Nurminen Logistics Plc Interim report 2 November 2012 at 9:00 a.m.
Nurminen Logistics has reorganized its operations as of 4 October 2011. As a part of these reorganization measures the operations were divided into four accountable business units: Railway Logistics, Special Transports and Projects, Transit Logistics and Forwarding and Value Added Services. In the 2011 Group financial reporting there was one operating unit reported. As from 1 January 2012 Nurminen Logistics Plc reports four separate business units.
Nurminen Logistics’ key figures 1 January - 30 September 2012
Third quarter 1 July - 30 September 2012
Topi Saarenhovi, President and CEO:
“The profitability of Nurminen Logistics developed nicely in the third quarter of the year. Even though we saw a slight decrease in net sales compared to the corresponding period in the previous year, we managed to improve our profitability and achieve a good operating profit for the company.
Market situations varied between different business operations during the review period. Demand remained strong on the internal markets of Russia and the CIS area, which are particularly important to railway and transit logistics. The market situation in Finland, however, was more challenging and varied between different business operations and areas. Vuosaari, in particular, continued to face a challenging market situation.
I am particularly pleased that we have managed to improve the profitability of all of our business units. We have achieved this mostly through our own actions, not as a result of market growth. Particularly in railway logistics and our Baltic units, we have successfully taken measures to strengthen our position on the key markets consisting of Russia and other CIS countries. The result of the Vuosaari logistics center remains at an unsatisfactory level, but it has improved from last year as a result of measures taken since late 2011. This continues to rank among our company’s most crucial development areas, and we will stay focused in order to improve the centre’s profitability.”
Russia and the CIS countries, important markets for Nurminen Logistics, remained active throughout the review period, although the increased uncertainty of the world economy led to decreased demand with certain customers at the end of the review period. In Finland, markets remained at a reasonable level, although the demand and market situation varied between different business operations.
The volumes of export by rail to the CIS countries developed favorably at the beginning of the review period, evening out over the summer after the initial spike. In the second and third quarters of the year, railway traffic across the border was on average slightly quieter than expected. On Russia’s domestic railway market, demand remained at a good level throughout the review period. The company has managed to increase its share in Russia’s domestic railway transport as expected.
In special transport, demand varied greatly among customers. Price levels also fluctuated intensely on the market. The market situation remained similar to the preceding quarter, but in the mechanical engineering industry in particular, competition for large project deliveries remained tight.
Particularly in the Baltic countries, the volumes of transit transport remained at a good level throughout the review period. Volumes at the Kotka and Hamina terminals as well as capacity utilization rates developed positively during the review period. Market demand for transit transport to Russia through Finland varied, and the price competition was tight.
The forwarding and value-added services market in Southern Finland and at Vuosaari Harbor remained challenging and kept the volume trends fluctuating and the price level unsatisfactory. Among the main customer groups, demand from the forest industry increased in comparison with the first half of 2012.
NET SALES AND FINANCIAL PERFORMANCE 1 JANUARY - 30 SEPTEMBER 2012
The net sales for the review period amounted to EUR 60.0 million (2011: 57.2 million). Compared to 2011 the increase of net sales was 4.9%. Reported operating result was EUR 4,737 (938) thousand. The increase was 405.3%. Operating result includes non-recurring items of EUR 69 (363) thousand. Therefore, comparative operating result was EUR 4,669 (575) thousand and increased 712.3% compared to 2011. The allocation of expenses of the short and long-term incentive bonus plans, decided upon according to the result development, has been taken into account in the administrative expenses of the company. These allocations were not made in the comparative period of year 2011.
The non-recurring item in the first quarter of the year was a result of a partial payment of a receivable written down in the financial statements 2010.
The appreciation of the Russian rouble during the review period increased the company's financial result by EUR 0.4 million. This exchange rate profit had no cash flow impact.
The Railway Logistics business unit net sales for the review period amounted to EUR 33,359 (2011: 32,973) thousand and operating result was EUR 4,820 (2011: 3,840) thousand. Operating result includes non-recurring items of EUR 69 (363) thousand. Therefore, comparative operating result was EUR 4,751 (3,477) thousand. The growth of net sales and operating result was mainly due to an improved client base, especially in Russia, and more effective operation of wagons. The number of domestic railway transports in key customer segments in Russia remained at a good level. The number of forwarding assignments in domestic transports in Russia has also grown as planned. According to its plan, the company has developed its organization in Russia by improving the sales of railway logistics, among other things. These measures, together with the company’s comprehensive railway stock and high-quality services, facilitated the sales growth and customer interest in the company’s services in Russia and other CIS countries. However, throughout the review period, railway transport between Finland and Russia has been slightly quieter than expected.
