2011-10-20 08:45:00 CEST
2011-10-20 08:45:05 CEST
REGULATED INFORMATION
Nordic Aluminium - Company Announcement
INTERIM REPORT OF NORDIC ALUMINIUM PLC Jan 1 - Sept 30, 2011
INTERIM REPORT OF NORDIC ALUMINIUM PLC October 20, 2011 9.45 am
Net sales of Nordic Aluminium were EUR 54.42 million (EUR 53.12 million year
2010). The operating profit for the period was EUR 12.07 million (12.29), the
net profit was EUR 8.99 million (9.17) and earnings per share were EUR 1.86
(1.90).
Nordic Aluminium PLC changes the views
The demand for Nordic Aluminium Plc´s products increased during the first half
of the year 2011, to slow down during the second half. The management still
expects an overall increase in net sales from 2010.
The management estimates that this year's operating profit margin will be
slightly less than the previous year's due to extraordinary costs of
approximately EUR 0,6 million during the last half of the year.
The management states that the strategy has proven to be correct and the
management has a strong belief in the strategy resulting in profitability also
in challenging market situations. For the next year the management expects a
moderate growth of net sales, while the EBIT% remains at this year's level or
grows.
The above mentioned predictions are based on the company's management's best
view of the company's condition and market outlook.
Net sales and profitability
The net sales of Nordic Aluminium accounted for EUR 54.42 million (53.12). The
profitability decreased from the previous year's first three quarters so that
the operating profit was EUR 12.07 million (12.29). Compared to the year 2010
net sales increased by 2.4 per cent and the operating profit decreased by 1.8
per cent. The operating profit margin was 22.2 per cent which was lower than
previous year's three first quarters (23.1 per cent). Earnings per share were
EUR 1.86 (1.90).
International operations and export accounted for EUR 26.41 million (25.92),
which is 48.5 per cent of the net sales (49 per cent).
The order backlog is EUR 3.89 million (3.19).
Third quarter in a nutshell
Net sales of Nordic Aluminium during July-September 2011 were EUR 15.75 million
(16.40). The operating profit for the period was EUR 2.61 million (3.82).
Earnings per share were EUR 0.43 (0.57).
Seasonality of sales and profit
Seasonal fluctuations are not significant in general. However, the
concentration of holidays to July 2011 has an effect on how sales and earnings
will spread over the second and third quarter.
Investments
The gross capital expenditures for the period were EUR 2.46 million (0.95).
Businesses and contracts with the main owner
During the first quarter 2011 the company acquired shares of Nokia Plc, which
were prized at fair value. The shares, worth of EUR 7.79 million, were
presented in other financial assets. The company's main owner set an option to
purchase for these shares. According to the option the company could sell the
shares acquired to the main owner during 17.1-29.4.2011 for EUR 7.65 million.
The option was used during the second quarter.
In the second Interim Report the shares were valued at fair value according to
the set option, which resulted in EUR 0,14 million loss for the company.
Personnel
During the first nine months of 2011 the average number of personnel in Nordic
Aluminium Group was 128 (156). At the end of the period the number of employees
was 123 (162). The decrease in personnel is mainly the result of labour
negotiations.
Risks
Main business risks are related to the increased uncertainty in global 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
nine months of the year 2011 a number of 200,891 shares were traded with EUR
5.96 million. The share quotation ranged between EUR 19.00 and EUR 37.25. 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 117.1
million (130.6) at the end of September.
Dividend from the financial year 2010 was EUR 2.10 per share, amounting to EUR
10,157,452.20.
Ownership
There were no significant changes in the ownership during the period (1-9/2011).
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 Plc applies the same
accounting policies as are applied in 2010 annual financial statements.
The financial information is prepared in accordance with international
financial reporting standards IFRS. Sincethe beginning of 2011 the company has
introduced new and revised standards as described for the 2010financial
statements. Also, the company has acquired shares during the first quarter,
which are presented in financial assets. The value of the shares is determined
by the fair price at the point of trade. The change in value will be presented
in the income statement.
