2012-05-04 08:00:06 CEST
2012-05-04 08:00:15 CEST
REGULATED INFORMATION
Nurminen Logistics Oyj - Interim report (Q1 and Q3)
NURMINEN LOGISTICS PLC’S INTERIM REPORT 1 JANUARY - 31 MARCH 2012
Year 2012 started better than expected - operating EBIT grew clearly
Nurminen Logistics Plc Interim report 4 May 2012 at
9.00 am
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 - 31 March 2012
-- Net sales were EUR 19.1 million (2011: EUR 17.7 million).
-- Reported operating result was EUR 1.2 million (EUR -0.6 million)
-- Operating margin was 6.1% (-3.6%).
-- Operating result excluding non-recurring items was EUR 1.1 million (EUR
-0.6 million).
-- EBT was EUR 1.2 million (EUR -0.9 million)
-- Net result was EUR 0.9 million (EUR -1.1 million).
-- Earnings per share, undiluted: 0.04 Euros (-0.09 Euros).
-- Earnings per share, diluted: 0.04 Euros (-0.09 Euros).
MARKET SITUATION
Russia and CIS countries, an important market for Nurminen Logistics, remained
active throughout the review period. In Finland markets remained in reasonable
level although the demand and market situation varied between different
business segments.
Export by rail from Finland to the CIS countries that developed favorably in
the second half of the year 2011 slowed down slightly in the beginning of the
review period but started to improve as from the end of the review period. In
Russia's domestic railway market demand remained in a good level during the
whole review period. The company managed to increase its share in Russia's
domestic rail transport faster than expected.
In special transport demand and price level varied heavily. Market situation
remained challenging in the review period and especially competition for large
mechanical engineering industry project deliveries continued to be tight.
Business volume in transit transports especially through the Baltic countries
grew throughout the whole review period. Volumes in Kotka and Hamina terminals
developed better than expected as a result of growing transit transport volumes
via Finland to and from Russia.
The forwarding and value added services market in Southern Finland and Vuosaari
harbour remained challenging and kept the price level low. Among the main
customer groups, demand in forest industry remained on the level of 2011 during
the review period and demand of mechanical engineering industry grew slightly.
NET SALES AND FINANCIAL PERFORMANCE 1 JANUARY - 31 MARCH 2012
The net sales for the review period amounted to EUR 19.1 million (2011: 17.7
million). Compared to 2011 the increase of net sales was 8.1%. Reported
operating result was EUR 1,175 (-634) thousand. The increase was 285 %.
Operating result includes non-recurring items of EUR 69 (0) thousand.
Therefore, comparative operating result was EUR 1,106 thousand and increased
274% compared to 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 0.5 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 10,686 (2011: 10,546) thousand and operating result was EUR 1,420 (2011:
902) thousand. Operating result includes non-recurring items of EUR 69 (0)
thousand. Therefore, comparative operating result was EUR 1,351 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. Profitability and
volumes grew in the review period especially in flat wagon traffic and chemical
transport. 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. The beginning of the year
was quiet in railway transport between Finland and Russia but demand improved
towards the end of the review period.
Special Transports and Projects
The Special Transports and Projects business unit net sales for the review
period amounted to EUR 1,976 (1 827) thousand and operating result was EUR 68
(-158) thousand. Due to the competition situation 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 3,411 (2,365) thousand and operating result was EUR 525 (-244) thousand.
The result of Transit Logistics unit was very good due to the container volumes
transported via Baltic countries and block train deliveries started from Riga
to Moscow. Kotka and Hamina terminals result developed favorably mainly due to
improved utilization rate and new value added services.
Forwarding and Value Added Services
Forwarding and Value Added Services business unit net sales for the review
period amounted to EUR 3,054 (2,952) thousand and operating result was EUR -839
(-1,134) thousand. The improvement of the units result in the beginning of the
year was due to increased profitability of Vuosaari forwarding and terminal.
The volumes of Vuosaari logistics centre remained in the level of 2011 but the
result improved due to the development measures taken according to the launched
in the end of 2011 development program which aims to improve the profitability
of Vuosaari logistics centre. In the review period the operating loss of the
Vuosaari logistics centre was EUR 0.6 (1.0) million. The results of the Rauma,
Turku and Vaalimaa forwarding offices were also slightly better than in the
first quarter of 2011.