Special Transports and Projects
The Special Transports and Projects business unit net sales for the review period amounted to EUR 6,847 (5,906) thousand and operating result was EUR 364 (-166) thousand. Mainly due to the competition situation and a surge in fuel prices, the margins of received orders remained at an unsatisfactory level on average. The operating result improved from the comparative period as a result of the development of sales and operational efficiency, among other things.
The Transit Logistics business unit net sales for the review period amounted to EUR 10,811 (8,365) thousand and operating result was EUR 2,214 (-114) thousand. The result of the Transit Logistics unit during the review period was very good, especially due to the container volumes transported via the Baltic countries to the CIS countries and Central Asia, as well as the increased export of containers in the Klaipeda unit. The profitability of the company’s operations in Finland improved as a result of enhanced volumes and higher utilization rates of terminals.
Forwarding and Value Added Services
The net sales of the Forwarding and Value Added Services business unit for the review period amounted to EUR 8,976 (9,968) thousand and the operating result was EUR -2,661 (-2,622) thousand. The year-to-date net sales and operating result of the unit fell below comparative period’s figures due to non-recurring project incomes received during the comparative period. The operating loss of the Vuosaari logistics center amounted to EUR 1.9 (2.3) million in the review period of January to September. The volumes of the Vuosaari terminal increased by approximately 14%, mainly in the customer groups of forest industry and mechanical engineering industry, whereas forwarding volumes remained nearly unchanged. The profitability development program launched at the end of 2011 at the Vuosaari logistics center will be continued with determination.
|NET SALES BY UNITS||1-9/2012||1-9/2011||1-12/2011|
|Special Transports and Projects||6,847||5,906||7,572|
|Forwarding and Value Added Services||8,976||9,968||13,030|
|OPERATING RESULT BY UNITS||1-9/2012||1-9/2011||1-12/2011|
|Special Transports and Projects||364||-166||-461|
|Forwarding and Value Added Services||-2,661||-2,622||-3,623|
NET SALES AND FINANCIAL PERFORMANCE OF THIRD QUARTER
The 2012 third quarter net sales amounted to EUR 20.5 million (2011: 20.9 million). Compared to 2011 the decrease of net sales was 2.0%. Reported operating result was EUR 2,035 (1,377) thousand. The increase was 47.7 %. Operating result includes non-recurring items of EUR 0 (115) thousand. Therefore, comparative operating result was EUR 2,035 (1,262) thousand and increased 61.2% compared to 2011.
The depreciation of the Russian rouble during the review period increased the company's financial result by EUR 0.3 million. This exchange rate profit had no cash flow impact.
In the third quarter of 2012, net sales increased by approximately EUR 0.1 million in comparison with the second quarter of 2012. The operating result improved by EUR 0.5 million and the operating result, excluding non-recurring items, improved by EUR 0.5 million compared to the second quarter of 2012.
The net sales and operating result of the Railway Logistics unit decreased slightly in the third quarter compared to the second quarter and the corresponding period in the previous year. This was due to a slight decrease in transport volumes between Finland and Russia and the occasional congestion of Russian railways. Demand for railway transports in Russia and the CIS area remained good.
The net sales of the Special Transports and Projects unit declined slightly in the third quarter of the year compared to the second quarter, mainly due to the customers’ holiday season. The operating result, on the other hand, was improved as a result of more efficient equipment use, among other things.
The net sales and operating result of the Transit Logistics unit remained strong, mainly due to the container volumes transported via Baltic countries. The volumes and profitability of the Kotka and Hamina terminals improved due to new customers.
In the Forwarding and Value Added Services unit, the net sales and operating result were slightly below the previous year’s figures in the third quarter due to a large forwarding project that took place in the 2011 review period. The volumes of the Vuosaari terminal increased due to deliveries in the forest and mechanical engineering industries, whereas volumes for forwarding (Helsinki, Rauma, Turku, Vaalimaa) remained almost unchanged.
|NET SALES BY UNITS||7-9/2012||7-9/2011||Change|
|Special Transports and Projects||2,211||2,105||106|
|Forwarding and Value Added Services||3,060||3,496||-437|
|OPERATING RESULT BY UNITS||7-9/2012||7-9/2011||Change|
|Special Transports and Projects||161||26||135|
|Forwarding and Value Added Services||-941||-733||-208|
The company updated its year 2012 outlook on 25 September 2012:
Nurminen Logistics Plc has decided to update its outlook for the year to be more positive. The year 2012 has exceeded expectations, particularly with regard to the company’s result. The company’s performance has improved across all business areas.
