NORDIC ALUMINIUM PLC STOCK EXHANGE RELEASE April 25, 2007 10 a.m. 1/6
INTERIM REPORT OF NORDIC ALUMINIUM PLC Jan 1 - March 31, 2007
Net sales of Nordic Aluminium were EUR 26.41 million (EUR 22.82 million year
2006). The operating profit for the period was EUR 4.45 million (EUR 2.45
million) and the net profit was EUR 3.32 million (EUR 1.78 million).
Net sales and profitability
The net sales of Nordic Aluminium accounted for EUR 26.41 million (EUR 22.82
million) and was 15.7 % higher than the net sales of the equivalent period of
the previous year. The demand during the period was good, as expected. The
order back log grew substantially.
The Company's good profit development was due to a good increase in volume and
value added, as well as improvement of material flows. The rapid price increase
of aluminium reduced the sales margin during the first quarter of the year
2006, which increases the comparative profit growth this year.
International operations and export accounted for EUR 10.8 million (EUR 8.9
million), which is 41 per cent of the net sales.
Profits
The operating profit of Nordic Aluminium amounted to EUR 4.45 million (EUR 2.45
million). Earnings per share for the period were EUR 0.69 (EUR 0.38).
Investments
The gross capital expenditures for the period were EUR 1.33 million (EUR 0.52
million).
Personnel
During the first three months of 2007 the average number of personnel in Nordic
Aluminium Group was 295 (320). At the end of the period the number of employees
was 297 (324).
Shares
The shares of Nordic Aluminium Plc are traded at the Helsinki Exchanges. The
trading identifier is NOA1V and the ISIN code is FI0009006415. During the first
three months of the year 2007 a number of 75,071 shares were traded with EUR
1.57 million. The share quotation ranged between EUR 19.50 and EUR 22.94. The
market capitalisation of the company's shares stood at EUR 106.8 million (EUR
82.6 million) at the end of March.
Ownership
There were no significant changes in the ownership during the period (1-3/2007).
Outlook
At the end of the reporting period the order backlog for the Group was EUR
12.33 million (EUR 6.52 million). The demand is expected to continue at a good
level the first half of the year, there are no signs of demand decrease. The
development of efficient and clear material flows and operative efficiency
continues. The Company aims at a good profit development for the whole year.
Accounting policies
The presented Financial information is construed according to the recognition
and measurement principles of International Financial Reporting Standards
(IFRS).
CONSOLIDATED INCOME STATEMENT
EUR million 1-3/07 % 1-3/06 % 1-12/06 %
Net sales 26.41 22.82 96.57
Other operating income 0.00 0.00 0.03
Increase(+) or decrease(-)
finished goods and
work in progress 1.01 0.77 1.30
Raw materials and
consumables -14.48 -13,13 -52.60
Personnel expenses -3.53 -3.79 -15.10
Depreciation and
reduction of value -0.84 -1.02 -3.86
Other operating expenses -4.12 -3.21 -15.26
Operating profit 4.45 16.8 2.45 10.7 11.07 11.5
Financial items 0.02 -0.04 -0.13
Profit before taxes 4.47 16.9 2.40 10.5 10.94 11.3
Income taxes -1.15 -0.62 -2.88
Net profit for the period 3.32 12.6 1.78 7.8 8.06 8.3
CONSOLIDATED BALANCE SHEET
EUR million March 31, March 31, Dec 31,
2007 2006 2006
Non-current assets
Tangible assets 12.08 12.72 11.79
Goodwill 2.25 2.25 2.25
Intangible assets 1.49 1.30 1.30
Tradable financial assets 0.02 0.02 0.02
Other financial assets 0.00 0.05 0.00
Deferred tax liabilities 0.09 0.16 0.10
Total 15.93 16.50 15.46
Current assets
Inventories 11.22 9.52 10,24
Accounts receivable and other
current assets 16.83 16.51 13.46
Advance payments 0.00 0.00 0.00
Cash in hand and at banks 6.82 3.89 6.67
Total 34.86 29.92 30.38
Total assets 50.80 46.42 45.83
EUR million March 31, March 31, Dec 31,
2007 2006 2006
Shareholders' equity and liabilities
Equity
Shareholders' equity 6.19 5.92 6.19
Share issue 0.01
Share premium account 3.45 2.11 3.45
Conversion difference -0.18 -0.16 -0.16
Retained earnings 22.71 20.23 23.50
Total 32.18 28.11 32.99
