2013-08-01 12:00:00 CEST
2013-08-01 12:00:03 CEST
REGULATED INFORMATION
Nurminen Logistics Oyj - Interim report (Q1 and Q3)
NURMINEN LOGISTICS PLC’S INTERIM REPORT 1 JANUARY – 30 JUNE 2013
Weak demand for services - net sales and operating EBIT lower than in the
previous year. The company will implement measures to improve its
profitability.
Nurminen Logistics Plc Interim report 1 August 2013 at 1:00 p.m.
Nurminen Logistics key figures 1 January - 30 June 2013
-- Net sales were EUR 32.7 million (2012: EUR 39.5 million).
-- Reported operating result was EUR 1.5 million (EUR 2.7 million).
-- Operating margin was 4.4% (6.8%).
-- Operating result excluding non-recurring items was EUR 1.7 million (EUR 2.6
million).
-- EBT was EUR -0.2 million (EUR 2.0 million).
-- Net result was EUR -0.8 million (EUR 1.3 million).
-- Earnings per share, undiluted: EUR -0.08 (EUR 0.01).
-- Earnings per share, diluted: EUR -0.08 (EUR 0.01).
-- Net cash flow was EUR 2.3 million (EUR 1.0 million)
Second quarter 1 April - 30 June 2013
-- Net sales were EUR 16.0 million (2012: EUR 20.4 million).
-- Reported operating result was EUR 1.6 million (EUR 1.5 million).
-- Operating margin was 10.1% (7.5%).
-- Operating result excluding non-recurring items was EUR 1.6 million (EUR 1.5
million).
-- EBT was EUR 0.3 million (EUR 0.8 million).
-- Net result was EUR 0.1 million (EUR 0.4 million).
-- Earnings per share, undiluted: EUR 0.00 (EUR -0.03).
-- Earnings per share, diluted: EUR 0.00 (EUR -0.03).
-- Net cash flow was EUR 2.4 million (EUR 0.4 million)
TOPI SAARENHOVI, PRESIDENT AND CEO:
“The market situation in the second quarter of the year was weaker than in the
corresponding period last year. This was reflected in the unsatisfactory
development of our business operations in all business units, with the
exception of the Forwarding and Value Added Services unit. The challenging
conditions had a particular impact on volumes in Finnish rail exports and
transit logistics in the Baltic countries. Due to the continuing challenging
market situation, we expect our net sales and operating result to be lower than
in 2012.
In the Russian and CIS area market, which is of high importance to Nurminen
Logistics' railway logistics and transit logistics operations, demand in the
first half of the year was weaker than in the corresponding period in 2012.
However, demand in these markets remained better than in the company's other
markets and also displayed slightly increased activity towards the end of the
period under review.
Our investments in our Russian organisation and the markets of Russia and its
neighbouring areas strengthened our position in the Russian railway logistics
market. Thanks to these investments, we achieved a good utilisation rate of
rolling stock despite the slowing down of exports from Finland to Russia.
The profitability of our railway logistics operations did not develop as
expected. Demand remained particularly weak in rail exports from Finland to
Russia, forcing us to initiate cost reduction measures in our Finnish units to
adapt costs to the prevailing market conditions. We will continue our
systematic efforts to develop our operations in the markets of Finland, Russia
and its neighbouring countries.
The markets remained, on average, challenging for other business operations,
although the positive development in exports of certain products improved our
volumes in particular in the terminal operations at Vuosaari. Increased volume,
new customer agreements and the measures we have implemented to improve
efficiency helped us improve the unit's profitability.
For the Special Transports and Projects business unit, the first half of the
year was more challenging than the comparison period due to low demand in the
first months of the year. Towards the end of the review period, we were
successful in securing orders for project transport services, a significant
proportion of which have their destinations in Russia and its neighbouring
countries.
Due to the structural changes in the market, the prolonged uncertainty in the
operating environment and decline in demand, we will expedite the
implementation of the adjustment measures that we have already initiated. As we
cannot wait that market conditions will improve substantially, we will also
implement structural changes and new measures to improve our profitability.
