2012-08-03 08:00:01 CEST
2012-08-03 08:00:07 CEST
REGULATED INFORMATION
Nurminen Logistics Oyj - Interim report (Q1 and Q3)
NURMINEN LOGISTICS PLC’S INTERIM REPORT 1 JANUARY - 30 JUNE 2012
Net sales and operating EBIT continued to grow
Nurminen Logistics Plc Interim report 3 August 2012
at 9.00 a.m.
Nurminen Logistics has reorganized its operations as of 4 October 2011. As a
part of these reorganization measures the operations were divided into four
accountable business units: Railway Logistics, Special Transports and Projects,
Transit Logistics and Forwarding and Value Added Services. In the 2011 Group
financial reporting there was one operating unit reported. As from 1 January
2012 Nurminen Logistics Plc reports four separate business units.
Nurminen Logistics' key figures 1 January - 30 June 2012
-- Net sales were EUR 39.5 million (2011: EUR 36.3 million).
-- Reported operating result was EUR 2.7 million (EUR -0.4 million)
-- Operating margin was 6.8% (-1.2%).
-- Operating result excluding non-recurring items was EUR 2.6 million (EUR
-0.7 million).
-- EBT was EUR 2.0 million (EUR -1.1 million)
-- Net result was EUR 1.3 million (EUR -1.4 million).
-- Earnings per share, undiluted: 0.01 Euros (-0.15 Euros).
-- Earnings per share, diluted: 0.01 Euros (-0.15 Euros).
Second quarter 1 April - 30 June 2012
-- Net sales were EUR 20.4 million (2011: EUR 18.6 million).
-- Reported operating result was EUR 1.5 million (EUR 0.2 million)
-- Operating margin was 7.5% (1.0%).
-- Operating result excluding non-recurring items was EUR 1.5 million (EUR
-0.1 million).
-- EBT was EUR 0.8 million (EUR -0.1 million)
-- Net result was EUR 0.4 million (EUR -0.3 million).
-- Earnings per share, undiluted: -0.03 Euros (-0.05 Euros).
-- Earnings per share, diluted: -0.03 Euros (-0.05 Euros).
MARKET SITUATION
Russia and the CIS countries, an important market for Nurminen Logistics,
remained active throughout the review period, although the increased
uncertainty of the world economy decreased demand with certain clients at the
end of the review period. In Finland, markets remained at a reasonable level,
although the demand and market situation varied between different business
segments.
The volumes of export by rail to the CIS countries evened out after a spike in
April and in the second quarter of the year, railway traffic across the border
was on average slightly quieter than expected. On Russia's domestic railway
market demand remained at a good level throughout the review period. The
company has managed to increase its share in Russia's domestic rail transport
faster than expected.
In special transport, demand and price level varied greatly. The market
situation improved slightly in the second quarter, but in the mechanical
engineering industry in particular, competition for large project deliveries
remained tight.
Particularly in the Baltic Countries, the volumes of transit transport remained
at a satisfactory level throughout the review period. The development of
volumes at the Kotka and Hamina terminals varied throughout the review period.
The reasons for the decrease in volumes at the end of the review period were
the delays in deliveries for certain clients and the normal seasonal variations
in transit transport to Russia.
The forwarding and value-added services market in Southern Finland and at
Vuosaari harbor remained challenging and kept the price level unsatisfactory.
Among the main customer groups, demand from the forestry industry increased in
the second quarter in comparison to the first quarter of 2012, whereas there
was a slight decrease in demand in the mechanical engineering industry.
NET SALES AND FINANCIAL PERFORMANCE 1 JANUARY - 30 JUNE 2012
The net sales for the review period amounted to EUR 39.5 million (2011: 36.3
million). Compared to 2011 the increase of net sales was 8.8%. Reported
operating result was EUR 2,703 (-440) thousand. The increase was 714.8 %.
Operating result includes non-recurring items of EUR 69 (248) thousand.
Therefore, comparative operating result was EUR 2,634 (-687) thousand and
increased 483.2% compared to 2011. The allocation of expenses of the short and
long-term incentive bonus plans, decided upon according to the result
development, has been taken into account in the administrative expenses of the
company. These allocations were not made in the comparative period of year
2011.
The non-recurring item in the review period was a result of a partial payment
of a receivable written down in the financial statements 2010.
The appreciation of the Russian rouble during the review period increased the
company's financial result by EUR 0.1 million. This exchange rate profit had no
cash flow impact.
