Nurminen Logistics Plc Interim report 3 August 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 June 2012
- Net sales were EUR 39.5 million (2011: EUR 36.3 million).
- Reported operating result was EUR 2.7 million (EUR -0.4 million)
- Operating margin was 6.8% (-1.2%).
- Operating result excluding non-recurring items was EUR 2.6 million (EUR -0.7 million).
- EBT was EUR 2.0 million (EUR -1.1 million)
- Net result was EUR 1.3 million (EUR -1.4 million).
- Earnings per share, undiluted: 0.01 Euros (-0.15 Euros).
- Earnings per share, diluted: 0.01 Euros (-0.15 Euros).
Second quarter 1 April - 30 June 2012
- Net sales were EUR 20.4 million (2011: EUR 18.6 million).
- Reported operating result was EUR 1.5 million (EUR 0.2 million)
- Operating margin was 7.5% (1.0%).
- Operating result excluding non-recurring items was EUR 1.5 million (EUR -0.1 million).
- EBT was EUR 0.8 million (EUR -0.1 million)
- Net result was EUR 0.4 million (EUR -0.3 million).
- Earnings per share, undiluted: -0.03 Euros (-0.05 Euros).
- Earnings per share, diluted: -0.03 Euros (-0.05 Euros).
MARKET SITUATION
Russia and the CIS countries, an important market for Nurminen Logistics, remained active throughout the review period, although the increased uncertainty of the world economy decreased demand with certain clients 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 segments.
The volumes of export by rail to the CIS countries evened out after a spike in April and in the second quarter 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 rail transport faster than expected.
In special transport, demand and price level varied greatly. The market situation improved slightly in the second 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 satisfactory level throughout the review period. The development of volumes at the Kotka and Hamina terminals varied throughout the review period. The reasons for the decrease in volumes at the end of the review period were the delays in deliveries for certain clients and the normal seasonal variations in transit transport to Russia.
The forwarding and value-added services market in Southern Finland and at Vuosaari harbor remained challenging and kept the price level unsatisfactory. Among the main customer groups, demand from the forestry industry increased in the second quarter in comparison to the first quarter of 2012, whereas there was a slight decrease in demand in the mechanical engineering industry.
NET SALES AND FINANCIAL PERFORMANCE 1 JANUARY - 30 JUNE 2012
The net sales for the review period amounted to EUR 39.5 million (2011: 36.3 million). Compared to 2011 the increase of net sales was 8.8%. Reported operating result was EUR 2,703 (-440) thousand. The increase was 714.8 %. Operating result includes non-recurring items of EUR 69 (248) thousand. Therefore, comparative operating result was EUR 2,634 (-687) thousand and increased 483.2% 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 review period 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 0.1 million. This exchange rate profit had no cash flow impact.
Railway Logistics
The Railway Logistics business unit net sales for the review period amounted to EUR 22,210 (2011: 20,901) thousand and operating result was EUR 3,008 (2011: 1,893) thousand. Operating result includes non-recurring items of EUR 69 (248) thousand. Therefore, comparative operating result was EUR 2,939 (1,645) thousand. The growth of net sales and operating profit was mainly due to improved client base especially in Russia and more effective operation of wagons. The number of domestic railway transports in Russia remained at a good level. 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 company’s services in Russia and other CIS countries. However, in the first half of the year, 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 4,636 (3,801) thousand and operating result was EUR 203 (-192) thousand. Due to the competition situation and an increase in expenses the gross margin level of tenders won remained in unsatisfactory level in average. The operating result improved compared to the year 2011 due to the stronger demand, more active sales and improved equipment utilization rate as a result of more successful return load procurement.
Transit Logistics
The Transit Logistics business unit net sales for the review period amounted to EUR 6,775 (5,166) thousand and operating result was EUR 1,211 (-252) 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 Southern Asia, as well as the increased export of containers in the Klaipeda unit. The main focus was on new customers and services, so the utilization rate of Finnish terminals remained fairly good, on average.
