2010-03-04 08:00:00 CET
2010-03-04 08:00:03 CET
SÄÄNNELTY TIETO
Nordic Aluminium - Financial Statement Release
NORDIC ALUMINIUM PLC FINANCIAL STATEMENTS RELEASE 2009
NORDIC ALUMINIUM PLC FINANCIAL STATEMENTS RELEASE March 4, 2010 9.00am
Nordic Aluminium's consolidated net sales in 2009 were EUR 62.24 million
compared with EUR 100.15 million in the previous year. Consolidated operating
profit was EUR 4.14 million (2008: EUR 11.00 million) and included a
non-recurring gain of approximately EUR 3.3 million. Net profit was EUR 3.05
million (EUR 8.27 million). The above mentioned non-recurring gain influenced
the net profit after taxes by EUR 2.5 million. Return on investment was 9.1 per
cent (24.1 per cent) and return on equity 6.5 per cent (18.4 per cent). The
Board proposes the payment of a dividend of 2009 1.30 EUR per share for a total
payment of EUR 6.29 million (EUR 1.94 million).
Group structure
Nordic Aluminium Plc's parent company is Oy Lival Ab. The Nordic Aluminium
Group is made up of the parent company Nordic Aluminium Plc, operating at
Kirkkonummi and Nivala, and its subsidiaries Nordic Aluprofiler AB in Sweden
and Nordic Aluminium Inc. in the United States.
Net sales and profitability
Nordic Aluminium's consolidated net sales in the fiscal year 2009 were EUR
62.24 million (EUR 100.15 million). During the fourth quarter turnover, EUR
13.76 million, dropped nearly 30 per cent of the equivalent period on the
previous year (20.35).
The Company's profitability increased. The operating profit was EUR 7.4 million
without the non-recurring gain of approximately EUR 3.3 million. Consolidated
operating profit was 11.9 per cent from net sales (11.0 per cent). Operating
profit on the last quarter was weak partly due to the architectural systems
reorganisation costs, EUR 0.6 million. The Company devaluated inventories with
EUR 0.6 million because of principal change in stock valuation. Due to
reorganisations additional personnel costs, EUR 2.1 million, reduced the
profit.
The share of exports and international operations were 45.2 per cent of net
sales as compared with 40.7 per cent the year before. The major export markets
in 2009 were Western Europe, Southern Europe, Far East the Nordic countries and
North America.
Net sales per employee was EUR 0.30 million (EUR 0.32 million).
Order backlog
Nordic Aluminium's order book at the end of 2009 stood at EUR 4.02 million (EUR
5.05 million).
Purchase behaviour in the market has changed. Customers are not able to give
reliable estimates and order only for actual needs with short delivery times.
Research and development expenses
Nordic Aluminium's research and development expenses in 2009 were EUR 0.22
million (EUR 0.33 million), 0.4 per cent of net sales (0.3 per cent).
Investments
Gross investments in 2009 were EUR 6.84 million (EUR 9.64 million).
Approximately EUR 5.1 million were targeted at new extrusion line of which
total value is approximately EUR 9.8 million.
Profitability
Return on investment (ROI) in Nordic Aluminium in 2009 was 9.1 per cent (24.1
per cent) and return on equity (ROE) was 6.5 per cent (18.4 per cent). Diluted
earnings per share were EUR 0.63 (EUR 1.71). Equity per share was EUR 9.80 (EUR
9.56).
Balance sheet and financing
The consolidated balance sheet total at the end of the 2009 fiscal year was EUR
56.17 million (EUR 56.18 million). Equity ratio was 84.4 per cent (82.4 per
cent). Cash flow from operations before interests and taxes was EUR 12.24
million (EUR 19.71 million).
Authorisations
The Board has no current authorisations for the increase of the Company's share
capital, the procurement of own shares or issuing of convertible bonds or
option loans.
Share capital
The nominal value of Nordic Aluminium Plc's share is EUR 1.28 and the total
number of shares at the end of the fiscal year 2009 was EUR 4,836,882. The
registered share capital is EUR 6,191,208.96. All shares have the same voting
and dividend rights. Nordic Aluminium Plc's shares have been listed on NASDAQ
OMX Helsinki Ltd. since 1997.
