2012-08-10 08:00:03 CEST
2012-08-10 08:00:10 CEST
REGULATED INFORMATION
Nordic Aluminium - Interim report (Q1 and Q3)
INTERIM REPORT OF NORDIC ALUMINIUM PLC Jan 1 – June 30, 2012
INTERIM REPORT OF NORDIC ALUMINIUM PLC Jan 1 - June 30, 2012
Net sales of Nordic Aluminium were EUR 35.41 million (EUR 38.67 million year
2011). The operating profit for the period was EUR 8.29 million (9.46), the
net profit was EUR 6.47 million (6.92) and earnings per share were EUR 1.34
(1.43).
Net sales and profitability
The net sales of Nordic Aluminium accounted for EUR 35.41 million (38.67). The
profitability decreased from the previous year's first two quarters so that the
operating profit was EUR 8.29 million (9.46). Compared with year 2011 the net
sales decreased by 8.4 per cent and the operating profit by 12.4 per cent. The
operating profit margin was 23.4 per cent which was lower than previous year's
two first quarters (24.5 per cent). Earnings per share were EUR 1.34 (1.43).
International operations and export accounted for EUR 17.40 million (18.49),
which is 49.0 per cent of the net sales (48.0 per cent).
The order backlog at the end of the period was 6.72 EUR million (6.29).
Second quarter in a nutshell
Net sales of Nordic Aluminium during April-June 2012 were EUR 19.17 million
(20.44). The operating profit for the period was EUR 4.71 million (5.49).
Earnings per share were EUR 0.77 (0.84).
Seasonality of sales and profit
Seasonal fluctuations are not significant in general. However, the
concentration of summer vacations to July 2012 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 1.50 million (1.30).
Personnel
During the first six months of 2012 the average number of personnel in Nordic
Aluminium Group was 112 (128). At the end of the period the number of employees
was 116 (133).
Risks
Main business risks are related to the increased uncertainty in global economy
and its influence on market demand. In addition, the fluctuations of aluminium,
copper and plastic market prices are considered as risks.
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
six months of the year 2012 a number of 496,703 shares were traded with EUR
14.06 million. The share quotation ranged between EUR 25.20 and EUR 33.50. 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 137.7
million (142.6) at the end of June.
Dividend from the financial year 2011 was EUR 2.20 per share, amounting to EUR
10,641,140.40.
Ownership
During the period (1-6/2012)Nordic Aluminium Plc (Nordic Aluminium) has gained
knowledge of the disclosure
notification of Lival Oy pursuant to Chapter 2, Section 9 of the Finnish
Securities
Markets Act. In accordance with the disclosure notification, the ownership of
Lival
Oy in Nordic Aluminium exceeded 66.7 per cent. (Stock exchange release
NOAE0712/ 24.04.2012)
After the transaction of shares the total number of shares and votes in Nordic
Aluminium Plc owned by Stig Lival-Lindström and Lival Oy is 3 576 305 shares,
73.94 per cent.
There were no other significant changes in the ownership during the period
(1-6/2012).
Outlook
The outlook remains unchanged. The uncertainty of the global economy still
continues. According to the management, exceeding the previous year's net sales
will be very challenging. The company's market position remains strong, which
makes last year's operating profit still to be achievable.
The company will continue focusing on highly processed aluminium components and
electro-technical products.
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 Plc applies the same
accounting policies as are applied in 2011 annual financial statements.
The financial information is prepared in accordance with international
financial reporting standards IFRS. Since the beginning of 2012 the company has
introduced new and revised standards as described for the 2011 financial
statements.
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 2011 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.