We are confident that markets in Russia and its neighbouring countries will
develop positively in the coming years and we will continue the implementation
of our strategic future development projects, such as investments in rolling
stock.”
MARKET SITUATION IN THE REVIEW PERIOD
The Russian and CIS area market, which is of high importance to Nurminen
Logistics' business operations, remained fairly active despite demand being
weaker than in the comparison period. The market situation and demand in
Finland weakened, although there were differences between business segments and
services.
In railway logistics, lower demand in the Russian market increased price
competition between railway operators in certain wagon types. In Finnish rail
exports, the demand for transport services was down on the first quarter and
also lower than expected. Lower consignment sizes led to the demand for road
transport increasing in relation to rail transport. 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 market area. However, the 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 declined substantially from the high level
seen in the comparison period. In Finland, the volume of transit traffic to
Russia through Kotka remained weak. The demand for logistics services for
export and chemical products was higher than in the corresponding period last
year.
The forwarding and value-added services markets in Southern Finland and at
Vuosaari Harbour remained challenging. Competition was intense and volumes
varied by customer segment during the period under review. Among the main
customer groups, demand from the forest industry increased in comparison with
the first quarter. The demand for terminal services at Vuosaari Harbour
developed positively, but the demand for forwarding services decreased compared
to the corresponding period last year.
NET SALES AND FINANCIAL PERFORMANCE 1 JANUARY - 30 JUNE 2013
The net sales for the financial period amounted to EUR 32.7 million (2012: EUR
39.5 million), which represents a decrease of 17.3% compared to 2012. The
reported operating result was EUR 1,454 (2,703) thousand, down 46.2% from the
comparison period. The operating result includes non-recurring items of EUR
-202 (69) thousand. The comparative operating result was therefore EUR 1,655
(2,634) thousand, which is a decrease of 37.2% compared to 2012. Net cash flow
was EUR 2,288 (1,035) thousand. The operating result and net cash flow were
improved by sales of used rolling stock.
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 depreciation of the Russian rouble during the review period decreased the
company's financial result by EUR 0.6 million. This exchange rate loss had no
cash flow impact.
Railway Logistics
The Railway Logistics business unit's net sales for the review period amounted
to EUR 17,232 (2012: 22,210) thousand and the operating result was EUR 3,287
(2012: 3,008) thousand. The operating result includes non-recurring items of
EUR -144 (69) thousand. The comparative operating result was therefore EUR
3,431 (2,939) thousand. Net sales decreased due to the lower volume of of
exports from Finland to Russia and decline in railway tariffs passed on to
customers. The operating result was 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. Traffic problems
on certain Russian railway routes were an additional factor that had a negative
impact on export volume from Finland to Russia. As part of the implementation
of the Railway Logistics business unit's strategy, the fleet of rolling stock
was streamlined by selling certain wagon types. The proceeds from these sales
had a positive effect on the operating result.
Due to weaker volumes in Finnish rail exports, transport and terminal volumes
were low despite a slight improvement towards the end of the review period. 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, although increased competition resulted in a decrease in the price
level.
In response to Finnish rail exports declining in demand and volume, the unit
initiated efficiency improvement measures to improve profitability. The goal of
the measures is to achieve savings of EUR 200 thousand during 2013. New
products were launched in the railway logistics segment to develop a more
comprehensive service offering.
Special Transports and Projects
The Special Transports and Projects business unit's net sales for the review
period amounted to EUR 3,987 (4,636) thousand and the operating result was EUR
-69 (203) thousand. The operating result includes non-recurring items of EUR
-14 (0) thousand. The comparative operating result was therefore EUR -55 (203)
thousand. Volumes were lower than in the comparison period due to slow demand.
The operating result was weakened by a decrease in the utilisation rate of
rolling stock due to slower demand as well as low market prices for the
services in this segment. The order intake increased towards the end of the
period under review, which is expected to have a positive effect on the
profitability of operations in the second half of the year.