Forwarding and Value Added Services
Forwarding and Value Added Services business unit net sales for the review period amounted to EUR 5,916 (6,472) thousand and operating result was EUR -1,720 (-1,889) thousand. The strengthening of operations and the development of the price level improved the result of the business unit at the beginning of the year. The volumes of the Vuosaari logistics centre increased slightly in the second quarter compared to the first quarter. In the main customer groups, the volumes of the forestry industry had the highest increase. Also, the forwarding volumes at Vuosaari increased. The result of Vuosaari logistics centre improved due to the development measures taken according to the launched in the end of 2011 development program. In the review period the operating loss of the Vuosaari logistics centre was EUR 1.2 (1.7) million.
| NET SALES BY UNITS | 1-6/2012 | 1-6/2011 | 1-12/2011 |
| EUR 1,000 | |||
| Railway Logistics | 22,210 | 20,901 | 43,777 |
| Special Transports and Projects | 4,636 | 3,801 | 7,572 |
| Transit Logistics | 6,775 | 5,166 | 12,250 |
| Forwarding and Value Added Services | 5,916 | 6,472 | 13,030 |
| Total | 39,537 | 36,339 | 76,630 |
| OPERATING RESULT BY UNITS | 1-6/2012 | 1-6/2011 | 1-12/2011 |
| EUR 1,000 | |||
| Railway Logistics | 3,008 | 1,893 | 5,608 |
| Special Transports and Projects | 203 | -192 | -461 |
| Transit Logistics | 1,211 | -252 | 423 |
| Forwarding and Value Added Services | -1,720 | -1,889 | -3,623 |
| Total | 2,703 | -440 | 1,947 |
NET SALES AND FINANCIAL PERFORMANCE OF SECOND QUARTER
The 2011 second quarter net sales amounted to EUR 20.4 million (2011: 18.6 million). Compared to 2011 the increase of net sales was 9.4%. Reported operating result was EUR 1,528 (195) thousand. The increase was 685.2 %. Operating result includes non-recurring items of EUR 0 (248) thousand. Therefore, comparative operating result was EUR 1,528 (-53) thousand and increased 2972.4% compared to 2011.
The depreciation of the Russian rouble during the review period decreased the company's financial result by EUR 0.4 million. This exchange rate loss had no cash flow impact.
In the second quarter of 2012, net sales increased by EUR 1.3 million compared to the first quarter. When compared to the same review period in the previous year, net sales increased by EUR 1.8 million. The operating result, excluding non-recurring items, improved by almost EUR 1.6 million compared to 2011.
The net sales and result of Railway Logistics improved in the second quarter compared to the first quarter. This was mainly due to the increased use of covered wagons and platforms in Russia’s domestic rail traffic. The volumes of special wagons have somewhat increased and profitability has improved due to negotiations and price changes that were completed in the beginning of the year.
The net sales and result of the Special Transports and Projects unit increased considerably in the second quarter of the year compared to the first quarter. The result was improved by a rise in sales and an improved equipment utilization rate as a result of more successful return load procurement.
The net sales and result of the Transit Logistics unit improved mainly due to the container volumes transported via Baltic Countries. The volumes of the Kotka and Hamina terminals decreased slightly due to the seasonal demand for certain products and the delivery delays of certain clients.
In the Forwarding and Value-Added Services unit, the net sales and operating result developed positively in the second quarter compared to the first quarter. The net sales and operating result were slightly below the previous year’s figures due to a large forwarding project that took place in the 2011 review period. In the second quarter, the volumes for forwarding increased at all facilities (Helsinki, Rauma, Turku, Vaalimaa) compared to the first quarter.
| NET SALES BY UNITS | 4-6/2012 | 4-6/2011 | Change |
| EUR 1,000 | |||
| Railway Logistics | 11,524 | 10,355 | 1,169 |
| Special Transports and Projects | 2,659 | 1,973 | 686 |
| Transit Logistics | 3,365 | 2,800 | 565 |
| Forwarding and Value Added Services | 2,862 | 3,520 | -658 |
| Total | 20,410 | 18,648 | 1,762 |
| OPERATING RESULT BY UNITS | 4-6/2012 | 4-6/2011 | Change |
| EUR 1,000 | |||
| Railway Logistics | 1,588 | 991 | 597 |
| Special Transports and Projects | 135 | -34 | 169 |
| Transit Logistics | 686 | -8 | 694 |
| Forwarding and Value Added Services | -881 | -755 | -126 |
| Total | 1,528 | 195 | 1,333 |
OUTLOOK
The company updated its year 2012 outlook on 12 April 2012:
Outlook published on 24 February 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 better than in 2011.
New 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.
Nurminen Logistics is still expecting its markets to develop favourably in 2012. Demand is expected to remain on a good level, especially, in company’s strategically important growth market − domestic railway transports in Russia and other CIS countries. The company continues to work for strengthening its position especially in Russia.
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.
The company is actively following the structural changes in the logistics market.
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 3,283 thousand. Cash flow from investments was EUR -7 thousand. Cash flow from financing activities amounted to EUR -2,262 thousand.
At the end of the review period, cash and cash equivalents amounted to EUR 3,525 thousand. Liquidity remained satisfactory in the review period.