Profitability has improved particularly in railway logistics due to the positive development in Russian operations, greater efficiency in the operation of wagons and strong development in the customer base. The company’s transit logistics in the Baltic countries has also developed better than expected.
Nurminen Logistics is updating its outlook for 2012.
Outlook published on 12 April 2012:
The net sales of the company are expected to increase in 2012 compared to 2011. The company’s operating result is expected to be clearly better than in 2011.
New outlook published on 25 September 2012:
The net sales of the company are expected to increase in 2012 compared to 2011. The company's operating result is expected to be significantly better than in 2011, with the estimated figure being EUR 5-6 million.
SHORT-TERM RISKS AND UNCERTAINTIES
Increased uncertainty in the world economy might result in lower industrial production volumes and as a consequence to cancellation of company’s orders. Especially unfavorable development of Russian and other CIS markets would have a negative effect on company’s net sales and result development.
Over-capacity of Finnish ports maintains tough price competition. The company operates in Vuosaari, Kotka and Hamina harbors and therefore the volume development variation of those harbors is relevant to the company.
The railway tariff changes of different countries might affect the price competitiveness of rail transports and/or the company significantly. In addition, price competition situation might burden the company's profitability also in the future. Weaker than expected volume growth of foreign trade would burden the development of the company's net sales and profitability. The company has notable customer agreements whose continuity may be significant especially to the profitability of the business operations of the Baltic countries.
The company has received (a total of 32) subsequent levy decisions from the National Board of Customs’ Eastern District Office in Lappeenranta, which state that the company and VG Cargo Plc, which has filed for bankruptcy, are liable to pay EUR 0.9 million of import taxes from the year 2009. The company does not consider itself liable for the aforementioned import taxes and has not made cost accruals. If there is a case for subsequent levy, the company is of the opinion that it should primarily be directed at the bankrupt’s estate of VG Cargo Plc and be paid from the valid customs guarantee. The company has filed an appeal with the Helsinki District Court against the subsequent levy decisions made by the National Board of Customs.
FINANCIAL POSITION AND BALANCE SHEET
Company’s cash flow from operations was EUR 4,323 thousand. Cash flow from investments was EUR -181 thousand. Cash flow from financing activities amounted to EUR -2,868 thousand.
At the end of the review period, cash and cash equivalents amounted to EUR 3,804 thousand. Liquidity remained satisfactory in the review period.
Group’s interest bearing debt was EUR 26.7 million and correspondingly the net interest bearing debt was EUR 22.9 million.
Balance sheet totaled EUR 70.3 million and equity ratio was 44.2%.
The Group's gross capital expenditure for review period amounted to EUR 585 (554) thousand, accounting for 1.0% of net sales. Depreciation totaled EUR 3.0 (3.2) million, or 5.0% of net sales.
The Group comprises the parent company, Nurminen Logistics Plc, as well as the following subsidiaries and associated companies, owned directly or indirectly by the parent (ownership, %): RW Logistics Oy (100 %), JN Ferrovia Oy (100 %), OOO John Nurminen, St. Petersburg (100 %), OOO John Nurminen, Moscow (100 %), Nurminen Maritime Latvia SIA (51 %), Pelkolan Terminaali Oy (20 %), ZAO Irtrans (100 %), OOO Huolintakeskus (100 %), OOO John Nurminen Terminal (100 %), ZAO Terminal Rubesh (100 %), Nurminen Logistics LLC (100 %), UAB Nurminen Maritime (51 %), Nurminen Maritime Eesti AS (51 %), Team Lines Latvia SIA (23 %) and Team Lines Estonia Oü (20,3 %).
At the end of the review period the Group staff was 344 (343 on 31 December 2011). The number of personnel working abroad was 69. Management and administrative staff numbered to 26.
SHARE-BASED INCENTIVE PLAN FOR THE GROUP PERSONNEL
The Board of Directors of Nurminen Logistics Plc approved in 7 March 2011 a share-based incentive plan for the Group key personnel. The information was published in stock exchange release on the same day.
SHARES AND SHAREHOLDERS
The trading volume of Nurminen Logistics Plc's shares was 144,232 in 1 January - 30 September 2012. This represented 1.12% of the total number of shares. The value of the turnover was EUR 281,710. The lowest price for the period was EUR 1.78 per share and the highest EUR 1.98 per share. The closing price for the period was EUR 1.97 per share and the market value of the entire share capital EUR 25,422,314.