Transit Logistics
The Transit Logistics business unit's net sales for the review period amounted
to EUR 5,177 (6,857) thousand and the operating result was EUR -217 (1,211)
thousand. The operating result includes non-recurring items of EUR -13 (0)
thousand. The comparative operating result was therefore EUR -205 (1,211)
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 improved in
comparison with the corresponding period last year despite the low transit
volumes. The factors contributing to the improved result were higher export
volume, successful expansion of the customer base, improved terminal
utilisation rate and favourable development in the sale of value added
services.
Forwarding and Value Added Services
The net sales of the Forwarding and Value Added Services business unit for the
review period amounted to EUR 6,539 (5,917) thousand and the operating result
was EUR -1,547 (-1,720) thousand. The operating result includes non-recurring
items of EUR -32 (0) thousand. The comparative operating result was therefore
EUR -1,516 (-1,720) thousand. The development programme to improve the
profitability of the Vuosaari logistics centre continued.
Volume at the Vuosaari terminal was higher in the second quarter than in the
corresponding period last year. Of the largest customer groups, demand among
forest industry customers in the first half of the year was approximately 40%
higher than in the same period in 2012, while the demand from the mechanical
engineering industry declined slightly. Total volumes for forwarding operations
during the review period were lower than in the comparison period due to a
slowing down of the markets and increased competition.
The operational loss of the Vuosaari logistics centre was EUR -1.0 (-1.2)
million in the period under review.
NET SALES BY UNIT 1-6/2013 1-6/2012 1-12/2012
------------------------------------------------------------------
EUR 1,000
------------------------------------------------------------------
Railway Logistics 17,232 22,210 43,620
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Special Transports and Projects 3,987 4,636 9,375
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Transit Logistics 5,177 6,857 13,903
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Forwarding and Value Added Services 6,539 5,917 11,774
------------------------------------------------------------------
Eliminations -237 -83 -276
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Total 32,698 39,537 78,396
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OPERATING RESULT BY UNIT 1-6/2013 1-6/2012 1-12/2012
------------------------------------------------------------------
EUR 1,000
------------------------------------------------------------------
Railway Logistics 3,287 3,008 6,275
------------------------------------------------------------------
Special Transports and Projects -69 203 441
------------------------------------------------------------------
Transit Logistics -217 1,211 2,510
------------------------------------------------------------------
Forwarding and Value Added Services -1,547 -1,720 -3,805
------------------------------------------------------------------
Total 1,454 2,703 5,421
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NET SALES AND FINANCIAL PERFORMANCE 1 APRIL - 30 JUNE 2013
The net sales for the financial period amounted to EUR 16.0 million (2012: EUR
20.4 million), which represents a decrease of 21.7% compared to 2012. The
reported operating result was EUR 1,621 (1,528) thousand, up 6.1% from the
comparison period.
The depreciation of the Russian rouble during the second quarter decreased the
company's financial result by EUR 0.7 million. This exchange rate loss had no
cash flow impact.
The net sales of the Railway Logistics business unit decreased, but its
operating result improved in the second quarter compared to the first quarter
of the year. The operating result was boosted by gains made from the sales of
used rolling stock.
The Special Transports and Projects business unit's net sales and result
improved in the second quarter compared to the first quarter of the year.
However, due to the challenging market conditions volumes remained lower than
in the corresponding period last year, and the business unit's result was
weaker than in the comparison period.
The Transit Logistics business unit's net sales and result fell compared to the
first quarter of the year and the comparison period in 2012, primarily as a
result of lower volumes transported to Central Asia through the Baltic
countries. The net sales and operating result of the Hamina and Kotka units,
however, showed a positive development compared to the corresponding period in
2012.
