Nurminen Logistics Plc Interim report 6 November 2009 9.00 am
NURMINEN LOGISTICS PLC'S INTERIM REPORT 1 JANUARY- 30 SEPTEMBER 2009
Weak market situation continued, but adjustment measures had positive effect on
net result
REVIEW PERIOD IN BRIEF
Review period 1 January - 30 September 2009
- Net sales were EUR 46.3 million (EUR 60.9 million).
- Reported operating result was EUR 1.9 million (EUR 4.0 million).
- Operating margin was 4.1 % (6.6%).
- Operating result excluding non-recurring items was EUR 0.3 million (EUR 3.9
million).
- EBT was EUR -0.9 million (EUR 3.0 million).
- Net result was EUR -1.2 million (EUR 2.6 million).
- Earnings per share: -0.14 (0.16) euros.
Outlook for 2009
The net sales of the continuing operations in year 2009 are assessed to be lower
than in 2008 and the company's operating result excluding non-recurring items is
assessed to
be positive.
The company published its previous outlook for 2009 on 7 August 2009. In that
outlook the net sales of the continuing operations in year 2009 were assessed to
be lower than in 2008 and the company's operating result excluding non-recurring
items was assessed to be slightly negative.
Third quarter 2009
- Net sales were EUR 15.7 million (EUR 22.6 million).
- Reported operating result was EUR 1.1 million (EUR 1.9 million).
- Operating margin was 7.3% (8.2%).
- Operating result excluding non-recurring items was EUR 0.7 million (EUR 1.9
million).
- EBT was EUR 0.4 million (EUR 1.6 million).
- Net profit was EUR 0.2 million (EUR 1.4 million).
- Earnings per share: 0.00 (0.09) Euros.
The comparative figures are presented for the continuing operations.
BUSINESS ENVIRONMENT 1 JANUARY - 30 SEPTEMBER 2009
The company's business environment is strongly affected by the crisis in the
world economy. The financial crisis, which started in the end of 2008, had a
negative effect on the demand situation during the whole review period.
The demand and volumes of Nurminen Cargo business unit weakened strongly
compared to last year along with the market. However, capacity utilization
continued its slow recovery during the third quarter. Demand for Nurminen Heavy
business unit varies with the rhythm of the deliveries of mechanical engineering
industry and infrastructure projects. The demand situation continued to weaken.
NET SALES AND FINANCIAL PERFORMANCE OF THE REVIEW PERIOD
The net sales for the review period amounted to EUR 46.3 (2008: 60.9) million.
Compared to the corresponding period last year the decrease of the net sales was
24.0%. Reported operating result was EUR 1,893 (4,049) thousand. The decrease
was 53.3%. Operating result includes non-recurring profits of EUR 1,590 thousand
(EUR 186 thousand). Operating result does not include non-recurring costs (EUR
81 thousand). Therefore comparative operating result decreased 92.5% compared to
the corresponding period last year.
Non-recurring profit was a result of the company's decision to give up its
purchase option and first refusal right to the logistics centre in Vuosaari. The
company has a long-term lease agreement in Vuosaari. Aforesaid was published in
a stock exchange release on 18 June 2009. As compensation the company received a
payment of EUR 3.5 million, of which EUR 1,590 thousand was recorded as other
revenues during the review period and the remaining EUR 1,910 thousand will be
recorded monthly during the period from October 2009 to November 2010. The
original term of the purchase option was 19 November 2008 - 18 November 2010.
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 and especially during the third quarter also
Nurminen Heavy's market situation. Operating result weakened strongly due to the
decrease of net sales and the increase of fixed costs due to the opening of
Vuosaari logistics centre.
The company announced on 25 February that it adjusts its operations to the
market situation. The savings goal related to personnel costs is EUR 1.5
million. During the review period ongoing savings programme reduced costs with
EUR 0.9 million.