CONSOL
ITATED
INCOM
E
STATE
MENT
EUR 4-6/12 % 4-6/11 % 1-6/12 % 1-6/11 % 1-12/1
%
MILLI 1
ON
Net 19.17 20.44 35.41 38.67 69.66
sales
Other 0.00 0.27 0.00 0.31 0.46
opera
ting
incom
e
Increa finished goods
se(+)
or
decre
ase(-)
and 1.27 0.20 0.02 -0.30 0.41
work
in
progr
ess
Raw -10.90 -10.17 -17.77 -18.53 -35.72
mater
ials
and
consu
mbles
Person -1.26 -1.61 -2.51 -3.64 -6.39
nel
expen
ses
Deprec
iation
and
reduc
tion
of -0.89 -1 -1.77 -2.03 -3.99
value
Other -2.69 -2.64 -5.10 -5.01 -9.80
opera
ting
expen
ses
--------------------------------------------------------------------------------
------
Operat 4.71 24.6 % 5.49 26.9 % 8.29 23.4 % 9.46 24.5 % 14.63
21.0 %
ing
profi
t
Financ 0.16 0.03 0.20 -0.10 0.22
ial
items
Profit 4.87 25.4 % 5.52 27.0 % 8.49 24.0 % 9.37 24.2 % 14.85
21.3 %
befor
e
taxes
Income -1.18 -1.45 -2.02 -2.47 -4.08
taxes
0.02 0.02 0.01 0.02 0.30
Net 3.71 19.4 % 4.09 20.2 % 6.47 18.3 % 6.92 17.9 % 10.77
15.9 %
profi
t for
the
perio
d
================================================================================
======
Profit
attri
butabl
e to:
Owners 3.71 19.4 % 4.09 20.2 % 6.47 18.3 % 6.92 17.9 % 11.07
15.9 %
of
the
paren
t
Minori 0.00 0.00 0.00 0.00 0.00
ty
inter
est
Other
compr
ehensi
ve
incom
e:
Conver -0.03 0.03 -0.08 -0.08 0.04
sion
diffe
rence
Total
compr
ehensi
ve
incom
e
attri
butabl
e to:
Owners 3.68 19.2 % 4.06 19.9 % 6.39 18.0 % 6.84 17.7 % 11.11
15.9 %
of
the
paren
t
Minori 0.00 0.00 0.00 0.00 0
ty
inter
est
Basic
and
dilut
ed
earni
ngs
per 0.77 0.84 1.34 1.43 2.29
share
, EUR
CONSOLIDATED BALANCE SHEET
EUR Million June 30,2012 June 30,2011 Dec 31, 2011
--------------------------------------------------------------------------------
Non-current assets
Tangible assets 25.58 24.80 25.80
Goodwill 2.25 2.25 2.25
Intangible assets 0.67 0.75 0.71
Tradable financial assets 0.02 0.02 0.02
Other financial assets 0.01 0.00 0.01
Deferred tax liabilities 0.08 0.09 0.09
--------------------------------------------------------------------------------
Total 28.60 27.91 28.86
Current assets
Inventories 7.16 6.33 7.09
Accounts receivable and other current 13.86 15.69 9.70
assets
Advance payments 0.00 0.04 0.00
Cash in hand and at banks 10.80 12.20 17.05
--------------------------------------------------------------------------------
Total 31.80 34.25 33.84
Total assets 60.40 62.16 62.70
================================================================================
Shareholders`equity and liabilities
Equity
Shareholders` equity 6.19 6.19 6.19
Share premium account 3.45 3.45 3.45
Conversion difference -0.18 -0.22 -0.10
Retained earnings 40.41 40.42 44.58
Shareholders` equity
Owners of the parent 49.88 49.85 54.13
Minority interest 0.00 0.00 0.00
--------------------------------------------------------------------------------
Total 49.88 49.85 54.13
Long-term liabilities
Deferred tax liabilities 2.91 3.20 2.89
Provisions 0.20 0.20 0.20
Interest bearing liabilities 0.01 0.01 0.00
--------------------------------------- -------------
----------------------------
Total 3.11 3.41 3.10
Short-term liabilities
Accounts payable 7.41 8.89 5.48
Provision 0.00 0.00 0.00
Short-term interest
bearing liabilities 0.00 0.01 0.00
--------------------------------------------------------------------------------
Total 7.41 8.91 5.48
Total liabilities 10.52 12.31 8.58
Total shareholders`s equity and 60.40 62.16 62.70
liabilities
================================================================================
CONSOLIDATED CASH FLOW STATEMENTS
EUR million 4-6/12 4-6/11 1-6/12 1-6/11 1-12/11
Cash flow from operations
Net profit (loss) 3,71 4,09 6,47 6,92 11,07
Corrections
Depr, according to plan 0,89 1,00 1,77 2,03 3,99
Financial items -0,15 -0,03 -0,20 0,10 -0,22
Taxes 1,18 1,45 2,02 2,47 3,78
Cash flow before change
in net working capital 5,62 6,51 10,06 11,52 18,62
Change in net working capital:
Short-term receivables,
increase(-)/decrease(+) -1,95 -2,49 -4,41 -6,09 -0,30
Inventories
increase(-)/decrease(+) -1,35 -0,21 -0,06 0,45 -0,31
Short-term interest bearing
liabilities
increase(+)/decrease(-) 0,48 1,08 2,12 3,65 0,09
