INTERIM REPORT OF NORDIC ALUMINIUM PLC Jan 1 – March 31, 2012
Net sales of Nordic Aluminium were EUR 16.24 million (EUR 18.24 million year 2011). Earnings per share were EUR 0.57 (EUR 0.59). The operating profit for the period was EUR 3.58 million (EUR 3.98 million) and the net profit was EUR 2.77 million (EUR 2.83 million).
Nordic Aluminium PLC changes the views
The uncertainty of the world economy still remains. The management regards it as very challenging to reach the same level of net sales as last year. However, the market position of the company will remain strong, so according to the management the last year’s level of operating profit is still achievable.
The company continues to focus on electro technical products and highly refined aluminium components.
The above mentioned predictions are based on the company's management's best view of the company's condition and market outlook.
Net sales and profitability
The net sales of Nordic Aluminium accounted for EUR 16.24 million (EUR 18.24 million). The profitability decreased from the previous year's first quarter so that the operating profit was EUR 3.58 million (EUR 3.98 million). The operating profit margin was 22.0% which was higher than previous year's first quarter (21.8%). Earnings per share were EUR 0.57(EUR 0.59).
International operations and export accounted for EUR 8.01 million (EUR 8.39 million), which is 49.3 per cent of the net sales (46.0 per cent).
The order backlog is EUR 4.64 million (EUR 6.39 million).
Seasonality of sales and profit
Seasonal fluctuations are not significant in general.
Research and development costs
Research and development costs of Nordic Aluminium Plc on the first quarter were 0.28 million Euros (0.07).
Investments
The gross investments for the period were EUR 1.23 million (EUR 0.72 million).
Personnel
During the first three months of 2011 the average number of personnel in Nordic Aluminium Group was 105 (128). At the end of the period the number of employees was 108 (125).
Risks
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 the 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 business risks are related to the uncertainty in the development of the world economy and its influence on market demand and on raw material prices.
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 2012 a number of 106,682 shares were traded with EUR 3.07 million. The share quotation ranged between EUR 29.90 and EUR 33.50. 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 146.7 million (EUR 177.8 million) at the end of March.
Dividend from the financial year 2011 was EUR 2.20 per share, amounting to EUR 10,641,140.40.
Ownership
There were no significant changes in the ownership during the period (1-3/2012).
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 2011 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 2011 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 | 1-3/12 | % | 1-3/11 | % | 1-12/11 | % | ||||
| Net sales | 16.24 | 18.24 | 69.66 | |||||||
| Other operating income | 0.00 | 0.04 | 0.46 | |||||||
| Increase (+) or decrease (-) | ||||||||||
| finished goods and work in progress | -1.25 | -0.49 | 0.41 | |||||||
| Raw materials and consumables | -6.87 | -8.37 | -35.72 | |||||||
| Personnel expenses | -1.26 | -2.04 | -6.39 | |||||||
| Depreciation and reduction of value | -0.88 | -1.03 | -3.99 | |||||||
| Other operating expenses | -2.41 | -2.37 | -9.80 | |||||||
| Operating profit | 3.58 | 22.0% | 3.98 | 21.8 % | 14.63 | 21.0 % | ||||
| Financial items | 0.04 | -0.13 | 0.22 | |||||||
| Profit before taxes | 3.62 | 22.3% | 3.85 | 21.1 % | 14.85 | 21.3 % | ||||