Railway Logistics
The Railway Logistics business unit net sales for the review period amounted to
EUR 22,210 (2011: 20,901) thousand and operating result was EUR 3,008 (2011:
1,893) thousand. Operating result includes non-recurring items of EUR 69 (248)
thousand. Therefore, comparative operating result was EUR 2,939 (1,645)
thousand. The growth of net sales and operating profit was mainly due to
improved client base especially in Russia and more effective operation of
wagons. The number of domestic railway transports in Russia remained at a good
level. According to its plan, the company has developed its organization in
Russia by improving the sales of railway logistics, among other things. These
measures together with the company's comprehensive railway stock and
high-quality services facilitated the sales growth and customer interest in
company's services in Russia and other CIS countries. However, in the first
half of the year, railway transport between Finland and Russia has been
slightly quieter than expected.
Special Transports and Projects
The Special Transports and Projects business unit net sales for the review
period amounted to EUR 4,636 (3,801) thousand and operating result was EUR 203
(-192) thousand. Due to the competition situation and an increase in expenses
the gross margin level of tenders won remained in unsatisfactory level in
average. The operating result improved compared to the year 2011 due to the
stronger demand, more active sales and improved equipment utilization rate as a
result of more successful return load procurement.
Transit Logistics
The Transit Logistics business unit net sales for the review period amounted to
EUR 6,775 (5,166) thousand and operating result was EUR 1,211 (-252) thousand.
The result of the Transit Logistics unit during the review period was very
good, especially due to the container volumes transported via the Baltic
Countries to the CIS countries and Southern Asia, as well as the increased
export of containers in the Klaipeda unit. The main focus was on new customers
and services, so the utilization rate of Finnish terminals remained fairly
good, on average.
Forwarding and Value Added Services
Forwarding and Value Added Services business unit net sales for the review
period amounted to EUR 5,916 (6,472) thousand and operating result was EUR
-1,720 (-1,889) thousand. The strengthening of operations and the development
of the price level improved the result of the business unit at the beginning of
the year. The volumes of the Vuosaari logistics centre increased slightly in
the second quarter compared to the first quarter. In the main customer groups,
the volumes of the forestry industry had the highest increase. Also, the
forwarding volumes at Vuosaari increased. The result of Vuosaari logistics
centre improved due to the development measures taken according to the launched
in the end of 2011 development program. In the review period the operating
loss of the Vuosaari logistics centre was EUR 1.2 (1.7) million.
NET SALES BY UNITS 1-6/2012 1-6/2011 1-12/2011
------------------------------------------------------------------
EUR 1,000
------------------------------------------------------------------
Railway Logistics 22,210 20,901 43,777
------------------------------------------------------------------
Special Transports and Projects 4,636 3,801 7,572
------------------------------------------------------------------
Transit Logistics 6,775 5,166 12,250
------------------------------------------------------------------
Forwarding and Value Added Services 5,916 6,472 13,030
------------------------------------------------------------------
Total 39,537 36,339 76,630
------------------------------------------------------------------
OPERATING RESULT BY UNITS 1-6/2012 1-6/2011 1-12/2011
------------------------------------------------------------------
EUR 1,000
------------------------------------------------------------------
Railway Logistics 3,008 1,893 5,608
------------------------------------------------------------------
Special Transports and Projects 203 -192 -461
------------------------------------------------------------------
Transit Logistics 1,211 -252 423
------------------------------------------------------------------
Forwarding and Value Added Services -1,720 -1,889 -3,623
------------------------------------------------------------------
Total 2,703 -440 1,947
------------------------------------------------------------------
NET SALES AND FINANCIAL PERFORMANCE OF SECOND QUARTER
The 2011 second quarter net sales amounted to EUR 20.4 million (2011: 18.6
million). Compared to 2011 the increase of net sales was 9.4%. Reported
operating result was EUR 1,528 (195) thousand. The increase was 685.2 %.
Operating result includes non-recurring items of EUR 0 (248) thousand.
Therefore, comparative operating result was EUR 1,528 (-53) thousand and
increased 2972.4% compared to 2011.
The depreciation of the Russian rouble during the review period decreased the
company's financial result by EUR 0.4 million. This exchange rate loss had no
cash flow impact.