Turnover of shares
A total of 275,510 Nordic Aluminium Plc shares were traded on the stock market
in 2009. This corresponds to 5.7 per cent (1.4 per cent) of the Company's total
capital stock. The year's highest quotation was EUR 17.50 (EUR 30.00) and the
lowest EUR 9.84 (EUR 12.50). The average quotation was EUR 13.64 (EUR 21.43).
On the last trading day of the year the share traded at an average price of EUR
14.83 (EUR 12.71).
Shares and ownership
There were no major changes in the ownership of Nordic Aluminium Plc during the
year. At the end of the fiscal year 2008 Nordic Aluminium Plc's ownership was
as follows:
The biggest shareholders Dec 31, 2009 Number of Share of capital
Owner shares and votes
%
Oy Lival Ab 3,087,945 63.84
Varma Mutual Pension Employment
Insurance Company 250,000 5.17
Aktia Capital Unit Trust 225,000 4.65
Evli-Select Mutual Fund 173,840 3.59
Veritas Mutual Pension Insurance Company 139,000 2.87
Lival-Lindström, Stig 129,050 2.67
Fondita Micro Cap Mutual Trust 90,000 1.86
Rausanne 46,721 0.97
Mutual Fund Evli Nordic Dividend 35,111 0.73
Theman, Torolf 25,364 0.52
Others 634,851 13.13
Total 4,836,882 100.00
The number of nominee-registered shares at the end of 2009 was 14,071 which
equals 0.29 per cent of the company's shares and votes. The total number of
shareholders at the end of the year was 1,243.
Shareholders by sector Dec 31, 2009 Number of Share
shares
%
Companies 3,234,022 66.86
Financial and insurance institutions 519,185 10.73
Associations 401,000 8.29
Non-profit associations 30,365 0.63
Households 625,675 12.94
Owners outside Finland 26,635 0.55
Total 4,836,882 100.00
Shareholders by size of holdings Dec 31, 2009
Number of shares Number of % Number of %
owners shares
1 - 200 752 60.50 70,440 1.46
201 - 2,000 430 34.59 251,201 5.19
2,001 - 20,000 49 3.94 262,892 5.44
20,001 - 200,000 9 0.72 689,404 14.25
200,001 - 2,000,000 2 0.16 475,000 9.82
2,000,001 - 9,999,999 1 0.08 3,087,945 63.84
Total 1,234 100.00 4,836,882 100.00
Insider issues
Nordic Aluminium Plc adheres to the guidelines for insiders issued by NASDAQ
OMX Helsinki Ltd. Nordic Aluminium Plc's permanent insiders are: Members of the
Board of Directors, Managing Director & CEO, Secretary of the Board and the
Members of the Management Group as well as named individuals within the
Company's financial administration, sales and marketing and production. The
appointed insider issue responsible is the Company's CFO. Up-to-date insider
data is maintained in the Central Securities Depository at Euroclear Finland
Ltd's premises.
The Company recommends that the permanent insiders' investments in the
Company's are to be long-term investments. According to NASDAQ OMX Helsinki
Ltd. guidelines for insiders and the Company's own Insider Guidelines trading
in the Company's securities should be done at the times when the market has as
exact information as possible of the issues and matters influencing the value
of the security.
Annual General Meeting
The Annual General Meeting of Nordic Aluminium Plc on April 1, 2009 adopted the
financial statements and discharged the members of the Board and the Managing
Director from liability. The Meeting also decided to approve the proposal of
the Board for a dividend of 2008 EUR 0.40 per share (EUR 1.15) or a total of
EUR 1.94 million.
The Annual General Meeting elected Stig Lival-Lindström, Viveka Iisaho, Nina
Ehrnrooth ja Hans Jonasson regular members of the Board of Directors. The board
elected Stig Lival-Lindström Chairman on the same date.
The Annual General Meeting elected Authorised Public Accountants Tomi Englund,
Authorised Public Accountant and Lars Winberg, Authorised Public Accountant,
auditors, with Ernst & Young Oy, Authorised Public Accountant, deputy auditor.
Personnel
In 2009 the Nordic Aluminium Group had an average number of 207 employees. The
corresponding number the year before was 315. At the end of 2009 the Group had
125 employees as compared with the number of 294 on the previous year.