Long-term liabilities
Deferred tax liabilities 0.62 0.75 0.62
Provisions 0.14 0.14
Interest bearing liabilities 0.76 2.20 0.75
Total 1.52 2.95 1.51
Short-term liabilities
Accounts payable 15.54 11.98 9.77
Provisions 0.09 0.09
Short-term interest
bearing liabilities 1.47 3.39 1.48
Total 17.10 15.37 11.33
Total liabilities 18.62 18.32 12.84
Total shareholders' equity and
liabilities 50.80 46.42 45.83
CONSOLIDATED CASH FLOW STATEMENTS
EUR million 1-3/07 1-3/06 1-12/06
Cash flow from operations
Net profit (loss) 3.32 1.78 8.06
Corrections
Depr. according to plan 0.84 1.02 3.86
Financial items -0.02 0.04 0.13
Taxes 1.15 0.62 2.88
Cash flow before change
in net working capital 5.29 3.47 14.93
Change in net working capital:
Short-term receivables,
increase(-)/decrease(+) -3.37 -5.10 -2.05
Inventories
increase(-)/decrease(+) -0.98 -1.05 -1.75
Short-term interest bearing liabilities
increase(+)/decrease(-) 5.28 0.33 -1.84
Total 0.93 -5.83 -5.64
Cash flow from operations before
interests and taxes 6.23 -2.36 9.29
Paid interests and payments for
other financial expenses -0.05 -0.10 -0.33
Received interests and payments
from other financial income 0.08 0.05 0.20
Paid income taxes -0.65 -0.38 -2.66
Cash flow from operations(A) 5.60 -2.79 6.49
Cash flow from investing activities
Investments in tangible and
intangible assets -1.33 -0.52 -2.42
Income from sales of tangible
and intangible assets 0.00 0.00 0.00
Repayment of loan receivables 0.00 0.00 0.05
Cash flow from investments(B) -1.33 -0.52 -2.37
Cash flow from financial items
Rights issue 0.00 0.01 1.62
Withdrawals of
short-term loans 0.00 2.50 4.30
Amortization of
short-term loans 0.00 -0.65 -4.37
Amortization of
long-term loans 0.01 -0.01 -1.33
Dividends paid -4.11 0.00 -3.01
Cash flow from
financial items(C) -4.10 1.85 -2.78
Change in cash flow (A+B+C) 0.17 -1.46 1.34
Conversion difference -0.03 0.02 0.00
Total 0.14 -1.44 1.34
Cash in hand and at banks
in the beginning of period 6.67 5.34 5.34
Cash in hand and at banks
in the end of period 6.82 3.89 6.67
Change 0.14 -1.44 1.34
STATEMENT OF CHANGES OF CONSOLIDATED EQUITY
EUR million
Shareholders Sh.pr. Convers. Retained. Total
Equity account diff. earnings equity
Equity
01.01.2006 5.92 2.11 -0.15 18.45 26.33
Conversion diff. 0.00 0.00
Net profit 8.06 8.06
Earning and costs tot. 8.05
Dividends -3.00 -3.00
Warrants used 0.27 1.35 1.62
-1.38
Equity
31.12.2006 6.19 3.45 -0.16 23.50 32.99
Equity
01.01.2007 6.19 3.45 -0.16 23.50 32.99
Conversion diff. -0.03 -0.03
Net profit 3.32 3.32
Earning and costs tot. 3.29
Dividends -4.11 -4.11
Warrants used 0.00 0.00 0.00
-4.11
Equity
31.03.2007 6.19 3.45 -0.18 22.71 32.18
EUR million March 31, March 31, Dec 31,
2007 2006 2006
Equity/share, EUR 6.65 5.93 6.96
Investments in tangible and
intangible assets, EUR mill. 1.33 0.52 2.42
Average number of personnel 295 320 311
CONTINGENT LIABILITIES
EUR million March 31, March 31, Dec 31,
2007 2006 2006
Consignation liability 1.57 4.39 2.25
Rental and leasing liabilities 11.24 2.08 11.57
Corporate mortgages given 8.41 8.41 8.41
KEY FIGURES
EUR million March 31, March 31, Dec 31,
2007 2006 2006
Diluted earnings per share, EUR 0.69 0.38 1.70
Equity ratio, % 63.3 60.5 72.0
Gearing, % -14.2 6.0 -13.5
Balance sheet total, EUR million 50.80 46.42 45.83
Order bakclog:
EUR million 1-3/07 1-3/06 1-12/06
12.33 6.52 7.95
Geographical segments:
Net sales
EUR million 1-3/07 1-3/06 1-12/06
Finland 15.63 13.92 58.80
Other countries 10.78 8.90 37.76
Total 26.41 22.82 96.57
The key figures have been calculated according to the general instructions by
the Finnish Bookkeeping Board. The interim report has not been subject to
audit.
Nordic Aluminium Plc publishes its six-month Interim Report for January-June
2007 on August 15, 2007. The company bulletins will be published also on
web-pages www.nordicaluminium.fi.
Kirkkonummi April 25, 2007
NORDIC ALUMINIUM PLC
The Board of Directors
Robert Paajanen
Managing Director
For further information please contact:
Managing Director Robert Paajanen, tel. +358 9 6825 2500
Distribution:
Helsinki Exchanges
The Main Media
NOAE0607