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2010-05-07 08:00:00 CEST 2010-05-07 08:00:02 CEST REGLAMENTUOJAMA INFORMACIJA Nurminen Logistics Oyj - Interim report (Q1 and Q3)NURMINEN LOGISTICS PLC'S INTERIM REPORT 1 JANUARY - 31 MARCH 2010Nurminen Logistics Plc Interim report 7 May 2010 9.00 am NURMINEN LOGISTICS PLC'S INTERIM REPORT 1 JANUARY - 31 MARCH 2010 - Net sales recovered slightly, operating profitability weak as expected REVIEW PERIOD IN BRIEF Review period 1 January - 31 March 2010 - Net sales were EUR 15.4 million (2009: EUR 14.8 million). - Reported operating profit was EUR -0.2 million (EUR -0.3 million). - Operating margin was -1.3% (-1.8%) - Operating profit excluding non-recurring items was EUR -0.6 million (EUR -0.3 million). - EBT was EUR 0.4 million (EUR -1.4 million) - Net profit was EUR 0.0 million (EUR -1.4 million). - Earnings per share: -0.01 Euros (-0.11 Euros). BUSINESS ENVIRONMENT 1 JANUARY - 31 MARCH 2010 The market situation became somewhat easier as the world economy slowly recovered. The foreign trade volumes increased compared to the year before, but are still clearly below the pre-crisis levels. The recovery of the Russian economic outlook improved the company's demand situation in the Russian trade. The Finnish stevedores' strike in March hindered the foreign trade flows especially through the harbours and affected the company's operations negatively. Demand and volumes in the Nurminen Cargo business unit recovered compared to the year before, alongside the market. Capacity utilization continued its slow recovery. Demand in the Nurminen Heavy business unit varies with the rhythm of mechanical engineering industry and infrastructure projects. Demand remained at the same level as in the previous quarter and was clearly weaker than in the first quarter of 2009. TURNOVER AND FINANCIAL PERFORMANCE 1 JANUARY- 31 MARCH 2010 The net sales for the review period amounted to EUR 15.4 (2009: 14.8) million. Compared to the corresponding period last year the increase of the net sales was 4.0%. Reported operating profit was EUR -200 (-271) thousand. The increase was 26.2%. Operating profit includes non-recurring profits of EUR 434 (0) thousand. Therefore, comparative operating profit was EUR -634 thousand and decreased 133.9% compared to the corresponding period last year. Non-recurring profit of the review period was a result of the company's decision to give up its purchase option and first refusal right to the logistics centre in Vuosaari. The company has a long-term lease agreement in Vuosaari. As compensation the company received a payment of EUR 3,500 thousand, of which EUR 2,024 thousand was recorded as other revenues during 2009. EUR 434 thousand has been recorded for the review period and the remaining EUR 1,042 thousand will be recorded monthly during the period from April 2010 to November 2010. The original term of the purchase option was 19 November 2008 - 18 November 2010. The appreciation of the Russian rouble during the review period increased the company's financial result by 1.0 million euros. Nurminen Cargo segment's net sales for the review period amounted to EUR 14.0 (12.5) million. Net sales increased mainly due to increased demand for Finnish export volumes to Russia and other CIS countries. In addition, the stabilization of the operations of Vuosaari harbour has increased the demand for services of the logistics centre in Vuosaari. Operating result remained at the same level and amounted EUR -448 (-508) thousand. The increase of the operating result was mainly due to demand recovery and subsequent volume increase as well as the strong result of the company's Latvian operations. On the other hand, operating result was weakened mainly by the increase of fixed costs in the logistics centre in Vuosaari. The Finnish stevedores' strike hindered the company's operating conditions on harbours in March and affected the result negatively. Nurminen Heavy's net sales decreased to EUR 1.4 (2.3) million as the demand situation of its clientele mainly in the mechanical engineering industry weakened. Operating profit decreased strongly to EUR -186 (238) thousand. Operating profit decreased due to drop in business volume and increased price competition. OUTLOOK The company's outlook published in the financial statement release on 26 February 2010 remains unchanged. 