Annual Report • Mar 16, 2011
Annual Report
Open in ViewerOpens in native device viewer
The best solutions are individual Annual Report 2010
Nurminen Logistics provides high-quality logistics services, such as railway transports, terminal services, forwarding and special and heavy transports.The company has collected logistics knowhow 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.
| 2010 | 2009 | 2008 | 2007 |
|---|---|---|---|
| 69,682 | 62,490 | 81,846 | 75,015 |
| -618 | 2,374 | 4,638 | 3,746 |
| -0.9 | 3.80 | 5.67 | 4.99 |
| 74,145 | 78,952 | 79,007 | 80,080 |
| 344 | 363 | 355 | 413 |
The comparative figures for 2007 are carve out figures based on the consolidated financial statement extracted from the old John Nurminen Ltd.
1
Nurminen Logistics Plc | Pasilankatu 2, FI-00240 Helsinki, Finland | Phone +358 10 545 00 | Fax +358 10 545 2000 | [email protected] | www.nurminenlogistics.com
| CEO's Review | 2 |
|---|---|
| The Year in Brief | 4 |
| Services | 6 |
| Case Metsäliitto | 7 |
| Strategy, Vision and Values | 10 |
| Case ABB | 11 |
| Market Situation | 12 |
| Personnel | 14 |
| Case Teboil | 17 |
| Board of Directors | 18 |
| Executive Board | 20 |
| Shares and Shareholders | 22 |
| Information for Shareholders | 24 |
Although we were ready for the growth of the economy already a year ago, the spring and early summer of 2010 turned out to be more difficult than expected. The company's most important market, trade between Finland and the CIS countries, did not begin to grow until the summer. The latter half of the year already showed a positive development in volume, but increasing losses from the Vuosaari harbour logistics centre and increased personnel expenses continued to be a burden on the profitability of the company.
In 2010, Finland's foreign trade recovered by 17%. However, the stevedores' strike on March slowed down the upturn in March and affected cargo flows throughout the spring. In addition, the market most relevant to Nurminen Logistics, i.e. Finnish exports to Russia and other CIS countries, started to grow only in the summer of 2010. Good volume development in the second half of the year brought net sales to EUR 69.7 million with a growth rate of 11.5%. Profitability suffered due to the growth of personnel expenses following the end of the company's temporary lay-off program in 2009. When the duration of the lay-off program was decided, a more positive development of the market was expected for the first half of 2010. In addition, the losses of the Vuosaari harbour logistics centre grew deeper as the fixed lease expenses increased according to the lease agreement while the market situation in the harbour continued to be difficult. We have reacted to both of these aforementioned factors influencing profitability. The company began co-determination negotiations in the autumn of 2010, resulting in annual savings of EUR 1.5 million in personnel expenses. The operations of the Vuosaari harbour logistics centre, on the other hand, are
developing favourably in 2011 as a result of new customer contracts which have already been made, even though the operating environment in the harbour continues to be difficult. Volumes of transit trade to Russia stayed on a low level in 2010 and as a result the company's operating environment in Hamina and Kotka harbours remainded challenging. Otherwise, the operating environment of the company became more favourable towards the end of the year. The demand for the company's core service product, rail transport from Finland to CIS countries, grew in the second half of 2010. Also special and heavy transports by road returned to growth track after a very difficult start to the year.
Although the conditions in the financial market were still challenging, Nurminen Logistics' financial situation remained stable throughout the year.
Nurminen Logistics has reacted to the difficult market situation of the past two years in other ways than just by simply cutting costs. Even during the recession, we improved our operations and streamlined our strategy, according to which the company's goal is to achieve a leading market position in rail transport, logistics outsourcing services and project logistics within its chosen market areas. In addition, we are seeking out growth in the Baltic Sea area and in the CIS countries, both organically and through selected mergers and acquisitions. In the long term, the company's goal is to increase net sales annually by an average 20%, including acquisitions, and to reach an operating profit level of over 7%.
Nurminen Logistics is an important operator in Finland and in the Finnish foreign trade, especially in trade with the east. The company is also in a good position for growth in Russia's domestic rail transport and in international project operations. The company has a long track record of reacting quickly and providing quality service, which in addition to skilled personnel and a varied service offering, ensure future success. Our extensive terminal network, our own rail fleet of 1,000 wagons and the fleet for special and heavy transport by road in combination with an extensive partnership network guarantee a reliable service covering the entire logistics chain. Nurminen and FESCO Transportation Group restarting freight transport from Finland to South-East Asia through the Trans-Siberian Railway
in 2010 is a good example of successful cooperation.
