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2009-10-22 07:45:00 CEST 2009-10-22 07:45:01 CEST REGULATED INFORMATION Nordic Aluminium - Interim report (Q1 and Q3)INTERIM REPORT OF NORDIC ALUMINIUM PLC Jan 1 - Sept 30, 2009NORDIC ALUMINIUM PLC INTERIM REPORT October 22, 2009 8.45 am Net sales of Nordic Aluminium were EUR 48.48 million (EUR 79.80 million year 2008). Earnings per share were EUR 0.78 (EUR 1.76). The operating profit for the period was EUR 5.07 million (EUR 11.36 million) and the net profit was EUR 3.75 million (EUR 8.50 million). Net sales and profitability The net sales of Nordic Aluminium accounted for EUR 48.48 million (EUR 79.80 million). The production volume measured in tons has stayed low. The production volume was limited by low demand. The order backlog is EUR 4.29 million being clearly lower than last year (EUR 6.50 million), which is in line with the current demand. The Company's profitability did not meet the level of the previous year. The operating profit was EUR 5.07 million (EUR 11.36 million). The most significant factor that caused the profit decrease was declined production volume. International operations and export accounted for EUR 21.35 million (EUR 32.54 million), which is 44 per cent of the net sales. Profits The operating profit of Nordic Aluminium amounted to EUR 5.07 million (EUR 11.36 million). Earnings per share for the period were EUR 0.78 (EUR 1.76). Seasonality of sales and profit Seasonal fluctuation has little effect on sales and profit. Investments The gross capital expenditures for the period were EUR 6.00 million (EUR 6.76 million. Personnel During the first nine months of 2009 the average number of personnel in Nordic Aluminium Group was 228 (315). At the end of the period the number of employees was 182 (321). Nordic Aluminium Plc was engaged in employee negotiations in compliance with the Act on Cooperation during January. The conclusion of the negotiation was that the whole personnel were temporarily laid off on average of three weeks. Nordic Aluminium Plc was engaged in employee negotiations in compliance with the Act on Cooperation during April and May. The conclusion of the negotiation was that 102 employment contracts were terminated. Robert Paajanen the CEO of Nordic Aluminium resigned on July 20, 2009. Peter Högel started as new CEO on July 21, 2009. Transactions after the reporting period Nordic Aluminium Plc started employee negotiations in compliance with the Act on Cooperation. These negotiations will be held to adapt the Company's operations to the current market situation and in addition operations reorganization and partial outsourcing. The possible effects for the employees due to reorganization of the operation are approximately 51 employees. These negotiations will affect all personnel groups, and started on October 5, 2009. 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 nine months of the year 2009 a number of 232,429 shares were traded with EUR 3.11 million. The share quotation ranged between EUR 9.84 and EUR 17.50. 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 72.4 million (EUR 80.7 million) at the end of September. Dividend from the financial year 2008 was EUR 0.40 per share, amounting to EUR 1,934,752.80. Ownership There were no significant changes in the ownership during the period (1-9/2009). Outlook The order backlog for the Group was EUR 4.29 million (EUR 6.50 million) at the end of the reporting period. Market demand and production volume are expected to stay at a low level. Due to the situation in the global economy the market prospects are still weak and uncertain. The customers are not able to predict their needs even on a short term. The Company continues to adapt its resources to meet the market demand. Affirmative effects of actions made are not visible in the short term, thus the result of Q4/2009 is expected to be the weakest quarterly result in 2009. 