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ISJA
Icelandic Alloys Ltd. - Annual Results   28.2.2003 08:59:40
Flokkur: Afkomufréttir      Íslenska  English
 Íslenskajárnblendifélagið122002.pdf
 IcelandicAlloysAnnualReport.pdf

Icelandic Alloys Ltd.

 

 

 

 

 

Main figures from the Financial Statements 2002 in thousands Norwegian kroner

 

 

 

Profit and loss account

2002

2001

 

 

 

Operating income ...........................................................

456.183

500.071

Operating expenses .......................................................

440.915

465.042

Operating profit (loss)

15.268

35.029

Financial income (expenses) ...........................................

(5.971)

(19.039)

Net profit (loss) before taxes

9.297

15.990

Net worth tax .................................................................

(1.907)

(6.870)

Calculated income tax ....................................................

(999)

(23.290)

Net profit (loss)

6.391

(14.170)

 

 

 

 

 

 

 

 

 

Balance sheet

31.12 2002

31.12 2001

 

 

 

Assets

 

 

Fixed assets .................................................................

544.081

566.239

Current assets ...............................................................

276.824

339.400

Total assets

820.905

905.639

 

 

 

Shareholders equity

 

 

Shareholders equity .......................................................

407.063

400.672

 

 

 

Liabilities

 

 

Long term liabilities ........................................................

104.196

429.258

Current liabilities ............................................................

309.646

75.709

Total liabilities

413.842

504.967

 

 

 

Total shareholders equity and liabilities

820.905

905.639

 

 

 

 

 

 

 

2002

2001

Key ratios

 

 

Funds from operating activities  .......................................

(8.348)

37.167

Working capital ratio ......................................................

0,9

4,6

Equity in relation to total assets ......................................

49,6%

44,2%

 

 

At its Board Meeting today, February 27, 2003, the Board of Directors of Icelandic Alloys Ltd. and the Managing Director ratified the audited accounts for the year 2002.

 

Operating profit of Icelandic Alloys Ltd. in 2002 was NOK 15,3 million compared to a profit of 35,0 million in 2001. Net profit was NOK 6,4 million compared to a loss of 14,2 million in the preceding year. Operating income was NOK 456 million compared to 500 million in the preceding year. The 8,8% decrease is mainly a result of reduced sales prices of ferrosilicon and the strengthening of the NOK against USD and EUR.

 

Total assets of the Company at year-end 2002 amounted to NOK 820 million compared to 906 million at year-end 2001. The shareholders equity was NOK 407 million, or 49,6% of the total assets. Total liabilities amounted to NOK 414 millions compared to NOK 505 million in the preceding year. The reduction is due to pay down of loans and the strengthening of the NOK against USD and EUR.

 

CHANGES IN OWNERSHIP

 

On the 11th of December Elkem ASA, the largest Shareholder in Icelandic Alloys Ltd., bought the 10,49% share of the Icelandic Government and the 3,40% share from Sumitomo Corporation at the price of IKR 1,15 per share. After the purchase Elkem ASA holds 86,51% of all the issued shares in Icelandic Alloys Ltd.

 

In accordance with the agreement with the Icelandic Government, Elkem ASA

published an offer to all the remaining Shareholders in Icelandic Alloys Ltd. to buy their shares at the same price as agreed with the Government. In total 466 Shareholders accepted the offer and sold shares of nominal value IKR 116.375.815, - which represents 10,67% of all shares. Upon conclusion of the purchase Elkem ASA holds 97,18% of all shares in Icelandic Alloys Ltd. Subsequently Elkem ASA has decided to commence proceedings to acquire the remainder of the shares.

 

At a Board Meeting of Icelandic Alloys Ltd. February 6, 2003, the Board of Directors accepted that Elkem ASA would redeem the shares of other Shareholders of Icelandic Alloys Ltd.

 

After the redemption process is concluded Elkem ASA will therefore be the only Shareholder of Icelandic Alloys Ltd.

 

 

SAFETY

 

In 2002 the Company has continued the focus on safety issues in the working place resulting in stabilising the accident frequency on a low level after years of significant improvements. Icelandic Alloys Ltd. is now among the best companies in the ferroalloy business regarding safety.

 

PRODUCTION RESULT

 

Production results in 2002 showed a further improvement throughout the year. The total output of ferrosilicon was 118.810 tons in 2002, an increase of 5,2 % from the previous year.

 

All three furnaces were run with very satisfactory results throughout the year.

 

GENERAL MARKET SITUATION

 

The Company suffered yet another year with difficult market conditions and historic low prices.

 

On the demand side, the European steel industry, constituting the majority of the customer base for the Icelandic Alloys Ltd., posted a marginal volume growth during the year. Steel production in the US did as well have a marginal increase in 2002 after a fall of 11% in 2001.

 

The supply side was characterised by continuing high imports from China and the former Eastern Bloc, resulting in an oversupplied and low priced market for ferrosilicon.

 

The relative strengthening of the NOK and ISK against EUR and USD has had a significant negative impact on achieved ferrosilicon prices measured in NOK and ISK.

 

During the second half of the fourth quarter production of standard ferrosilicon was reduced in Norway due to the particularly high power prices in Scandinavia, resulting in a price increase for ferrosilicon in the Western World in the first quarter of 2003.  This gives prospects of better prices for ferrosilicon in the Western World during the first half of 2003.

 

GENERAL ASSEMBLY

 

The General Assembly of Icelandic Alloys Ltd. will be held on May 27, 2003. In the light of the difficult circumstances the Board of Directors will propose to the General Assembly that a dividend will not be paid to the Shareholders for the year of 2002.

 

 

On behalf of the Board of Directors of Icelandic Alloys Ltd.

 

 

Frank Bjørklund

Managing Director

 

 


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