In the second quarter of 2012, net sales increased by EUR 1.3 million compared
to the first quarter. When compared to the same review period in the previous
year, net sales increased by EUR 1.8 million. The operating result, excluding
non-recurring items, improved by almost EUR 1.6 million compared to 2011.
The net sales and result of Railway Logistics improved in the second quarter
compared to the first quarter. This was mainly due to the increased use of
covered wagons and platforms in Russia's domestic rail traffic. The volumes of
special wagons have somewhat increased and profitability has improved due to
negotiations and price changes that were completed in the beginning of the
year.
The net sales and result of the Special Transports and Projects unit increased
considerably in the second quarter of the year compared to the first quarter.
The result was improved by a rise in sales and an improved equipment
utilization rate as a result of more successful return load procurement.
The net sales and result of the Transit Logistics unit improved mainly due to
the container volumes transported via Baltic Countries. The volumes of the
Kotka and Hamina terminals decreased slightly due to the seasonal demand for
certain products and the delivery delays of certain clients.
In the Forwarding and Value-Added Services unit, the net sales and operating
result developed positively in the second quarter compared to the first
quarter. The net sales and operating result were slightly below the previous
year's figures due to a large forwarding project that took place in the 2011
review period. In the second quarter, the volumes for forwarding increased at
all facilities (Helsinki, Rauma, Turku, Vaalimaa) compared to the first
quarter.
NET SALES BY UNITS 4-6/2012 4-6/2011 Change
---------------------------------------------------------------
EUR 1,000
---------------------------------------------------------------
Railway Logistics 11,524 10,355 1,169
---------------------------------------------------------------
Special Transports and Projects 2,659 1,973 686
---------------------------------------------------------------
Transit Logistics 3,365 2,800 565
---------------------------------------------------------------
Forwarding and Value Added Services 2,862 3,520 -658
---------------------------------------------------------------
Total 20,410 18,648 1,762
---------------------------------------------------------------
OPERATING RESULT BY UNITS 4-6/2012 4-6/2011 Change
---------------------------------------------------------------
EUR 1,000
---------------------------------------------------------------
Railway Logistics 1,588 991 597
---------------------------------------------------------------
Special Transports and Projects 135 -34 169
---------------------------------------------------------------
Transit Logistics 686 -8 694
---------------------------------------------------------------
Forwarding and Value Added Services -881 -755 -126
---------------------------------------------------------------
Total 1,528 195 1,333
---------------------------------------------------------------
OUTLOOK
The company updated its year 2012 outlook on 12 April 2012:
Outlook published on 24 February 2012:
The net sales of the company are expected to increase in 2012 compared to 2011.
The company's operating result is expected to be better than in 2011.
New outlook published on 12 April 2012:
The net sales of the company are expected to increase in 2012 compared to 2011.
The company's operating result is expected to be clearly better than in 2011.
Nurminen Logistics is still expecting its markets to develop favourably in
2012. Demand is expected to remain on a good level, especially, in company's
strategically important growth market − domestic railway transports in Russia
and other CIS countries. The company continues to work for strengthening its
position especially in Russia.
The company's unchanged long-term goal is to increase its net sales annually by
approximately 20% on average, including acquisitions, and to reach an operating
profit level of over 7%. The general economic situation is assessed to delay
achieving of the growth objectives in the short term.
The company is actively following the structural changes in the logistics
market.
SHORT-TERM RISKS AND UNCERTAINTIES
Increased uncertainty in the world economy might result in lower industrial
production volumes and as a consequence to cancellation of company's orders.
Especially unfavorable development of Russian and other CIS markets would have
a negative effect on company's net sales and result development.
Over-capacity of Finnish ports maintains tough price competition. The company
operates in Vuosaari, Kotka and Hamina harbors and therefore the volume
development variation of those harbors is relevant to the company.
The railway tariff changes of different countries might affect the price
competitiveness of rail transports and/or the company significantly. In
addition, price competition situation might burden the company's profitability
also in the future. Weaker than expected volume growth of foreign trade would
burden the development of the company's net sales and profitability. The
company has notable customer agreements whose continuity may be significant
especially to the profitability of the business operations of the Baltic
countries.
