Suominen Corporation's Interim Report 1 January - 31 March 2011

Increase in net sales, result negative

Tampere, 2011-04-29 11:00 CEST (GLOBE NEWSWIRE) -- SUOMINEN CORPORATION          INTERIM REPORT 29 APRIL 2011 AT 12 A.M.

INTERIM REPORT 1 JANUARY – 31 MARCH 2011

INCREASE IN NET SALES, RESULT NEGATIVE

 

KEY FIGURES  
1-3/2011
 
1-3/2010
 
1-12/2010
       
Net sales, EUR million 44.3 40.6 173.4
Operating profit, EUR million -0.6 -0.3 -10.8
Profit/loss for the period, EUR million -1.7 -1.1 -14.4
Earnings/share, EUR -0.04 -0.03 -0.34
Cash flow from operations/share, EUR 0.01 -0.03 -0.06

Despite an increase in net sales, Suominen’s first-quarter operating profit was negative. The operative result was affected by higher raw material prices. The on-going rationalisation of operations had a positive effect on the Group’s result. It is estimated that the result after taxes for all of 2011 will improve over 2010, but remain negative.

GROUP FINANCIAL RESULTS

Suominen Corporation generated net sales of EUR 44.3 million (40.6) in the first quarter. Operating profit was EUR -0.6 million (-0.3), profit before taxes EUR -2.2 million (-1.5) and profit after taxes EUR -1.7 million (-1.1).

Net sales increased by 9 per cent compared to the first quarter of the previous year. Average sales prices increased thanks to raised prices and raw material price mechanisms included in sales contracts.

The operating profit for the period showed a loss of EUR 0.6 million. The first-quarter result was burdened, in particular, by increases in raw material prices, which could not be compensated for by increased sales prices during the period. The operating costs decreased from the corresponding period in 2010. The first quarter result included EUR 0.2 million in non-recurring costs due to rationalisation measures in Flexibles.

Tight capital control and use of cash was continued. Investments were kept at a low level, and the amount of working capital decreased slightly despite higher raw material prices. Cash flow from operations was positive.

Cost-saving and operational enhancement programme
The biggest single savings measure in Suominen’s Stairs to Top efficiency programme involved the closure of the Nastola flexible packaging plant and relocation of its machinery to the other plants. This rationalisation will continue to incur costs during the first half of 2011, and the savings will begin to have a full impact beginning in the second half of the year. In contrast, the impacts of the rationalisation measures decided on for Codi Wipes in late 2010 started to materialise already at the beginning of 2011. The rest of the efficiency measures are related to improving the yield and efficiency of production in the units. The positive impact of the savings and efficiency programmes in the first quarter result exceeded EUR one million.

Financing
The Group’s interest-bearing net liabilities totalled EUR 58.0 million (62.1), including capital loans of EUR 4.0 million (6.0). Repayments of non-current loans were EUR 2.0 million. Net financial expenses were EUR 1.5 million (1.1) or 3.5 per cent (2.8) of net sales. The increased cost of financing was due to the higher average interest rate of the loans.

A total of EUR 0.8 million was released in working capital (EUR 1.5 was tied up). A total of EUR 10.5 million (9.7) in trade receivables was sold to the bank. The equity ratio was 25.6 per cent (27.5). When capital loans are included in shareholders’ equity, the equity ratio was 28.9 per cent (32.1) and the ratio of liabilities to shareholders’ equity 153.6 per cent (134.4). Cash flow from operations was EUR 0.01 per share (-0.03).

Investments
The company’s gross investments in production totalled EUR 1.3 million (2.0). Planned depreciation amounted to EUR 2.1 million (2.4). Codi Wipes accounted for EUR 0.1 million (0.1), Nonwovens for EUR 0.5 million (0.9) and Flexibles for EUR 0.6 million (1.0) of total investments. The Group’s investments were in efficiency enhancement and maintenance.

SEGMENT RESULTS

The Wiping business area generated net sales of EUR 27.9 million (24.5) in the first quarter, a 14 percent increase over the corresponding period in 2010. The business area’s operating profit was EUR -0.3 million (-0.1).

Net sales of Codi Wipes, at EUR 14.0 million, were on a par with the previous year (13.9). The sales of personal care wipes increased, while baby wipe sales slightly decreased. A more marked decrease was observed for moist toilet wipe sales. Average sales prices remained at the first quarter level of 2010. Measures agreed in the co-determination procedure completed in January decreased the unit’s operating expenses.

