2009-05-08 08:00:00 CEST
2009-05-08 08:00:14 CEST
REGULATED INFORMATION
Nurminen Logistics Oyj - Interim report (Q1 and Q3)
NURMINEN LOGISTICS PLC'S INTERIM REPORT 1 JANUARY - 31 MARCH 2009
Nurminen Logistics Plc Interim report 8 May 2009 9.00 am NURMINEN LOGISTICS PLC'S INTERIM REPORT 1 JANUARY - 31 MARCH 2009 Net sales and operating result weakened due to the difficult market situation REVIEW PERIOD IN BRIEF Review period 1 January - 31 March 2009 - Net sales were EUR 14.8 million (EUR 18.8 million). - Reported operating result was EUR -0.3 million (EUR 1.1 million). - Operating profit margin was -1.8 % (5.6%). - Operating result excluding non-recurring items was EUR -0.3 million (EUR 1.0 million). - EBT was EUR -1.4 million (EUR 0.2 million) - Net result was EUR -1.4 million (EUR 0.1 million). - Earnings per share: -0.11 (0.01) Euros. The comparative figures are presented for the continuing operations. BUSINESS ENVIRONMENT 1 JANUARY - 31 MARCH 2009 The company's business environment was strongly affected by the crisis in the world economy. The financial crisis, which started in the end of 2008 and continued during the review period, reduced all Finnish foreign trade volumes. The demand and volumes of Nurminen Cargo business unit weakened along with the market. Capacity utilization rate improved towards the end of the review period after a very weak January. Operations in the logistics centre at the Vuosaari harbour started in the end of 2008 at same time with the beginning of the global financial crisis. The operations of the logistics centre developed positively despite the difficult market situation. The Logistics centre in Vuosaari is a significant complement to the value chain offered by Nurminen Logistics. Demand for Nurminen Heavy business unit varies with the rhythm of the deliveries of mechanical engineering industry. The demand situation was fairly constant compared to the last review period of 2008. NET SALES AND FINANCIAL PERFORMANCE OF THE REVIEW PERIOD The net sales for the review period amounted to EUR 14.8 (2007: 18.8) million. Compared to the corresponding period last year the decrease of the net sales was 21.5%. Reported operating result was EUR -271 (1,053) thousand. The decrease was 124.3%. Operating result does not include non-recurring profits (2008: EUR 186 thousand) and non-recurring costs (2008: EUR 81 thousand). Therefore comparative operating result decreased 127.0% compared to the corresponding period last year. Net sales decreased strongly during the review period due to the sudden drop in the global economy and Finnish foreign trade. The drop affected especially Nurminen Cargo's volume situation. Operating result weakened strongly due to the decrease of net sales and the increase of the fixed costs related to growth projects. The financial result was burdened by high interest rate of the rouble based loan taken by the company's Russian subsidiary. The rouble based loan amounts to RUB 448 million. Nurminen Cargo's net sales for the review period amounted to EUR 12.5 (16.5) million. Net sales decreased strongly due to the weakening of demand, which is related mainly to the decrease in Finnish export volumes to Russia and other CIS countries. Operating result decreased strongly and amounted EUR -508 (1,006) thousand. The weakening of the operating result was due to volume decrease and increase of fixed costs related mainly to the opening of the logistics centre in Vuosaari. Nurminen Heavy's net sales for the review period remained unchanged at EUR 2.3 (2.3) million. Operating profit increased to EUR 238 (158) thousand and was in line with expectations. The project cargo business of both segments continued on a good level in the first quarter of 2009. OUTLOOK The company's unchanged long-term goal is to increase its net sales annually by approximately 20% on average, including acquisitions, and to reach an operating profit level of over 7%. The situation of the financial markets delays achieving of the growth objectives in the short term. There was a sudden change for the worse in Finnish economy during November and December 2008. Export volumes declined in all sectors and also import volumes declined strongly in the end of the year. The volumes of Finnish foreign trade have not decreased since the beginning of the year but both exports and imports are on a significantly lower level than in the corresponding period last year. The net sales of the continuing operations in year 2009 are expected to be lower than in 2008 and the company's operating profit margin is expected to decline. SHORT-TERM RISKS AND UNCERTAINTIES The most significant business risks are associated with the uncertainty of the global economy and the international financial markets and local banks ability to act. It remains to be seen how pertinent the stimulus packages of different states are and what their effects are. The scale and duration of the effects of the financial crisis in Western countries and Russia are still difficult to estimate. The impact of economic uncertainty on company's business environment is difficult to forecast. The forecasts