2013-05-02 12:00:01 CEST
2013-05-02 12:00:06 CEST
REGULATED INFORMATION
Nurminen Logistics Oyj - Interim report (Q1 and Q3)
NURMINEN LOGISTICS PLC’S INTERIM REPORT 1 JANUARY - 31 MARCH 2013
Demand lower in the first quarter - net sales and operating EBIT weaker
compared to the previous year
Nurminen Logistics Plc Interim report
2 May 2013 at 1:00 p.m.
NURMINEN LOGISTICS KEY FIGURES 1 JANUARY - 31 MARCH 2013
-- Net sales were EUR 16.7 million (2012: EUR 19.1 million).
-- Reported operating result was EUR -0.2 million (EUR 1.2 million).
-- Operating margin was -1.0% (6.1%).
-- Operating result excluding non-recurring items was EUR 0.0 million (EUR 1.1
million).
-- EBT was EUR -0.5 million (EUR 1.2 million).
-- Net result was EUR -0.9 million (EUR 0.9 million).
-- Earnings per share, undiluted: EUR -0.08 (EUR 0.04).
-- Earnings per share, diluted: EUR -0.08 (EUR 0.04).
TOPI SAARENHOVI, PRESIDENT AND CEO:
“The market situation in the first quarter of the year was weaker than in the
comparison period. This was reflected particularly in Finland as lower net
sales and weaker profitability. Due to the weak market development, we predict
that our net sales and operating profit will be slightly lower than in 2012.
Demand in the internal market of Russia and the CIS area, which is particularly
important to railway and transit logistics, remained in a better lever than in
other markets despite slightly weaker development in the first quarter of the
year. In rail exports from Finland to Russia, customers postponed their
deliveries in expectation of lowered customs duties on certain export products.
The markets remained challenging for other business operations, although the
positive development in exports of certain products improved our volumes in the
Kotka and Vuosaari units.
The investments we began last year in our Russian organisation and the markets
of Russia and its neighbouring areas had a positive effect on the development
of our Russian railway operations. I am particularly pleased with our customer
base expanding and sales developing according to plan in Russia. These positive
developments helped us achieve a good utilisation rate of rolling stock despite
the slowing down of exports from Finland to Russia in the first quarter. We
will continue our systematic efforts to develop our business operations in the
markets of Russia and its neighbouring countries.
Despite a positive development in the cargo handling volumes of our Vuosaari
terminal, the unit's result is still at an unsatisfactory level and it remains
one of our key development areas. In addition, we have implemented structural
changes in our Finnish operations necessitated by the need to improve
profitability and efficiency. These changes also led to reductions in
personnel. Due to changes in the markets, we are seeking solutions to elevate
the Group's profitability to the level specified in our long-term objectives.”
MARKET SITUATION IN THE REVIEW PERIOD
The Russian and CIS area market, which is of high importance to Nurminen
Logistics' business operations, remained active despite a moderate slowing down
in the first months of the year. The market situation and demand in Finland
weakened, although there were differences between different business segments
and services.
In railway logistics, the moderate slowing down of the Russian market resulted
in a slight oversupply of certain wagon types, which in turn led to increased
price competition between rail operators. In Finnish rail exports, the demand
for transport services was down from the comparison period and also lower than
expected. The factors behind this included the postponement of deliveries of
certain export products due to expected reductions in customs duties as well as
the increased share of road transport in exports from Finland to Russia. The
demand for import transport of raw wood remained at a good level during the
period under review.
The demand for special transports and projects was at a low level in the early
part of the review period throughout the company's market area. The market
situation improved towards the end of the period under review, particularly in
Russia and the CIS area.
In transit logistics, the demand on routes between the Baltic countries and
Russia remained at a good level. However, the demand for transport from the
Baltic countries to Central Asia weakened somewhat. In Finland, demand was
weaker for transit to Russia through Kotka, although positive development in
the demand for export and chemicals logistics services improved the situation.