| Income taxes | -0.84 | -1.02 | -4.08 | |||||||
| Deferred tax difference | -0.02 | 0.00 | 0.30 | |||||||
| Net profit for the period | 2.77 | 17.0% | 2.83 | 15.5 % | 11.07 | 15.9 % | ||||
| Profit attributable to: | ||||||||||
| Owners of the parent | 2.77 | 17.0% | 2.83 | 15.5 % | 11.07 | 15.9 % | ||||
| Minority interest | 0.00 | 0.00 | 0.00 | |||||||
| Other comprehensive income: | ||||||||||
| Conversion difference | -0.05 | -0.05 | 0.04 | |||||||
| Total comprehensive income attributable to: | ||||||||||
| Owners of the parent | 2.72 | 16.7% | 2.78 | 15.2 % | 11.11 | 15.9 % | ||||
| Minority interest | 0.00 | 0.00 | 0.00 | |||||||
| Basic and diluted earnings per share, EUR | 0.57 | 0.59 | 2.29 | |||||||
CONSOLIDATED BALANCE SHEET
| EUR million | March 31,2012 | March 31,2011 | Dec 31,2011 | |||||||||||
| Non-current assets | ||||||||||||||
| Tangible assets | 26.15 | 25.12 | 25.80 | |||||||||||
| Goodwill | 2.25 | 2.25 | 2.25 | |||||||||||
| Intangible assets | 0.72 | 0.87 | 0.71 | |||||||||||
| Tradable financial assets | 0.02 | 0.02 | 0.02 | |||||||||||
| Other financial assets | 0.01 | 0.01 | 0.00 | |||||||||||
| Deferred tax liabilities | 0.07 | 0.07 | 0.09 | |||||||||||
| Total | 29.21 | 28.34 | 28.86 | |||||||||||
| Current assets | ||||||||||||||
| Inventories | 5.80 | 6.13 | 7.09 | |||||||||||
| Accounts receivable and other current assets | 11.65 | 13.20 | 9.70 | |||||||||||
| Advance payments | 0.00 | 0.04 | 0.00 | |||||||||||
|
Other financial assets Cash in hand and at banks |
0.00 19.82 |
7.65 12.10 |
0.00 17.05 |
|||||||||||
| Total | 37.25 | 39.12 | 33.84 | |||||||||||
| Total assets | 66.46 | 67.46 | 62.70 | |||||||||||
|
|
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| Shareholders equity and liabilities | ||||||||||||||
| Equity | ||||||||||||||
| Shareholders` equity | 6.19 | 6.19 | 6.19 | |||||||||||
| Share premium account | 3.45 | 3.45 | 3.45 | |||||||||||
| Conversion difference | -0.15 | -0.19 | -0.10 | |||||||||||
| Retained earnings | 36.71 | 36.33 | 44.58 | |||||||||||
|
Shareholders` equity: Owners of the parent |
46.21 | 45.79 | 54.13 | |||||||||||
| Minority interest | 0.00 | 0.00 | 0.00 | |||||||||||
| Total | 46.21 | 45.79 | 54.13 | |||||||||||
| Long-term liabilities | ||||||||||||||
| Deferred tax liabilities | 2.78 | 3.20 | 2.89 | |||||||||||
| Provisions | 0.20 | 0.20 | 0.20 | |||||||||||
| Interest bearing liabilities | 0.00 | 0.01 | 0.00 | |||||||||||
| Total | 2.98 | 3.41 | 3.10 | |||||||||||
| Short-term liabilities | ||||||||||||||
| Accounts payable | 17.27 | 18.24 | 5.48 | |||||||||||
| Provisions | 0.00 | 0.00 | 0.00 | |||||||||||
| Short-term interest bearing liabilities | 0.00 | 0.02 | 0.00 | |||||||||||
| Total | 17.27 | 18.26 | 5.48 | |||||||||||
| Total liabilities | 20.25 | 21.66 | 8.58 | |||||||||||
| Total shareholders` equity and liabilities | 66.46 | 67.46 | 62.70 | |||||||||||
CONSOLIDATED CASH FLOW STATEMENTS
EUR million
| 1-3/12 | 1-3/11 | 1-12/11 | ||
| Cash flow from operations | ||||
| Net profit (loss) | 2.77 | 2.83 | 11.07 | |
| Corrections | ||||
| Depr. according to plan | 0.88 | 1.03 | 3.99 | |
| Financial items | -0.05 | 0.13 | -0.22 | |
| Taxes | 0.84 | 1.02 | 3.78 | |
|
Cash flow before change in net working capital |
4.44 | 5.01 | 18.62 | |
| Change in net working capital: | ||||
|
Short-term receivables, increase(-)/decrease(+) |
-2.46 | -3.60 | -0.30 | |
| Inventories increase(-)/decrease(+) | 1.29 | 0.65 | -0.31 | |
|
Short-term interest bearing liabilities increase(+)/decrease(-) |
1.63 | 2.57 | 0.09 | |
| 0.47 | -0.38 | -0.52 | ||
|
Cash flow from operations before interests and taxes |