Net sales of Nonwovens increased by a quarter to EUR 15.1 million (12.2). Most of the sales were hydroentangled wiping material deliveries to European converters. Deliveries to the US market, started during the autumn of 2010, were continued, albeit at a lower volume. Increased raw material prices burdened the unit’s profit.

Net sales of Flexibles during the first quarter totalled EUR 16.6 million (16.4) and operating profit was EUR -0.3 million (-0.1). A slight increase was recorded in hygiene and retail packaging sales, while sales of food packaging and security and system packaging was somewhat lower than a year earlier. Deliveries to Russia continued to grow.

The increase in the prices of plastic-based raw materials created costs which could not be compensated by sales price increases. The machinery transfers from Nastola to the Polish and Tampere plants proceeded according to plan. Non-recurring costs amounting to EUR 0.2 million were incurred during the period while the measures were in progress.

GENERAL MEETING OF SHAREHOLDERS

Suominen Corporation’s Annual General Meeting of Shareholders was held on 30 March 2011. The General Meeting decided that no dividend be paid for the financial year 2010.

The General Meeting approved the financial statements of the parent company and the Group for the financial year 2010 and released the members of the Board of Directors and the President and CEO from liability for the period.

Heikki Bergholm, Kai Hannus, Suvi Hintsanen, Juhani Lassila, Mikko Maijala, and Heikki Mairinoja were elected to the Board of Directors. At its organising meeting, the Board elected Mikko Maijala as Chairman and Heikki Mairinoja as Deputy Chairman.

PricewaterhouseCoopers Oy, Authorised Public Accountants, with Heikki Lassila, APA, as the principal auditor, were elected as auditors of Suominen Corporation.

SHARE CAPITAL AND SHARES

Share capital
The registered number of Suominen’s issued shares totals 47,395,014 shares or EUR 11,860,056. There were no changes in share capital during the period under review.

Share trading and price
The number of Suominen Corporation shares traded on the NASDAQ OMX Helsinki from 1 January to 31 March 2011 was 1,825,924 shares, equivalent to 3.9 per cent of shares included in the company’s share capital. The trading price varied between EUR 0.46 and EUR 0.64. The final trading price was EUR 0.48, giving the company a market capitalisation of EUR 22,668,580 on 31 March 2011.

The company’s own shares
On 1 January 2011, the company held 168,805 of its own shares, accounting for 0.36 per cent of the share capital and votes.

The Annual General Meeting of Shareholders held in 2010 authorised the Board of Directors to decide on the acquisition of a maximum of 200,000 of the company’s own shares and on the conveyance of a maximum of 200,682 of the company’s own shares. The authorisations will be valid for 18 months after the end of the General Meeting, in other words until 23 September 2011. The acquisition authorisation was exercised during 2010 to acquire 123,595 shares, which means that on 1 January 2011 the remaining authorisation was for 76,405 shares. The conveyance authorisation was not exercised during 2010. During the period under review, the Board of Directors did not exercise its authorities to buy or convey the company’s own shares.

On 31 March 2011, Suominen Corporation held a total of 168,805 of its own shares, accounting for 0.36 per cent of the share capital and votes.

Stock options
Suominen has stock option plans 2006, 2007 and 2009, which entitle to subscriptions of new shares amounting to 870,000. While the registered number of Suominen’s issued shares totals 47,395,014, the number of shares may rise to a maximum of 48,265,014 after stock option subscriptions.

Other authorisations for the Board of Directors
The Board of Directors is not currently authorised to issue shares, convertible bonds, or bonds with warrants.

BUSINESS RISKS AND UNCERTAINTIES

The estimate on the development of Suominen’s net sales is in part based on forecasts and delivery plans received from customers. Changes in these forecasts and plans resulting from changes in the market conditions or in customers’ inventory levels may affect Suominen’s net sales. Due to the continued economic uncertainty and consumers’ cautious buying habits, the forecasts are vulnerable to significant uncertainty.

Suominen’s customer base is fairly concentrated, which adds to the customer-specific risk. Long-term contracts are preferred in the case of the largest customers. Suominen has aimed at general and customer-specific price increases of its products, which involves a principle risk of losing orders in the future.

Nonwovens and Flexibles buy oil- and pulp-based raw materials annually for more than EUR 55 million. Rapid changes in the global market prices of raw materials affect Suominen’s profitability.