In the autumn of 2010, we established a new 5,700-m2 terminal in Niirala, replacing the terminal that was destroyed in the fire in the summer of 2009. The Vuosaari logistics centre, on the other hand, which demanded significant investments, has brought new and important customers and flows of goods to the company. Also, new service concepts have been developed in Vuosaari, allowing us to expand our service offering in Vuosaari and also in our other harbour units in Kotka and Hamina.
For Nurminen Logistics the future looks brighter than the past two years. We are expecting increase in net sales and an improvement in profitability in 2011. The growth of net sales will be based on the improved market situation as well as new customer contracts. Profitability improvement is expected due to volume growth and the company's cost-cutting program implemented in the autumn of 2010.
As a part of continuing development efforts an organisational restructuring was carried out in the company in the autumn of 2010. In addition to cutting cost, the reform
aimed at lowering the organisational structure and increasing operational knowledge in the company's Executive Board. We believe that after the restructuring, the company has become even more efficient and closer to the markets.
In Nurminen Logistics we hope that Finland as an economic area will take care of its competitiviness. The well-being of Finnish industry and Finnish foreign trade are prerequisites for Nurminen Logistics' success. We in Finland have to do our best Finland's competitive edge as the international competition grows stronger.
I would like to thank our customers, personnel, investors, partners and owners for the year 2010, and wish everyone a successful present year. Nurminen Logistics survived the downturn without compromising its possibilities for growth. At the same time, the company has shaped itself into an even more versatile and cost-efficient business and can therefore serve its customers even better in the future.
Antti Sallila Acting CEO
In spring 2010, Nurminen Logistics and FESCO Transportation Group initiated freight transport from Finland to South-East Asia on the Trans-Siberian Railway. It was the first block train shipment from Finland to South-East Asia in many years.
Nurminen Logistics' and FESCO Transportation Group's collaboration in transport via the Trans-Siberian railway significantly reduces transit times and makes even such an elaborate logistics service a "one stop shop" from a single provider. In addition, the collaboration guarantees Nurminen's clients the availability of wagons and containers.
Nurminen Logistics renewed its organisation as part of the adjustments made in 2010. A new Executive Board was established on 1 September 2010. At the same time, the Nurminen Cargo and Nurminen Heavy business units were merged.
The sales organisation was also renewed. In the new organisation, our customers are being served by seven Key Account Managers and eight salespeople. Since the organisational changes, Nurminen Logistics can now provide its customers with more individual service than before.
In October 2010, Nurminen Logistics concluded the co-determination negotiations that were initiated in order to adjust the company's organisation and cost structure to match the market situation. The effects on personnel agreed in the negotiations concerned 26 people, of whom 12 were made redundant.
As a result of the adjustment measures the company expects EUR 1.2 million of savings to be realized during 2011. As from year 2012 the savings are expected to be EUR 1.5 million annually. The savings measures caused a total of EUR 0.4 million non-recurring costs that burdened the company's result in 2010.
New Modern Terminal Space in Niirala Nurminen Logistics has 18,000 square metres of covered terminal space in Niirala, a part of which was destroyed by a fire in June 2009. A new terminal of 5,720 square metres, replacing the burnt terminal, was completed in October 2010.
The new terminal is more practical than the old one due to its modern door solutions and more efficient space utilisation, for instance. One of the new features is that the containers can be handled indoors, which was not possible before. In the new terminal there are two railway tracks, which makes it easier to load exported goods from Finnish wagons onto railway wagons headed for Russia.
In early 2008, the Nurminen Logistics terminal operations in Mussalo, Kotka were assessed, using the Safety and Quality Assessment (SQAS) developed by CEFIC (European Chemical Industry Council). At this point, the Mussalo terminals were included in the SQAS system. The assessment system contains different modules for transportation, warehousing or cleaning. This year, all Nurminen Logistics terminals have gone through the Packaged
Warehouse assessment, designed for warehousing services.
