2008-11-14 08:00:00 CET
2008-11-14 08:00:01 CET
REGULATED INFORMATION
Nurminen Logistics Oyj - Interim report (Q1 and Q3)
NURMINEN LOGISTICS PLC'S INTERIM REPORT 1 JANUARY - 30 SEPTEMBER 2008
Nurminen Logistics Plc Interim Report 14 November 2008 9.00 am NURMINEN LOGISTICS PLC'S INTERIM REPORT 1 JANUARY - 30 SEPTEMBER 2008 Until 31 December 2007, Nurminen Logistics Plc was called Kasola Plc. The company sold its old operations (the "Kasola operations") in a transaction executed on 23 November 2007. Correspondingly, the company received its current operations (the "Nurminen Logistics operations") on 1 January 2008. These arrangements were described in more detail in earlier stock exchange releases and the registration document and securities note published by Kasola Plc on 7 December 2007. The comparative figures presented in the first section of this interim report are 2007 carve-out financial information of Nurminen Logistics operations demerged from John Nurminen LLC. Whenever comparative carve-out figures are not available they are not presented. In addition, the first half figures with comparison to Kasola Plc's first half 2007 and full year 2007 figures are presented in Section 2. These figures, however, are not comparable with the company's current operations. The pro forma balance sheet consists of Nurminen Logistics business operations' carve-out information and Kasola Plc's balance sheet after the Kasola operations were sold. Nurminen Logistics Plc and the minority shareholders signed on 10 October 2008 an agreement to divest the Nurminen Care business unit to a fund managed by private equity investor Sentica Partners Oy. Nurminen Logistics Plc divested its ambulance operator services in order to be able to focus on logistics and closely related operations as stated in its published strategy. Therefore, the review period figures have been divided to continuing and discontinued operations. SECTION I REVIEW PERIOD IN BRIEF Review period 1 January - 30 September 2008 - Net sales were EUR 67.7 million (EUR 61.5 million). - Reported operating profit was EUR 4.6 million (EUR 3.1 million). - Operating profit excluding non-recurring items was EUR 4.5 million (EUR 3.1 million). - EBT was EUR 3.6 million (EUR 1.7 million) - Net profit was EUR 2.6 million (EUR 1.5 million). - Earnings per share: 0.16 Euros. Continuing operations 1 January - 30 September 2008 - Net sales were EUR 60.9 million (EUR 56.9 million). - Reported operating profit was EUR 4.0 million (EUR 2.5 million). - Operating profit excluding non-recurring items was EUR 3.9 million (EUR 2.5 million). - EBT was EUR 2.9 million (EUR 1.3 million) - Net profit was EUR 2.2 million (EUR 1.1 million). - Earnings per share: 0.13 Euros. Third quarter 1 July - 30 September 2008 - Net sales were EUR 25.0 million (EUR 20.9 million). - Reported operating profit was EUR 2.0 million (EUR 1.2 million) (no non-recurring items). - EBT was EUR 1.8 million (EUR 0.7 million) - Net profit was EUR 1.4 million (EUR 0.7 million). - Earnings per share: 0.10 Euros. Continuing operations third quarter 1 July - 30 September 2008 - Net sales were EUR 22.6 million (EUR 19.2 million). - Reported operating profit was EUR 1.8 million (EUR 1.0 million). - EBT was EUR 1.7 million (EUR 0.5 million) - Net profit was EUR 1.3 million (EUR 0.5 million). - Earnings per share: 0.09 Euros. BUSINESS ENVIRONMENT 1 JANUARY - 30 SEPTEMBER 2008 Nurminen Cargo enjoyed favorable market conditions during the third quarter. Russian trade volumes that were lower than expected during the second quarter rebounded to expected level during the third quarter. Growth in Russia continued on a good level, even though the financial crisis in the United States and Europe started deepening during September. Despite the recent news the future prospects of wood imports from Russia are bleak due to export duties set by Russia. The company has therefore systematically reduced its exposure to this business. The rundown of round wood terminals in Russia will be completed during 2008. Nurminen Heavy continued to benefit from the boom in the mechanical engineering industry and posted a strong result during third quarter. Demand was robust in all main markets during third quarter. The market conditions of Nurminen Care did not change significantly. The business segment was divested after the review period on 10 October 2008. TURNOVER AND FINANCIAL PERFORMANCE REVIEW PERIOD AND THIRD QUARTER 2008 The net sales for the review period amounted to EUR 67.7 (2007: 61.5) million. Compared to the corresponding period last year the increase of the net sales was 10.1%. Reported operating profit was EUR 4,646 (3,082) thousand. The increase was 50.7%. Operating profit includes non-recurring profits of EUR 186 thousand (0) and non-recurring costs of EUR 81 (0) thousand. Therefore comparative operating profit was EUR 4,541 thousand and increased 47.2% compared to the corresponding period last year. The net sales of the continuing operations amounted to EUR 60.9 (2007: 56.9) million. Compared to the corresponding period last year the increase of the net sales was 7.1%. Reported operating profit of the continuing operations was EUR 3,982 (2,532) thousand. The increase was 57.3%. Operating profit includes non-recurring profits of EUR 186 thousand (0) and non-recurring costs of EUR 81 (0) thousand. Therefore comparative operating profit was EUR 3,877 thousand and increased 53.1% compared to the corresponding period last year. The 2008 third quarter net sales amounted to EUR 25.0 (2007: 20.9) million. The net sales increased by 19.6%. Reported operating profit (which does not include non-recurring items) was EUR 2,027 (1,201) thousand. The increase was 68.8%. The 2008 third quarter net sales of the continuing operations amounted to EUR 22.6 (2007: 19.2) million. The net sales increased by 18.1%. Reported operating profit (which does not include non-recurring items) was EUR 1,846 (976) thousand. The increase was 89.1%. Non-recurring asset sale profit (EUR 186 thousand) resulted in first quarter from other shareholders redeeming Nurminen Logistics Plc's shares in Turku Stevedoring Oy. Non-recurring costs were related to the winding-up of Moscow air cargo business during first quarter. The winding-up was published in stock exchange release by Kasola Plc on 28 December 2007. Both non-recurring items are included in continuing operations. The development of net sales improved on third quarter as expected. Particularly net sales in Nurminen Cargo developed positively compared to second quarter. The profitability developed positively as expected. The financial result was burdened by the weakening of Russian rouble, which resulted in unrealised net translation loss of EUR 320 thousand during the review period. These losses were related to an internal loan which the parent company granted to a Russian subsidiary. Net translation loss is fully allocated to continuing operations. The company has hedged approximately half of its Russian rouble exchange rate risk. Nurminen Cargo's net sales for the review period amounted to EUR 52.5 (49.6) million. After second quarter that was slightly below expectations net sales of Nurminen Cargo developed positively on third quarter. Compared to corresponding period in 2007 the net sales of raw wood operations declined during