The forwarding and value-added services markets in Southern Finland and at
Vuosaari Harbor remained challenging. Intensified competition and a general
decline in volumes resulted in low price levels. Demand among forest industry
customers improved while the demand from the mechanical engineering industry
declined.The slowing down of the Finnish markets and lower import volumes led
to decreased demand for forwarding services.
NET SALES AND FINANCIAL PERFORMANCE 1 JANUARY - 31 MARCH 2013
The net sales for the financial period amounted to EUR 16.7 million (2012: EUR
19.1 million), which represents a decrease of 12.6% compared to 2012. The
reported operating result was EUR -168 (1,175) thousand, down 114.3% from the
comparison period. The operating result includes non-recurring items of EUR
-202 (69) thousand. The comparative operating result was therefore EUR 34
thousand, which is decrease of 96.9% compared to 2012.
The non-recurring items in the review period were related to reductions in
personnel. The non-recurring profit of the corresponding period in the 2012
financial year resulted from a partial payment of a receivable written down in
the 2010 financial statements.
The appreciation of the Russian rouble during the review period increased the
company's financial result by EUR 0.1 million. This exchange rate profit had no
cash flow impact.
Railway Logistics
The Railway Logistics business unit's net sales for the review period amounted
to EUR 9,298 (2012: 10,686) thousand and the operating result was EUR 1,005
(2012: 1,420) thousand. The operating result includes non-recurring items of
EUR -144 (69) thousand. The comparative operating result was therefore EUR
1,149 (1,351) thousand. The net sales and result were weakened by the export
volume from Finland to Russia being lower than in the comparison period, a
temporary weakening of demand in the Russian market, and increased price
competition. The operating result was improved by gains on the sales of used
rolling stock.
Due to weaker volumes in Finnish rail exports, transport and terminal volumes
remained low, but the positive development of the company's Russian customer
base and successful sales operations maintained the utilisation rate of rolling
stock at a good level. Railway forwarding service sales in internal traffic in
Russia and its neighbouring areas remained at a good level.
The operations in St. Petersburg were reorganised as part of the company's
plans to expand its rolling stock in Russia. The efficiency of Finnish
operations was improved by lowering the organisational structure and reducing
the number of personnel in terminal operations.
Special Transports and Projects
The Special Transports and Projects business unit's net sales for the review
period amounted to EUR 1,748 (1,976) thousand and the operating result was EUR
-116 (68) thousand. The operating result includes non-recurring items of EUR
-14 (0) thousand. The comparative operating result was therefore EUR -103 (68)
thousand. The unit's transport volume and net sales were down on the comparison
period due to lower demand early in the year. A decrease in the utilisation
rate of rolling stock weakened the operating result. A moderate increase in
market activity and successful sales of project transport services,
particularly for transports to Russia and its neighbouring areas, helped grow
the operating segment's order intake towards the end of the review period.
Transit Logistics
The Transit Logistics business unit's net sales for the review period amounted
to EUR 2,739 (3,493) thousand and the operating result was EUR 75 (525)
thousand. The operating result includes non-recurring items of EUR -13 (0)
thousand. The comparative operating result was therefore EUR 88 (525) thousand.
The result of the transit logistics segment weakened in the review period,
primarily due to a decline in transport volumes to Central Asia through the
Baltic countries. The result of the Kotka and Hamina units remained largely
unchanged from the comparison period despite a slight decrease in transit
volumes. The factors contributing to this included the improved utilisation
rate of terminals and positive development in the sales of chemicals logistics
services and new value added services as well as increased export volumes.
Forwarding and Value Added Services
The net sales of the Forwarding and Value Added Services business unit for the
review period amounted to EUR 3,051 (3,054) thousand and the operating result
was EUR -1,131 (-839) thousand. The operating result includes non-recurring
items of EUR -32 (0) thousand. The comparative operating result was therefore
EUR -1,100 (-839) thousand. The measures to improve the profitability of the
Vuosaari logistics centre continued and the volumes grew by over 20% from the
comparison period, but the business unit's first quarter result weakened as the
total volume for forwarding was lower than in the comparison period due to a
decline in demand. The measures to improve the profitability of the Vuosaari
logistics centre continued according to plan. The operating loss of the
Vuosaari logistics centre was EUR -0.7 (-0.6) million in the period under
review.
