FIM Investor Meeting. Marko Tuunainen, President and CEO 10 October 2017
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1 FIM Investor Meeting Marko Tuunainen, President and CEO 10 October 2017
2 Contents Nurminen Logistics in brief Financials and share information Initiatives
3 Nurminen Logistics In numbers EUR 33.0M Comparable net sales H1/2017 (H1/2016: EUR 23.2M) EUR +1.2M Comparable operating result H1/2017 (H1/2016: EUR -0.4M) 100, square meters of terminal network in Finland Personnel H1/2017 (2016: 190) Over 130 years of logistics. The company was founded by Johan Nurminen in Rauma in 1886.
4 Nurminen Logistics overview Finnish publicly listed company provides high-quality forwarding, railway transports and related project transport services, cargo handling and value added services to its customers. The main market areas of Nurminen Logistics are Finland, Russia and other CIS countries and the Baltic countries. Over 130 years of logistics experience Established in 1886, Nurminen Logistics is today one of the leading and most wellknown companies in the Finnish logistics markets. Company has extensive experience from international trade with Russia and CIS countries and is hence a trusted partner for many Finnish and foreign companies engaged in e.g. forest, chemical and machinery industries. Nurminen logistics has been listed on Nasdaq OMX Helsinki since January Cargo and forwarding Nurminen Logistics specializes in all customs clearance services for export and import trade in Finland, whether associated with land, sea, rail, postal or air transport. The company s forwarding services cover import and export documentation, transit documents and EU internal trade statistics (Intrastat). In addition, Nurminen acts as agent for transport services in Finland (container haulage/unit goods transport). Terminal services include intermediate storage, as well as diverse value added services, such as collection and delivery, moving containers, packaging, labelling, weighing and sample taking. Nurminen has a total of 100,000 sqm of modern terminal space in Finland. Terminals are in logistically optimal locations at Finland s largest ports and key eastern border crossings. Railway logistics 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 owns 350 modern wagons and also operates additional wagons owned by business partners. Changes in Group reporting Company description Official segment reporting was abandoned last year, and as of 2016, Management follows business line and country level performance. Net sales FY16 EUR 50.5m Non-current assets FY16 EUR 28.5m Key information by country Baltics 16% Russia 10% Employees Admin 7% FY FTE Finland 67% Top 3 market position in Finland Forest industry services Neutral import and export forwarding documentation Port related cargo handling services in Helsinki and Kotka Chemical logistics for packed products
5 Nurminen Logistics Group Nurminen Logistics Plc Nurminen Logistics Services Oy 100% OOO Nurminen Logistics 100% Nurminen Maritime Latvia SIA 51% Nurminen Maritime UAB 51% Nurminen Maritime Estonia AS 51% NR Rail Oy 51% The diagram shows the Group s subsidiaries with major business operations. More complete information about the Group s subsidiaries and associated companies can be found in the financial statement releases and interim reports.
6 Locations Nurminen Logistics has offices in Finland, the Baltic countries and St. Petersburg. The company s terminals have excellent locations: in Finland s largest ports and key eastern routes. Terminals 1 2 Vuosaari Logistics Centre Kotka (Mussalo Logistics Centre and Hovisaarentie Terminal) Terminal Frwd office 3 4 Hamina Terminal Luumaki Terminal Niirala 6 5 Vainikkala Terminal Rauma Imatra 6 Niirala Terminal Vaalimaa
7 4 solutions to meet the needs of our customers
8 Services Terminal Services Nurminen Logistics has a total of 100,000 square metres of modern terminal space in Finland. The terminals are in logistically optimal locations: Finland s largest ports and key eastern border crossings. Terminal services include intermediate storage as well as diverse value added services such as collection and delivery, moving containers, packaging, labelling, weighing and taking samples. 1
9 2 Services Forwarding Nurminen Logistics offers tailored customs clearance services for import and export trade. The services cover all documentation services related to international trade. The company s reliable and independent forwarding services benefit importers, exporters, shipping companies as well as transport and forwarding businesses. Finnish Customs has awarded Nurminen Logistics an AEOF certificate, which entitles the company to simplified customs procedures throughout the EU.
10 3 Services Rail Services Nurminen provides import and export logistics and diverse project and special transport services in rail transport between Finland and Russia and within Russia and its neighbouring countries. The company owns 350 modern wagons and also operates additional wagons owned by business partners. The wagons are designed to flexibly meet the varied needs of customers.
