|
|||
2009-04-28 08:30:00 CEST 2009-04-28 08:30:02 CEST REGULATED INFORMATION Nordic Aluminium - Interim report (Q1 and Q3)INTERIM REPORT OF NORDIC ALUMINIUM PLC Jan 1 - March 31, 2009NORDIC ALUMINIUM PLC INTERIM REPORT April 28, 2009 9.30 a.m. Net sales of Nordic Aluminium were EUR 17.13 million (EUR 26.98 million year 2008). The operating profit for the period was EUR 1.22 million (EUR 3.56 million) and the net profit was EUR 0.97 million (EUR 2.64 million). Net sales and profitability The net sales of Nordic Aluminium accounted for EUR 17.13 million (EUR 26.98 million). The production volume measured in tons dropped by 40 per cent. The production volume was limited by declined demand and the new extrusion line assembly. The order back log is EUR 4.82 million being clearly lower than last year (EUR 8.09 million). The Company's profitability did not meet the level of the previous year. The operating profit was EUR 1.22 million (EUR 3.56 million). Most significant factors that caused the profit decrease were declined production volume and demand. International operations and export accounted for EUR 7.3 million (EUR 10.6 million), which is 43 per cent of the net sales. Profits The operating profit of Nordic Aluminium amounted to EUR 1.22 million (EUR 3.56 million). Earnings per share for the period were EUR 0.20 (EUR 0. 55). Seasonality of sales and profit Seasonal fluctuation has little effect on sales and profit. Investments The gross capital expenditures for the period were EUR 3.50 million (EUR 1.70 million. Personnel During the first three months of 2009 the average number of personnel in Nordic Aluminium Group was 285 (316). At the end of the period the number of employees was 284 (316). 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 three months of the year 2009 a number of 26,496 shares were traded with EUR 0.30 million. The share quotation ranged between EUR 9.84 and EUR 14.30. 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 53.2 million (EUR 122.0 million) at the end of March. Ownership There were no significant changes in the ownership during the period (1-3/2009). Outlook The order backlog for the Group was EUR 4.82 million (EUR 8.09 million) at the end of the reporting period. Market demand and production volume are expected to stay on a low level. Due to the problems in the global economy the market prospects are still weak and uncertain. The customers are not able to reliably predict their needs even on a short term, and the Company continues to adapt its resources to meet the decreased demand. 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 2008 annual financial statements. The group has implemented the following new and revised standards as per Jan 1, 2009: IFRS 8 Segment Reporting and IAS 1 Presenting Financial Statement. 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 2008 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 1-3/09 % 1-3/08 % 1-12/08 % Net sales 17.13 26.98 100.15 Other operating income 0.01 1.19 1.67 Increase(+) or decrease(-) finished goods and work in progress -1.10 0.05 -3.65 Raw materials and consumables -7.97 -14.58 -51.19 Personnel expenses -3.34 -3.84 -14.90 Depreciation and reduction of value -1.11 -0.92 -3.95 Other operating expenses -2.41 -5.33 -17.14 Operating profit 1.22 7.1 3.56 13.2 10.99 11.0 Financial items 0.06 0.00 0.23 Profit before taxes 1.28 7.5 3.56 13.2 11.22 11.2 Income taxes -0.31 -0.92 -2.95 Net profit for the period 0.97 5.7 2.64 9.8 8.27 8.3 Profit attributable to: Owners of the parent 0,97 5,7 2,64 9,8 8,27 8,3 Minority interest 0,00 0,00 0,00 Other comprehensive income: Conversion difference 0,02 -0,03 -0,05 Total comprehensive income attributable to: Owners of the parent 0,99 5,8 2,61 9,7 8,22 8,2 Minority interest 0,00 0,00 0,00 Basic and diluted earnings per share, EUR 0.20 0.55 1.71 CONSOLIDATED BALANCE SHEET EUR million March 31, March 31, Dec 31, 2009 2008 2008 Non-current assets Tangible assets 27.45 20.02 25.07 Goodwill 2.25 2.25 2.25 Intangible assets 1.74 1.88 1.74 Tradable financial assets 0.02 0.02 0.02 Other financial assets 0.00 0.00 0.00 Deferred tax liabilities 0.10 0.09 0.09 Total 31.56 24.26 29.17 Current assets Inventories 6.71 12.36 8.15 Accounts receivable and other current assets 12.22 18.73 11.51 Advance payments 0.10 0.02 0,00 Cash in hand and at banks 6.43 4.64 7.35 Total 25.46 35.76 27.01 Total assets 57.02 60.02 56.18 EUR million March 31, March 31, Dec 31, 2009 2008 2008 Shareholders' equity and liabilities Equity Shareholders' equity 6.19 6.19 6.19 Share premium account 3.45 3.45 