NET SALES BY UNIT 1-3/2013 1-3/2012 1-12/2012
------------------------------------------------------------------
EUR 1,000
------------------------------------------------------------------
Railway Logistics 9,298 10,686 43,620
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Special Transports and Projects 1,748 1,976 9,375
------------------------------------------------------------------
Transit Logistics 2,739 3,493 13,903
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Forwarding and Value Added Services 3,051 3,054 11,774
------------------------------------------------------------------
Eliminations -128 -82 -276
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Total 16,709 19,127 78,396
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OPERATING RESULT BY UNIT 1-3/2013 1-3/2012 1-12/2012
------------------------------------------------------------------
EUR 1,000
------------------------------------------------------------------
Railway Logistics 1,005 1,420 6,275
------------------------------------------------------------------
Special Transports and Projects -116 68 441
------------------------------------------------------------------
Transit Logistics 75 525 2,510
------------------------------------------------------------------
Forwarding and Value Added Services -1,131 -839 -3,805
------------------------------------------------------------------
Total -168 1,175 5,421
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OUTLOOK
Due to the weak market situation at the start of the year, Nurminen Logistics
expects its net sales and operating result to be slightly lower than in 2012.
In its previous projection (financial statement release 26 February 2013),
Nurminen Logistics predicted that its net sales and operating result would be
at the same level as in 2012, while earnings per share are expected to improve.
The company's long-term goal is to grow at a faster rate than the market, on
average by over 15% per year. Going forward, over 50% of net sales will come
from the growth markets of Russia and its neighbouring countries. The company's
further long-term goals are to improve profitability, achieve an operating
profit level of 10% and return on equity of 20%.
SHORT-TERM RISKS AND UNCERTAINTIES
Uncertainty in the world economy may result in lower industrial production
volumes and, as a consequence, weaker demand for the company's services and the
cancellation of orders. Unfavourable market development in Russia and its
neighbouring countries, in particular, would have a negative effect on the
development of the company's net sales and result.
Overcapacity in Finnish ports keeps price competition intense. The company
operates in Vuosaari, Kotka and Hamina harbours and therefore the variation in
volume development of these ports has an effect on the company's result.
Sudden changes to railway tariffs in different countries may have a significant
effect on the price competitiveness of rail transport and/or the company. Price
competition may also burden the company's profitability in the future.
Structural changes in the Finnish export industry and weaker than expected
development of foreign trade would have a negative impact on the development of
the company's net sales and profitability. The company has notable customer
agreements whose continuity may be significant, especially with respect to the
profitability of the company's business operations in the Baltic countries.
The company has received a total of 32 subsequent levy decisions from the
National Board of Customs' Eastern District Office in Lappeenranta, which state
that the company and VG Cargo Plc, which has filed for bankruptcy, are liable
to pay import taxes from the year 2009. The company's liability for the import
taxes is, at a maximum, EUR 0.8 million. The company does not consider itself
liable for the aforementioned import taxes and has not recorded provisions for
the associated costs. If there is a case for subsequent levy, the company's
view is that the levy should primarily be directed at the bankruptcy estate of
VG Cargo Plc and be paid from its valid customs guarantee. The company has
filed an appeal with the Helsinki District Court against the subsequent levy
decisions made by the National Board of Customs.
FINANCIAL POSITION AND BALANCE SHEET
The company's cash flow from operations was EUR 112 thousand. Cash flow from
investments was EUR 400 thousand. Cash flow from financing activities amounted
to EUR -697 thousand.
At the end of the review period, cash and cash equivalents amounted to EUR
4,740 thousand. Liquidity weakened in the review period but remained
satisfactory.