of both global and Finnish economy differ a lot. Therefore, there is an exceptional amount of uncertainty in the development the foreign trade volumes that are important to the success of the company and even large variations in the volumes of different product categories are probable in the coming months. FINANCIAL POSITION AND BALANCE SHEET Company's financial position has remained stable after the transaction which was closed on 1 January 2008. Company's cash flow from operations was EUR -1,094 thousand. Cash flow from investments was EUR -863 thousand. Cash flow from financing activities amounted to EUR 747 thousand. At the end of the period, cash and cash equivalents amounted to EUR 2,994 thousand. Liquidity was good throughout the review period. Group's interest bearing debt was EUR 33.8 million and correspondingly the net interest bearing debt was EUR 30.8 million. Of this interest bearing debt EUR 10.0 million was rouble based. Balance sheet totaled EUR 77.7 million and equity ratio was 39.9 %. CAPITAL EXPENDITURE The Group's gross capital expenditure for review period amounted to EUR 1.2 (1.8) million, accounting for 8.1% of net sales. Depreciation totaled EUR 1.1 (0.9) million, or 7.3% of net sales. Investments were mainly made to railway wagons. PERSONNEL At the end of the review period the Group staff was 373 (352 on 31 December 2008). The number of personnel working abroad was 62. Nurminen Cargo had 315 employees and Nurminen Heavy 26. Management and administrative staff numbered to 32. SHARES AND SHAREHOLDERS The trading volume of Nurminen Logistics Plc's shares was 17,425 in 1 January - 31 March 2009, which represented 0.14% of the total number of shares. The value of the turnover was EUR 51,513. The lowest price for the period was EUR 2.50 per share and the highest EUR 3.50 per share. The closing price for the period was EUR 3.09 per share and the market value of the entire share capital EUR 39,302,078. At the end of the period, there were 338 shareholders. The company has one series of shares. The company owns 705 of its own shares, which represent 0.006% of the votes in the company. DECISIONS OF THE GENERAL ANNUAL MEETING The Annual General Meeting of Shareholders held on 6 April 2009 made the following decisions: The Annual General Meeting of Shareholders confirmed the company's financial statements and the group's financial statements for the financial period 1 January - 31 December 2008 and released the Board of Directors and the Managing Director from liability. Amendment of Articles of Association The Annual General Meeting of Shareholders decided in accordance with the proposal made by the Board of Directors that the section 2 (line of business) of the company's articles of association shall be amended so that the references according to which the company can provide healthcare logistics and other healthcare services will be removed. Composition and remuneration of the Board of Directors The Annual General Meeting of Shareholders resolved that the Board of Directors shall consist of seven (7) ordinary members. The Annual General Meeting of Shareholders re-elected the following ordinary members to the Board of Directors: Olli Pohjanvirta, Juha Nurminen, Matti Lainema, Matti Packalén and Rolf Saxberg. Jukka Nurminen who has acted as deputy member of the Board of Directors was elected as an ordinary member. Eero Hautaniemi was elected as a new member. In its organising meeting immediately following the Annual General Meeting of Shareholders, the Board of Directors elected Juha Nurminen as the Chairman of the Board and Matti Lainema as the Deputy Chairman of the Board. The Board of Directors also appointed an Audit Committee. The members of the Audit Committee are Eero Hautaniemi, Matti Lainema ja Olli Pohjanvirta. The Annual General Meeting of Shareholders decided to pay annual remuneration of EUR 27,000 to the Chairman of the Board, EUR 18,000 to the deputy Chairman of the Board, and EUR 13,500 to the other members of the Board and in addition a fee of EUR 700 per meeting to each member of the Board. It was decided to compensate the travel and other expenses of the members of the Board in accordance with customary practice. It was furthermore decided to pay to the members of the Board a merit pay in case share price rises above EUR 4.88. The remuneration will be calculated from the difference of share's average price for March 2010 (added with dividends paid after this annual general meeting and before end of March 2010) and EUR 4.88 per share. For each percentage point the profit has accrued (calculated from the EUR 4.88 initial level), the chairman of the Board shall be paid a remuneration of EUR 2,000 and other members of the Board EUR 1,000. If the profit exceeds 25 percent the remuneration shall be paid according to 25 percent. The proposal regarding remuneration means that the final remuneration of the Board members is subject to the total profit of the company's share. Dividend The Annual General Meeting of Shareholders approved the Board's proposal that a per share dividend of EUR 0.06 is distributed from