4.91 | 4.63 | 18.10 | |
|
Paid interests and payments for other financial expenses |
-0.04 | -0.19 | -0.29 | |
|
Received interests and payments from other financial income |
0.08 | 0.06 | 0.51 | |
| Paid income taxes | -0.89 | -0.46 | -3.67 | |
| Cash flow from operations(A) | 4.07 | 4.04 | 14.65 | |
| Cash flow from investing activities | ||||
|
Investments in tangible and intangible assets |
-1.23 | -0.72 | -4.16 | |
|
Income from sales of tangible and intangible assets |
0.00 | 0.00 | 0.18 | |
| Repayment of loan receivables | 0.00 | 0.00 | 0.00 | |
| Cash flow from investments(B) | -1.23 | -0.72 | -3.98 | |
|
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 | 0.00 | -0.01 | -0.02 | |
| Withdrawals of long-term loans | 0.00 | 0.00 | 0.00 | |
| Amortization of long-term loans | 0.00 | 0.00 | 0.00 | |
| Dividends paid | 0.00 | 0.00 | -10.16 | |
| Cash flow from financial items(C) | 0.00 | -0.01 | -10.18 | |
| Change in cash flow (A+B+C) | 2.82 | 3.31 | 0.50 | |
| Conversion difference | -0.05 | -0.05 | 0.04 | |
| Total | 2.77 | 3.26 | 0.54 | |
|
Cash in hand and at banks in the beginning of period |
17.05 | 16.51 | 16.51 | |
|
Cash in hand and at banks in the end of period |
19.82 | 19.77 | 17.05 | |
| Change | 2.77 | 3.26 | 0.54 |
STATEMENT OF CHANGES OF CONSOLIDATED EQUITY
EUR million
Shareholders Sh.pr. Convers. Retained. Total
Equity account diff. earnings equity
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
Equity
01.01.2012 6.19 3.45 -0.10 44.58 54.13
Comprehensive income -0.05 2.77 2.72
Earning and costs tot. 2.72
Dividends -10.64 -10.64
Equity
31.03.2012 6.19 3.45 -0.15 36.71 46.21
KEY FIGURES:
EUR 1-3/12 1-3/11 1-12/11
Basic and diluted
earnings per share, EUR 0.57 0.59 2.29
March 31, March 31, Dec 31,
2012 2011 2011
Equity ratio, % 69.5 67.9 86.3
Gearing, % -42.9 -43.1 -31.5
Balance sheet total, EUR million 66.46 67.46 62.70
NOTES:
EUR March 31, March 31, Dec 31,
2012 2011 2011
Equity/share, EUR 9.55 9.47 11.19
Average number of personnel
at the end of the period 108 125 105
1-3/12 1-3/11 1-12/11
Investments, EUR mill. 1.23 0.72 4.16
Average number of personnel 105 128 128
Geographical segments:
Net sales
EUR million 1-3/12 1-3/11 1-12/11
Finland 8.23 9.85 36.22
Other countries 8.01 8.39 33.44
Total 16.24 18.24 69.66
Taxes:
EUR million 1-3/12 1-3/11 1-12/11
Current income tax -0.84 -1.02 -4.08
Change in deferred income tax -0.02 0.00 0.30
Total -0.86 -1.02 -3.78
Inventories:
EUR million March 31, March 31, Dec 31,
2012 2011 2011
Raw materials and consumables 0.92 0.89 0.92
Work in progress 2.90 2.60 3.80
Finished goods 1.97 2.63 2.37
Total 5.80 6.13 7.09
Interest bearing loans and borrowings:
EUR million March 31, March 31, Dec 31,
2012 2011 2011
Bank loan 0.00 0.00 0.00
Obligations under finance leases 0.01 0.03 0.01
Total 0.01 0.03 0.01
Contingent liabilities:
EUR million March 31, March 31, Dec 31,
2012 2011 2011
Consignation liability 1.65 0.37 0.15
Rental and leasing liabilities 3.51 5.44 4.03
Corporate mortgages given 0.00 0.00 0.00
Related party disclosures:
EUR million 1-3/12 1-3/11 1-12/11
Sales 2.54 3.12 10.53
Purchases 0.00 0.00 0.02
EUR million March 31, March 31, Dec 31,
2012 2011 2011
Receivables 0.77 0.66 0.09
Accounts payable 0.00 0.00 0.00
Order bakclog:
EUR million March 31, March 31, Dec 31,
2012 2011 2011
4.64 6.39 3.67
Nordic Aluminium Plc publishes its six-month Interim Report for January-June 2012 on August 10, 2012. The company bulletins will be published also on web-pages www.nordicaluminium.fi.
Kirkkonummi April 20, 2012
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
NOAE0612