The long-term Chairman of Nurminen Logistics' Board of Directors and principal shareholder, Juha Nurminen, resigned as Chairman of the Board in November. He continues as a member of the Board of Directors. The Board of Directors elected a new Chairman of the Board from among its members. The new chairman is Olli Pohjanvirta, LL.M., who has been on the Board of Directors since 2005.
Lasse Paitsola, President and CEO of Nurminen Logistics since 2007, resigned following an agreement between the CEO and the Board of Directors on 25 November 2010. Antti Sallila, Chief Financial Officer of the company, started as Acting CEO.
Follow our news: www.nurminenlogistics.com/en/news
Changing business creates new kinds of demands. Sometimes solutions are found outside the box.
Nurminen Logistics provides logistics services for all needs.
Nurminen Logistics delivers normal export and import transports as well as versatile project and special transport services for rail traffic between Finland and Russia and other CIS countries. The company has at its disposal 1,000 of its own railway wagons. In addition to its own wagons, Nurminen also operates wagons belonging to its partners. The wagons are designed to meet the varied needs of the customers.
Nurminen Logistics is able to provide its customers with an entire logistics value chain. The customer receives all logistics services from one counter, and all links in the logistics chain are in the hands of one operator.
The operation, maintenance and monitoring of Nurminen Logistics' wagons in Russia is done by Nurminen's St. Petersburg based subsidiary, OOO Huolintakeskus. In addition to its own wagons, Nurminen also has at its disposal a wide range of rolling stock from its partners.
Nurminen's drivers are top-notch professionals who are at home on the roads of Finland, Central Europe and Russia, where we have more than 40 years' experience in special and heavy transport.
Our special and heavy transport services are tailored individually for each customer. Nurminen's experts help the customer to plan their project and optimise the transport item sizes often long before a transport agreement has been made. During tender calculation, we select the best suited vehicle for transport, plan the route and create a preliminary schedule for the transport. Proper planning can genererate considerable cost savings for the customer.
Nurminen's special and heavy transport trailer stock includes 35 extendable trailers, extendable low bed trailers and modular trailers, which can be
7
More references: www.nurminenlogistics.com/en/services
Forest industry group Metsäliitto has continuous access to 162 of Nurminen Logistics' woodchip and stanchion wagons. The wagons are used to transport woodchips and round wood from Russia to the Group's Finnish production facilities and also in domestic transport in Russia. Metsäliitto first began using wagons owned by Nurminen Logistics in 2002.
– Our wagon needs are permanent and we can estimate the capacity needed well in advance, so it makes sense to operate in partnership with Nurminen Logistics on this front. Our experience with our partnership with Nurminen Logistics is one characterised by professionalism and reliability. We have been particularly satisfied with the expertise and knowledge of Russian rail traffic possessed by Nurminen Logistics' Russian subsidiary, explains Alexander Zalessky, Managing Director of Metsäliitto St. Petersburg.
Metsäliitto's needs with regards to wood transport changed recently as a result of an increase in customs duties levied on wood from Russia: importing round wood to Finland decreased, but the need for importing woodchips increased. The changes meant that Metsäliitto had too many stanchion wagons intended for wood transport at its disposal and Nurminen Logistics suggested that some of them could be upgraded to woodchips wagons.
– Upgrading the wagons was a very welcome proposal from our perspective. Nurminen Logistics carried out the project within the agreed schedule and the quality of the upgraded wagons was good. From our point of view it is naturally important to have a partner who is prepared to react to market changes and develop operations in response to them, Zalessky says.
configured according to customer needs. Loads weighing up to 450 tonnes can be transported with these trailers.
Powerful vehicles are required to pull the trailers. Nurminen's stock has the right truck for every job. In addition to its own equipment, Nurminen has at its disposal a diverse array of equipment from its broad partner network.
Terminal Services in Modern Premises Terminal processing with Nurminen doesn't mean just transferring goods from a vehicle or rail wagon to storage or vice versa; instead, terminal services are tailored based on the needs of the customer and include a diverse selection of loading and lashing services.
Nurminen's terminals are modern and their equipment is well-suited for all tasks. The terminal staff consists of skilled experts.
Nurminen's customers also have the option of storing products in the terminal for special and heavy goods located at the Vuosaari logistics centre, which has a specially reinforced floor and an 80-tonne bridge crane.