Suominen does not have any competitors with a fully similar product offering. However, the company has numerous regional, national or international competitors in its different product groups. There is production oversupply in most product groups. If Suominen Corporation is not able to compete with an attractive product offering, it may lose some of its market share. The competition may lead to increased pricing pressure on the company’s products.

Suominen’s efficiency programmes include measures to improve production efficiency, for example through better yields, higher machine speeds and shorter set-up times. The full impact of the efficiency measures will be seen as soon as the production volumes grow. Postponed or failed measures will have a negative impact on the company’s profit. The Flexibles business area is currently closing one plant and transferring the production to other plants, which involves a risk of delays in the production schedule.

The first instalment of EUR 15 million of a EUR 44 million credit agreement concluded in 2010 will fall due at the end of June 2011. Suominen has launched several initiatives in order to release capital, but the prevailing economic uncertainty and tightened financing markets have increased uncertainties involved in the implementation of the projects. The company primarily intends to free up capital and strengthen its balance sheet, possibly also by other means. If the debt cannot be reduced by the means mentioned above, the intention is to cover credit needs through a new loan to be negotiated with financial institutions. Suominen’s credit arrangements include covenants that the company must meet. The covenants require the Group to have financial buffers worth a minimum of EUR 2 million. The Group’s equity ratio must be 27 per cent, with capital loans included in equity. Should Suominen default on its obligations, the banks have the right to declare the loans due and payable and to renegotiate the terms. According to Suominen’s estimates, this would lead at least to increased financing costs resulting from the banks’ upfront fees and higher interest rate margins.

The sensitivity of Suominen’s goodwill to changes in business conditions is described in the notes to the financial statements 2010. Actual cash flows may deviate from the forecasted future discounted cash flows, as the long economic life-time of the company’s non-current assets, and changes in the estimated product prices, production costs, and interest rates used in discounting may result in write-downs.

General risks related to business operations are described in the Report of the Board of Directors in the Annual Report 2010.

OUTLOOK

The demand for Suominen’s products is evaluated on the basis of customer contracts and use forecasts provided by customers. It is estimated that the demand for Suominen’s products will remain stable, and no major change is anticipated in net sales for 2011 from the 2010 level.

Suominen continues to rise its product prices to improve sales margins. On the other hand, the prices of raw materials are still going up. The measures to decrease operational costs are continued. It is estimated that the result after taxes for all of 2011 will improve over 2010, but remain negative.


SUOMINEN CORPORATION CONSOLIDATED 1 JANUARY - 31 MARCH 2011

This interim report has been prepared in compliance with IAS 34 Interim Financial Reporting. Principles for preparing the interim report are the same as those used for preparing the financial statements for 2010, and this interim report should be read parallel to the financial statements for 2010. Changes to published accounting standards and interpretations, together with the new accounting standards that came into force on 1 January 2011, are presented in the financial statements for 2010.

All calculations in this interim report have been prepared in compliance with revised IAS 1, ‘Presentation of Financial Statements'. This standard is aimed at improving users' ability to analyse and compare the information given in financial statements by separating changes in equity of an entity arising from transactions with owners from other changes in equity. Non-owner changes inequity will be presented in the statement of comprehensive income.

The figures in this interim report have not been audited.


BALANCE SHEET
 

EUR 1 000 3/2011 3/2010 12/2010
       
Assets      
       
Non-current assets      
Goodwill 18 498 23 404 18 498
Intangible assets 773 762 776
Tangible non-current assets 51 876 57 416 53 873
Available-for-sale financial assets 212 212 212
Held-to-maturity investments 421 288 354
Deferred tax assets 1 753 853 1 339
Non-current assets, total 73 533 82 935 75 052
       
Current assets      
Inventories 25 218 25 724 24 373
Trade receivables 15 653 12 390 10 817
Other current receivables 3 617 3 251 5 666
Income tax receivables 252 418 200
Cash at bank and in hand 3 379 5 233 3 253
Current assets, total 48 119 47 016 44 309
       
Assets, total 121 652 129 951 119 361
       
Shareholders' equity and liabilities      
       
Equity attributable to owners of the parent company      
Share capital 11 860 11 860 11 860
Share premium account 24 681 24 681 24 681
Invested non-restricted equity fund 9 708   9 708
Fair value and other reserves 268 -454 665
Translation differences 540 546 515
Other shareholders' equity -15 880 -916 -14 143
Shareholders’ equity, total 31 177 35 717 33 286
       
