2008-08-18 08:30:00 CEST
2008-08-18 08:30:00 CEST
REGULATED INFORMATION
Nordic Aluminium - Interim report (Q1 and Q3)
INTERIM REPORT OF NORDIC ALUMINIUM PLC Jan 1 - June 30, 2008
NORDIC ALUMINIUM PLC INTERIM REPORT August 18, 2008 9.30 a.m.
Net sales of Nordic Aluminium were EUR 55.15 million (EUR 54.33 million year
2007). The operating profit for the period was EUR 7.94 million (EUR 8.95
million) and the net profit was EUR 5.88 million (EUR 6.63 million).
Net sales and profitability
The net sales of Nordic Aluminium increased slightly from the previous year EUR
55.15 million (EUR 54.33 million). Demand was weaker than expected during the
period. The order back log grew slightly from the beginning of the year being
EUR 8.54 million but remained clearly lower than last year (EUR 12.77 million).
The Company's profit did not meet the level of the previous year but profit
development improved considerably during the second quarter. The April - June
operating profit was EUR 4.38 million when January - March was EUR 3.56
million.
International operations and export accounted for EUR 22.1 million (EUR 21.9
million), which is 40 per cent of the net sales.
Profits
The operating profit of Nordic Aluminium amounted to EUR 7.94 million (EUR 8.95
million). Earnings per share for the period were EUR 1.22 (EUR 1.37).
Seasonality of sales and profit
Seasonal fluctuation has little effect on sales and profit.
Investments
The gross capital expenditures for the period were EUR 5.21 million (EUR 3.07
million.
Personnel
During the first six months of 2008 the average number of personnel in Nordic
Aluminium Group was 314 (303). At the end of the period the number of employees
was 315 (315).
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
six months of the year 2008 a number of 43,826 shares were traded with EUR 1.04
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 101.1 million
(EUR 152.2 million) at the end of June.
Ownership
There were no significant changes in the ownership during the period (1-6/2008).
Outlook
The order backlog was EUR 8.54 million (EUR 12.77 million) at the end of the
reporting period. The market outlooks are uncertain and the Company has taken
action to decrease costs and capacity in order to ensure profitability, in case
the autumns demand remain lower than expected. At the same time the Company
continues it's efforts to improve productivity and operational efficiency.
In spite of the uncertain global market situation the Company aims to reach the
profit level of the previous 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 4-6/08 % 1-6/08 % 1-6/07 % 1-12/07 %
Net sales 28.17 55.15 54.33 106.84
Other operating income 0.25 1.45 0.41 10.42
Increase(+) or decrease(-)
finished goods and
work in progress 0.39 0.44 2.70 1.70
Raw materials and
consumables -15.10 -29.68 -30.63 -58.88
Personnel expenses -3.67 -7.51 -7.12 -14.33
Depreciation and
reduction of value -0.99 -1.91 -1.71 -4.77
Other operating expenses -4.67 -10.00 -9.04 -20.98
Operating profit 4.38 15.6 7.94 14.4 8.95 16.5 20.02 18.7
Financial items 0.02 0.02 0.03 0.06
Profit before taxes 4.40 15.6 7.96 14.4 8.98 16.5 20.07 18.8
Income taxes -1.16 -2.08 -2.35 -5.26
Net profit for the period 3.24 11.5 5.88 10.7 6.63 12.2 14.81 13.9
Attributable to:
Equity holders of
the parent 3.24 5.88 6.63 14.81
CONSOLIDATED BALANCE SHEET
EUR million June 30, June 30, Dec 31,
2008 2007 2007
Non-current assets
Tangible assets 22.51 12.72 19.36
Goodwill 2.25 2.25 2.25
Intangible assets 1.91 1.72 1.76
Tradable financial assets 0.02 0.02 0.02
Other financial assets 0.00 0.00 0.00
Deferred tax liabilities 0.08 0.09 0.09
Total 26.77 16.81 23.48
Current assets
Inventories 12.91 13.20 12.69
Accounts receivable and other
current assets 14.66 16.86 14.35
Advance payments 0.06 0.00 0,00
Cash in hand and at banks 4.95 5.29 7.21
Total 32.59 35.35 34.24
Total assets 59.36 52.16 57.72
EUR million June 30, June 30, 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 34.53 26.02 34.21
Total 43.92 35.49 43.63
Long-term liabilities
Deferred tax liabilities 1.60 0.62 1.60