NET SALES BY UNITS 1-3/2012 1-3/2011 1-12/2011
------------------------------------------------------------------
EUR 1,000
------------------------------------------------------------------
Railway Logistics 10,686 10,546 43,777
------------------------------------------------------------------
Special Transports and Projects 1,976 1,827 7,572
------------------------------------------------------------------
Transit Logistics 3,411 2,365 12,250
------------------------------------------------------------------
Forwarding and Value Added Services 3,054 2,952 13,030
------------------------------------------------------------------
Total 19,127 17,691 76,630
------------------------------------------------------------------
OPERATING RESULT BY UNITS 1-3/2012 1-3/2011 1-12/2011
------------------------------------------------------------------
EUR 1,000
------------------------------------------------------------------
Railway Logistics 1,420 902 5,608
------------------------------------------------------------------
Special Transports and Projects 68 -158 -461
------------------------------------------------------------------
Transit Logistics 525 -244 423
------------------------------------------------------------------
Forwarding and Value Added Services -839 -1,134 -3,623
------------------------------------------------------------------
Total 1,175 -634 1,947
------------------------------------------------------------------
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 harbours and therefore the volume
development of those harbours is relevant to the company. Volume development is
effected, among other things, by development of the transit trade that
decreased during the recession. Its outlook is unclear at the moment.
The railway tariff changes of different countries might affect the price
competitiveness of rail transports 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.
FINANCIAL POSITION AND BALANCE SHEET
Company's cash flow from operations was EUR 656 thousand. Cash flow from
investments was EUR -32 thousand. Cash flow from financing activities amounted
to EUR -62 thousand.
At the end of the review period, cash and cash equivalents amounted to EUR
3,109 thousand. Liquidity decreased in the review period but remained
satisfactory.
Group's interest bearing debt was EUR 28.9 million and correspondingly the net
interest bearing debt was EUR 25.8 million.
Balance sheet totaled EUR 69.7 million and equity ratio was 43.5%.
CAPITAL EXPENDITURE
The Group's gross capital expenditure for review period amounted to EUR 174
(109) thousand, accounting for 0.9% of net sales. Depreciation totaled EUR 1.0
(1.1) million, or 5.3% 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 346 (343 on 31 December
2011). The number of personnel working abroad was 73. Management and
administrative staff numbered to 26.
SHARE-BASED INCENTIVE PLAN FOR THE GROUP PERSONNEL
The Board of Directors of Nurminen Logistics Plc approved in March 2011 a new
share-based incentive plan for the Group key personnel. The aim of the plan is
to combine the objectives of the shareholders and the key personnel in order to
increase the value of the company, to commit the key personnel to the company,
and to offer them competitive reward plan based on holding the company shares.
The information was published in stock exchange release on 7 March 2011.
SHARES AND SHAREHOLDERS
The trading volume of Nurminen Logistics Plc's shares was 41,864 in 1 January -
31 March 2012. This represented 0.32% of the total number of shares. The value
of the turnover was EUR 82,641. 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 1.95 per share and the market value of the entire share capital EUR
25,164,219.60.
At the end of the review period Nurminen Logistics Plc had 510 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
Nurminen Logistics Plc's Annual General Meeting of Shareholders held on 23
April 2012 made the following decisions:
Adoption of the financial statements and resolution on the discharge from
liability
The Annual General Meeting of Shareholders confirmed the company's financial
statements and the Group's financial statements for the financial period 1
January 2011 - 31 December 2011 and released the Board of Directors and the
Managing Directors from liability.
Payment of dividend
The Annual General Meeting of Shareholders approved the Board's proposal that
no dividend shall be paid for the financial year 1 January 2011 - 31 December
2011.
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. The Annual General Meeting of
Shareholders re-elected the following ordinary members to the Board of
Directors: Tero Kivisaari, Jan Lönnblad, Juha Nurminen, Jukka Nurminen and Olli
Pohjanvirta. In its organising meeting immediately following the Annual General
Meeting of Shareholders, the Board of Directors elected Olli Pohjanvirta as the
Chairman of the Board. The Board of Directors also appointed an Audit
Committee. The members of the Audit Committee are Tero Kivisaari and Jukka
Nurminen.
