Nurminen Logistics Plc Interim Report 15 May 2008 9.00 am NURMINEN LOGISTICS PLC'S INTERIM REPORT 1 JANUARY-31 MARCH 2008 Until 31 December 2007, Nurminen Logistics Plc was called Kasola Plc. The company sold its old operations (the "Kasola operations") in a transaction executed on 23 November 2007. Correspondingly, the company received its current operations (the "Nurminen Logistics operations") on 1 January 2008. These arrangements were described in more detail in earlier stock exchange releases and the registration document and securities note published by Kasola Plc on 7 December 2007. The comparative figures presented in the first section of this interim report are 2007 carve-out financial information of Nurminen Logistics operations demerged from John Nurminen LLC. Whenever comparative carve-out figures are not available they are not presented. In addition, first quarter figures with comparison to Kasola Plc's first quarter 2007 and full year 2007 figures are presented in Section 2. These figures, however, are not comparable with the company's current operations. The pro forma balance sheet consists of Nurminen Logistics business operations' carve-out information and Kasola Plc's balance sheet after the Kasola operations were sold. SECTION I First quarter 2008 in brief - Net sales were EUR 21.0 million (EUR 18.7 million). - Reported operating profit was EUR 1.2 million (EUR 0.8 million). - Operating profit excluding non-recurring items was EUR 1.1 million (EUR 0.8 million). - EBT was EUR 0.3 million (EUR 0.5 million) - Net profit was EUR 0.2 million (EUR 0.4 million). - Earnings per share: 0.01 Euros. MARKET REVIEW/BUSINESS ENVIRONMENT Nurminen Cargo enjoyed favourable market conditions for most of the period. Economic outlook was good, which lead to strong demand both from old and new customers. The import of wood from Russia continued to decline and the future prospects of this business are bleak. The financial impact of the wood operations is not material, however. Moscow air cargo business was discontinued due to weak profitability, which caused some non-recurring costs. Shares in Turku Stevedoring Oy were profitably divested. Nurminen Heavy continued to benefit from the boom in the mechanical engineering industry. Demand was robust in all main markets. Nurminen Heavy operations in Tallinn were shut down, which did not have a material impact on profits. The market conditions of Nurminen Care did not change significantly. The consolidation of the ambulance operator market continues as the basic structure of the industry remains fragmented. TURNOVER AND FINANCIAL PERFORMANCE 1 JANUARY - 31 MARCH 2008 The net sales of the first quarter 2008 amounted to EUR 21.0 (2007: 18.7) million. Compared to the corresponding period last year the increase of the net sales was 11.8%. Reported operating profit was EUR 1,186 (832) thousand. The increase was 42.5 %. Operating profit includes non-recurring profits of EUR 186 thousand (0) and non-recurring costs of EUR 81 (0) thousand. Therefore comparative operating profit was EUR 1,081 thousand and increased 29.9 % compared to the corresponding period last year. Non-recurring asset sale profit (EUR 186 thousand) resulted from other shareholders redeeming Nurminen Logistics Plc's shares in Turku Stevedoring Oy. Non-recurring costs were related to the winding-up of Moscow air cargo business. The winding-up was published in stock exchange release by Kasola Plc on 28 December 2007. In total, the development of the business operations in the first quarter met the expectations both in terms of the volume and margins. The unexpected postponing of certain customer projects to the second quarter of the year kept the net sales on a slightly lower level than expected. The financial result was burdened by the weakening of Russian rouble during the first quarter, which resulted in unrealised translation loss of EUR 633 thousand. These losses were related to an internal loan which the parent company granted to a Russian subsidiary. Correspondingly the strengthening of Russian rouble that has accorded so far in second quarter has resulted in unrealised exchange rate gains for the company. On the other hand the financial income includes a hedging profit of EUR 186 thousand. The company has hedged approximately half of its Russian rouble exchange rate risk. Nurminen Cargo's net sales for the period came to EUR 16.5 (15.0) million. The net sales of the segment met the expectations. The operating profit developed positively as expected and was EUR 1,006 (417) thousand. Nurminen Heavy's net sales were EUR 2.3 (2.6) million. The net sales developed as expected and decreased slightly compared to corresponding period last year. Operating profit was EUR 158 (314) thousand and in line with expectations. The first quarter of 2007 was exceptionally strong. Nurminen Care's net sales amounted to EUR 2.1 (1.2) million. Its net sales increased as a result of the acquisitions and successful