NORDIC ALUMINIUM PLC INTERIM REPORT April 28, 2009 9.30 a.m.
Net sales of Nordic Aluminium were EUR 17.13 million (EUR 26.98 million year
2008). The operating profit for the period was EUR 1.22 million (EUR 3.56
million) and the net profit was EUR 0.97 million (EUR 2.64 million).
Net sales and profitability
The net sales of Nordic Aluminium accounted for EUR 17.13 million (EUR 26.98
million). The production volume measured in tons dropped by 40 per cent. The
production volume was limited by declined demand and the new extrusion line
assembly. The order back log is EUR 4.82 million being clearly lower than last
year (EUR 8.09 million).
The Company's profitability did not meet the level of the previous year. The
operating profit was EUR 1.22 million (EUR 3.56 million). Most significant
factors that caused the profit decrease were declined production volume and
demand.
International operations and export accounted for EUR 7.3 million (EUR 10.6
million), which is 43 per cent of the net sales.
Profits
The operating profit of Nordic Aluminium amounted to EUR 1.22 million (EUR 3.56
million). Earnings per share for the period were EUR 0.20 (EUR 0. 55).
Seasonality of sales and profit
Seasonal fluctuation has little effect on sales and profit.
Investments
The gross capital expenditures for the period were EUR 3.50 million (EUR 1.70
million.
Personnel
During the first three months of 2009 the average number of personnel in Nordic
Aluminium Group was 285 (316). At the end of the period the number of employees
was 284 (316).
Risks
Main business risks are related to the uncertainty in the development of the
world economy and its influence on market demand.
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 2009 a number of 26,496 shares were traded with EUR
0.30 million. The share quotation ranged between EUR 9.84 and EUR 14.30. The
number pf shares were 4,836,882 which remained unchanged during the reporting
period. The market capitalisation of the company's shares stood at EUR 53.2
million (EUR 122.0 million) at the end of March.
Ownership
There were no significant changes in the ownership during the period (1-3/2009).
Outlook
The order backlog for the Group was EUR 4.82 million (EUR 8.09 million) at the
end of the reporting period.
Market demand and production volume are expected to stay on a low level. Due to
the problems in the global economy the market prospects are still weak and
uncertain. The customers are not able to reliably predict their needs even on a
short term, and the Company continues to adapt its resources to meet the
decreased demand.
The above mentioned predictions are based on the Company's management's best
view of the company's condition and market outlook.
Disclaimer
This release contains certain forward-looking statements that reflect the
current views of the company's management. Due to the nature of these
statements, they contain risks and uncertainties and are subject to changes in
the general economic situation and in the company's business sector.
Accounting policies
These presented interim financial statements have been prepared in accordance
with IAS34 Interim Financial Reporting. Nordic Aluminium applies the same
accounting policies as are applied in 2008 annual financial statements. The
group has implemented the following new and revised standards as per Jan 1,
2009: IFRS 8 Segment Reporting and IAS 1 Presenting Financial Statement.
The financial information is prepared in accordance with international
financial reporting standards IFRS.
While the group has only one primary business segment, "Aluminium products",
which is equal to the official consolidated income statement and profit and
loss account, the interim report do not include separate information over the
group's primary business segment.
The key figures in this interim financial report are calculated with same
accounting principles than in year 2008 annual financial statement. The
calculation rules of key figures are presented in the financial statements
bulletin of the previous year.
The figures presented in the tables below have been rounded to two decimals,
which should be taken into account when reading the sum figures.
The interim report has not been subject to audit.
