2010-02-26 08:00:00 CET
2010-02-26 08:00:04 CET
REGULATED INFORMATION
Nurminen Logistics Oyj - Financial Statement Release
NURMINEN LOGISTICS PLC'S FINANCIAL STATEMENT RELEASE 2009
Nurminen Logistics Plc Financial Statement Release 26 February 2010 9.00 am NURMINEN LOGISTICS PLC'S FINANCIAL STATEMENT RELEASE 2009 - Net sales dropped significantly, but the operating result remained positive in a very difficult market situation REVIEW PERIOD IN BRIEF Review period 1 January - 31 December 2009 - Net sales were EUR 62.5 million (2008: EUR 81.8 million). - Reported operating profit was EUR 2.4 million (EUR 4.6 million). - Operating margin was 3.8% (5.7%) - Operating profit excluding non-recurring items was EUR 0.4 million (EUR 4.3 million). - EBT was EUR -0.4 million (EUR 2.9 million) - Net profit was EUR -0.7 million (EUR 2.3 million). - Earnings per share: -0.13 Euros (0.13 Euros). Fourth quarter 1 October- 31 December 2009 - Net sales were EUR 16.2 million (2008: EUR 20.9 million). - Reported operating profit was EUR 0.5 million (EUR 0.6 million) - Operating margin was 3 % (2.8 %). - Operating profit excluding non-recurring items was EUR 0.1 million (EUR 0.7 million). - EBT was EUR 0.5 million (EUR -0.1 million) - Net profit was EUR 0.5 million (EUR 0.0 million). - Earnings per share: 0.01 Euros (0.01 Euros). Outlook for 2010 The net sales of the continuing operations in year 2010 are expected to increase compared to 2009 and the company's operating result excluding non-recurring items is expected to be positive despite the weak profitability in the beginning of the year. The company believes that Nurminen Logistics' responsible behavior and investments in the future during difficult market conditions, as well as the company's good brand, have strengthened customers' confidence in the company, which in turn has already brought the company more customers. Board of Directors' proposal for profit distribution The Board of Directors proposes to the Annual General Meeting that no dividend shall be distributed for the financial year 2009. MARKET SITUATION For Nurminen Logistics, 2009 was a year marked by the global economic crisis, which had a significant impact on the market. The recession, which began towards the end of 2008 and continued throughout 2009, led to an across-the-board reduction in Finland's export trade volumes. Nurminen Logistics increased its market share, especially as a result of the opening of the Vuosaari logistics centre, and achieved a positive operating result in spite of the extremely difficult market situation. Demand and volumes in the Nurminen Cargo business unit weakened strongly compared to 2008, alongside the market. Capacity utilisation recovered slowly from the second quarter onwards following a quiet first quarter, and continued its slow recovery through the second half of the year. Operations at the new logistics centre located at the Vuosaari harbour got underway in November 2008, just as the global economic crisis began to bite. It will take its time before the logistics centre reaches its targeted operating level. The development of foreign trade and the Vuosaari harbour in particular will be a decisive factor. The first operating year in difficult market conditions has brought the company significant new customers and product flows. Demand in the Nurminen Heavy business unit is particularly affected by changes in the output of mechanical engineering industry and related project transports. Demand remained at a moderate level at the beginning of 2009, but, beginning in the late spring, weakened for the rest of the year. The difficult market conditions in 2009 and the changes they brought to the industry also presented Nurminen Logistics with new business opportunities. The opening of a new logistics centre in a modernised and centrally located terminal freed up for use in Hamina harbour is one example of the opportunities available to the company. Several economic institutions predict slight growth for both the Finnish and global economies during 2010. Foreign trade volumes are predicted to grow by around five per cent. However, it will be several years yet before growth returns trade volumes to their pre-crisis level, so market conditions are likely to remain tight throughout 2010. TURNOVER AND FINANCIAL PERFORMANCE 1 JANUARY- 31 DECEMBER 2009 The net sales for the review period amounted to EUR 62.5 (2008: 81.8) million. Compared to the corresponding period last year the decrease of the net sales was 23.6%. Reported operating profit was EUR 2,374 (4,638) thousand. The decrease was 48.8%. Operating profit includes non-recurring profits of EUR 2,024 thousand (0) and non-recurring costs of EUR 59 (81) thousand. Therefore comparative operating profit was EUR 409 thousand and decreased 91.2% compared to the corresponding period last year. Non-recurring profit was a result of the company's decision to give up its purchase option and first refusal right to the logistics centre in Vuosaari during the second quarter. The company has a long-term lease agreement in Vuosaari. Aforesaid was published in a stock exchange release on 18 June 2009. As compensation the company received a payment of EUR 3.500 thousand, of which EUR 2,024 thousand was recorded as other revenues during the review period and the remaining EUR 1,476 thousand will be recorded monthly during the period from January 2010 to November 2010. The original term of the purchase option was 19 November 2008 - 18 November 2010. The non-recurring cost consists of the recorded asset sale loss resulting from the property arrangement that was published in 2 November 2009. The company announced on 25 February 2009 that it will adjust its operations to the market situation. The savings goal of EUR 1.5 million related to personnel