In Forwarding and Value Added Services, net sales and the operating result
improved in the second quarter compared to the first quarter of 2013 and the
comparison period in 2012. Increased terminal volumes at the Vuosaari logistics
centre and the measures implemented to improve profitability helped improve the
unit's operating result. The operational loss of the Vuosaari logistics centre
amounted to EUR 0.3 (0.6) million in the review period.
NET SALES BY UNIT 4-6/2013 4-6/2012 Change
---------------------------------------------------------------
EUR 1,000
---------------------------------------------------------------
Railway Logistics 7,934 11,524 -3,590
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Special Transports and Projects 2,238 2,659 -421
---------------------------------------------------------------
Transit Logistics 2,439 3,365 -926
---------------------------------------------------------------
Forwarding and Value Added Services 3,487 2,863 624
---------------------------------------------------------------
Eliminations -109 -1 -108
---------------------------------------------------------------
Total 15,989 20,410 -4,421
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OPERATING RESULT BY UNIT 4-6/2013 4-6/2012 Change
---------------------------------------------------------------
EUR 1,000
---------------------------------------------------------------
Railway Logistics 2,282 1,588 694
---------------------------------------------------------------
Special Transports and Projects 48 135 -88
---------------------------------------------------------------
Transit Logistics -293 686 -979
---------------------------------------------------------------
Forwarding and Value Added Services -416 -881 466
---------------------------------------------------------------
Total 1,621 1,528 93
---------------------------------------------------------------
OUTLOOK
Due to the continuing challenging market situation, Nurminen Logistics expects
its net sales and operating result to be lower than in 2012.
In its previous projection (interim report 2 May 2013), Nurminen Logistics
predicted that its net sales and operating result would be slightly lower than
in 2012.
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 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 0.5 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.
The company has received notification of an adjustment decision pertaining to
the taxation of the pre-demerger John Nurminen Ltd for the financial year 2007.
The former John Nurminen Ltd was demerged on 1 January 2008 according to a
demerger plan dated 7 September 2007, with the two receiving companies being
the new John Nurminen and Kasola Plc. Kasola Plc subsequently changed its name
to Nurminen Logistics Plc. According to the adjustment decision, the tax due is
EUR 0.4 million. The allocation of the tax liability between the new John
Nurminen Ltd and Nurminen Logistics Plc will be determined in arbitration
proceedings.
FINANCIAL POSITION AND BALANCE SHEET
The company's cash flow from operations was EUR 3,858 thousand. Cash flow from
investments was EUR 3,296 thousand. Cash flow from financing activities
amounted to EUR -4,666 thousand.
At the end of the review period, cash and cash equivalents amounted to EUR
7,189 thousand. Liquidity improved in the second quarter and remained
satisfactory.
The Group's interest-bearing debt totalled EUR 27.3 million and net
interest-bearing debt amounted to EUR 20.1 million.
The balance sheet total was EUR 63.7 million and the equity ratio was 39.1%.
CHANGES IN THE TOP MANAGEMENT
Fedor Larionov, 42, has been appointed the new Senior Vice President of
Nurminen Logistics' Railway Logistics business unit as well as a member of the
Group's Executive Board. Larionov is based in St. Petersburg and reports to
Topi Saarenhovi, President and CEO. Before joining Nurminen Logistics, Larionov
had been the Director of the St. Petersburg branch of Daher CIS since 2011.
Larionov joined Nurminen Logistics on 29 July 2013.
Artur Poltavtsev, the previous Senior Vice President of Railway Logistics and
member of the Executive Board, decided to leave the company on June 30, 2013.
Railway Logistics business unit reported directly to CEO Topi Saarenhovi until
28 July 2013. This information was published in stock exchange release on 27
June 2013.
CAPITAL EXPENDITURE
The Group's gross capital expenditure during the review period amounted to EUR
205 (273) thousand, accounting for 0.6% of net sales. Depreciation totalled EUR
1.9 (2.0) 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 transferred directly under the parent company in 2012. The
Russian operations will continue as a separate company directly under the
parent company. These implemented structural changes have no impact on Group
reporting.