11 4 Services Project Logistics Nurminen has special expertise in the comprehensive management of demanding international transport projects. The company is able to offer the complete supply chain using its own equipment, terminals, know-how and partner network. Having the transport service provider also handle other aspects, such as forwarding, documentation and storage, helps improve delivery reliability and allows the customer to make more effective use of its time.
12 Nurminen Logistics quality is trusted
13 Nurminen Logistics in brief Financials and share information Initiatives
14 Key Figures 1 January 30 June 2017 Net result positive. Year-on-year, the operating result of Nurminen Logistics was clearly stronger during the first half year. We were able to improve the net sales and operating result of nearly all our services. Nurminen Logistics expects that its comparable net sales, comparable result and earnings per share will improve compared to Exchange rate fluctuations have an impact on the reported net sales and operating result. EUR million 1 6/ / /2016 Net sales Comparable net sales Reported operating result Comparable operating result Operating margin % Comparable operating margin % Earnings per share (EUR)
15 Simulated share issue & convertible hybrid bond effect on H balance sheet Simulated EUR 1, Change Non-current assets 28,575-28,575 Trade and other receivables 13,601-13,601 Cash and cash equivalents 2,733 5,098 7,831 Other current assets Current assets 16,518 5,098 21,616 Assets total 45,093 5,098 50,191 Total equity 6,059 9,056 15,115 Non-current liabilities 22,993-3,958 19,035 Current liabilities 16,041-16,041 Total equity and liab. 45,093 5,098 50,191 Equity ratio, % Gearing, % Interest bearing liabilities 23,905-3,958 19,947
16 Share issue and finance arrangement 7/2017 Share issue to advance the company strategy objectives, to strenghten the balance sheet and to ease the debt burden. Strategic objectives: Growth through investments and M&A operations Improve profitability Develop the railway logistics services As a part of the setup the balance sheet was strengthened through convertible hybrid bond. Number of shares Total Number of shares prior to the share issue 14,674,410 Share rights 29,229,764 Number of shares ,904,174
17 Shareholders Nurminen family s ownership has diluted from approx 75% to just under 25% Number of shareholders Major shareholders on 30 June 2017 % of shares 1 Nurminen Juha JN Uljas Oy Nurminen Jukka Matias Nurminen Mikko Johannes Lassila Satu Maaria VGK Invest Oy Tuuli Markku Juhani Russian Capital Management Oy ETL Invest Oy Kivisaari Tero Erkki largest shareholders total Total / /2016 9/2017 Major shareholders on 30 September 2017 % of shares 1 Keskinäinen Eläkevakuutusyhtiö Ilmarinen Nurminen Juha Suomen Kauppayhtiöt Oy Avant Tecno Oy JN Uljas Oy K. Hartwall Invest Oy Ab Russian Capital Management Oy Apteekkien Eläkekassa Hisinger-Jägerskiöld Eva Constance Nurminen Jukka Matias largest shareholders total Total
18 Share Price and Market Value 0,80 0,70 0,60 0,50 0,40 0,30 0,20 0,10 0,00 Share Price Market Value Share issue adjusted share price. Share issue price 0.28 /share. Two subscription rights per share. Number of shares increased from > due to share issue in 7/2017.