Group’s interest bearing debt was EUR 27.4 million and correspondingly the net interest bearing debt was EUR 23.9 million.
Balance sheet totaled EUR 68.4 million and equity ratio was 42.1%.
CHANGES IN THE TOP MANAGEMENT
Nurminen Logistics Plc’s CFO and member of Executive Board Antti Sallila has decided to leave his position to pursue his career in another industry. This change in the top management was published in stock exchange release on 16 May 2012.
Paula Kupiainen (51), M.Sc., has been elected as the new Chief Financial Officer (CFO) and Member of the Executive Board of Nurminen Logistics. She will report to Topi Saarenhovi, President and CEO. Before joining Nurminen Logistics, Paula Kupiainen has acted as the Chief Financial Officer of the Polttimo Group since 2007. Kupiainen will start working with Nurminen Logistics on 15 October 2012. The election was published in stock exchange release on 20 June 2012.
Nurminen Logistics will place a stronger focus on the significance of developing its IT systems and the quality of operations in implementing its strategy. Connected to this, Vice President Risto Miettinen (38), who is responsible for IT and quality, will be appointed as a Member of the Executive Board. Miettinen will start on the Executive Board on 1 August 2012 as Senior Vice President. Miettinen has worked with Nurminen Logistics in different roles since 1994. He has acted in his current role from 2011. This information was published in stock exchange release on 20 June 2012.
CAPITAL EXPENDITURE
The Group's gross capital expenditure for review period amounted to EUR 273 (343) thousand, accounting for 0.7% of net sales. Depreciation totaled EUR 2.0 (2.1) million, or 5.1% of net sales.
GROUP STRUCTURE
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 %).
PERSONNEL
At the end of the review period the Group staff was 342 (343 on 31 December 2011). The number of personnel working abroad was 68. Management and administrative staff numbered to 25.
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 90,670 in 1 January - 30 June 2012. This represented 0.70% of the total number of shares. The value of the turnover was EUR 179,480. The lowest price for the period was EUR 1.78 per share and the highest EUR 2.34 per share. The closing price for the period was EUR 1.94 per share and the market value of the entire share capital EUR 25,035,172.32.
At the end of the review period Nurminen Logistics Plc had 508 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.
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
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.
OTHER EVENTS DURING THE REVIEW PERIOD
Nurminen Logistics published preliminary information of its January - March 2012 result and updated its year 2012 outlook on 12 April 2012. This information was published in stock exchange release on the same day.
Senior Vice President Harri Vainikka left Nurminen Logistics on 14 May 2012. As of 15 May 2012 the number of Nurminen Logistics’ Executive Board declined from six to five. This information was published in stock exchange release on 12 April 2012.
EVENTS AFTER THE REVIEW PERIOD
There are no important events after the review period.
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 Topi Saarenhovi, 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, 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.
TABLES
| CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME | 1-6/2012 | 1-6/2011 | 1-12/2011 |
| EUR 1,000 | |||
| NET SALES | 39 537 | 36 339 | 76 630 |
| Other operating income | 362 | 290 | 1 037 |
| Materials and services | -17 360 | -18 267 | -37 431 |
| Employee benefit expenses | -7 863 | -7 240 | -14 994 |
| Depreciation, amortisation and impairment losses | -2 021 | -2 132 | -4 185 |
| Other operating expenses | -9 953 | -9 430 | -19 110 |
| OPERATING RESULT | 2 703 | -440 | 1 947 |