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 313,
compared to 341 on 31 December 2012. The number of employees working abroad was
67.
The Railway Logistics unit's personnel stood at 115, Special Transports and
Projects 26, Transit Logistics 93 and Forwarding and Value Added Services at
53. Management and administrative staff numbered 26.
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.
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.
The company issued a stock exchange release on 12 June 2013 to announce that it
will commence co-determination negotiations pertaining to terminal and
forwarding personnel in Nurminen Logistics Services Oy's Railway Logistics
business unit. The reasons for starting co-determination negotiations were to
adjust costs and operations to match the prevailing market and competitive
conditions.
On 25 June 2013, the company announced that the negotiations have come to a
close and as a result, the terminal and forwarding personnel of the Railway
Logistics business unit will be laid off for a maximum of 90 days. The layoffs
will take effect before the end of the second quarter of 2014. In addition, the
company is looking into other options for the reorganisation of work, which may
lead to the dismissal of a maximum of 10 persons. The measures agreed on in the
negotiations affect a total of 67 employees. The cost savings associated with
the adjustments implemented as a result of the co-determination negotiations
are estimated at approximately EUR 200,000 in 2013.
SHARES AND SHAREHOLDERS
The trading volume of Nurminen Logistics Plc's shares was 108,963 during the
period from 1 January to 30 June 2013. This represented 0.84% of the total
number of shares. The value of the turnover was EUR 217,073. The lowest price
during the review period was EUR 1.85 per share and the highest EUR 2.20 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 26,025,474 at the end of the period.
At the end of the review period the company had 526 shareholders.
On 13 May 2013, the Board of Directors of Nurminen Logistics Plc decided on a
directed share issue without consideration by authorisation of the company's
Annual General Meeting of Shareholders held on 15 April 2013. A total of
124,339 shares were issued in the directed share issue without consideration,
comprising 16,330 in own shares held by the company and 108,009 in new shares.
The issued shares were used for reward payments associated with Nurminen
Logistics Group's Share-based Incentive Plan 2011-2012 for key personnel
according to the achievement of targets established for the earnings criteria
approved by the Board of Directors as well as for the Board's remuneration
payments for the term ending at the 2014 Annual General Meeting.
The newly issued shares, numbering 108,009, were entered in the Trade Register
on 12 June 2013. The shares give their holder the right to dividends and other
shareholder rights as of the date of registration.
After the registration of the new shares, the total number of Nurminen
Logistics Plc's shares stood at 13,012,737. The shares entered in the Trade
Register were subject to public trading as of 13 June 2013.
Stock exchange releases on the matter were published on 14 May and 12 June 2013.
After the share issue without consideration announced by Nurminen Logistics on
14 May 2013, the company did not hold any of its own shares. The company issued
a stock exchange release on 27 June 2013 to announce changes in its Executive
Board. As a result of the changes, the number of shares paid as incentives to
key personnel decreased from 80,005 to 69,760.
After the return of the shares, the company holds 10,245 of its own shares,
corresponding to 0.079% of votes.
In accordance with the decision of the Board of Directors, the company
distributed on 31 May 2012 as repayment of equity EUR 0.08 per share from the
reserves for invested unrestricted equity.
DECISIONS MADE BY THE ANNUAL GENERAL MEETING OF SHAREHOLDERS
The decisions of the Nurminen Logistics Plc's Annual General Meeting of
Shareholders were published in stock exchange release on 15 April 2013.
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.
