share and the highest EUR 5.70 per share. The closing price for the period was EUR 3.00 per share and the market value of the entire share capital EUR 38,157,357. At the end of the financial year Nurminen Logistics Plc had 354 shareholders. The company owns 705 of its own shares, which represent 0.006% of the votes in the company. Nurminen Logistics Plc has a liquidity providing (LP) agreement with Evli Bank Plc. In accordance with the agreement, Evli Bank Plc undertakes to submit bids and offers for Nurminen Logistics Plc's share so that the maximum spread of the bid and offer prices is four percent calculated from the bid. The bids and offers submitted by the liquidity provider must be for a number of shares worth at least 4,000 euros. Evli Bank Plc undertakes to submit bids and offers for Nurminen Logistics Plc's share in the trading system of NASDAQ OMX Helsinki Oy on the stock exchange list on each trading day for at least 85 percent of the time of Continuous Trading I period and also in the auction procedures applied to Nurminen Logistics Plc's share during a trading day. FLAGGING NOTICES During the financial year Nurminen Logistics Plc published three notifications of changes in shareholdings in compliance with Chapter 2, Section 9 of the Securities Markets Act. The stock exchange releases published on 2 January 2008, 7 January 2008 and 11 January 2008 can be found on company's website www.nurminenlogistics.com. CHANGE IN EXECUTIVE BOARD Member of Nurminen Logistics Plc's Executive Board Petteri Pelkonen's service agreement with Nurminen Logistics Plc ended on 31 December 2008. DECISIONS OF THE GENERAL ANNUAL MEETING The Annual General Meeting of Shareholders held on 11 April 2008 made the following decisions: The Annual General Meeting of Shareholders confirmed the company's financial statements and the group's financial statements for the financial period 1 January - 31 December 2007 and released the Board of Directors and the Managing Director from liability. Amendment of Articles of Association The Annual General Meeting of Shareholders decided in accordance with the proposal made by the Board of Directors that a provision shall be added to Section 4 of the company's Articles of Association according to which three (3) deputy members, at the most, may be elected to the company's Board of Directors. It was further decided to amend Section 7 of the Articles of Association so that the company shall have one (1) auditor, which is required to be an Authorized Public Accountant -audit firm, and that no deputy auditor shall be elected. Changes reflecting the aforesaid amendments were made to Section 10 of the Articles of Association with respect to matters to be submitted to the Annual General Meeting of Shareholders. Composition and remuneration of the Board of Directors The Annual General Meeting of Shareholders resolved that the Board of Directors shall consist of five (5) ordinary members and one (1) deputy member. The Annual General Meeting of Shareholders re-elected the following ordinary members to the Board of Directors: Olli Pohjanvirta, Juha Nurminen, Matti Lainema, Matti Packalén and Rolf Saxberg. Jukka Nurminen was elected deputy member of the Board of Directors. In its first meeting immediately following the Annual General Meeting of Shareholders, the Board of Directors elected Juha Nurminen as the Chairman of the Board. The Annual General Meeting of Shareholders decided to pay annual remuneration of EUR 30,000 to the Chairman of the Board, EUR 20,000 to the deputy Chairman of the Board, and EUR 15,000 to the other members of the Board and in addition a fee of EUR 700 per meeting to each member of the Board. It was decided to compensate the travel and other expenses of the members of the Board in accordance with customary practice. It was furthermore decided to pay to the members of the Board a merit pay, which shall be tied to the profit of the company's share during the term of the Board of Directors. The profit of the company's share shall be calculated from the change in the share's average price of the month preceding the Annual General Meeting of Shareholders (i.e. March 2008) and the average price of March 2009, taking into account the dividends. For each percent the profit has accrued the Chairman of the Board shall be paid a remuneration of EUR 2,000 and other members of the Board EUR 1,000. If the yearly profit exceeds 25 percent, the remuneration shall be paid according to 25 percent. The decision means that the final remuneration of the members of the Board of Directors shall be subject to the total return of the company's share. Dividend The Annual General Meeting of Shareholders approved the Board's proposal that a per share dividend of EUR 0.12 shall be paid for the financial year 2007. The dividend was paid to shareholders entered in the company's shareholder register on the record date of 16 April 2008. The dividend payment date was 25 April 2008. Auditor KPMG Oy Ab, Authorised Public Accountant audit-firm, was re-elected as Nurminen Logistics Plc's auditor. Mr. Lasse Holopainen acts as the responsible auditor. DIVIDEND POLICY Company's board has on 14 May 2008 determined company's dividend policy, according to which Nurminen Logistics Plc aims to, in case company's financial policy so allows, annually distribute as dividends approximately one third of its net profit. AUTHORIZATIONS GIVEN TO THE BOARD The authorization given by the extraordinary general meeting on 8 October 2007 to the board to decide on the issue of shares and special rights, for a maximum of 20,000,000 new