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2010-03-04 08:00:00 CET 2010-03-04 08:00:03 CET REGULATED INFORMATION Nordic Aluminium - Financial Statement ReleaseNORDIC ALUMINIUM PLC FINANCIAL STATEMENTS RELEASE 2009NORDIC 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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