Liabilities      
Non-current liabilities      
Deferred tax liabilities 2 642 3 063 2 930
Provisions 280 280 280
Capital loans 2 000 4 000 4 000
Interest-bearing liabilities 38 034 46 398 35 823
Non-current liabilities, total 42 956 53 741 43 033
       
Current liabilities      
Interest-bearing liabilities 19 459 14 950 19 459
Capital loans 2 000 2 000 2 000
Income tax liabilities 200 119  
Trade payables and other current liabilities 25 860 23 424 21 583
Current liabilities, total 47 519 40 493 43 042
       
Liabilities, total 90 475 94 234 86 075
       
Shareholders' equity and liabilities, total 121 652 129 951 119 361


STATEMENT OF INCOME

EUR 1 000  
1-3/2011
1-3/2010  
1-12/2010
       
Net sales 44 303 40 616 173 438
Cost of goods sold -41 811 -37 917 -165 277
Gross profit 2 492 2 699 8 161
Other operating income 255 61 859
Sales and marketing expenses -843 -915 -3 927
Research and development -502 -508 -1 951
Administration expenses -1 838 -1 643 -6 333
Other operating expenses -176 -19 -2 564
Operating profit before impairment losses -612 -325 -5 755
Impairment losses     -5 069
Operating profit -612 -325 -10 824
Financial income and expenses -1 547 -1 138 -4 840
Profit before income taxes -2 159 -1 463 -15 664
Income taxes 424 342 1 302
Profit/loss for the period -1 735 -1 121 -14 362
       
Earnings/share, EUR -0.04 -0.03 -0.34



STATEMENT OF COMPREHENSIVE INCOME

EUR 1 000  
1-3/2011
1-3/2010  
1-12/2010
       
Profit/loss for the period -1 735 -1 121 -14 362
       
Other comprehensive income      
Total exchange differences on foreign operations 34 896 854
Fair value changes of cash flow hedges -537 14 1 661
Other reclassifications -9 6 -2
Income tax on other comprehensive income 131 -237 -654
Other comprehensive income, total -381 679 1 859
       
Total comprehensive income for the period -2 116 -442 -12 503



STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY

EUR 1 000 Share capital Share premium account Invested non-restricted equity fund Own shares Translation differences Fair
value
reserves
Retained earnings Total
                 
Total equity at
1 Jan. 2011
11 860 24 681 9 708 -163 515 828 -14 143 33 286
                 
Profit/loss for the period             -1 735 -1 735
Other comprehensive income         25 -397 -9 -381
Share-based payments             7 7
Share issue                
Dividend                
Repurchase of own shares                
Conveyance of own shares                
Total equity at
31 March 2011
11 860 24 681 9 708 -163 540 431 -15 880 31 177

 

EUR 1 000 Share capital Share premium account Invested non-restricted equity fund Own shares Translation differences Fair
value
reserves
Retained earnings Total
                 
Total equity at
1 Jan. 2010
11 860 24 681   -1 -117 -401 667 36 689
                 
Profit/loss for the period             -1 121 -1 121
Other comprehensive income         663 11 5 679
Share-based payments             7 7
Dividend             -474 -474
Repurchase of own shares       -63       -63
Total equity at
31 March 2010
11 860 24 681  
 
-64 546 -390 -916 35 717

 

EUR 1 000 Share capital Share premium account Invested non-restricted equity fund Own shares Translation differences Fair
value
reserves
Retained earnings Total
                 
Total equity at
1 Jan. 2010
11 860 24 681   -1 -117 -401 667 36 689
                 
Profit/loss for the period             -14 362 -14 362
Other comprehensive income         632 1 229 -2 1 859
Share-based payments             29 29
Share issue     9 708         9 708
Dividend             -474 -474
Repurchase of own shares       -213       -213
Conveyance of own shares       51     -1 50
Total equity at
31 Dec. 2010
11 860 24 681  
9 708
-163 515 828 -14 143 33 286



CASH FLOW STATEMENT


EUR 1 000
1-3/2011 1-3/2010 1-12/2010
       
Operations      
Operating profit -612 -325 -10 824
Total adjustments 2 051 2 381 14 076
Cash flow before change in working capital 1 439 2 056 3 252
Change in working capital 820 -1 517 -1 054
Financial items -1 811 -1 548 -4 626
Taxes paid -1 -55 -31
Cash flow from operations 447 -1 064 -2 459
       
