2011-08-10 09:23:13 CEST

2011-08-10 09:24:14 CEST


REGULATED INFORMATION

Finnish English
Nordic Aluminium - Company Announcement

INTERIM REPORT OF NORDIC ALUMINIUM PLC Jan 1 - June 30, 2011


Helsinki. Suomi, 2011-08-10 09:23 CEST (GLOBE NEWSWIRE) -- 

INTERIM REPORT OF NORDIC ALUMINIUM PLC Jan 1 - June 30, 2011



Net sales of Nordic Aluminium were EUR 38.67 million (EUR 36.72 million year
2010). The operating profit for the period was EUR 9.46 million (8.47), the net
profit was EUR 6.92 million (6.40) and earnings per share were EUR 1.43 (1.32). 



Net sales and profitability



The net sales of Nordic Aluminium accounted for EUR 38.67 million (36.72). The
profitability improved from the previous year's first two quarters so that the
operating profit was EUR 9.46 million (8.47). Compared with year 2010 the net
sales increased by 5.3 per cent and the operating profit by 11.7 per cent. The
operating profit margin was 24.5 per cent which was higher than previous year's
two first quarters (23.1 per cent). Earnings per share were EUR 1.43 (1.32). 



International operations and export accounted for EUR 18.49 million (18.07),
which is 48 per cent of the net sales (49 per cent). 



The order backlog is EUR 6.29 million (4.85).



Second quarter in a nutshell



Net sales of Nordic Aluminium during April-June 2011 were EUR 20.44 million
(19.78). The operating profit for the period was EUR 5.49 million (5.36).
Earnings per share were EUR 0.84 (0.83). 



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 1.30 million (0.47).



Personnel



During the first six months of 2011 the average number of personnel in Nordic
Aluminium Group was 128 (151). At the end of the period the number of employees
was 133 (162). 



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
six months of the year 2011 a number of 147,057 shares were traded with EUR
4.62 million. The share quotation ranged between EUR 26.00 and EUR 30.00. 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 142.6
million (90.9) at the end of June. 



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 (1-6/2011).







Outlook



The demand for Nordic Aluminium Plc´s products increased during the first half
of year 2011 and The Board of Directors expects full-year net sales to grow
from last year. 



The Board of Directors estimates that the previous year`s operating profit
margin percentage is achievable, even possible to exceed this year. The company
will continue focusing on highly processed aluminium 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 2010 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 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     4-6/11  %       4-6/10  %       1-6/11  %       1-6/10  %       1-12/1 
% 
 MILLI                                                                  0 
ON 
Net      20,44           19,78           38,67           36,72           68,26 
 sales 
Other     0,27            0,07            0,31            0,07            0,08 
 opera 
ting 
 incom 
e 
Increa  finished goods 
se(+) 
 or 
 decre 
ase(-) 
and       0,20            1,00           -0,30            0,15            0,33 
 work 
 in 
 progr 
ess 
Raw     -10,17           -9,72          -18,53          -16,84          -31,62 
 mater 
ials 
 and 
 consu 
mbles 
Person   -1,61           -1,79           -3,64           -3,78           -6,02 
nel 
 expen 
ses 
Depreciation 
 and reduction 
of       -1,00           -1,21           -2,03           -2,43           -4,54 
 value 
Other    -2,64           -2,77           -5,01           -5,42          -10,63 
 opera 
ting 
 expen 
ses 
Operat    5,49  26,9 %    5,36  27,1 %    9,46  24,5 %    8,47  23,1 %   15,86 
23,2 % 
ing 
 profi 
t 
Financ    0,03            0,11           -0,10            0,20            0,24 
ial 
 items 
Profit    5,52  27,0 %    5,47  27,7 %    9,37  24,2 %    8,67  23,6 %   16,10 
23,6 % 
 befor 
e 
 taxes 
Income   -1,45           -1,47           -2,47           -2,27           -4,18 
 taxes 
          0,02            0,01            0,02            0,00            0,00 
Net       4,09  20,0 %    4,01  20,2 %    6,92  17,9 %    6,40  17,4 %   11,92 
17,5 % 
 profi 
t for 
 the 
 perio 
d 
Profit 
 attri 
butabl 
e to: 
Owners    4,09  20,0 %    4,01  20,2 %    6,92  17,9 %    6,40  17,4 %   11,92 
17,5 % 
 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            0,10           -0,08            0,16            0,13 
sion 
 diffe 
rence 
Total 
 compr 
ehensi 
ve 
 incom 
e 
 attri 
butabl 
e to: 
Owners    4,06  20,0 %    4,12  20,8 %    6,84  17,7 %    6,56  17,9 %   12,05 
17,6 % 
 of 
 the 
 paren 
t 
Minori    0,00            0,00            0,00            0,00               0 
ty 
 inter 
est 
Basic and 
 diluted 
 earnings 
per       0,84            0,83            1,43            1,32            2,46 
 share 
, EUR 



