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ISJA
Financial results for the first nine months 2002   22.11.2002 16:40:21
Flokkur: Afkomufréttir      Íslenska  English
 Íslenska járnblendifél 092002.pdf
 Icelandic Alloys Ltd 092002.pdf

Main figures from the Financial Statements September 30, 2002 in thousands Norwegian kroner.

 

Icelandic Alloys Ltd.

 

 

Profit and loss account

2002

2001

 

1.1-30.9

1.1-30.9

 

 

 

Operating income

314.689

372.496

Operating expenses

309.515

341.179

Operating profit

5.174

31.317

Financial income (expenses)

(2.477)

(20.307)

Net profit before taxes

2.697

11.010

Net worth tax

(2.132)

(2.702)

Calculated income tax

(258)

3.976

Net profit (loss)

307

12.284

 

 

 

 

 

 

 

 

 

Balance sheet

30.9 2002

31.12 2001

 

 

 

Assets

 

 

Fixed assets

546.957

566.239

Current assets

274.369

339.400

Total assets

821.326

905.639

 

 

 

Shareholders equity

 

 

Shareholders equity

400.979

400.672

 

 

 

Liabilities

 

 

Long term liabilities

111.950

429.258

Current liabilities

308.397

75.709

Total liabilities

420.347

504.967

 

 

 

Total shareholders equity and liabilities

821.326

905.639

 

 

 

 

 

 

 

2002

2001

Key indicators

 

 

Funds from operating activities for the first nine months

(13.690)

31.015

Working capital ratio

0,9

4,5

Equity in relation to total assets

48,8%

44,2%

 

 

The operating profit of Icelandic Alloys Ltd. for the first nine months of this year amounted to 5,17 million NOK compared to 31,32 million NOK for the same period last year.

 

The net profit after tax in the period was 0,31 million NOK compared to 12,28 million NOK for the same period last year.

 

Total assets of Icelandic Alloys amounted to 821 million NOK at the end of September. Total liabilities were 420 million NOK. The equity ratio was 48,8% at end of September compared to 44,2% at end of last year.

 

Operations

 

All furnaces at Icelandic Alloys Ltd. have been run at maximum output during the period. The Company has continued its effort to improve both the production and the cost level.

Total production has increased by 5,6% compared to the same period last year.

 

Market situation

Reflecting the general economic situation in the Western World, the markets for ferrosilicon still remain difficult.

 

Total steel production in the Western World increased slightly, especially during the first months of the year. However growth is mainly occurring in Asia, with Europe experiencing decline.

 

US steel production is slowly improving from a very low level. Import of ferrosilicon from China and CIS to the Western World remains at a high level. However, the market balance has improved enough to increase ferrosilicon prices by 2-3% in Europe, by 5-6% in the US and by 4-5% in Asia over the past 5-6 months, measured in EUR and USD respectively. With the depreciation of EUR and USD against NOK by about 4% and 14% respectively during this period, the net result is a reduction of ferrosilicon prices measured in NOK.

 

The difficult market conditions and the negative currency impact are expected to prevail also for the coming quarter.

 

On behalf of the Board of Directors

 

 

Frank Bjørklund

Managing Director

 


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