The company has received (a total of 32) subsequent levy decisions from the
National Board of Customs' Eastern District Office in Lappeenranta, which state
that the company and VG Cargo Plc, which has filed for bankruptcy, are liable
to pay EUR 0.9 million of import taxes from the year 2009. The company does not
consider itself liable for the aforementioned import taxes and has not made
cost accruals. If there is a case for subsequent levy, the company is of the
opinion that it should primarily be directed at the bankrupt's estate of VG
Cargo Plc and be paid from the valid customs guarantee. The company has filed
an appeal with the Helsinki District Court against the subsequent levy
decisions made by the National Board of Customs.
FINANCIAL POSITION AND BALANCE SHEET
Company's cash flow from operations was EUR 3,283 thousand. Cash flow from
investments was EUR -7 thousand. Cash flow from financing activities amounted
to EUR -2,262 thousand.
At the end of the review period, cash and cash equivalents amounted to EUR
3,525 thousand. Liquidity remained satisfactory in the review period.
Group's interest bearing debt was EUR 27.4 million and correspondingly the net
interest bearing debt was EUR 23.9 million.
Balance sheet totaled EUR 68.4 million and equity ratio was 42.1%.
CHANGES IN THE TOP MANAGEMENT
Nurminen Logistics Plc's CFO and member of Executive Board Antti Sallila has
decided to leave his position to pursue his career in another industry. This
change in the top management was published in stock exchange release on 16 May
2012.
Paula Kupiainen (51), M.Sc., has been elected as the new Chief Financial
Officer (CFO) and Member of the Executive Board of Nurminen Logistics. She will
report to Topi Saarenhovi, President and CEO. Before joining Nurminen
Logistics, Paula Kupiainen has acted as the Chief Financial Officer of the
Polttimo Group since 2007. Kupiainen will start working with Nurminen Logistics
on 15 October 2012. The election was published in stock exchange release on 20
June 2012.
Nurminen Logistics will place a stronger focus on the significance of
developing its IT systems and the quality of operations in implementing its
strategy. Connected to this, Vice President Risto Miettinen (38), who is
responsible for IT and quality, will be appointed as a Member of the Executive
Board. Miettinen will start on the Executive Board on 1 August 2012 as Senior
Vice President. Miettinen has worked with Nurminen Logistics in different roles
since 1994. He has acted in his current role from 2011. This information was
published in stock exchange release on 20 June 2012.
CAPITAL EXPENDITURE
The Group's gross capital expenditure for review period amounted to EUR 273
(343) thousand, accounting for 0.7% of net sales. Depreciation totaled EUR 2.0
(2.1) million, or 5.1% of net sales.
GROUP STRUCTURE
The Group comprises the parent company, Nurminen Logistics Plc, as well as the
following subsidiaries and associated companies, owned directly or indirectly
by the parent (ownership, %): RW Logistics Oy (100 %), JN Ferrovia Oy (100 %),
OOO John Nurminen, St. Petersburg (100 %), OOO John Nurminen, Moscow (100 %),
Nurminen Maritime Latvia SIA (51 %), Pelkolan Terminaali Oy (20 %), ZAO Irtrans
(100 %), OOO Huolintakeskus (100 %), OOO John Nurminen Terminal (100 %), ZAO
Terminal Rubesh (100 %), Nurminen Logistics LLC (100 %), UAB Nurminen Maritime
(51 %), Nurminen Maritime Eesti AS (51 %), Team Lines Latvia SIA (23 %) and
Team Lines Estonia Oü (20,3 %).
PERSONNEL
At the end of the review period the Group staff was 342 (343 on 31 December
2011). The number of personnel working abroad was 68. Management and
administrative staff numbered to 25.
SHARE-BASED INCENTIVE PLAN FOR THE GROUP PERSONNEL
The Board of Directors of Nurminen Logistics Plc approved in 7 March 2011 a
share-based incentive plan for the Group key personnel. The information was
published in stock exchange release on the same day.
SHARES AND SHAREHOLDERS
The trading volume of Nurminen Logistics Plc's shares was 90,670 in 1 January -
30 June 2012. This represented 0.70% of the total number of shares. The value
of the turnover was EUR 179,480. The lowest price for the period was EUR 1.78
per share and the highest EUR 2.34 per share. The closing price for the period
was EUR 1.94 per share and the market value of the entire share capital EUR
25,035,172.32.
At the end of the review period Nurminen Logistics Plc had 508 shareholders.
The company owns 705 of its own shares, which represent 0.005% of the votes in
the company.
DECISIONS OF THE GENERAL ANNUAL MEETING
The decisions of the Nurminen Logistics Plc's Annual General Meeting of
Shareholders were published in stock exchange release on 23 April 2012.
