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2008-08-18 08:30:00 CEST 2008-08-18 08:30:00 CEST REGULATED INFORMATION Nordic Aluminium - Interim report (Q1 and Q3)INTERIM REPORT OF NORDIC ALUMINIUM PLC Jan 1 - June 30, 2008NORDIC ALUMINIUM PLC INTERIM REPORT August 18, 2008 9.30 a.m. Net sales of Nordic Aluminium were EUR 55.15 million (EUR 54.33 million year 2007). The operating profit for the period was EUR 7.94 million (EUR 8.95 million) and the net profit was EUR 5.88 million (EUR 6.63 million). Net sales and profitability The net sales of Nordic Aluminium increased slightly from the previous year EUR 55.15 million (EUR 54.33 million). Demand was weaker than expected during the period. The order back log grew slightly from the beginning of the year being EUR 8.54 million but remained clearly lower than last year (EUR 12.77 million). The Company's profit did not meet the level of the previous year but profit development improved considerably during the second quarter. The April - June operating profit was EUR 4.38 million when January - March was EUR 3.56 million. International operations and export accounted for EUR 22.1 million (EUR 21.9 million), which is 40 per cent of the net sales. Profits The operating profit of Nordic Aluminium amounted to EUR 7.94 million (EUR 8.95 million). Earnings per share for the period were EUR 1.22 (EUR 1.37). Seasonality of sales and profit Seasonal fluctuation has little effect on sales and profit. Investments The gross capital expenditures for the period were EUR 5.21 million (EUR 3.07 million. Personnel During the first six months of 2008 the average number of personnel in Nordic Aluminium Group was 314 (303). At the end of the period the number of employees was 315 (315). 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 six months of the year 2008 a number of 43,826 shares were traded with EUR 1.04 million. The share quotation ranged between EUR 19.90 and EUR 30.00. 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 101.1 million (EUR 152.2 million) at the end of June. Ownership There were no significant changes in the ownership during the period (1-6/2008). Outlook The order backlog was EUR 8.54 million (EUR 12.77 million) at the end of the reporting period. The market outlooks are uncertain and the Company has taken action to decrease costs and capacity in order to ensure profitability, in case the autumns demand remain lower than expected. At the same time the Company continues it's efforts to improve productivity and operational efficiency. In spite of the uncertain global market situation the Company aims to reach the profit level of the previous year. 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 2006 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 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 2007 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 4-6/08 % 1-6/08 % 1-6/07 % 1-12/07 % Net sales 28.17 55.15 54.33 106.84 Other operating income 0.25 1.45 0.41 10.42 Increase(+) or decrease(-) finished goods and work in progress 0.39 0.44 2.70 1.70 Raw materials and consumables -15.10 -29.68 -30.63 -58.88 Personnel expenses -3.67 -7.51 -7.12 -14.33 Depreciation and reduction of value -0.99 -1.91 -1.71 -4.77 Other operating expenses -4.67 -10.00 -9.04 -20.98 Operating profit 4.38 15.6 7.94 14.4 8.95 16.5 20.02 18.7 Financial items 0.02 0.02 0.03 0.06 Profit before taxes 4.40 15.6 7.96 14.4 8.98 16.5 20.07 18.8 Income taxes -1.16 -2.08 -2.35 -5.26 Net profit for the period 3.24 11.5 5.88 10.7 6.63 12.2 14.81 13.9 Attributable to: Equity holders of the parent 3.24 5.88 6.63 14.81 CONSOLIDATED BALANCE SHEET EUR million June 30, June 30, Dec 31, 2008 2007 2007 Non-current assets Tangible assets 22.51 12.72 19.36 Goodwill 2.25 2.25 2.25 Intangible assets 1.91 1.72 1.76 Tradable financial assets 0.02 0.02 0.02 Other financial assets 0.00 0.00 0.00 Deferred tax liabilities 0.08 0.09 0.09 Total 26.77 16.81 23.48 Current assets Inventories 12.91 13.20 12.69 Accounts receivable and other current assets 14.66 16.86 14.35 Advance payments 0.06 0.00 0,00 Cash in hand and at banks 4.95 5.29 7.21 Total 32.59 35.35 34.24 Total assets 59.36 52.16 57.72 EUR million June 30, June 30, Dec 31, 2008 2007 2007 Shareholders' equity and liabilities Equity Shareholders' equity 6.19 6.19 6.19 Share premium account 3.45 3.45 3.45 Conversion difference -0.25 -0.18 -0.23 Retained earnings 34.53 26.02 34.21 Total 43.92 35.49 43.63 Long-term liabilities Deferred tax liabilities 1.60 0.62 1.60 