Fire destroyed part of the company's terminal in Niirala on 25 June 2009. Due
to the terminal space destroyed in the fire a write-off of EUR 509 thousand has
been recorded during the third quarter. Correspondingly an insurance
compensation receivable of EUR 509 thousand has been recorded in other operating
income as the terminal was insured for its full value.
Until 23 July 2009 the financial result was burdened by high interest rate of
the rouble based loan taken by the company's Russian subsidiary. The entire
rouble based loan was converted into euro based loan on 23 July 2009. The
conversion caused a non-recurring cost of EUR 0.2 million that burdened the
financial result. At the time of conversion the rouble based loan amounted to
RUB 426 million. The conversion will reduce the company's financial costs.
Exchange rate differentials of the parent company's loan to the Russian
subsidiary burdened the financial result by EUR 0.2 million.
Nurminen Cargo's net sales for the review period amounted to EUR 40.3 (52.4)
million. Net sales decreased strongly due to the weakening 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 94 (3,696)
thousand. The weakening of the operating result was mainly due to volume
decrease and increase of fixed costs due to the opening of the logistics centre
in Vuosaari.
Nurminen Heavy's net sales continued to decrease being EUR 6.0 (8.5) million.
Operating profit decreased strongly to EUR 209 (1,038) thousand. Operating
profit decreased due to drop in business volume and increased price competition.
NET SALES AND FINANCIAL PERFORMANCE OF THE THIRD QUARTER
The 2009 third quarter net sales amounted to EUR 15.7 (2008: 22.6) million.
Compared to the corresponding period last year the decrease of the net sales was
30.7%. Reported operating result was EUR 1,149 (1,855) thousand. The operating
profit decreased by 38.6%. Operating result includes non-recurring profits EUR
433 (2008: 0) thousand. Operating result does not include non-recurring costs
(2008: 0). Therefore comparative operating result decreased 61% compared to
corresponding period last year.
Net sales did not recover from the sudden drop in volumes that took place in the
fourth quarter of 2008. Nurminen Cargo business unit's demand situation improved
slightly. Nurminen Heavy business unit's demand situation continued to weaken
during the third quarter as its customers reduced their deliveries.
Profitability was burdened by weak capacity utilization especially in Vuosaari
logistics centre. The adjustment measures had a positive effect on operating
profit.
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 general economic situation is assessed to delay
achieving of the growth objectives in the short term.
Due to the global financial crisis foreign trade volumes have declined in all
sectors. The volumes have started to slightly grow after strong decline in the
beginning of the year but both exports and imports are still on a significantly
lower level than in the corresponding period last year.
The net sales of the continuing operations in year 2009 are assessed to be lower
than in 2008 and the company's operating result excluding non-recurring items is
assessed to be positive.
The company published its previous outlook for 2009 on 7 August 2009. In that
outlook the net sales of the continuing operations in year 2009 were assessed to
be lower than in 2008 and the company's operating result excluding non-recurring
items was assessed to be slightly negative.
SHORT-TERM RISKS AND UNCERTAINTIES
The downward trend of the world economy seems to have stopped and there are some
weak signs of the recovery of the world economy. However, the timing and speed
of the economic growth are still difficult to estimate. There is uncertainty in
the development of the foreign trade volumes that are important to the company
and even large variations in the volumes of different product categories are
still possible.
FINANCIAL POSITION AND BALANCE SHEET
Company's cash flow from operations was EUR 3,556 thousand including the EUR
3,500 thousand non-recurring payment related to the rental agreement arrangement
concerning the Vuosaari logistics centre. Cash flow from investments was EUR
-2,251 thousand. Cash flow from financing activities amounted to EUR -3,941
thousand. At the end of the review period, cash and cash equivalents amounted to
EUR 1,568 thousand. Liquidity was good throughout the review period.
Group's interest bearing debt was EUR 30.4 million and correspondingly the net
interest bearing debt was EUR 28.8 million.
Balance sheet totaled EUR 74.2 million and equity ratio was 42.7%.