Nordic Aluminium Plc held employee negotiations in compliance with the Act on
Cooperation in January. The conclusion of the negotiation was that the whole
personnel were laid-off on average for three weeks.
Nordic Aluminium Plc held employee negotiations in compliance with the Act on
Cooperation in April - May. The conclusion of the negotiation was that 102
employment contracts were terminated.
Nordic Aluminium Plc held employee negotiations in compliance with the Act on
Cooperation in October - November. The conclusion of the negotiation was that
46 employment contracts were terminated.
Nordic Aluminium's Managing Director Robert Paajanen resigned on July 20, 2009.
Peter Högel started as the new Managing Director on July 21, 2009.
Events after the reporting period
The Company has decided to end its Swedish subsidiary Nordic Aluprofiler Ab.
Sales to Sweden is being handled by Finnish sales organization.
Prospects
According to the best view of the Board of Directors the worst situation has
been passed, but the uncertainty continues with the global economy, because
orders are coming in with shorter notice. This challenging fact demands
flexibility and shorter reaction time from the organisation. The company will
consequently implement changes demanded according to its strategy.
During this year net sales will grow moderately, but the operating profit is
expected to grow significantly from the previous year EUR 4.14 million. Cash
flow will also grow significantly despite of the dividends to be paid.
The new operation model and actions to adapt will improve competitiveness of
the Company and secure continuity of production in Finland.
The above mentioned predictions are based on the Company's Board of Director's
best view of the Company's condition and market outlook.
Risk management
The objective of Nordic Aluminium Plc's risk management is to secure business
continuity in all possible situations. The CEO and the Board of Directors are
responsible for risk management.
As part of the risk management the Company's insurance policies are
re-evaluated annually. The factories and commercial activities are full value
insured.
Main long term risks are related to the possible uncertainty in the development
of the world economy and its influence on market demand.
The Board's proposal on the allocation of profits
The book loss of the parent company for the year is EUR 189,981.82 and its
distributable earnings EUR 27,069,030.40.
The Board proposes that a dividend of EUR 1.30 per share, or a total of EUR
6,287,946.60, be declared and that the remaining balance of EUR 20,781,083.90
be retained in profit and loss account.
The Board has evaluated the company's future and finds that the proposal above
does not risk the liquidity.
Disclaimer
This release contains certain forward-looking statements that reflect the
current views of the Company's Board of Directors. 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.
Corporate Governance
Nordic Aluminium complies with The Finnish Corporate Governance Code approved
at October 20, 2008 by Securities Market Association. Possible deviations have
been stated with reasons at appropriate recommendations. The Corporate
Governance statement of Nordic Aluminium is in full view at the Internet site
of Nordic Aluminium (www.nordicaluminium.fi/Financial info).
Nordic Aluminium's Corporate Governance Statement from fiscal year 2009 will be
published March 4, 2010 as a separate statement, simultaneously with the
Financial Statements Release 2009, at the Company's home pages.
Accounting policies
These presented annual 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 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 annual financial statements do not include separate
information over the group's primary business segment.
The key figures in these annual financial statements are calculated with same
accounting principles than in year 2008 annual financial statements. The
calculation rules of key figures are presented in the financial statements 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 financial statements bulletin has been subject to audit.