19 The trading volume Trading volume, monthly totals * /2016 2/2016 3/2016 4/2016 5/2016 6/2016 7/2016 8/2016 9/ / / /2016 1/2017 2/2017 3/2017 4/2017 5/2017 6/2017 7/2017 8/2017 9/2017 * Trading volume includes management transactios
20 Nurminen Logistics in brief Financials and share information Initiatives
21 Planned initiatives 1. NR Rail Oy joint venture and locomotive services business 2. Railway connection to China New Silk Road 3. Development of Vuosaari operations 4. Development of current logistics services Value chain expansion through M&A
22 Initiative 1 NR Rail Nurminen Logistics has set up a new joint venture in Finland, NR Rail, with Russian Rustranscom. NR Rail s vision is to become a serious player in domestic locomotive services business. NR Rail a new Joint Venture with Russian Rustranscom Nurminen Logistics has set up a new Joint Venture in September 2016, as a part of Nurminen Logistics Group. NR Rail was set up with RTC Group, which is a Russian railway logistics provider. Nurminen Logistics ownership will be 51% and Rustranscom s ownership 49% of the shares in the new Joint Venture after the equity investments in JV is registered in Finland. Nurminen has an attractive position to change the market dynamics As the Finnish rail freight market is opening up to competition, Nurminen aims to capitalize on the once in a life time opportunity. Due to Nurminen s long history in the logistics industry and unique knowledge of Russian trade, Company has a solid position to start offering locomotive services in Finland. Nurminen aims to build efficient domestic railway logistic routes by utilizing its experience in railway logistics, existing customer relationships, strong business partners, Russian trade know-how and its new ERP system. Management is confident, that Nurminen has the capability to gain competitive advantage compared to current service providers. Market potential is captured in two stages, as follows: Starting with locomotive services in 2019 in Finland NR Rail aims to provide an end-to-end logistical solution in import from Russia to Finland through the border crossing stations of Niirala, Imatra and Vainikkala. NR Rail plans to start providing locomotive and forwarding services in Finland for its key clients in the forest and chemical industry NR Rail overview Nurminen Logistics Services Oy OOO Nurminen Logistics New joint venture NR Rail Oy Nurminen Logistics Plc Nurminen Maritime Latvia SIA (51%) Nurminen Maritime UAB (51%) NR Rail Oy (JV) (51%) Nurminen Maritime Eesti AS (51%)
23 Initiative 2 New Silk Road For rail connection from Finland to Mainland China Nurminen will ramp-up operations in Operational model includes partnership with experienced rail road players CRCT and UTLC. By 2022, Management estimates to have weekly connections to 6 provinces in China. New Silk Road rail freight from Finland to China Regular rail connection from Finland to selected provinces in China New regular rail connection from Finland to Mainland China Company has significant growth opportunity in creating a rail connection from Finland to mainland China. The plan is to organize regular block trains to China provinces: Xinjiang, Shandong, Jiangsu, Zhejiang, Guangdong, and Henan. In the first phase, Company aims to target Finnish Forest industry customers, especially within the Pulp industry, which have growing exports to China and Asia. A win-win partnership model with experienced CRCT and UTLC Nurminen Logistics role is to build up customer base exporting from Finland to China. Negotiations with potential forest industry customers have been started. CRCT is a state owned large scale container transport enterprise that belongs to China Railway and the end-to-end service supplier appointed by China Railway for China-Europe and China-Asia Express Railway block train services. CRCT would benefit from the cooperation with Nurminen and NR Rail, as today most of their containers from Europe to China are empty. Today, Nurminen Logistics is able to offer competitive services from Finland to China. The company has close relationship with UTLC, a joint company of JSC Russian Railways, the National Union Belarusian Railway and JSC National Company Kazakhstan Temir Zholy. UTLC offers an efficient, safe and competitive route of cargo delivery in the Eurasian railway traffic. Nurminen has been able to negotiate special tariffs in Russia lowering the transportation prices significantly. Block train freight is a highly competitive logistics option Train transportation from Europe to China is highly competitive in terms of speed and price. The total delivery time is half compared to sea freight of roughly 1.5 months. Deep sea prices are hiking up and price difference to midland china is considerably less that to southern ports of China. Railway is a very convenient option and competitive for companies exporting to mainland China with a need of reliable and fast connections with fraction of the price of air freight. The prices are close to sea freight with significantly shorter transportation time. 3 Xinjiang Xizang 1 Qinghai A regular block train from Finland to Xinjiang in China Yunnan Gansu Shaanxi Sichuan Company aims to expand to other provinces. Nei Mongol Ningxia Guizhou Guangxi Shanxi Henan Hubei Hunan Hainan Hebei 2 Shandong Anhui Zhejiang Jiangxi Guangdong A regular Jilin route to Xinjiang and Liaoning Shandong Jiangsu Fujian Heilongjiang Taiwan