| Financial income | 195 | 138 | 146 |
| Financial expenses | -966 | -928 | -2 931 |
| Share of profit in equity-accounted investees | 67 | 149 | 91 |
| RESULT BEFORE TAX | 1 999 | -1 081 | -746 |
| Income taxes | -680 | -315 | -784 |
| PROFIT / LOSS FOR THE PERIOD | 1 319 | -1 396 | -1 530 |
| Other comprehensive income: | |||
| Translation differences | 209 | 160 | -887 |
| Other comprehensive income for the period after tax | 209 | 160 | -887 |
| TOTAL COMPREHENSIVE INCOME FOR THE PERIOD | 1 528 | -1 236 | -2 417 |
| Result attributable to | |||
| Equity holders of the parent company | 91 | -1 870 | -2 458 |
| Non-controlling interest | 1 227 | 474 | 928 |
| Total comprehensive income attributable to | |||
| Equity holders of the parent company | 301 | -1 710 | -3 345 |
| Non-controlling interest | 1 227 | 474 | 928 |
| EPS undiluted | 0,01 | -0,15 | -0,19 |
| EPS diluted | 0,01 | -0,15 | -0,19 |
| CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME | 4-6/2012 | 4-6/2011 | Change |
| EUR 1,000 | |||
| NET SALES | 20 410 | 18 648 | 1 762 |
| Other operating income | 145 | 249 | -104 |
| Materials and services | -8 856 | -9 256 | 401 |
| Employee benefit expenses | -3 980 | -3 777 | -203 |
| Depreciation, amortisation and impairment losses | -1 013 | -1 055 | 43 |
| Other operating expenses | -5 180 | -4 614 | -566 |
| OPERATING RESULT | 1 528 | 195 | 1 333 |
| Financial income | -355 | 82 | -437 |
| Financial expenses | -419 | -485 | 66 |
| Share of profit in equity-accounted investees | 36 | 68 | -33 |
| RESULT BEFORE TAX | 790 | -140 | 930 |
| Income taxes | -364 | -120 | -244 |
| PROFIT / LOSS FOR THE PERIOD | 426 | -260 | 686 |
| Other comprehensive income: | |||
| Translation differences | -1 400 | -129 | -1 271 |
| Other comprehensive income for the period after tax | -1 400 | -129 | -1 271 |
| TOTAL COMPREHENSIVE INCOME FOR THE PERIOD | -974 | -389 | -585 |
| Result attributable to | |||
| Equity holders of the parent company | -411 | -661 | 250 |
| Non-controlling interest | 837 | 401 | 436 |
| Total comprehensive income attributable to | |||
| Equity holders of the parent company | -1 811 | -790 | -1 021 |
| Non-controlling interest | 837 | 401 | 436 |
| EPS undiluted | -0,03 | -0,05 | 0,02 |
| EPS diluted | -0,03 | -0,05 | 0,02 |
| CONSOLIDATED BALANCE SHEET | 30.6.2012 | 30.6.2011 | 31.12.2011 |
| EUR 1,000 | |||
| ASSETS | |||
| Non-current assets | |||
| Property, plant and equipment | 39 169 | 43 141 | 40 785 |
| Goodwill | 9 516 | 9 516 | 9 516 |
| Other intangible assets | 849 | 734 | 719 |
| Investments in equity-accounted investees | 272 | 349 | 309 |
| Receivables | 35 | 714 | 35 |
| Deferred tax assets | 1 018 | 863 | 954 |
| NON-CURRENT ASSETS | 50 858 | 55 316 | 52 318 |
| Current assets | |||
| Trade and other receivables | 13 972 | 15 881 | 14 546 |
| Cash and cash equivalents | 3 525 | 2 514 | 2 490 |
| CURRENT ASSETS | 17 497 | 18 396 | 17 036 |
| ASSETS TOTAL | 68 356 | 73 712 | 69 354 |
| EQUITY AND LIABILITIES | |||
| Share capital | 4 215 | 4 215 | 4 215 |
| Other reserves | 17 928 | 18 451 | 17 896 |
| Retained earnings | 5 265 | 5 480 | 4 673 |
| Non-controlling interest | 1 333 | 610 | 1 064 |
| EQUITY, TOTAL | 28 741 | 28 756 | 27 848 |
| Non-current liabilities | |||
| Deferred tax liability | 401 | 457 | 398 |
| Non-interest-bearing finance liabilities | 622 | 666 | 635 |
| Interest-bearing finance liabilities | 18 319 | 20 313 | 19 044 |
| NON-CURRENT LIABILITIES | 19 342 | 21 437 | 20 077 |
| Current liabilities | |||
| Interest-bearing finance liabilities | 9 107 | 9 220 | 9 997 |
| Trade payables and other liabilities | 11 166 | 14 299 | 11 432 |
| CURRENT LIABILITIES | 20 273 | 23 519 | 21 429 |
| TOTAL LIABILITIES | 39 615 | 44 956 | 41 506 |
| TOTAL EQUITY AND LIABILITIES | 68 356 | 73 712 | 69 354 |