3.45 Conversion difference -0.26 -0.25 -0.28 Retained earnings 37.89 36.85 36.92 Shareholders' equity: Owners of the parent 47.27 46.24 46.29 Minority interest 0.00 0.00 0.00 Total 47.27 46.24 46.29 Long-term liabilities Deferred tax liabilities 1.76 1.60 1.76 Provisions 0.07 0.14 0.07 Interest bearing liabilities 0.08 0.12 0.09 Total 1.91 1.86 1.91 Short-term liabilities Accounts payable 7.79 11.06 7.93 Provisions 0.00 0.09 0.00 Short-term interest bearing liabilities 0.05 0.77 0.05 Total 7.84 11.92 7.98 Total liabilities 9.75 13.78 9.89 Total shareholders' equity and liabilities 57.02 60.02 56.18 CONSOLIDATED CASH FLOW STATEMENTS EUR million 1-3/09 1-3/08 1-12/08 Cash flow from operations Net profit (loss) 0.97 2.64 8.27 Corrections Depr. according to plan 1.11 0.92 3.95 Financial items -0.06 0.00 -0.23 Taxes 0.31 0.92 2.95 Cash flow before change in net working capital 2.33 4.47 14.94 Change in net working capital: Short-term receivables, increase(-)/decrease(+) -0.81 -4.40 3.74 Inventories increase(-)/decrease(+) 1.44 0.32 4.56 Short-term interest bearing liabilities increase(+)/decrease(-) 0.00 -0.51 -3.52 Total 0.63 -4.59 4.77 Cash flow from operations before interests and taxes 2.96 -0.11 19.71 Paid interests and payments for other financial expenses -0.05 -0.07 -0.18 Received interests and payments from other financial income 0.11 0.07 0.40 Paid income taxes -0.31 -0.72 -3.86 Cash flow from operations(A) 2.71 -0.83 16.07 Cash flow from investing activities Investments in tangible and intangible assets -3.50 -1.70 -9.64 Income from sales of tangible and intangible assets 0.00 0.00 0.00 Repayment of loan receivables 0.00 0.00 0.00 Cash flow from investments(B) -3.50 -1.70 -9.64 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 -0.14 0.00 -0.72 Amortization of long-term loans 0.00 -0.01 0.05 Dividends paid 0.00 0.00 -5.56 Cash flow from financial items(C) -0.14 -0.01 -6.24 Change in cash flow (A+B+C) -0.94 -2.54 0.20 Conversion difference 0.02 -0.03 -0.05 Total -0.92 -2.56 0.15 Cash in hand and at banks in the beginning of period 7.35 7.21 7.20 Cash in hand and at banks in the end of period 6.43 4.64 7.35 Change -0.92 -2.56 0.15 STATEMENT OF CHANGES OF CONSOLIDATED EQUITY EUR million Shareholders Sh.pr. Convers. Retained. Total Equity account diff. earnings equity Equity 01.01.2008 6.19 3.45 -0.23 34.20 43.63 Comprehensive income -0.03 2.64 2.62 Earning and costs tot. 2.62 Dividends 0.00 0.00 Warrants used 0.00 0.00 Equity 31.03.2008 6.19 3.45 -0.25 36.85 46.24 Equity 01.01.2009 6.19 3.45 -0.28 36.92 46.28 Comprehensive income 0.02 0.97 0.99 Earning and costs tot. 0.99 Dividends 0.00 0.00 Warrants used 0.00 0.00 Equity 31.03.2009 6.19 3.45 -0.26 37.89 47.27 KEY FIGURES: EUR million March 31, March 31, Dec 31, 2009 2008 2008 Basic and diluted earnings per share, EUR 0.20 0.55 1.71 Equity ratio, % 82.9 77.0 82.4 Gearing, % -13.4 -8.1 -15.9 Balance sheet total, EUR million 57.02 60.02 56.18 NOTES: EUR million March 31, March 31, Dec 31, 2009 2008 2008 Equity/share, EUR 9.77 9.56 9.56 Investments, EUR mill. 3.50 1.70 9.60 Average number of personnel 285 316 315 Geographical segments: Net sales EUR million 1-3/09 1-3/08 1-12/08 Finland 9.81 16.34 59.42 Other countries 7.33 10.64 40.73 Total 17.13 26.98 100.15 Taxes: EUR million 1-3/09 1-3/08 1-12/08 Current income tax 0.32 0.92 2.79 Change in deferred income tax 0.00 0.00 0.16 Total 0.32 0.92 2.95 Inventories: EUR million March 31, March 31, Dec 31, 2009 2008 2008 Raw materials and consumables 0.99 1.41 1.26 Work in progress 2.26 5.55 2.58 Finished goods 3.47 5.40 4.30 Total 6.71 12.36 8.14 Interest bearing loans and borrowings: EUR million March 31, March 31, Dec 31, 2009 2008 2008 Bank loan 0.00 0.73 0.00 Obligations under finance leases 0.13 0.17 0.13 Total 0.13 0.89 0.13 Contingent liabilities: EUR million March 31, March 31, Dec 31, 2009 2008 2008 Consignation liability 0.72 1.78 0.19 Rental and leasing liabilities 8.75 10.99 9.73 Corporate mortgages given 0.00 8.41 0.00 Related party disclosures: EUR million March 31, March 31, Dec 31, 2009 2008 2008 Sales 1.96 2.66 9.09 Purchases 0.00 0.00 0.02 Receivables 0.49 0.51 0.01 Order bakclog: EUR million March 31, March 31, Dec 31, 2009 2008 2008 4.82 8.09 5.05 Nordic Aluminium Plc publishes publishes its six-month Interim Report for January-June 2009 on August 18, 2009. The company bulletins will be published also on web-pages www.nordicaluminium.fi. Kirkkonummi April 28, 2009 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 NASDAQ Helsinki The Main Media www.nordicaluminium.fi NOAE1109 |
|||
|