2008-04-24 08:30:00 CEST
2008-04-24 08:30:05 CEST
REGULATED INFORMATION
Nordic Aluminium - Interim report (Q1 and Q3)
INTERIM REPORT OF NORDIC ALUMINIUM PLC Jan 1 - March 31, 2008
NORDIC ALUMINIUM PLC INTERIM REPORT April 24, 2008 9.30 a.m.
Net sales of Nordic Aluminium were EUR 26.98 million (EUR 26.41 million year
2007). The operating profit for the period was EUR 3.56 million (EUR 4.45
million) and the net profit was EUR 2.64 million (EUR 3.32 million).
Net sales and profitability
The net sales of Nordic Aluminium accounted for EUR 26.98 million (EUR 26.41
million). The order back log is at the same level as by the end of 2007 EUR
8.09 million being clearly lower than last year (EUR 12.33 million).
The Company's profit development did not meet the level of the previous year.
The operating profit was EUR 3.56 million (EUR 4.45 million). The decrease in
operating profit was due to a slower than expected growth of the net sales,
increased aluminium costs, and increased fixed costs. The increase in fixed
costs was mostly due to increased wages, mainly explained by human resources
and consultant fees engaged in development projects.
International operations and export accounted for EUR 10.6 million (EUR 10.8
million), which is 39 per cent of the net sales.
Profits
The operating profit of Nordic Aluminium amounted to EUR 3.56 million (EUR 4.45
million). Earnings per share for the period were EUR 0.55 (EUR 0.69).
Seasonality of sales and profit
Seasonal fluctuation has little effect on sales and profit. The early Easter
holidays in March effected demand and production volume in the first quarter.
InvestmentsThe gross capital expenditures for the period were EUR 1.70 million (EUR 1.33
million.
Personnel
During the first three months of 2008 the average number of personnel in Nordic
Aluminium Group was 316 (295). At the end of the period the number of employees
was 316 (297).
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 2008 a number of 19,011 shares were traded with EUR
0.47 million. The share quotation ranged between EUR 19.90 and EUR 30.00. 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 122.0
million (EUR 106.8 million) at the end of March.
Ownership
There were no significant changes in the ownership during the period (1-3/2008).
Outlook
The order backlog for the Group was EUR 8.09 million (EUR 12.33 million) at the
end of the reporting period. The uncertain global market situation has led the
customers to cautious purchasing behaviour. The order backlog is expected to
stay on a low level and the production lead times are expected to remain short.
The net sales are expected to reach the previous year's level.
The operating profit for the second quarter is expected to slightly decline
from the previous year, but the Company still aims at a moderate profit
development for the whole year.
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 2006 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 2007 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 1-3/08 % 1-3/07 % 1-12/07 %
Net sales 26.98 26.41 106.84
Other operating income 1.19 0.00 10.42
Increase(+) or decrease(-)
finished goods and
work in progress 0.05 1.01 1.70
Raw materials and
consumables -14.58 -14.48 -58.88
Personnel expenses -3.84 -3.53 -14.33
Depreciation and
reduction of value -0.92 -0.84 -4.77
Other operating expenses -5.33 -4.12 -20.98
Operating profit 3.56 13.2 4.45 16.8 20.02 18.7
Financial items 0.00 0.02 0.06
Profit before taxes 3.56 13.2 4.47 16.9 20.02 18.8
Income taxes -0.92 -1.15 -5.26
Net profit for the period 2.64 9.8 3.32 12.6 14.81 13.9
Attributable to:
Equity holders of
the parent 2.64 3.32 14.81
CONSOLIDATED BALANCE SHEET
EUR million March 31, March 31, Dec 31,
2008 2007 2007
Non-current assets
Tangible assets 20.02 12.08 19.36
Goodwill 2.25 2.25 2.25
Intangible assets 1.88 1.49 1.76
Tradable financial assets 0.02 0.02 0.02
Other financial assets 0.00 0.00 0.00
Deferred tax liabilities 0.09 0.09 0.09
Total 24.26 15.93 23.48
Current assets
Inventories 12.36 11.22 12.69
Accounts receivable and other
current assets 18.73 16.83 14.35
Advance payments 0.02 0,00 0,00
Cash in hand and at banks 4.64 6.82 7.21
Total 35.76 34.86 34.24
Total assets 60.02 50.80 57.72
EUR million March 31, March 31, Dec 31,
2008 2007 2007
Shareholders' equity and liabilities
Equity
Shareholders' equity 6.19 6.19 6.19
Share premium account 3.45 3.45 3.45
Conversion difference -0.25 -0.18 -0.23