CONSOLIDATED INCOME STATEMENT
(EUR million),
10-12/09 % 10-12/08 % 1-12/09 % 1-12/08 %
Net sales 13.76 20.35 62.24 100.15
Other operating income 0.01 0.17 0.04 1.67
Increase(+) or decrease(-)
finished goods and
work in progress -0.52 -3.40 -1.38 -3.65
Raw materials and
consumables -7.26 -9.46 -30.21 -51.19
Personnel expenses -3.32 -3.96 -12.56 -14.90
Depreciation and
reduction of value -1.16 -1.03 -4.62 -3.95
Other operating expenses -2.43 -3.04 -9.37 -17.14
Operating profit -0.93 -6.8 -0.37 9.7 4.14 6.7 11.00 11.0
Financial items 0.05 0.08 0.06 0.23
Profit before taxes -0.88 -6.4 -0.29 9.8 4.20 6.7 11.22 11.2
Income taxes 0.18 0.07 -1.15 -2.95
Net profit for the period -0.70 -5.1 -0.22 7.3 3.05 4.9 8.27 8.3
Profit attributable to:
Owners of the parent -0.70 -5.1 -0.22 7.3 3.05 4.9 8.27 8.3
Minority interest 0.00 0.00 0.00 0.00
Other comprehensive income:
Conversion difference 0.01 -0.05 0.01 -0.05
Total comprehensive income
attributable to:
Owners of the parent -0.69 -5.0 -0.27 7.2 3,06 4,9 8.22 8.2
Minority interest 0.00 0,00 0,00 0.00
Basic and diluted
earnings per share, EUR -0.15 -0.05 0.63 1.71
CONSOLIDATED BALANCE SHEET
EUR million Dec 31, Dec 31,
2009 2008
Non-current assets
Tangible assets 27.54 25.07
Goodwill 2.25 2.25
Intangible assets 1.48 1.74
Tradable financial assets 0.02 0.02
Other financial assets 0.00 0.00
Deferred tax liabilities 0.09 0.09
Total 31.38 29.17
Current assets
Inventories 6.42 8.15
Accounts receivable and other
current assets 8.81 11.51
Advance payments 0.06 0,00
Financial assets 9.51 7.35
Total 24.79 27.01
Cash in hand and at banks 56.17 56.18
EUR million Dec 31, Dec 31,
2009 2008
Shareholders' equity and liabilities
Equity
Shareholders' equity 6.19 6.19
Share premium account 3.45 3.45
Conversion difference -0.27 -0.28
Retained earnings 38.03 36.92
Shareholders' equity:
Owners of the parent 47.41 46.29
Minority interest 0.00 0.00
Total 47.41 46.29
Long-term liabilities
Deferred tax liabilities 2.86 1.75
Provisions 0.27 0.07
Interest bearing liabilities 0.10 0.09
Total 3.03 1.91
Short-term liabilities
Accounts payable 5.53 7.93
Provisions 0.00 0.00
Short-term interest
bearing liabilities 0.00 0.05
Total 5.73 7.98
Total liabilities 8.76 9.89
Total shareholders' equity and
liabilities 56.17 56.18
CONSOLIDATED CASH FLOW STATEMENTS
EUR million 10-12/09 10-12/08 1-12/09 1-12/08
Cash flow from operations
Net profit (loss) -0.70 -0.23 3.05 8.27
Corrections
Depreciation
according to plan 1.16 1.03 4.62 3.95
Financial items -0.07 -0.08 -0.06 -0.23
Taxes -0.19 -0.07 1.15 2.95
Cash flow before change
in net working capital 0.21 0.65 8.77 14.94
Change in net working capital:
Short-term receivables,
increase(-)/decrease(+) 2.53 4.51 3.03 3.75
Inventories
increase(-)/decrease(+) 0.85 3.48 1.73 4.54
Short-term interest
bearing liabilities
increase(+)/decrease(-) -1.30 -1.60 -2.20 -3.52
Total 2.07 6.41 2.56 4.77
Cash flow from operations
before interests and taxes 2.28 7.07 11.33 19.71
Paid interests and payments for
other financial expenses -0.03 -0.09 -0.16 -0.18
Received interests and payments
from other financial income 0.07 0.16 0.22 0.40
Paid income taxes 0.90 -1.70 -0.43 -3.86
Cash flow from operations(A) 3.22 5.45 10.95 16.07
Cash flow from investing activities
Investments in tangible and
intangible assets -0.84 -2.88 -6.84 -9.64Income from sales of tangible
and intangible assets 0.00 0.00 0.00 0.00
Repayment of loan receivables 0.00 0.00 0.00 0.00
Cash flow from investments(B) -0.84 -2.88 -6.84 -9.64
Cash flow from financial items