CONSOLIDATED BALANCE SHEET



EUR Million                             June 30,2011  June 30,2010  Dec 31, 2010
Non-current assets                                                              
Tangible assets                                24,80         25,83         25,31
Goodwill                                        2,25          2,25          2,25
Intangible assets                               0,75          1,19          0,99
Tradable financial assets                       0,02          0,02          0,02
Other financial assets                          0,01          0,00          0,00
Deferred tax liabilities                        0,09          0,12          0,07
Total                                          27,91         29,41         28,64
Current assets                                                                  
Inventories                                     6,33          6,67          6,77
Accounts receivable and other current          15,69         14,55          9,60
 assets                                                                         
Advance payments                                0,04          0,04          0,04
Cash in hand and at banks                      12,20          7,89         16,51
Total                                          34,25         29,15         32,92
Total assets                                   62,16         58,56         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                          -0,22         -0,11         -0,14
Retained earnings                              40,42         38,14         43,66
Shareholders` equity                                                            
Owners of the parent                           49,85         47,68         53,17
Minority interest                               0,00          0,00          0,00
Total                                          49,85         47,68         53,17
Long-term liabilities                                                           
Deferred tax liabilities                        3,20          2,89          3,20
Provisions                                      0,20          0,07          0,20
Interest bearing liabilities                    0,01          0,04          0,01
Total                                           3,41          3,00          3,41
Short-term liabilities                                                          
Accounts payable                                8,89          7,83          4,96
Provision                                       0,00          0,00          0,00
Short-term interest                                                             
bearing liabilities                             0,01          0,05          0,02
Total                                           8,91          7,88          4,98
Total liabilities                              12,31         10,88          8,39
Total shareholders`s equity and                62,16         58,56         61,56
 liabilities                                                                    



CONSOLIDATED CASH FLOW STATEMENTS

EUR million                   4-6/11    4-6/10    1-6/11     1-6/10    1-12/10

Cash flow from operations

Net profit (loss)               4,09      4,02      6,92       6,40     11,92

Corrections

 Depr, according to plan       1,00      1,21      2,03       2,43      4,54

 Financial items              -0,03     -0,11      0,10      -0,20     -0,24

 Taxes                         1,45      1,48      2,47       2,30      4,18

Cash flow before change

in net working capital          6,51      6,60     11,52      10,93      20,40

Change in net working capital:

 Short-term receivables,

 increase(-)/decrease(+)      -2,49    -1,69     -6,09      -5,73     -1,94

 Inventories

 increase(-)/decrease(+)      -0,21     -0,99      0,45      -0,25     -0,36

 Short-term interest bearing

 liabilities

 increase(+)/decrease(-)       1,08      1,46      3,65       2,10     -0,77

 Total                        -1,95     -1,23     -1,99      -3,88     -3,07



Cash flow from operations before

interests and taxes             4,89      5,37      9,52       7,05     17,20



Paid interests and payments for

other financial expenses       -0,05      0,00     -0,24      -0,01     -0,15

Received interests and payments

from other financial income     0,08      0,11      0,14       0,21      0,39

Paid income taxes              -1,71     -1,47     -2,17      -2,28     -2,53

Cash flow from operations(A)   3,21      4,01      7,25       4,97     14,92



Cash flow from investing activities

Investments in tangible and

intangible assets              -0,58     -0,11     -1,30      -0,47     -1,85

Income from sales of tangible

and intangible assets           0,00      0,03      0,00       0,03      0,03

Repayment of loan receivables   0,00      0,00      0,00       0,00      0,00

Cash flow from investments(B) -0,58     -0,09     -1,30      -0,45     -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      0,03      0,00       0,05      0,00

