Key Figures 2017

Net sales

Operating profit (EBIT)

EBIT as percentage of net sales, %

Equity ratio, %

Number of personnel

Personnel by country, %

CEO's Review


"Reported net result increased by EUR


million compared to 2016"

President and CEO Marko Tuunainen, how was the year 2017 for Nurminen Logistics?

In 2017, Nurminen Logistics improved its profitability. The net sales of the company increased by 51.6 percent, the reported operating result increased by EUR 2.6 million and the reported net result by EUR 2.9 million compared to the previous financial period. The comparable net result turned positive (EUR 0.3 million) and the operational business developed favorably in 2017. The economic recovery and the growth of the export and import industries in Finland during the review period accelerated demand for the company's services in Finland. We raised our result guidance for the year in December due to net sales that had increased more than expected and the improved operating result. We were able to improve the net sales and operating result of nearly all our services. These achievements resulted from the determined work, and our success in several sectors reflects our commitment in our service business, goals and strategy.

How the business's profitability developed in 2017?

The positive development of the terminal business and the Baltic companies’ results supported the company’s result turnaround. The profitability of forwarding services in Finland remains strong and net sales increased compared to 2016. The profitability of rail logistics services in Finland increased during the review period due to the improved efficiency of operations, and the utilisation rate of wagons operated by the Russian company remained high.

What is the significance of a rights offering issued in the summer?

To support growth, the company issued a rights offering for its investors in the summer. The offering was excellently received on the markets and all 29,229,764 new shares issued in the rights offering were subscribed. The company raised gross proceeds of approximately EUR 5.7 million through the rights offering. The capital arrangements strengthened the company’s capital structure and balance sheet and reduced net gearing and financing costs considerably. The rights offering combined with the increased operating result improved the company’s financing position significantly in 2017.

Where Nurminen Logistics succeeded in 2017?

In addition to continuously improving its existing services, the company aims at expanding its range of services. During the review period, the company concentrated on developing rail transports to China. The company successfully arranged the first container train transport from Finland to China in November and plans to open a regular train connection between Finland and China. There is a demand for this service in the export and import industries in Finland and Northern Europe.

How has the company's information system reform progressed?

In 2017, the company invested over EUR million more in capital assets than in the previous year. The terminal and rolling stock repair and information system renewal, which started this year, were the largest investment projects. The information systems are being renewed in stages: the new customer management system was implemented at the end of the year 2017, the new financial management and forwarding systems at the turn of the year and the inventory management system will be renewed in 2018. With these modern systems, we are able to improve the efficiency of our operations and competitiveness as well as the level of our services. Furthermore, they provide opportunities to provide new digital services.

How would you summarize the past year and what are the goals for 2018?

The company is on the good path and in a better financial position for continuing to grow its net sales and to improve its operations. We are continuing to analyse our strategic actions in 2018 and our goal is to support our market position and extend our value chain and range of services to customers. Our main goal for 2018 is to continue on our path of profitable growth.

Marko Tuunainen

President and CEO


Operating result improved by



The company's capital increased by EUR



The total lenght of the train was around




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.

The Board of Directors has updated the Nurminen Logistics’ long-term financial objectives to reflect the market environment and the company’s current level of business activities. The objectives of the company are to achieve a growth rate that is higher than that of the markets in general, a net operating profit level of 7% and a return on equity of 12%.

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.
  2. Profitability: The company will improve its profitability, reaching an operating profit margin of 7% and return on equity of 12%.

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.

Implementation ot the strategy in 2017

In 2017, Nurminen Logistics concentrated on developing its financing structure by organising a rights offering for shareholders in June–July. The goals of the capital arrangements were realised: the company received assets to advance projects according to the strategy, the company’s balance sheet improved and the debt structure was reduced. In 2017, Nurminen Logistics determinedly furthered its plan to open a train connection to China, developed the operations of NR Rail Oy and managed to improve its profitability.


Improving the profitability of operations

In 2017, Nurminen Logistics managed to improve the profitability of nearly all of its operations. The company’s operating result increased 278.4% compared to the previous year to EUR 1.7 million. The profitability of forwarding and terminal services, railway logistics in Finland and the Baltic companies increased from the previous year. The profitability of the terminal business increased clearly, mainly due to the increase in the flow of goods in the export and import trade at the terminals. The positive development was clearly visible at the Vuosaari location in forest, steel and engineering industries and in the increased demand for e-commerce logistic services. The increased profitability of the forwarding services and railway logistics in Finland resulted from the measures to improve efficiency. The operating result of the Baltic companies was improved due to the strong net sales growth.


Opening a train connection to China

The leading project in the railway logistics service development is the creation of a reliable and quick container train connection for Finnish import products to China. The first big step towards this goal was taken last November when Nurminen arranged a block train shipment from Finland to China. The goods were transported from Niirala to Central China in just 12 days. At the same time, the company launched a project to open a weekly train connection from the Port of Helsinki to China. The company’s clientele will consist of the export industry in Finland and international forwarding companies. In addition to railway transports, container collection and delivery transports from the destination in China to all around China by road will be offered to clients.


Developing NR Rail Oy’s operations

In 2017, NR Rail continued to analyse rail transport markets according to its strategy and achieved reliable service provider status among its clientele, although investments in the railway locomotive equipment are not yet complete. NR Rail Oy is continuing the negotiations into further co-operation with a specifically identified client group and is looking into the possibilities of offering a wider entity in the logistics chain. The co-operation between Nurminen Logistics and the Russian Rustranscom was underpinned by international railway transport agreement that was ratified between Finland and Russia in 2016. According to the plans, the core service of NR Rail Oy will cover the border traffic locomotive transports of the forest and chemical industries through the border crossing points at Niirala, Imatra and Vainikkala in Finland.

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

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 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