tenders in 2007. The growth was slightly weaker than expected due to lower than expected order volumes. Nurminen Care's operating profit was EUR 19 (74) thousand. Operating profit developed weaker than anticipated due to clearly higher than average fleet repair costs and start-up costs related to new business locations. OUTLOOK Company's outlook has remained the same since the publication of the financial statements bulletin on 29 February 2008. The management of the company expects the organic growth to exceed 10% of net sales, and the company's operating margin to improve compared to 2007 carve-out financial information of Nurminen Logistics. On the long-term Company's goal is to increase its turnover annually by approximately 20% on average, including acquisitions, and reach an operating profit level of over 7%. The economies of Russia and other CIS countries seem to continue their strong growth. Export of oil and natural gas continues to grow, which fuels vigorous growth of Russian imports. This will lead to growing demand both international and internal logistics services. These factors create a good basis for the development of Nurminen Cargo's operations, in particular. Nurminen Heavy is looking for growth particularly in the traffic of Russia and other CIS countries. The unit will acquire additional transport equipment in 2008. Due to completed acquisitions and tendering processes, Nurminen Care's sales will continue to increase. SHORT-TERM RISKS AND UNCERTAINTIES The most significant business risks are associated with the pace of economic growth in Russia and other CIS countries as well as potential slowdown of global economic growth. Economies of Russia and other CIS countries are expected to develop positively despite a possible slowdown of global economic growth, but they have risks typical of emerging markets. However, stability created e.g. by the result of the Russian presidential election will reduce these risks. The company is involved in the Finnish import logistics of Russian wood as part of Nurminen Cargo's operations. If realised, the continuous increases of Russian export tariffs will reduce or bring to an end the import of wood from Russia and have a negative impact on the company's financial performance. The effect will not, however, be material to the company. 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 -2,449 thousand mainly due to lowering of the trade payables related to the Vuosaari project. Cash flow from investments was EUR 7,102 thousand. The positive cash flow from investments is caused by reverse take over. Cash flow from financing activities amounted to EUR 1,428 thousand. At the end of the period, cash and cash equivalents amounted to EUR 9,166 thousand. Liquidity was good throughout the reporting period. Group's interest bearing dept was EUR 38.3 million and correspondingly the net interest bearing dept was EUR 29.1 million. Balance sheet totalled EUR 93.7 million and equity rate 40.1 %. As a compensation for transferring the logistics businesses of John Nurminen LLC to Kasola Plc, Kasola Plc issued 9,999,989 new class A shares to the shareholders of John Nurminen LLC. As the transaction was a reverse take over as described in IFRS 3 standard, the logistics business transferred from John Nurminen LLC was the acquirer and Kasola Plc the acquisition target in this transaction. Acquisition cost of Kasola Plc was determined by the last quoted price Kasola Plc A class share in 2007, which was EUR 5.10 per share. The acquisition cost was thus EUR 13,867 thousand. The net assets of Kasola Plc at the transaction date were EUR 9,103 thousand. Therefore the reverse take over goodwill amounted to EUR 4,764 thousand. This goodwill will be allocated to the business segments according to their respective fair values. The formation of goodwill was affected by the share price that resulted from John Nurminen LLC acquisition of Kasola Plc's shares in September 2007. The share price remained stable from September to the end of the year. The goodwill benefits Nurminen Logistics Plc's business mostly through it being as a public company better positioned especially on international markets to its customers, potential customers and other co-operation partners as a more trustworthy partner. In addition Nurminen Logistics Plc as a public company has an access to greater variety of different financing options to finance growth of its current businesses. Furthermore it has a possibility to create share-based incentive plans to keep its key persons and to attract new skilful persons. CAPITAL EXPENDITURE The Group's gross capital expenditure Q1/2008 amounted to EUR 1.8 (0.5) million, accounting for 8.4% of net sales. Depreciation totaled EUR 1.1 (1.1) million, or 5.3% of net sales. Investments were mainly made in railway wagons, IT-systems and ambulances. PERSONNEL At the end of the period, the Group staff was 625 on average, compared to 578 on 31 December 2007. The number of personnel