Retained earnings 36.85 22.71 34.21
Total 46.24 32.18 43.63
Long-term liabilities
Deferred tax liabilities 1.60 0.62 1.60
Provisions 0.14 0.14 0.14
Interest bearing liabilities 0.12 0.76 0.13
Total 1.86 1.52 1.87
Short-term liabilities
Accounts payable 11.06 15.54 11.37
Provisions 0.09 0.09 0.09
Short-term interest
bearing liabilities 0.77 1.47 0.77
Total 11.92 17.10 12.22
Total liabilities 13.78 18.62 14.09
Total shareholders' equity and
liabilities 60.02 50.80 57.72
CONSOLIDATED CASH FLOW STATEMENTS
EUR million 1-3/08 1-3/07 1-12/07
Cash flow from operations
Net profit (loss) 2.64 3.32 14.81
Corrections
Depr. according to plan 0.92 0.84 4.77
Financial items 0.00 -0.02 -0.06
Taxes 0.92 1.15 5.26
Cash flow before change
in net working capital 4.47 5.29 24.79
Change in net working capital:
Short-term receivables,
increase(-)/decrease(+) -4.40 -3.37 -0.89
Inventories
increase(-)/decrease(+) 0.32 -0.98 -2.45
Short-term interest bearing
liabilities
increase(+)/decrease(-) -0.51 5.28 0.27
Total -4.59 0.93 -3.07
Cash flow from operations before
interests and taxes -0.11 6.23 21.72
Paid interests and payments for
other financial expenses -0.07 -0.05 -0.21
Received interests and payments
from other financial income 0.07 0.08 0.26
Paid income taxes -0.72 -0.65 -2.94
Cash flow from operations(A) -0.83 5.60 18.83
Cash flow from investing activities
Investments in tangible and
intangible assets -1.70 -1.33 -12.80
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) -1.70 -1.33 -12.80
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 0.00 0.00 -0.71
Amortization of
long-term loans -0.01 0.01 -0.61
Dividends paid 0.00 -4.11 -4.11
Cash flow from
financial items(C) -0.01 -4.10 -5.43
Change in cash flow (A+B+C) -2.54 0.17 0.60
Conversion difference -0.03 -0.03 -0.07
Total -2.56 0.14 0.53
Cash in hand and at banks
in the beginning of period 7.21 6.67 6.67
Cash in hand and at banks
in the end of period 4.64 6.82 7.21
Change -2.56 0.14 0.53
STATEMENT OF CHANGES OF CONSOLIDATED EQUITY
EUR million
Shareholders Sh.pr. Convers. Retained. Total
Equity account diff. earnings equity
Equity
01.01.2007 6.19 3.45 -0.16 23.50 32.99
Conversion diff. -0.07 -0.07
Net profit 14.81 14.81
Earning and costs tot. 14.74
Dividends -4.11 -4.11
Warrants used 0.00 0.00 0.00
-4.11
Equity
31.12.2007 6.19 3.45 -0.23 34.20 43.63
Equity
01.01.2008 6.19 3.45 -0.23 34.20 43.63
Conversion diff. -0.03 -0.03
Net profit 2.64 2.64
Earning and costs tot. 2.62
Dividends 0.00 0.00
Warrants used 0.00 0.00 0.00
0.00
Equity
30.09.2007 6.19 3.45 -0.25 36.85 46.24
KEY FIGURES:
EUR million March 31, March 31, Dec 31,
2008 2007 2007
Diluted earnings per share, EUR 0.55 0.69 3.06
Equity ratio, % 77.0 63.3 75.6
Gearing, % -8.1 -14.2 -14.4
Balance sheet total, EUR million 60.02 50.80 57.72
NOTES:
EUR million March 31, March 31, Dec 31,
2008 2007 2007
Equity/share, EUR 9.56 6.65 9.02
Investments, EUR mill. 1.70 1.33 12.80
Average number of personnel 316 295 306
Geographical segments:
Net sales
EUR million 1-3/08 1-3/07 1-12/07
Finland 16.34 15.63 63.43
Other countries 10.64 10.78 43.41
Total 26.98 26.41 106.84
Taxes:
EUR million 1-3/08 1-3/07 1-12/07
Current income tax 0.92 1.15 4.27
Change in deferred income tax 0.00 0.01 0.98
Total 0.92 1.15 5.26
Inventories:
EUR million March 31, March 31, Dec 31,
2008 2007 2007
Raw materials and consumables 1.41 1.09 1.90
Work in progress 5.55 3.64 4.23
Finished goods 5.40 6.49 6.56
Total 12.36 11.22 12.69
Interest bearing loans and borrowings:
EUR million March 31, March 31, Dec 31,
2008 2007 2007
Bank loan 0.73 2.18 0.73
Obligations under finance leases 0.17 0.05 0.18
Total 0.89 2.23 0.90
Contingent liabilities:
EUR million March 31, March 31, Dec 31,
2008 2007 2007
Consignation liability 1.78 1.57 1.86
Rental and leasing liabilities 10.99 11.24 11.50
Corporate mortgages given 8.41 8.41 8.41
Related party disclosures:
EUR million March 31, March 31, Dec 31,
2008 2007 2007
Sales 2.66 2.27 8.79
Purchases 0.00 0.09 0.02
Receivables 0.51 1.40 0.03
Order bakclog:
EUR million March 31, March 31, Dec 31,
2008 2007 2007
8.09 12.33 7.74
Nordic Aluminium Plc publishes publishes its six-month Interim Report for
January-June 2008 on August 18, 2008. The company bulletins will be published
also on web-pages www.nordicaluminium.fi.
Kirkkonummi April 24, 2008
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 Nordic Exchanges Helsinki
The Main Media
www.nordicaluminium.fi
NOAE0808
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