Provisions 0.14 0.14 0.14 Interest bearing liabilities 0.11 0.03 0.13 Total 1.84 0.79 1.87 Short-term liabilities Accounts payable 13.46 14.32 11.37 Provisions 0.09 0.09 0.09 Short-term interest bearing liabilities 0.05 1.47 0.77 Total 13.60 15.88 12.22 Total liabilities 15.44 16.67 14.09 Total shareholders' equity and liabilities 59.36 52.16 57.72 CONSOLIDATED CASH FLOW STATEMENTS EUR million 4-6/08 1-6/08 1-6/07 1-12/07 Cash flow from operations Net profit (loss) 3.24 5.88 6.63 14.81 Corrections Depr. according to plan 0.99 1.91 1.71 4.77 Financial items -0.02 -0.02 -0.03 -0.06 Taxes 1.16 2.08 2.35 5.26 Cash flow before change in net working capital 5.37 9.85 10.66 24.79 Change in net working capital: Short-term receivables, increase(-)/decrease(+) 4.03 -0.37 -3.40 -0.89 Inventories increase(-)/decrease(+) -0.55 -0.23 -2.96 -2.45 Short-term interest bearing liabilities increase(+)/decrease(-) 1.75 1.24 3.50 0.27 Total 5.23 0.65 -2.86 -3.07 Cash flow from operations before interests and taxes 10.61 10.49 7.80 21.72 Paid interests and payments for other financial expenses -0.02 -0.09 -0.10 -0.21 Received interests and payments from other financial income 0.04 0.12 0.13 0.26 Paid income taxes -0.51 -1.23 -1.30 -2.94 Cash flow from operations(A) 10.12 9.29 6.54 18.83 Cash flow from investing activities Investments in tangible and intangible assets -3.51 -5.21 -3.07 -12.80 Income 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)-3.51 -5.21 -3.07 -12.80 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 -0.72 -0.72 0.00 -0.71 Amortization of long-term loans -0.01 -0.02 -0.71 -0.61 Dividends paid -5.56 -5.56 -4.11 -4.11 Cash flow from financial items(C) -6.30 -6.31 -4.83 -5.43 Change in cash flow (A+B+C) 0.31 -2.22 -1.36 0.60 Conversion difference 0.00 -0.03 -0.02 -0.07 Total 0.31 -2.25 -1.39 0.53 Cash in hand and at banks in the beginning of period 4.64 7.21 6.67 6.67 Cash in hand and at banks in the end of period 4.95 4.95 5.29 7.21 Change 0.31 -2.25 -1.39 0.53 STATEMENT OF CHANGES OF CONSOLIDATED EQUITY EUR million Shareholders Sh.pr. Convers. Retained. Total Equity account diff. earnings equity Equity 01.01.2007 6.19 3.45 -0.16 23.50 32.99 Conversion diff. -0.07 -0.07 Net profit 14.81 14.81 Earning and costs tot. 14.74 Dividends -4.11 -4.11 Warrants used 0.00 0.00 0.00 -4.11 Equity 31.12.2007 6.19 3.45 -0.23 34.20 43.63 Equity 01.01.2008 6.19 3.45 -0.23 34.20 43.63 Conversion diff. -0.03 -0.03 Net profit 5.88 5.88 Earning and costs tot. 5.86 Dividends -5.56 -5.56 Warrants used 0.00 0.00 0.00 -5.56 Equity 30.06.2008 6.19 3.45 -0.25 34.53 43.92 KEY FIGURES: EUR million June 30, June 30, Dec 31, 2008 2007 2007 Diluted earnings per share, EUR 1.22 1.37 3.06 Equity ratio, % 74.0 68.0 75.6 Gearing, % -10.9 -10.7 -14.4 Balance sheet total, EUR million 59.36 52.16 57.72 NOTES: EUR million June 30, June 30, Dec 31, 2008 2007 2007 Equity/share, EUR 9.08 7.34 9.02 Investments, EUR mill. 5.21 3.07 12.80 Average number of personnel 314 303 306 Geographical segments: Net sales EUR million 1-6/08 1-6/07 1-12/07 Finland 33.06 32.44 63.43 Other countries 22.09 21.89 43.41 Total 55.15 54.33 106.84 Taxes: EUR million 1-6/08 1-6/07 1-12/07 Current income tax 2.08 2.35 4.27 Change in deferred income tax 0.00 0.00 0.98 Total 2.08 2.35 5.26 Inventories: EUR million June 30, June 30, Dec 31, 2008 2007 2007 Raw materials and consumables 1.59 1.37 1.90 Work in progress 5.66 5.31 4.23 Finished goods 5.57 6.52 6.56 Total 12.91 13.20 12.69 Interest bearing loans and borrowings: EUR million June 30, June 30, Dec 31, 2008 2007 2007 Bank loan 0.00 1.45 0.73 Obligations under finance leases 0.16 0.05 0.18 Total 0.16 1.50 0.90 Contingent liabilities: EUR million June 30, June 30, Dec 31, 2008 2007 2007 Consignation liability 1.69 2.26 1.86 Rental and leasing liabilities 10.65 10.74 11.50 Corporate mortgages given 8.41 8.41 8.41 Related party disclosures: EUR million June 30, June 30, Dec 31, 2008 2007 2007 Sales 5.65 4.98 8.79 Purchases 0.00 0.06 0.02 Receivables 0.36 1.57 0.03 Order bakclog: EUR million June 30, June 30, Dec 31, 2008 2007 2007 8.54 12.77 7.74 Nordic Aluminium Plc publishes publishes its nine-month Interim Report for January-September 2008 on October 23, 2008. The company bulletins will be published also on web-pages www.nordicaluminium.fi. Kirkkonummi August 18, 2008 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 Nordic Exchanges Helsinki The Main Media www.nordicaluminium.fi NOAE0908 |
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