The Group's interest-bearing debt totalled EUR 28.2 million and net
interest-bearing debt amounted to EUR 23.5 million.
The balance sheet total was EUR 69.7 million and the equity ratio was 42.1%.
CAPITAL EXPENDITURE
The Group's gross capital expenditure during the review period amounted to EUR
127 (174) thousand, accounting for 0.8% of net sales. Depreciation totalled EUR
1.0 (1.0) million, or 5.8% of net sales.
GROUP STRUCTURE
The company turned its operations in Finland into independent companies at the
end of 2012. In the transformation, Nurminen Logistics Plc's Forwarding and
Value Added Services, Railway Logistics and Transit Logistics business units
formed one independent company, named Nurminen Logistics Services Oy, and the
Special Transports and Projects business unit was transformed into another
independent company, named Nurminen Logistics Heavy Oy. The new Finnish
companies started operating under the new structure on 1 January 2013. The
companies responsible for the Estonian and Lithuanian operations of Nurminen
Logistics Plc were be transferred directly under the parent company in 2012.
The Russian operations will continue as a separate company directly under the
parent company.
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%), Nurminen Logistics
Services Oy (100%), Nurminen Logistics Heavy Oy (100%), Nurminen Logistics
Finland Oy (100%), OOO John Nurminen, St. Petersburg (100%), Nurminen Maritime
Latvia SIA (51%), Pelkolan Terminaali Oy (20%), ZAO Irtrans (100%), OOO
Nurminen Logistics (100%), OOO John Nurminen Terminal (100%), ZAO Terminal
Rubesh (100%), Nurminen Logistics LLC (100%), UAB Nurminen Maritime (51%),
Nurminen Maritime Eesti AS (51%), Team Lines Latvia SIA (23%) and Team Lines
Estonia Oü (20.3%).
PERSONNEL
At the end of the review period the Group's number of personnel stood at 336,
compared to 341 on 31 December 2012. The number of employees working abroad was
70.
The Railway Logistics' personnel stood at 119, Special Transports and Projects
26, Transit Logistics 90 and Forwarding and Value Added Services at 76.
Management and administrative staff numbered to 25.
The company issued a stock exchange release on 19 March 2013 announcing the
conclusion of co-determination negotiations held during the review period. As a
result of the negotiations, the company decided to reorganise and improve the
efficiency of processes, streamline its management structure and consolidate
operations. This requires a reduction in personnel of approximately 23
employees and the cost savings are estimated at roughly EUR 700 thousand in
2013 and approximately EUR 1,100 thousand from 2014 onwards. The non-recurring
costs associated with this, approximately EUR 200 thousand, were lower than
expected and recorded in the first quarter of the year.
SHARE-BASED INCENTIVE PLAN
The share-based incentive plan implemented by the company in 2011 concluded at
the end of 2012.
SHARES AND SHAREHOLDERS
The trading volume of Nurminen Logistics Plc's shares was 61,760 during the
period from 1 January to 31 March 2013. This represented 0.48% of the total
number of shares. The value of the turnover was EUR 122,476. The lowest price
during the review period was EUR 1.85 per share and the highest EUR 2.05 per
share. The closing price for the period was EUR 2.00 per share and the market
value of the entire share capital was EUR 25,809,456 at the end of the period.
At the end of the review period the company had 527 shareholders.
The company owns 16,330 of its own shares, which represent 0.127% of the votes
in the company.
DECISIONS MADE BY THE ANNUAL GENERAL MEETING OF SHAREHOLDERS
Nurminen Logistics Plc's Annual General Meeting of Shareholders held on 15
April 2013 made the following decisions:
Adoption of the financial statements and resolution on the discharge from
liability
The Annual General Meeting of Shareholders confirmed the company's financial
statements and the Group's financial statements for the financial period 1
January 2012 - 31 December 2012 and released the Board of Directors and the
Managing Director from liability.