Total -2,82 -1,95 -2,35 -1,99 -0,52
Cash flow from operations before
interests and taxes 2,80 4,89 7,71 9,52 18,10
Paid interests and payments for
other financial expenses 0,00 -0,05 -0,04 -0,24 -0,29
Received interests and payments
from other financial income 0,00 0,08 0,08 0,14 0,51
Paid income taxes -0,88 -1,71 -1,76 -2,17 -3,67
Cash flow from operations(A) 1,93 3,21 5,99 7,25 14,65
Cash flow from investing activities
Investments in tangible and
intangible assets -0,27 -0,58 -1,50 -1,30 -4,16
Income from sales of tangible
and intangible assets 0,00 0,00 0,00 0,00 0,18
Repayment of loan receivables 0,00 0,00 0,00 0,00 0,00
Cash flow from investments(B) -0,27 -0,58 -1,50 -1,30 -3,98
Cash flow from financial items
Rights issue 0,00 0,00 0,00 0,00 0,00
Withdrawals of
short-term loans 0,00 0,00 0,00 0,00 0,00
Amortization of
short-term loans 0,00 0,00 0,00 -0,01 -0,02
Withdrawals of
long-term loans 0,00 0,00 0,00 -0,01 0,00
Amortization of
long-term loans 0,00 0,00 0,00 0,00 0,00
Dividends paid -10,64 -10,16 -10,64 -10,16 -10,16
Cash flow from
financial items(C) -10,64 -10,17 -10,65 -10,18 -10,18
Change in cash flow (A+B+C) -8,99 -7,54 -6,16 -4,23 0,50
Conversion difference -0,03 -0,03 -0,08 -0,08 0,04
Total -9,02 -7,57 -6,25 -4,31 0,54
Cash in hand and at banks
in the beginning of period 19,82 19,77 17,05 16,51 16,51
Cash in hand and at banks
in the end of period 10,80 12,20 10,80 12,20 17,05
Change -9,02 -7,57 -6,25 -4,31 0,54
STATEMENT OF CHANGES OF CONSOLIDATED EQUITY
EUR million
Shareholders Sh.pr. Convers. Retained. Total
Equity account diff. earnings equity
Equity
01.01.2011 6.19 3.45 -0.14 43.66 53.17
Comprehensive income -0.08 6.92 6.84
Earning and costs tot. 6.84
Dividends -10.16 -10.16
Equity
30.06.2011 6.19 3.45 -0.22 40.42 49.85
Equity
01.01.2012 6.19 3.45 -0.10 44.58 54.13
Comprehensive income -0.08 6.47 6.39
Earning and costs tot. 6.39
Dividends -10.64 -10.64
Equity
30.06.2012 6.19 3.45 -0.18 40.41 49.88
KEY FIGURES:
4-6/12 4-6/11 1-6/12 1-6/11 1-12/11
Basic and diluted
earnings per share, EUR 0,77 0,84 1,34 1.43 2.29
June 30, June 30, Dec 31,
2012 2011 2011
Equity ratio, % 82.6 80.2 86.3
Gearing, % -21.7 -24.4 -31.5
Balance sheet total, EUR million 60.40 62.16 62.70
NOTES:
June 30, June 30, Dec 31,
2012 2011 2011
Equity/share, EUR 10.31 10.31 11.19
Average number of personnel
at the end of the period 116 133 105
4-6/12 4-6/11 1-6/12 1-6/11 1-12/12
Average number of personnel 112 128 112 128 128
Investments, EUR mill. 0.27 0.58 1.50 1.30 4.16
Geographical segments:
Net sales
EUR million 4-6/12 4-6/11 1-6/12 1-6/11 1-12/11
Finland 9.78 10.34 18.01 20.18 36.22
Other countries 9.39 10.10 17.40 18.49 33.44
Total 19.17 20.44 35.41 38.67 69.66
Taxes:
EUR million 4-6/12 4-6/11 1-6/12 1-6/11 1-12/11
Current income tax -1.18 -1.45 -2.02 -2.47 -4.08
Change in deferred income tax 0.02 0.02 0.01 0.02 0.30
Total -1.16 -1.43 -2.01 -2.45 -3.78
Inventories:
EUR million June 30, June 30, Dec 31,
2012 2011 2011
Raw materials and consumables 0.94 0.90 0.92
Work in progress 3.57 2.82 3.80
Finished goods 2.65 2.60 2.37
Total 7.16 6.32 7.09
Interest bearing loans and borrowings:
EUR million June 30, June 30, Dec 31,
2012 2011 2011
Obligations under finance leases 0.00 0.02 0.01
Total 0.00 0.02 0.01
Contingent liabilities:
EUR million June 30, June 30, Dec 31,
2012 2011 2011
Consignation liability 0.63 0.31 0.15
Rental and leasing liabilities 3.07 4.68 4.03
Related party disclosures:
EUR million 4-6/12 4-6/11 1-6/12 1-6/11 1-12/11
Sales 4.26 3.23 6.80 6.35 10.53
Purchases 0.00 0.01 0.00 0.01 0.02
EUR million June 30, June 30, Dec 31,
2012 2011 2011
Receivables 1.93 1.17 0.09
Accounts payable 0.00 0.10 0.00
Order bakclog:
EUR million June 30, June 30, Dec 31,
2012 2011 2011
6.72 6.29 3.67
Nordic Aluminium Plc publishes its nine-month Interim Report for
January-September 2012 on October 19, 2012. The company bulletins will be
published also on web-pages www.nordicaluminium.fi.
Kirkkonummi August 10, 2012
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
NOAE0812
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