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 the same
accounting principles as in year 2010 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 7-9/11 % 7-9/10 % 1-9/11 % 1-9/10 %
1-12/10 %
Net sales 15,75 16,40 54,42 53,12
68,26
Other 0,01 0,00 0,32 0,07
0,08
operating
income
Increase(+) finished goods
or
decrease(-)
and work 0,83 -0,62 0,53 -0,47
0,33
in progress
Raw materials -9,18 -6,83 -27,71 -23,67
-31,62
and
consumbles
Personnel -1,55 -1,35 -5,20 -5,13
-6,02
expenses
Depreciation
and reduction
of value -1,00 -1,16 -3,03 -3,59
-4,54
Other -2,25 -2,62 -7,27 -8,04
-10,63
operating
expenses
Operating 2,61 16,6 % 3,82 23,3 % 12,07 22,2 % 12,29 23,1
% 15,86 23,2 %
profit
Financial 0,20 -0,03 0,10 0,17
0,24
items
Profit before 2,81 17,8 % 3,79 23,1 % 12,18 22,4 % 12,46 23,5
% 16,10 23,6 %
taxes
Income taxes -0,75 -1,02 -3,22 -3,29
-4,18
0,01 0,00 0,03 0,00
0,00
Net profit for 2,07 13,1 % 2,77 16,9 % 8,99 16,5 % 9,17 17,3
% 11,92 17,5 %
the period
Profit
attributable
to:
Owners of 2,07 13,1 % 2,77 16,9 % 8,99 16,5 % 9,17 17,3
% 11,92 17,5 %
the parent
Minority 0,00 0,00 0,00 0,00
0,00
interest
Other
comprehensive
income:
Conversion 0,06 -0,06 0,02 0,10
0,13
difference
Total
comprehensive
income
attributable to:
Owners of 2,13 13,5 % 2,71 16,5 % 9,01 16,5 % 9,27 17,5
% 12,05 17,6 %
the parent
Minority 0,00 0,00 0,00 0,00
0,00
interest
Basic and
diluted
earnings
per share, 0,43 0,57 1,86 1,90
2,46
EUR
CONSOLIDATED BALANCE SHEET
EUR Million Sept 30,2011 Sept 30,2010 Dec 31,2010
Non-current assets
Tangible assets 25,05 25,28 25,31
Goodwill 2,25 2,25 2,25
Intangible assets 0,72 1,07 0,99
Tradable financial assets 0,02 0,02 0,02
Other financial assets 0,01 0,00 0,00
Deferred tax liabilities 0,10 0,10 0,07
Total 28,14 28,72 28,64
Current assets
Inventories 7,23 5,97 6,77
Accounts receivable 13,66 14,61 9,60
and other current assets
Advance payments 0,00 0,04 0,04
Cash in hand and 14,81 12,81 16,51
at banks
Total 35,68 33,43 32,92
Total assets 63,82 62,14 61,56
Shareholders`equity
and liabilities
Equity
Shareholders` equity 6,19 6,19 6,19
Share premium account 3,45 3,45 3,45
Conversion difference -0,16 -0,17 -0,14
Retained earnings 42,49 40,91 43,66
Shareholders` equity
Owners of the parent 51,98 50,39 53,17
Minority interest 0,00 0,00 0,00
Total 51,98 50,39 53,17
Long-term liabilities
Deferred tax liabilities 3,20 2,88 3,20
Provisions 0,20 0,07 0,20
Interest bearing liabilities 0,01 0,01 0,01
Total 3,41 2,97 3,41
Short-term liabilities
Accounts payable 8,42 8,71 4,96
Provision 0,00 0,00 0,00
Short-term interest
bearing liabilities 0,01 0,07 0,02
Total 8,43 8,78 4,98
Total liabilities 11,84 11,75 8,39
Total shareholders`s 63,82 62,14 61,56
equity and liabilities
CONSOLIDATED CASH FLOW STATEMENTS
EUR million 1-9/11 1-9/10 7-9/11 7-9/10 1-12/10
Cash flow from operations
Net profit (loss) 8.99 9.17 2.07 2.77 11.92
Corrections
Depr, according to plan 3.03 3.59 1.00 1.16 4.54
Financial items -0.10 -0.17 -0.20 0.03 -0.24
Taxes 3.22 3.30 0.75 1.00 4.18
Cash flow before change
in net working capital 15.13 15.89 3.62 4.96 20.40
Change in net working capital:
Short-term receivables,
increase(-)/decrease(+) -4.02 -5.78 2.07 -0.05 -1.94
Inventories
increase(-)/decrease(+) -0.45 0.45 -0.90 0.70 -0.36
Short-term interest bearing
liabilities
increase(+)/decrease(-) 3.18 2.98 -0.47 0.88 -0.77
Total -1.29 -2.35 0.70 1.53 -3.07
Cash flow from operations before
interests and taxes 13.84 13.54 4.32 6.49 17.20
Paid interests and payments for
other financial expenses -0.25 -0.11 -0.01 -0.10 -0.15
Received interests and payments
from other financial income 0.35 0.28 0.21 0.07 0.39
Paid income taxes -2.93 -3.28 -0.75 -1.00 -2.53
Cash flow from operations(A) 11.02 10.43 3.77 5.46 14.92
Cash flow from investing activities