Provisions 0.14 0.14 0.14
Interest bearing liabilities 0.11 0.03 0.13
Total 1.84 0.79 1.87
Short-term liabilities
Accounts payable 13.46 14.32 11.37
Provisions 0.09 0.09 0.09
Short-term interest
bearing liabilities 0.05 1.47 0.77
Total 13.60 15.88 12.22
Total liabilities 15.44 16.67 14.09
Total shareholders' equity and
liabilities 59.36 52.16 57.72
CONSOLIDATED CASH FLOW STATEMENTS
EUR million 4-6/08 1-6/08 1-6/07 1-12/07
Cash flow from operations
Net profit (loss) 3.24 5.88 6.63 14.81
Corrections
Depr. according to plan 0.99 1.91 1.71 4.77
Financial items -0.02 -0.02 -0.03 -0.06
Taxes 1.16 2.08 2.35 5.26
Cash flow before change
in net working capital 5.37 9.85 10.66 24.79
Change in net working capital:
Short-term receivables,
increase(-)/decrease(+) 4.03 -0.37 -3.40 -0.89
Inventories
increase(-)/decrease(+) -0.55 -0.23 -2.96 -2.45
Short-term interest bearing
liabilities
increase(+)/decrease(-) 1.75 1.24 3.50 0.27
Total 5.23 0.65 -2.86 -3.07
Cash flow from operations before
interests and taxes 10.61 10.49 7.80 21.72
Paid interests and payments for
other financial expenses -0.02 -0.09 -0.10 -0.21
Received interests and payments
from other financial income 0.04 0.12 0.13 0.26
Paid income taxes -0.51 -1.23 -1.30 -2.94
Cash flow from operations(A) 10.12 9.29 6.54 18.83
Cash flow from investing activities
Investments in tangible and
intangible assets -3.51 -5.21 -3.07 -12.80
Income 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)-3.51 -5.21 -3.07 -12.80
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 -0.72 -0.72 0.00 -0.71
Amortization of
long-term loans -0.01 -0.02 -0.71 -0.61
Dividends paid -5.56 -5.56 -4.11 -4.11
Cash flow from
financial items(C) -6.30 -6.31 -4.83 -5.43
Change in cash flow (A+B+C) 0.31 -2.22 -1.36 0.60
Conversion difference 0.00 -0.03 -0.02 -0.07
Total 0.31 -2.25 -1.39 0.53
Cash in hand and at banks
in the beginning of period 4.64 7.21 6.67 6.67
Cash in hand and at banks
in the end of period 4.95 4.95 5.29 7.21
Change 0.31 -2.25 -1.39 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 5.88 5.88
Earning and costs tot. 5.86
Dividends -5.56 -5.56
Warrants used 0.00 0.00 0.00
-5.56
Equity
30.06.2008 6.19 3.45 -0.25 34.53 43.92
KEY FIGURES:
EUR million June 30, June 30, Dec 31,
2008 2007 2007
Diluted earnings per share, EUR 1.22 1.37 3.06
Equity ratio, % 74.0 68.0 75.6
Gearing, % -10.9 -10.7 -14.4
Balance sheet total, EUR million 59.36 52.16 57.72
NOTES:
EUR million June 30, June 30, Dec 31,
2008 2007 2007
Equity/share, EUR 9.08 7.34 9.02
Investments, EUR mill. 5.21 3.07 12.80
Average number of personnel 314 303 306
Geographical segments:
Net sales
EUR million 1-6/08 1-6/07 1-12/07
Finland 33.06 32.44 63.43
Other countries 22.09 21.89 43.41
Total 55.15 54.33 106.84
Taxes:
EUR million 1-6/08 1-6/07 1-12/07
Current income tax 2.08 2.35 4.27
Change in deferred income tax 0.00 0.00 0.98
Total 2.08 2.35 5.26
Inventories:
EUR million June 30, June 30, Dec 31,
2008 2007 2007
Raw materials and consumables 1.59 1.37 1.90
Work in progress 5.66 5.31 4.23
Finished goods 5.57 6.52 6.56
Total 12.91 13.20 12.69
Interest bearing loans and borrowings:
EUR million June 30, June 30, Dec 31,
2008 2007 2007
Bank loan 0.00 1.45 0.73
Obligations under finance leases 0.16 0.05 0.18
Total 0.16 1.50 0.90
Contingent liabilities:
EUR million June 30, June 30, Dec 31,
2008 2007 2007
Consignation liability 1.69 2.26 1.86
Rental and leasing liabilities 10.65 10.74 11.50
Corporate mortgages given 8.41 8.41 8.41
Related party disclosures:
EUR million June 30, June 30, Dec 31,
2008 2007 2007
Sales 5.65 4.98 8.79
Purchases 0.00 0.06 0.02
Receivables 0.36 1.57 0.03
Order bakclog:
EUR million June 30, June 30, Dec 31,
2008 2007 2007
8.54 12.77 7.74
Nordic Aluminium Plc publishes publishes its nine-month Interim Report for
January-September 2008 on October 23, 2008. The company bulletins will be
published also on web-pages www.nordicaluminium.fi.
Kirkkonummi August 18, 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
NOAE0908
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