Nurminen Logistics offers customs clearance services for import and export trade in Finland. Our services cover all documentation services related to transports and international trade.
Thanks to our extensive experience, professional expertise and flexibility, we can provide significant added value throughout our customer's value chain. Today's electronic information systems and adequate resources enable us to deliver services effectively and on time.
Project transport is trouble-free when the transport service provider can also take care of freight forwarding, documentation and warehousing.
Nurminen Logistics always tailors its project services according to the customer's individual needs and is able to offer an entire supply chain from beginning to end using mainly its own equipment and its own terminals. Nurminen also handles import and export customs clearance services, which include all documentation
services related to transport and international trade.
Nurminen's terminals are located at Finland's most important eastern border crossings, as well as at Vuosaari, Kotka and Hamina harbours. A terminal network of more than 130,000 square metres makes the intermediate storage of projects in the best logistical locations possible.
Project planning with the customer can begin even before the production of the items has begun. Early optimisation of load sizes before the upcoming transport operation brings savings in both time and money. The staff at Nurminen makes all of their expertise available to the client even at the tendering stage.
Read more:
www.nurminenlogistics.com/en/services
Every customer is different. We are always able to offer a suitable solution for demanding needs.
Nurminen Logistics provides, produces and develops highquality logistics services that give its customers a competitive advantage in Finland, the Baltic Sea region and Russia and elsewhere in Eastern Europe. The company's strategy is to grow both organically and through selective mergers and acquisitions.
Nurminen Logistics is an international company with roots in a 120-year-old Finnish family business. The company's objective is to reach a leading market position in railway transport, logistics outsourcing services and project logistics in its selected market areas.
Nurminen Logistics offers comprehensive, tailor-made logistics services. Its service range includes, among other things, railway transport, terminal services and forwarding as well as special and heavy transports and related value-added services. The company
also provides its customers with services related to project logistics.
The company has at its disposal 1,000 of its own railway wagons that are registered in Russia and a total terminal network of 130,000 square metres. The wagons are designed to meet the varied needs of the customer, for example in the transport of paper, machinery, equipment and timber as well as in foreign trade between Finland and the CIS countries and in internal transport within the CIS countries. The terminals accept goods ranging from paper to machinery and equipment, which ensures a wide customer base for the company.
Nurminen Logistics produces and forwards special and heavy transport services in Europe and in the CIS countries. The company's core competencies include the comprehensive management of demanding international special transport projects and the customers' value chain.
Nurminen Logistics is able to provide its customers with a complete logistics value chain. The company's expertise provides good opportunities for seeking growth in the internal rail transport market and project logistics services in Russia and in other CIS countries.
Nurminen Logistics is a strongly growing logistics company whose goal is to be the best company in the industry in its market area.
Nurminen Logistics seeks environmentally friendly and efficient transport solutions
as part of developing its services. Railway transport is an environmentally friendly mode of transport, and the company's rail transports services, terminal services as well as forwarding services also have a certified environmental management system that meets the requirements of ISO 14001:2004.
11
Case: Individual, Flexible service for ABB
Nurminen Logistics expanded its range of services when it opened a new logistics centre at the Vuosaari harbour in late 2008. Connected to the centre there is a 2,000 square metre special and heavy transport terminal which can be used for the storage, handling and unitisation of heavy and other products. The new logistics centre has enabled Nurminen Logistics to provide ABB, its long-term customer, with warehousing services in addition to special and heavy transport services.
– In the Helsinki metropolitan area it is very difficult to find warehouse space for large and heavy products. For example, if we have no vacant space on our premises and our customer for some reason does not want the ordered product delivered at once, Nurminen Logistics' warehouse is an excellent "buffer". Then again, when we are dispatching goods, Nurminen Logistics can handle the reloading or documenting at its terminal, explains Juha Ojanperä, Logistics Manager at ABB's Motors and Generators unit in Helsinki.
Nurminen Logistics' services are an extension to ABB's own production pipeline. Therefore it is important that services are flexibly linked to ABB's operations.
– When it comes to the storage and transport of goods, flexibility of services is the keyword. Our space and transport needs vary depending on our own customers and the situation in production. Therefore, it is essential for us that our logistics partner be very quick in responding to changes. Nurminen Logistics can handle this. For example, it only takes one phone call to arrange transport between our factory and Nurminen Logistics' terminal, including transfer into the terminal, says Mr Ojanperä.