At the end of the review period Nurminen Logistics Plc had 522 shareholders.
The company owns 705 of its own shares, which represent 0.005% of the votes in the company.
DECISIONS OF THE GENERAL ANNUAL MEETING
The decisions of the Nurminen Logistics Plc's Annual General Meeting of Shareholders were published in stock exchange release on 23 April 2012.
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
Authorising the Board of Directors to decide on the repurchase of the company's own shares
Annual General Meeting authorised the Board to decide on the repurchasing a maximum of 50,000 of the company's shares. The authorisation will be used for the paying of remuneration of the Board members. The own shares may be repurchased pursuant to the authorisation only by using unrestricted equity. The price payable for the shares shall be based on the price of the company's shares in public trading. The own shares may be repurchased in deviation from the proportional shareholdings of the shareholders (directed repurchase). The authorisation includes the right whereby the Board is authorised to decide on all other matters related to the acquisition of own shares.
The authorisation remains in force until 30 April 2013.
Authorising the Board of Directors to decide on the issuance of shares as well as the issuance of options and other special rights entitling to shares
Annual General Meeting authorised the Board to decide on issuance of shares and/or special rights entitling to shares pursuant to chapter 10 section 1 of the Finnish Companies Act.
Based on the aforesaid authorisation the Board is entitled to release or assign, either by one or several resolutions, shares and/or special rights up to a maximum equivalent of 20,000,000 new shares so that aforesaid shares and/or special rights can be used, e.g., for the financing of company and business acquisitions corporate and business trading or for other business arrangements and investments, for the expansion of owner structure, paying of remuneration of the Board members and/or for the creating incentives for, or encouraging commitment in, personnel.
The authorisation gives the Board the right to decide on share issue with or without payment. The authorisation for deciding on a share issue without payment also includes the right to decide on the issue for the company itself, so that the number of shares granted to the company is no more than one tenth of all shares of the company.
The authorisation includes the right whereby the Board is entitled to decide of all other issues of shares and special rights. Furthermore, the Board is entitled to decide on share issues, option rights and other special rights in every way similarly as the Annual General Meeting could decide on these. The authorisation also includes right to decide on directed issues of shares and/or special rights.
The authorisation remains in force until 30 April 2013.
EVENTS AFTER THE REVIEW PERIOD
Extraordinary General Meeting 5 October 2012
Nurminen Logistics Plc's Extraordinary General Meeting of Shareholders held on 5 October 2012 made the following decision:
Return on equity
In accordance with the proposal of the Board of Directors, the Extraordinary General Meeting resolved that EUR 0.07 per share shall be distributed from the other reserves of the unrestricted equity as repayment of equity on the basis of the balance sheet adopted in respect of the financial year ending on 31 December 2011. The repayment of equity is paid to shareholders registered in the company's shareholders' register held by Euroclear Finland Ltd on the record date 10 October 2012. The payment date is 25 October 2012.
The decisions were published in stock exchange release on 5 October 2012.
Nurminen Logistics to align its legal corporate structure with the structure of its business operations
Nurminen Logistics Plc is planning to turn its operations in Finland into independent companies and to restructure its Baltic operations. The information was published in stock exchange release on 12 October 2012. In this transformation, Nurminen Logistics Plc’s Forwarding and Value Added Services, Railway Logistics and Transit Logistics business units will be turned into an independent company and the Special Transports and Projects business unit will be turned into another independent company. These two new Finnish companies will start operating under the new structure on 1 January 2013. The companies responsible for the Estonian and Lithuanian operations will be transferred directly under the parent company during 2012. The Russian operations will continue as a separate company. After these changes, Nurminen Logistics Plc will be the direct parent company of all companies.
This restructuring is purely administrative in nature; with it, the company streamlines its legal structure and cost allocation to current business operations. All business operations of the Finnish business units mentioned above will be transferred to the new companies. Personnel will transfer to the new companies with unchanged terms of employment.
Turning these business operations into independent companies has no effect on Nurminen Logistics Plc’s financial reporting. The reported segments will still be Forwarding and Value Added Services, Special Transports and Projects, Railway Logistics and Transit Logistics.
The Group management and supporting functions will remain in Nurminen Logistics Plc and provide the Group companies with financial and administrative services.
Certain statements in this bulletin are forward-looking and are based on the management's current views. Due to their nature, they involve risks and uncertainties and are susceptible to changes in the general economic or industry conditions.
