2011-04-20 07:45:00 CEST
2011-04-20 07:45:02 CEST
REGULATED INFORMATION
Nordic Aluminium - Interim report (Q1 and Q3)
INTERIM REPORT OF NORDIC ALUMINIUM PLC Jan 1 - March 31, 2011
Net sales of Nordic Aluminium were EUR 18.24 million (EUR 16.94 million year
2010). Earnings per share were EUR 0.59 (EUR 0.49). The operating profit for
the period was EUR 3.98 million (EUR 3.11 million) and the net profit was EUR
2.83 million (EUR 2.39 million).
Net sales and profitability
The net sales of Nordic Aluminium accounted for EUR 18.24 million (EUR 16.94
million). The profitability improved from the previous year's first quarter so
that the operating profit was EUR 3.98 million (EUR 3.11 million). The
operating profit margin was 21.8% which was higher than previous year's first
quarter (18.4%). Earnings per share were EUR 0.59 (EUR 0.49).
International operations and export accounted for EUR 8.39 million (EUR 8.45
million), which is 46 per cent of the net sales (50 per cent).
The order backlog is EUR 6.39 million (EUR 6.01 million).
Seasonality of sales and profit
Seasonal fluctuations are not significant in general.
Investments
The gross capital expenditures for the period were EUR 0.72 million (EUR 0.36
million).
Personnel
During the first three months of 2011 the average number of personnel in Nordic
Aluminium Group was 128 (146). At the end of the period the number of employees
was 125 (150).
Risks
Main business risks are related to the 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
three months of the year 2011 a number of 96,468 shares were traded with EUR
3.08 million. The share quotation ranged between EUR 28.30 and EUR 37.25. 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 177.8
million (EUR 105.9 million) at the end of March.
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 (1-3/2011).
Outlook
The demand for Nordic Aluminium Plc´s products has gradually increased in 2011
as a result of improved market outlook, and The Board of Directors expects
full-year net sales to grow from last year. The Board of Directors regards it
as challenging to maintain the operating profit margin percentage as high as in
the previous year. The company will continue with the new model of activity, so
that is concentrating on highly refined 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 million 1-3/11 % 1-3/10 % 1-12/10 %
Net sales 18,24 16,94 68,26
Other operating income 0,04 0,00 0,08
Increase (+) or decrease (-)
finished goods and work in -0,49 -0,85 0,33
progress
Raw materials and consumables -8,37 -7,12 -31,62
Personnel expenses -2,04 -1,99 -6,02
Depreciation and reduction of -1,03 -1,22 -4,54
value
Other operating expenses -2,37 -2,65 -10,63
--------------------------------------------------------------------------------
Operating profit 3,98 21,8 % 3,11 18,4 % 15,86 23,2 %
Financial items -0,13 0,09 0,24
Profit before taxes 3,85 21,1 % 3,20 18,9 % 16,10 23,6 %
Income taxes -1,02 -0,81 -4,18
0,00 0,00 0,00
Net profit for the period 2,83 15,5 % 2,39 14,1 % 11,92 17,5 %
--------------------------------------------------------------------------------
Profit attributable to:
Owners of the parent 2,83 15,5 % 2,39 14,1 % 11,92 17,5 %
Minority interest 0,00 0,00 0,00
Other comprehensive income:
Conversion difference -0,05 0,06 0,13
Total comprehensive income
attributable to:
Owners of the parent 2,78 15,2 % 2,45 14,4 % 12,05 17,6 %
Minority interest 0,00 0,00 0,00
Basic and diluted earnings per 0,59 0,49 2,46
share, EUR
CONSOLIDATED BALANCE SHEET
EUR million March 31,2011 March 31,2010 Dec 31,2010
Non-current assets
Tangible assets 25,12 26,83 25,31
Goodwill 2,25 2,25 2,25
Intangible assets 0,87 1,33 0,99
Tradable financial assets 0,02 0,02 0,02
Other financial assets 0,01 0,00 0,00
Deferred tax liabilities 0,07 0,09 0,07
--------------------------------------------------------------------------------
Total 28,34 30,52 28,64
Current assets
Inventories 6,13 5,68 6,77
Accounts receivable and other current 13,20 12,86 9,60
assets
Advance payments 0,04 0,04 0,04
Other financial assets 7,65 0,00 0,00
Cash in hand and at banks 12,10 10,12 16,51
--------------------------------------------------------------------------------
Total 39,12 28,70 32,92
Total assets 67,46 59,22 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 -0,19 -0,22 -0,14
Retained earnings 36,33 34,16 43,66
Shareholders` equity: 45,79 43,58 53,17
Owners of the parent
Minority interest 0,00 0,00 0,00
--------------------------------------------------------------------------------
Total 45,79 43,58 53,17
Long-term liabilities
Deferred tax liabilities 3,20 2,87 3,20
Provisions 0,20 0,07 0,20
Interest bearing liabilities 0,01 0,02 0,01