Finnish foreign trade recovered during 2010. However, the stevedores' strike in March slowed down the upturn and affected cargo flows throughout the spring.
Nurminen Logistics' most important market, trade between Finland and the CIS countries, started to grow only in the summer 2010 and as a result the company's market situation was more difficult than expected during the beginning of the year. Volume development was positive during the second half of the year, but profitability was burdened by the growth of the losses of the logistics centre in Vuosaari harbour.
Demand and volumes grew during the year both in rail transport and in special and heavy transport. The harbour logistics market remained challenging throughout the year.
Demand of the forest industry improved compared to 2009. The bottom of the demand of mechanical engineering industry was reached in the beginning of the year and the market situation improved in the end of the year.
Difficult price competition situation improved slightly towards the end of the year due to volume growth.
Nurminen Logistics maintained its position as the market leader in rail transport from Finland to CIS countries in 2010, but for example the export of paper by rail from Finland to CIS countries is still only 50% of the level of 2008 despite the market recovery.
Market situation is expected to develop positively in 2011. The outlook of the company's logistics centre in Vuosaari harbour is better than in 2010 due to new customer contracts.
Demand and volumes grew during the year both in rail transport and in special and heavy transport. The harbour logistics market remained challenging throughout the year.
Keeping the wheels of the economy rolling requires a continuous, wellfunctioning logistics flow. Don't stay in the wake even during quiet times.
Nurminen Logistics' year was characterised by adjustments resulting from the changed market conditions and the change in organisational structure.
Nurminen Logistics has 344 employees. In 2010 women made up 42% of Nurminen's workforce, with men representing 58%. Nearly all employees are on permanent contracts. The average age of employees is 40.9 years, and the average length of service is 9.2 years.
In 2010, the company remodeled its organisation, including the Executive Board. Co-determination negotiations concerning the entire personnel were conducted in autumn 2010. The effects on personnel agreed in the negotiations concerned 26 people, of whom 12 were made redundant. The adjustment measures have affected the work of all employees, but they were carried out with a strong sense of team spirit and according to plan. The measures agreed upon in the co-determination negotiations have resulted in savings, but the change in organisational structure also involved other means of improving the efficiency of operations for the benefit of customers.
The customer satisfaction survey carried out at year end 2009 aimed for improvement in our service level and competence. The survey was conducted through personal interviews with 20 customers and their contact persons at Nurminen Logistics. The results were analysed early in 2010. Based on these results, we decided on measures to further improve customer satisfaction.
The performance assessment process was revised to better support the achievement of the organisation's goals. We implemented a more explicit model for the assessment of goals and performance. In addition, indicators were readjusted. The purpose of the assessment is to provide each employee in the company with a clear overall picture of the company's current situation, goals and vision and the influence of these on the employee's job, role in the organisation and related development needs. In addition to specifying goals and areas for development, the assessment sessions promote interaction and cooperation between supervisors and employees and within the units in general.
In order to improve well-being at work and, consequently, to decrease absences due to illness, we implemented a new tool, the "Broach the subject" model. With the model, problems in the work community
can be tackled as early as possible, which is the most efficient way to deal with them. The model is a convenient means for supervisors to bring up matters like changes in working capacity. Results were seen immediately: absences due to illness decreased in the latter part of 2010.
The third Nurminen Manager training programme started in 2009, and the final
training sessions were held in 2010. Altogether 18 employees took part in the programme. At its foundation is a specialist technical exam which is a national qualification for people working in a managerial capacity in a technical field. The training was funded by the Learning Agreement Centre at the City of Helsinki Education Department, and AEL was in charge of delivering the training sessions. Key areas of the studies included organisational operations and how to improve them, along with leadership and management tools. The building of networks between participants was another important aspect of the training programme. The training programme was delivered as apprenticeship training, which is made up of both learning at work and contact teaching days.
Other training was provided as well. Supervisory staff were trained in matters relating to the life cycle of the employment relationship. Regular training in occupational safety continued as before. Language education was continued in different parts of Finland.
In 2010, Nurminen Logistics also took part in the activities of the Finnish Freight Forwarders' Association's Vocational Training working group. These activities included co-operation with educational institutes in the industry to arrange seminars on topical issues.