shares, is valid until 8 April 2009. DECISIONS OF THE EXTRAORDINARY GENERAL ANNUAL MEETING The extraordinary general meeting of Nurminen Logistics Plc, held on 14 January 2008, made the following decisions: Number and selection of board members; remuneration The general meeting resolved that the board of directors shall consist of five (5) members. Juha Nurminen, Matti Lainema, Matti Packalén, Olii Pohjanvirta and Rolf Saxberg were elected as new members. In its first meeting immediately following the general meeting, the board of directors elected Juha Nurminen as the chairman of the board and Matti Lainema as the vice chairman of the board. The general meeting resolved that remuneration to the board members shall be paid out as follows: The chairman of the board shall receive a monthly remuneration of EUR 2,500, vice chairman of the board EUR 1,650 and other members EUR 1,250. In addition, the board members shall be paid EUR 700 as a fee for attendance at each board meeting. Travel and other expenses of the board members shall be paid in accordance with customary practice. Amendment of articles of association The general meeting resolved to amend the Company's articles of association, with respect to the Company's business area (2 §), as follows: "2 § The company's business area is to produce and provide logistics and forwarding services, engage in transport activities such as ambulance operator services, provide care services and engage 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". EVENTS AFTER THE REVIEW PERIOD Nurminen Logistics and Russian rail transportation company Transgarant signed a co-operation agreement in January 2009. Transgarant is the second largest privately owned rail transportation company in Russia. The company operates more than 17,000 railway wagons. According to the agreement Nurminen Logistics acts as a representative of Transgarant in Finland. The agreement also stipulates joint use of wagons, which guarantees Nurminen Logistics' clients good supply of versatile wagons. BOARD OF DIRECTORS' PROPOSAL FOR PROFIT DISTRIBUTION Based to the Financial Statements as at 31 December 2008, the parent company's distributable equity is EUR 19 948 583.23. The Board of Directors proposes that a dividend of EUR 0.06 per share is distributed from unrestricted equity reserve, i.e. a total of EUR 763 104.84. After this, the parent company will have EUR 19 185 436.09 of retained earnings. The record date for the payment of the proposed dividend is 9 April 2009. The dividend payment date is 21 April 2009. All shares outstanding on the dividend payment record date, excluding treasury shares in the parent company's possession, are entitled to dividends for the year 2008. ANNUAL GENERAL MEETING 2009 The Annual General Meeting of Nurminen Logistics Plc will take place on Monday, 6 April 2009 starting at 10.00 am in address Pasilankatu 2, 00240 Helsinki, Finland. Disclaimer Certain statements in this bulletin are forward-looking and are based on the management's current views. Due to their nature, they involve risks and uncertainties and are susceptible to changes in the general economic or industry conditions. NURMINEN LOGISTICS PLC Board of Directors For more information, please contact Lasse Paitsola, President and CEO (tel. +358 400 405 801) DISTRIBUTION 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 CIS countries. The company's share is listed on the NASDAQ OMX Helsinki. TABLES Accounting policies Until 31 December 2007, Nurminen Logistics Plc was called Kasola Plc. The company sold its old operations (the "Kasola operations") in a transaction executed on 23 November 2007. Correspondingly, the company received its current operations (the "Nurminen Logistics operations") on 1 January 2008, when the old John Nurminen LLC was demerged. These arrangements were described in more detail in earlier stock exchange releases and the registration document and securities note published by Kasola Plc on 7 December 2007. Carve-out financials presented have been carved out from income statement and balance sheet information of old John Nurminen LLC. The below presented pro forma balance sheet has been prepared for illustrative purposes to describe what company's Balance Sheet would have been in case the Nurminen Logistics operations had been acquired at the date of the balance sheet. Pro forma balance sheet is formed by combining the balance sheet of company's annual report per 31 December 2007 and the carve-out balance sheet information of Nurminen Logistics business as per 31 December 2007. In the pro forma balance sheet the acquisition of Nurminen Logistics operations has been treated as a reverse acquisition on the basis of IFRS 3 Business Combinations. This means that in the pro forma balance the acquirer is Nurminen Logistics operations and the acquisition target is the company. The pro forma balance sheet presumes that the acquisition date is the date of the pro forma balance sheet. Intra-group rouble loan given by Nurminen Logistics to OOO Huolintakeskus has been treated as an investment in subsidiary company on the basis of IFRS 32 standard. 