The Annual General Meeting of Shareholders resolved that for the members of the
Board elected at the Annual General Meeting for the term ending at the close of
the Annual General Meeting in 2013 will remuneration level be as follows:
annual remuneration of EUR 80,000 for the Chairman and EUR 15,000 for the other
members. Additionally a meeting fee of EUR 700 per meeting shall be paid for
each member of the Board. 50 per cent of the annual remuneration will be paid
in the form of Nurminen Logistics Plc's shares and the remainder in money. A
member of the Board of Directors may not transfer shares received as annual
remuneration before a period of three years has elapsed from receiving shares.
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.
Auditor
KPMG Oy Ab, Authorised Public Accountant audit-firm, was re-elected as Nurminen
Logistics Plc's auditor. Mr Lasse Holopainen acts as the responsible auditor.
The auditor's term ends at the end of the first Annual General Meeting
following the election. Auditor's fee and costs will be paid in accordance with
their invoice.
DIVIDEND POLICY
Company's board has on 14 May 2008 determined company's dividend policy,
according to which Nurminen Logistics Plc aims to, in case company's financial
policy so allows, annually distribute as dividends approximately one third of
its net profit.
AUTHORISATIONS GIVEN TO THE BOARD
Authorising the Board of Directors to decide on the repurchase of the company's
own shares
Annual General Meeting 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.
EVENTS AFTER 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 will leave Nurminen Logistics on 14 May
2012. As of 15 May 2012 the number of Nurminen Logistics' Executive Board will
decline from six to five. This information was published in stock exchange
release on 12 April 2012.
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 and special and heavy transports. The
company has collected logistics know-how from three centuries, starting in
1886. Nurminen Logistics' main market areas are Finland, the Baltic Sea region,
Russia and other Eastern European countries. The company's share is listed on
NASDAQ OMX Helsinki.
TABLES
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME 1-3/2012 1-3/2011 1-12/2011
--------------------------------------------------
EUR 1,000
NET SALES 19 127 17 691 76 630
Other operating income 217 41 1 037
Materials and services -8 504 -9 011 -37 431
Employee benefit expenses -3 883 -3 463 -14 994
Depreciation, amortisation and impairment losses -1 009 -1 077 -4 185
Other operating expenses -4 773 -4 816 -19 110
OPERATING RESULT 1 175 -634 1 947
Financial income 550 56 146
Financial expenses -547 -443 -2 931
Share of profit in equity-accounted investees 31 81 91
RESULT BEFORE TAX 1 209 -940 -746
Income taxes -316 -195 -784
PROFIT / LOSS FOR THE PERIOD 893 -1 135 -1 530
Other comprehensive income:
Translation differences 1 609 289 -887
Other comprehensive income for the period after 1 609 289 -887
tax
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD 2 502 -846 -2 417
Result attributable to
Equity holders of the parent company 503 -1 208 -2 458
Non-controlling interest 390 73 928
Total comprehensive income attributable to
Equity holders of the parent company 2 112 -919 -3 345
Non-controlling interest 390 73 928
EPS undiluted 0,04 -0,09 -0,19
EPS diluted 0,04 -0,09 -0,19
CONSOLIDATED BALANCE SHEET 31.3.2012 31.3.2011 31.12.2011
------------------------------------------
EUR 1,000
ASSETS
Non-current assets
Property, plant and equipment 41 436 44 114 40 785
Goodwill 9 516 9 516 9 516
Other intangible assets 921 740 719
Investments in equity-accounted investees 287 578 309
Receivables 35 714 35
Deferred tax assets 986 812 954
NON-CURRENT ASSETS 53 181 56 475 52 318
Current assets
Trade and other receivables 13 448 15 297 14 546
Cash and cash equivalents 3 109 2 098 2 490