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 7-9/09 % 7-9/08 % 1-9/09 % 1-9/08 % 1-12/08 % Net sales 15.25 24.66 48.48 79.80 100.15 Other operating income 0.01 0.05 0.04 1.50 1.67 Increase(+) or decrease(-) finished goods and work in progress 0.53 -0.69 -0.86 -0.25 -3.65 Raw materials and consumables -7.55 -12.05 -22.95 -41.73 -51.19 Personnel expenses -2.91 -3.43 -9.24 -10.94 -14.90 Depreciation and reduction of value -1.21 -1.01 -3.46 -2.92 -3.95 Other operating exp. -2.27 -4.10 -6.94 -14.10 -17.14 Operating profit 1.85 12.1 3.42 13.9 5.07 10.5 11.36 14.2 11.00 11.0 Financial items -0.01 0.13 0.01 0.15 0.23 Profit before taxes 1.84 12.1 3.56 14.4 5.08 10.5 11.52 14.4 11.22 11.2 Income taxes -0.50 -0.94 -1.33 -3.02 -2.95 Net profit for the per. 1.34 8.8 2.62 10.6 3.75 7.7 8.50 10.7 8.27 8.3 Profit attributable to: Owners of the parent 1.34 8.8 2.62 10.6 3.75 7.7 8.50 10.7 8.27 8.3 Minority interest 0.00 0.00 0.00 0.00 0.00 Other comprehensive income: Conversion difference 0.01 -0.02 0.00 0.00 -0.05 Total comprehensive income attributable to: Owners of the parent 1.35 8.9 2.64 10.7 3,75 7,7 8.50 10.7 8,22 8,2 Minority interest 0.00 0,00 0,00 0.00 0,00 Basic and diluted earnings per share, EUR 0.28 0.54 0.78 1.76 1.71 CONSOLIDATED BALANCE SHEET EUR million Sept 30, Sept 30, Dec 31, 2009 2008 2008 Non-current assets Tangible assets 27.80 23.19 25.07 Goodwill 2.25 2.25 2.25 Intangible assets 1.52 1.77 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 31.68 27.32 29.17 Current assets Inventories 7.26 11.63 8.15 Accounts receivable and other current assets 10.86 15.08 11.51 Advance payments 0.14 0.04 0,00 Cash in hand and at banks 7.13 4.76 7.35 Total 25.38 31.51 27.01 Total assets 57.07 58.84 56.18 EUR million Sept 30, Sept 30, 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 -0.28 -0.23 -0.28 Retained earnings 38.73 37.15 36.92 Shareholders' equity: Owners of the parent 48.10 46.56 46.29 Minority interest 0.00 0.00 0.00 Total 48.10 46.56 46.29 Long-term liabilities Deferred tax liabilities 1.76 1.60 1.75 Provisions 0.07 0.14 0.07 Interest bearing liabilities 0.10 0.10 0.09 Total 1.93 1.83 1.91 Short-term liabilities Accounts payable 7.03 10.31 7.93 Provisions 0.00 0.09 0.00 Short-term interest bearing liabilities 0.01 0.05 0.05 Total 7.04 10.44 7.98 Total liabilities 8.97 12.27 9.89 Total shareholders' equity and liabilities 57.07 58.84 56.18 CONSOLIDATED CASH FLOW STATEMENTS EUR million 7-9/09 7-9/08 1-9/09 1-9/08 1-12/08 Cash flow from operations Net profit (loss) 1.35 2.62 3.75 8.50 8.27 Corrections Depr. according to plan 1.21 1.01 3.46 2.92 3.95 Financial items 0.03 -0.13 0.01 -0.15 -0.23 Taxes 0.51 0.94 1.34 3.02 2.95 Cash flow before change in net working capital 3.09 4.44 8.56 14.29 14.94 Change in net working capital: Short-term receivables, increase(-)/decrease(+) -0.74 -0.40 0.51 -0.77 3.75 Inventories increase(-)/decrease(+) -0.81 1.28 0.88 1.06 4.54 Short-term interest bearing liabilities increase(+)/decrease(-) 0.20 -3.13 -0.90 -1.92 -3.52 Total -1.35 -2.25 0.49 -1.64 4.77 Cash flow from operations before interests and taxes 1.74 2.20 9.05 12.65 19.71 Paid interests and payments for other financial expenses -0.03 0.00 -0.14 -0.09 -0.18 Received interests and payments from other financial income 0.02 0.13 0.15 0.24 0.40 Paid income taxes -0.50 -0.94 -1.33 -2.16 -3.86 Cash flow from operations(A) 1.23 1.39 7.73 10.63 16.07 Cash flow from investing activities Investments in