CAPITAL EXPENDITURE
The Group's gross capital expenditure for the review period amounted to EUR 2.8
(9.8) million, accounting for 6.0% of net sales. Depreciation totaled EUR 3.5
(3.1) million, or 7.5% of net sales. Investments were mainly made to railway
wagons.
PERSONNEL
At the end of the review period the Group staff was 359 (366 on 30 June 2009).
The number of personnel working abroad was 64. Nurminen Cargo had 303 employees
and Nurminen Heavy 27. Management and administrative staff numbered to 29.
SHARES AND SHAREHOLDERS
The trading volume of Nurminen Logistics Plc's shares was 62,602 in 1 January -
30 September 2009, which represented 0.49% of the total number of shares. The
value of the turnover was EUR 202,384. The lowest price for the period was EUR
2.50 per share and the highest EUR 3.52 per share. The closing price for the
period was EUR 3.40 per share and the market value of the entire share capital
EUR 43,786,825. At the end of the period, there were 369 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 decision regarding remuneration means that the
final remuneration of the Board members is subject to the total return for 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 to decide on the issue of shares and special rights, for a maximum
of 20,000,000 new shares. Based on this authorisation the company issued in June
121,859 new shares. The shares were issued in order to acquire minority interest
of company's subsidiary OOO Huolintakeskus. The transaction was published in a
stock exchange release on 23 June 2009.
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.
OTHER EVENTS DURING THE THIRD QUARTER
New logistics centre at Hamina harbour
Nurminen Logistics has signed an agreement to open a diversified logistics
centre at Hamina harbour. The centre, in which Nurminen Logistics operates as a
leaseholder, offers clients an entire logistic value chain, including terminal
services, rail transport, forwarding and documentation services, and special and
heavy transport, as well as project services.
Initially employing a staff of around 15, the centre includes a covered terminal
space of approximately 16 000 square metres, while the outdoor space, intended
for various project services and containers, consists of three hectares. Inside
the terminal, there is a blind track and outside, there is a specific track for
project transport. The logistics centre is to be built on the pre-existing
terminal, which is being completely repaired and modernised. Construction work
commenced in July 2009 and the terminal will be deployed in December 2009.
Rouble based loan converted into euro based
The company has converted its entire rouble based loan of RUB 426 million (EUR
9,120 thousand) into euro based loan on 23 July 2009. The conversion caused a
non-recurring cost of EUR 0.2 million that burdened the financial result. The
conversion will reduce the company's financial costs. Exchange rate
differentials of the parent company's loan to the Russian subsidiary burdened
the financial result by EUR 0.2 million.
EVENTS AFTER THE REVIEW PERIOD
Nurminen Logistics sold its logistics properties to Ilmarinen Mutual Pension
Insurance Company as part of financing arrangement
Nurminen Logistics Plc has sold its properties in Kotka, Luumäki, Vainikkala,
Niirala and Jyväskylä to Ilmarinen Mutual Pension Insurance Company. The selling
price is approximately EUR 15 million. Nurminen Logistics Plc continues its
operations as a leaseholder in the above mentioned properties on a ten-year
lease agreement. Nurminen Logistics Plc has committed to repurchase the
properties from Ilmarinen after the term of lease agreement. The arrangement has
no material impact on the company's result. The arrangement will be recorded as
property sale. The leaseback will be treated as financial lease.
