NORDIC ALUMINIUM PLC INTERIM REPORT April 28, 2010 8.45 am
Net sales of Nordic Aluminium were EUR 16.94 million (EUR 17.13 million year
2009). Earnings per share were EUR 0.49 (EUR 0.20). The operating profit for
the period was EUR 3.11 million (EUR 1.22 million) and the net profit was EUR
2.39 million (EUR 0.97 million).
Net sales and profitability
The net sales of Nordic Aluminium accounted for EUR 16.94 million (EUR 17.13
million). Profitability improved remarkably. The operating profit was EUR 3.11
million (EUR 1.22 million) thereby consistent with the objective. In accordance
with the new model of activity the Company has increased its core business
turnover during the period. The Company's core business includes
electrotechnical products, as well as highly refined aluminium component
manufacturing.
International operations and export accounted for EUR 8.45 million (EUR 7.33
million), which is 50 per cent of the net sales (43 per cent).
The order backlog is EUR 6.01 million (EUR 4.82 million).
Profits
The operating profit of Nordic Aluminium amounted to EUR 3.11 million (EUR 1.22
million). Earnings per share for the period were EUR 0.49 (EUR 0.20).
Seasonality of sales and profit
Seasonal fluctuation has little effect on sales and profit.
Investments
The gross capital expenditures for the period were EUR 0.36 million (EUR 3.50
million).
Personnel
During the first three months of 2010 the average number of personnel in Nordic
Aluminium Group was 146 (285). At the end of the period the number of employees
was 150 (284).
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 2010 a number of 167,492 shares were traded with EUR
3.04 million. The share quotation ranged between EUR 14.94 and EUR 21.89. The
number of shares was 4,836,882 which remained unchanged during the reporting
period. The market capitalisation of the company's shares stood at EUR 105.9
million (EUR 53.2 million) at the end of March.
Dividend from the financial year 2009 was EUR 1.30 per share, amounting to EUR
6,287,946.60.
Ownership
There were no significant changes in the ownership during the period (1-3/2010).
Outlook
The company will continue to comply with the new model of activity and its fine
tuning, which will strengthen the company's profitability and competitiveness.
Demand is expected to remain at current or slightly higher level. The market
outlook remains uncertain due to global economy, so orders will be coming in at
short notice. The situation is challenging and requires flexibility from the
organization.
We still believe that the current year net sales will grow moderately in 2009
and that the level of operating income will grow substantially from the
previous year. The company's cash flow will also grow significantly, despite
the payment of dividends.
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 2009 annual financial statements.
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 2009 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 1-3/10 % 1-3/09 % 1-12/09 %
Net sales 16.94 17.13 62.24
Other operating income 0.00 0.01 0.04
Increase(+) or decrease(-)
finished goods and
work in progress -0.85 -1.10 -1.38
Raw materials and
consumables -7.12 -7.97 -30.21
Personnel expenses -1.99 -3.34 -12.56
Depreciation and
reduction of value -1.22 -1.11 -4.62
Other operating expenses -2.65 -2.41 -9.37
Operating profit 3.11 18.4 1.22 7.1 4.14 6.7
Financial items 0.09 0.06 0.06
Profit before taxes 3.20 18.9 1.28 7.5 4.20 6.7
Income taxes -0.81 -0.31 -1.15
Net profit for the period 2.39 14.1 0.97 5.7 3.05 4.9
Profit attributable to:
Owners of the parent 2.39 14.1 0.97 5.7 3.05 4.9
Minority interest 0.00 0.00 0.00
Other comprehensive income:
Conversion difference 0.06 0.02 0.01
Total comprehensive income
attributable to:
Owners of the parent 2.45 14.4 0.99 5,8 3.06 4.9
Minority interest 0.00 0.00 0.00
Basic and diluted
earnings per share, EUR 0.49 0.20 0.63
CONSOLIDATED BALANCE SHEET
EUR million March 31, March 31, Dec 31,
2010 2009 2009
Non-current assets
Tangible assets 26.83 27.45 27.54
Goodwill 2.25 2.25 2.25
Intangible assets 1.33 1.74 1.48
Tradable financial assets 0.02 0.02 0.02
Other financial assets 0.00 0.00 0.00
Deferred tax liabilities 0.09 0.10 0.09
Total 30.52 31.56 31.38
Current assets
Inventories 5.68 6.71 6.42
Accounts receivable and other
current assets 12.86 12.22 8.81
Advance payments 0.04 0.10 0,06
Cash in hand and at banks 10.12 6.43 9.51
Total 28.70 25.46 24.79
Total assets 59.22 57.02 56.17
EUR million March 31, March 31, Dec 31,
2010 2009 2009
Shareholders' equity and liabilities
Equity
Shareholders' equity 6.19 6.19 6.19
Share premium account 3.45 3.45 3.45
Conversion difference -0.22 -0.26 -0.27