Repayment of equity from the reserves for invested unrestricted equity
In accordance with the proposal of the Board of Directors, the Annual General
Meeting of Shareholders resolved that EUR 0.08 per share shall be distributed
from the reserves for invested unrestricted equity as repayment of equity on
the basis of the adopted balance sheet in respect of the financial year ending
on 31 December 2012. The repayment of equity is paid to shareholders registered
in the company's shareholders' register held by Euroclear Finland Ltd on the
record date 18 April 2012. The payment date is 31 May 2013.
Composition and remuneration of the Board of Directors
The Annual General Meeting of Shareholders resolved that the Board of Directors
shall consist of six (6) ordinary members. The Annual General Meeting of
Shareholders re-elected the following ordinary members to the Board of
Directors: Tero Kivisaari, Jan Lönnblad, Juha Nurminen, Jukka Nurminen and Olli
Pohjanvirta. Alexey Grom was elected as a new member of the Board of Directors.
In its organising meeting immediately following the Annual General Meeting of
Shareholders, the Board of Directors elected Olli Pohjanvirta as the Chairman
of the Board. The Board of Directors also appointed an Audit Committee. The
members of the Audit Committee are Tero Kivisaari and Jukka Nurminen.
The Annual General Meeting of Shareholders resolved that for the members of the
Board elected at the Annual General Meeting for the term ending at the close of
the Annual General Meeting in 2014 remuneration level will be as follows:
annual remuneration of EUR 80,000 for the Chairman and EUR 20,000 for the other
members. Additionally a meeting fee of EUR 1,000 per meeting for the Board and
Board Committee meetings shall be paid for each member of the Board living in
Finland and EUR 1,500 per meeting for a member of the Board living outside
Finland. 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 Article 2 of the Articles of Association
In accordance with the proposal of the Board of Directors, the Annual General
Meeting of Shareholders resolved to amend Article 2 (line of business) of the
Articles of Association and add the following sentences to it:”In its capacity
as the parent company, the company can attend to the administration, human
resources management, financing, finances, information management, legal
affairs and communications as well as other joint services and tasks of the
Group. The company may engage in operations itself and through subsidiaries and
associated companies and joint ventures.”
After the amendment, Article 2 of the Articles of Association read as follows:
Ҥ2 The company's business area is to produce and provide logistics and
forwarding services, engage in transport and in financing activities and other
activities related to the above in Finland and abroad. With respect to the
forwarding business the company may grant guarantees to parties levying customs
duties, taxes and other public fees. To conduct its activities, the company may
own and possess properties, hold shares in companies that support and
complement its activities and engage in leasing of office and warehouse
premises. In addition, the company may acquire, own and sell securities. In its
capacity as the parent company, the company can attend to the administration,
human resources management, financing, finances, information management, legal
affairs and communications as well as other joint services and tasks of the
Group. The company may engage in operations itself and through subsidiaries and
associated companies and joint ventures.”
Authorising the Board of Directors to decide on the repurchase of the company's
own shares
Annual General Meeting authorised the Board to decide on the repurchasing a
maximum of 50,000 of the company's shares. The authorisation will be used for
the paying of remuneration of the Board members. The own shares may be
repurchased pursuant to the authorisation only by using unrestricted equity.
The price payable for the shares shall be based on the price of the company's
shares in public trading. The own shares may be repurchased in deviation from
the proportional shareholdings of the shareholders (directed repurchase). The
authorisation includes the right whereby the Board is authorised to decide on
all other matters related to the acquisition of own shares.
The authorisation remains in force until 30 April 2014.
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 authorisation may be used in such a way that in total no more than
one tenth (1/10) of all shares in the company may from time to time be in the
possession of the company and its subsidiaries.
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 2014.
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 will be paid in accordance with the
auditor´s invoice accepted by the company.
DIVIDEND POLICY
The company's Board of Directors has on 14 May 2008 determined the company's
dividend policy, according to which Nurminen Logistics Plc aims to annually
distribute as dividends approximately one third of its net profit, provided
that the company's financial position allows this.