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 2008. International Financial Reporting Standards are standards and interpretations adopted in accordance with the procedure laid down in regulation (EC) No 1606/2002 of the European Parliament and Council. All figures in this financial statement report have been rounded and consequently the sum of individual figures can deviate from the presented sum figure. The financial statement report's financials are audited -------------------------------------------------------------------------------- | INCOME | 1-12/20 | 1-12/2008 | 1-12/2 | 1-12/200 | 1-12/2007 | 1-12/20 | | STATEMENT | 08 | | 008 | 7 | | 07 | -------------------------------------------------------------------------------- | EUR 1,000 | Continu | Discontin | Total | Continui | Discontinu | Carve | | | ing | ued | | ng | ed | out | | | operati | operation | | operatio | operations | Total | | | ons | s | | ns | | | -------------------------------------------------------------------------------- | NET SALES | 81 846 | 7 559 | 89 405 | 75 015 | 6 678 | 81 693 | -------------------------------------------------------------------------------- | Other | 1 272 | 259 | 1 531 | 1 874 | 11 | 1 885 | | operating | | | | | | | | income | | | | | | | -------------------------------------------------------------------------------- | Materials | -42 582 | -34 | -42 | -41 272 | -199 | -41 471 | | and | | | 616 | | | | | services | | | | | | | -------------------------------------------------------------------------------- | Employee | -15 626 | -4 718 | -20 | -14 165 | -3 955 | -18 120 | | benefits | | | 344 | | | | | expenses | | | | | | | | | | | | | | | -------------------------------------------------------------------------------- | Depreciatio | -4 339 | -603 | -4 942 | -4 109 | -339 | -4 448 | | n | | | | | | | -------------------------------------------------------------------------------- | Other | -15 933 | -1 559 | -17 | -13 597 | -1 415 | -15 012 | | operating | | | 492 | | | | | costs | | | | | | | -------------------------------------------------------------------------------- | OPERATING | 4 638 | 904 | 5 542 | 3 746 | 781 | 4 527 | | PROFIT | | | | | | | -------------------------------------------------------------------------------- | Financial | 661 | 9 | 670 | 5 | 11 | 16 | | income | | | | | | | -------------------------------------------------------------------------------- | Financial | -2 699 | -212 | -2 911 | -2 340 | -167 | -2 507 | | expenses | | | | | | | -------------------------------------------------------------------------------- | Share of | 334 | | 334 | 29 | 0 | 29 | | profit in | | | | | | | | associates | | | | | | | -------------------------------------------------------------------------------- | PROFIT | 2 934 | 701 | 3 635 | 1 440 | 625 | 2 065 | | BEFORE TAX | | | | | | | -------------------------------------------------------------------------------- | Income | -586 | -192 | -778 | -221 | -163 | -384 | | taxes | | | | | | | -------------------------------------------------------------------------------- | PROFIT FOR | 2 348 | 509 | 2 857 | 1 219 | 462 | 1 681 | | THE PERIOD | | | | | | | -------------------------------------------------------------------------------- | Net profit | | | | | | | | attributabl | | | | | | | | e | | | | | | | -------------------------------------------------------------------------------- | To equity | 1 672 | 509 | 2 181 | 911 | 462 | 1 373 | | holders of | | | | | | | | the parent | | | | | | | -------------------------------------------------------------------------------- | To minority | 676 | 0 | 676 | 308 | 0 | 308 | | interest | | | | | | | -------------------------------------------------------------------------------- | EPS | 0,13 | 0,04 | 0,17 | | | | | undiluted | | | | | | | -------------------------------------------------------------------------------- | EPS diluted | 0,13 | 0,04 | 0,17 | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | INCOME | 10-12/2 | 10-12/200 | 10-12/ | 10-12/20 | 10-12/2007 | 10-12/2 | | STATEMENT | 008 | 8 | 2008 | 07 | | 007 | -------------------------------------------------------------------------------- | EUR 1,000 | Continu | Discontin | Total | Continui | Discontinu | Carve | | | ing | ued | | ng | ed | out | | | operati | operation | | operatio | operations | Total | | | ons | s | | ns | | | -------------------------------------------------------------------------------- | NET SALES | 20 904 | 787 | 21 691 | 18 133 | 2 068 | 20 201 | -------------------------------------------------------------------------------- | Other | 207 | 223 | 430 | 637 | -3 | 634 | | operating | | | | | | | | income | | | | | | | -------------------------------------------------------------------------------- | Materials | -10 571 | 2 | -10 | -9 524 | -174 | -9 698 | | and | | | 569 | | | | | services | | | | | | | -------------------------------------------------------------------------------- | Employee | -3 746 | -489 | -4 235 | -3 001 | -1 663 | -4 664 | | benefits | | | | | | | | expenses | | | | | | | | | | | | | | | -------------------------------------------------------------------------------- | Depreciatio | -1 159 | -132 | -1 291 | -591 | 97 | -494 | | n | | | | | | | -------------------------------------------------------------------------------- | Other | -4 979 | -151 | -5 130 | -4 440 | -94 | -4 534 | | operating | | | | | | | | costs | | | | | | | -------------------------------------------------------------------------------- | OPERATING | 656 | 240 | 896 | 1 214 | 231 | 1 445 | | PROFIT | | | | | | | -------------------------------------------------------------------------------- | Financial | 197 | -130 | 67 | 0 | 6 | 6 | | income | | | | | | | -------------------------------------------------------------------------------- | Financial | -982 | -32 | -1 014 | -1 069 | -41 | -1 110 | | expenses | | | | | | | -------------------------------------------------------------------------------- | Share of | 133 | 0 | 133 | -10 | 0 | -10 | | profit in | | | | | | | | associates | | | | | | | -------------------------------------------------------------------------------- | PROFIT | 4 | 78 | 82 | 135 | 196 | 331 | | BEFORE TAX | | | | | | | -------------------------------------------------------------------------------- | Income | 156 | -30 | 126 | -54 | -50 | -104 | | taxes | | | | | | | -------------------------------------------------------------------------------- | PROFIT FOR | 160 | 48 | 208 | 81 | 146 | 227 | | THE PERIOD | | | | | | | -------------------------------------------------------------------------------- | Net profit | | | | | | | | attributabl | | | | | | | | e | | | | | | | -------------------------------------------------------------------------------- | To equity | 71 | 48 | 119 | | | | | holders of | | | | | | | | the parent | | | | | | | -------------------------------------------------------------------------------- | To minority | 89 | 0 | 89 | | | | | interest | | | | | | | -------------------------------------------------------------------------------- | EPS | 0,01 | 0,00 | 0,01 | | | | | undiluted | | | | | | | -------------------------------------------------------------------------------- | EPS diluted | 0,01 | 0,00 | 0,01 | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | BALANCE SHEET | 31.12.2008 | 31.12.2007 | 31.12.2007 | -------------------------------------------------------------------------------- | EUR 1,000 | | Carve out | Proforma | -------------------------------------------------------------------------------- | ASSETS | | | | -------------------------------------------------------------------------------- | Non-current assets | | | | -------------------------------------------------------------------------------- | Property, plan, | 48 542 | 48 041 | 48 041 | | equipment | | | | -------------------------------------------------------------------------------- | Goodwill | 9 130 | 10 725 | 15 489 | -------------------------------------------------------------------------------- | Intangible assets | 1 558 | 2 317 | 2 317 | -------------------------------------------------------------------------------- | Investments in | 591 | 210 | 210 | | associates | | | | -------------------------------------------------------------------------------- | Other long-term | 718 | 262 | 262 | | investments | | | | -------------------------------------------------------------------------------- | Deferred tax asset | 421 | 337 | 337 | -------------------------------------------------------------------------------- | NON-CURRENT ASSETS | 60 960 | 61 892 | 66 656 | -------------------------------------------------------------------------------- | Current assets | | | | -------------------------------------------------------------------------------- | Trade receivables and | 13 843 | 15 103 | 17 783 | | other receivables | | | | -------------------------------------------------------------------------------- | Cash and bank | 4 204 | 3 085 | 10 156 | -------------------------------------------------------------------------------- | CURRENT ASSETS | 18 047 | 18 188 | 27 939 | -------------------------------------------------------------------------------- | ASSETS TOTAL | 79 007 | 80 080 | 94 595 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | EQUITY AND LIABILITIES | | | | -------------------------------------------------------------------------------- | Share capital | 4 215 | 4 215 | | -------------------------------------------------------------------------------- | Other reserves | 19 019 | 8 592 | | -------------------------------------------------------------------------------- | Retained earnings | 10 675 | 10 309 | | -------------------------------------------------------------------------------- | Minority interest | 975 | 391 | | -------------------------------------------------------------------------------- | SHAREHOLDERS' EQUITY | 34 884 | 23 507 | 36 566 | -------------------------------------------------------------------------------- | Long-term liabilities | | | | -------------------------------------------------------------------------------- | Deferred tax liability | 258 | 760 | 760 | -------------------------------------------------------------------------------- | Non-current | 779 | 1 480 | 1 480 | | interest-free | | | | | liabilities | | | | -------------------------------------------------------------------------------- | Long-term liabilities, | 22 232 | 35 726 | 35 726 | | interest-bearing | | | | -------------------------------------------------------------------------------- | NON-CURRENT | 23 269 | 37 966 | 37 966 | | LIABILITIES | | | | -------------------------------------------------------------------------------- | Current liabilities | | | | -------------------------------------------------------------------------------- | Trade Payables and | 9 185 | 15 754 | 17 210 | | Other Liabilities | | | | -------------------------------------------------------------------------------- | Short-term | 11 669 | 2 853 | 2 853 | | interest-bearing | | | | | liabilities | | | | -------------------------------------------------------------------------------- | CURRENT LIABILITIES | 20 854 | 18 607 | 20 063 | -------------------------------------------------------------------------------- | TOTAL LIABILITIES | 44 123 | 56 573 | 58 029 | -------------------------------------------------------------------------------- | TOTAL EQUITY AND | 79 007 | 80 080 | 94 595 | | LIABILITIES | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CONSOLIDATED CASH FLOW STATEMENT | 1-12/2008 | 1-2/2007 | -------------------------------------------------------------------------------- | CASH FLOW FROM OPERATING ACTIVITIES | | Carve out | -------------------------------------------------------------------------------- | Profit for the period | 2 857 | 1 681 | -------------------------------------------------------------------------------- | Adjustments to reconcile profit | -3 173 | 0 | -------------------------------------------------------------------------------- | Depreciation and amortisation | 4 942 | 4 579 | -------------------------------------------------------------------------------- | Unrealised foreign exchange wins and | 224 | 399 | | losses | | | -------------------------------------------------------------------------------- | Other adjustments | 2 993 | 2 754 | -------------------------------------------------------------------------------- | Paid and received interest | -2 068 | -2 257 | -------------------------------------------------------------------------------- | Taxes paid | -1 325 | -77 | -------------------------------------------------------------------------------- | Changes in working capital | -5 202 | 5 297 | -------------------------------------------------------------------------------- | Cash flow from operating activities | -752 | 12 375 | -------------------------------------------------------------------------------- | CASH FLOW FROM INVESTING ACTIVITIES | | | -------------------------------------------------------------------------------- | Acquisition of subsidiaries, net of | 6 240 | -1 337 | | cash acquired | | | -------------------------------------------------------------------------------- | Disposal of subsidiaries/associated | 3 970 | 0 | | companies | | | -------------------------------------------------------------------------------- | Proceeds from sales of fixed assets | 966 | 112 | -------------------------------------------------------------------------------- | Investments in tangible and intangible | -11 110 | -20 637 | | assets | | | -------------------------------------------------------------------------------- | Proceeds from repayments of loans | 2 096 | 0 | -------------------------------------------------------------------------------- | Cash flow from investing activities | 2 162 | -21 862 | -------------------------------------------------------------------------------- | CASH FLOW FROM FINANCING ACTIVITIES | | | -------------------------------------------------------------------------------- | Changes in liabilities | 1 503 | -12 626 | -------------------------------------------------------------------------------- | Dividends paid | -1 672 | 0 | -------------------------------------------------------------------------------- | Cash flow from financing activities | -169 | -12 626 | -------------------------------------------------------------------------------- | CHANGE IN CASH AND CASH EQUIVALENTS | 1 241 | -22 112 | -------------------------------------------------------------------------------- | Cash and cash equivalents at beginning | 2 963 | | | of period | | | -------------------------------------------------------------------------------- | Cash and cash equivalents at end of | 4 204 | | | period | | | -------------------------------------------------------------------------------- A= Share capital B= Share premium account C= Reserve fund D= Fair Value reserve E= Unrestricted equity reserve F= Translation differences G= Retained earnings H= Minority interest I= Total -------------------------------------------------------------------------------- | STATEMENT | A | B | C | D | E | F | G | H | I | | OF CHANGES | | | | | | | | | | | IN EQUITY | | | | | | | | | | | 1-12/07 | | | | | | | | | | | Carve out | | | | | | | | | | | EUR 1000 | | | | | | | | | | -------------------------------------------------------------------------------- | Shareholde | 4215 | 86 | 2374 | 0 | 0 | 0 | 7061 | 83 | 13819 | | rs' equity | | | | | | | | | | | at | | | | | | | | | | | beginning | | | | | | | | | | -------------------------------------------------------------------------------- | Recognised | 0 | 0 | 0 | 0 | 6132 | 0 | 1875 | 0 | 8007 | | in share | | | | | | | | | | | holder' | | | | | | | | | | | equity | | | | | | | | | | -------------------------------------------------------------------------------- | Profit for | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | | the period | | | | | | | | | | -------------------------------------------------------------------------------- | Dividens | 0 | 0 | 0 | 0 | 0 | 0 | 1373 | 308 | 1681 | -------------------------------------------------------------------------------- | Shareholde | 4215 | 86 | 2374 | 0 | 6132 | 0 | 10309 | 391 | 23507 | | rs' equity | | | | | | | | | | | 31.12.2007 | | | | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | STATEMENT | A | B | C | D | E | F | G | H | I | | OF CHANGES | | | | | | | | | | | IN EQUITY | | | | | | | | | | | 1-12/08 | | | | | | | | | | -------------------------------------------------------------------------------- | Shareholde | 4215 | 86 | 2374 | 0 | 6132 | 0 | 10309 | 391 | 23507 | | rs' equity | | | | | | | | | | | at | | | | | | | | | | | beginning | | | | | | | | | | -------------------------------------------------------------------------------- | Recognised | 0 | 0 | 0 | 0 | 13868 | -3441 | -289 | 61 | 10199 | | in share | | | | | | | | | | | holder' | | | | | | | | | | | equity | | | | | | | | | | -------------------------------------------------------------------------------- | Profit for | 0 | 0 | 0 | 0 | 0 | 0 | 2181 | 676 | 2857 | | the period | | | | | | | | | | -------------------------------------------------------------------------------- | Dividens | 0 | 0 | 0 | 0 | 0 | 0 | -1526 | -153 | -1679 | -------------------------------------------------------------------------------- | Shareholde | 4215 | 86 | 2374 | 0 | 20000 | -3441 | 10675 | 975 | 34884 | | rs' equity | | | | | | | | | | | 31.12.2008 | | | | | | | | | | -------------------------------------------------------------------------------- Changes in the Group structure During the review period two companies were acquired to Nurminen Care segment, Luumäen Ensihoito Oy (81%) and A. Järvenpää Oy (81%). Luumäen Ensihoito Oy has been consolidated to group accounts as of 1 July 2008 and A. Järvenpää Oy as of 1 August 2008. The profits of these companies would not have had a significant effect on Group profit even if they had been acquired in the beginning of 2008. Nurminen Logistics Plc and the minority shareholders signed on 10 October 2008 an agreement to divest the Nurminen Care business unit to a fund managed by private equity investor Sentica Partners Oy. The transaction was completed on 27 October 2008. SEGMENT INFORMATION -------------------------------------------------------------------------------- | Net sales by segment | 1-12/2008 | 1-12/2007 | -------------------------------------------------------------------------------- | EUR 1,000 | | Carve out | -------------------------------------------------------------------------------- | Cargo | 71 188 | 65 560 | -------------------------------------------------------------------------------- | Heavy | 10 658 | 9 455 | -------------------------------------------------------------------------------- | Care | 7 559 | 6 678 | -------------------------------------------------------------------------------- | Eliminations | | | -------------------------------------------------------------------------------- | Total | 89 405 | 81 693 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Operating profit by segment | 1-12/2008 | 1-12/2007 | -------------------------------------------------------------------------------- | EUR 1,000 | | Carve out | -------------------------------------------------------------------------------- | Cargo | 4 263 | 2 819 | -------------------------------------------------------------------------------- | Heavy | 1 139 | 927 | -------------------------------------------------------------------------------- | Care | 140 | 781 | -------------------------------------------------------------------------------- | Eliminations | | | -------------------------------------------------------------------------------- | Total | 5 542 | 4 527 | -------------------------------------------------------------------------------- During the review period dividends of EUR 1,672 thousand were paid. 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 | 1-12/2008 | -------------------------------------------------------------------------------- | Sales | 838 | -------------------------------------------------------------------------------- | Expenses | 470 | -------------------------------------------------------------------------------- | Financial expenses | 179 | -------------------------------------------------------------------------------- | Trade receivables and other recivables | 65 | -------------------------------------------------------------------------------- | Trade Payables and Other Liabilities | 2 543 | -------------------------------------------------------------------------------- | Long-term liabilities | 7 628 | -------------------------------------------------------------------------------- KEY FIGURES (comparative figures of 2007 are from Kasola Plc) -------------------------------------------------------------------------------- | KEY FIGURES | 1-12/2008 | 1-12/2007 | -------------------------------------------------------------------------------- | Gross capital expenditure, 1000 eur | 11 941 | 286 | -------------------------------------------------------------------------------- | Personnel | 516 | 80 | -------------------------------------------------------------------------------- | Contingent liabilities, 1000 eur | | | -------------------------------------------------------------------------------- | Mortgages given | 6 223 | 0 | -------------------------------------------------------------------------------- | Other contingent liabilities | 7 038 | 0 | -------------------------------------------------------------------------------- | SHARE PRICE DEVELOPMENT | | | -------------------------------------------------------------------------------- | Share price at beginning of period | 5,10 | 4,00 | -------------------------------------------------------------------------------- | Share price at end of period | 3,00 | 5,10 | -------------------------------------------------------------------------------- | Highest for the period | 5,70 | 5,75 | -------------------------------------------------------------------------------- | Lowest for the period | 2,97 | 3,43 | -------------------------------------------------------------------------------- | | | | -------------------------------------------------------------------------------- | EQUITY/SHARE EUR | 2,74 | 3,67 | -------------------------------------------------------------------------------- | EARNINGS/SHARE (EPS) | 0,17 | 0,01 | -------------------------------------------------------------------------------- | Equity ration % | 44,15 | 91,01 | -------------------------------------------------------------------------------- SECTION II: THE FINANCIAL INFORMATION OF THE REVIEW PERIOD COMPARED TO THE REPORTED