tangible and intangible assets -1.08 -1.55 -6.00 -6.76 -9.64 Income from sales of tangible and intangible assets 0.00 0.00 0.00 0.00 0.00 Repayment of loan receivables 0.00 0.00 0.00 0.00 0.00 Cash flow from investments(B)-1.08 -1.55 -6.00 -6.76 -9.64 Cash flow from financial items Rights issue 0.00 0.00 0.00 0.00 0.00 Withdrawals of short-term loans 0.00 0.00 0.00 0.00 0.00 Amortization of short-term loans 0.00 0.00 -0.03 -0.72 -0.72 Withdrawals of long-term loans 0.00 0.00 0.01 0.00 0.00 Amortization of long-term loans 0.00 -0.01 0.00 -0.03 0.05 Dividends paid 0.00 0.00 -1.94 -5.56 -5.56 Cash flow from financial items(C) 0.00 -0.01 -1.96 -6.31 -6.24 Change in cash flow (A+B+C) 0.14 -0.16 -0.23 -2.45 0.20 Conversion difference 0.01 -0.02 0.00 0.00 -0.05 Total 0.16 -0.19 -0.23 -2.45 0.15 Cash in hand and at banks in the beginning of period 6.96 4.95 7.35 7.21 7.21 Cash in hand and at banks in the end of period 7.12 4.76 7.12 4.76 7.35 Change 0.16 -0.19 -0.23 -2.45 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 0.00 8.50 8.50 Earning and costs tot. 8.50 Dividends -5.56 -5.56 Warrants used 0.00 -5,56 Equity 30.09.2008 6.19 3.45 -0.23 37.15 46.56 Equity 01.01.2009 6.19 3.45 -0.28 36.92 46.27 Comprehensive income -0.01 3.75 3.76 Earning and costs tot. 3.76 Dividends -1.93 -1.93 Warrants used 0.00 -1.93 Equity 30.09.2009 6.19 3.45 -0.27 38.74 48.10 KEY FIGURES: EUR million Sept 30, Sept 30, Sept 30, Dec 31, 2009 2008 2007 2008 Basic and diluted earnings per share, EUR 0.78 1.76 1.96 1.71 Equity ratio, % 84.3 79.1 67.8 82.4 Gearing, % -14.6 -10.2 -12.6 -15.9 Balance sheet total, EUR million 57.07 58.84 56.54 56.18 NOTES: EUR million Sept 30, Sept 30, Sept 30, Dec 31, 2009 2008 2007 2008 Equity/share, EUR 9.94 9.63 7.92 9.56 Investments, EUR mill. 6.00 6.76 7.13 9.64 Average number of personnel 228 315 305 315 Number of personnel at the end of the period 182 321 305 294 Geographical segments: Net sales EUR million 1-9/09 1-9/08 1-9/07 1-12/08 Finland 27.13 47.27 47.90 59.42 Other countries 21.35 32.54 32.39 40.73 Total 48.48 79.80 80.29 100.15 Taxes: EUR million 1-9/09 1-9/08 1-9/07 1-12/08 Current income tax 1.33 3.02 3.36 2.79 Change in deferred income tax 0.00 0.01 0.01 0.16 Total 1.33 3.03 3.37 2.95 Inventories: EUR million Sept 30, Sept 30, Sept 30, Dec 31, 2009 2008 2007 2008 Raw materials and consumables 1.30 1.09 1.56 1.26 Work in progress 2.87 4.70 4.71 2.58 Finished goods 3.09 5.84 6.41 4.30 Total 7.26 11.63 12.67 8.15 Interest bearing loans and borrowings: EUR million Sept 30, Sept 30, Sept 30, Dec 31, 2009 2008 2007 2008 Bank loan 0.00 0.00 1.45 0.00 Obligations under finance leases 0.05 0.15 0.05 0.14 Total 0.05 0.15 1.50 0.14 Contingent liabilities: EUR million Sept 30, Sept 30, Sept 30, Dec 31, 2009 2008 2007 2008 Consignation liability 0.23 1.39 1.93 0.19 Rental and leasing liabilities 8.01 10.22 10.30 9.67 Corporate mortgages given 0.00 8.41 8.41 0.00 Related party disclosures: EUR million 1-9/09 1-9/08 1-9/07 1-12/08 Sales 5.39 7.41 7.02 9.09 Purchases 0.00 0.02 0.11 0.02 Receivables 0.52 0.29 0.65 0.01 Order bakclog: EUR million Sept 30, Sept 30, Sept 30, Dec 31, 2009 2008 2007 2008 4.29 6.50 11.81 5.05 Nordic Aluminium Plc publishes its Financial Statements Bulletin for the fiscal year 2009 on March 4, 2010. The company bulletins will be published also on web-pages www.nordicaluminium.fi. Kirkkonummi October 22, 2009 NORDIC ALUMINIUM PLC The Board of Directors Peter Högel Managing Director For further information please contact: Managing Director Peter Högel, tel. +358 20 7660 207 Distribution: OMX NASDAQ Helsinki The Main Media www.nordicaluminium.fi NOAE1909 |
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