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INTERIM REPORT OF NORDIC ALUMINIUM PLC Jan 1 - March 31, 2011

20.04.2011
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 progress   -0,49	  -0,85		 0,33
Raw materials and consumables	      -8,37	  -7,12	       -31,62
Personnel expenses		      -2,04	  -1,99		-6,02
Depreciation and reduction of value   -1,03	  -1,22		-4,54
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 share, EUR 0,59	   0,49	 	2,46


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 assets   13,20   12,86	9,60
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:
Owners of the parent		               45,79   43,58   53,17
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 liabilities		0,02	0,02	0,02
Total	 	 	 	 	       18,26   12,68	4,98

Total liabilities			       21,66   15,64	8,39

Total shareholders` equity and liabilities     67,46   59,22   61,56


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
Cash flow before change
in net working capital	                        5,01	4,34   20,40

Change in net working capital:
  Short-term receivables,
  increase(-)/decrease(+)
	                                       -3,60   -4,03   -1,94
Inventories increase(-)/decrease(+)	        0,65	0,74   -0,36
  Short-term interest bearing liabilities
increase(+)/decrease(-)               	        2,57	0,64   -0,77
	                                       -0,38   -2,65   -3,07

Cash flow from operations before
interests and taxes                     	4,63	1,68   17,20

Paid interests and payments for
other financial expenses               	       -0,19   -0,01   -0,15
Received interests and payments
from other financial income             	0,06	0,09	0,39
Paid income taxes                      	       -0,46   -0,81   -2,53
Cash flow from operations(A)            	4,04	0,96   14,92


Cash flow from investing activities
Investments in tangible and
intangible assets	                       -0,72   -0,36   -1,85
Income from sales of tangible
and intangible assets	                        0,00	0,00	0,03
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
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
in the beginning of period                     16,51	9,50	9,51
Cash in hand and at banks
in the end of period                   	       19,77   10,12   16,51
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


© 2004 Nordic Aluminium Oyj | Updated 19.01.2006 | Legal Notice