More references: www.nurminenlogistics.com/en/services
Nurminen Logistics has been in partnership with Teboil for over three decades. Teboil imports low-sulphur diesel, basic oils for lubricants and liquid gas by rail to Finland from Russia and Nurminen Logistics handles the forwarding of these import products at its Vainikkala and Niirala offices. The cooperation with Teboil in Vainikkala can be traced back all the way to the 1980s, while in Niirala it has gone on for a couple of years. Anja Wahlman, Teboil's foreman for railway import operations, is pleased with the long-term partnership.
– The most valuable aspects of the service provided to us by Nurminen Logistics are good communication and a high level of expertise, Wahlman says.
– The customs and warehousing functions of the products we import involve certain special characteristics and our forwarder must know them intimately. Good relations with Finnish Customs are also crucial. We have never had a problem in terms of communication with Nurminen Logistics. Information is exchanged smoothly on a daily basis.
The significance of a reliable logistics partner is highlighted today more than ever with the increased focus on the security aspects of cross-border material flows. Finnish Customs grants AEO status to operators whose customs and logistics functions meet the requirements of AEO certification. Holders of AEO certification are subject to fewer physical and document-based inspections than other economic operators. They are also given priority when their shipments are selected for customs inspections, as well as the opportunity to conduct the inspection at the site most suitable for the company in question.
– We recently applied for AEO status ourselves and the certification process involves a very detailed assessment of operations. It helped us that our forwarder, Nurminen Logistics, is already certified, Wahlman says.
Olli Pohjanvirta, b. 1967 Managing Director of Russian Capital Management Oy LL.M. Chairman of the Board since 2010, Board member since 2005* Independent of the company and significant shareholders
Rolf Saxberg, b. 1944 B.Sc. (Econ.) Vice chairman of the Board, Member of the Board since 1994* Independent of the company and significant shareholders
Eero Hautaniemi, b. 1965 President and CEO of Oriola-KD Corporation M.Sc. (Econ.) Member of the Board since 2009 Independent of the company and significant shareholders
Tero Kivisaari, b. 1972 President of business area Eurasia of TeliaSonera AB Master Degrees in Science and Economics Member of the Board since 2010 Independent of the company and significant shareholders
Juha Nurminen, b. 1946 M.Sc. (Econ. & Bus. Adm.) Member of the Board since 1971*, Chairman of the Board in 1997*–2010 Independent on the company and dependent of the significant shareholders
Jukka Nurminen, b. 1979 Managing Director of Abyss Art Oy M.Sc. (Econ. & Bus. Adm.) Member of the Board since 2009 (deputy member of the Board in 2008) Independent on the company and dependent of the significant shareholders
* Nurminen Logistics Plc was established on 1 January 2008 after the demerging of John Nurminen Ltd. The year with asterisk indicates when the person in question started on the Board of Directors at John Nurminen Ltd and, subsequently, Nurminen Logistics Plc.
members of the Board of Directors are presented on the Nurminen Logistics web site www.nurminenlogistics.com/en/company
Antti Sallila, b. 1972 CFO, Acting CEO
LL.M. In the service of the company since 2007*, Acting CEO since 2010
Jorma Kervinen, b. 1963 Senior Vice President Area of responsibility: Rail, Forwarding and Terminals
Secondary school graduate In the service of the company since 2002*, in current position since 2010
Harri Vainikka, b. 1961 Senior Vice President Area of responsibility: Sales and Partnerships
Secondary school graduate In the service of the company since 2001*, in the current position since 2008
Hannu Vuorinen, b. 1956 Senior Vice President Area of responsibility: Special Transports and Projects
Undergraduate in Philosophy In the service of the company since 1989*, in the current position since 2010
* Nurminen Logistics Plc entered business on 1 January 2008 after the demerging of John Nurminen Ltd. The year with asterisk indicates when the person in question started working at John Nurminen Oy which subsequently became Nurminen Logistics Plc.
Ville Kujansuu, b. 1979 Group Controller, Secretary of the Executive Board
M.Sc. (Economics) In the service of the company since 2002*, Secretary of the Executive Board since 2010
Read more: The primary work experience of the members of the Executive Board is presented on the Nurminen Logistics website www.nurminenlogistics.com/en/company
Nurminen Logistics Plc's share has been quoted on the main list of NASDAQ OMX Helsinki Ltd with the current company name since 1 January 2008. The total number of Nurminen Logistics Plc's registered shares is 12,878,478 and registered share capital is EUR 4,214,521. The company has one share class and all the shares carry equal rights in the company. The company name was until 31 December 2007 Kasola Plc. The company was listed on Helsinki Stock Exchange in 1987.