working abroad was 121. Nurminen Cargo had 342 (353) employees, Nurminen Heavy 30 (29) and Nurminen Care 218 (159). Management and administrative staff numbered to 35 (37). SHARES AND SHAREHOLDERS The trading volume of Nurminen Logistics Plc's shares was 26,583 in 1 January - 31 March 2008, which represented 0.21% of the total number of shares. The value of the turnover was EUR 140,738. The lowest price for the period was EUR 4.70 per share and the highest EUR 5.70 per share. The closing price for the period was EUR 5.25 per share and the market value of the entire share capital EUR 66,775,000. At the end of the period, there were 279 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 11 April 2008 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 2007 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 a provision shall be added to Section 4 of the company's Articles of Association according to which three (3) deputy members, at the most, may be elected to the company's Board of Directors. It was further decided to amend Section 7 of the Articles of Association so that the company shall have one (1) auditor, which is required to be an Authorized Public Accountant -audit firm, and that no deputy auditor shall be elected. Changes reflecting the aforesaid amendments were made to Section 10 of the Articles of Association with respect to matters to be submitted to the Annual General Meeting of Shareholders. Composition and remuneration of the Board of Directors The Annual General Meeting of Shareholders resolved that the Board of Directors shall consist of five (5) ordinary members and one (1) deputy member. 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 was elected deputy member of the Board of Directors. In its first meeting immediately following the Annual General Meeting of Shareholders, the Board of Directors elected Juha Nurminen as the Chairman of the Board. The Annual General Meeting of Shareholders decided to pay annual remuneration of EUR 30,000 to the Chairman of the Board, EUR 20,000 to the deputy Chairman of the Board, and EUR 15,000 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, which shall be tied to the profit of the company's share during the term of the Board of Directors. The profit of the company's share shall be calculated from the change in the share's average price of the month preceding the Annual General Meeting of Shareholders (i.e. March 2008) and the average price of March 2009, taking into account the dividends. For each percent the profit has accrued 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 yearly profit exceeds 25 percent, the remuneration shall be paid according to 25 percent. The decision means that the final remuneration of the members of the Board of Directors shall be subject to the total return of the company's share. Dividend The Annual General Meeting of Shareholders approved the Board's proposal that a per share dividend of EUR 0.12 shall be paid for the financial year 2007. The dividend shall be paid to shareholders entered in the company's shareholder register on the record date of 16 April 2008. The dividend payment date shall be 25 April 2008. 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. 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 authorization given by the extraordinary general meeting on 8 October 2007 to the board to decide on the issue of shares and special rights, for a maximum of 20,000,000 new shares, is still valid. EVENTS AFTER THE REVIEW PERIOD The Board of Directors of Nurminen Logistics Plc has approved a new 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. This interim report has been prepared in accordance with requirements of IAS 34 standard. 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. 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. +358 400 405 801) DISTRIBUTION OMX Nordic Exchange Helsinki Major media www.nurminenlogistics.com Nurminen Logistics provides high-quality logistics services, such as railway transports, terminal services, forwarding, special and heavy transports and medical 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 Helsinki Stock Exchange. Accounting policies Until 31 December 2007, Nurminen Logistics Plc was called Kasola Plc. The company sold its old operations (the "Kasola operations") in a transaction executed on 23 November 2007. Correspondingly, the company received its current operations (the "Nurminen Logistics operations") on 1 January 2008, when the old John Nurminen LLC was demerged. These arrangements were described in more detail in earlier stock exchange releases and the registration document and securities note published by Kasola Plc on 7 December 2007. Carve-out financials presented have been carved out from income statement and balance sheet information of old John Nurminen LLC. The below presented pro forma balance sheet has been prepared for illustrative purposes to describe what company's Balance Sheet would have been