Retained earnings 34.16 37.89 38.03
Shareholders' equity:
Owners of the parent 43.58 47.27 47.41
Minority interest 0.00 0.00 0.00
Total 43.58 47.27 47.41
Long-term liabilities
Deferred tax liabilities 2.87 1.76 2.86
Provisions 0.07 0.07 0.27
Interest bearing liabilities 0.02 0.08 0.10
Total 2.96 1.91 3.03
Short-term liabilities
Accounts payable 12.66 7.79 5.73
Provisions 0.00 0.00 0.00
Short-term interest
bearing liabilities 0.02 0.05 0.00
Total 12.68 7.84 5.73
Total liabilities 15.64 9.75 8.76
Total shareholders' equity and
liabilities 59.22 57.02 56.17
CONSOLIDATED CASH FLOW STATEMENTS
EUR million 1-3/10 1-3/09 1-12/09
Cash flow from operations
Net profit (loss) 2.38 0.97 3.05
Corrections
Depr. according to plan 1.22 1.11 4.62
Financial items -0.09 -0.06 -0.06
Taxes 0.82 0.31 1.15
Cash flow before change
in net working capital 4.34 2.33 8.77
Change in net working capital:
Short-term receivables,
increase(-)/decrease(+) -4.03 -0.81 3.03
Inventories
increase(-)/decrease(+) 0.74 1.44 1.73
Short-term interest bearing
liabilities
increase(+)/decrease(-) 0.64 0.00 -2.20
Total -2.65 0.63 2.56
Cash flow from operations before
interests and taxes 1.68 2.96 11.33
Paid interests and payments for
other financial expenses -0.01 -0.05 -0.16
Received interests and payments
from other financial income 0.09 0.11 0.22
Paid income taxes -0.81 -0.31 -0.43
Cash flow from operations(A) 0.96 2.71 10.95
Cash flow from investing activities
Investments in tangible and
intangible assets -0.36 -3.50 -6.84
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) -0.36 -3.50 -6.84
Cash flow from financial items
Rights issue 0.00 0.00 0.00
Withdrawals of
short-term loans 0.02 0.00 0.00
Amortization of
short-term loans 0.00 -0.14 -0.05
Withdrawals of
long-term loans -0.08 0.00 0.01
Amortization of
long-term loans 0.00 0.00 0.00
Dividends paid 0.00 0.00 -1.94
Cash flow from
financial items(C) -0.06 -0.14 -1.97
Change in cash flow (A+B+C) 0.54 -0.94 2.14
Conversion difference 0.08 0.02 0.01
Total 0.62 -0.92 2.15
Cash in hand and at banks
in the beginning of period 9.50 7.35 7.35
Cash in hand and at banks
in the end of period 10.12 6.43 9.50
Change -0.62 0.92 2.15
STATEMENT OF CHANGES OF CONSOLIDATED EQUITY
EUR million
Shareholders Sh.pr. Convers. Retained. Total
Equity account diff. earnings equity
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
Equity
31.03.2009 6.19 3.45 -0.26 37.89 47.27
Equity
01.01.2010 6.19 3.45 -0.27 38.03 47.41
Comprehensive income 0.06 -3.90 -3.84
Earning and costs tot. -3.84
Dividends 0.00 0.00
Warrants used 0.00
Equity
31.03.2010 6.19 3.45 -0.22 34.16 43.58
KEY FIGURES:
EUR million March 31, March 31, Dec 31,
2010 2009 2009
Basic and diluted
earnings per share, EUR 0.49 0.20 0.63
Equity ratio, % 73.6 82.9 84.4
Gearing, % -23.2 -13.4 -19.9
Balance sheet total, EUR million 59.22 57.02 56.17
NOTES:
EUR million March 31, March 31, Dec 31,
2010 2009 2009
Equity/share, EUR 9.01 9.77 9.80
Investments, EUR mill. 0.36 3.50 6.84
Average number of personnel 146 285 207
Average number of personnel
at the end of the period 150 284 125
Geographical segments:
Net sales
EUR million 1-3/10 1-3/09 1-12/09
Finland 8.49 9.81 34.13
Other countries 8.45 7.33 28.11
Total 16.94 17.13 62.24
Taxes:
EUR million 1-3/10 1-3/09 1-12/09
Current income tax 0.81 0.32 0.04
Change in deferred income tax 0.00 0.00 1.11
Total 0.81 0.32 1.15
Inventories:
EUR million March 31, March 31, Dec 31,
2010 2009 2009
Raw materials and consumables 1.09 0.99 0.97
Work in progress 2.41 2.26 2.96
Finished goods 2.17 3.47 2.49
Total 5.67 6.71 6.42
Interest bearing loans and borrowings:
EUR million March 31, March 31, Dec 31,
2010 2009 2009
Bank loan 0.00 0.00 0.00
Obligations under finance leases 0.04 0.13 0.05
Total 0.04 0.13 0.05
Contingent liabilities:
EUR million March 31, March 31, Dec 31,
2010 2009 2009
Consignation liability 0.41 0.72 0.33
Rental and leasing liabilities 6.81 8.75 7.44
Corporate mortgages given 0.00 0.00 0.00
Related party disclosures:
EUR million March 31, March 31, Dec 31,
2010 2009 2009
Sales 2.61 1.96 7.50
Purchases 0.02 0.00 0.05
Receivables 0.67 0.49 0.02
Accounts payable 0.02 0.00 0.04
Order bakclog:
EUR million March 31, March 31, Dec 31,
2010 2009 2009
6.01 4.82 4.02
Nordic Aluminium Plc publishes its six-month Interim Report for January-June
2010 on August 18, 2010. The company bulletins will be published also on
web-pages www.nordicaluminium.fi.
Kirkkonummi April 28, 2010
NORDIC ALUMINIUM PLC
The Board of Directors
Peter Högel
Managing Director
For further information please contact:
Managing Director Peter Högel, tel. +358 20 7660 206
Distribution:
OMX NASDAQ Helsinki
The Main Media
www.nordicaluminium.fi
NOAE0610