Rights issue 0.00 0.00 0.00 0.00
Withdrawals of
short-term loans 0.00 0.00 0.00 0.00
Amortization of short-
term loans -0.02 0.00 -0.05 -0.72
Withdrawals of
long-term loans 0.00 0.00 0.01 0,00
Amortization of long-
term loans 0.00 0.08 0.00 0.05
Dividends paid 0.00 0.00 -1.94 -5.56
Cash flow from financial
items(C) -0.02 0.08 -1.97 -6.23
Change in cash flow (A+B+C) 2.37 2.65 2.14 0.20
Conversion difference 0.01 -0.05 0.01 -0.05
Total 2.38 2.60 2.15 0.15
Cash in hand and at banks
in the beginning of period 7.12 4.76 7.35 7.20
Cash in hand and at banks
in the end of period 9.50 7.35 9.50 7.35
Change 2.38 2.60 2.15 0.15
STATEMENT OF CHANGES OF CONSOLIDATED EQUITY
EUR million
Shareholders Share prem. Conversion Retained Total
Equity account difference earnings equity
Equity
1.1.2008 6.19 3.45 -0.27 34.21 43.58
Comprehensive income -0.05 8.27 8.22
Earnings and costs total 8.22
Dividends -5.56 -5.56
Equity
31.12.2008 6.19 3.45 -0.28 36.92 46.28
Equity
1.1.2009 6.19 3.45 -0.28 36.92 46.28
Comprehensive income 0.01 3.05 3.06
Earnings and costs total 3.06
Dividends -1.94 -1.94
Equity
31.12.2009 6.19 3.45 -0.27 38.03 47.41
KEY FIGURES:
EUR million 1-12/09 1-12/08 1-12/07
Diluted earnings per share, EUR 0.63 1.71 3.06
Equity ratio, % 84.04 82.4 75.6
Gearing, % -19.9 -15.9 -14.4
Balance sheet total, EUR million 56.17 56.18 57.72
NOTES:
EUR million 1-12/09 1-12/08 1-12/07
Equity/share, EUR 9.80 9.56 9.02
Investments, EUR million 6.84 9.64 12.80
Average number of personnel 207 315 306
Geographical segments:
Net sales
EUR million 1-12/09 1-12/08 1-12/07
Finland 34.13 59.42 63.43
Other countries 28.11 40.73 43.41
Total 62.24 100.15 106.84
Taxes:
EUR million 1-12/09 1-12/08 1-12/07
Current income tax 0.04 2.79 4.27
Change in deferred income tax .1.11 0.16 0.98
Total 1.15 2.95 5.26
Inventories:
EUR million Dec 31, Dec 31, Dec 31,
2009 2008 2007
Raw materials and consumables 0.97 1.26 1.90
Work in progress 2.96 2.58 4.23
Finished goods 2.49 4.30 6.56
Total 6.42 8.15 12.69
Interest bearing loans and borrowings:
EUR million Dec 31, Dec 31, Dec 31,
2009 2008 2007
Bank loan 0.00 0.00 0.73
Obligations under finance leases 0.05 0.14 0.18
Total 0.05 0.14 0.91
Contingent liabilities:
EUR million Dec 31, Dec 31, Dec 31,
2009 2008 2007
Consignation liability 0.33 0.19 1.86
Rental and leasing liabilities 7.44 9.67 11.47
Corporate mortgages given 0.00 0.00 8.41
Related party disclosures:
EUR million Dec 31, Dec 31, Dec 31,
2009 2008 2007
Sales 7.50 9.09 8.79
Purchases 0.05 0.02 0.02
Receivables 0.02 0.01 0.03
Accounts payable 0.04 0.00 0.02
Order bakclog:
EUR million Dec 31, Dec 31, Dec 31,
2009 2008 2007
4.02 5.05 7.74
The financial statements for the fiscal year 2009 have been audited. The key
data have been calculated as instructed by the FSA Standard 5.1.
Annual Report will be published March 24, 2010, which is earlier than
previously announced.
Nordic Aluminium Plc's Annual General Meeting will be held on March 31, 2010.
Nordic Aluminium Plc's next Interim Report for the first quarter of 2010 will
be published on April 28, 2010. All releases can be viewed at Nordic
Aluminium's homepages www.nordicaluminium.fi.
Kirkkonummi March 4, 2010
NORDIC ALUMINIUM PLC
Board of Directors
Peter Högel
Managing Director
For further information please contact:
Peter Högel, Managing Director, Nordic Aluminium,
phone +358 20 7660 222
Distribution:
NASDAQ OMX Helsinki Ltd.
The Main Media
www.nordicaluminium.fi
NOAE0210
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