Investments in tangible and
intangible assets -2.53 -0.95 -1.23 -0.48 -1.85
Income from sales of tangible
and intangible assets 0.00 0.03 0.00 0.00 0.03
Repayment of loan receivables 0.00 0.00 0.00 0.00 0.00
Cash flow from investments(B) -2.53 -0.92 -1.23 -0.48 -1.82
Cash flow from financial items
Rights issue 0.00 0.00 0.00 0.00 0.00
Withdrawals of
short-term loans 0.00 0.07 0.00 0.02 0.00
Amortization of
short-term loans -0.01 0.00 0.00 0.00 -0.01
Withdrawals of
long-term loans 0.00 0.00 0.00 0.00 0.00
Amortization of
long-term loans 0.00 -0.09 0.01 -0.03 -0.06
Dividends paid -10.16 -6.29 0.00 0.00 -6.29
Cash flow from
financial items(C) -10.17 -6.30 0.01 0.00 -6.36
Change in cash flow (A+B+C) -1.68 3.20 2.55 4.98 6.87
Conversion difference -0.02 0.10 0.06 -0.06 0.13
Total -1.70 3.30 2.61 4.92 7.00
Cash in hand and at banks
in the beginning of period 16.51 9.51 12.20 7.89 9.51
Cash in hand and at banks
in the end of period 14.81 12.81 14.81 12.81 16.51
Change -1.70 3.30 2.61 4.92 7.00
STATEMENT OF CHANGES OF CONSOLIDATED EQUITY
EUR million
Shareholders Sh.pr. Convers. Retained. Total
Equity account diff. earnings equity
Equity
01.01.2010 6.19 3.45 -0.27 38.03 47.41
Comprehensive income 0.10 9.17 9.27
Earning and costs total 9.27
Dividends -6.29 -6.29
Equity
30.09.2010 6.19 3.45 -0.17 40.91 50.39
Equity
01.01.2011 6.19 3.45 -0.14 43.66 53.17
Comprehensive income -0.02 8.99 8.97
Earning and costs total
Dividends -10.16 -10.16
Equity
30.09.2011 6.19 3.45 -0.16 42.49 51.98
KEY FIGURES:
7-9/11 7-9/10 1-9/11 1-9/10 1-12/10
Basic and diluted
earnings per share, EUR 0.43 0.57 1.86 1.90 2.46
Sept 30, Sept 30, Dec 31,
2011 2010 2010
Equity ratio, % 81.4 81.1 86.4
Gearing, % -28.5 -25.4 -30.9
Balance sheet total, EUR million 63.8262.14 61.56
NOTES:
Sept 30, Sept 30, Dec 31,
2011 2010 2010
Equity/share, EUR 10.75 10.42 10.99
Average number of personnel
at the end of the period 123 162 151
7-9/11 7-9/10 1-9/11 1-9/10 1-12/10
Average number of personnel 123 166 128 156 156
Investments, EUR mill. 1.16 0.48 2.46 0.95 1.85
Geographical segments:
Net sales
EUR million 7-9/11 7-9/10 1-9/11 1-9/10 1-12/10
Finland 7.83 8.55 28.01 27.20 34.95
Other countries 7.92 7.85 26.41 25.92 33.31
Total 15.75 16.40 54.42 53.12 68.26
Taxes:
EUR million 7-9/11 7-9/10 1-9/11 1-9/10 1-12/10
Current income tax -0.75 -1.02 -3.22 -3.28 -3.83
Change in deferred income tax 0.01 0.00 0.03 -0.01 -0.35
Total -0.74 -1.02 -3.19 -3.29 -4.18
Inventories:
EUR million Sept 30, Sept 30, Dec 31,
2011 2010 2010
Raw materials and consumables 0.97 1.00 1.01
Work in progress 3.75 2.59 2.87
Finished goods 2.50 2.38 2.89
Total 7.22 5.97 6.77
Interest bearing loans and borrowings:
EUR million Sept 30, Sept 30, Dec 31,
2011 2010 2010
Obligations under finance leases 0.01 0.04 0.03
Total 0.01 0.04 0.03
Contingent liabilities:
EUR million Sept 30, Sept 30, Dec 31,
2011 2010 2010
Consignation liability 0.74 0.24 0.26
Rental and leasing liabilities 4.39 6.15 4.89
Related party disclosures:
EUR million 7-9/11 7-9/10 1-9/11 1-9/10 1-12/10
Sales 2.14 2.59 8.49 7.93 9.49
Purchases 0.00 0.00 0.01 0.02 0.03
EUR million Sept 30, Sept 30, Dec 31,
2011 2010 2010
Receivables 0.49 1.06 0.07
Accounts payable 0.02 0.01 0.04
Order bakclog:
EUR million Sept 30, Sept 30, Dec 31,
2011 2010 2010
3.89 3.19 7.22
Nordic Aluminium Plc publishes its twelve-month Interim Report for
January-December 2011 on week 9/2012. The company bulletins will be published
also on web-page www.nordicaluminium.fi.
Kirkkonummi October 20, 2011
NORDIC ALUMINIUM PLC
The Board of Directors
Joakim Berndtsson
CEO
For further information please contact:
CEO Joakim Berndtsson, tel. +358 20 7660 206
Distribution:
OMX NASDAQ Helsinki
The Main Media
www.nordicaluminium.fi
NOAE1211
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