Investment payments      
Investments in tangible and intangible assets -633 -1 542 -5 966
Proceeds from disposal of fixed assets
and other proceeds
102 127 751
Cash flow from investing activities -531 -1 415 -5 215
       
Financing      
Non-current loans drawn 2 246 3 000 8 000
Repayments of non-current loans   -297 -23 731
Change in commercial papers   5 478 988
Repayments of capital loans -2 000 -2 000 -2 000
Current loans drawn     17 000
Dividends paid     -474
Repurchase and conveyance of own shares   -63 -163
Share issue     9 708
Cash flow from financing 246 6 118 9 328
       
Change in cash and cash equivalents 162 3 639 1 654

 

KEY FIGURES 1-3/2011 1-3/2010 1-12/2010
       
Net sales, change, % * 9.1 -13.5 -3.3
Gross profit, % ** 5.6 6.6 4.7
Operating profit, % ** -1.4 -0.8 -6.2
Financial income and expenses, % ** -3.5 -2.8 -2.8
Profit before income taxes, % ** -4.9 -3.6 -9.0
Profit for the period, % ** -3.9 -2.8 -8.3
Earnings/share, EUR -0.04 -0.03 -0.34
       
Equity/share, EUR 0.66 0.98 0.70
Cash flow from operations/share, EUR 0.01 -0.03 -0.06
Return on equity (ROE), % -21.5 -12.4 -37.3
Return on invested capital (ROI), % -2.5 -1.2 -10.6
Equity ratio, % 25.6 27.5 27.9
Gearing, % 186.1 173.8 174.0
       
Gross investments, EUR 1 000 1 264 2 024 6 190
Depreciation, EUR 1 000 2 116 2 415 9 322
Impairment losses, EUR 1 000     5 069


*    Compared with the corresponding period of the previous year.
**   As of net sales.


SEGMENT REPORTING

Wiping

EUR 1 000 1-3/2011 1-3/2010 Change % 1-12/2010
         
Net sales        
- Codi Wipes 13 985 13 884 0.7 56 371
- Nonwovens 15 091 12 246 23.2 59 084
- eliminations -1 131 -1 667 -32.2 -7 296
Total 27 946 24 462 14.2 108 159
         
Operating profit before impairment losses -298 -142   -3 699
% of net sales -1.1 -0.6   -3.4
Impairment losses       -4 906
Operating profit -298 -142   -8 605
         
Assets 69 644 79 098   67 650
Liabilities 13 635 12 972   11 620
Net assets 56 010 66 126   56 030
Investments 630 1 010   2 278
Depreciation 1 324 1 649   6 117
Impairment losses       4 906
Average personnel 342 379   369


Flexibles

EUR 1 000 1-3/2011 1-3/2010 Change % 1-12/2010
         
Net sales 16 561 16 395 1.0 66 140
         
Operating profit -257 -135   -1 941
% of net sales -1.6 -0.8   -2.9
         
Assets 46 741 46 754   45 950
Liabilities 12 853 11 875   10 048
Net assets 33 888 34 879   35 902
Investments 591 1 010   3 788
Depreciation 786 760   3 181
Impairment losses       163
Average personnel 505 537   521


Non-allocated items

EUR 1 000 1-3/2011 1-3/2010 1-12/2010
       
Net sales -203 -241 -861
Operating profit -57 -48 -115
       
Assets 5 266 4 099 5 760
Liabilities 63 987 69 387 64 406
Investments 43 4 124
Depreciation 6 6 24
Average personnel 11 11 11



NET SALES BY MARKET AREA

EUR 1 000 1-3/2011 1-3/2010 1-12/2010
       
Finland 6 703 6 466 27 053
Scandinavia 4 071 3 921 14 821
The Netherlands 1 965 2 010 9 915
Europe, other 27 614 25 762 104 651
Other countries 3 950 2 457 16 998
Net sales, total 44 303 40 616 173 438

 