in case the Nurminen Logistics operations had been acquired at the date of the balance sheet. In the pro forma balance sheet the acquisition of Nurminen Logistics operations has been treated as a reverse acquisition on the basis of IFRS 3 Business Combinations. This means that in the pro forma balance the acquirer is Nurminen Logistics operations and the acquisition target is the company. The pro forma balance sheet presumes that the acquisition date is the date of the pro forma balance sheet. -------------------------------------------------------------------------------- | INCOME STATEMENT | 1-3/2008 | 1-3/2007 | 1-12/2007 | -------------------------------------------------------------------------------- | EUR 1,000 | Total | Carve out | Carve out | | | | Total | Total | -------------------------------------------------------------------------------- | NET SALES | 20 958 | 18 747 | 81 693 | -------------------------------------------------------------------------------- | Other operating income | 404 | 304 | 1 885 | -------------------------------------------------------------------------------- | Materials and services | -9 932 | -9 527 | -41 471 | -------------------------------------------------------------------------------- | Employee benefits expenses | -4 916 | -3 932 | -18 120 | -------------------------------------------------------------------------------- | Depreciation | -1 103 | -1 071 | -4 448 | -------------------------------------------------------------------------------- | Other operating costs | -4 225 | -3 689 | -15 012 | -------------------------------------------------------------------------------- | OPERATING PROFIT | 1 186 | 832 | 4 527 | -------------------------------------------------------------------------------- | Financial income | 268 | 179 | 16 | -------------------------------------------------------------------------------- | Financial expenses | -1 201 | -497 | -2 507 | -------------------------------------------------------------------------------- | Share of profit in associates | 3 | 11 | 29 | -------------------------------------------------------------------------------- | PROFIT BEFORE TAX | 256 | 525 | 2 065 | -------------------------------------------------------------------------------- | Income taxes | -64 | -120 | -384 | -------------------------------------------------------------------------------- | PROFIT FOR THE PERIOD | 192 | 405 | 1 681 | -------------------------------------------------------------------------------- | Net profit attributable | | | | -------------------------------------------------------------------------------- | To equity holders of the parent | 82 | 296 | 1 373 | -------------------------------------------------------------------------------- | To minority interest | 111 | 109 | 308 | -------------------------------------------------------------------------------- | EPS undiluted | 0,01 | | | -------------------------------------------------------------------------------- | EPS diluted | 0,01 | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | BALANCE SHEET | 31.3.2008 | 31.12.2007 | 31.12.2007 | -------------------------------------------------------------------------------- | EUR 1,000 | 0 | Carve out | Proforma | -------------------------------------------------------------------------------- | ASSETS | 0 | 0 | 0 | -------------------------------------------------------------------------------- | Non-current assets | 0 | 0 | 0 | -------------------------------------------------------------------------------- | Property, plan, equipment | 48 607 | 48 041 | 48 041 | -------------------------------------------------------------------------------- | Goodwill | 15 038 | 10 725 | 15 489 | -------------------------------------------------------------------------------- | Intangible assets | 2 702 | 2 317 | 2 317 | -------------------------------------------------------------------------------- | Investments in associates | 249 | 210 | 210 | -------------------------------------------------------------------------------- | Other long-term | 39 | 262 | 262 | | investments | | | | -------------------------------------------------------------------------------- | Deferred tax asset | 258 | 337 | 337 | -------------------------------------------------------------------------------- | NON-CURRENT ASSETS | 66 893 | 61 892 | 66 656 | -------------------------------------------------------------------------------- | Current assets | | | | -------------------------------------------------------------------------------- | Trade receivables and | 17 606 | 15 103 | 17 783 | | other recivables | | | | -------------------------------------------------------------------------------- | Cash and bank | 9 166 | 3 085 | 10 156 | -------------------------------------------------------------------------------- | CURRENT ASSETS | 26 772 | 18 188 | 27 939 | -------------------------------------------------------------------------------- | ASSETS