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 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. FINANCIAL POSITION AND BALANCE SHEET Company's cash flow from operations was EUR -329 thousand. Cash flow from investments was EUR 29 thousand. Cash flow from financing activities amounted to EUR 657 thousand. At the end of the review period, cash and cash equivalents amounted to EUR 2,595 thousand. Liquidity was good throughout the review period. Group's interest bearing debt was EUR 34.1 million and correspondingly the net interest bearing debt was EUR 31.5 million. Balance sheet totaled EUR 81.1 million and equity ratio was 42.5%. CAPITAL EXPENDITURE The group's gross capital expenditure for review period amounted to EUR 47 (1,202) thousand, accounting for 0.003% of net sales. Depreciation totaled EUR 1.1 (1.1) million, or 7.2% of net sales. GROUP STRUCTURE The Group comprises the parent company, Nurminen Logistics Plc, as well as the following subsidiaries and associated companies, owned directly or indirectly by the parent (ownership, %): RW Logistics Oy (100 %), JN Ferrovia Oy (100 %), OOO John Nurminen, St. Petersburg (100 %), OOO John Nurminen, Moscow (100 %), Nurminen Maritime Latvia SIA (51 %), Pelkolan Terminaali Oy (20 %), ZAO Irtrans (100 %), OOO Huolintakeskus (100 %), OOO John Nurminen Terminal (100 %), ZAO Terminal Rubesh (100 %), Nurminen Logistics LLC (100 %), UAB Nurminen Maritime (51 %), Nurminen Maritime Eesti AS (51 %), CMA CGM Latvia SIA (23 %), CMA CGM Estonia Oü (23 %), Team Lines Latvia SIA (23 %) and Team Lines Estonia Oü (20,3 %). PERSONNEL At the end of the review period the Group staff was 339 (346 on 31 December 2009). The number of personnel working abroad was 64. Nurminen Cargo had 287 employees and Nurminen Heavy 27. Management and administrative staff numbered to 25. SHARE-BASED INCENTIVE PLAN FOR THE GROUP PERSONNEL The Board of Directors of Nurminen Logistics Plc has approved in February 2008 a share-based incentive plan for the Group key personnel. The plan was described in stock exchange release published on 17 April 2008. SHARES AND SHAREHOLDERS The trading volume of Nurminen Logistics Plc's shares was 106,514 in 1 January - 31 March 2010. This represented 0.83% of the total number of shares. The value of the turnover was EUR 368,875. The lowest price for the period was EUR 3.30 per share and the highest EUR 3.73 per share. The closing price for the period was EUR 3.55 per share and the market value of the entire share capital EUR 45,718,597. At the end of the review period Nurminen Logistics Plc had 383 shareholders. The company owns 705 of its own shares, which represent 0.005% of the votes in the company. DECISIONS OF THE ANNUAL GENERAL MEETING Nurminen Logistics Plc's Annual General Meeting of Shareholders held on 14 April 2010 made the following decisions: Adoption of the financial statement and resolution on the discharge from liability The Annual General Meeting of Shareholders confirmed the company's financial statements and the Group's financial statements for the financial period 1 January 2009 - 31 December 2009 and released the Board of Directors and the Managing Director from liability. Payment of dividend The Annual General Meeting of Shareholders approved the Board's proposal that no dividend shall be paid for the financial year 1 January 2009 - 31 December 2009. 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, Rolf Saxberg, Jukka Nurminen and Eero Hautaniemi. Tero Kivisaari and Antti Pankakoski were elected as new members of the Board of Directors. 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 Rolf Saxberg as the Vice Chairman of the Board. The Board of Directors also appointed an Audit Committee. The members of the Audit Committee are Eero Hautaniemi, Jukka Nurminen and Olli Pohjanvirta. The Annual General Meeting of Shareholders resolved that the remuneration level for the members of the Board elected at the Annual General Meeting for the term ending at the close of the Annual General Meeting in 2011 will remain unchanged and will be paid as follows: annual remuneration of EUR 27,000 for the Chairman, EUR 18,000 for the Vice Chairman and EUR 13,500 for the other members. Additionally a meeting fee of EUR 700 per meeting shall be paid for each member of the Board. 50 per cent of the annual remuneration will be paid in the form of Nurminen Logistics Plc's shares and the remainder in money. A member of the Board of Directors may not transfer shares received as annual remuneration before a period of three years has elapsed from receiving shares. Amendment of Articles of Association The Annual General Meeting of Shareholders decided in accordance with the proposal made by the Board of Directors that Article 9 of the Articles of Association regarding the Notice of General Meeting of Shareholders is amended so that the notice shall be given no later than three (3) weeks prior to the date of the General Meeting of Shareholders but at least nine (9) days prior to the record date of the General Meeting of Shareholders. In addition, section 9 was amended in accordance with the proposal made by the Board of Directors so that notice to the General Meeting may alternatively be delivered by publishing the notice on the company's website. Authorising the Board of Directors to decide on the repurchase of the company's own shares Annual General Meeting authorised the Board to decide on the repurchasing a maximum of 20,000 of the company's shares. The shares will be used for the paying of remuneration of the Board members. The own shares may be repurchased pursuant to the