FIGURES OF KASOLA PLC In the 2007 official annual report of Kasola Plc the profit and loss statement is divided to continued and discontinued operations. In the table below, the profit and loss statement comparison for the full year 2007 includes both continued and discontinued operations. -------------------------------------------------------------------------------- | INCOME | 1-12/20 | 1-12/2008 | 1-12/2 | 1-12/20 | 1-12/2007 | 1-12/20 | | STATEMENT | 08 | | 008 | 07 | | 07 | -------------------------------------------------------------------------------- | EUR 1,000 | Continu | Discontin | Total | Continu | Discontinu | Total | | | ing | ued | | ing | ed | | | | operati | operation | | operati | operations | | | | ons | s | | ons | | | -------------------------------------------------------------------------------- | NET SALES | 81 846 | 7 559 | 89 405 | 0 | 10 298 | 10 298 | -------------------------------------------------------------------------------- | Other | 1 272 | 259 | 1 531 | 190 | 1 604 | 1 794 | | operating | | | | | | | | income | | | | | | | -------------------------------------------------------------------------------- | Materials | -42 582 | -34 | -42 | 0 | -3 956 | -3 956 | | and services | | | 616 | | | | -------------------------------------------------------------------------------- | Employee | -15 626 | -4 718 | -20 | -123 | -4 078 | -4 201 | | benefits | | | 344 | | | | | expenses | | | | | | | | | | | | | | | -------------------------------------------------------------------------------- | Depreciation | -4 339 | -603 | -4 942 | | -644 | -644 | -------------------------------------------------------------------------------- | Other | -15 933 | -1 559 | -17 | -1 443 | -1 720 | -3 163 | | operating | | | 492 | | | | | costs | | | | | | | -------------------------------------------------------------------------------- | OPERATING | 4 638 | 904 | 5 542 | -1 376 | 1 504 | 128 | | PROFIT | | | | | | | -------------------------------------------------------------------------------- | Financial | 661 | 9 | 670 | 115 | 0 | 115 | | income | | | | | | | -------------------------------------------------------------------------------- | Financial | -2 699 | -212 | -2 911 | -79 | -127 | -206 | | expenses | | | | | | | -------------------------------------------------------------------------------- | Share of | 334 | | 334 | 0 | 0 | 0 | | profit in | | | | | | | | associates | | | | | | | -------------------------------------------------------------------------------- | PROFIT | 2 934 | 701 | 3 635 | -1 340 | 1 377 | 37 | | BEFORE TAX | | | | | | | -------------------------------------------------------------------------------- | Income taxes | -586 | -192 | -778 | 360 | -386 | -26 | | | | | | | | | -------------------------------------------------------------------------------- | PROFIT FOR | 2 348 | 509 | 2 857 | -980 | 991 | 11 | | THE PERIOD | | | | | | | -------------------------------------------------------------------------------- | Net profit | | | | | | | | attributable | | | | | | | -------------------------------------------------------------------------------- | To equity | 1 672 | 509 | 2 181 | -980 | 991 | 11 | | holders of | | | | | | | | the parent | | | | | | | -------------------------------------------------------------------------------- | To minority | 676 | 0 | 676 | 0 | 0 | 0 | | interest | | | | | | | -------------------------------------------------------------------------------- | EPS | 0,13 | 0,04 | 0,17 | -0,04 | 0,04 | 0,00 | | undiluted | | | | | | | -------------------------------------------------------------------------------- | EPS diluted | 0,13 | 0,04 | 0,17 | -0,04 | 0,04 | 0,00 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | BALANCE SHEET | 31.12.2008 | 31.12.2007 | -------------------------------------------------------------------------------- | EUR 1,000 | | Carve out | -------------------------------------------------------------------------------- | ASSETS | | | -------------------------------------------------------------------------------- | Non-current assets | | | -------------------------------------------------------------------------------- | Property, plan, equipment | 48 542 | 0 | -------------------------------------------------------------------------------- | Goodwill | 9 130 | 0 | -------------------------------------------------------------------------------- | Intangible assets | 1 558 | 0 | -------------------------------------------------------------------------------- | Investments in associates | 591 | 0 | -------------------------------------------------------------------------------- | Other long-term investments | 718 | 0 | -------------------------------------------------------------------------------- | Deferred tax asset | 421 | 0 | -------------------------------------------------------------------------------- | NON-CURRENT ASSETS | 60 960 | 0 | -------------------------------------------------------------------------------- | Current assets | | | -------------------------------------------------------------------------------- | Trade receivables and other | 13 843 | 2 931 | | receivables | | | -------------------------------------------------------------------------------- | Cash and bank | 4 204 | 7 071 | -------------------------------------------------------------------------------- | CURRENT ASSETS | 18 047 | 10 002 | -------------------------------------------------------------------------------- | ASSETS TOTAL | 79 007 | 10 002 | -------------------------------------------------------------------------------- | | | | -------------------------------------------------------------------------------- | EQUITY AND LIABILITIES | | | -------------------------------------------------------------------------------- | Share capital | 4 215 | 4 215 | -------------------------------------------------------------------------------- | Other reserves | 19 019 | 2 460 | -------------------------------------------------------------------------------- | Retained earnings | 10 675 | 2 429 | -------------------------------------------------------------------------------- | Minority interest | 975 | | -------------------------------------------------------------------------------- | SHAREHOLDERS' EQUITY | 34 884 | 9 104 | -------------------------------------------------------------------------------- | Long-term liabilities | | | -------------------------------------------------------------------------------- | Deferred tax liability | 258 | 0 | -------------------------------------------------------------------------------- | Non-current interest-free | 779 | 0 | | liabilities | | | -------------------------------------------------------------------------------- | Long-term liabilities, | 22 232 | 0 | | interest-bearing | | | -------------------------------------------------------------------------------- | NON-CURRENT LIABILITIES | 23 269 | 0 | -------------------------------------------------------------------------------- | Current liabilities | | | -------------------------------------------------------------------------------- | Trade Payables and Other | 9 185 | 898 | | Liabilities | | | -------------------------------------------------------------------------------- | Short-term interest-bearing | 11 669 | | | liabilities | | | -------------------------------------------------------------------------------- | CURRENT LIABILITIES | 20 854 | 898 | -------------------------------------------------------------------------------- | TOTAL LIABILITIES | 44 123 | 898 | -------------------------------------------------------------------------------- | TOTAL EQUITY AND LIABILITIES | 79 007 | 10 002 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CONSOLIDATED CASH FLOW STATEMENT | 1-12/2008 | 1- 12/2007 | -------------------------------------------------------------------------------- | CASH FLOW FROM OPERATING ACTIVITIES | | | -------------------------------------------------------------------------------- | Profit for the period | 2 857 | 129 | -------------------------------------------------------------------------------- | Adjustments to reconcile profit | -3 173 | -1 604 | -------------------------------------------------------------------------------- | Depreciation and amortisation | 4 942 | 644 | -------------------------------------------------------------------------------- | Unrealised foreign exchange wins and | 224 | 0 | | losses | | | -------------------------------------------------------------------------------- | Other adjustments | 2 993 | | -------------------------------------------------------------------------------- | Paid and received interest | -2 068 | 76 | -------------------------------------------------------------------------------- | Taxes paid | -1 325 | -230 | -------------------------------------------------------------------------------- | Changes in working capital | -5 202 | -800 | -------------------------------------------------------------------------------- | Cash flow from operating activities | -752 | -1 785 | -------------------------------------------------------------------------------- | CASH FLOW FROM INVESTING ACTIVITIES | | | -------------------------------------------------------------------------------- | Acquisition of subsidiaries, net of | 6 240 | 0 | | cash acquired | | | -------------------------------------------------------------------------------- | Disposal of subsidiaries/associated | 3 970 | 4 930 | | companies | | | -------------------------------------------------------------------------------- | Proceeds from sales of fixed assets | 966 | 3 204 | -------------------------------------------------------------------------------- | Investments in tangible and | -11 110 | -286 | | intangible assets | | | -------------------------------------------------------------------------------- | Proceeds from repayments of loans | 2 096 | 0 | -------------------------------------------------------------------------------- | Cash flow from investing activities | 2 162 | 7 848 | --------------------------------------------------------------------------------| CASH FLOW FROM FINANCING ACTIVITIES | 0 | | -------------------------------------------------------------------------------- | Changes in liabilities | 1 503 | -1 672 | -------------------------------------------------------------------------------- | Dividends paid | -1 672 | -297 | -------------------------------------------------------------------------------- | Cash flow from financing activities | -169 | -1 969 | -------------------------------------------------------------------------------- | CHANGE IN CASH AND CASH EQUIVALENTS | 1 241 | 4 094 | -------------------------------------------------------------------------------- | Cash and cash equivalents at | 2 963 | 2 976 | | beginning of period | | | -------------------------------------------------------------------------------- | Cash and cash equivalents at end of | 4 204 | 7 070 | | period | | | -------------------------------------------------------------------------------- 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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