DIVIDEND POLICY
Company's board has on 14 May 2008 determined company's dividend policy,
according to which Nurminen Logistics Plc aims to, in case company's financial
policy so allows, annually distribute as dividends approximately one third of
its net profit.
AUTHORISATIONS GIVEN TO THE BOARD
Authorising the Board of Directors to decide on the repurchase of the company's
own shares
Annual General Meeting authorised the Board to decide on the repurchasing a
maximum of 50,000 of the company's shares. The authorisation will be used for
the paying of remuneration of the Board members. The own shares may be
repurchased pursuant to the authorisation only by using unrestricted equity.
The price payable for the shares shall be based on the price of the company's
shares in public trading. The own shares may be repurchased in deviation from
the proportional shareholdings of the shareholders (directed repurchase). The
authorisation includes the right whereby the Board is authorised to decide on
all other matters related to the acquisition of own shares.
The authorisation remains in force until 30 April 2013.
Authorising the Board of Directors to decide on the issuance of shares as well
as the issuance of options and other special rights entitling to shares
Annual General Meeting authorised the Board to decide on issuance of shares
and/or special rights entitling to shares pursuant to chapter 10 section 1 of
the Finnish Companies Act.
Based on the aforesaid authorisation the Board is entitled to release or
assign, either by one or several resolutions, shares and/or special rights up
to a maximum equivalent of 20,000,000 new shares so that aforesaid shares
and/or special rights can be used, e.g., for the financing of company and
business acquisitions corporate and business trading or for other business
arrangements and investments, for the expansion of owner structure, paying of
remuneration of the Board members and/or for the creating incentives for, or
encouraging commitment in, personnel.
The authorisation gives the Board the right to decide on share issue with or
without payment. The authorisation for deciding on a share issue without
payment also includes the right to decide on the issue for the company itself,
so that the number of shares granted to the company is no more than one tenth
of all shares of the company.
The authorisation includes the right whereby the Board is entitled to decide of
all other issues of shares and special rights. Furthermore, the Board is
entitled to decide on share issues, option rights and other special rights in
every way similarly as the Annual General Meeting could decide on these. The
authorisation also includes right to decide on directed issues of shares and/or
special rights.
The authorisation remains in force until 30 April 2013.
OTHER EVENTS DURING THE REVIEW PERIOD
Nurminen Logistics published preliminary information of its January - March
2012 result and updated its year 2012 outlook on 12 April 2012. This
information was published in stock exchange release on the same day.
Senior Vice President Harri Vainikka left Nurminen Logistics on 14 May 2012. As
of 15 May 2012 the number of Nurminen Logistics' Executive Board declined from
six to five. This information was published in stock exchange release on 12
April 2012.
EVENTS AFTER THE REVIEW PERIOD
There are no important events after the review period.
Disclaimer
Certain statements in this bulletin are forward-looking and are based on the
management's current views. Due to their nature, they involve risks and
uncertainties and are susceptible to changes in the general economic or
industry conditions.
NURMINEN LOGISTICS PLC
Board of Directors
For more information, please contact Topi Saarenhovi, President and CEO
(tel. +358 10 545 2431)
DISTRIBUTION
NASDAQ OMX Helsinki
Major media
www.nurminenlogistics.com
Nurminen Logistics provides high-quality logistics services, such as railway
transports, terminal services, forwarding, special and heavy transport and
value added services. The company has collected logistics know-how from three
centuries, starting in 1886. Nurminen Logistics' main market areas are Finland,
the Baltic Sea region, Russia and other Eastern European countries. The
company's share is listed on NASDAQ OMX Helsinki.