costs was achieved during the review period. Fire destroyed part of the company's terminal in Niirala on 25 June 2009. Due to the terminal space destroyed in the fire a write-off of EUR 509 thousand has been recorded during the third quarter. Correspondingly an insurance compensation receivable of EUR 509 thousand has been recorded in other operating income as the terminal was insured for its full value. The financial result was burdened by high interest rate of the rouble based loan taken by the company's Russian subsidiary. The entire rouble based loan was converted into euro based loan on 23 July 2009. The conversion caused a non-recurring cost of EUR 0.2 million that burdened the financial result. At the time of conversion the rouble based loan amounted to RUB 426 million. The conversion reduces the company's financial costs due to the lower euro interest rate in comparison with rouble. Exchange rate differentials of the parent company's loan to the Russian subsidiary burdened the financial result by EUR 0.2 million. Nurminen Cargo segment's net sales for the review period amounted to EUR 55.2 (71.2) million. Net sales decreased strongly due to the weakening demand, which is related mainly to the decrease in Finnish export volumes to Russia and other CIS countries. Operating result decreased strongly and amounted EUR 341 (4,263) thousand. The weakening of the operating result was mainly due to volume decrease and increase of fixed costs due to the opening of the logistics centre in Vuosaari. The volume situation and profitability recovered slightly towards the end of the year. Nurminen Heavy's net sales decreased to EUR 7.3 (10.7) million as the demand situation weakened. Operating profit decreased strongly to EUR 10 (1,139) thousand. Operating profit decreased due to drop in business volume and increased price competition. TURNOVER AND FINANCIAL PERFORMANCE 1 OCTOBER - 31 DECEMBER 2009 The 2009 fourth quarter net sales amounted to EUR 16.2 (2008: 20.9) million. The net sales decreased by 22.5%. Reported operating profit was EUR 481 thousand (589 thousand). Therefore operating profit declined 18.3%. The operating profit includes non-recurring items of EUR 375 thousand (0). Therefore the comparative operating profit was EUR 106 thousand and declined 82.2% compared to 2008. The level of net sales remained low even though the volumes recovered slightly during the last quarter of the year. Nurminen Cargo business unit's demand situation recovered slightly. Nurminen Heavy business unit's demand situation continued to weaken during the fourth quarter as its customers reduced their deliveries. Profitability was burdened by weak capacity utilisation especially in Vuosaari logistics centre. The adjustment measures had a positive effect on operating profit. On the other hand, normal variations in the customer structure and especially the reduction in project transports weakened the profitability in comparison with the third quarter. ACQUISITIONS IN 2009 Nurminen Logistics acquired in June 12 per cent of the share capital of its subsidiary OOO Huolintakeskus from Russian minority shareholders of OOO Huolintakeskus. After the transaction Nurminen Logistics owns the whole share capital of OOO Huolintakeskus. In connection with the transaction Nurminen Logistics issued 121,859 new shares. The shares were used as part of the sale price. After the arrangement the total amount of Nurminen Logistics' shares is 12,878,478. OOO Huolintakeskus is a Russian railway operator which owns approximately one thousand railway wagons. Its office is located in St. Petersburg. The stock exchange release concerning the transaction was published on 23 June 2009. OUTLOOK 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. Due to the global financial crisis foreign trade volumes have declined in all sectors. The volumes have started to slightly grow after strong decline in the beginning of 2009 but both exports and imports are still on a significantly lower level than before the financial crisis. The net sales of the continuing operations in year 2010 are expected to increase compared to 2009 and the company's operating result excluding non-recurring items is expected to be positive despite the weak profitability in the beginning of the year. The company believes that Nurminen Logistics' responsible behaviour and investments in the future during difficult market conditions, as well as the company's good brand, have strengthened customers' confidence in the company, which in turn has already brought the company more customers. The company is actively following the structural changes in the logistics market as well as acquisition opportunities. SHORT-TERM RISKS AND UNCERTAINTIES The downward trend of the world economy seems to have stopped and there are some weak signs of the recovery of the world economy. There is uncertainty in the development and the possible growth of the foreign trade volumes that are important to the company. If the volume levels stay low, there is a possibility that the price competition will intensify. Even large variations in the volumes of different product categories are still possible. A significant risk factor in short-term is the industrial actions threatening the logistics sector. If materialised, they will weaken sector's operational preconditions and the company's profitability. FINANCIAL POSITION AND BALANCE SHEET Company's cash flow from operations was EUR 2,420 thousand. Cash flow from investments was EUR 12,350 thousand. Cash flow from financing activities amounted to EUR -16,645 thousand. The most important item in cash flows from investments and financing activities is the property arrangement that was published on 2 November 2009. The arrangement has been recorded as property sale and as