2012-04-20 09:00:00 CEST
2012-04-20 09:00:05 CEST
REGULATED INFORMATION
Nordic Aluminium - Company Announcement
INTERIM REPORT OF NORDIC ALUMINIUM PLC Jan 1 – March 31, 2012
INTERIM REPORT OF NORDIC ALUMINIUM PLC Jan 1 - March 31, 2012
Net sales of Nordic Aluminium were EUR 16.24 million (EUR 18.24 million year
2011). Earnings per share were EUR 0.57 (EUR 0.59). The operating profit for
the period was EUR 3.58 million (EUR 3.98 million) and the net profit was EUR
2.77 million (EUR 2.83 million).
Nordic Aluminium PLC changes the views
The uncertainty of the world economy still remains. The management regards it
as very challenging to reach the same level of net sales as last year. However,
the market position of the company will remain strong, so according to the
management the last year's level of operating profit is still achievable.
The company continues to focus on electro technical products and highly refined
aluminium components.
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 16.24million (EUR 18.24
million). The profitability decreased from the previous year's first quarter so
that the operating profit was EUR 3.58 million (EUR 3.98 million).The operating
profit margin was 22.0% which was higher than previous year's first quarter
(21.8%). Earnings per share were EUR 0.57(EUR 0.59).
International operations and export accounted for EUR 8.01 million (EUR 8.39
million), which is 49.3 per cent of the net sales (46.0 per cent).
The order backlog is EUR 4.64 million (EUR 6.39 million).
Seasonality of sales and profit
Seasonal fluctuations are not significant in general.
Research and development costs
Research and development costs of Nordic Aluminium Plc on the first quarter
were 0.28 million Euros (0.07).
Investments
The gross investments for the period were EUR 1.23 million (EUR 0.72 million).
Personnel
During the first three months of 2011 the average number of personnel in Nordic
Aluminium Group was 105 (128). At the end of the period the number of employees
was 108 (125).
Risks
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 the 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 business risks are related to the uncertainty in the development of the
world economy and its influence on market demand and on raw material prices.
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 2012 a number of 106,682 shares were traded with EUR
3.07 million. The share quotation ranged between EUR 29.90 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 146.7
million (EUR 177.8 million) at the end of March.
Dividend from the financial year 2011 was EUR 2.20 per share, amounting to EUR
10,641,140.40.
Ownership
There were no significant changes in the ownership during the period (1-3/2012).
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 2011 the company has
introduced new and revised standards as described for the 2010 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.
CONSOLIDATED INCOME STATEMENT
EUR million 1-3/12 % 1-3/11 % 1-12/11 %
Net sales 16.24 18.24 69.66
Other operating income 0.00 0.04 0.46
Increase (+) or decrease (-)
finished goods and work in -1.25 -0.49 0.41
progress
Raw materials and consumables -6.87 -8.37 -35.72
Personnel expenses -1.26 -2.04 -6.39
Depreciation and reduction of -0.88 -1.03 -3.99
value
Other operating expenses -2.41 -2.37 -9.80
--------------------------------------------------------------------------------
Operating profit 3.58 22.0% 3.98 21.8 % 14.63 21.0 %
Financial items 0.04 -0.13 0.22
Profit before taxes 3.62 22.3% 3.85 21.1 % 14.85 21.3 %
Income taxes -0.84 -1.02 -4.08
Deferred tax difference -0.02 0.00 0.30
Net profit for the period 2.77 17.0% 2.83 15.5 % 11.07 15.9 %
================================================================================
Profit attributable to:
Owners of the parent 2.77 17.0% 2.83 15.5 % 11.07 15.9 %
Minority interest 0.00 0.00 0.00
Other comprehensive income:
Conversion difference -0.05 -0.05 0.04
Total comprehensive income
attributable to:
Owners of the parent 2.72 16.7% 2.78 15.2 % 11.11 15.9 %
Minority interest 0.00 0.00 0.00
Basic and diluted earnings per 0.57 0.59 2.29
share, EUR
CONSOLIDATED BALANCE SHEET
EUR million March 31,2012 March 31,2011 Dec 31,2011
Non-current assets
Tangible assets 26.15 25.12 25.80
Goodwill 2.25 2.25 2.25
Intangible assets 0.72 0.87 0.71
Tradable financial assets 0.02 0.02 0.02
Other financial assets 0.01 0.01 0.00
Deferred tax liabilities 0.07 0.07 0.09
--------------------------------------------------------------------------------
Total 29.21 28.34 28.86
Current assets
Inventories 5.80 6.13 7.09
Accounts receivable and other current 11.65 13.20 9.70
assets
Advance payments 0.00 0.04 0.00
Other financial assets 0.00 7.65 0.00
Cash in hand and at banks 19.82 12.10 17.05
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Total 37.25 39.12 33.84
Total assets 66.46 67.46 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 -0.15 -0.19 -0.10
Retained earnings 36.71 36.33 44.58
Shareholders` equity: 46.21 45.79 54.13
Owners of the parent
Minority interest 0.00 0.00 0.00