AUTHORISATIONS GIVEN TO THE BOARD
Authorising the Board of Directors to decide on the repurchase of the company's
own shares
Annual General Meeting authorised the Board to decide on the repurchasing a
maximum of 50,000 of the company's shares. The authorisation will be used for
the paying of remuneration of the Board members. The own shares may be
repurchased pursuant to the authorisation only by using unrestricted equity.
The price payable for the shares shall be based on the price of the company's
shares in public trading. The own shares may be repurchased in deviation from
the proportional shareholdings of the shareholders (directed repurchase). The
authorisation includes the right whereby the Board is authorised to decide on
all other matters related to the acquisition of own shares.
The authorisation remains in force until 30 April 2014.
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 authorisation may be used in such a way that in total no more than
one tenth (1/10) of all shares in the company may from time to time be in the
possession of the company and its subsidiaries.
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 2014.
OTHER EVENTS DURING THE REVIEW PERIOD
Nurminen Logistics Plc issued a stock exchange release on 17 January 2013
announcing the end of market making on 18 February 2013 in accordance with the
liquidity providing agreement between Nurminen Logistics Plc and Evli Bank Plc
for the share of Nurminen Logistics Plc.
On 19 March 2013, the company issued a stock exchange release to announce the
conclusion of co-determination negotiations concerning all of the company's
personnel in Finland, 270 employees in total. As a result of the negotiations,
the company has decided to reorganise and improve the efficiency of processes,
streamline its management structure and consolidate operations. The adjustment
requirement agreed upon in the negotiations concerns 26 employees, fewer than
the previously reported figure of 28. Some of these employees can be
transferred to new positions. The need for personnel reductions is estimated to
be approximately 23 employees. The cost savings associated with the
adjustments implemented as a result of the co-determination negotiations are
estimated at approximately EUR 700,000 in 2013 and EUR 1,100,000 from 2014
onwards. The non-recurring costs associated with the adjustments in 2013,
approximately EUR 350,000, were recorded in the first quarter of the year. The
planned changes will not affect the company's strategy of strengthening its
position in domestic railway transport in Russia and nearby countries as well
as rail transport between Finland and Russia.
EVENTS AFTER THE REVIEW PERIOD
The company issued a stock exchange release on 22 April 2013 to announce that
Nurminen Logistics Services Oy and Transval Handling Oy have signed an
agreement for the outsourcing of goods handling at Nurminen Logistics' Vuosaari
terminal. The agreement took effect on 1 May 2013, with 20 employees previously
employed by Nurminen Logistics Services Oy transferring to Transval Handling Oy
on the same date. The change did not involve any reductions in personnel and
the employees transferred to the new employer as existing employees.
Disclaimer
Certain statements in this bulletin are forward-looking and are based on the
management's current views. Due to their nature, they involve risks and
uncertainties and are susceptible to changes in the general economic or
industry conditions.
Nurminen Logistics Plc
Board of Directors
For more information, please contact: Topi Saarenhovi, President and CEO, tel.
+358 10 545 2431.
DISTRIBUTION
NASDAQ OMX Helsinki
Major media
www.nurminenlogistics.com
Nurminen Logistics provides high-quality logistics services, such as railway
transport, terminal services, forwarding, special and heavy transport and
value-added services. The company has gathered logistics know-how from three
centuries, starting in 1886. Nurminen Logistics' main market areas are Finland,
the Baltic Sea region, Russia and other Eastern European countries. The
company's share is listed on NASDAQ OMX Helsinki.