TABLES
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME 1-6/2012 1-6/2011 1-12/2011
--------------------------------------------------
EUR 1,000
NET SALES 39 537 36 339 76 630
Other operating income 362 290 1 037
Materials and services -17 360 -18 267 -37 431
Employee benefit expenses -7 863 -7 240 -14 994
Depreciation, amortisation and impairment losses -2 021 -2 132 -4 185
Other operating expenses -9 953 -9 430 -19 110
OPERATING RESULT 2 703 -440 1 947
Financial income 195 138 146
Financial expenses -966 -928 -2 931
Share of profit in equity-accounted investees 67 149 91
RESULT BEFORE TAX 1 999 -1 081 -746
Income taxes -680 -315 -784
PROFIT / LOSS FOR THE PERIOD 1 319 -1 396 -1 530
Other comprehensive income:
Translation differences 209 160 -887
Other comprehensive income for the period after 209 160 -887
tax
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD 1 528 -1 236 -2 417
Result attributable to
Equity holders of the parent company 91 -1 870 -2 458
Non-controlling interest 1 227 474 928
Total comprehensive income attributable to
Equity holders of the parent company 301 -1 710 -3 345
Non-controlling interest 1 227 474 928
EPS undiluted 0,01 -0,15 -0,19
EPS diluted 0,01 -0,15 -0,19
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME 4-6/2012 4-6/2011 Change
----------------------------------------------------
EUR 1,000
NET SALES 20 410 18 648 1 762
Other operating income 145 249 -104
Materials and services -8 856 -9 256 401
Employee benefit expenses -3 980 -3 777 -203
Depreciation, amortisation and impairment losses -1 013 -1 055 43
Other operating expenses -5 180 -4 614 -566
OPERATING RESULT 1 528 195 1 333
Financial income -355 82 -437
Financial expenses -419 -485 66
Share of profit in equity-accounted investees 36 68 -33
RESULT BEFORE TAX 790 -140 930
Income taxes -364 -120 -244
PROFIT / LOSS FOR THE PERIOD 426 -260 686
Other comprehensive income:
Translation differences -1 400 -129 -1 271
Other comprehensive income for the period after tax -1 400 -129 -1 271
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD -974 -389 -585
Result attributable to
Equity holders of the parent company -411 -661 250
Non-controlling interest 837 401 436Total comprehensive income attributable to
Equity holders of the parent company -1 811 -790 -1 021
Non-controlling interest 837 401 436
EPS undiluted -0,03 -0,05 0,02
EPS diluted -0,03 -0,05 0,02
CONSOLIDATED BALANCE SHEET 30.6.2012 30.6.2011 31.12.2011
------------------------------------------
EUR 1,000
ASSETS
Non-current assets
Property, plant and equipment 39 169 43 141 40 785
Goodwill 9 516 9 516 9 516
Other intangible assets 849 734 719
Investments in equity-accounted investees 272 349 309
Receivables 35 714 35
Deferred tax assets 1 018 863 954
NON-CURRENT ASSETS 50 858 55 316 52 318
Current assets
Trade and other receivables 13 972 15 881 14 546
Cash and cash equivalents 3 525 2 514 2 490
CURRENT ASSETS 17 497 18 396 17 036
ASSETS TOTAL 68 356 73 712 69 354
EQUITY AND LIABILITIES
Share capital 4 215 4 215 4 215
Other reserves 17 928 18 451 17 896
Retained earnings 5 265 5 480 4 673
Non-controlling interest 1 333 610 1 064
EQUITY, TOTAL 28 741 28 756 27 848
Non-current liabilities
Deferred tax liability 401 457 398
Non-interest-bearing finance liabilities 622 666 635
Interest-bearing finance liabilities 18 319 20 313 19 044
NON-CURRENT LIABILITIES 19 342 21 437 20 077
Current liabilities
Interest-bearing finance liabilities 9 107 9 220 9 997
Trade payables and other liabilities 11 166 14 299 11 432
CURRENT LIABILITIES 20 273 23 519 21 429
TOTAL LIABILITIES 39 615 44 956 41 506
TOTAL EQUITY AND LIABILITIES 68 356 73 712 69 354
CONDENSED CONSOLIDATED CASH FLOW STATEMENT 1-6/20 1-6/20 1-12/2
12 11 011
---------------------------------------------------------
CASH FLOW FROM OPERATING ACTIVITIES
Profit/Loss for the period 1 319 -1 395 -1 530
Gains and losses on disposals of property, plant and -239 -32 -32
equipment and other non-current assets
Depreciation, amortisation and impairment losses 2 021 2 132 4 185
Unrealised foreign exchange gains and losses -121 -70 234
Other adjustments 1 366 -149 2 731
Paid and received interest -614 860 -1 505
Taxes paid -743 315 -995
Changes in working capital 294 2 106 1 781
Cash flow from operating activities 3 283 3 766 4 868
