NORDIC ALUMINIUM PLC INTERIM REPORT April 28, 2010 8.45 am Net sales of Nordic Aluminium were EUR 16.94 million (EUR 17.13 million year 2009). Earnings per share were EUR 0.49 (EUR 0.20). The operating profit for the period was EUR 3.11 million (EUR 1.22 million) and the net profit was EUR 2.39 million (EUR 0.97 million). Net sales and profitability The net sales of Nordic Aluminium accounted for EUR 16.94 million (EUR 17.13 million). Profitability improved remarkably. The operating profit was EUR 3.11 million (EUR 1.22 million) thereby consistent with the objective. In accordance with the new model of activity the Company has increased its core business turnover during the period. The Company's core business includes electrotechnical products, as well as highly refined aluminium component manufacturing. International operations and export accounted for EUR 8.45 million (EUR 7.33 million), which is 50 per cent of the net sales (43 per cent). The order backlog is EUR 6.01 million (EUR 4.82 million). Profits The operating profit of Nordic Aluminium amounted to EUR 3.11 million (EUR 1.22 million). Earnings per share for the period were EUR 0.49 (EUR 0.20). Seasonality of sales and profit Seasonal fluctuation has little effect on sales and profit. Investments The gross capital expenditures for the period were EUR 0.36 million (EUR 3.50 million). Personnel During the first three months of 2010 the average number of personnel in Nordic Aluminium Group was 146 (285). At the end of the period the number of employees was 150 (284). 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 2010 a number of 167,492 shares were traded with EUR 3.04 million. The share quotation ranged between EUR 14.94 and EUR 21.89. 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 105.9 million (EUR 53.2 million) at the end of March. Dividend from the financial year 2009 was EUR 1.30 per share, amounting to EUR 6,287,946.60. Ownership There were no significant changes in the ownership during the period (1-3/2010). Outlook The company will continue to comply with the new model of activity and its fine tuning, which will strengthen the company's profitability and competitiveness. Demand is expected to remain at current or slightly higher level. The market outlook remains uncertain due to global economy, so orders will be coming in at short notice. The situation is challenging and requires flexibility from the organization. We still believe that the current year net sales will grow moderately in 2009 and that the level of operating income will grow substantially from the previous year. The company's cash flow will also grow significantly, despite the payment of dividends. 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 2009 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 2009 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 1-3/10 % 1-3/09 % 1-12/09 % Net sales 16.94 17.13 62.24 Other operating income 0.00 0.01 0.04 Increase(+) or decrease(-) finished goods and work in progress -0.85 -1.10 -1.38 Raw materials and consumables -7.12 -7.97 -30.21 Personnel expenses -1.99 -3.34 -12.56 Depreciation and reduction of value -1.22 -1.11 -4.62 Other operating expenses -2.65 -2.41 -9.37 Operating profit 3.11 18.4 1.22 7.1 4.14 6.7 Financial items 0.09 0.06 0.06 Profit before taxes 3.20 18.9 1.28 7.5 4.20 6.7 Income taxes -0.81 -0.31 -1.15 Net profit for the period 2.39 14.1 0.97 5.7 3.05 4.9 Profit attributable to: Owners of the parent 2.39 14.1 0.97 5.7 3.05 4.9 Minority interest 0.00 0.00 0.00 Other comprehensive income: Conversion difference 0.06 0.02 0.01 Total comprehensive income attributable to: Owners of the parent 2.45 14.4 0.99 5,8 3.06 4.9 Minority interest 0.00 0.00 0.00 Basic and diluted earnings per share, EUR 0.49 0.20 0.63 CONSOLIDATED BALANCE SHEET EUR million March 31, March 31, Dec 31, 2010 2009 2009 Non-current assets Tangible assets 26.83 27.45 27.54 Goodwill 2.25 2.25 2.25 Intangible assets 1.33 1.74 1.48 Tradable financial assets 0.02 0.02 0.02 Other financial assets 0.00 0.00 0.00 Deferred tax liabilities 0.09 0.10 0.09 Total 30.52 31.56 31.38 Current assets Inventories 5.68 6.71 6.42 Accounts receivable and other current assets 12.86 12.22 8.81 Advance payments 0.04 0.10 0,06 Cash in hand and at banks 10.12 6.43 9.51 Total 28.70 25.46 24.79 Total assets 59.22 57.02 56.17 EUR million March 31, March 31, Dec 31, 2010 2009 2009 Shareholders' equity and liabilities Equity Shareholders' equity 6.19 6.19 6.19 Share premium account 3.45 3.45 3.45 Conversion difference -0.22 -0.26 -0.27 Retained earnings 34.16 37.89 38.03 Shareholders' equity: Owners of the parent 43.58 47.27 47.41 Minority interest 0.00 0.00 0.00 Total 43.58 47.27 47.41 Long-term liabilities Deferred tax liabilities 2.87 1.76 2.86 Provisions 0.07 0.07 0.27 Interest bearing liabilities 0.02 0.08 0.10 Total 2.96 1.91 3.03 Short-term liabilities Accounts payable 12.66 7.79 5.73 Provisions 0.00 0.00 0.00 Short-term interest bearing liabilities 0.02 0.05 0.00 Total 12.68 7.84 5.73 Total liabilities 15.64 9.75 8.76 Total shareholders' equity and liabilities 59.22 57.02 56.17 CONSOLIDATED CASH FLOW STATEMENTS EUR million 1-3/10 1-3/09 1-12/09 Cash flow from operations Net profit (loss) 2.38 0.97 3.05 Corrections Depr. according to plan 1.22 1.11 4.62 Financial items -0.09 -0.06 -0.06 Taxes 0.82 0.31 1.15 Cash flow before change in net working capital 4.34 2.33 8.77 Change in net working capital: Short-term receivables, increase(-)/decrease(+) -4.03 -0.81 3.03 Inventories increase(-)/decrease(+) 0.74 1.44 1.73 Short-term interest bearing liabilities increase(+)/decrease(-) 0.64 0.00 -2.20 Total -2.65 0.63 2.56 Cash flow from operations before interests and taxes 1.68 2.96 11.33 Paid interests and payments for other financial expenses -0.01 -0.05 -0.16 Received interests and payments from other financial income 0.09 0.11 0.22 Paid income taxes -0.81 -0.31 -0.43 Cash flow from operations(A) 0.96 2.71 10.95 Cash flow from investing activities Investments in tangible and intangible assets -0.36 -3.50 -6.84 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) -0.36 -3.50 -6.84 Cash flow from financial items Rights issue 0.00 0.00 0.00 Withdrawals of short-term loans 0.02 0.00 0.00 Amortization of short-term loans 0.00 -0.14 -0.05 Withdrawals of long-term loans -0.08 0.00 0.01 Amortization of long-term loans 0.00 0.00 0.00 Dividends paid 0.00 0.00 -1.94 Cash flow from financial items(C) -0.06 -0.14 -1.97 Change in cash flow (A+B+C) 0.54 -0.94 2.14 Conversion difference 0.08 0.02 0.01 Total 0.62 -0.92 2.15 Cash in hand and at banks in the beginning of period 9.50 7.35 7.35 Cash in hand and at banks in the end of period 10.12 6.43 9.50 Change -0.62 0.92 2.15 STATEMENT OF CHANGES OF CONSOLIDATED EQUITY EUR million Shareholders Sh.pr. Convers. Retained. Total Equity account diff. earnings equity 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 Equity 31.03.2009 6.19 3.45 -0.26 37.89 47.27 Equity 01.01.2010 6.19 3.45 -0.27 38.03 47.41 Comprehensive income 0.06 -3.90 -3.84 Earning and costs tot. -3.84 Dividends 0.00 0.00 Warrants used 0.00 Equity 31.03.2010 6.19 3.45 -0.22 34.16 43.58 KEY FIGURES: EUR million March 31, March 31, Dec 31, 2010 2009 2009 Basic and diluted earnings per share, EUR 0.49 0.20 0.63 Equity ratio, % 73.6 82.9 84.4 Gearing, % -23.2 -13.4 -19.9 Balance sheet total, EUR million 59.22 57.02 56.17 NOTES: EUR million March 31, March 31, Dec 31, 2010 2009 2009 Equity/share, EUR 9.01 9.77 9.80 Investments, EUR mill. 0.36 3.50 6.84 Average number of personnel 146 285 207 Average number of personnel at the end of the period 150 284 125 Geographical segments: Net sales EUR million 1-3/10 1-3/09 1-12/09 Finland 8.49 9.81 34.13 Other countries 8.45 7.33 28.11 Total 16.94 17.13 62.24 Taxes: EUR million 1-3/10 1-3/09 1-12/09 Current income tax 0.81 0.32 0.04 Change in deferred income tax 0.00 0.00 1.11 Total 0.81 0.32 1.15 Inventories: EUR million March 31, March 31, Dec 31, 2010 2009 2009 Raw materials and consumables 1.09 0.99 0.97 Work in progress 2.41 2.26 2.96 Finished goods 2.17 3.47 2.49 Total 5.67 6.71 6.42 Interest bearing loans and borrowings: EUR million March 31, March 31, Dec 31, 2010 2009 2009 Bank loan 0.00 0.00 0.00 Obligations under finance leases 0.04 0.13 0.05 Total 0.04 0.13 0.05 Contingent liabilities: EUR million March 31, March 31, Dec 31, 2010 2009 2009 Consignation liability 0.41 0.72 0.33 Rental and leasing liabilities 6.81 8.75 7.44 Corporate mortgages given 0.00 0.00 0.00 Related party disclosures: EUR million March 31, March 31, Dec 31, 2010 2009 2009 Sales 2.61 1.96 7.50 Purchases 0.02 0.00 0.05 Receivables 0.67 0.49 0.02 Accounts payable 0.02 0.00 0.04 Order bakclog: EUR million March 31, March 31, Dec 31, 2010 2009 2009 6.01 4.82 4.02 Nordic Aluminium Plc publishes its six-month Interim Report for January-June 2010 on August 18, 2010. The company bulletins will be published also on web-pages www.nordicaluminium.fi. Kirkkonummi April 28, 2010 NORDIC ALUMINIUM PLC The Board of Directors Peter Högel Managing Director For further information please contact: Managing Director Peter Högel, tel. +358 20 7660 206 Distribution: OMX NASDAQ Helsinki The Main Media www.nordicaluminium.fi NOAE0610