KASOLA 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
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| 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 |
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| 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 |
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| | | | | |
--------------------------------------------------------------------------------
| TOTAL NET ASSETS AND | 78 986 | | 58 160 |
| LIABILITIES | | | |
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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
| Source: Nurminen Logistics Oyj