CONSOLIDATED INCOME STATEMENT
EUR million 1-3/09 % 1-3/08 % 1-12/08 %
Net sales 17.13 26.98 100.15
Other operating income 0.01 1.19 1.67
Increase(+) or decrease(-)
finished goods and
work in progress -1.10 0.05 -3.65
Raw materials and
consumables -7.97 -14.58 -51.19
Personnel expenses -3.34 -3.84 -14.90
Depreciation and
reduction of value -1.11 -0.92 -3.95
Other operating expenses -2.41 -5.33 -17.14
Operating profit 1.22 7.1 3.56 13.2 10.99 11.0
Financial items 0.06 0.00 0.23
Profit before taxes 1.28 7.5 3.56 13.2 11.22 11.2
Income taxes -0.31 -0.92 -2.95
Net profit for the period 0.97 5.7 2.64 9.8 8.27 8.3
Profit attributable to:
Owners of the parent 0,97 5,7 2,64 9,8 8,27 8,3
Minority interest 0,00 0,00 0,00
Other comprehensive income:
Conversion difference 0,02 -0,03 -0,05
Total comprehensive income
attributable to:
Owners of the parent 0,99 5,8 2,61 9,7 8,22 8,2
Minority interest 0,00 0,00 0,00
Basic and diluted
earnings per share, EUR 0.20 0.55 1.71
CONSOLIDATED BALANCE SHEET
EUR million March 31, March 31, Dec 31,
2009 2008 2008
Non-current assets
Tangible assets 27.45 20.02 25.07
Goodwill 2.25 2.25 2.25
Intangible assets 1.74 1.88 1.74
Tradable financial assets 0.02 0.02 0.02
Other financial assets 0.00 0.00 0.00
Deferred tax liabilities 0.10 0.09 0.09
Total 31.56 24.26 29.17
Current assets
Inventories 6.71 12.36 8.15
Accounts receivable and other
current assets 12.22 18.73 11.51
Advance payments 0.10 0.02 0,00
Cash in hand and at banks 6.43 4.64 7.35
Total 25.46 35.76 27.01
Total assets 57.02 60.02 56.18
EUR million March 31, March 31, Dec 31,
2009 2008 2008
Shareholders' equity and liabilities
Equity
Shareholders' equity 6.19 6.19 6.19
Share premium account 3.45 3.45 3.45
Conversion difference -0.26 -0.25 -0.28
Retained earnings 37.89 36.85 36.92
Shareholders' equity:
Owners of the parent 47.27 46.24 46.29
Minority interest 0.00 0.00 0.00
Total 47.27 46.24 46.29
Long-term liabilities
Deferred tax liabilities 1.76 1.60 1.76
Provisions 0.07 0.14 0.07
Interest bearing liabilities 0.08 0.12 0.09
Total 1.91 1.86 1.91
Short-term liabilities
Accounts payable 7.79 11.06 7.93
Provisions 0.00 0.09 0.00
Short-term interest
bearing liabilities 0.05 0.77 0.05
Total 7.84 11.92 7.98
Total liabilities 9.75 13.78 9.89
Total shareholders' equity and
liabilities 57.02 60.02 56.18
CONSOLIDATED CASH FLOW STATEMENTS
EUR million 1-3/09 1-3/08 1-12/08
Cash flow from operations
Net profit (loss) 0.97 2.64 8.27
Corrections
Depr. according to plan 1.11 0.92 3.95
Financial items -0.06 0.00 -0.23
Taxes 0.31 0.92 2.95
Cash flow before change
in net working capital 2.33 4.47 14.94
Change in net working capital:
Short-term receivables,
increase(-)/decrease(+) -0.81 -4.40 3.74
Inventories
increase(-)/decrease(+) 1.44 0.32 4.56
Short-term interest bearing
liabilities
increase(+)/decrease(-) 0.00 -0.51 -3.52
Total 0.63 -4.59 4.77
Cash flow from operations before
interests and taxes 2.96 -0.11 19.71
Paid interests and payments for
other financial expenses -0.05 -0.07 -0.18
Received interests and payments
from other financial income 0.11 0.07 0.40
Paid income taxes -0.31 -0.72 -3.86
Cash flow from operations(A) 2.71 -0.83 16.07
Cash flow from investing activities
Investments in tangible and
intangible assets -3.50 -1.70 -9.64