TOTAL | 93 665 | 80 080 | 94 595 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | EQUITY AND LIABILITIES | | | | -------------------------------------------------------------------------------- | Share capital | 4 215 | 4 215 | | -------------------------------------------------------------------------------- | Other reserves | 22 439 | 8 592 | | -------------------------------------------------------------------------------- | Retained earnings | 10 391 | 10 309 | | -------------------------------------------------------------------------------- | Minority interest | 501 | 391 | | -------------------------------------------------------------------------------- | SHAREHOLDERS' EQUITY | 37 546 | 23 507 | 36 566 | -------------------------------------------------------------------------------- | Long-term liabilities | | | | -------------------------------------------------------------------------------- | Deferred tax liability | 502 | 760 | 760 | -------------------------------------------------------------------------------- | Non-current interest-free | 2 378 | 1 480 | 1 480 | | liabilities | | | | -------------------------------------------------------------------------------- | Long-term liabilities, | 35 749 | 35 726 | 35 726 | | interest-bearing | | | | -------------------------------------------------------------------------------- | NON-CURRENT LIABILITIES | 38 629 | 37 966 | 37 966 | -------------------------------------------------------------------------------- | Current liabilities | | | | -------------------------------------------------------------------------------- | Trade Payables and Other | 14 961 | 15 754 | 17 210 | | Liabilities | | | | -------------------------------------------------------------------------------- | Short-term | 2 529 | 2 853 | 2 853 | | interest-bearing | | | | | liabilities | | | | -------------------------------------------------------------------------------- | CURRENT LIABILITIES | 17 490 | 18 607 | 20 063 | -------------------------------------------------------------------------------- | TOTAL LIABILITIES | 56 119 | 56 573 | 58 029 | -------------------------------------------------------------------------------- | TOTAL EQUITY AND | 93 665 | 80 080 | 94 595 | | LIABILITIES | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CONSOLIDATED CASH FLOW | 1-3/2008 | 1-3/2007 | 1-12/2007 | | STATEMENT | | | | -------------------------------------------------------------------------------- | CASH FLOW FROM OPERATING | | | | | ACTIVITIES | | | | -------------------------------------------------------------------------------- | Operating profit | 233 | 322 | 129 | -------------------------------------------------------------------------------- | Adjustments to reconcile | -10 | 0 | -1604 | | profit | | | | -------------------------------------------------------------------------------- | Depreciation and | 1103 | 178 | 644 | | amortisation | | | | -------------------------------------------------------------------------------- | realisoitumattomat | 632 | 0 | 0 | | kurssivoitot- ja tappiot | | | | -------------------------------------------------------------------------------- | Financial income and | -133 | 3 | 76 | | expenses | | | | -------------------------------------------------------------------------------- | Taxes paid | -414 | -65 | -230 | -------------------------------------------------------------------------------- | Changes in working capital | -3860 | -478 | -800 | -------------------------------------------------------------------------------- | Cash flow from operating | -2449 | -40 | -1785 | | activities | | | | -------------------------------------------------------------------------------- | CASH FLOW FROM INVESTING | | | | | ACTIVITIES | | | | -------------------------------------------------------------------------------- | Acquisition of | 7071 | 0 | 0 | | subsidiaries, net of cash | | | | | acquired | | | | -------------------------------------------------------------------------------- | Disposal of | 104 | 0 | 4930 | | subsidiaries/assoaciated | | | | | companies | | | | -------------------------------------------------------------------------------- | Proceeds from sales of | 59 | 0 | 3204 | | fixed assets | | | | -------------------------------------------------------------------------------- | Investments in tangible | -1770 | -27 | -286 | | and intangible assets | | | | -------------------------------------------------------------------------------- | Proeeds from repayments of | 1638 | 0 | 0 | | loans | | | | -------------------------------------------------------------------------------- | Cash flow from investing | 7102 | -27 | 7848 | | activies | | | | -------------------------------------------------------------------------------- | CASH FLOW FROM FINANCING | | | | | ACTIVITIES | | | | -------------------------------------------------------------------------------- | Changes in liabilities | 1428 | -33 | -1672 | -------------------------------------------------------------------------------- | Dividends paid | 0 | 0 | -297 | -------------------------------------------------------------------------------- | Cash flow from financing | 1428 | -33 | -1969 | | activities | | | | -------------------------------------------------------------------------------- | CHANGE IN CASH AND CASH | 6081 | -100 | 4094 | | EQUIVALENTS | | | | -------------------------------------------------------------------------------- | Cash and cash equivalents | 3085 | 2976 | 2976 | | at beginning of period | | | | -------------------------------------------------------------------------------- | Cash and cash equivalents | 9166 | 2876 | 7070 | | at 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 | | | | | | | | | | | 1-3/07 | | | | | | | | | | -------------------------------------------------------------------------------- | Shareholde | 4215 | 86 | 2374 | 27 | 0 | 0 | 2685 | 0 | 9387 | | rs' equity | | | | | | | | | | | at | | | | | | | | | | | beginning | | | | | | | | | | -------------------------------------------------------------------------------- | Recognised | 0 | 0 | 0 | 1 | 0 | 0 | 0 | 0 | 1 | | in share | | | | | | | | | | | holder' | | | | | | | | | | | equity | | | | | | | | | | -------------------------------------------------------------------------------- | Profit for | 0 | 0 | 0 | 0 | 0 | 0 | 243 | 0 | 243 | | the period | | | | | | | | | | -------------------------------------------------------------------------------- | Dividens | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -------------------------------------------------------------------------------- | Shareholde | 4215 | 86 | 2374 | 28 | 0 | 0 | 2928 | 0 | 9631 | | rs' equity | | | | | | | | | | | 31.3.2007 | | | | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | STATEMENT | A | B | C | D | E | F | G | H | I | | OF CHANGES | | | | | | | | | | | IN EQUITY | | | | | | | | | | | 1-3/08 | | | | | | | | | | -------------------------------------------------------------------------------- | Shareholde | 4215 | 86 | 2374 | 0 | 6132 | 0 | 10309 | 391 | 23507 | | rs' equity | | | | | | | | | | | at | | | | | | | | | | | beginning | | | | | | | | | | -------------------------------------------------------------------------------- | Recognised | 0 | 0 | 0 | 0 | 13868 | -22 | 0 | 0 | 13846 | | in share | | | | | | | | | | | holder' | | | | | | | | | | | equity | | | | | | | | | | -------------------------------------------------------------------------------- | Profit for | 0 | 0 | 0 | 0 | 0 | 0 | 82 | 111 | 193 | | the period | | | | | | | | | | -------------------------------------------------------------------------------- | Dividens | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -------------------------------------------------------------------------------- | Shareholde | 4215 | 86 | 2374 | 0 | 20000 | -22 | 10391 | 502 | 37546 | | rs' equity | | | | | | | | | | | 31.3.2008 | | | | | | | | | | -------------------------------------------------------------------------------- SEGMENT INFORMATION -------------------------------------------------------------------------------- | Net sales by segment | 1-3/2008 | 1-3/2007 | 1-12/2007 | -------------------------------------------------------------------------------- | EUR 1,000 | | Carve out | Carve out | -------------------------------------------------------------------------------- | Cargo | 16505 | 14977 | 65560 | -------------------------------------------------------------------------------- | Heavy | 2335 | 2561 | 9455 | -------------------------------------------------------------------------------- | Care | 2118 | 1209 | 6678 | -------------------------------------------------------------------------------- | Eliminoinnit | | | | -------------------------------------------------------------------------------- | Total | 20958 | 18747 | 81693 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Operating profit by segment | 1-3/2008 | 1-3/2007 | 1-12/2007 | -------------------------------------------------------------------------------- | EUR 1,000 | | Carve out | Carve out | -------------------------------------------------------------------------------- | Cargo | 1006 | 417 | 2819 | -------------------------------------------------------------------------------- | Heavy | 158 | 341 | 927 | -------------------------------------------------------------------------------- | Care | 19 | 74 | 781 | -------------------------------------------------------------------------------- | Eliminoinnit | 3 | | | -------------------------------------------------------------------------------- | Total | 1186 | 832 | 4527 | -------------------------------------------------------------------------------- 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 | 1-3/2008 | -------------------------------------------------------------------------------- | Sales | 230 | -------------------------------------------------------------------------------- | Expenses | 61 | -------------------------------------------------------------------------------- | Financial expenses | 125 | -------------------------------------------------------------------------------- | Trade receivables and other recivables | 174 | -------------------------------------------------------------------------------- | Trade Payables and Other Liabilities | 25 | -------------------------------------------------------------------------------- | Long-term liabilities | 15 170 | -------------------------------------------------------------------------------- KEY FIGURES -------------------------------------------------------------------------------- | KEY FIGURES | 1-3/2008 | 1-3/2007 | 1-12/2007 | -------------------------------------------------------------------------------- | Gross capital expenditure, | 727 | 27 | 286 | | 1000 eur | | | | -------------------------------------------------------------------------------- | Personel | 625 | 85 | 80 | -------------------------------------------------------------------------------- | Contingent liabilities, 1000 | | | | | eur | | | | -------------------------------------------------------------------------------- | Mortgages given | 2 874 | 5 177 | 0 | -------------------------------------------------------------------------------- | Other contingent liabilities | 8 521 | 195 | 0 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | SHARE PRICE DEVELOPMENT | | | | -------------------------------------------------------------------------------- | Share price at beginning of | 5,10 | 4,00 | 4,00 | | period | | | | -------------------------------------------------------------------------------- | Share price at end of period | 5,25 | 4,10 | 5,10 | -------------------------------------------------------------------------------- | Highest for the period | 5,70 | 4,20 | 5,75 | -------------------------------------------------------------------------------- | Lowest for the period | 4,70 | 3,50 | 3,43 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | EQUITY/SHARE EUR | 2,84 | 3,89 | 3,67 | -------------------------------------------------------------------------------- | EARNINGS/SHARE (EPS) EUR | 0,01 | 0,10 | 0,01 | -------------------------------------------------------------------------------- | Equity ration % | 40,09 | 72,10 | 91,01 | -------------------------------------------------------------------------------- SECTION II: THE FINANCIAL INFORMATION OF THE FIRST QUARTER COMPARED TO THE REPORTED FIGURES OF KASOLA PLC In the 2007 official annual report of Kasola Plc the profit and loss statement is divided to continued and discontinued operations. In the table below, the profit and loss statement comparison for the full year 2007 includes both continued and discontinued operations. -------------------------------------------------------------------------------- | INCOME STATEMENT | 1-3/2008 | 1-3/2007 | 1-12/2007 | -------------------------------------------------------------------------------- | EUR 1,000 | Total | Total | Total | -------------------------------------------------------------------------------- | NET SALES | 20 958 | 2 833 | 10 298 | -------------------------------------------------------------------------------- | Other operating income | 404 | 67 | 1 794 | -------------------------------------------------------------------------------- | Change in invetories of | 0 | 229 | 0 | | finished goods and work in | | | | | progress | | | | -------------------------------------------------------------------------------- | Production for own use | 0 | 14 | 0 | -------------------------------------------------------------------------------- | Materials and services | -9 932 | -963 | -3 956 | -------------------------------------------------------------------------------- | Employee benefits expenses | -4 916 | -1 015 | -4 201 | | | | | | -------------------------------------------------------------------------------- | Depreciation | -1 103 | -178 | -644 | -------------------------------------------------------------------------------- | Other operating costs | -4 225 | -665 | -3 163 | -------------------------------------------------------------------------------- | OPERATING PROFIT | 1 186 | 322 | 128 | -------------------------------------------------------------------------------- | Financial income | 268 | 24 | 115 | -------------------------------------------------------------------------------- | Financial expenses | -1 201 | -21 | -206 | -------------------------------------------------------------------------------- | Share of profit in associates | 3 | 0 | 0 | -------------------------------------------------------------------------------- | PROFIT BEFORE TAX | 256 | 325 | 37 | -------------------------------------------------------------------------------- | Income taxes | -64 | -82 | -26 | -------------------------------------------------------------------------------- | PROFIT FOR THE