The stock exchange release concerning the arrangement was published on 2
November 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 | 1-9/2009 | 1-9/2008 | 1-12/2008 |
--------------------------------------------------------------------------------
| EUR 1,000 | | | |
--------------------------------------------------------------------------------
| Continuing operations | | | |
--------------------------------------------------------------------------------
| NET SALES | 46 290 | 60 943 | 81 846 |
--------------------------------------------------------------------------------
| Other operating income | 2 636 | 1 065 | 1 272 |
--------------------------------------------------------------------------------
| Materials and services | -20 603 | -32 011 | -42 582 |
--------------------------------------------------------------------------------
| Employee benefits expenses | -10 710 | -11 880 | -15 626 |
| | | | |
--------------------------------------------------------------------------------
| Depreciation and impairment | -3 980 | -3 112 | -4 339 |
--------------------------------------------------------------------------------
| Other operating costs | -11 740 | -10 956 | -15 933 |
--------------------------------------------------------------------------------
| OPERATING PROFIT | 1 893 | 4 049 | 4 638 |
--------------------------------------------------------------------------------
| Financial income | 97 | 517 | 661 |
--------------------------------------------------------------------------------
| Financial expenses | -2 966 | -1 770 | -2 699 |
--------------------------------------------------------------------------------
| Share of profit in associates | 115 | 201 | 334 |
--------------------------------------------------------------------------------
| PROFIT BEFORE TAX | -861 | 2 997 | 2 934 |
--------------------------------------------------------------------------------
| Income taxes | -301 | -691 | -586 |
--------------------------------------------------------------------------------
| PROFIT FOR THE PERIOD FROM | -1 162 | 2 306 | 2 348 |
| CONTINUING OPERATIONS | | | |
--------------------------------------------------------------------------------
| Profit for the period from | 0 | 343 | 509 |
| discontinued operations | | | |
--------------------------------------------------------------------------------
| PROFIT FOR THE PERIOD | -1 162 | 2 649 | 2 857 |
--------------------------------------------------------------------------------
| | | | |
--------------------------------------------------------------------------------
| Other comprehensive income | | | |
--------------------------------------------------------------------------------
| Translation differences | -1 037 | -12 | -3 433 |
--------------------------------------------------------------------------------
| Other comprehensive income for | -1 037 | -12 | -3 433 |
| the period | | | |
--------------------------------------------------------------------------------
| Total comprehensive income for | -2 199 | 2 637 | -576 |
| the period | | | |
--------------------------------------------------------------------------------
| | | | |
--------------------------------------------------------------------------------
| Net profit attributable | | | |
--------------------------------------------------------------------------------
| To equity holders of the parent | -1 813 | 2 062 | 2 181 |
--------------------------------------------------------------------------------
| To minority interest | 651 | 587 | 676 |
--------------------------------------------------------------------------------
| | | | |
--------------------------------------------------------------------------------
| EPS undiluted | -0,14 | 0,16 | 0,17 |
--------------------------------------------------------------------------------
| - Continuing operations | -0,14 | 0,12 | 0,13 |
--------------------------------------------------------------------------------
| - Discontinued operations | 0,00 | 0,04 | 0,04 |
--------------------------------------------------------------------------------
| | | | |
--------------------------------------------------------------------------------
| EPS diluted | -0,14 | 0,16 | 0,17 |
--------------------------------------------------------------------------------
| - Continuing operations | -0,14 | 0,12 | 0,13 |
--------------------------------------------------------------------------------
| - Discontinued operations | 0,00 | 0,04 | 0,04 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| INCOME STATEMENT | 7-9/2009 | 7-9/2008 | Change |
--------------------------------------------------------------------------------
| EUR 1,000 | | | |
--------------------------------------------------------------------------------
| Continuing operations | | | |
--------------------------------------------------------------------------------