financial lease. At the end of the review period, cash and cash equivalents amounted to EUR 2,238 thousand. Liquidity was good throughout the review period. Group's interest bearing debt was EUR 33.5 million and correspondingly the net interest bearing debt was EUR 31.2 million. Balance sheet totaled EUR 79.0 million and equity ratio was 41.3%. CAPITAL EXPENDITURE The group's gross capital expenditure for review period amounted to EUR 2.9 (11.1) million, accounting for 4.6% of net sales. Depreciation totaled EUR 4.6 (4.3) million, or 7.3% 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 %),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 (88 %), OOO John Nurminen Terminal (100 %), ZAO Terminal Rubezh (100 %), Nurminen Logistics LLC (100 %), UAB Nurminen Maritime (51 %), Nurminen Maritime Eesti AS (51 %), CMA CGM Latvia SIA (23 %), CMA CGM Estonia Oü (23 %), Team Lines Latvia SIA (23 %) and Team Lines Estonia Oü (20,3 %). RESEARCH AND DEVELOPMENT Nurminen Logistics offers logistics services and aims to constantly develop these services both on its own and in cooperation with its partners. Due to the nature of its operations the company did not have separate research and development costs in its income statement in 2009. PERSONNEL At the end of the review period the Group staff was 346 (352 on 31 December 2008). The number of personnel working abroad was 57. Nurminen Cargo had 291 employees and Nurminen Heavy 27. Management and administrative staff numbered to 28. Employee benefit expenses in 2009 totaled EUR 14.3 million (2008: EUR 15.6 million). The company announced on 25 February 2009 that it will start to adjust its operations to match the market situation. The co-determination negotiations concerning the whole company were concluded on 20 April 2009. Personnel reductions agreed in the negotiations concerned 26 persons, of which 14 were be made redundant. In addition, the company's personnel was temporarily laid off for a month. As a part of the adjustment measures, the management of the company decided to forgo a month's salary in 2009. This arrangement concerned eight persons. The cost savings of the adjustment measures based on the negotiations was EUR 1.5 million in 2009. SHARE-BASED INCENTIVE PLAN FOR THE GROUP PERSONNEL The Board of Directors of Nurminen Logistics Plc has approved in February 2008 a new share-based incentive plan for the Group key personnel. The plan was described in stock exchange release published on 17 April 2008. ENVIRONMENTAL FACTORS Nurminen Logistics seeks environmentally friendly and efficient transport solutions as part of developing its services. Railway transport is an environmentally friendly mode of transport, and Nurminen Cargo also has a certified environmental management system that meets the requirements of ISO 14001:2004. 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 12,878,478 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 2008 the company distributed a dividend of EUR 0.06 per share to a total of EUR 765,354.84. The trading volume of Nurminen Logistics Plc's shares was 282 359 in 1 January - 31 December 2009. This represented 2.2% of the total number of shares. The value of the turnover was EUR 967,833. The lowest price for the period was EUR 2.50 per share and the highest EUR 3.52 per share. The closing price for the period was EUR 3.35 per share and the market value of the entire share capital EUR 43,142,901. At the end of the financial year Nurminen Logistics Plc had 370 shareholders. The company owns 705 of its own shares, which represent 0.005% 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 Nurminen Logistics Plc did not receive any notifications pursuant to Chapter 2, section 9 of the Finnish Securities Markets Act during the review period. DECISIONS OF THE GENERAL ANNUAL MEETING The Annual General Meeting of Shareholders held on 6 April 2009 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 2008 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 the section 2 (line of business) of the company's articles of association shall be amended so that the references according to which the company can provide healthcare logistics and other healthcare services will be removed. Composition and remuneration of the Board of Directors The Annual General Meeting of Shareholders resolved that the Board of Directors shall consist of seven (7) ordinary members. The Annual General Meeting of Shareholders re-elected the following ordinary members to the Board of Directors: Olli Pohjanvirta, Juha Nurminen, Matti Lainema, Matti Packalén and Rolf Saxberg. Jukka Nurminen who had acted as deputy member of the Board of Directors was elected as an ordinary member. Eero Hautaniemi was elected as a new member. In its organising meeting immediately following the Annual General Meeting of Shareholders, the Board of Directors elected Juha Nurminen as the Chairman of the Board and Matti Lainema as the Deputy Chairman of the Board. The Board of Directors also appointed an Audit Committee. The members of the Audit Committee are Eero Hautaniemi, Matti Lainema and Olli Pohjanvirta. The Annual General Meeting of Shareholders decided to pay annual remuneration of EUR 27,000 to the Chairman of the Board, EUR 18,000 to the Deputy Chairman of the Board, and EUR 13,500 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 in case share price rises above EUR 4.88. The remuneration will be calculated from the difference of share's average price for March 2010 (added with dividends paid after this annual general meeting and before end of March 2010) and EUR 4.88 per share. For each percentage point the profit has accrued (calculated from the EUR 4.88 initial level), 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 profit exceeds 25 percent the remuneration