-------------------------------------- ------------
Total 3,41 2,96 3,41
------------------------------
Short-term liabilities
Accounts payable 18,24 12,66 4,96
Provisions 0,00 0,00 0,00
Short-term interest bearing 0,02 0,02 0,02
liabilities
Total 18,26 12,68 4,98
--------------------------------------------------------------------------------
Total liabilities 21,66 15,64 8,39
Total shareholders` equity and 67,46 59,22 61,56
liabilities
CONSOLIDATED CASH FLOW STATEMENTS
EUR million
1-3/11 1-3/10 1-12/10
Cash flow from operations
Net profit (loss) 2,83 2,39 11,92
Corrections
Depr. according to plan 1,03 1,22 4,54
Financial items 0,13 -0,09 -0,24
Taxes 1,02 0,82 4,18
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Cash flow before change 5,01 4,34 20,40
in net working capital
Change in net working capital:
Short-term receivables, -3,60 -4,03 -1,94
increase(-)/decrease(+)
Inventories increase(-)/decrease(+) 0,65 0,74 -0,36
Short-term interest bearing liabilities 2,57 0,64 -0,77
increase(+)/decrease(-)
----------------------------------------------------------------
-0,38 -2,65 -3,07
Cash flow from operations before 4,63 1,68 17,20
interests and taxes
Paid interests and payments for -0,19 -0,01 -0,15
other financial expenses
Received interests and payments 0,06 0,09 0,39
from other financial income
Paid income taxes -0,46 -0,81 -2,53
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Cash flow from operations(A) 4,04 0,96 14,92
Cash flow from investing activities
Investments in tangible and -0,72 -0,36 -1,85
intangible assets
Income from sales of tangible 0,00 0,00 0,03
and intangible assets
Repayment of loan receivables 0,00 0,00 0,00
----------------------------------------------------------------
Cash flow from investments(B) -0,72 -0,36 -1,82
Cash flow from financial items
Rights issue 0,00 0,00 0,00
Withdrawals of short-term loans 0,00 0,02 0,00
Amortization of short-term loans -0,01 0,00 -0,01
Withdrawals of long-term loans 0,00 -0,08 0,00
Amortization of long-term loans 0,00 0,00 -0,06
Dividends paid 0,00 0,00 -6,29
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Cash flow from financial items(C) -0,01 -0,06 -6,36
Change in cash flow (A+B+C) 3,31 0,54 6,87
Conversion difference -0,05 0,08 0,13
----------------------------------------------------------------
Total 3,26 0,62 7,00
Cash in hand and at banks 16,51 9,50 9,51
in the beginning of period
Cash in hand and at banks 19,77 10,12 16,51
in the end of period
----------------------------------------------------------------
Change 3,26 0,62 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 0.06 2.42 2.48
Earning and costs tot. 2.48
Dividends -6.29 -6.29
Equity
31.03.2010 6.19 3.45 -0.22 34.16 43.58
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
KEY FIGURES:
EUR 1-3/11 1-3/10 1-12/10
Basic and diluted
earnings per share, EUR 0.59 0.49 2.46
March 31, March 31, Dec 31,
2011 2010 2010
Equity ratio, % 67.9 73.6 86.4
Gearing, % -43.1 -23.2 -30.9
Balance sheet total, EUR million 67.46 59.22 61.56
NOTES:
EUR March 31, March 31, Dec 31, 2011 2010 2010
Equity/share, EUR 9.47 9.01 10.99
Average number of personnel
at the end of the period 125 150 151
1-3/11 1-3/10 1-12/10
Investments, EUR mill. 0.72 0.36 1.85
Average number of personnel 128 146 156
Geographical segments:
Net sales
EUR million 1-3/11 1-3/10 1-12/10
Finland 9.85 8.49 34.95
Other countries 8.39 8.45 33.31
Total 18.24 16.94 68.26
Taxes:
EUR million 1-3/11 1-3/10 1-12/10
Current income tax 1.02 0.81 3.83
Change in deferred income tax 0.00 0.00 0.35
Total 1.02 0.81 4.18
Inventories:
EUR million March 31, March 31, Dec 31,
2011 2010 2010
Raw materials and consumables 0.89 1.09 1.01
Work in progress 2.60 2.41 2.87
Finished goods 2.63 2.17 2.89
Total 6.13 5.67 6.77
Interest bearing loans and borrowings:
EUR million March 31, March 31, Dec 31,
2011 2010 2010
Bank loan 0.00 0.00 0.00
Obligations under finance leases 0.03 0.04 0.03
Total 0.03 0.04 0.03
Contingent liabilities:
EUR million March 31, March 31, Dec 31,
2011 2010 2010
Consignation liability 0.37 0.41 0.26
Rental and leasing liabilities 5.44 6.81 4.89
Corporate mortgages given 0.00 0.00 0.00
Related party disclosures:
EUR million 1-3/11 1-3/10 1-12/10
Sales 3.12 2.61 9.49
Purchases 0.00 0.02 0.03
Receivables 0.66 0.67 0.07
Accounts payable 0.00 0.02 0.04
Order bakclog:
EUR million March 31, March 31, Dec 31,
2010 2009 2009
6.39 6.01 7.22
Nordic Aluminium Plc publishes its six-month Interim Report for January-June
2011 on August 10, 2011. The company bulletins will be published also on
web-pages www.nordicaluminium.fi.
Kirkkonummi April 20, 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
NOAE0711
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