Income from sales of tangible
and intangible assets 0.00 0.00 0.00
Repayment of loan receivables 0.00 0.00 0.00
Cash flow from investments(B) -3.50 -1.70 -9.64
Cash flow from financial items
Rights issue 0.00 0.00 0.00
Withdrawals of
short-term loans 0.00 0.00 0.00
Amortization of
short-term loans -0.14 0.00 -0.72
Amortization of
long-term loans 0.00 -0.01 0.05
Dividends paid 0.00 0.00 -5.56
Cash flow from
financial items(C) -0.14 -0.01 -6.24
Change in cash flow (A+B+C) -0.94 -2.54 0.20
Conversion difference 0.02 -0.03 -0.05
Total -0.92 -2.56 0.15
Cash in hand and at banks
in the beginning of period 7.35 7.21 7.20
Cash in hand and at banks
in the end of period 6.43 4.64 7.35
Change -0.92 -2.56 0.15
STATEMENT OF CHANGES OF CONSOLIDATED EQUITY
EUR million
Shareholders Sh.pr. Convers. Retained. Total
Equity account diff. earnings equity
Equity
01.01.2008 6.19 3.45 -0.23 34.20 43.63
Comprehensive income -0.03 2.64 2.62
Earning and costs tot. 2.62
Dividends 0.00 0.00
Warrants used 0.00
0.00
Equity
31.03.2008 6.19 3.45 -0.25 36.85 46.24
Equity
01.01.2009 6.19 3.45 -0.28 36.92 46.28
Comprehensive income 0.02 0.97 0.99
Earning and costs tot. 0.99
Dividends 0.00 0.00
Warrants used 0.00
0.00
Equity
31.03.2009 6.19 3.45 -0.26 37.89 47.27
KEY FIGURES:
EUR million March 31, March 31, Dec 31,
2009 2008 2008
Basic and diluted
earnings per share, EUR 0.20 0.55 1.71
Equity ratio, % 82.9 77.0 82.4
Gearing, % -13.4 -8.1 -15.9
Balance sheet total, EUR million 57.02 60.02 56.18
NOTES:
EUR million March 31, March 31, Dec 31,
2009 2008 2008
Equity/share, EUR 9.77 9.56 9.56
Investments, EUR mill. 3.50 1.70 9.60
Average number of personnel 285 316 315
Geographical segments:
Net sales
EUR million 1-3/09 1-3/08 1-12/08
Finland 9.81 16.34 59.42
Other countries 7.33 10.64 40.73
Total 17.13 26.98 100.15
Taxes:
EUR million 1-3/09 1-3/08 1-12/08
Current income tax 0.32 0.92 2.79
Change in deferred income tax 0.00 0.00 0.16
Total 0.32 0.92 2.95
Inventories:
EUR million March 31, March 31, Dec 31,
2009 2008 2008
Raw materials and consumables 0.99 1.41 1.26
Work in progress 2.26 5.55 2.58
Finished goods 3.47 5.40 4.30
Total 6.71 12.36 8.14
Interest bearing loans and borrowings:
EUR million March 31, March 31, Dec 31,
2009 2008 2008
Bank loan 0.00 0.73 0.00
Obligations under finance leases 0.13 0.17 0.13
Total 0.13 0.89 0.13
Contingent liabilities:
EUR million March 31, March 31, Dec 31,
2009 2008 2008
Consignation liability 0.72 1.78 0.19
Rental and leasing liabilities 8.75 10.99 9.73
Corporate mortgages given 0.00 8.41 0.00
Related party disclosures:
EUR million March 31, March 31, Dec 31,
2009 2008 2008
Sales 1.96 2.66 9.09
Purchases 0.00 0.00 0.02
Receivables 0.49 0.51 0.01
Order bakclog:
EUR million March 31, March 31, Dec 31,
2009 2008 2008
4.82 8.09 5.05
Nordic Aluminium Plc publishes publishes its six-month Interim Report for
January-June 2009 on August 18, 2009. The company bulletins will be published
also on web-pages www.nordicaluminium.fi.
Kirkkonummi April 28, 2009
NORDIC ALUMINIUM PLC
The Board of Directors
Robert Paajanen
Managing Director
For further information please contact:
Managing Director Robert Paajanen, tel. +358 20 7660 220
Distribution:
OMX NASDAQ Helsinki
The Main Media
www.nordicaluminium.fi
NOAE1109