shall be paid according to 25 percent. The decision regarding remuneration means that the final remuneration of the Board members is subject to the total return for the company's share. Dividend The Annual General Meeting of Shareholders approved the Board's proposal that a per share dividend of EUR 0.06 is distributed from unrestricted equity reserve for the financial year 2008. The dividend was paid to shareholders entered in the company's shareholder register on the record date of 9 April 2009. The dividend payment date was 21 April 2009. Authorising the Board of Directors to decide on the share issue and other special rights entitling to shares Annual General Meeting authorised the Board to decide on the issuing new 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, either by one or several resolutions, no more than 20,000,000 new shares. The authorisation could 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, and/or for the creating incentives 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 (1/10) of all shares held by 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, as the same as Annual General Meeting could decide. The authorisation also includes right to decide on directed issues of shares and/or special rights. The authorisation remains until 30 April 2010. 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 The board was given by the Annual General Meeting on 6 April 2009 an authorisation to decide on the issue of shares and special rights, for a maximum of 20,000,000 new shares. Based on this authorisation the company issued in June 121,859 new shares. The shares were issued in order to acquire minority interest of company's subsidiary OOO Huolintakeskus. The transaction was published in a stock exchange release on 23 June 2009. The authorisation is valid until 30 April 2010. OTHER EVENTS DURING THE REVIEW PERIOD Rouble based loan converted into euro based The company has converted its entire rouble based loan of RUB 426 million (EUR 9,120 thousand) into euro based loan on 23 July 2009. The conversion caused a non-recurring cost of EUR 0.2 million that burdens the financial result. The conversion reduces the company's financial costs due to the lower euro interest rate in comparison with rouble. Exchange rate differentials of the parent company's loan to the Russian subsidiary burdened the financial result by EUR 0.2 million. Nurminen Logistics sold its logistics properties to Ilmarinen Mutual Pension Insurance Company as part of financing arrangement Nurminen Logistics sold its properties in Kotka, Luumäki, Vainikkala, Niirala and Jyväskylä to Ilmarinen Mutual Pension Insurance Company. The selling price was approximately EUR 15 million. Nurminen Logistics continues its operations as a leaseholder in the above mentioned properties on a ten-year lease agreement. Nurminen Logistics Plc has committed to repurchase the properties from Ilmarinen after the term of lease agreement. The arrangement had no material impact on the company's result. The arrangement has been recorded as property sale and as financial lease. The stock exchange release concerning the arrangement was published on 2 November 2009. New logistics centre at Hamina harbour Nurminen Logistics opened a diversified logistics centre at Hamina harbour in December 2009. The centre offers clients an entire logistic value chain, including terminal services, rail transport, forwarding and documentation services, and special and heavy transport, as well as project services. Initially employing a staff of around 15, the centre includes a covered terminal space of approximately 16,000 square metres, while the outdoor space, intended for various project services and containers, consists of three hectares. Inside the terminal, there is a blind track and outside, there is a specific track for project transport. The logistics centre was built on the pre-existing terminal, which had been completely repaired and modernised. EVENTS AFTER THE REVIEW PERIOD There are no important events after the review period. BOARD OF DIRECTORS' PROPOSAL FOR PROFIT DISTRIBUTION Based to the Financial Statements as at 31 December 2009, the parent company's distributable equity is EUR 16,486 thousand. The Board of Directors proposes to the Annual General Meeting that no dividend shall be distributed for the financial year 2009. ANNUAL GENERAL MEETING 2010 The Annual General Meeting of Nurminen Logistics Plc will take place on Wednesday, 14 April 2010 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 10 545 2431) DISTRIBUTION NASDAQ OMX Helsinki Major media www.nurminenlogistics.com Nurminen Logistics provides high-quality logistics services, such as railway transports, terminal services, forwarding and special and heavy transports. The company has collected logistics know-how from three centuries, starting in 1886. Nurminen Logistics' main market areas are Finland, the Baltic Sea region, Russia and other Eastern European countries. The company's share is listed on NASDAQ OMX Helsinki. TABLES -------------------------------------------------------------------------------- | INCOME STATEMENT | 1-12/2009 | 1-12/2008 | -------------------------------------------------------------------------------- | EUR 1,000 | | | -------------------------------------------------------------------------------- | Continuing operations | | | -------------------------------------------------------------------------------- | NET SALES | 62 490 | 81 846 | -------------------------------------------------------------------------------- | Other operating income | 2 827 | 1 272 | -------------------------------------------------------------------------------- | Materials and services | -27 702 | -42 582 | -------------------------------------------------------------------------------- | Employee