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2007-11-22 08:30:28 CET 2007-11-22 08:30:28 CET REGULATED INFORMATION Kasola Oyj - Company AnnouncementFINANCIAL INFORMATION FOR THE THREE FIRST QUARTERS OF 2007 ON THE LOGISTICS BUSINESS TO BE TRANSFERRED TO KASOLA PLC AND THE FUTURE ORGANIZATION OF NURMINEN LOGISTICSKASOLA PLC Stock Exchange Release 22 November 2007 Kasola PLC has received a notification from John Nurminen LLC with the following content. KASOLA PLC Tapani Väljä Managing Director 0400-505 078 tapanivalja.kasola@kaso.fi DISTRIBUTION Helsinki Stock Exchange Major media www.kasola.fi John Nurminen LLC Notification 22 November 2007 FINANCIAL INFORMATION FOR THE THREE FIRST QUARTERS OF 2007 ON THE LOGISTICS BUSINESS TO BE TRANSFERRED TO KASOLA PLC AND THE FUTURE ORGANIZATION OF NURMINEN LOGISTICS The main agreement signed by John Nurminen LLC, Kasola PLC's main shareholders, and in part by Kasola PLC sets forth the overall arrangement, by which Kasola PLC will act, inter alia, as the acquiring company in John Nurminen's overall demerger so that John Nurminen LLC's logistics business will be transferred to Kasola PLC. At the same time, Kasola PLC's name will be changed to Nurminen Logistics PLC. Carve-out financial information of the logistics business to be transferred to Kasola PLC for the period ended 30 September 2007, IFRS The Board of Directors of John Nurminen LLC has adopted the carve-out unaudited financial information on the logistics business to be transferred to Kasola PLC in connection with the demerger of John Nurminen LLC for the three first quarters of 2007, IFRS (consisting of the income statement and the balance sheet). The income statement and the balance sheet are attached hereto as Appendix 1. Kasola PLC's objective is to publish more detailed carve-out financial information on the logistics business in the prospectus to be published on or about 10 December 2007. Estimated development of business in the near future On 7 September 2007, Kasola PLC published the following estimate of the financial performance of the business units to be transferred from John Nurminen LLC to Kasola PLC: The annual net sales of the transferring business units were estimated at EUR 80 million, FAS, and the operating profit was estimated at EUR 4 million, FAS, in 2007. According to the Board of Directors of John Nurminen LLC, the carve-out financial information, IFRS, for the period ended 30 September 2007 on the transferring business units meet the expected levels set for both the net sales and the operating profits in the release published on 7 September 2007. In its meeting of 21 November 2007, the Board of Directors of John Nurminen LLC noted that the target of the transferring business units will be a substantial increase in net sales in the next few years through investments and transactions. Business Units of Nurminen Logistics and Executive Board In order to execute the overall arrangement, the Board of Directors of John Nurminen LLC has decided that the business of the listed company continuing its operations under the name Nurminen Logistics PLC as of January 2008 will be divided into three business units: Nurminen Cargo, Nurminen Heavy, and Nurminen Care. The Executive Board will consist of the following members: CEO, Mr. Lasse Paitsola, Mr. Kaj Kulp, Mr. Petteri Pelkonen, Mr. Antti Sallila, and Mr. Harri Vainikka. The following of John Nurminen LLC's current business units will continue their operations under Nurminen Cargo: Rail Services, Cargo Handling and Value-Added Services, and Customs Clearance Services. No changes will be made in the current business unit of Special and Heavy Transports, but its name will be changed to Nurminen Heavy. Healthcare Logistics will be renamed as Nurminen Care. The current Business Unit Director, Mr. Harri Vainikka will be elected member of the Executive Board of the company. Mr. Vainikka will be responsible for Nurminen Cargo. In the Executive Board, Mr. Petteri Pelkonen will continue to be responsible for Nurminen Heavy and Nurminen Care. Mr. Kaj Kulp will be responsible in the Executive Board for M&A and investments. The titles of Mr. Vainikka, Mr. Pelkonen and Mr. Kulp will be Senior Vice President. Other members of the Executive Board will be Mr. Lasse Paitsola (President and CEO) and Mr. Antti Sallila (CFO) who will take up his duties as CFO on 1 December 2007. JOHN NURMINEN LLC BOARD OF DIRECTORS Further information: Mr. Lasse Paitsola, President and CEO, John Nurminen LLC, tel. +358 400 405 801. As of the beginning of 2008, Nurminen Logistics PLC will continue the following business operations of John Nurminen LLC: Rail Services, Cargo Handling and Value-Added Services, Customs Clearance Services, Special and Heavy Transports, Healthcare Logistics. The company's main market area will consist of Finland, the Baltic Sea region and Russia as well as of other CIS countries. In connection with the overall arrangement, estimated to take place on 1 January 2008, the Kasola PLC share is due to become the Nurminen Logistics PLC share listed on the Helsinki Stock Exchange. Appendix 1: Carve out unaudited financial information, IFRS -------------------------------------------------------------------------------- | CARVE OUT INTERIM FINANCIAL INFORMATION OF THE LOGISTICS BUSINESS TO BE | | TRANSFERRED TO NURMINEN LOGISTICS | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CONSOLIDATED INTERIM | | | | | | INCOME STATEMENT, IFRS | | | | | -------------------------------------------------------------------------------- | 1 000 EUR | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | unaudited | | unaudited | | -------------------------------------------------------------------------------- | | 30 Sep 2007 | | 30 Sep 2006 | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | NET SALES | 61 492 | | 52 802 | | -------------------------------------------------------------------------------- | Other