PERIOD | 192 | 243 | 11 | -------------------------------------------------------------------------------- | Net profit attributable | 0 | 0 | 0 | -------------------------------------------------------------------------------- | To equity holders of the parent | 82 | 243 | 11 | -------------------------------------------------------------------------------- | To minority interest | 111 | 0 | 0 | -------------------------------------------------------------------------------- | EPS undiluted | 0,01 | 0,10 | 0,01 | -------------------------------------------------------------------------------- | EPS diluted | 0,01 | 0,10 | 0,01 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | BALANCE SHEET | 31.3.2008 | 31.3.2007 | 31.12.2007 | -------------------------------------------------------------------------------- | EUR 1,000 | | | | -------------------------------------------------------------------------------- | ASSETS | | | | -------------------------------------------------------------------------------- | Non-current assets | | | | -------------------------------------------------------------------------------- | Property, plan, equipment | 48 607 | 6 115 | 0 | -------------------------------------------------------------------------------- | Goodwill | 15 038 | 0 | 0 | -------------------------------------------------------------------------------- | Intangible assets | 2 702 | 38 | 0 | -------------------------------------------------------------------------------- | Investments in associates | 249 | 0 | 0 | -------------------------------------------------------------------------------- | Investments in associates | 39 | 46 | 0 | -------------------------------------------------------------------------------- | Deferred tax asset | 258 | 328 | 0 | -------------------------------------------------------------------------------- | NON-CURRENT ASSETS | 66 893 | 6 527 | 0 | -------------------------------------------------------------------------------- | Current assets | 0 | 0 | 0 | -------------------------------------------------------------------------------- | Invertories | 0 | 2 383 | 0 | -------------------------------------------------------------------------------- | Trade receivables and other | 17 606 | 1 572 | 2 931 | | recivables | | | | -------------------------------------------------------------------------------- | Cash and bank | 9 166 | 2 876 | 7 071 | -------------------------------------------------------------------------------- | CURRENT ASSETS | 26 772 | 6 831 | 10 002 | -------------------------------------------------------------------------------- | ASSETS TOTAL | 93 665 | 13 358 | 10 002 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | EQUITY AND LIABILITIES | | | | -------------------------------------------------------------------------------- | Share capital | 4 215 | 4 215 | 4 215 | -------------------------------------------------------------------------------- | Other reserves | 22 439 | 2 488 | 2 460 | -------------------------------------------------------------------------------- | Retained earnings | 10 391 | 2 928 | 2 429 | -------------------------------------------------------------------------------- | Minority interest | 501 | 0 | 0 | -------------------------------------------------------------------------------- | SHAREHOLDERS' EQUITY | 37 546 | 9 631 | 9 104 | -------------------------------------------------------------------------------- | Long-term liabilities | | | | -------------------------------------------------------------------------------- | Deferred tax liability | 502 | 309 | 0 | -------------------------------------------------------------------------------- | Non-current interest-free | 2 378 | 177 | 0 | | liabilities | | | | -------------------------------------------------------------------------------- | Long-term liabilities, | 35 749 | 336 | 0 | | interest-bearing | | | | -------------------------------------------------------------------------------- | NON-CURRENT LIABILITIES | 38 629 | 822 | 0 | -------------------------------------------------------------------------------- | Current liabilities | | | | -------------------------------------------------------------------------------- | Trade Payables and Other | 14 961 | 1 511 | 898 | | Liabilities | | | | -------------------------------------------------------------------------------- | Short-term interest-bearing | 2 529 | 1 394 | 0 | | liabilities | | | | -------------------------------------------------------------------------------- | CURRENT LIABILITIES | 17 490 | 2 905 | 898 | -------------------------------------------------------------------------------- | TOTAL LIABILITIES | 56 119 | 3 727 | 898 | -------------------------------------------------------------------------------- | TOTAL EQUITY AND LIABILITIES | 93 665 | 13 358 | 10 002 | -------------------------------------------------------------------------------- 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