benefits expenses | -14 258 | -15 626 | -------------------------------------------------------------------------------- | Depreciation and impartment | -4 560 | -4 339 | -------------------------------------------------------------------------------- | Other operating costs | -16 423 | -15 933 | -------------------------------------------------------------------------------- | OPERATING PROFIT | 2 374 | 4 638 | -------------------------------------------------------------------------------- | Financial income | 147 | 661 | -------------------------------------------------------------------------------- | Financial expenses | -3 091 | -2 699 | -------------------------------------------------------------------------------- | Share of profit in associates | 167 | 334 | -------------------------------------------------------------------------------- | PROFIT BEFORE TAX | -403 | 2 934 | -------------------------------------------------------------------------------- | Income taxes | -277 | -586 | -------------------------------------------------------------------------------- | PROFIT FOR THE PERIOD FROM CONTINUING | -680 | 2 348 | | OPERATIONS | | | -------------------------------------------------------------------------------- | Profit for the period from | 0 | 509 | | discontinuing operations | | | -------------------------------------------------------------------------------- | PROFIT FOR THE PERIOD | -680 | 2 857 | -------------------------------------------------------------------------------- | | | | -------------------------------------------------------------------------------- | Other comprehensive income | | | -------------------------------------------------------------------------------- | Translation differences | -699 | -3 433 | -------------------------------------------------------------------------------- | Other comprehensive income for the | -699 | -3 433 | | period | | | -------------------------------------------------------------------------------- | Total comprehensive income for the | -1 379 | -576 | | period | | | -------------------------------------------------------------------------------- | | | | -------------------------------------------------------------------------------- | Net profit attributable | | | -------------------------------------------------------------------------------- | To equity holders of the parent | -1 614 | 2 181 | -------------------------------------------------------------------------------- | To minority interest | 934 | 676 | -------------------------------------------------------------------------------- | | | | -------------------------------------------------------------------------------- | EPS undiluted | -0,13 | 0,17 | -------------------------------------------------------------------------------- | - Continuing operations | -0,13 | 0,13 | -------------------------------------------------------------------------------- | - Discontinued operations | 0,00 | 0,04 | -------------------------------------------------------------------------------- | | | | -------------------------------------------------------------------------------- | EPS diluted | -0,13 | 0,17 | -------------------------------------------------------------------------------- | - Continuing operations | -0,13 | 0,13 | -------------------------------------------------------------------------------- | - Discontinued operations | 0,00 | 0,04 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | INCOME STATEMENT | 10-12/2009 | 10-12/2008 | Change | -------------------------------------------------------------------------------- | EUR 1,000 | | | | -------------------------------------------------------------------------------- | Continuing operations | | | | -------------------------------------------------------------------------------- | NET SALES | 16 200 | 20 903 | -4 703 | -------------------------------------------------------------------------------- | Other operating income | 191 | 207 | -16 | -------------------------------------------------------------------------------- | Materials and services | -7 099 | -10 571 | 3 472 | -------------------------------------------------------------------------------- | Employee benefits expenses | -3 548 | -3 746 | 198 | | | | | | -------------------------------------------------------------------------------- | Depreciation and impartment | -580 | -1 227 | 647 | -------------------------------------------------------------------------------- | Other operating costs | -4 683 | -4 977 | 294 | -------------------------------------------------------------------------------- | OPERATING PROFIT | 481 | 589 | -108 | -------------------------------------------------------------------------------- | Financial income | 50 | 144 | -94 | -------------------------------------------------------------------------------- | Financial expenses | -125 | -929 | 804 | -------------------------------------------------------------------------------- | Share of profit in associates | 52 | 133 | -81 | -------------------------------------------------------------------------------- | PROFIT BEFORE TAX | 458 | -63 | 521 | -------------------------------------------------------------------------------- | Income taxes | 24 | 105 | -81 | -------------------------------------------------------------------------------- | PROFIT FOR THE PERIOD FROM | 482 | 42 | 440 | | CONTINUING OPERATIONS | | | | -------------------------------------------------------------------------------- | Profit for the period from | 0 | 166 | -166 | | discontinuing operations | | | | -------------------------------------------------------------------------------- | PROFIT FOR THE PERIOD | 482 | 208 | 274 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | Other