Share trading and price development The trading volume of Nurminen Logistics Plc's shares was 2,031,630 in 1 January–31 December 2010, which represented 15.78% of the total number of shares. The value of the turnover was EUR 10,790,067. The lowest price for the period was EUR 2.81 per share and the highest EUR 3.73 per share. The closing price for the period was EUR 2.89 per share and the market value of the entire share capital EUR 37,216,764.
Nurminen Logistics Plc has a liquidity providing (LP) agreement with Evli Bank Plc. In accordance with the agreement, Evli Bank Plc undertakes to submit bids and offers for Nurminen Logistics Plc's share so that the maximum spread of the bid and offer prices is four percent calculated from the bid. The bids and offers submitted by the liquidity provider must be for a number of shares worth at least 4,000 euros. Evli Bank Plc undertakes to submit bids and offers for Nurminen Logistics Plc's share in the trading system of NASDAQ OMX Helsinki Oy on the stock exchange list on each trading day for at least 85 percent of the time of Continuous Trading I period and also in the auction procedures applied to Nurminen Logistics Plc's share during a trading day.
At the end of the financial year 2010 Nurminen Logistics Plc had 422 shareholders. At the end of the year 2009 the company had 370 shareholders.
During the financial year Nurminen Logistics Plc received five notifications of changes in shareholdings in compliance with Chapter 2, Section 9 of the Securities Markets Act. The stock exchange releases published on 5 July 2010, 9 July 2010, 14 July 2010, 21 July 2010 and 4 August 2010 can be found on the company's website at www.nurminenlogistics.com.
Authorising the Board of Directors to decide on the repurchase of the company's own shares Annual General Meeting has authorised the Board to decide on the repurchasing a maximum of 20,000 of the company's shares.
The shares 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 2011.
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 has 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 the right to decide on directed issues of shares and/or special rights.
The authorisation remains in force until 30 April 2011.
No shareholder agreements related to holdings in Nurminen Logistics Plc and the exercise of voting rights have been brought to the company's attention with the exception of the announcement that was published in stock exchange release on 28 December 2007. According to the
| Number of shares | Number of shareholders | % of shareholders | Number of shares | % of total shares |
|---|---|---|---|---|
| 1–100 | 149 | 35.31% | 8,852 | 0.07% |
| 101–500 | 139 | 32.94% | 38,184 | 0.30% |
| 501–1,000 | 55 | 13.03% | 43,455 | 0.34% |
| 1,001–5,000 | 40 | 9.48% | 85,021 | 0.66% |
| 5,001–10,000 | 8 | 1.90% | 70,871 | 0.55% |
| 10,001–50,000 | 12 | 2.84% | 289,602 | 2.25% |
| 50,001–100,000 | 6 | 1.42% | 425,226 | 3.30% |
| 100,001–500,000 | 8 | 1.90% | 1,083,035 | 8.41% |
| Over 500,000 | 5 | 1.18% | 10,834,232 | 84.13% |
| Total | 422 | 100.00% | 12,878,478 | 100.00% |
| Registered in the name of nominee | 3 | 1,600 | 0.01% |
announcement the members of the Board of Directors and Executive Board have undertaken not to sell or otherwise transfer shares in John Nurminen Ltd owned by them on this date and the company's shares received as demerger consideration in conjunction with the demerger of John Nurminen Ltd without the advance written consent of the Board of Directors of the company.
At the end of the financial year the members of the Board of Directors, the Acting CEO and the corporations under their control own altogether 9,607,004 Nurminen Logistics Plc's shares, which represent 74.6 % of the stock and voting rights.
Nurminen Logistics Plc has no valid share option schemes.
The Board of Directors of Nurminen Logistics Plc has approved in April 2008 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.
Nurminen Logistics Plc holds a total of 705 treasury shares, corresponding to 0.005 % of the number of shares and votes.