the review period by EUR 1.3 million and the net sales of the wound-up Moscow air cargo business declined by EUR 0.3 million. The operating profit developed positively as expected and was EUR 3,696 (1,596) thousand. Nurminen Heavy's net sales for the review period increased to EUR 8.5 (7.5) million. Operating profit was EUR 1038 (823) thousand and above expectations. Strong project business which started during second quarter continued to boost Nurminen Heavy's financial performance also during third quarter. Nurminen Care's net sales for the review period amounted to EUR 6.8 (4.6) million. Its net sales increased as a result of the acquisitions and successful tenders in 2007 and in 2008. The growth was slightly weaker than expected due to lower than expected order volumes. Nurminen Care's operating profit was EUR -88 (550) thousand. Operating profit was weaker than anticipated due to clearly higher than average fleet repair costs and start-up costs related to new business locations. OUTLOOK Nurminen Logistics Plc has earlier announced that it expects the organic growth to exceed 10% of net sales, and the company's operating margin to improve in 2008 compared to 2007 carve-out financial information of Nurminen Logistics. Due to the sale of Nurminen Care business unit on 10 October 2008 the outlook was updated so that the growth of net sales in 2008 is 5-10% compared to 2007 carve-out financial information of Nurminen Logistics. Change of outlook was caused entirely by the divestment of Nurminen Care, as the development of net sales and operating margin in Nurminen Cargo and Nurminen Heavy remain unchanged from the earlier outlook. On the long-term company's goal is to increase its turnover annually by approximately 20% on average, including acquisitions, and reach an operating profit level of over 7%. Russian economy seems to continue its growth despite the recession of the global economy, although at a more moderate pace. Even though the current high interest rate on rouble slows down the sales of expensive consumer goods, such as cars, growth of other imports to Russia will according to current view continue, and hence demand for logistics services will develop accordingly. The rapidly increasing interest rate in Russia and the short-term uncertainty concerning the economy on the other hand may improve the company's opportunities for successful terminal, wagon and other investments. Extensions of Niirala and Luumäki terminals and the opening of logistics centre in Vuosaari harbour on 28 November 2008 have positive effects on the outlook of Nurminen Cargo. The start-up costs of Vuosaari logistics centre will be approximately EUR 0.2 million in fourth quarter. The extension of Niirala terminal increased terminal space by 4,000 square meters to a total 18,000 square meters. The extension of Luumäki terminal increased terminal space 3,400 square meters to a total 11,700 square meters. The logistics centre in Vuosaari has in the first phase 38,000 square meters. Because of these and other investments in railway wagons earlier this year the company has no need for new significant investments in the near future. The outlook of Nurminen Heavy is mostly affected by the volumes of mechanical engineering industry and its project cargos. The outlook of mechanical engineering industry has weakened recently and it remains to be seen how its backlog will develop. The capacity utilization of Nurminen Heavy will in fourth quarter be considerably lower than in second and third quarter, which were excellent. SHORT-TERM RISKS AND UNCERTAINTIES The most significant business risks are associated with the uncertainty of the global economy and the international financial markets. Economies of Russia and other CIS countries are expected to develop positively despite a possible slowdown of global economic growth, but have risks typical of emerging markets. The scale and duration of the effects of the financial crisis in Western countries and Russia are difficult to estimate. The impact of economic uncertainty on company's business environment is difficult to forecast. In the coming months even large variations in the volumes of different product categories are possible. FINANCIAL POSITION AND BALANCE SHEET Company's financial position has remained stable after the transaction which was closed on 1 January 2008. Company's cash flow from operations was EUR -3,934 thousand. It was burdened by EUR 2.1 million increase in Russian VAT receivables, which are related to wagon investments. Cash flow from investments was EUR 426 thousand. The positive cash flow from investments is caused by reverse take over. Cash flow from financing activities amounted to EUR 1,683 thousand. At the end of the period, cash and cash equivalents amounted to EUR 1,260 thousand. Liquidity was good throughout the review period. Group's interest bearing debt was EUR 40.7 million and correspondingly the net interest bearing dept was EUR 39.5 million. Of this interest bearing debt EUR 13.5 million was rouble based. The divestment of Nurminen Care, which took place after the review period, decreased Nurminen Logistics' net interest-bearing debt approximately by EUR 8.1 million. Balance sheet totalled EUR 96.1 million and equity rate 39.9 %. As a compensation for transferring the logistics businesses of John Nurminen LLC to Kasola Plc, Kasola Plc issued 9,999,989 new class A shares to the shareholders of John Nurminen LLC. In the transaction goodwill of EUR 4 764 thousand was formed. This goodwill has been allocated to the business segments according to their respective fair values. CAPITAL EXPENDITURE The Group's gross capital expenditure for review period amounted to EUR 9.8 (10.4) million, accounting for 14.9% of net sales. Depreciation totaled EUR 3.7 (4.0) million, or 5.5% of net sales. Investments were mainly made in terminals and railway wagons. PERSONNEL At the end of the review period the Group staff was 552 (578 on 31 December 2007). The number of personnel working abroad was 77. Nurminen Cargo had 313 employees, Nurminen Heavy 27 and Nurminen Care 178. Management and administrative staff numbered to 34. SHARES AND SHAREHOLDERS The trading volume of Nurminen Logistics Plc's shares was 61,939 in 1 January - 30 September 2008, which represented 0.49% of the total number of shares. The value of the turnover was EUR 316,360. The lowest price for the period was EUR 4.35 per share and the highest EUR 5.70 per share. The closing price for the period was EUR 4.35 per share and the market value of the entire share capital EUR 52,784,344. At the end of the period, there were 311 shareholders. The company has one series of shares. The company owns 705 of its own shares, which represent 0.006% of the votes in the company. DECISIONS OF THE GENERAL ANNUAL MEETING The Annual General Meeting of Shareholders held on 11 April 2008 made the following decisions: The Annual General Meeting of Shareholders confirmed the company's financial statements and the group's financial statements for the financial period 1 January - 31 December 2007 and released the Board of Directors and the Managing Director from liability. Amendment of Articles of Association The Annual General Meeting of Shareholders decided in accordance with the proposal made by the Board of Directors that a provision shall be added