comprehensive income: | | | | -------------------------------------------------------------------------------- | Translation differences | 338 | -3 421 | 3 759 | -------------------------------------------------------------------------------- | Other comprehensive income for | 338 | -3 421 | 3 759 | | the period | | | | -------------------------------------------------------------------------------- | Total comprehensive income for | 820 | -3 213 | 4 033 | | the period | | | | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | Net profit attributable | | | | -------------------------------------------------------------------------------- | To equity holders of the parent | 199 | 119 | 80 | -------------------------------------------------------------------------------- | To minority interest | 283 | 89 | 194 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | EPS undiluted | 0,01 | 0,01 | 0,00 | -------------------------------------------------------------------------------- | - Continuing operations | 0,01 | 0,01 | 0,00 | -------------------------------------------------------------------------------- | - Discontinued operations | 0,00 | 0,00 | 0,00 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | EPS diluted | 0,01 | 0,01 | 0,00 | -------------------------------------------------------------------------------- | - Continuing operations | 0,01 | 0,01 | 0,00 | -------------------------------------------------------------------------------- | - Discontinued operations | 0,00 | 0 | 0 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | BALANCE SHEET | 31.12.2009 | 31.12.2008 | -------------------------------------------------------------------------------- | EUR 1,000 | | | -------------------------------------------------------------------------------- | ASSETS | | | -------------------------------------------------------------------------------- | Non-current assets | | | -------------------------------------------------------------------------------- | Property, plan, equipment | 46 416 | 48 542 | -------------------------------------------------------------------------------- | Goodwill | 9 516 | 9 130 | -------------------------------------------------------------------------------- | Intangible assets | 1 035 | 1 558 | -------------------------------------------------------------------------------- | Investments in associates | 497 | 591 | -------------------------------------------------------------------------------- | Other long-term investments | 718 | 718 | -------------------------------------------------------------------------------- | Deferred tax asset | 952 | 421 | -------------------------------------------------------------------------------- | NON-CURRENT ASSETS | 59 134 | 60 960 | -------------------------------------------------------------------------------- | Current assets | | | -------------------------------------------------------------------------------- | Trade receivables and other receivables | 17 580 | 13 843 | -------------------------------------------------------------------------------- | Cash and bank | 2 238 | 4 204 | -------------------------------------------------------------------------------- | CURRENT ASSETS | 19 818 | 18 047 | -------------------------------------------------------------------------------- | ASSETS TOTAL | 78 952 | 79 007 | -------------------------------------------------------------------------------- | | | | -------------------------------------------------------------------------------- | EQUITY AND LIABILITIES | | | -------------------------------------------------------------------------------- | Share capital | 4 215 | 4 215 | -------------------------------------------------------------------------------- | Other reserves | 17 561 | 19 019 | -------------------------------------------------------------------------------- | Retained earnings | 9 737 | 10 675 | -------------------------------------------------------------------------------- | Minority interest | 1 072 | 975 | -------------------------------------------------------------------------------- | SHAREHOLDERS' EQUITY | 32 585 | 34 884 | -------------------------------------------------------------------------------- | Long-term liabilities | | | -------------------------------------------------------------------------------- | Deferred tax liability | 328 | 258 | -------------------------------------------------------------------------------- | Non-current interest-free liabilities | 851 | 779 | -------------------------------------------------------------------------------- | Long-term liabilities, interest-bearing | 27 659 | 22 232 | -------------------------------------------------------------------------------- | NON-CURRENT LIABILITIES | 28 838 | 23 269 | -------------------------------------------------------------------------------- | Current liabilities | | | -------------------------------------------------------------------------------- | Trade Payables and Other Liabilities | 5 825 | 11 669 | -------------------------------------------------------------------------------- | Short-term interest-bearing liabilities | 11 704 | 9 185 | -------------------------------------------------------------------------------- | CURRENT LIABILITIES | 17 529 | 20 854 | -------------------------------------------------------------------------------- | TOTAL LIABILITIES | 46 367 | 44 123 | -------------------------------------------------------------------------------- | TOTAL EQUITY AND LIABILITIES | 78 952 | 79 007 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CONSOLIDATED CASH FLOW STATEMENT | 1-12/2009 | 1-12/2008 | -------------------------------------------------------------------------------- | CASH FLOW FROM OPERATING ACTIVITIES | | | -------------------------------------------------------------------------------- | Profit/Loss for the period | -680 | 2 857 | -------------------------------------------------------------------------------- | Adjustments to reconcile profit | -61 | -3 173 | -------------------------------------------------------------------------------- | Depreciation and amortisation | 4 560 | 4 942 | -------------------------------------------------------------------------------- | Unrealised foreign exchange wins and | 258 | 224 | | losses | | | -------------------------------------------------------------------------------- | Other adjustments | 2 767 | 2 993 | -------------------------------------------------------------------------------- | Paid and received interest | -2 783 | -2 068 | -------------------------------------------------------------------------------- | Taxes paid | -178 | -1 325 | -------------------------------------------------------------------------------- | Changes in working capital | -1 463 | -5 202 | -------------------------------------------------------------------------------- | Cash flow from operating activities | 2 420 | -752 | -------------------------------------------------------------------------------- | CASH FLOW FROM INVESTING ACTIVITIES | | | -------------------------------------------------------------------------------- | Acquisition of subsidiaries, net of | -362 | 6 240 | | cash acquired | | | -------------------------------------------------------------------------------- | Disposal of subsidiaries/ associated | 0 | 3 970 | | companies | | | -------------------------------------------------------------------------------- | Proceeds from sales of fixed assets | 15 334 | 966 | -------------------------------------------------------------------------------- | Investments in tangible and intangible | -2 887 | -11 110 | | assets | | | -------------------------------------------------------------------------------- | Proceeds from repayments of loans | 266 | 2 096 | -------------------------------------------------------------------------------- | Cash flow from investing activities | 12 350 | 2 162 | -------------------------------------------------------------------------------- | CASH FLOW FROM FINANCING ACTIVITIES | | | -------------------------------------------------------------------------------- | Changes in liabilities | -15 426 | 1 503 | -------------------------------------------------------------------------------- | Dividends paid | -1 219 | -1 672 | -------------------------------------------------------------------------------- | Cash flow from financing activities | -16 645 | -169 | -------------------------------------------------------------------------------- | CHANGE IN CASH AND CASH EQUIVALENTS | -1 966 | 1 241 | -------------------------------------------------------------------------------- | Cash and cash equivalents at beginning | 4 204 | 2 963 | | of period | | | -------------------------------------------------------------------------------- | Cash and cash equivalents at end of | 2 238 | 4 204 | | period | | | -------------------------------------------------------------------------------- A= Share capital B= Share premium account C= Reserve fund D= Unrestricted equity reserve E= Translation differences F= Retained earnings G= Minority interest H= Total -------------------------------------------------------------------------------- | STATEMENT | A | B | C | D | E | F | G | H | | OF CHANGES | | | | | | | | | | IN EQUITY | | | | | | | | | | 1-12/08 EUR | | | | | | | | | | 1,000 | | | | | | | | | -------------------------------------------------------------------------------- | Shareholder | 4215 | 86 | 2374 | 6132 | 0 | 10309 | 391 | 23507 | | s' equity | | | | | | | | | | at | | | | | | | | | | beginning | | | | | | | | | -------------------------------------------------------------------------------- | Other | 0 | 0 | 0 | 13868 | 0 | -289 | 61 | 13640 | | changes | | | | | | | | | -------------------------------------------------------------------------------- | Total | 0 | 0 | 0 | 0 | -3441 | 2181 | 676 | -584 | | comprehensi | | | | | | | | | | ve income | | | | | | | | | | for the | | | | | | | | | | period | | | | | | | | | -------------------------------------------------------------------------------- | Dividends | 0 | 0 | 0 | 0 | 0 | -1526 | -153 | -1679 | -------------------------------------------------------------------------------- | Shareholder | 4215 | 86 | 2374 | 20000 | -3441 | 10675 | 975 | 34884 | | s' equity | | | | | | | | | | 31.12.2008 | | | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | STATEMENT | A | B | C | D | E | F | G | H | | OF CHANGES | | | | | | | | | | IN EQUITY | | | | | | | | | | 1-12/09 EUR | | | | | | | | | | 1,000 | | | | | | | | | -------------------------------------------------------------------------------- | Shareholder | 4215 | 86 | 2374 | 20000 | -3441 | 10675 | 975 | 34884 | | s' equity | | | | | | | | | | at | | | | | | | | | | beginning | | | | | | | | | -------------------------------------------------------------------------------- | Other | 0 | 3 | 0 | 3 | 0 | 676 | -383 | 299 | | changes | | | | | | | | | -------------------------------------------------------------------------------- | Total | 0 | 0 | 0 | 0 | -699 | -1614 | 934 | -1379 | | comprehensi | | | | | | | | | | ve income | | | | | | | | | | for the | | | | | | | | | | period | | | | | | | | | -------------------------------------------------------------------------------- | Dividends | 0 | 0 | 0 | -765 | 0 | 0 | -454 | -1219 | -------------------------------------------------------------------------------- | Shareholder | 4215 | 89 | 2374 | 19238 | -4140 | 9737 | 1072 | 32585 | | s' equity | | | | | | | | | | 31.12.2009 | | | | | | | | | -------------------------------------------------------------------------------- SEGMENT INFORMATION -------------------------------------------------------------------------------- | Net sales by segment | 1-12/2009 | 1-12/2008 | -------------------------------------------------------------------------------- | EUR 1,000 | | | -------------------------------------------------------------------------------- | Nurminen Cargo | 55 187 | 71 188 | -------------------------------------------------------------------------------- | Nurminen Heavy | 7 303 | 10 658 | -------------------------------------------------------------------------------- | Eliminations | 0 | 0 | -------------------------------------------------------------------------------- | Total | 62 490 | 81 846 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Operating profit by segment | 1-12/2009 | 1-12/2008 | -------------------------------------------------------------------------------- | EUR 1,000 | | | -------------------------------------------------------------------------------- | Nurminen Cargo | 341 | 4 263 | -------------------------------------------------------------------------------- | Nurminen Heavy | 10 | 1 139 | -------------------------------------------------------------------------------- | Other segments | 2 023 | -764 | -------------------------------------------------------------------------------- | Total | 2 374 | 4 638 | -------------------------------------------------------------------------------- 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 | 1-12/2009 | -------------------------------------------------------------------------------- | Sales | 1 060 | -------------------------------------------------------------------------------- | Other operating income | 2 023 | -------------------------------------------------------------------------------- | Expenses | 1 616 | -------------------------------------------------------------------------------- | Financial expenses | 381 | -------------------------------------------------------------------------------- | Trade receivables and other receivables | 14 | -------------------------------------------------------------------------------- | Trade payables and other liabilities | 2 543 | -------------------------------------------------------------------------------- | Long-term liabilities | 5 117 | -------------------------------------------------------------------------------- KEY FIGURES -------------------------------------------------------------------------------- | KEY FIGURES | 1-12/2009 | 1-12/2008 | -------------------------------------------------------------------------------- | Gross capital expenditure, EUR 1,000 | 2 887 | 11 941 | -------------------------------------------------------------------------------- | Personnel | 346 | 352 | -------------------------------------------------------------------------------- | Operating margin % | 3,8 % | 5,7 % | -------------------------------------------------------------------------------- | SHARE PRICE DEVELOPMENT | | | -------------------------------------------------------------------------------- | Share price at beginning of period | 3,00 | 5,10 | -------------------------------------------------------------------------------- | Share price at end of period | 3,35 | 3,00 | -------------------------------------------------------------------------------- | Highest for the period | 3,52 | 5,70 | -------------------------------------------------------------------------------- | Lowest for the period | 2,50 | 2,97 | -------------------------------------------------------------------------------- | | | | -------------------------------------------------------------------------------- | EQUITY/SHARE EUR | 2,53 | 2,74 | -------------------------------------------------------------------------------- | EARNINGS/SHARE (EPS) | -0,13 | 0,13 | -------------------------------------------------------------------------------- | Equity ration % | 41,27 | 44,15 | -------------------------------------------------------------------------------- OTHER LIABILITIES -------------------------------------------------------------------------------- | Contingent liabilities, 1000 eur | 1-12/2009 | 1-12/2008 | -------------------------------------------------------------------------------- | Mortgages given | 0 | 6 223 | -------------------------------------------------------------------------------- | Other contingent liabilities | 10 780 | 7 038 | -------------------------------------------------------------------------------- | Rent liabilities | 77 426 | 81 768 | -------------------------------------------------------------------------------- Accounting policies The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) complying with the standards and interpretations effective on 31 December 2009. In consolidated financial statements Nurminen Logistics Plc follows the same principles as in the annual financial statement 2008 with the exception of changes listed below. Other adopted new and amended IFRS-standards and interpretations have not had material impact on reported figures. IAS 1 The Group applies the IAS 1 (revised) presentation of financial statement standard as of 1 January 2009. IAS 1 standard has mainly changed the presentation of the income statement and the statement of changes in equity. IFRS 8 Operating segments IFRS 8 requires that reportable segment information, alongside the accounting principles observed therein, is based on internal reporting submitted to the corporate management. Implementation of IFRS 8 has not changed Group's segment reporting. 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. 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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