authorisation only by using unrestricted equity. The price payable for the shares shall be based on the price of the company's shares in public trading. The own shares may be repurchased in deviation from the proportional shareholdings of the shareholders (directed repurchase). The authorisation includes the right whereby the Board is authorised to decide on all other matters related to the acquisition of own shares. The authorisation remains in force until 30 April 2011. Authorising the Board of Directors to decide on the issuance of shares as well as the issuance of options and other special rights entitling to shares Annual General Meeting authorised the Board to decide on issuance of shares and/or special rights entitling to shares pursuant to chapter 10 section 1 of the Finnish Companies Act. Based on the aforesaid authorisation the Board is entitled to release or assign, either by one or several resolutions, shares and/or special rights up to a maximum equivalent of 20,000,000 new shares so that aforesaid shares and/or special rights can be used, e.g., for the financing of company and business acquisitions corporate and business trading or for other business arrangements and investments, for the expansion of owner structure, paying of remuneration of the Board members and/or for the creating incentives for, or encouraging commitment in, personnel. The authorisation gives the Board the right to decide on share issue with or without payment. The authorisation for deciding on a share issue without payment also includes the right to decide on the issue for the company itself, so that the number of shares granted to the company is no more than one tenth of all shares of the company. The authorisation includes the right whereby the Board is entitled to decide of all other issues of shares and special rights. Furthermore, the Board is entitled to decide on share issues, option rights and other special rights in every way similarly as the Annual General Meeting could decide on these. The authorisation also includes right to decide on directed issues of shares and/or special rights. The authorisation remains in force until 30 April 2011. Auditor KPMG Oy Ab, Authorised Public Accountant audit-firm, was re-elected as Nurminen Logistics Plc's auditor. Mr Lasse Holopainen acts as the responsible auditor. The auditor's term ends at the end of the first Annual General Meeting following the election. Auditor's fee and costs will be paid in accordance with their invoice. DIVIDEND POLICY Company's board has on 14 May 2008 determined company's dividend policy, according to which Nurminen Logistics Plc aims to, in case company's financial policy so allows, annually distribute as dividends approximately one third of its net profit. AUTHORISATIONS GIVEN TO THE BOARD Authorising the Board of Directors to decide on the repurchase of the company's own shares Annual General Meeting has authorised the Board to decide on the repurchasing a maximum of 20,000 of the company's shares. The shares will be used for the paying of remuneration of the Board members. The own shares may be repurchased pursuant to the authorisation only by using unrestricted equity. The price payable for the shares shall be based on the price of the company's shares in public trading. The own shares may be repurchased in deviation from the proportional shareholdings of the shareholders (directed repurchase). The authorisation includes the right whereby the Board is authorised to decide on all other matters related to the acquisition of own shares. The authorisation remains in force until 30 April 2011. Authorising the Board of Directors to decide on the issuance of shares as well as the issuance of options and other special rights entitling to shares Annual General Meeting has authorised the Board to decide on issuance of shares and/or special rights entitling to shares pursuant to chapter 10 section 1 of the Finnish Companies Act. Based on the aforesaid authorisation the Board is entitled to release or assign, either by one or several resolutions, shares and/or special rights up to a maximum equivalent of 20,000,000 new shares so that aforesaid shares and/or special rights can be used, e.g., for the financing of company and business acquisitions corporate and business trading or for other business arrangements and investments, for the expansion of owner structure, paying of remuneration of the Board members and/or for the creating incentives for, or encouraging commitment in, personnel. The authorisation gives the Board the right to decide on share issue with or without payment. The authorisation for deciding on a share issue without payment also includes the right to decide on the issue for the company itself, so that the number of shares granted to the company is no more than one tenth of all shares of the company. The authorisation includes the right whereby the Board is entitled to decide of all other issues of shares and special rights. Furthermore, the Board