to Section 4 of the company's Articles of Association according to which three (3) deputy members, at the most, may be elected to the company's Board of Directors. It was further decided to amend Section 7 of the Articles of Association so that the company shall have one (1) auditor, which is required to be an Authorized Public Accountant -audit firm, and that no deputy auditor shall be elected. Changes reflecting the aforesaid amendments were made to Section 10 of the Articles of Association with respect to matters to be submitted to the Annual General Meeting of Shareholders. Composition and remuneration of the Board of Directors The Annual General Meeting of Shareholders resolved that the Board of Directors shall consist of five (5) ordinary members and one (1) deputy member. The Annual General Meeting of Shareholders re-elected the following ordinary members to the Board of Directors: Olli Pohjanvirta, Juha Nurminen, Matti Lainema, Matti Packalén and Rolf Saxberg. Jukka Nurminen was elected deputy member of the Board of Directors. In its first meeting immediately following the Annual General Meeting of Shareholders, the Board of Directors elected Juha Nurminen as the Chairman of the Board. The Annual General Meeting of Shareholders decided to pay annual remuneration of EUR 30,000 to the Chairman of the Board, EUR 20,000 to the deputy Chairman of the Board, and EUR 15,000 to the other members of the Board and in addition a fee of EUR 700 per meeting to each member of the Board. It was decided to compensate the travel and other expenses of the members of the Board in accordance with customary practice. It was furthermore decided to pay to the members of the Board a merit pay, which shall be tied to the profit of the company's share during the term of the Board of Directors. The profit of the company's share shall be calculated from the change in the share's average price of the month preceding the Annual General Meeting of Shareholders (i.e. March 2008) and the average price of March 2009, taking into account the dividends. For each percent the profit has accrued the Chairman of the Board shall be paid a remuneration of EUR 2,000 and other members of the Board EUR 1,000. If the yearly profit exceeds 25 percent, the remuneration shall be paid according to 25 percent. The decision means that the final remuneration of the members of the Board of Directors shall be subject to the total return of the company's share. Dividend The Annual General Meeting of Shareholders approved the Board's proposal that a per share dividend of EUR 0.12 shall be paid for the financial year 2007. The dividend was paid to shareholders entered in the company's shareholder register on the record date of 16 April 2008. The dividend payment date was 25 April 2008. Auditor KPMG Oy Ab, Authorised Public Accountant audit-firm, was re-elected as Nurminen Logistics Plc's auditor. Mr. Lasse Holopainen acts as the responsible auditor. DIVIDEND POLICY Company's board has on 14 May 2008 determined company's dividend policy, according to which Nurminen Logistics Plc aims to, in case company's financial policy so allows, annually distribute as dividends approximately one third of its net profit. AUTHORISATIONS GIVEN TO THE BOARD The authorization given by the extraordinary general meeting on 8 October 2007 to the board to decide on the issue of shares and special rights, for a maximum of 20,000,000 new shares, is still valid. SHARE-BASED INCENTIVE PLAN FOR THE GROUP KEY PERSONNEL The Board of Directors of Nurminen Logistics Plc has approved a new share-based incentive plan for the Group key personnel. The plan was described in more detail in stock exchange release published on 17 April 2008. EVENTS AFTER THE REVIEW PERIOD Nurminen Logistics Plc and the minority shareholders signed on 10 October 2008 an agreement to divest the Nurminen Care business unit to a fund managed by private equity investor Sentica Partners Oy. The divestment generated sales profit of EUR 0.2 million in the accounts of Nurminen Logistics Group. The transaction was published in stock exchange release on 10 October 2008 and was completed on 27 October 2008. Member of Nurminen Logistics Plc's Executive Board, Senior Vice President Petteri Pelkonen has been appointed as Managing Director of Tuko Logistics Oy. Mr Pelkonen's service agreement with Nurminen Logistics Plc will end on 31 December 2008. This was published in stock exchange release on 30 October 2008. Disclaimer Certain statements in this bulletin are forward-looking and are based on the management's current views. Due to their nature, they involve risks and uncertainties and are susceptible to changes in the general economic or industry conditions. NURMINEN LOGISTICS PLC Board of Directors For more information, please contact Lasse Paitsola, President and CEO (tel. +358 400 405 801) DISTRIBUTION NASDAQ OMX Helsinki Major media www.nurminenlogistics.com Nurminen Logistics provides high-quality logistics services, such as railway transports, terminal services, forwarding and special and heavy transports. The company has collected logistics know-how from three centuries, starting in 1886. Nurminen Logistics' main market areas are Finland, the Baltic Sea region, Russia and other CIS countries. The company's share is listed on the NASDAQ OMX Helsinki. TABLES Accounting policies Until 31 December 2007, Nurminen Logistics Plc was called Kasola Plc. The company sold its old operations (the "Kasola operations") in a transaction executed on 23 November 2007. Correspondingly, the company received its current operations (the "Nurminen Logistics operations") on 1 January 2008, when the old John Nurminen LLC was demerged. These arrangements were described in more detail in earlier stock exchange releases and the registration document and securities note published by Kasola Plc on 7 December 2007. Carve-out financials presented have been carved out from income statement and balance sheet information of old John Nurminen LLC. The below presented pro forma balance sheet has been prepared for illustrative purposes to describe what company's Balance Sheet would have been in case the Nurminen Logistics operations had been acquired at the date of the balance sheet. Pro forma balance sheet is formed by combining the balance sheet of company's annual report per 31 December 2007 and the carve-out balance sheet information of Nurminen Logistics business as per 31 December 2007. In the pro forma balance sheet the acquisition of Nurminen Logistics operations has been treated as a reverse acquisition on the basis of IFRS 3 Business Combinations. This means that in the pro forma balance the acquirer is Nurminen Logistics operations and the acquisition target is the company. The pro forma balance sheet presumes that the acquisition date is the date of the pro forma balance sheet. This interim report has been prepared in accordance with requirements of IAS 34 standard. All figures in this interim report have been rounded and consequently the sum of individual figures can deviate from the presented sum figure. The interim report's financials are unaudited. -------------------------------------------------------------------------------- | INCOME | 1-9/2008 | 1-9/2008 | 1-9/2 | 1-9/2007 | 1-9/2007 | 1-9/20 | | STATEMENT | | | 008 | | | 07 | -------------------------------------------------------------------------------- | EUR 1,000 | Continui | Discontin | Total | Continuin | Discontinu | Carve | | | ng | ued | | g | ed | out | | | operatio | operation | | operation | operations | Total | | | ns | s | | s | | | -------------------------------------------------------------------------------- | NET SALES | 60 942 | 6 772 | 67 | 56 882 | 4 610 | 61 492 | | | | | 714 | | | | -------------------------------------------------------------------------------- | Other | 1 065 | 36 | 1 101 | 1 237 | 14 | 1 251 | | operating | | | | | | | | income | | | | | | | -------------------------------------------------------------------------------- | Materials | -32 011 | -36 | -32 | -31 748 | -25 | -31 | | and | | | 047 | | | 773 | | services | | | | | | | -------------------------------------------------------------------------------- | Employee | -11 880 | -4 229 | -16 | -11 164 | -2 292 | -13 | | benefits | | | 109 | | | 456 | | expenses | | | | | | | | | | | | | | | -------------------------------------------------------------------------------- | Depreciatio | -3 180 | -471 | -3 | -3 518 | -436 | -3 954 | | n | | | 651 | | | | -------------------------------------------------------------------------------- | Other | -10 954 | -1 408 | -12 | -9 157 | -1 321 | -10 | | operating | | | 362 | | | 478 | | costs | | | | | | | -------------------------------------------------------------------------------- | OPERATING | 3 982 | 664 | 4 646 | 2 532 | 550 | 3 082 | | PROFIT | | | | | | | -------------------------------------------------------------------------------- | Financial | 464 | 139 | 603 | 5 | 5 | 10 | | income | | | | | | | -------------------------------------------------------------------------------- | Financial | -1 717 | -180 | -1 | -1 271 | -126 | -1 397 | | expenses | | | 897 | | | | -------------------------------------------------------------------------------- | Share of | 201 | 0 | 201 | 39 | 0 | 39 | | profit in | | | | | | | | associates | | | | | | | -------------------------------------------------------------------------------- | PROFIT | 2 930 | 623 | 3 553 | 1 305 | 429 | 1 734 | | BEFORE TAX | | | | | | | -------------------------------------------------------------------------------- | Income | -742 | -162 | -904 | -167 | -113 | -280 | | taxes | | | | | | | -------------------------------------------------------------------------------- | PROFIT FOR | 2 188 | 461 | 2 649 | 1 138 | 316 | 1 454 | | THE PERIOD | | | | | | | -------------------------------------------------------------------------------- | Net profit | | | | | | | | attributabl | | | | | | | | e | | | | | | | -------------------------------------------------------------------------------- | To equity | 1 601 | 461 | 2 062 | 967 | 316 | 1 283 | | holders of | | | | | | | | the parent | | | | | | | -------------------------------------------------------------------------------- | To minority | 587 | 0 | 587 | 171 | 0 | 171 | | interest | | | | | | | -------------------------------------------------------------------------------- | EPS | 0,13 | 0,03 | 0,16 | | | | | undiluted | | | | | | | -------------------------------------------------------------------------------- | EPS diluted | 0,13 | 0,03 | 0,16 | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | INCOME STATEMENT | 1-12/2007 | 1-12/2007 | 1-12/2007 | -------------------------------------------------------------------------------- | EUR 1,000 | Continuing | Discontinued | Carve out | | | operations | operations | Total | -------------------------------------------------------------------------------- | NET SALES | 75 015 | 6 678 | 81 693 | -------------------------------------------------------------------------------- | Other operating | 1 869 | 16 | 1 885 | | income | | | | -------------------------------------------------------------------------------- | Materials and | -41 424 | -47 | -41 471 | | services | | | | -------------------------------------------------------------------------------- | Employee benefits | -14 629 | -3 491 | -18 120 | | expenses | | | | -------------------------------------------------------------------------------- | Depreciation | -3 815 | -633 | -4 448 | -------------------------------------------------------------------------------- | Other operating costs | -13 270 | -1 742 | -15 012 | -------------------------------------------------------------------------------- | OPERATING PROFIT | 3 746 | 781 | 4 527 | -------------------------------------------------------------------------------- | Financial income | 1 | 15 | 16 | -------------------------------------------------------------------------------- | Financial expenses | -2 352 | -155 | -2 507 | -------------------------------------------------------------------------------- | Share of profit in | 29 | 0 | 29 | | associates | | | | -------------------------------------------------------------------------------- | PROFIT BEFORE TAX | 1 424 | 641 | 2 065 | -------------------------------------------------------------------------------- | Income taxes | -216 | -168 | -384 | -------------------------------------------------------------------------------- | PROFIT FOR THE PERIOD | 1 208 | 473 | 1 681 | -------------------------------------------------------------------------------- | Net profit | 0 | 0 | 0 | | attributable | | | | -------------------------------------------------------------------------------- | To equity holders of | 900 | 473 | 1 373 | | the parent | | | | -------------------------------------------------------------------------------- | To minority interest | 308 | 0 | 308 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | INCOME | 7-9/2008 | 7-9/2008 | 7-9/2 | 7-9/2007 | 7-9/2007 | 7-9/20 | | STATEMENT | | | 008 | | | 07 | -------------------------------------------------------------------------------- | EUR 1,000 | Continui | Discontin | Total | Continuin | Discontinu | Carve | | | ng | ued | | g | ed | out | | | operatio | operation | | operation | operations | Total | | | ns | s | | s | | | -------------------------------------------------------------------------------- | NET SALES | 22 628 | 2 396 | 25 | 19 159 | 1 756 | 20 915 | | | | | 024 | | | | -------------------------------------------------------------------------------- | Other | 199 | 6 | 205 | 547 | 3 | 550 | | operating | | | | | | | | income | | | | | | | -------------------------------------------------------------------------------- | Materials | -12 017 | -12 | -12 | -10 439 | -5 | -10 | | and | | | 029 | | | 444 | | services | | | | | | | -------------------------------------------------------------------------------- | Employee | -4 318 | -1 570 | -5 | -4 250 | -820 | -5 070 | | benefits | | | 888 | | | | | expenses | | | | | | | | | | | | | | | -------------------------------------------------------------------------------- | Depreciatio | -1 134 | -199 | -1 | -1 513 | -61 | -1 574 | | n | | | 333 | | | | -------------------------------------------------------------------------------- | Other | -3 512 | -440 | -3 | -2 528 | -648 | -3 176 | | operating | | | 952 | | | | | costs | | | | | | | -------------------------------------------------------------------------------- | OPERATING | 1 846 | 181 | 2 027 | 976 | 225 | 1 201 | | PROFIT | | | | | | | -------------------------------------------------------------------------------- | Financial | 24 | 1 | 25 | -91 | 2 | -89 | | income | | | | | | | -------------------------------------------------------------------------------- | Financial | -372 | -62 | -434 | -438 | -32 | -470 | | expenses | | | | | | | -------------------------------------------------------------------------------- | Share of | 193 | 0 | 193 | 24 | 0 | 24 | | profit in | | | | | | | | associates | | | | | | | -------------------------------------------------------------------------------- | PROFIT | 1 691 | 120 | 1 811 | 471 | 195 | 666 | | BEFORE TAX | | | | | | | -------------------------------------------------------------------------------- | Income | -425 | -31 | -456 | 49 | -51 | -2 | | taxes | | | | | | | -------------------------------------------------------------------------------- | PROFIT FOR | 1 266 | 89 | 1 355 | 520 | 144 | 664 | | THE PERIOD | | | | | | | -------------------------------------------------------------------------------- | Net profit | | | | | | | | attributabl | | | | | | | | e | | | | | | | -------------------------------------------------------------------------------- | To equity | 1 140 | 89 | 1 229 | 473 | 144 | 617 | | holders of | | | | | | | | the parent | | | | | | | -------------------------------------------------------------------------------- | To minority | 126 | 0 | 126 | 47 | 0 | 47 | | interest | | | | | | | -------------------------------------------------------------------------------- | EPS | 0,09 | 0,01 | 0,10 | | | | | undiluted | | | | | | | -------------------------------------------------------------------------------- | EPS diluted | 0,09 | 0,01 | 0,10 | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | BALANCE SHEET | 30.9.2008 | 31.12.2007 | 31.12.2007 | -------------------------------------------------------------------------------- | EUR 1,000 | 0 | Carve out | Pro forma | -------------------------------------------------------------------------------- | ASSETS | 0 | 0 | 0 | -------------------------------------------------------------------------------- | Non-current assets | 0 | 0 | 0 | -------------------------------------------------------------------------------- | Property, plan, equipment | 52 546 | 48 041 | 48 041 | -------------------------------------------------------------------------------- | Goodwill | 9 130 | 10 725 | 15 489 | -------------------------------------------------------------------------------- | Intangible assets | 1 744 | 2 317 | 2 317 | -------------------------------------------------------------------------------- | Investments in associates | 472 | 210 | 210 | -------------------------------------------------------------------------------- | Other long-term | 41 | 262 | 262 | | investments | | | | -------------------------------------------------------------------------------- | Deferred tax asset | 353 | 337 | 337 | -------------------------------------------------------------------------------- | NON-CURRENT ASSETS | 64 286 | 61 892 | 66 656 | -------------------------------------------------------------------------------- | Current assets | | | | -------------------------------------------------------------------------------- | Trade receivables and | 20 780 | 15 103 | 17 783 | | other receivables | | | | -------------------------------------------------------------------------------- | Cash and bank | 226 | 3 085 | 10 156 | -------------------------------------------------------------------------------- | Non-current assets held | 10 766 | 0 | 0 | | for sale | | | | -------------------------------------------------------------------------------- | CURRENT ASSETS | 31 772 | 18 188 | 27 939 | -------------------------------------------------------------------------------- | ASSETS TOTAL | 96 058 | 80 080 | 94 595 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | EQUITY AND LIABILITIES | | | | -------------------------------------------------------------------------------- | Share capital | 4 215 | 4 215 | | -------------------------------------------------------------------------------- | Other reserves | 22 362 | 8 592 | | -------------------------------------------------------------------------------- | Retained earnings | 10 771 | 10 309 | | -------------------------------------------------------------------------------- | Minority interest | 940 | 391 | | -------------------------------------------------------------------------------- | SHAREHOLDERS' EQUITY | 38 288 | 23 507 | 36 566 | -------------------------------------------------------------------------------- | Long-term liabilities | | | | -------------------------------------------------------------------------------- | Deferred tax liability | 342 | 760 | 760 | -------------------------------------------------------------------------------- | Non-current interest-free | 624 | 1 480 | 1 480 | | liabilities | | | | -------------------------------------------------------------------------------- | Long-term liabilities, | 24 567 | 35 726 | 35 726 | | interest-bearing | | | | -------------------------------------------------------------------------------- | NON-CURRENT LIABILITIES | 25 533 | 37 966 | 37 966 | -------------------------------------------------------------------------------- | Current liabilities | | | | -------------------------------------------------------------------------------- | Trade Payables and Other | 13 159 | 15 754 | 17 210 | | Liabilities | | | | -------------------------------------------------------------------------------- | Short-term | 11 912 | 2 853 | 2 853 | | interest-bearing | | | | | liabilities | | | | -------------------------------------------------------------------------------- | CURRENT LIABILITIES | 25 071 | 18 607 | 20 063 | -------------------------------------------------------------------------------- | Liabilities of disposal | | | | | group held for sale | | | | -------------------------------------------------------------------------------- | TOTAL LIABILITIES | 57 770 | 56 573 | 58 029 | -------------------------------------------------------------------------------- | TOTAL EQUITY AND | 96 058 | 80 080 | 94 595 | | LIABILITIES | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Non-current assets held for sale | | -------------------------------------------------------------------------------- | Property, plan, equipment | 1 711 | -------------------------------------------------------------------------------- | Goodwill | 6 461 | -------------------------------------------------------------------------------- | Intangible assets | 846 | -------------------------------------------------------------------------------- | Intangible assets | 9 | -------------------------------------------------------------------------------- | Trade receivables and other receivables | 705 | -------------------------------------------------------------------------------- | Cash and bank | 1 034 | -------------------------------------------------------------------------------- | Total | 10 766 | -------------------------------------------------------------------------------- | | | -------------------------------------------------------------------------------- | Liabilities of disposal group held for sale | | -------------------------------------------------------------------------------- | Deferred