| NET SALES | 15 689 | 22 629 | -6 940 |
--------------------------------------------------------------------------------
| Other operating income | 1 152 | 199 | 953 |
--------------------------------------------------------------------------------
| Materials and services | -6 689 | -12 014 | 5 325 |
--------------------------------------------------------------------------------
| Employee benefits expenses | -3 367 | -4 321 | 954 |
| | | | |
--------------------------------------------------------------------------------
| Depreciation and impairment | -1 642 | -1 134 | -508 |
--------------------------------------------------------------------------------
| Other operating costs | -3 994 | -3 504 | -490 |
--------------------------------------------------------------------------------
| OPERATING PROFIT | 1 149 | 1 855 | -706 |
--------------------------------------------------------------------------------
| Financial income | 37 | -471 | 508 |
--------------------------------------------------------------------------------
| Financial expenses | -845 | -11 | -834 |
--------------------------------------------------------------------------------
| Share of profit in associates | 41 | 193 | -152 |
--------------------------------------------------------------------------------
| PROFIT BEFORE TAX | 382 | 1 566 | -1 184 |
--------------------------------------------------------------------------------
| Income taxes | -189 | -362 | 173 |
--------------------------------------------------------------------------------
| PROFIT FOR THE PERIOD FROM | 193 | 1 204 | -1 011 |
| CONTINUING OPERATIONS | | | |
--------------------------------------------------------------------------------
| Profit for the period from | 0 | 151 | -151 |
| discontinued operations | | | |
--------------------------------------------------------------------------------
| PROFIT FOR THE PERIOD | 193 | 1 355 | -1 162 |
--------------------------------------------------------------------------------
| | | | |
--------------------------------------------------------------------------------
| Other comprehensive income | | | |
--------------------------------------------------------------------------------
| Translation differences | 21 | 9 | 12 |
--------------------------------------------------------------------------------
| Other comprehensive income for | 21 | 9 | 12 |
| the period | | | |
--------------------------------------------------------------------------------
| Total comprehensive income for | 214 | 1 364 | -1 150 |
| the period | | | |
--------------------------------------------------------------------------------
| | | | |
--------------------------------------------------------------------------------
| Net profit attributable | | | |
--------------------------------------------------------------------------------
| To equity holders of the parent | -16 | 1 420 | -1 436 |
--------------------------------------------------------------------------------
| To minority interest | 209 | 127 | 82 |
--------------------------------------------------------------------------------
| | | | |
--------------------------------------------------------------------------------
| EPS undiluted | 0,00 | 0,10 | -0,10 |
--------------------------------------------------------------------------------
| - Continuing operations | 0,00 | 0,09 | -0,09 |
--------------------------------------------------------------------------------
| - Discontinued operations | 0,00 | 0,01 | -0,01 |
--------------------------------------------------------------------------------
| | | | |
--------------------------------------------------------------------------------
| EPS diluted | 0,00 | 0,10 | -0,10 |
--------------------------------------------------------------------------------
| - Continuing operations | 0,00 | 0,09 | -0,09 |
--------------------------------------------------------------------------------
| - Discontinued operations | 0,00 | 0,01 | -0,01 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| BALANCE SHEET | 30.9.2009 | 30.9.2008 | 31.12.2008 |
--------------------------------------------------------------------------------
| EUR 1,000 | | | |
--------------------------------------------------------------------------------
| ASSETS | | | |
--------------------------------------------------------------------------------
| Non-current assets | | | |
--------------------------------------------------------------------------------
| Property, plan, equipment | 45 009 | 52 546 | 48 542 |
--------------------------------------------------------------------------------
| Goodwill | 9 516 | 9 130 | 9 130 |
--------------------------------------------------------------------------------
| Intangible assets | 1 284 | 1 744 | 1 558 |
--------------------------------------------------------------------------------
| Investments in associates | 476 | 472 | 591 |