Amortization of

short-term loans                0,00      0,00     -0,01       0,00     -0,01

Withdrawals of

long-term loans                 0,00      0,00     -0,01       0,00      0,00

Amortization of

long-term loans                 0,00      0,02      0,00      -0,06     -0,06

Dividends paid               -10,16     -6,29    -10,16      -6,29     -6,29

Cash flow from

financial items(C)            -10,17     -6,24    -10,18      -6,30     -6,36



Change in cash flow (A+B+C)    -7,54     -2,32    -4,23       -1,78      6,87

Conversion difference          -0,03      0,10    -0,08        0,16      0,13

Total                          -7,57     -2,23    -4,31       -1,62      7,00



Cash in hand and at banks

in the beginning of period      19,77     10,12    16,51       9,51      9,51

Cash in hand and at banks

in the end of period            12,20      7,89    12,20       7,89     16,51

Change                          -7,57     -2,23    -4,31      -1,62      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                           0.16       6.40    6.56



Earning and costs tot.                                            6.56

Dividends                                                 -6.29 -6.29



Equity



30.06.2010                6.19       3.45     -0.11      38.14   47.68





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









KEY FIGURES:



                                4-6/11    4-6/10    1-6/11    1-6/10    1-12/10

Basic and diluted

earnings per share, EUR         0,84      0,83      1,43      1.32      2.46



                                    June 30,  June 30,   Dec 31,

                                        2011      2010       2010

Equity ratio, %                         80.2      81.4       86.4

Gearing, %                             -24.4     -16.5      -30.9

Balance sheet total, EUR million       62.16     58.56      61.56



NOTES:

                                     June 30, June 30,   Dec 31,

                                        2011      2010       2010

Equity/share, EUR                      10.31      9.86      10.99

Average number of personnel

at the end of the period                 133       162        151



                                4-6/11    4-6/10    1-6/11    1-6/10    1-12/10

Average number of personnel        128       156       128      151         156

Investments, EUR mill.            0.58      0.11      1.30      0.47       1.85



Geographical segments:

Net sales

EUR million                     4-6/11    4-6/10    1-6/11    1-6/10    1-12/10

Finland                          10.34     10.16     20.18     18.65      34.95

Other countries                  10.10      9.62     18.49     18.07      33.31

Total                            20.44     19.78     38.67     36.72      68.26



Taxes:

EUR million                     4-6/11    4-6/10    1-6/11    1-6/10    1-12/10

Current income tax                1.45      1.47      2.47      2.27      -3.83

Change in deferred income tax     0.02     -0.01      0.02      0.00      -0.35

Total                             1.45      1.46      2.47      2.27      -4.18



Inventories:

EUR million                         June 30,   June 30,   Dec 31,

                                        2011      2010       2010

Raw materials and consumables           0.90      1.09       1.01

Work in progress                        2.82      2.99       2.87

Finished goods                          2.60      2.59       2.89

Total                                   6.32      6.67       6.77



Interest bearing loans and borrowings:

EUR million                         June 30,   June 30,   Dec 31,

                                        2011      2010       2010

Obligations under finance leases        0.02      0.05       0.03

Total                                   0.02      0.05       0.03



Contingent liabilities:

EUR million                         June 30,   June 30,   Dec 31,

                                        2011      2010       2010

Consignation liability                  0.31      0.28       0.26

Rental and leasing liabilities          4.68      6.33       4.89



Related party disclosures:

EUR million                     4-6/11    4-6/10    1-6/11    1-6/10    1-12/10

Sales                             3.23      2.73      6.35     5.34        9.49

Purchases                         0.01      0.02      0.01     0.02        0.03



EUR million                         June 30,   June 30,   Dec 31,

                                        2011      2010       2010

Receivables                             1.17      0.67       0.07

Accounts payable                        0.10      0.01       0.04



Order bakclog:

EUR million                          June 30, June 30,   Dec 31,

                                        2011      2010       2010

                                        6.29      4.85       7.22



Nordic Aluminium Plc publishes its nine-month Interim Report for
January-September 2011 on October 20, 2011. The company bulletins will be
published also on web-pages www.nordicaluminium.fi. 



Kirkkonummi August 10, 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



NOAE0811

NOAE0811.pdf