TABLES
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME 1-3/20 1-3/20 1-12/20
13 12 12
--------------------------------------------------------
EUR 1,000
NET SALES 16 709 19 127 78 396
Other operating income 212 217 721
Materials and services -7 306 -8 504 -33 801
Employee benefit expenses -3 870 -3 883 -15 900
Depreciation, amortisation and impairment losses -967 -1 009 -4 004
Other operating expenses -4 945 -4 773 -19 991
OPERATING RESULT -168 1 175 5 421
Financial income 82 550 478
Financial expenses -453 -547 -2 040
Share of profit in equity-accounted investees 19 31 185
RESULT BEFORE TAX -520 1 209 4 044
Income taxes -355 -316 -1 360
PROFIT / LOSS FOR THE PERIOD -875 893 2 684
Other comprehensive income
Other comprehensive income to be reclassified to profit
or loss in subsequent periods:
Translation differences 382 1 609 867
Other comprehensive income for the period after tax 382 1 609 867
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD -493 2 502 3 552
Result attributable to
Equity holders of the parent company -1 051 503 682
Non-controlling interest 176 390 2 002
Total comprehensive income attributable to
Equity holders of the parent company -669 2 112 1 550
Non-controlling interest 176 390 2 002
EPS undiluted -0,08 0,04 0,05
EPS diluted -0,08 0,04 0,05
CONSOLIDATED STATEMENT OF FINANCIAL POSITION 31.3.2013 31.3.2012 31.12.2012
---------------------------------------------
EUR 1,000
ASSETS
Non-current assets
Property, plant and equipment 37 939 41 436 38 737
Goodwill 9 516 9 516 9 516
Other intangible assets 722 921 813
Investments in equity-accounted investees 368 287 389
Receivables 35 35 35
Deferred tax assets 1 105 986 1 068
NON-CURRENT ASSETS 49 684 53 181 50 558
Current assets
Trade and other receivables 15 046 13 410 14 157
Current tax receivables 184 38 156
Cash and cash equivalents 4 740 3 109 4 901
CURRENT ASSETS 19 970 16 557 19 214
ASSETS TOTAL 69 654 69 738 69 772
EQUITY AND LIABILITIES
Share capital 4 215 4 215 4 215
Other reserves 17 566 18 729 17 346
Retained earnings 4 933 5 970 5 799
Non-controlling interest 2 613 1 454 2 437
EQUITY, TOTAL 29 326 30 367 29 797
Non-current liabilities
Deferred tax liability 516 400 431
Other liabilities 649 651 656
Interest-bearing finance liabilities 17 565 18 859 17 571
NON-CURRENT LIABILITIES 18 730 19 910 18 658
Current liabilities
Current tax liabilities 214 2 283
Interest-bearing finance liabilities 10 640 10 007 11 536
Trade payables and other liabilities 10 743 9 452 9 497
CURRENT LIABILITIES 21 598 19 461 21 317
TOTAL LIABILITIES 40 328 39 371 39 975
TOTAL EQUITY AND LIABILITIES 69 654 69 738 69 772
CONDENSED CONSOLIDATED CASH FLOW STATEMENT 1-3/20 1-3/20 1-12/2
13 12 012
---------------------------------------------------------
CASH FLOW FROM OPERATING ACTIVITIES
Profit/Loss for the period -875 893 2 684
Gains and losses on disposals of property, plant and -160 -121 -559
equipment and other non-current assets
Depreciation, amortisation and impairment losses 967 1 009 4 004
Unrealised foreign exchange gains and losses -81 -529 -322
Other adjustments 677 702 2 603
Paid and received interest -205 -237 -1 300
Taxes paid -543 -347 -1 160
Changes in working capital 333 -713 -1 578
Cash flow from operating activities 112 656 4 372
CASH FLOW FROM INVESTING ACTIVITIES
Proceeds from sale of property, plant and equipment and 527 142 639
intangible assets
Investments in property, plant and equipment and -127 -174 -1 151
intangible assets
Cash flow from investing activities 400 -32 -512
CASH FLOW FROM FINANCING ACTIVITIES
Investment by non-controlling interest 0 0 63
Acquisition of own shares 0 0 -70
Changes in liabilities -697 -62 66
Dividends paid / repayments of equity 0 0 -1 532
Cash flow from financing activities -697 -62 -1 474
CHANGE IN CASH AND CASH EQUIVALENTS -161 619 2 411