--------------------------------------------------------------------------------
| Other long-term investments | 718 | 41 | 718 |
--------------------------------------------------------------------------------
| Deferred tax asset | 576 | 353 | 421 |
--------------------------------------------------------------------------------
| NON-CURRENT ASSETS | 57 579 | 64 286 | 60 960 |
--------------------------------------------------------------------------------
| Current assets | | | |
--------------------------------------------------------------------------------
| Trade receivables and other | 15 031 | 20 780 | 13 843 |
| receivables | | | |
--------------------------------------------------------------------------------
| Cash and bank | 1 568 | 226 | 4 204 |
--------------------------------------------------------------------------------
| Non-current assets held for | 0 | 10 766 | 0 |
| sale | | | |
--------------------------------------------------------------------------------
| CURRENT ASSETS | 16 599 | 31 772 | 18 047 |
--------------------------------------------------------------------------------
| ASSETS TOTAL | 74 178 | 96 058 | 79 007 |
--------------------------------------------------------------------------------
| | | | |
--------------------------------------------------------------------------------
| EQUITY AND LIABILITIES | | | |
--------------------------------------------------------------------------------
| Share capital | 4 215 | 4 215 | 4 215 |
--------------------------------------------------------------------------------
| Other reserves | 17 222 | 22 362 | 19 019 |
--------------------------------------------------------------------------------
| Retained earnings | 9 412 | 10 771 | 10 675 |
--------------------------------------------------------------------------------
| Minority interest | 789 | 940 | 975 |
--------------------------------------------------------------------------------
| SHAREHOLDERS' EQUITY | 31 638 | 38 288 | 34 884 |
--------------------------------------------------------------------------------
| Long-term liabilities | | | |
--------------------------------------------------------------------------------
| Deferred tax liability | 326 | 342 | 258 |
--------------------------------------------------------------------------------
| Non-current interest-free | 838 | 624 | 779 |
| liabilities | | | |
--------------------------------------------------------------------------------
| Long-term liabilities, | 16 384 | 24 567 | 22 232 |
| interest-bearing | | | |
--------------------------------------------------------------------------------
| NON-CURRENT LIABILITIES | 17 548 | 25 533 | 23 269 |
--------------------------------------------------------------------------------
| Current liabilities | | | |
--------------------------------------------------------------------------------
| Trade payables and other | 10 994 | 13 159 | 9 185 |
| liabilities | | | |
--------------------------------------------------------------------------------
| Short-term interest-bearing | 13 998 | 11 912 | 11 669 |
| liabilities | | | |
--------------------------------------------------------------------------------
| CURRENT LIABILITIES | 24 992 | 25 071 | 20 854 |
--------------------------------------------------------------------------------
| Liabilities of disposal group | 0 | 7 166 | 0 |
| held for sale | | | |
--------------------------------------------------------------------------------
| TOTAL LIABILITIES | 42 540 | 57 770 | 44 123 |
--------------------------------------------------------------------------------
| TOTAL EQUITY AND LIABILITIES | 74 178 | 96 058 | 79 007 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| CONSOLIDATED CASH FLOW | 1-9/2009 | 1-9/2008 | 1-12/2008 |
| STATEMENT | | | |
--------------------------------------------------------------------------------
| CASH FLOW FROM OPERATING | | | |
| ACTIVITIES | | | |
--------------------------------------------------------------------------------
| Profit/Loss for the period | -1162 | 2649 | 2857 |
--------------------------------------------------------------------------------
| Adjustments to reconcile profit | -105 | -325 | -3173 |
--------------------------------------------------------------------------------
| Depreciation and amortization | 3980 | 3651 | 4942 |
--------------------------------------------------------------------------------
| Unrealized foreign exchange | 221 | 320 | 224 |
| wins and losses | | | |
--------------------------------------------------------------------------------
| Other adjustments | 3354 | 1680 | 2993 |
--------------------------------------------------------------------------------
| Paid and received interest | -2862 | -883 | -2068 |
--------------------------------------------------------------------------------
| Taxes paid | 164 | -1528 | -1325 |
--------------------------------------------------------------------------------