tax liability | 199 | -------------------------------------------------------------------------------- | Non-current interest-free liabilities | 1 980 | -------------------------------------------------------------------------------- | Long-term liabilities, interest-bearing | 3 968 | -------------------------------------------------------------------------------- | Trade Payables and Other Liabilities | 720 | -------------------------------------------------------------------------------- | Short-term interest-bearing liabilities | 299 | -------------------------------------------------------------------------------- | Total | 7 166 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CONSOLIDATED CASH FLOW | 1-9/2008 | 1-9/2007 | 1-12/2007 | | STATEMENT | | | | -------------------------------------------------------------------------------- | CASH FLOW FROM OPERATING | | | | | ACTIVITIES | | | | -------------------------------------------------------------------------------- | Profit for the period | 2 649 | -76 | 129 | -------------------------------------------------------------------------------- | Adjustments to reconcile | -325 | 0 | -1 604 | | profit | | | | -------------------------------------------------------------------------------- | Depreciation and | 3 651 | 528 | 644 | | amortisation | | | | -------------------------------------------------------------------------------- | Unrealised foreign | 320 | 0 | 0 | | exchange wins and losses | | | | -------------------------------------------------------------------------------- | Other adjustments | 1 680 | 0 | 0 | -------------------------------------------------------------------------------- | Paid and received | -883 | 7 | 76 | | interest | | | | -------------------------------------------------------------------------------- | Taxes paid | -1 528 | -196 | -230 | -------------------------------------------------------------------------------- | Changes in working | -9 498 | -361 | -800 | | capital | | | | -------------------------------------------------------------------------------- | Cash flow from operating | -3 934 | -98 | -1 785 | | activities | | | | -------------------------------------------------------------------------------- | CASH FLOW FROM INVESTING | | | | | ACTIVITIES | | | | -------------------------------------------------------------------------------- | Acquisition of | 6 447 | 0 | 0 | | subsidiaries, net of cash | | | | | acquired | | | | -------------------------------------------------------------------------------- | Disposal of | 90 | 0 | 4 930 | | subsidiaries/associated | | | | | companies | | | | -------------------------------------------------------------------------------- | Proceeds from sales of | 857 | 0 | 3 204 | | fixed assets | | | | -------------------------------------------------------------------------------- | Investments in tangible | -9 135 | -95 | -286 | | and intangible assets | | | | -------------------------------------------------------------------------------- | Proceeds from repayments | 2 167 | 0 | 0 | | of loans | | | | -------------------------------------------------------------------------------- | Cash flow from investing | 426 | -95 | 7 848 | | activities | | | | -------------------------------------------------------------------------------- | CASH FLOW FROM FINANCING | | | | | ACTIVITIES | | | | -------------------------------------------------------------------------------- | Changes in liabilities | 3 355 | -377 | -1 672 | -------------------------------------------------------------------------------- | Dividends paid | -1 672 | -297 | -297 | -------------------------------------------------------------------------------- | Cash flow from financing | 1 683 | -674 | -1 969 | | activities | | | | -------------------------------------------------------------------------------- | CHANGE IN CASH AND CASH | -1 825 | -867 | 4 094 | | EQUIVALENTS | | | | -------------------------------------------------------------------------------- | Cash and cash equivalents | 3 085 | 2 976 | 2 976 | | at beginning of period | | | | -------------------------------------------------------------------------------- | Cash and cash equivalents | 1 260 | 2 109 | 7 070 | | at end of period | | | | -------------------------------------------------------------------------------- A= Share capital B= Share premium account C= Reserve fund D= Fair Value reserve E= Unrestricted equity reserve F= Translation differences G= Retained earnings H= Minority interest I= Total -------------------------------------------------------------------------------- | STATEMENT | A | B | C | D | E | F | G | H | I | | OF CHANGES | | | | | | | | | | | IN EQUITY | | | | | | | | | | | 1-9/07 | | | | | | | | | | -------------------------------------------------------------------------------- | Shareholde | 4215 | 86 | 2374 | 27 | 0 | 0 | 2685 | 0 | 9387 | | rs' equity | | | | | | | | | | | at | | | | | | | | | | | beginning | | | | | | | | | | -------------------------------------------------------------------------------- | Recognised | 0 | 0 | 0 | 1 | 0 | 0 | 0 | 0 | 1 | | in share | | | | | | | | | | | holder' | | | | | | | | | | | equity | | | | | | | | | | -------------------------------------------------------------------------------- | Profit for | 0 | 0 | 0 | 0 | 0 | 0 | -49 | 0 | -49 | | the period | | | | | | | | | | -------------------------------------------------------------------------------- | Dividens | 0 | 0 | 0 | 0 | 0 | 0 | -297 | 0 | -297 | -------------------------------------------------------------------------------- | Shareholde | 4215 | 86 | 2374 | 28 | 0 | 0 | 2339 | 0 | 9042 | | rs' equity | | | | | | | | | | | 30.9.2007 | | | | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | STATEMENT | A | B | C | D | E | F | G | H | I | | OF CHANGES | | | | | | | | | | | IN EQUITY | | | | | | | | | | | 1-9/08 | | | | | | | | | | -------------------------------------------------------------------------------- | Shareholde | 4215 | 86 | 2374 | 0 | 6132 | 0 | 10309 | 391 | 23507 | | rs' equity | | | | | | | | | | | at | | | | | | | | | | | beginning | | | | | | | | | | -------------------------------------------------------------------------------- | Recognised | 0 | 0 | 0 | 0 | 13868 | -12 | -167 | 115 | 13804 | | in share | | | | | | | | | | | holder' | | | | | | | | | | | equity | | | | | | | | | | -------------------------------------------------------------------------------- | Profit for | 0 | 0 | 0 | 0 | 0 | 0 | 2062 | 587 | 2649 | | the period | | | | | | | | | | -------------------------------------------------------------------------------- | Dividens | 0 | 0 | 0 | 0 | 0 | 0 | -1519 | -153 | -1672 | -------------------------------------------------------------------------------- | Shareholde | 4215 | 86 | 2374 | 0 | 20000 | -12 | 10685 | 940 | 38288 | | rs' equity | | | | | | | | | | | 30.9.2008 | | | | | | | | | | -------------------------------------------------------------------------------- Changes in the Group structure During the review period two companies were acquired to Nurminen Care segment, Luumäen Ensihoito Oy (81%) and A. Järvenpää Oy (81%). Luumäen Ensihoito Oy has been consolidated to group accounts as of 1 July 2008 and A. Järvenpää Oy as of 1 August 2008. The profits of these companies would