The Board of Directors proposes to the Annual General Meeting that no dividend shall be distributed for the financial year 1 January–31 December 2010. No dividend was paid for the financial year 2009.
| Number of shares | % of total shares | |
|---|---|---|
| Private companies | 3,197,204 | 24.83% |
| Financial institutions | 8,691 | 0.07% |
| Public bodies | 0 | 0.00% |
| Households | 9,672,387 | 75.11% |
| Foreign | 195 | 0.00% |
| Non-profit organizations | 1 | 0.00% |
| Total | 12,878,478 | 100.00% |
| Registered in the name of nominee | 1,600 | 0.01% |
| Numbers of shares | % of total shares | |
|---|---|---|
| Nurminen Juha | 5,516,586 | 42.84% |
| JN Uljas Oy | 2,845,458 | 22.09% |
| Nurminen Jukka | 895,214 | 6.95% |
| Nurminen Mikko | 870,108 | 6.76% |
| Lassila Satu | 706,866 | 5.49% |
| Saxberg Rolf | 184,098 | 1.43% |
| Maturiala Oy | 144,720 | 1.12% |
| Kulp Kaj | 130,893 | 1.02% |
| Bachmann Jari | 125,960 | 0.98% |
| Bachmann Sanni | 125,960 | 0.98% |
| Forsström Kirta | 125,960 | 0.98% |
| Tuuli Markku | 123,585 | 0.96% |
| Nordic Forwarding Services Finland Oy | 121,859 | 0.95% |
| Paitsola Lasse | 83,904 | 0.65% |
| Pohjanvirta Olli | 77,247 | 0.60% |
| Lainema Matti | 75,262 | 0.54% |
| Packalén Matti | 75,262 | 0.58% |
| Vuorinen Hannu | 60,657 | 0.47% |
| Vainikka Harri | 52,894 | 0.42% |
| Raunio Kalevi | 45,404 | 0.35% |
| Other 402 shareholders | 490,581 | 3.84% |
| 12,878,478 | 100.00% |
Nurminen Logistics Plc's goal is to produce accurate, coherent, sufficient and up-todate information about the development of business operations within Nurminen Logistics Plc, its strategy and financial position. Our main channels of communication are the stock exchange and Nurminen Logistics' internet site.
Nurminen Logistics Plc's shares are quoted on the Main List of the NASDAQ OMX Helsinki as of 1 January 2008. The company has one series of shares. All shares have the same voting and dividend rights. The share's trading code is NLG1V.
The Annual General Meeting of Nurminen Logistics Plc will take place on Wednesday 6 April 2011 starting at 10.00 a.m. at the company's headquarters in address Pasilankatu 2, 00240 Helsinki, Finland.
Shareholders registered in the company's shareholders' register as maintained by Euroclear Finland Oy on 25 March 2011 are eligible to attend the Annual General Meeting.
Shareholders who wish to take part in the Annual General Meeting shall inform the company of their participation on 1 April 2011 at 10.00 a.m. at the latest.
Registration letters or messages must arrive before the registration period expires. Possible powers of attorney are requested to be delivered to the above address at the time of registration.
The Board of Directors proposes to the Annual General Meeting that no dividend shall be distributed for the financial year 1 January–31 December 2010.
Interim Reports are published in English and Finnish.
Nurminen Logistics Plc applies a four week closed period preceding the publication date of the annual or interim report. During this time the company's representatives do not meet investors or analysts, or comment on the company's financial position.
CFO, Acting CEO Antti Sallila Tel. +358 10 545 2598 e-mail: [email protected]
Communications Manager Niina Haasola Tel. 358 10 545 2132 e-mail: [email protected]
Nurminen Logistics Plc's Annual Reports and other financial information releases can be ordered at www.nurminenlogistics.com.
Concept, design and production Miltton Oy and Nurminen Logistics Plc. Printing Finepress Oy.
Photos Veikko Somerpuro, excluding page 1 Susanna Kekkonen, Nurminen Logistics and Veikko Somerpuro, page 7 Nurminen Logistics, page 15 Eeva Anundi and Jaakko Kilpiäinen, 17 Nurminen Logistics and covers Shutterstock.
Origami on pages 1–24 Markus Immonen. Paper Multiart Silk 350 g, 200 g and 130 g.
441 678 Printed Matter
But there can be more than one.
Building tools?
Free accounts include 100 API calls/year for testing.
Have a question? We'll get back to you promptly.