| Changes in working capital | -34 | -9498 | -5202 |
--------------------------------------------------------------------------------
| Cash flow from operating | 3556 | -3934 | -752 |
| activities | | | |
--------------------------------------------------------------------------------
| CASH FLOW FROM INVESTING | | | |
| ACTIVITIES | | | |
--------------------------------------------------------------------------------
| Acquisition of subsidiaries, | -360 | 6447 | 6240 |
| net of cash acquired | | | |
--------------------------------------------------------------------------------
| Disposal of subsidiaries/ | 0 | 90 | 3970 |
| associated companies | | | |
--------------------------------------------------------------------------------
| Proceeds from sales of fixed | 268 | 857 | 966 |
| assets | | | |
--------------------------------------------------------------------------------
| Investments in tangible and | -2425 | -9135 | -11110 |
| intangible assets | | | |
--------------------------------------------------------------------------------
| Proceeds from repayments of | 266 | 2167 | 2096 |
| loans | | | |
--------------------------------------------------------------------------------
| Cash flow from investing | -2251 | 426 | 2162 |
| activities | | | |
--------------------------------------------------------------------------------
| CASH FLOW FROM FINANCING | | | |
| ACTIVITIES | | | |
--------------------------------------------------------------------------------
| Changes in liabilities | -2875 | 3355 | 1503 |
--------------------------------------------------------------------------------
| Dividends paid | -1066 | -1672 | -1672 |
--------------------------------------------------------------------------------
| Cash flow from financing | -3941 | 1683 | -169 |
| activities | | | |
--------------------------------------------------------------------------------
| CHANGE IN CASH AND CASH | -2636 | -1825 | 1241 |
| EQUIVALENTS | | | |
--------------------------------------------------------------------------------
| Cash and cash equivalents at | 4204 | 3085 | 2963 |
| beginning of period | | | |
--------------------------------------------------------------------------------
| Cash and cash equivalents at | 1568 | 1260 | 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 | | | | | | | | | |
| 1-9/08 | | | | | | | | | |
| EUR 1,000 | | | | | | | | | |
--------------------------------------------------------------------------------
| Sharehold | 421 | 86 | 2374 | 0 | 6132 | 0 | 10309 | 391 | 23507 |
| ers' | 5 | | | | | | | | |
| equity at | | | | | | | | | |
| beginning | | | | | | | | | |
--------------------------------------------------------------------------------
| Other | 0 | 0 | 0 | 0 | 13868 | 0 | -167 | 115 | 13816 |
| changes | | | | | | | | | |
--------------------------------------------------------------------------------
| Total | 0 | 0 | 0 | 0 | 0 | -12 | 2062 | 587 | 2637 |
| comprehen | | | | | | | | | |
| sive | | | | | | | | | |
| income | | | | | | | | | |
| for the | | | | | | | | | |
| period | | | | | | | | | |
--------------------------------------------------------------------------------
| Dividends | 0 | 0 | 0 | 0 | 0 | 0 | -1519 | -153 | -1672 |
--------------------------------------------------------------------------------
| Sharehold | 421 | 86 | 2374 | 0 | 20000 | -12 | 10685 | 940 | 38288 |
| ers' | 5 | | | | | | | | |
| equity | | | | | | | | | |
| 30.9.2008 | | | | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| STATEMENT | A | B | C | D | E | F | G | H | I |
| OF | | | | | | | | | |
| CHANGES | | | | | | | | | |
| IN EQUITY | | | | | | | | | |
| 1-9/09 | | | | | | | | | |
| EUR 1,000 | | | | | | | | | |
--------------------------------------------------------------------------------
| Sharehold | 421 | 86 | 2374 | 0 | 20000 | -3441 | 10675 | 975 | 34884 |
| ers' | 5 | | | | | | | | |
| equity at | | | | | | | | | |
| beginning | | | | | | | | | |
--------------------------------------------------------------------------------
| Other | 0 | 3 | 0 | 0 | 0 | 0 | 552 | -536 | 19 |
| changes | | | | | | | | | |
--------------------------------------------------------------------------------
| Total | 0 | 0 | 0 | 0 | 0 | -1037 | -1813 | 651 | -2199 |
| comprehen | | | | | | | | | |
| sive | | | | | | | | | |
| income | | | | | | | | | |
| for the | | | | | | | | | |
| period | | | | | | | | | |
--------------------------------------------------------------------------------
| Dividends | 0 | 0 | 0 | 0 | -765 | 0 | 0 | -301 | -1066 |
--------------------------------------------------------------------------------
| Sharehold | 421 | 89 | 2374 | 0 | 19235 | -4478 | 9414 | 789 | 31638 |
| ers' | 5 | | | | | | | | |
| equity | | | | | | | | | |
| 30.9.2009 | | | | | | | | | |
--------------------------------------------------------------------------------