unrestricted equity reserve for the financial year 2008. The dividend will be paid to shareholders entered in the company's shareholder register on the record date of 9 April 2009. The dividend payment date will be 21 April 2009. Authorising the Board of Directors to decide on the share issue and other special rights entitling to shares Annual General Meeting authorised the Board to decide on the issuing new 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, either by one or several resolutions, no more than 20,000,000 new shares. The authorisation could 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, and/or for the creating incentives or encouraging commitment in personnel. The authorisation gives the Board the right to decide on share issue with or without payment. The authorisation for deciding on a share issue without payment also includes the right to decide on the issue for the company itself, so that the number of shares granted to the company is no more than one tenth (1/10) of all shares held by the company. It's proposed that the authorization 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, as the same as Annual General Meeting could decide. The authorisation also includes right to decide on directed issues of shares and/or special rights. The authorisation remains until 30 April 2010. Auditor KPMG Oy Ab, Authorised Public Accountant audit-firm, was re-elected as Nurminen Logistics Plc's auditor. Mr Lasse Holopainen acts as the responsible auditor. The auditor's term ends at the end of the first Annual General Meeting following the election. Auditor's fee and costs will be paid in accordance with their invoice. DIVIDEND POLICY Company's board has on 14 May 2008 determined company's dividend policy, according to which Nurminen Logistics Plc aims to, in case company's financial policy so allows, annually distribute as dividends approximately one third of its net profit. AUTHORISATIONS GIVEN TO THE BOARD The board was given by the annual general meeting on 6 April 2009 an authorisation given to decide on the issue of shares and special rights, for a maximum of 20,000,000 new shares. SHARE-BASED INCENTIVE PLAN FOR THE GROUP KEY PERSONNEL Nurminen Logistics Plc has a share-based incentive plan for the Group key personnel. The plan was described in more detail in stock exchange release published on 17 April 2008. EVENTS AFTER THE REVIEW PERIOD The company announced on 20 April 2009 that it has concluded the co-determination negotiations initiated on 10 March 2009. The goal of the negotiations was to adjust the company's operations to match the economic situation and weakened demand for the company's services. Personnel reductions agreed to in the negotiations concern 26 persons, of which 14 will be made redundant. In addition, the company's personnel will be temporarily laid off for a month. The temporary lay-offs will be implemented in stages during the year 2009. As a part of the adjustment measures the top executives of the company have decided to forgo one month's pay from their salaries in 2009. This arrangement concerns eight persons. The cost savings of the adjustment measures based on the negotiations are approximately EUR 1.5 million for the year 2009. The company announced on 2 April 2009 its outlook for the first quarter of 2009 as well as for the whole year 2009. In addition, the company updated its outlook for the first quarter of 2009 on 21 April 2009. Disclaimer Certain statements in this bulletin are forward-looking and are based on the management's current views. Due to their nature, they involve risks and uncertainties and are susceptible to changes in the general economic or industry conditions. NURMINEN LOGISTICS PLC Board of Directors For more information, please contact Lasse Paitsola, President and CEO (tel. +358 10 545 2431) DISTRIBUTION NASDAQ OMX Helsinki Major media www.nurminenlogistics.com Nurminen Logistics provides high-quality logistics services, such as railway transports, terminal services, forwarding and special and heavy transports. The company has collected logistics know-how from three centuries, starting in 1886. Nurminen Logistics' main market areas are Finland, the Baltic Sea region, Russia and other CIS countries. The company's share is listed on the NASDAQ OMX Helsinki. TABLES -------------------------------------------------------------------------------- | INCOME STATEMENT | 1-3/2009 | 1-3/2008 | 1-12/2008 | -------------------------------------------------------------------------------- | EUR 1,000 | | | | -------------------------------------------------------------------------------- | Continuing operations | | | | -------------------------------------------------------------------------------- | NET SALES | 14 792 | 18 840 | 81 846 | -------------------------------------------------------------------------------- | Other operating income | 187 | 402 | 1 272 | -------------------------------------------------------------------------------- | Materials and services | -6 772 | -9 916 | -42 582 | -------------------------------------------------------------------------------- | Employee