24 Initiative 3 Vuosaari terminal expansion Company is investigating the possibility to invest in new terminal facilities. Nurminen has recently won several new key clients and their Vuosaari terminal facilities are currently operating at full capacity. The new investment is needed to serve larger clientele and to improve product mix and margins. Terminal capacity expansion in Vuosaari Versatile terminal capacity to improve product mix and margins Nurminen Logistics is investigating the possibility to invest in new terminal capacity in Vuosaari harbour. Nurminen Logistics terminal facilities in Vuosaari are currently operating at full capacity and new investment is needed to serve larger volumes, new clients, new material flows and to improve margins by offering versatile terminal facilities for different types of products and warehousing needs. Nurminen Logistics aims to improve the product mix in the current terminal facilities by re-locating products, which do not require heated terminal facilities (e.g. machinery industry products), to the new hall. Releasing more valuable terminal capacity by re-locating products between the old and new terminal is expected to have positive impact on Company s operating margins. Company s strategy is to focus on winning ports and terminals Vuosaari terminal is one of the largest harbours in Finland by trade volume. Despite of the challenging international trade climate, trade volumes in Vuosaari harbour have been growing. Nurminen has recently won several new clients from different industries. According to Management, Vuosaari terminal is expected to have a positive outlook in the future. Harbour has witnessed increased interest from e.g. forest industry companies, which strongly supports building capacity for such material flows. Expansion potential of 27,000 sqm yard to terminal operative area Capturing new material flows and strengthening the competitive position By investing in New terminal facility (i.e. weather cover ), Nurminen is better positioned to serve existing and new clients by providing versatile terminal facilities for different types of material flows (sawn timber, machinery and steel products compared to coffee and bananas). New investment in strategically important location will also strengthen Nurminen Logistics competitive position in Vuosaari harbour.
25 Initiative 4 Value chain expansion through M&A The aim of the fourth strategic initiative is to expand operations in the value chain. With improved balance sheet Nurminen aims to start investigating possible M&A targets. Initiative 4 in brief Value chain expansion through strategic M&A Nurminen aims to expand its operations towards postterminal services via strategic acquisition(s) vertical integration is expected to provide both scale and synergies to existing operations Today, Nurminen is primarily positioned in terminal services part of the logistics value chain and is only partially involved in post-terminal services by providing support services and railway logistics The aim of the value chain expansion towards port services is to establish a new leading and efficient Finnish logistics service provider and a serious competitor in railway logistics The new profitable company with enhanced investment capabilities and scale aims to provide an efficient logistics chain in Finland and thus also improve the overall competitiveness of the Finnish industrial sector Potential acquisition targets As part of the broader strategic focus, Nurminen prefers target companies active in winning ports in Finland with growing and stable natural trade flows Management has not yet initiated any acquisition /merger conversations with the target companies Nurminen has various financing alternatives Pre-terminal services Terminal services Post-terminal services Inputs to logistics chain Industrial production Transportation Domestic material flows Industrial production output is the main driver for the whole logistics value chain. From production sites or warehouses goods are transported to either domestic customers or terminals located inland or at ports. International material flows Value chain expansion towards port services Warehousing Backoffice services Maintenance / configuration Vertical integration / M&A opportunity Preparin g for shipment Brief description of value chain Support services Versatile service offering through expanded value chain Warehousing of products for longer term (>2 weeks), including services such as inventory managements and packing. Back-office services include e.g. invoicing services and forwarding. Maintenance / configuration can be performed for warehoused products. It can also include quality inspections and labeling, for example. Last phase before exiting the Terminal is preparing for shipment. This includes services, such as loading and stuffing, securing of cargo and preparing for shipment. Port services Transportation International destinations Post-terminal services are performed when goods have left the terminal. Support services include, e.g., booking of sea freights, destination and customs clearance and tracking of goods. Port services consist of handling of goods at the port and stevedoring. Management has identified significant opportunities in moving towards port services in the value chain. Due to complimentary service offering and longer value chain, several synergies are to be harvested through strategic M&A One-stop-shopping for customers and cross-selling opportunities for Nurminen/Target(s) Expanded location network, strengthened position in existing locations and improved utilization rates of existing terminals Identified acquisition target(s) serve Nurminen Logistics major existing customers and material flows Customers
26 Key investment highlights Nurminen has over 130 years of logistics experience and a strategy to capitalize on existing market potential. Liberalization of Finnish rail freight market with Russia and CIS countries will open multiple growth avenues for the company and value creation potential for its shareholders. 130 YEARS OF LOGISTICS EXPERIENCE FOCUS ON WINNING PORTS AND TERMINALS EXPERIENCED MANAGEMENT TEAM STRONG VALUE CREATION OPPORTUNITIES FAVORABLE MARKET OUTLOOK
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