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Total 46.21 45.79 54.13
Long-term liabilities
Deferred tax liabilities 2.78 3.20 2.89
Provisions 0.20 0.20 0.20
Interest bearing liabilities 0.00 0.01 0.00
-------------------------------------- ------------
------------------------------
Total 2.98 3.41 3.10
Short-term liabilities
Accounts payable 17.27 18.24 5.48
Provisions 0.00 0.00 0.00
Short-term interest bearing 0.00 0.02 0.00
liabilities
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Total 17.27 18.26 5.48
Total liabilities 20.25 21.66 8.58
Total shareholders` equity and 66.46 67.46 62.70
liabilities
================================================================================
CONSOLIDATED CASH FLOW STATEMENTS
EUR million
1-3/12 1-3/11 1-12/11
Cash flow from operations
Net profit (loss) 2.77 2.83 11.07
Corrections
Depr. according to plan 0.88 1.03 3.99
Financial items -0.05 0.13 -0.22
Taxes 0.84 1.02 3.78
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Cash flow before change 4.44 5.01 18.62
in net working capital
Change in net working capital:
Short-term receivables, -2.46 -3.60 -0.30
increase(-)/decrease(+)
Inventories increase(-)/decrease(+) 1.29 0.65 -0.31
Short-term interest bearing liabilities 1.63 2.57 0.09
increase(+)/decrease(-)
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0.47 -0.38 -0.52
Cash flow from operations before 4.91 4.63 18.10
interests and taxes
Paid interests and payments for -0.04 -0.19 -0.29
other financial expenses
Received interests and payments 0.08 0.06 0.51
from other financial income
Paid income taxes -0.89 -0.46 -3.67
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Cash flow from operations(A) 4.07 4.04 14.65
Cash flow from investing activities
Investments in tangible and -1.23 -0.72 -4.16
intangible assets
Income from sales of tangible 0.00 0.00 0.18
and intangible assets
Repayment of loan receivables 0.00 0.00 0.00
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Cash flow from investments(B) -1.23 -0.72 -3.98
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 -0.01 -0.02
Withdrawals of long-term loans 0.00 0.00 0.00
Amortization of long-term loans 0.00 0.00 0.00
Dividends paid 0.00 0.00 -10.16
----------------------------------------------------------------
Cash flow from financial items(C) 0.00 -0.01 -10.18
Change in cash flow (A+B+C) 2.82 3.31 0.50
Conversion difference -0.05 -0.05 0.04
----------------------------------------------------------------
Total 2.77 3.26 0.54
Cash in hand and at banks 17.05 16.51 16.51
in the beginning of period
Cash in hand and at banks 19.82 19.77 17.05
in the end of period
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Change 2.77 3.26 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 -0.05 2.83 2.78
Earning and costs tot. 2.78
Dividends -10.16 -10.16
Equity
31.03.2011 6.19 3.45 -0.19 36.33 45.79
Equity
01.01.2012 6.19 3.45 -0.10 44.58 54.13
Comprehensive income -0.05 2.77 2.72
Earning and costs tot. 2.72
Dividends -10.64 -10.64
Equity
31.03.2012 6.19 3.45 -0.15 36.71 46.21
KEY FIGURES:
EUR 1-3/12 1-3/11 1-12/11
Basic and diluted
earnings per share, EUR 0.57 0.59 2.29
March 31, March 31, Dec 31,
2012 2011 2011
Equity ratio, % 69.5 67.9 86.3
Gearing, % -42.9 -43.1 -31.5
Balance sheet total, EUR million 66.46 67.46 62.70
NOTES:
EUR March 31, March 31, Dec 31,
2012 2011 2011
Equity/share, EUR 9.55 9.47 11.19
Average number of personnel
at the end of the period 108 125 105
1-3/12 1-3/11 1-12/11
Investments, EUR mill. 1.23 0.72 4.16
Average number of personnel 105 128 128
Geographical segments:
Net sales
EUR million 1-3/12 1-3/11 1-12/11
Finland 8.23 9.85 36.22
Other countries 8.01 8.39 33.44
Total 16.24 18.24 69.66
Taxes:
EUR million 1-3/12 1-3/11 1-12/11
Current income tax -0.84 -1.02 -4.08
Change in deferred income tax -0.02 0.00 0.30
Total -0.86 -1.02 -3.78
Inventories:
EUR million March 31, March 31, Dec 31,
2012 2011 2011
Raw materials and consumables 0.92 0.89 0.92
Work in progress 2.90 2.60 3.80
Finished goods 1.97 2.63 2.37
Total 5.80 6.13 7.09
Interest bearing loans and borrowings:
EUR million March 31, March 31, Dec 31,
2012 2011 2011
Bank loan 0.00 0.00 0.00
Obligations under finance leases 0.01 0.03 0.01
Total 0.01 0.03 0.01
Contingent liabilities:
EUR million March 31, March 31, Dec 31,
2012 2011 2011
Consignation liability 1.65 0.37 0.15
Rental and leasing liabilities 3.51 5.44 4.03
Corporate mortgages given 0.00 0.00 0.00
Related party disclosures:
EUR million 1-3/12 1-3/11 1-12/11
Sales 2.54 3.12 10.53
Purchases 0.00 0.00 0.02
EUR million March 31, March 31, Dec 31,
2012 2011 2011
Receivables 0.77 0.66 0.09
Accounts payable 0.00 0.00 0.00
Order bakclog:
EUR million March 31, March 31, Dec 31,
2012 2011 2011
4.64 6.39 3.67
Nordic Aluminium Plc publishes its six-month Interim Report for January-June
2012 on August 10, 2012. The company bulletins will be published also on
web-pages www.nordicaluminium.fi.
Kirkkonummi April 20, 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
NOAE0612
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