operating income | 1 251 | | 16 | | -------------------------------------------------------------------------------- | Materials and services | -31 773 | | -27 692 | | -------------------------------------------------------------------------------- | Employee benefits | -13 456 | | -11 775 | | | expense | | | | | -------------------------------------------------------------------------------- | Depreciation, | -3 954 | | -2 513 | | | amortisation and | | | | | | impairment losses | | | | | -------------------------------------------------------------------------------- | Other operating expenses | -10 478 | | -9 762 | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | OPERATING PROFIT | 3 080 | | 1 076 | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Finance income and | -1 577 | | -887 | | | expenses | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Share of profit of | | | equity accounted | 39 | | -31 | | | investees | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | PROFIT BEFORE INCOME TAX | 1 542 | | 158 | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Income tax expense | -280 | | -25 | | -------------------------------------------------------------------------------- | PROFIT FOR THE PERIOD | 1 262 | | 133 | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Attributable to | | | | | -------------------------------------------------------------------------------- | Equity holders of | 1 196 | | 86 | | | the parent company | | | | | -------------------------------------------------------------------------------- | Minority interest | 66 | | 47 | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CARVE OUT INTERIM FINANCIAL INFORMATION OF THE LOGISTICS BUSINESS TO BE | | TRANSFERRED TO NURMINEN LOGISTICS | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CONSOLIDATED INTERIM | | | | | BALANCE SHEET, IFRS | | | | -------------------------------------------------------------------------------- | 1 000 EUR | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | | unaudited | | unaudited | -------------------------------------------------------------------------------- | | | 30 Sep 2007 | | 30 Sep 2006 | -------------------------------------------------------------------------------- | ASSETS | | | | -------------------------------------------------------------------------------- | Non-current assets | | | | -------------------------------------------------------------------------------- | Property, plant and | 44 927 | | 35 521 | | equipment | | | | -------------------------------------------------------------------------------- | Goodwill | 10 452 | | 7 552 | -------------------------------------------------------------------------------- | Other intangible assets | 2 483 | | 2 402 | -------------------------------------------------------------------------------- | Investments in equity | 82 | | 554 | | accounted investees | | | | -------------------------------------------------------------------------------- | Receivables | 618 | | 49 | -------------------------------------------------------------------------------- | Deferred tax assets | 358 | | 167 | -------------------------------------------------------------------------------- | | | 58 920 | | 46 245 | -------------------------------------------------------------------------------- | Current assets | | | | -------------------------------------------------------------------------------- | Trade and other receivables | 19 978 | | 11 819 | -------------------------------------------------------------------------------- | Cash and cash equivalents | 88 | | 96 | -------------------------------------------------------------------------------- | | | 20 066 | | 11 915 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | TOTAL ASSETS | 78 986 | | 58 160 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | NET ASSETS AND LIABILITIES | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net assets | 21 554 | | 11 080 | -------------------------------------------------------------------------------- | Minority interest | 1 307 | | 538 | -------------------------------------------------------------------------------- | | | 22 861 | | 11 618 | -------------------------------------------------------------------------------- | LIABILITIES | | | | -------------------------------------------------------------------------------- | Non-current liabilities | | | | -------------------------------------------------------------------------------- | Deferred tax liabilities | 1 288 | | 1 027 | -------------------------------------------------------------------------------- | Non-interest bearing | 1 480 | | 1 389 | | liabilities | | | | -------------------------------------------------------------------------------- | Interest-bearing | 27 072 | | 20 691 | | liabilities | | | | -------------------------------------------------------------------------------- | | | 29 840 | | 23 107 | -------------------------------------------------------------------------------- | Current liabilities | | | | -------------------------------------------------------------------------------- | Trade and other payables | 23 288 | | 10 674 | -------------------------------------------------------------------------------- | Interest-bearing | 2 997 | | 12 761 | | liabilities | | | | -------------------------------------------------------------------------------- | | | 26 285 | | 23 435 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | TOTAL LIABILITIES | 56 125 | | 46 542 | -------------------------------------------------------------------------------- | | | | | | -------------------------------------------------------------------------------- | TOTAL NET ASSETS AND | 78 986 | | 58 160 | | LIABILITIES | | | | -------------------------------------------------------------------------------- |
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