CASH FLOW FROM INVESTING ACTIVITIES
Proceeds from sale of property, plant and equipment and 266 113 54
intangible assets
Investments in property, plant and equipment and -273 -343 -905
intangible assets
Proceeds from sale of interests in associates 0 0 404
Cash flow from investing activities -7 -231 -448
CASH FLOW FROM FINANCING ACTIVITIES
Acquisition of own shares 0 0 -47
Changes in liabilities -1 304 -2 728 -3 569
Dividends paid -958 -857 -857
Cash flow from financing activities -2 262 -3 585 -4 473
CHANGE IN CASH AND CASH EQUIVALENTS 1 035 -49 -73
Cash and cash equivalents at beginning of period 2 490 2 563 2 563
Cash and cash equivalents at end of period 3 525 2 514 2 490
A= Share capital
B= Share premium reserve
C= Legal reserve
D= Reserve for invested unrestricted equity
E= Translation differences
F= Retained earnings
G= Non-controlling interest
H= Total
STATEMENT OF CHANGES IN EQUITY A B C D E F G H
1-6/2011 EUR 1,000
-------------------------------
Equity 1.1.2011 4215 86 2378 19178 -3352 7373 993 30872
Result for the period 0 0 0 0 0 -1869 474 -1396
Total comprehensive income for 0 0 0 0 160 0 0 160
the period / translation
differences
Other changes 0 0 0 0 0 -24 0 -24
Dividends 0 0 0 0 0 0 -857 -857
Equity 30.6.2011 4215 86 2378 19178 -3192 5480 610 28756
STATEMENT OF CHANGES IN EQUITY A B C D E F G H
1-6/2012 EUR 1,000
--------------------------------
Equity 1.1.2012 4215 86 2378 19131 -3699 4673 1064 27848
Result for the period 0 0 0 0 0 91 1227 1319
Total comprehensive income for 0 0 0 0 32 178 0 209
the period / translation
differences
Other changes 0 0 0 0 0 323 0 323
Dividends 0 0 0 0 0 0 -958 -958
Equity 30.6.2012 4215 86 2378 19131 -3668 5265 1333 28741
RELATED PARTY TRANSACTIONS
The related parties comprise the members of the Board of Directors and
Executive Board of Nurminen Logistics and companies in which these members have
control. Related parties are also deemed to include shareholders with direct or
indirect control or substantial influence.
Related party transactions 1-6/2012
---------------------------
EUR 1,000
Sales 9
Purchases 3
Interest expenses 38
Current receivables 8
Current liabilities 1 959
KEY FIGURES
KEY FIGURES 1-6/2012 1-6/2011 1-12/2011
-------------------------------------
Gross capital expenditure, EUR 1,000 273 343 905
Personnel 342 342 343
Operating margin % 6,8 % -1,2 % 2,5 %
Share price development
Share price at beginning of period 1,78 2,89 2,89
Share price at end of period 1,94 2,30 1,78
Highest for the period 2,34 3,00 3,00
Lowest for the period 1,78 2,28 1,51
Eguity/share EUR 2,23 2,23 2,07
Earnings/share (EPS) EUR, undiluted 0,01 -0,15 -0,19
Earnings/share (EPS) EUR, diluted 0,01 -0,15 -0,19
Equity ratio % 42,05 39,01 40,15
OTHER LIABILITIES AND COMMITMENTS
Contingencies and commitments, EUR 1,000 30.6.2012 30.6.2011 31.12.2011
-----------------------------------------
Mortgages given 4 000 3 000 4 000
Other contingent liabilities 11 458 10 780 11 458
Rent liabilities 79 730 81 070 83 766
Accounting policies
The interim financial information has been prepared in accordance with IAS 34
'Interim Financial Reporting'. The IFRS recognition and measurement principles
as described in the annual financial statements for 2011 have also been applied
in the preparation of the interim financial information, with the exception of
Amendments to IFRS 7 Financial Instruments: Disclosures which the Group has
applied as of 1 January 2012.
The amendments in question have not had impact on reported figures.
All figures have been rounded and consequently the sum of individual figures
can deviate from the presented sum figure. Key figures have been calculated
using exact figures. This interim report is unaudited.
Calculation of Key Figures
Equity ratio (%) =
Equity
______________________________________ x 100
Balance sheet total - advances received
Earnings per share (EUR) =
Result attributable to equity holders of the parent company
_________________________________________________________
Weighted average number of ordinary shares outstanding
Equity per share (EUR) =
Equity attributable to equity holders of the parent company
________________________________________
Number of shares at the end of the financial year, adjusted for the share issue
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