benefits expenses | -3 738 | -3 590 | -15 626 || | | | | -------------------------------------------------------------------------------- | Depreciation | -1 080 | -933 | -4 339 | -------------------------------------------------------------------------------- | Other operating costs | -3 660 | -3 750 | -15 933 | -------------------------------------------------------------------------------- | OPERATING RESULT | -271 | 1 053 | 4 638 | -------------------------------------------------------------------------------- | Financial income | 35 | 267 | 661 | -------------------------------------------------------------------------------- | Financial expenses | -1 172 | -1 163 | -2 699 | -------------------------------------------------------------------------------- | Share of profit in associates | 41 | 4 | 334 | -------------------------------------------------------------------------------- | PROFIT BEFORE TAX | -1 367 | 161 | 2 934 | -------------------------------------------------------------------------------- | Income taxes | -29 | -42 | -586 | -------------------------------------------------------------------------------- | RESULT FOR THE PERIOD FROM | -1 396 | 119 | 2 348 | | CONTINUING OPERATIONS | | | | -------------------------------------------------------------------------------- | Result for the period from | 0 | 73 | 509 | | continuing operations | | | | -------------------------------------------------------------------------------- | RESULT FOR THE PERIOD | -1 396 | 192 | 2 857 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | Other comprehensive income | | | | -------------------------------------------------------------------------------- | Translation differences | -1 716 | -22 | -3 433 | -------------------------------------------------------------------------------- | Other comprehensive income for | -1 716 | -22 | -3 433 | | the period | | | | -------------------------------------------------------------------------------- | Total comprehensive income for | -3 112 | 170 | -576 | | the period | | | | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | Net profit attributable | | | | -------------------------------------------------------------------------------- | To equity holders of the parent | -1 460 | -5 | 2 181 | -------------------------------------------------------------------------------- | To minority interest | 64 | 124 | 676 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | EPS undiluted | -0,11 | 0,01 | 0,17 | -------------------------------------------------------------------------------- | - Continuing operations | -0,11 | 0,01 | 0,13 | -------------------------------------------------------------------------------- | - Discontinued operations | 0,00 | 0,00 | 0,04 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | EPS diluted | -0,11 | 0,01 | 0,17 | -------------------------------------------------------------------------------- | - Continuing operations | -0,11 | 0,01 | 0,13 | -------------------------------------------------------------------------------- | - Discontinued operations | 0,00 | 0,00 | 0,04 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | BALANCE SHEET | 31.3.2009 | 31.3.2008 | 31.12.2008 | -------------------------------------------------------------------------------- | EUR 1,000 | | | | -------------------------------------------------------------------------------- | ASSETS | | | | -------------------------------------------------------------------------------- | Non-current assets | | | | -------------------------------------------------------------------------------- | Property, plan, equipment | 46 239 | 48 607 | 48 542 | -------------------------------------------------------------------------------- | Goodwill | 9 130 | 15 038 | 9 130 | -------------------------------------------------------------------------------- | Intangible assets | 1 534 | 2 702 | 1 558 | -------------------------------------------------------------------------------- | Investments in associates | 631 | 249 | 591 | -------------------------------------------------------------------------------- | Other long-term investments | 718 | 39 | 718 | -------------------------------------------------------------------------------- | Deferred tax asset | 472 | 258 | 421 | -------------------------------------------------------------------------------- | NON-CURRENT ASSETS | 58 724 | 66 893 | 60 960 | -------------------------------------------------------------------------------- | Current assets | | | | -------------------------------------------------------------------------------- | Trade receivables and other | 15 949 | 17 606 | 13 843 | | receivables | | | | -------------------------------------------------------------------------------- | Cash and bank | 2 994 | 9 166 | 4 204 | -------------------------------------------------------------------------------- | CURRENT ASSETS | 18 943 | 26 772 | 18 047 | -------------------------------------------------------------------------------- | ASSETS TOTAL | 77 667 | 93 665 | 79 007 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | EQUITY AND