Cash and cash equivalents at beginning of period 4 901 2 490 2 490
Cash and cash equivalents at end of period 4 740 3 109 4 901
A= Share capital
B= Share premium reserve
C= Legal reserve
D= Reserve for invested unrestricted equity
E= Translation differences
F= Retained earnings
G= Non-controlling interest
H= Total
STATEMENT OF CHANGES IN EQUITY A B C D E F G H
1-3/2012 EUR 1,000
--------------------------------
Equity 1.1.2012 4215 86 2378 19131 -3699 4673 1064 27848
Result for the period 0 0 0 0 0 503 390 893
Total comprehensive income for 0 0 0 0 832 777 0 1609
the period / translation
differences
Other changes 0 0 0 0 0 18 0 18
Equity 31.3.2012 4215 86 2378 19131 -2867 5970 1454 30367
STATEMENT OF CHANGES IN EQUITY A B C D E F G H
1-3/2013 EUR 1,000
-------------------------------
Equity 1.1.2013 4215 86 2378 18158 -3276 5799 2437 29797
Result for the period 0 0 0 0 0 -1051 176 -875
Total comprehensive income for 0 0 0 0 219 162 0 382
the period / translation
differences
Other changes 0 0 0 0 0 23 0 23
Equity 31.3.2013 4215 86 2378 18158 -3057 4933 2613 29326
RELATED PARTY TRANSACTIONS
The related parties comprise the members of the Board of Directors and
Executive Board of Nurminen Logistics and companies in which these members have
control. Related parties are also deemed to include shareholders with direct or
indirect control or substantial influence.
Related party transactions 1-3/2013
---------------------------
EUR 1,000
Sales 1
Purchases 61
Interest expenses 5
Current liabilities 1 287
KEY FIGURES
KEY FIGURES 1-3/2013 1-3/2012 1-12/2012
-------------------------------------
Gross capital expenditure, EUR 1,000 127 174 1 145
Personnel 336 346 341
Operating margin % -1,0 % 6,1 % 6,9 %
Share price development
Share price at beginning of period 1,88 1,78 1,78
Share price at end of period 2,00 1,95 1,88
Highest for the period 2,05 2,34 2,34
Lowest for the period 1,85 1,78 1,78
Eguity/share EUR 2,07 2,35 2,12
Earnings/share (EPS) EUR, undiluted -0,08 0,04 0,05
Earnings/share (EPS) EUR, diluted -0,08 0,04 0,05
Equity ratio % 42,10 43,54 42,71
OTHER LIABILITIES AND COMMITMENTS
Contingencies and commitments, EUR 1,000 31.3.2013 31.3.2012 31.12.2012
-----------------------------------------
Mortgages given 11 000 7 000 11 000
Other contingent liabilities 14 580 11 458 14 580
Rent liabilities 77 568 81 700 79 174
Accounting policies
The interim financial information has been prepared in accordance with IAS 34
'Interim Financial Reporting'. The IFRS recognition and measurement principles
as described in the annual financial statements for 2012 have also been applied
in the preparation of the interim financial information, with the changes
mentioned below. Other adopted new and amended IFRS-standards and
interpretations have not had significant impact on reported figures.
The Group has applied the following revised and amended standards as of 1
January 2013:
Amendments to IAS 1 Presentation of financial statements
Amendments to IFRS 7 Financial Instruments: Disclosures
All figures have been rounded and consequently the sum of individual figures
can deviate from the presented sum figure. Key figures have been calculated
using exact figures. This interim report is unaudited.
Calculation of Key Figures
Equity ratio (%) =
Equity
______________________________________ x 100
Balance sheet total - advances received
Earnings per share (EUR) =
Result attributable to equity holders of the parent company
________________________________________________________
Weighted average number of ordinary shares outstanding
Equity per share (EUR) =
Equity attributable to equity holders of the parent company
________________________________________
Undiluted number of shares outstanding at the end of the financial year
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