NURMINEN LOGISTICS PLC
Board of Directors
For more information, please contact Topi Saarenhovi, President and CEO
(tel. +358 10 545 2431)
NASDAQ OMX Helsinki
Nurminen Logistics provides high-quality logistics services, such as railway transports, terminal services, forwarding, special and heavy transport and value added services. 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 Eastern European countries. The company’s share is listed on NASDAQ OMX Helsinki.
|CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME||1-9/2012||1-9/2011||1-12/2011|
|NET SALES||59 992||57 212||76 630|
|Other operating income||504||422||1 037|
|Materials and services||-26 076||-28 431||-37 431|
|Employee benefit expenses||-11 883||-10 905||-14 994|
|Depreciation, amortisation and impairment losses||-3 028||-3 175||-4 185|
|Other operating expenses||-14 771||-14 186||-19 110|
|OPERATING RESULT||4 737||938||1 947|
|Financial expenses||-1 416||-2 091||-2 931|
|Share of profit in equity-accounted investees||128||209||91|
|RESULT BEFORE TAX||3 902||-765||-746|
|Income taxes||-1 066||-518||-784|
|PROFIT / LOSS FOR THE PERIOD||2 836||-1 283||-1 530|
|Other comprehensive income:|
|Translation differences||1 025||-897||-887|
|Other comprehensive income for the period after tax||1 025||-897||-887|
|TOTAL COMPREHENSIVE INCOME FOR THE PERIOD||3 861||-2 180||-2 417|
|Result attributable to|
|Equity holders of the parent company||1 022||-1 953||-2 458|
|Non-controlling interest||1 814||670||928|
|Total comprehensive income attributable to|
|Equity holders of the parent company||2 047||-2 850||-3 345|
|Non-controlling interest||1 814||670||928|
|CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME||7-9/2012||7-9/2011||Change|
|NET SALES||20 455||20 873||-418|
|Other operating income||142||133||9|
|Materials and services||-8 716||-10 164||1 448|
|Employee benefit expenses||-4 020||-3 664||-356|
|Depreciation, amortisation and impairment losses||-1 006||-1 043||37|
|Other operating expenses||-4 819||-4 756||-63|
|OPERATING RESULT||2 035||1 377||657|
|Financial expenses||-450||-1 163||713|
|Share of profit in equity-accounted investees||61||60||1|
|RESULT BEFORE TAX||1 904||316||1 587|
|PROFIT / LOSS FOR THE PERIOD||1 517||113||1 404|
|Other comprehensive income:|
|Translation differences||816||-1 056||1 872|
|Other comprehensive income for the period after tax||816||-1 056||1 872|
|TOTAL COMPREHENSIVE INCOME FOR THE PERIOD||2 333||-943||3 276|
|Result attributable to|
|Equity holders of the parent company||930||-83||1 013|
|Total comprehensive income attributable to|
|Equity holders of the parent company||1 746||-1 139||2 885|
|CONSOLIDATED BALANCE SHEET||30.9.2012||30.9.2011||31.12.2011|
|Property, plant and equipment||39 324||40 426||40 785|
|Goodwill||9 516||9 516||9 516|
|Other intangible assets||810||662||719|
|Investments in equity-accounted investees||333||280||309|
|Deferred tax assets||1 042||910||954|
|NON-CURRENT ASSETS||51 060||52 508||52 318|
|Trade and other receivables||15 449||15 696||14 546|
|Cash and cash equivalents||3 804||1 863||2 490|
|CURRENT ASSETS||19 253||17 559||17 036|
|ASSETS TOTAL||70 313||70 066||69 354|
|EQUITY AND LIABILITIES|
|Share capital||4 215||4 215||4 215|
|Other reserves||18 323||17 395||17 896|
|Retained earnings||6 623||4 905||4 673|
|Non-controlling interest||1 920||807||1 064|
|EQUITY, TOTAL||31 080||27 320||27 848|
|Deferred tax liability||402||472||398|
|Non-interest-bearing finance liabilities||639||681||635|
|Interest-bearing finance liabilities||17 624||18 806||19 044|
|NON-CURRENT LIABILITIES||18 665||19 960||20 077|
|Interest-bearing finance liabilities||9 107||10 202||9 997|
|Trade payables and other liabilities||11 461||12 584||11 432|
|CURRENT LIABILITIES||20 568||22 786||21 429|
|TOTAL LIABILITIES||39 233||42 746||41 506|
|TOTAL EQUITY AND LIABILITIES||70 313||70 066||69 354|
|CONDENSED CONSOLIDATED CASH FLOW STATEMENT||1-9/2012||1-9/2011||1-12/2011|
|CASH FLOW FROM OPERATING ACTIVITIES|
|Profit/Loss for the period||2 836||-1 283||-1 530|