LIABILITIES | | | | -------------------------------------------------------------------------------- | Share capital | 4 215 | 4 215 | 4 215 | -------------------------------------------------------------------------------- | Other reserves | 16 538 | 22 439 | 19 019 | -------------------------------------------------------------------------------- | Retained earnings | 9 215 | 10 391 | 10 675 | -------------------------------------------------------------------------------- | Minority interest | 1 006 | 501 | 975 | -------------------------------------------------------------------------------- | SHAREHOLDERS' EQUITY | 30 974 | 37 546 | 34 884 | -------------------------------------------------------------------------------- | Long-term liabilities | | | | -------------------------------------------------------------------------------- | Deferred tax liability | 281 | 502 | 258 | -------------------------------------------------------------------------------- | Non-current interest-free | 646 | 2 378 | 779 | | liabilities | | | | -------------------------------------------------------------------------------- | Long-term liabilities, | 19 340 | 35 749 | 22 232 | | interest-bearing | | | | -------------------------------------------------------------------------------- | NON-CURRENT LIABILITIES | 20 267 | 38 629 | 23 269 | -------------------------------------------------------------------------------- | Current liabilities | | | | -------------------------------------------------------------------------------- | Trade Payables and other | 11 938 | 14 961 | 9 185 | | Liabilities | | | | -------------------------------------------------------------------------------- | Short-term interest-bearing | 14 488 | 2 529 | 11 669 | | liabilities | | | | -------------------------------------------------------------------------------- | CURRENT LIABILITIES | 26 426 | 17 490 | 20 854 | -------------------------------------------------------------------------------- | TOTAL LIABILITIES | 46 693 | 56 119 | 44 123 | -------------------------------------------------------------------------------- | TOTAL EQUITY AND LIABILITIES | 77 667 | 93 665 | 79 007 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CONSOLIDATED CASH FLOW | 1-3/2009 | 1-3/2008 | 1-12/2008 | | STATEMENT | | | | -------------------------------------------------------------------------------- | CASH FLOW FROM OPERATING | | | | | ACTIVITIES | | | | -------------------------------------------------------------------------------- | Profit/loss for the period | -1396 | 233 | 2857 | -------------------------------------------------------------------------------- | Adjustments to reconcile profit | -59 | -10 | -3173 | -------------------------------------------------------------------------------- | Depreciation and amortisation | 1080 | 1103 | 4942 | -------------------------------------------------------------------------------- | Unrealised foreign exchange | 187 | 632 | 224 | | wins and losses | | | | -------------------------------------------------------------------------------- | Other adjustments | 902 | -133 | 2993 | -------------------------------------------------------------------------------- | Paid and received interest | -892 | -361 | -2068 | -------------------------------------------------------------------------------- | Taxes paid | -57 | -53 | -1325 | -------------------------------------------------------------------------------- | Changes in working capital | -859 | -3860 | -5202 | -------------------------------------------------------------------------------- | Cash flow from operating | -1094 | -2449 | -752 | | activities | | | | -------------------------------------------------------------------------------- | CASH FLOW FROM INVESTING | | | | | ACTIVITIES | | | | -------------------------------------------------------------------------------- | Acquisition of subsidiaries, | 0 | 7071 | 6240 | | net of cash acquired | | | | -------------------------------------------------------------------------------- | Disposal of subsidiaries/ | 0 | 104 | 3970 | | associated companies | | | | -------------------------------------------------------------------------------- | Proceeds from sales of fixed | 89 | 59 | 966 | | assets | | | | -------------------------------------------------------------------------------- | Investments in tangible and | -1202 | -1770 | -11110 | | intangible assets | | | | -------------------------------------------------------------------------------- | Proceeds from repayments of | 250 | 1638 | 2096 | | loans | | | | -------------------------------------------------------------------------------- | Cash flow from investing | -863 | 7102 | 2162 | | activities | | | | -------------------------------------------------------------------------------- | CASH FLOW FROM FINANCING | | | | | ACTIVITIES | | | | -------------------------------------------------------------------------------- | Changes in liabilities | 747 | 1428 | 1503 | -------------------------------------------------------------------------------- | Dividends paid | 0 | 0 | -1672 | -------------------------------------------------------------------------------- | Cash flow from financing | 747 | 1428 | -169 | | activities | | | | -------------------------------------------------------------------------------- | CHANGE IN CASH AND CASH | -1210 | 6081 | 1241 | | EQUIVALENTS | | | | -------------------------------------------------------------------------------- | Cash and cash equivalents at | 4204 | 3085 | 2963 | | beginning of period | | | | -------------------------------------------------------------------------------- | Cash and cash equivalents at | 2994 | 9166 | 4204 | | end of period | | | | -------------------------------------------------------------------------------- A= Share capital B= Share premium account C= Reserve fund D= Fair Value reserve E= Unrestricted equity reserve F= Translation differences G= Retained earnings H= Minority interest I= Total -------------------------------------------------------------------------------- | STATEMENT | A | B | C | D | E | F | G | H | I | | OF | | | | | | | | | | | CHANGES | | | | | | | | | | | IN EQUITY | | | | | | | | | | | 1-3/08 | | | | | | | | | | -------------------------------------------------------------------------------- | Sharehold | 421 | 86 | 2374 | 0 | 6132 | 0 | 10309 | 391 | 23507 | | ers' | 5 | | | | | | | | | | equity at | | | | | | | | | | | beginning | | | | | | | | | | -------------------------------------------------------------------------------- | Other | 0 | 0 | 0 | 0 | 13868 | 0 | 82 | 111 | 14061 | | changes | | | | | | | | | | -------------------------------------------------------------------------------- | Total | 0 | 0 | 0 | 0 | 0 | -22 | 0 | 0 | -22 | | comprehen | | | | | | | | | | | sive | | | | | | | | | | | income | | | | | | | | | | | for the | | | | | | | | | | | period | | | | | | | | | | -------------------------------------------------------------------------------- | Dividens | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -------------------------------------------------------------------------------- | Sharehold | 421 | 86 | 2374 | 0 | 20000 | -22 | 10391 | 502 | 37546 | | ers' | 5 | | | | | | | | | | equity | | | | | | | | | | | 31.3.2008 | | | | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | STATEMENT | A | B | C | D | E | F | G | H | I | | OF | | | | | | | | | | | CHANGES | | | | | | | | | | | IN EQUITY | | | | | | | | | | | 1-3/09 | | | | | | | | | | -------------------------------------------------------------------------------- | Sharehold | 421 | 86 | 2374 | 0 | 20000 | -3441 | 10675 | 975 | 34884 | | ers' | 5 | | | | | | | | | | equity at | | | | | | | | | | | beginning | | | | | | | | | | -------------------------------------------------------------------------------- | Other | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -33 | -33 | | changes | | | | | | | | | | -------------------------------------------------------------------------------- | Total | 0 | 0 | 0 | 0 | 0 | -1716 | -1460 | 64 | -3112 | | comprehen | | | | | | | | | | | sive | | | | | | | | | | | income | | | | | | | | | | | for the | | | | | | | | | | | period | | | | | | | | | | -------------------------------------------------------------------------------- | Dividens | 0 | 0 | 0 | 0 | -765 | 0 | 0 | 0 | -765 | -------------------------------------------------------------------------------- | Sharehold | 421 | 86 | 2374 | 0 | 19235 | -5157 | 9215 | 1006 | 30974 | | ers' | 5 | | | | | | | | | | equity | | | | | | | | | | | 31.3.2009 | | | | | | | | | | -------------------------------------------------------------------------------- SEGMENT INFORMATION -------------------------------------------------------------------------------- | Net sales by segment | 1-3/2009 | 1-3/2008 | 1-12/2008 | -------------------------------------------------------------------------------- | EUR 1,000 | | | | -------------------------------------------------------------------------------- | Cargo | 12 454 | 16 505 | 71 188 | -------------------------------------------------------------------------------- | Heavy | 2 338 | 2 335 | 10 658 | -------------------------------------------------------------------------------- | Eliminations | 0 | 0 | 0 | -------------------------------------------------------------------------------- | Total | 14 792 | 18 840 | 81 846 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Operating result by segment | 1-3/2009 | 1-3/2008 | 1-12/2008 | -------------------------------------------------------------------------------- | EUR 1,000 | | | | -------------------------------------------------------------------------------- | Cargo | -508 | 1 006 | 4 263 | -------------------------------------------------------------------------------- | Heavy | 238 | 158 | 1 139 | -------------------------------------------------------------------------------- | Eliminations | 0 | 3 | 0 | -------------------------------------------------------------------------------- | Total | -270 | 1 167 | 5 402 | -------------------------------------------------------------------------------- Related party transactions The related parties comprise the members of the board