not have had a significant effect on Group profit even if they had been acquired in the beginning of 2008. SEGMENT INFORMATION -------------------------------------------------------------------------------- | Net sales by segment | 1-9/2008 | 1-9/2007 | 1-12/2007 | -------------------------------------------------------------------------------- | EUR 1,000 | | Carve out | Carve out | -------------------------------------------------------------------------------- | Cargo | 52462 | 49540 | 65560 | -------------------------------------------------------------------------------- | Heavy | 8481 | 7543 | 9455 | -------------------------------------------------------------------------------- | Care | 6772 | 4610 | 6678 | -------------------------------------------------------------------------------- | Eliminations | | | | -------------------------------------------------------------------------------- | Total | 67715 | 61693 | 81693 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Operating profit by | 1-9/2008 | 1-9/2007 | 1-12/2007 | | segment | | | | -------------------------------------------------------------------------------- | EUR 1,000 | | Carve out | Carve out | -------------------------------------------------------------------------------- | Cargo | 3696 | 1596 | 2819 | -------------------------------------------------------------------------------- | Heavy | 1038 | 823 | 927 | -------------------------------------------------------------------------------- | Care | -88 | 550 | 781 | -------------------------------------------------------------------------------- | Eliminations | 0 | | | -------------------------------------------------------------------------------- | Total | 4646 | 2969 | 4527 | -------------------------------------------------------------------------------- During the review period dividends of EUR 1,672 thousand were paid. Related party transactions The related parties comprise the members of the board of directors and executive board of Nurminen Logistics and companies in which these members have control. Related parties are also deemed to include shareholders with direct or indirect control or substantial influence. -------------------------------------------------------------------------------- | Related party transactions | | -------------------------------------------------------------------------------- | EUR 1,000 | 1-9/2008 | -------------------------------------------------------------------------------- | Sales | 637 | -------------------------------------------------------------------------------- | Expenses | 280 | -------------------------------------------------------------------------------- | Financial expenses | 302 | -------------------------------------------------------------------------------- | Trade receivables and other receivables | 69 | -------------------------------------------------------------------------------- | Trade payables and Other liabilities | 1 920 | -------------------------------------------------------------------------------- | Long-term liabilities | 8 263 | -------------------------------------------------------------------------------- KEY FIGURES (comparative figures of 2007 are from Kasola Plc) -------------------------------------------------------------------------------- | KEY FIGURES | 1-9/2008 | 1-9/2007 | 1-12/2007 | -------------------------------------------------------------------------------- | Gross capital | 9 759 | 95 | 286 | | expenditure, 1000 EUR | | | | -------------------------------------------------------------------------------- | Personnel | 552 | 86 | 80 | -------------------------------------------------------------------------------- | Contingent liabilities, | | | | | 1000 EUR | | | | -------------------------------------------------------------------------------- | Mortgages given | 6 223 | 5 338 | 0 | -------------------------------------------------------------------------------- | Other contingent | 7 038 | 238 | 0 | | liabilities | | | | -------------------------------------------------------------------------------- | SHARE PRICE DEVELOPMENT | | | | -------------------------------------------------------------------------------- | Share price at beginning | 5,10 | 4,00 | 4,00 | | of period | | | | -------------------------------------------------------------------------------- | Share price at end of | 4,35 | 5,05 | 5,10 | | period | | | | -------------------------------------------------------------------------------- | Highest for the period | 5,70 | 5,71 | 5,75 | -------------------------------------------------------------------------------- | Lowest for the period | 4,35 | 3,42 | 3,43 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | EQUITY/SHARE EUR | 3,01 | 3,65 | 3,67 | -------------------------------------------------------------------------------- | EARNINGS/SHARE (EPS) | 0,16 | 0,11 | 0,01 | -------------------------------------------------------------------------------- | Equity ration % | 39,86 | 71,38 | 91,01 | -------------------------------------------------------------------------------- SECTION II: THE FINANCIAL INFORMATION OF THE REVIEW PERIOD COMPARED TO THE REPORTED FIGURES OF KASOLA PLC In the 2007 official annual report of Kasola Plc the profit and loss statement is divided to continued and discontinued operations. In the table below, the profit and loss statement comparison for the full year 2007 includes both continued and discontinued operations. -------------------------------------------------------------------------------- | INCOME STATEMENT | 1-9/2008 | 1-9/2007 | 1-12/2007 | -------------------------------------------------------------------------------- | EUR 1,000 | Total | Total | Total | -------------------------------------------------------------------------------- | NET SALES | 60 942 | 0 | 0 | -------------------------------------------------------------------------------- | Other operating income | 1 065 | 0 | 190 | -------------------------------------------------------------------------------- | Materials and services | -32 011 | 0 | 0 | -------------------------------------------------------------------------------- | Employee benefits expenses | -11 880 | 0 | -123 | -------------------------------------------------------------------------------- | Depreciation | -3 180 | 0 | 0 | -------------------------------------------------------------------------------- | Other operating costs | -10 954 | -273 | -1 443 | -------------------------------------------------------------------------------- | OPERATING PROFIT | 3 982 | -273 | -1 376 | -------------------------------------------------------------------------------- | Financial income | 464 | 0 | 115 | -------------------------------------------------------------------------------- | Financial expenses | -1 717 | 0 | -79 | -------------------------------------------------------------------------------- | Share of profit in associates | 201 | 0 | 0 | -------------------------------------------------------------------------------- | PROFIT BEFORE TAX | 2 930 | -273 | -1 340 | -------------------------------------------------------------------------------- | Income taxes | -742 | 71 | 360 | -------------------------------------------------------------------------------- | Profit from assets classified as | 461 | 153 | 991 | | held for sale | | | | -------------------------------------------------------------------------------- | PROFIT FOR THE PERIOD | 2 649 | -49 | 11 | -------------------------------------------------------------------------------- | Net profit attributable | 0 | 0 | 0 | -------------------------------------------------------------------------------- | To equity holders of the parent | 2 062 | -49 | 11 | -------------------------------------------------------------------------------- | To minority interest | 587 | 0 | 0 | -------------------------------------------------------------------------------- | EPS undiluted | 0,16 | -0,02 | 0,01 | -------------------------------------------------------------------------------- | EPS diluted | 0,16 | -0,02 | 0,01 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | INCOME STATEMENT | 7-9/2008 | 7-9/2007 | -------------------------------------------------------------------------------- | EUR 1,000 | Total | Total | -------------------------------------------------------------------------------- | NET SALES | 22 628 | 0 | -------------------------------------------------------------------------------- | Other operating income | 199 | 0 | -------------------------------------------------------------------------------- | Materials and services | -12 017 | 0 | -------------------------------------------------------------------------------- | Employee benefits expenses | -4 318 | 0 | -------------------------------------------------------------------------------- | Depreciation | -1 134 | 0 | -------------------------------------------------------------------------------- | Other operating costs | -3 512 | -243 | -------------------------------------------------------------------------------- | OPERATING PROFIT | 1 846 | -243 | -------------------------------------------------------------------------------- | Financial income | 24 | 0 | -------------------------------------------------------------------------------- | Financial expenses | -372 | 0 | -------------------------------------------------------------------------------- | Share of profit in associates | 193 | 0 | -------------------------------------------------------------------------------- | PROFIT BEFORE TAX | 1 691 | -243 | -------------------------------------------------------------------------------- | Income taxes | -425 | 63 | -------------------------------------------------------------------------------- | Profit from assets classified as | 89 | 9 | | held for sale | | | -------------------------------------------------------------------------------- | PROFIT FOR THE PERIOD | 1 355 | -171 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | BALANCE SHEET | 30.9.2008 | 30.9.2007 | 31.12.2007 | -------------------------------------------------------------------------------- | EUR 1,000 | | | | -------------------------------------------------------------------------------- | ASSETS | | | | -------------------------------------------------------------------------------- | Non-current assets | | | | -------------------------------------------------------------------------------- | Property, plan, equipment | 52 546 | 0 | 0 | -------------------------------------------------------------------------------- | Goodwill | 9 130 | 0 | 0 | -------------------------------------------------------------------------------- | Intangible assets | 1 744 | 0 | 0 | -------------------------------------------------------------------------------- | Investments in associates | 472 | 0 | 0 | -------------------------------------------------------------------------------- | Other long-term investments | 41 | 46 | 0 | -------------------------------------------------------------------------------- | Deferred tax asset | 353 | 435 | 0 | -------------------------------------------------------------------------------- | NON-CURRENT ASSETS | 64 286 | 481 | 0 | -------------------------------------------------------------------------------- | Current assets | 0 | 0 | 0 | -------------------------------------------------------------------------------- | Inventories | 0 | 0 | 0 | -------------------------------------------------------------------------------- | Trade receivables and other | 20 780 | 2 142 | 2 931 | | receivables | | | | -------------------------------------------------------------------------------- | Cash and bank | 226 | 2 108 | 7 071 | -------------------------------------------------------------------------------- | Non-current assets held for | 10 766 | 8 085 | 0 | | sale | | | | -------------------------------------------------------------------------------- | CURRENT ASSETS | 31 772 | 12 335 | 10 002 | -------------------------------------------------------------------------------- | ASSETS TOTAL | 96 058 | 12 816 | 10 002 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | EQUITY AND LIABILITIES | | | | -------------------------------------------------------------------------------- | Share capital | 4 215 | 4 215 | 4 215 | -------------------------------------------------------------------------------- | Other reserves | 22 362 | 2 488 | 2 460 | -------------------------------------------------------------------------------- | Retained earnings | 10 771 | 2 339 | 2 429 | -------------------------------------------------------------------------------- | Minority interest | 940 | 0 | 0 | -------------------------------------------------------------------------------- | SHAREHOLDERS' EQUITY | 38 288 | 9 042 | 9 104 | -------------------------------------------------------------------------------- | Long-term liabilities | | | | -------------------------------------------------------------------------------- | Deferred tax liability | 342 | 298 | 0 | -------------------------------------------------------------------------------- | Non-current interest-free | 624 | 0 | 0 | | liabilities | | | | -------------------------------------------------------------------------------- | Long-term liabilities, | 24 567 | 1 336 | 0 | | interest-bearing | | | | -------------------------------------------------------------------------------- | NON-CURRENT LIABILITIES | 25 533 | 1 634 | 0 | -------------------------------------------------------------------------------- | Current liabilities | | | | -------------------------------------------------------------------------------- | Trade Payables and other | 13 159 | 202 | 898 | | liabilities | | | | -------------------------------------------------------------------------------- | Short-term interest-bearing | 11 912 | 50 | 0 | | liabilities | | | | -------------------------------------------------------------------------------- | CURRENT LIABILITIES | 25 071 | 252 | 898 | -------------------------------------------------------------------------------- | Liabilities of disposal | 7 166 | 1 888 | | | group held for sale | | | | -------------------------------------------------------------------------------- | TOTAL LIABILITIES | 57 770 | 3 774 | 898 | -------------------------------------------------------------------------------- | TOTAL EQUITY AND | 96 058 | 12 816 | 10 002 | | LIABILITIES | | | | -------------------------------------------------------------------------------- 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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