|Gains and losses on disposals of property, plant and equipment and other non-current assets||-366||-39||-32|
|Depreciation, amortisation and impairment losses||3 028||3 175||4 185|
|Unrealised foreign exchange gains and losses||-361||601||234|
|Other adjustments||2 053||1 428||2 731|
|Paid and received interest||-980||-1 090||-1 505|
|Changes in working capital||-1 073||1 545||1 781|
|Cash flow from operating activities||4 324||3 726||4 868|
|CASH FLOW FROM INVESTING ACTIVITIES|
|Proceeds from sale of property, plant and equipment and intangible assets||404||124||54|
|Investments in property, plant and equipment and intangible assets||-585||-554||-905|
|Proceeds from sale of interests in associates||0||0||404|
|Cash flow from investing activities||-181||-429||-448|
|CASH FLOW FROM FINANCING ACTIVITIES|
|Acquisition of own shares||-70||0||-47|
|Changes in liabilities||-1 840||-3 092||-3 569|
|Cash flow from financing activities||-2 868||-3 949||-4 473|
|CHANGE IN CASH AND CASH EQUIVALENTS||1 314||-700||-73|
|Cash and cash equivalents at beginning of period||2 490||2 563||2 563|
|Cash and cash equivalents at end of period||3 804||1 863||2 490|
A= Share capital
B= Share premium reserve
C= Legal reserve
D= Reserve for invested unrestricted equity
E= Translation differences
F= Retained earnings
G= Non-controlling interest
|STATEMENT OF CHANGES IN EQUITY 1-9/2011 EUR 1,000||A||B||C||D||E||F||G||H|
|Result for the period||0||0||0||0||0||-1953||670||-1283|
|Total comprehensive income for the period / translation differences||0||0||0||0||-897||0||0||-897|
|STATEMENT OF CHANGES IN EQUITY 1-9/2012 EUR 1,000||A||B||C||D||E||F||G||H|
|Result for the period||0||0||0||0||0||1022||1814||2836|
|Total comprehensive income for the period / translation differences||0||0||0||0||496||529||0||1025|
RELATED PARTY TRANSACTIONS
The related parties comprise the members of the Board of Directors and Executive Board of Nurminen Logistics and companies in which these members have control. Related parties are also deemed to include shareholders with direct or indirect control or substantial influence.
|Related party transactions||1-9/2012|
|Current liabilities||1 921|
|Gross capital expenditure, EUR 1,000||585||554||905|
|Operating margin %||7,9 %||1,6 %||2,5 %|
|Share price development|
|Share price at beginning of period||1,78||2,89||2,89|
|Share price at end of period||1,97||1,84||1,78|
|Highest for the period||1,98||3,00||3,00|
|Lowest for the period||1,78||1,66||1,51|
|Earnings/share (EPS) EUR, undiluted||0,08||-0,15||-0,19|
|Earnings/share (EPS) EUR, diluted||0,08||-0,15||-0,19|
|Equity ratio %||44,20||38,99||40,15|
OTHER LIABILITIES AND COMMITMENTS
|Contingencies and commitments, EUR 1,000||30.9.2012||30.9.2011||31.12.2011|
|Mortgages given||4 000||3 000||4 000|
|Other contingent liabilities||11 458||10 780||11 458|
|Rent liabilities||78 179||79 500||83 766|
The interim financial information has been prepared in accordance with IAS 34 'Interim Financial Reporting'. The IFRS recognition and measurement principles as described in the annual financial statements for 2011 have also been applied in the preparation of the interim financial information, with the exception of Amendments to IFRS 7 Financial Instruments: Disclosures which the Group has applied as of 1 January 2012.
The amendments in question have not had impact on reported figures.
All figures have been rounded and consequently the sum of individual figures can deviate from the presented sum figure. Key figures have been calculated using exact figures. This interim report is unaudited.
Calculation of Key Figures
Equity ratio (%) =
______________________________________ x 100
Balance sheet total – advances received
Earnings per share (EUR) =
Result attributable to equity holders of the parent company
Weighted average number of ordinary shares outstanding
Equity per share (EUR) =
Equity attributable to equity holders of the parent company
Number of shares at the end of the financial year, adjusted for the share issue