of directors and executive board of Nurminen Logistics and companies in which these members have control. Related parties are also deemed to include shareholders with direct or indirect control or substantial influence. -------------------------------------------------------------------------------- | Related party transactions | | -------------------------------------------------------------------------------- | EUR 1,000 | 1-3/2009 | -------------------------------------------------------------------------------- | Sales | 155 | -------------------------------------------------------------------------------- | Expenses | 449 | -------------------------------------------------------------------------------- | Financial expenses | 104 | -------------------------------------------------------------------------------- | Trade receivables and other recivables | 4 | -------------------------------------------------------------------------------- | Trade Payables and Other Liabilities | 2 948 | -------------------------------------------------------------------------------- | Long-term liabilities | 6 992 | -------------------------------------------------------------------------------- KEY FIGURES -------------------------------------------------------------------------------- | KEY FIGURES | 1-3/2009 | 1-3/2008 | 1-12/2008 | -------------------------------------------------------------------------------- | Gross capital expenditure, 1000 | 1 202 | 1 770 | 11 941 | | eur | | | | -------------------------------------------------------------------------------- | Personnel | 373 | 625 | 516 | -------------------------------------------------------------------------------- | Operaiting margin % | -1,8 % | 5,6 % | 5,7 % | -------------------------------------------------------------------------------- | SHARE PRICE DEVELOPMENT | | | | -------------------------------------------------------------------------------- | Share price at beginning of | 3,00 | 5,10 | 5,10 | | period | | | | -------------------------------------------------------------------------------- | Share price at end of period | 3,09 | 5,25 | 3,00 | -------------------------------------------------------------------------------- | Highest for the period | 3,50 | 5,70 | 5,70 | -------------------------------------------------------------------------------- | Lowest for the period | 2,50 | 4,70 | 2,97 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | EQUITY/SHARE EUR | 2,44 | 2,84 | 2,74 | -------------------------------------------------------------------------------- | EARNINGS/SHARE (EPS) | -0,11 | 0,01 | 0,17 | -------------------------------------------------------------------------------- | Equity ration % | 39,88 | 40,09 | 44,15 | -------------------------------------------------------------------------------- OTHER LIABILITIES -------------------------------------------------------------------------------- | Contingent liabilities, 1000 | 1-3/2009 | 1-3/2008 | 1-12/2008 | | eur | | | | -------------------------------------------------------------------------------- | Mortgages given | 8 223 | 2 874 | 6 223 | -------------------------------------------------------------------------------- | Other contingent liabilities | 7 038 | 8 521 | 7 038 | -------------------------------------------------------------------------------- | Rent liabilities | 81 448 | 14 415 | 81 768 | -------------------------------------------------------------------------------- Accounting policies The interim report has been prepared in compliance with International Financial Reporting Standards (IFRS) as adopted by EU and IAS 34 Interim Financial Reporting. In interim reports Nurminen Logistics Plc follows the same principles as in the annual financial statement 2008 with the exception of changes listed below. Other adopted new and amended IFRS-standards and interpretations have not had material impact on reported figures. IAS 1 The Group applies the IAS 1 (revised) presentation of financial statement standard as of 1 January 2009. IAS 1 standard has mainly changed the presentation of the income statement and the statement of changes in equity. IFRS 8 Operating segments IFRS 8 requires that reportable segment information, alongside the accounting principles observed therein, is based on internal reporting submitted to the corporate management. Implementation of IFRS 8 has not changed Group's segment reporting. All figures in this interim report have been rounded and consequently the sum of individual figures can deviate from the presented sum figure. The presented financials are unaudited. Calculation of Key Figures Equity ratio (%) = Total equity ______________________________________ x 100 Total assets - advances received Earnings per share (EUR) = Profit for the period attributable to equity holders of the parent company _________________________________________________________ x 100 Number of shares (average during the period) Equity per share (EUR) = Equity ________________________________________ x 100 Number of shares at the end of the period
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