is entitled to decide on share issues, option rights and other special rights in every way similarly as the Annual General Meeting could decide on these. The authorisation also includes right to decide on directed issues of shares and/or special rights. The authorisation remains in force until 30 April 2011. EVENTS AFTER THE REVIEW PERIOD There are no important events after the review period. Disclaimer Certain statements in this bulletin are forward-looking and are based on the management's current views. Due to their nature, they involve risks and uncertainties and are susceptible to changes in the general economic or industry conditions. NURMINEN LOGISTICS PLC Board of Directors For more information, please contact 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 | 1-3/2010 | 1-3/2009 | 1-12/2009 | -------------------------------------------------------------------------------- | EUR 1,000 | | | | -------------------------------------------------------------------------------- | NET SALES | 15 388 | 14 792 | 62 490 | -------------------------------------------------------------------------------- | Other operating income | 437 | 187 | 2 827 | -------------------------------------------------------------------------------- | Materials and services | -6 796 | -6 772 | -27 702 | -------------------------------------------------------------------------------- | Employee benefits expenses | -3 633 | -3 738 | -14 258 | | | | | | -------------------------------------------------------------------------------- | Depreciation and impartment | -1 108 | -1 080 | -4 560 | -------------------------------------------------------------------------------- | Other operating costs | -4 488 | -3 660 | -16 423 | -------------------------------------------------------------------------------- | OPERATING PROFIT | -200 | -271 | 2 374 | -------------------------------------------------------------------------------- | Financial income | 769 | 35 | 147 | -------------------------------------------------------------------------------- | Financial expenses | -214 | -1 172 | -3 091 | -------------------------------------------------------------------------------- | Share of profit in associates | 64 | 41 | 167 | -------------------------------------------------------------------------------- | PROFIT BEFORE TAX | 419 | -1 367 | -403 | -------------------------------------------------------------------------------- | Income taxes | -403 | -29 | -277 | -------------------------------------------------------------------------------- | PROFIT FOR THE PERIOD | 16 | -1 396 | -680 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | Other comprehensive income: | | | | -------------------------------------------------------------------------------- | Translation differences | 1 644 | -1 716 | -699 | -------------------------------------------------------------------------------- | Other comprehensive income for | 1 644 | -1 716 | -699 | | the period | | | | -------------------------------------------------------------------------------- | Total comprehensive income for | 1 660 | -3 112 | -1 379 | | the period | | | | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | Net profit attributable | | | | -------------------------------------------------------------------------------- | To equity holders of the parent | -170 | -1 460 | -1 614 | -------------------------------------------------------------------------------- | To minority interest | 186 | 64 | 934 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | EPS undiluted | -0,01 | -0,11 | -0,13 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | EPS diluted | -0,01 | -0,11 | -0,13 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | BALANCE SHEET | 31.3.2010 | 31.3.2009 | 31.12.2009 | -------------------------------------------------------------------------------- | EUR 1,000 | | | | -------------------------------------------------------------------------------- | ASSETS | | | | -------------------------------------------------------------------------------- | Non-current assets | | | | -------------------------------------------------------------------------------- | Property, plant, equipment | 47 930 | 46 239 | 46 416 | -------------------------------------------------------------------------------- | Goodwill | 9 516 | 9 130 | 9 516 | -------------------------------------------------------------------------------- | Intangible assets | 950 | 1 534 | 1 035 | -------------------------------------------------------------------------------- | Investments in associates | 562 | 631 | 497 | -------------------------------------------------------------------------------- | Other long-term investments | 765 | 718 | 718 | -------------------------------------------------------------------------------- | Deferred tax asset | 881 | 472 | 952 | -------------------------------------------------------------------------------- | NON-CURRENT ASSETS | 60 604 | 58 724 | 59 134 | -------------------------------------------------------------------------------- | Current assets | | | | -------------------------------------------------------------------------------- | Trade receivables and other | 18 600 | 15 949 | 17 580 | | receivables | | | | -------------------------------------------------------------------------------- | Cash and bank | 2 595 | 2 994 | 2 238 | -------------------------------------------------------------------------------- | CURRENT ASSETS | 21 195 | 18 943 | 19 818 | -------------------------------------------------------------------------------- | ASSETS TOTAL | 81 799 | 77 667 | 78 952 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | EQUITY AND LIABILITIES | | | | -------------------------------------------------------------------------------- | Share capital | 4 215 | 4 215 | 4 215 | -------------------------------------------------------------------------------- | Other reserves | 19 189 | 16 538 | 17 561 | -------------------------------------------------------------------------------- | Retained earnings | 10 156 | 9 215 | 9 737 | -------------------------------------------------------------------------------- | Minority interest | 1 256 | 1 006 | 1 072 | -------------------------------------------------------------------------------- | SHAREHOLDERS' EQUITY | 34 816 | 30 974 | 32 585 | -------------------------------------------------------------------------------- | Long-term liabilities | | | | -------------------------------------------------------------------------------- | Deferred tax liability | 349 | 281 | 328 | -------------------------------------------------------------------------------- | Non-current interest-free | 936 | 646 | 851 | | liabilities | | | | -------------------------------------------------------------------------------- | Long-term liabilities, | 27 716 | 19 340 | 27 659 | | interest-bearing | | | | -------------------------------------------------------------------------------- | NON-CURRENT LIABILITIES | 29 001 | 20 267 | 28 838 | -------------------------------------------------------------------------------- | Current liabilities | | | | -------------------------------------------------------------------------------- | Trade payables and other | 6 380 | 11 938 | 5 825 | | liabilities | | | | -------------------------------------------------------------------------------- | Short-term interest-bearing | 11 602 | 14 488 | 11 704 | | liabilities | | | | -------------------------------------------------------------------------------- | CURRENT LIABILITIES | 17 982 | 26 426 | 17 529 | -------------------------------------------------------------------------------- | TOTAL LIABILITIES | 46 983 | 46 693 | 46 367 | -------------------------------------------------------------------------------- | TOTAL EQUITY AND LIABILITIES | 81 799 | 77 667 | 78 952 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CONSOLIDATED CASH FLOW | 1-3/2010 | 1-3/2009 | 1-12/2009 | | STATEMENT | | | | -------------------------------------------------------------------------------- | CASH FLOW FROM OPERATING | | | | | ACTIVITIES | | | | -------------------------------------------------------------------------------- | Profit/Loss for the period | 16 | -1 396 | -680 | -------------------------------------------------------------------------------- | Adjustments to reconcile profit | 8 | -59 | -61 | -------------------------------------------------------------------------------- | Depreciation and amortisation | 1 108 | 1 080 | 4 560 | -------------------------------------------------------------------------------- | Unrealised foreign exchange | -1 026 | 187 | 258 | | wins and losses | | | | -------------------------------------------------------------------------------- | Other adjustments | 805 | 902 | 2 767 | -------------------------------------------------------------------------------- | Paid and received interest | -476 | -892 | -2 783 | -------------------------------------------------------------------------------- | Taxes paid | -316 | -57 | -178 | -------------------------------------------------------------------------------- | Changes in working capital | -448 | -859 | -1 463 | -------------------------------------------------------------------------------- | Cash flow from operating | -329 | -1 094 | 2420 | | activities | | | | -------------------------------------------------------------------------------- | CASH FLOW FROM INVESTING | | | | | ACTIVITIES | | | | -------------------------------------------------------------------------------- | Acquisition of subsidiaries, | 0 | 0 | -362 | | net of cash acquired | | | | -------------------------------------------------------------------------------- | Proceeds from sales of fixed | 76 | 89 | 15 334 | | assets | | | | -------------------------------------------------------------------------------- | Investments in tangible and | -47 | -1 202 | -2 887 | | intangible assets | | | | -------------------------------------------------------------------------------- | Proceeds from repayments of | 0 | 250 | 266 | | loans | | | | -------------------------------------------------------------------------------- | Cash flow from investing | 29 | -863 | 12 350 | | activities | | | | -------------------------------------------------------------------------------- | CASH FLOW FROM FINANCING | | | | | ACTIVITIES | | | | -------------------------------------------------------------------------------- | Changes in liabilities | 657 | 747 | -15 426 | -------------------------------------------------------------------------------- | Dividends paid | 0 | 0 | -1 219 | -------------------------------------------------------------------------------- | Cash flow from financing | 657 | 747 | -16 645 | | activities | | | | -------------------------------------------------------------------------------- | CHANGE IN CASH AND CASH | 357 | -1 210 | -1 966 | | EQUIVALENTS | | | | -------------------------------------------------------------------------------- | Cash and cash equivalents at | 2 238 | 4 204 | 4 204 | | the beginning of period | | | | -------------------------------------------------------------------------------- | Cash and cash equivalents at | 2 595 | 2 994 | 2 238 | | the end of 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 | | | | | | | | | | 1-3/09 EUR | | | | | | | | | | 1,000 | | | | | | | | | -------------------------------------------------------------------------------- | Shareholder | 4215 | 86 | 2374 | 20000 | -3441 | 10675 | 975 | 34884 | s' equity | | | | | | | | | | at the | | | | | | | | | | beginning | | | | | | | | | -------------------------------------------------------------------------------- | Other | 0 | 0 | 0 | 0 | 0 | 0 | -33 | -33 | | changes | | | | | | | | | -------------------------------------------------------------------------------- | Total | 0 | 0 | 0 | 0 | -1716 | -1460 | 64 | -3112 | | comprehensi | | | | | | | | | | ve income | | | | | | | | | | for the | | | | | | | | | | period | | | | | | | | | -------------------------------------------------------------------------------- | Dividends | 0 | 0 | 0 | -765 | 0 | 0 | 0 | -765 | -------------------------------------------------------------------------------- | Shareholder | 4215 | 86 | 2374 | 19235 | -5157 | 9215 | 1006 | 30974 | | s' equity | | | | | | | | | | 31.3.2009 | | | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | STATEMENT | A | B | C | D | E | F | G | H | | OF CHANGES | | | | | | | | | | IN EQUITY | | | | | | | | | | 1-3/10 EUR | | | | | | | | | | 1,000 | | | | | | | | | -------------------------------------------------------------------------------- | Shareholder | 4215 | 89 | 2374 | 19238 | -4140 | 9737 | 1072 | 32585 | | s' equity | | | | | | | | | | at the | | | | | | | | | | beginning | | | | | | | | | -------------------------------------------------------------------------------- | Other | 0 | 0 | 0 | 0 | 0 | 589 | -2 | 587 | | changes | | | | | | | | | -------------------------------------------------------------------------------- | Total | 0 | -2 | 0 | 0 | 1630 | -170 | 186 | 1644 | | comprehensi | | | | | | | | | | ve income | | | | | | | | | | for the | | | | | | | | | | period | | | | | | | | | -------------------------------------------------------------------------------- | Shareholder | 4215 | 87 | 2374 | 19238 | -2510 | 10156 | 1256 | 34816 | | s' equity | | | | | | | | | | 31.3.2010 | | | | | | | | | -------------------------------------------------------------------------------- SEGMENT INFORMATION -------------------------------------------------------------------------------- | Net sales by segment | 1-3/2010 | 1-3/2009 | 1-12/2009 | -------------------------------------------------------------------------------- | EUR 1,000 | | | | -------------------------------------------------------------------------------- | Nurminen Cargo | 13 998 | 12 454 | 55 187 | -------------------------------------------------------------------------------- | Nurminen Heavy | 1 390 | 2 338 | 7 303 | -------------------------------------------------------------------------------- | Eliminations | 0 | 0 | 0 | -------------------------------------------------------------------------------- | Total | 15 388 | 14 792 | 62 490 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Operating profit by segment | 1-3/2010 | 1-3/2009 | 1-12/2009 | -------------------------------------------------------------------------------- | EUR 1,000 | | | | -------------------------------------------------------------------------------- | Nurminen Cargo | -448 | -508 | 341 | -------------------------------------------------------------------------------- | Nurminen Heavy | -186 | 238 | 10 | -------------------------------------------------------------------------------- | Other segments | 434 | 0 | 2 023 | -------------------------------------------------------------------------------- | Total | -200 | -271 | 2 374 | -------------------------------------------------------------------------------- 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 | 1-3/2010 | -------------------------------------------------------------------------------- | Sales | 40 | -------------------------------------------------------------------------------- | Expenses | 27 | -------------------------------------------------------------------------------- | Financial expenses | 43 | -------------------------------------------------------------------------------- | Trade payables and other liabilities | 2 543 | -------------------------------------------------------------------------------- | Long-term liabilities | 4 481 | -------------------------------------------------------------------------------- KEY FIGURES -------------------------------------------------------------------------------- | KEY FIGURES | 1-3/2010 | 1-3/2009 | 1-12/2009 | -------------------------------------------------------------------------------- | Gross capital expenditure, EUR | 47 | 1 202 | 2 887 | | 1,000 | | | | -------------------------------------------------------------------------------- | Personnel | 339 | 373 | 346 | -------------------------------------------------------------------------------- | Operating margin % | -1,3 % | -1,8 % | 3,8 % | -------------------------------------------------------------------------------- | SHARE PRICE DEVELOPMENT | | | | -------------------------------------------------------------------------------- | Share price at the beginning of | 3,35 | 3,00 | 3,00 | | period | | | | -------------------------------------------------------------------------------- | Share price at the end of | 3,55 | 3,09 | 3,35 | | period | | | | -------------------------------------------------------------------------------- | Highest for the period | 3,73 | 3,50 | 3,52 | -------------------------------------------------------------------------------- | Lowest for the period | 3,30 | 2,50 | 2,50 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | EQUITY/SHARE EUR | 2,70 | 2,44 | 2,53 | -------------------------------------------------------------------------------- | EARNINGS/SHARE (EPS) | -0,01 | -0,11 | -0,13 | -------------------------------------------------------------------------------- | Equity ration % | 42,54 | 39,88 | 39,88 | -------------------------------------------------------------------------------- OTHER LIABILITIES -------------------------------------------------------------------------------- | Contingent liabilities, 1,000 | 31.3.2010 | 31.3.2009 | 31.12.2009 | | eur | | | | -------------------------------------------------------------------------------- | Mortgages given | 0 | 8 223 | 0 | -------------------------------------------------------------------------------- | Other contingent liabilities | 10 780 | 7 038 | 10 780 | -------------------------------------------------------------------------------- | Rent liabilities | 76 125 | 81 448 | 77 426 | -------------------------------------------------------------------------------- Accounting policies The interim financial information has been prepared in accordance with IAS 34 'Interim Financial Reporting' and in compliance with IFRS standards and interpretations in force as at 1 January 2010, as adopted by the EU. The IFRS recognition and measurement principles as described in the annual financial statements for 2009 have also been applied in the preparation of the interim financial information, with the changes mentioned below. The Group has applied e.g. the following revised and amended standards as of 1 January 2010: IFRS 3 (Revised 2008) Business Combinations and IAS 27 (Amended 2008) Consolidated and Separate Financial Statements. The adoption of the revised IFRS 3 'Business Combinations' will have an impact on the amount of goodwill from acquisitions and results on disposing businesses. The standard is estimated to also have an impact on profit and loss in those periods in which new business is acquired, the deferred purchase price is paid or additional shares are acquired. According to the transitional provisions of the standard, business combinations for which the acquisition date is before the adoption of the standard, are not adjusted. The amended IAS 27 'Consolidated and Separate Financial Statements' requires the effects of all transactions with a non-controlling interest to be recorded in equity if the control remains with the parent company. The amendment also specifies that a share of the loss for period can also be allocated to non-controlling interest when the losses exceed the amount of invested capital by the non-controlling parties. All figures have been rounded and consequently the sum of individual figures can deviate from the presented sum figure. Key figures have been calculated using exact figures. This Interim Report is unaudited. Calculation of Key Figures Equity ratio (%) = 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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