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: 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 1-6/201 1-6/201 1-12/20 3 2 12
------------------------------------------------------
EUR 1,000
NET SALES 32 698 39 537 78 396
Other operating income 1 729 362 721
Materials and services -14 302 -17 360 -33 801
Employee benefit expenses -7 247 -7 863 -15 900
Depreciation, amortisation and impairment losses -1 902 -2 021 -4 004
Other operating expenses -9 522 -9 953 -19 991
OPERATING RESULT 1 454 2 703 5 421
Financial income 48 195 478
Financial expenses -1 736 -966 -2 040
Share of profit in equity-accounted investees 38 67 185
RESULT BEFORE TAX -197 1 999 4 044
Income taxes -606 -680 -1 360
PROFIT / LOSS FOR THE PERIOD -802 1 319 2 684
Other comprehensive income
Other comprehensive income to be reclassified to
profit or loss in subsequent periods:
Translation differences -1 259 209 867
Other comprehensive income for the period after tax -1 259 209 867
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD -2 061 1 528 3 552
Result attributable to
Equity holders of the parent company -1 101 91 682
Non-controlling interest 298 1 227 2 002
Total comprehensive income attributable to
Equity holders of the parent company -2 389 301 1 550
Non-controlling interest 298 1 227 2 002
EPS undiluted -0,08 0,01 0,05
EPS diluted -0,08 0,01 0,05
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME 4-6/20 4-6/20 Change
13 12
---------------------------------------------------------
EUR 1,000
NET SALES 15 989 20 410 -4 421
Other operating income 1 516 145 1 371
Materials and services -6 996 -8 856 1 859
Employee benefit expenses -3 377 -3 980 603
Depreciation, amortisation and impairment losses -935 -1 013 78
Other operating expenses -4 577 -5 180 603
OPERATING RESULT 1 621 1 528 93
Financial income -34 -355 321
Financial expenses -1 283 -419 -864
Share of profit in equity-accounted investees 19 36 -17
RESULT BEFORE TAX 323 790 -466
Income taxes -251 -364 113
PROFIT / LOSS FOR THE PERIOD 73 426 -353
Other comprehensive income:
Other comprehensive income to be reclassified to profit
or loss in subsequent periods:
Translation differences -1 641 -1 400 -241
Other comprehensive income for the period after tax -1 641 -1 400 -241
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD -1 568 -974 -594
Result attributable to
Equity holders of the parent company -49 -411 362
Non-controlling interest 122 837 -715
Total comprehensive income attributable to
Equity holders of the parent company -1 690 -1 811 121
Non-controlling interest 122 837 -715
EPS undiluted 0,00 -0,03 0,03
EPS diluted 0,00 -0,03 0,03
CONSOLIDATED STATEMENT OF FINANCIAL POSITION 30.6.2013 30.6.2012 31.12.2012
---------------------------------------------
EUR 1,000
ASSETS
Non-current assets
Property, plant and equipment 34 168 39 169 38 737
Goodwill 9 516 9 516 9 516
Other intangible assets 649 849 813
Investments in equity-accounted investees 207 272 389
Receivables 35 35 35
Deferred tax assets 929 1 018 1 068
NON-CURRENT ASSETS 45 504 50 858 50 558
Current assets
Trade and other receivables 10 854 13 831 14 157
Current tax receivables 120 141 156
Cash and cash equivalents 7 189 3 525 4 901
CURRENT ASSETS 18 163 17 497 19 214
ASSETS TOTAL 63 667 68 356 69 772
EQUITY AND LIABILITIES
Share capital 4 215 4 215 4 215
Other reserves 15 795 17 928 17 346
Retained earnings 4 005 5 265 5 799
Non-controlling interest 879 1 333 2 437
EQUITY, TOTAL 24 894 28 741 29 797
Non-current liabilities
Deferred tax liability 425 401 431
Other liabilities 607 622 656
Interest-bearing finance liabilities 18 336 18 319 17 571
NON-CURRENT LIABILITIES 19 368 19 342 18 658
Current liabilities
