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