Key Figures 2016

Comparable net sales

Comparable operating profit (EBIT)

Change of comparable EBIT

Equity ratio, %

Number of personnel

Personnel by country, %

CEO's Review


President and CEO Marko Tuunainen, how was the year 2016 for Nurminen Logistics?

Nurminen Logistics’ performance in 2016 was promising. Thanks to an excellent latter half of the year, comparable net sales and profitability improved from 2015. Comparable net sales increased by 11.6 per cent and operating result improved over EUR 3.3 million. As net sales increased, Nurminen Logistics Group’s EBITDA improved considerably from the previous year. EBITDA in the financial year was EUR 416 thousand, an increase of EUR 409 thousand from the previous year.

How the business's profitability developed in 2016?

The positive trend of forwarding services in Finland continued and the company managed to increase its market share in this business area. Net sales of forwarding services grew by 16.6 per cent year-on-year and profitability improved as well. In terminal services, the trend varied considerably between the different locations. The development of net sales and profit of the company’s largest terminals, Vuosaari and Kotka, was positive. In the other border and railway terminals, the performance in 2016 remained at the previous year’s level. The Russian railway logistics performance was good as a result of efficiency measures taken. In Finnish railway logistics, the volumes declined from the previous year, making it the company’s only business area in which the results and profitability fell short of expectations. The net sales and financial results of the Baltic companies in 2016 were at a very good level.

What positive happened at Nurminen Logistics during the past year?

In 2016, Nurminen Logistics started the preparation of the strategic collaboration with the Russian Rustranscom. New subsidiary, NR Rail, focuses on locomotive business. The business of NR Rail is possible due to the new agreement on international railway transport concluded and ratified between Finland and Russia last year. In practice, the bi-lateral agreement sees the deregulation of rail transport between Finland and Russia in the Finnish rail network. The amount and the schedule of NR Rail's investment in locomotives will depend on the development of customer volumes. This jointly owned company allows us to expand Nurminen Logistics’ entire service offering comprising own locomotives, wagons, terminals, railway yards and forwarding services at border crossings in Imatra, Niirala and Vainikkala. What’s more, we will be able to offer an even longer value chain for Finnish import and export industries.

What does Nurminen Logistics look like in 2017?

Our aim is to grow in the years to come. We seek growth in multiple business areas. To support the growth target, we have in recent years carried out reorganisation in the company and streamlined our procedures and increased resources that support growth. We will continue improving the efficiency of our operations during the current year. High customer satisfaction, committed organisation and the improving market situation provide a solid foundation for future growth in net sales and profit. In 2017, we expect the net sales and profit to increase compared to 2016.

"Nurminen Logistics' performance in


was promising"


Marko Tuunainen

President and CEO


An improved operating result



Connecting traffic covers


of the Finnish railway market

General cargo traffic through the Port of Helsinki grew by


on 2015


The goal of Nurminen Logistics is to be the most reliable and highest-quality logistics operator in our chosen business segments and areas. The strategy of Nurminen Logistics is to grow both organically and through investments and acquisitions. Key factors in this are our extensive experience in logistics markets both at home and internationally, a high-quality and multi-faceted range of services in central locations and near to existing product streams, and a comprehensive, sufficient, and cost-efficient service value chain that meets our customers’ needs. In all its market areas, Nurminen Logistics offers comprehensive logistics solutions that create added value for the customer in the form of time and cost savings.

Strategic objectives for 2020

  1. Growth through selected acquisitions and projects
    • focused investments and acquisitions in growing markets and segments
    • developing service concepts that create synergies for the company, and added value for customers
    • expanded logistics service offering by lengthening the value chain
  2. Improving profitability
    • internationalisation and growing profitable business operations
    • developing operational productivity and efficiency
    • growth of the value chain and development of value-added services
  3. Development of rail logistics services
    • rail logistics to serve industrial procurement and product streams
    • international rail logistics
    • rail logistics produced for local services

Long-term financial objectives

  1. Growth: Growing at a faster rate than the market, on average over 15% per year. Over 50% of net sales from the growth markets of Russia and the other CIS countries.
  2. Profitability: The company will improve its profitability, reaching an operating profit margin of 15% and return on equity of 20%.

Nurminen Logistics' strategy


Develop and improve – for the benefit of the customer

Trust and be trustworthy

Operate profitably

Entrepreneurship means responsibility

Competetive advantages

High service quality, reliability, and flexibility

Strong expertise in production of import and export logistics services between Finland and Russia, and in internal logistics within Russia and its neighbouring countries

Lengthy experience and impressive expertise in logistics markets

Branches in key places close to product streams



Growth through selected acquisitions and projects


Improving profitability


Developing operational productivity and efficiency


The goal of Nurminen Logistics is to be the most reliable and highest-quality logistics operator in our chosen business segments and areas.

Board of Directors

Olli Pohjanvirta
Olli Pohjanvirta

b. 1967

Managing Director of Russian Capital Management Oy


Chairman of the Board since 2015, President and CEO of the company in 2013–2015, Chairman of the Board in 2010–2013, Member of the Board in 2005–2010

Dependent of the company and independent of the significant shareholders

Tero Kivisaari
Tero Kivisaari

b. 1972

Senior Partner in LetterOne Technology

Master Degrees in Science and Economics

Chairman of the Board since 2013, Member of the Board since 2010

Independent of the company and significant shareholders

Juha Nurminen
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
Jukka Nurminen

b. 1979

Managing Director of John Nurminen Events B.V.

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

Alexey Grom
Alexey Grom

b. 1971

President of United Transport and Logistics Company (UTLC)

Executive MBA

Member of the Board since 2013

Independent of the company and significant shareholders