Current tax liabilities 140 228 283
Interest-bearing finance liabilities 8 994 9 107 11 536
Trade payables and other liabilities 10 272 10 938 9 497
CURRENT LIABILITIES 19 406 20 273 21 317
TOTAL LIABILITIES 38 773 39 615 39 975
TOTAL EQUITY AND LIABILITIES 63 667 68 356 69 772
CONDENSED CONSOLIDATED CASH FLOW STATEMENT 1-6/20 1-6/20 1-12/2
13 12 012
---------------------------------------------------------
CASH FLOW FROM OPERATING ACTIVITIES
Profit/Loss for the period -802 1 319 2 684
Gains and losses on disposals of property, plant and -1 668 -239 -559
equipment and other non-current assets
Depreciation, amortisation and impairment losses 1 902 2 021 4 004
Unrealised foreign exchange gains and losses 645 -121 -322
Other adjustments 1 269 1 366 2 603
Paid and received interest -568 -614 -1 300
Taxes paid -796 -743 -1 160
Changes in working capital 3 877 294 -1 578
Cash flow from operating activities 3 858 3 283 4 372
CASH FLOW FROM INVESTING ACTIVITIES
Proceeds from sale of property, plant and equipment and 3 508 266 639
intangible assets
Investments in property, plant and equipment and -212 -273 -1 151
intangible assets
Cash flow from investing activities 3 296 -7 -512
CASH FLOW FROM FINANCING ACTIVITIES
Investment by non-controlling interest 0 0 63
Acquisition of own shares 0 0 -70
Changes in liabilities -1 779 -1 304 66
Dividends paid / repayments of equity -2 887 -958 -1 532
Cash flow from financing activities -4 666 -2 262 -1 474
CHANGE IN CASH AND CASH EQUIVALENTS 2 288 1 035 2 411
Cash and cash equivalents at beginning of period 4 901 2 490 2 490
Cash and cash equivalents at end of period 7 189 3 525 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
1-6/2012 EUR 1,000
--------------------------------
Equity 1.1.2012 4215 86 2378 19131 -3699 4673 1064 27848
Result for the period 0 0 0 0 0 91 1227 1319
Total comprehensive income for 0 0 0 0 32 178 0 209
the period / translation
differences
Other changes 0 0 0 0 0 323 0 323
Dividends / repayments of 0 0 0 0 0 0 -958 -958
equity
Equity 30.6.2012 4215 86 2378 19131 -3668 5265 1333 28741
STATEMENT OF CHANGES IN A B C D E F G H
EQUITY 1-6/2013 EUR 1,000
------------------------------
Equity 1.1.2013 4215 86 2378 18158 -3276 5799 2437 29797
Result for the period 0 0 0 0 0 -1101 298 -802
Total comprehensive income 0 0 0 0 -520 -739 0 -1259
for the period / translation
differences
Other changes 0 0 0 0 0 45 0 45
Dividends / repayments of 0 0 0 -1031 0 0 -1856 -2887
equity
Equity 30.6.2013 4215 86 2378 17127 -3796 4005 879 24894
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 1-6/2013
---------------------------
EUR 1,000
Sales 2
Purchases 113
Interest expenses 6
Current liabilities 456
KEY FIGURES
KEY FIGURES 1-6/2013 1-6/2012 1-12/2012
-------------------------------------
Gross capital expenditure, EUR 1,000 205 273 1 145
Personnel 313 342 341
Operating margin % 4,4 % 6,8 % 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 1,94 1,88
Highest for the period 2,20 2,34 2,34
Lowest for the period 1,85 1,78 1,78
Eguity/share EUR 1,85 2,23 2,12
Earnings/share (EPS) EUR, undiluted -0,08 0,01 0,05
Earnings/share (EPS) EUR, diluted -0,08 0,01 0,05
Equity ratio % 39,10 42,05 42,71
Gearing % 80,9 83,2 81,2
OTHER LIABILITIES AND COMMITMENTS
Contingencies and commitments, EUR 1,000 30.6.2013 30.6.2012 31.12.2012
-----------------------------------------
Mortgages given 11 000 7 000 11 000
Other contingent liabilities 14 580 11 458 14 580
Rent liabilities 75 577 79 730 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
Gearing (%) =
Interest-bearing liabilities - cash and cash equivalents
____________________________________________ X 100
Equity
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