CURRENT ASSETS 16 557 17 395 17 036
ASSETS TOTAL 69 738 73 870 69 354
EQUITY AND LIABILITIES
Share capital 4 215 4 215 4 215
Other reserves 18 729 18 580 17 896
Retained earnings 5 970 6 018 4 673
Non-controlling interest 1 454 1 066 1 064
EQUITY, TOTAL 30 367 29 879 27 848
Non-current liabilities
Deferred tax liability 400 436 398
Non-interest-bearing finance liabilities 651 740 635
Interest-bearing finance liabilities 18 859 21 852 19 044
NON-CURRENT LIABILITIES 19 910 23 028 20 077
Current liabilities
Interest-bearing finance liabilities 10 007 9 252 9 997
Trade payables and other liabilities 9 454 11 711 11 432
CURRENT LIABILITIES 19 461 20 963 21 429
TOTAL LIABILITIES 39 371 43 991 41 506
TOTAL EQUITY AND LIABILITIES 69 738 73 870 69 354
CONDENSED CONSOLIDATED CASH FLOW STATEMENT 1-3/20 1-3/20 1-12/2
12 11 011
---------------------------------------------------------
CASH FLOW FROM OPERATING ACTIVITIES
Profit/Loss for the period 893 -1 135 -1 530
Gains and losses on disposals of property, plant and -121 -38 -32
equipment and other non-current assets
Depreciation, amortisation and impairment losses 1 009 1 077 4 185
Unrealised foreign exchange gains and losses -529 -37 234
Other adjustments 702 537 2 731
Paid and received interest -237 -294 -1 505
Taxes paid -347 -226 -995
Changes in working capital -713 1 039 1 781
Cash flow from operating activities 656 923 4 868
CASH FLOW FROM INVESTING ACTIVITIES
Proceeds from sale of property, plant and equipment and 142 43 54
intangible assets
Investments in property, plant and equipment and -174 -109 -905
intangible assets
Proceeds from sale of interests in associates 0 0 404
Cash flow from investing activities -32 -66 -448
CASH FLOW FROM FINANCING ACTIVITIES
Acquisition of own shares 0 0 -47
Changes in liabilities -62 -1 323 -3 569
Dividends paid 0 0 -857
Cash flow from financing activities -62 -1 323 -4 473
CHANGE IN CASH AND CASH EQUIVALENTS 619 -465 -73
Cash and cash equivalents at beginning of period 2 490 2 563 2 563
Cash and cash equivalents at end of period 3 109 2 098 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
1-3/2011 EUR 1,000
-------------------------------
Equity 1.1.2011 4215 86 2378 19178 -3352 7373 993 30872
Result for the period 0 0 0 0 0 -1208 73 -1135
Total comprehensive income for 0 0 0 0 289 0 0 289
the period / translation
differences
Other changes 0 0 0 0 0 -147 0 -147
Equity 31.3.2011 4215 86 2378 19178 -3063 6018 1066 29879
STATEMENT OF CHANGES IN EQUITY A B C D E F G H
1-3/2012 EUR 1,000
--------------------------------
Equity 1.1.2012 4215 86 2378 19131 -3699 4673 1064 27848
Result for the period 0 0 0 0 0 503 390 893
Total comprehensive income for 0 0 0 0 832 777 0 1609
the period / translation
differences
Other changes 0 0 0 0 0 18 0 18
Equity 31.3.2012 4215 86 2378 19131 -2867 5970 1454 30367
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 1-3/2012
---------------------------
EUR 1,000
Sales 4
Purchases 1
Interest expenses 19
Current liabilities 2 591
KEY FIGURES
KEY FIGURES 1-3/2012 1-3/2011 1-12/2011
-------------------------------------
Gross capital expenditure, EUR 1,000 174 109 905
Personnel 346 333 343
Operating margin % 6,1 % -3,6 % 2,5 %
Share price development
Share price at beginning of period 1,78 2,89 2,89
Share price at end of period 1,95 2,60 1,78
Highest for the period 2,34 3,00 3,00
Lowest for the period 1,78 2,40 1,51
Eguity/share EUR 2,35 2,32 2,07
Earnings/share (EPS) EUR, undiluted 0,04 -0,09 -0,19
Earnings/share (EPS) EUR, diluted 0,04 -0,09 -0,19
Equity ratio % 43,54 40,45 40,15
OTHER LIABILITIES AND COMMITMENTS
Contingencies and commitments, EUR 1,000 31.3.2012 31.3.2011 31.12.2011
-----------------------------------------
Mortgages given 4 000 3 000 4 000
Other contingent liabilities 11 458 10 780 11 458
Rent liabilities 81 700 82 770 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
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