| CONDENSED CONSOLIDATED CASH FLOW STATEMENT | 1-6/2012 | 1-6/2011 | 1-12/2011 |
| CASH FLOW FROM OPERATING ACTIVITIES | |||
| Profit/Loss for the period | 1 319 | -1 395 | -1 530 |
| Gains and losses on disposals of property, plant and equipment and other non-current assets | -239 | -32 | -32 |
| Depreciation, amortisation and impairment losses | 2 021 | 2 132 | 4 185 |
| Unrealised foreign exchange gains and losses | -121 | -70 | 234 |
| Other adjustments | 1 366 | -149 | 2 731 |
| Paid and received interest | -614 | 860 | -1 505 |
| Taxes paid | -743 | 315 | -995 |
| Changes in working capital | 294 | 2 106 | 1 781 |
| Cash flow from operating activities | 3 283 | 3 766 | 4 868 |
| CASH FLOW FROM INVESTING ACTIVITIES | |||
| Proceeds from sale of property, plant and equipment and intangible assets | 266 | 113 | 54 |
| Investments in property, plant and equipment and intangible assets | -273 | -343 | -905 |
| Proceeds from sale of interests in associates | 0 | 0 | 404 |
| Cash flow from investing activities | -7 | -231 | -448 |
| CASH FLOW FROM FINANCING ACTIVITIES | |||
| Acquisition of own shares | 0 | 0 | -47 |
| Changes in liabilities | -1 304 | -2 728 | -3 569 |
| Dividends paid | -958 | -857 | -857 |
| Cash flow from financing activities | -2 262 | -3 585 | -4 473 |
| CHANGE IN CASH AND CASH EQUIVALENTS | 1 035 | -49 | -73 |
| Cash and cash equivalents at beginning of period | 2 490 | 2 563 | 2 563 |
| Cash and cash equivalents at end of period | 3 525 | 2 514 | 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
H= Total
| STATEMENT OF CHANGES IN EQUITY 1-6/2011 EUR 1,000 | A | B | C | D | E | F | G | H |
| Equity 1.1.2011 | 4215 | 86 | 2378 | 19178 | -3352 | 7373 | 993 | 30872 |
| Result for the period | 0 | 0 | 0 | 0 | 0 | -1869 | 474 | -1396 |
| Total comprehensive income for the period / translation differences | 0 | 0 | 0 | 0 | 160 | 0 | 0 | 160 |
| Other changes | 0 | 0 | 0 | 0 | 0 | -24 | 0 | -24 |
| Dividends | 0 | 0 | 0 | 0 | 0 | 0 | -857 | -857 |
| Equity 30.6.2011 | 4215 | 86 | 2378 | 19178 | -3192 | 5480 | 610 | 28756 |
| STATEMENT OF CHANGES IN EQUITY 1-6/2012 EUR 1,000 | A | B | C | D | E | F | G | H |
| Equity 1.1.2012 | 4215 | 86 | 2378 | 19131 | -3699 | 4673 | 1064 | 27848 |
| Result for the period | 0 | 0 | 0 | 0 | 0 | 91 | 1227 | 1319 |
| Total comprehensive income for the period / translation differences | 0 | 0 | 0 | 0 | 32 | 178 | 0 | 209 |
| Other changes | 0 | 0 | 0 | 0 | 0 | 323 | 0 | 323 |
| Dividends | 0 | 0 | 0 | 0 | 0 | 0 | -958 | -958 |
| Equity 30.6.2012 | 4215 | 86 | 2378 | 19131 | -3668 | 5265 | 1333 | 28741 |
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 | 1-6/2012 |
| EUR 1,000 | |
| Sales | 9 |
| Purchases | 3 |
| Interest expenses | 38 |
| Current receivables | 8 |
| Current liabilities | 1 959 |
KEY FIGURES
| KEY FIGURES | 1-6/2012 | 1-6/2011 | 1-12/2011 |
| Gross capital expenditure, EUR 1,000 | 273 | 343 | 905 |
| Personnel | 342 | 342 | 343 |
| Operating margin % | 6,8 % | -1,2 % | 2,5 % |
| Share price development | |||
| Share price at beginning of period | 1,78 | 2,89 | 2,89 |
| Share price at end of period | 1,94 | 2,30 | 1,78 |
| Highest for the period | 2,34 | 3,00 | 3,00 |
| Lowest for the period | 1,78 | 2,28 | 1,51 |
| Eguity/share EUR | 2,23 | 2,23 | 2,07 |
| Earnings/share (EPS) EUR, undiluted | 0,01 | -0,15 | -0,19 |
| Earnings/share (EPS) EUR, diluted | 0,01 | -0,15 | -0,19 |
| Equity ratio % | 42,05 | 39,01 | 40,15 |
OTHER LIABILITIES AND COMMITMENTS
| Contingencies and commitments, EUR 1,000 | 30.6.2012 | 30.6.2011 | 31.12.2011 |
| Mortgages given | 4 000 | 3 000 | 4 000 |
| Other contingent liabilities | 11 458 | 10 780 | 11 458 |
| Rent liabilities | 79 730 | 81 070 | 83 766 |
Accounting policies
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 (%) =
Equity
______________________________________ 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