SEGMENT INFORMATION
--------------------------------------------------------------------------------
| Net sales by segment | 1-9/2009 | 1-9/2008 | 1-12/2008 |
--------------------------------------------------------------------------------
| EUR 1,000 | | | |
--------------------------------------------------------------------------------
| Nurminen Cargo | 40 313 | 52 462 | 71 188 |
--------------------------------------------------------------------------------
| Nurminen Heavy | 5 977 | 8 481 | 10 658 |
--------------------------------------------------------------------------------
| Eliminations | 0 | 0 | 0 |
--------------------------------------------------------------------------------
| Total | 46 290 | 60 943 | 81 846 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Operating profit by segment | 1-9/2009 | 1-9/2008 | 1-12/2008 |
--------------------------------------------------------------------------------
| EUR 1,000 | | | |
--------------------------------------------------------------------------------
| Nurminen Cargo | 94 | 3 696 | 4 263 |
--------------------------------------------------------------------------------
| Nurminen Heavy | 209 | 1 038 | 1 139 |
--------------------------------------------------------------------------------
| Other segments | 1 590 | -685 | -764 |
--------------------------------------------------------------------------------
| Total | 1 893 | 4 049 | 4 638 |
--------------------------------------------------------------------------------
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 | 1-9/2009 |
--------------------------------------------------------------------------------
| Sales | 350 |
--------------------------------------------------------------------------------
| Other operating income | 1 590 |
--------------------------------------------------------------------------------
| Expenses | 1 255 |
--------------------------------------------------------------------------------
| Financial expenses | 295 |
--------------------------------------------------------------------------------
| Trade receivables and other receivables | 25 |
--------------------------------------------------------------------------------
| Trade payables and other liabilities | 2 543 |
--------------------------------------------------------------------------------
| Long-term liabilities | 5 720 |
--------------------------------------------------------------------------------
KEY FIGURES
--------------------------------------------------------------------------------
| KEY FIGURES | 1-9/2009 | 1-9/2008 | 1-12/2008 |
--------------------------------------------------------------------------------
| Gross capital expenditure, EUR | 2 785 | 9 759 | 11 941 |
| 1,000 | | | |
--------------------------------------------------------------------------------
| Personnel | 359 | 552 | 516 |
--------------------------------------------------------------------------------
| Operating margin % | 4,1 % | 6,6 % | 5,7 % |
--------------------------------------------------------------------------------
| SHARE PRICE DEVELOPMENT | | | |
--------------------------------------------------------------------------------
| Share price at beginning of | 3,00 | 5,10 | 5,10 |
| period | | | |
--------------------------------------------------------------------------------
| Share price at end of period | 3,40 | 4,35 | 3,00 |
--------------------------------------------------------------------------------
| Highest for the period | 3,52 | 5,70 | 5,70 |
--------------------------------------------------------------------------------
| Lowest for the period | 2,50 | 4,35 | 2,97 |
--------------------------------------------------------------------------------
| | | | |
--------------------------------------------------------------------------------
| EQUITY/SHARE EUR | 2,47 | 3,01 | 2,74 |
--------------------------------------------------------------------------------
| EARNINGS/SHARE (EPS) | -0,14 | 0,16 | 0,17 |
--------------------------------------------------------------------------------
| Equity ration % | 42,65 | 39,86 | 44,15 |
--------------------------------------------------------------------------------
OTHER LIABILITIES
--------------------------------------------------------------------------------
| Contingent liabilities, 1000 | 1-9/2009 | 1-9/2008 | 1-12/2008 |
| EUR | | | |
--------------------------------------------------------------------------------
| Mortgages given | 8 223 | 6 223 | 6 223 |
--------------------------------------------------------------------------------
| Other contingent liabilities | 7 038 | 7 038 | 7 038 |
--------------------------------------------------------------------------------
| Rent liabilities | 79 244 | 13 650 | 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
NURMINEN LOGISTICS PLC'S INTERIM REPORT 1 JANUARY- 30 SEPTEMBER 2009
| Quelle: Nurminen Logistics Oyj