QUARTERLY FIGURES

 
EUR 1 000
 
II/2010
III/2010 IV/2010 I/2011 II/2010-I/2011
Net sales          
Wiping          
- Codi Wipes 14 844 14 210 13 433 13 985 56 472
- Nonwovens 13 722 14 958 18 159 15 091 61 930
- eliminations -1 333 -1 734 -2 562 -1 131 -6 759
Total 27 234 27 434 29 029 27 946 111 643
Flexibles 17 107 16 125 16 513 16 561 66 306
Non-allocated items -193 -200 -227 -203 -823
Net sales, total 44 148 43 359 45 315 44 303 177 125
           

Operating profit
         
Wiping -787 -1 136 -623 -298 -2 844
 % of net sales -2.9 -4.1 -2.1 -1.1 -2.5
Flexibles 873 -720 -1 017 -62 -926
 % of net sales 5.1 -4.5 -6.2 -0.4 -1.4
Non-allocated items -103 33 3 -57 -124
Operating profit before non-recurring costs -17 -1 824 -1 637 -417 -3 894
 % of net sales 0.0 -4.2 -3.6 -0.9 -2.2
           
Non-recurring costs      -7 021 -195 -7 216
Operating profit, total -17 -1 824 -8 658 -612 -11 110
 % of net sales 0.0 -4.2 -19.1 -1.4 -6.3
           
Net financial expenses -988 -1 028 -1 686 -1 547 -5 249
Profit before income taxes -1 005 -2 852 -10 344 -2 159 -16 359


TAXES FOR THE PERIOD UNDER REVIEW

Income tax expense is recognised based on the estimated average income tax rate for the full financial year.

INFORMATION ON RELATED PARTIES

Suominen has related party relationships with the members of the Board of Directors, and the members of the Corporate Executive Team. The company has no investments in associated companies. Salaries paid to the related parties amounted to EUR 204,000, share-based payments EUR 7,000, unsecured loans EUR 440,000, and interest payments EUR 76,000.


MOVEMENTS IN BORROWINGS



EUR 1 000
1-3/2011 1-3/2010
     
Total borrowings on 1 January 61 282 60 861
     
Current loans from financial institutions on 1 January 17 000  
Change in current loans from financial institutions    
Current loans from financial institutions on 31 March 17 000  
     
Commercial papers on 1 January 988  
Change in commercial papers   5 479
Commercial papers on 31 March 988  5 479
     
Non-current loans on 1 January 37 294 52 861
Change in non-current loans 2 211 3 008
Non-current loans on 31 March 39 505 55 869
     
Capital loans on 1 January 6 000 8 000
Change in capital loans -2 000 -2 000
Capital loans on 31 March 4 000 6 000
     
Total borrowings on 31 March 61 493 67 348



CHANGES IN FIXED ASSETS

  1-3/2011 1-3/2010 1-12/2010
EUR 1 000 Tangible Intangible Tangible Intangible Tangible Intangible
             
Book value at the beginning of the period 53 873 776 57 044 795 57 044 795
Investments 1 149 48 1 945 16 5 884 177
Decreases -1 040   -65   -466 -1
Depreciation -2 066 -50 -2 367 -48 -9 127 -195
Translation differences and other changes -40 -1 859   538  
Book value at the end of the period 51 876 773 57 416 763 53 873 776



CONTINGENT LIABILITIES

EUR 1 000 1-3/2011 1-3/2010 12/2010
       
For own debt      
Real estate mortgages 24 045 24 045 24 045
Floating charges 60 069 50 000 60 069
Pledged subsidiary shares 82 982   82 982
       
Other own commitments      
Operating leases, real estates 9 886 9 460 9 465
Operating leases, machinery and equipment 6 072 7 904 7 577
       
Guarantee commitments 1 980 1 738 1 995



NOMINAL AND FAIR VALUES OF DERIVATIVE FINANCIAL INSTRUMENTS

EUR 1 000 1-3/2011 1-3/2010 12/2010
       
Currency derivatives      
Nominal value 6 427 4 739 5 172
Fair value -34 -72 -138
       
Interest rate derivatives      
Nominal value 12 500 21 500 13 833
Fair value -60 -377 -143
       
Electricity derivatives      
Nominal value 3 314 2 124 2 638
Fair value 647 -167 1 249



Helsinki, 29 April 2011

SUOMINEN CORPORATION

Board of Directors


For additional information, please contact:
Mr. Petri Rolig, President and CEO, tel. +358 (0)10 214 300
Mr. Arto Kiiskinen, Vice President and CFO, tel. +358 (0)10 214 300



Suominen produces high-quality flexible packaging, wet wipes and nonwovens for industry and the retail sector. The Group is one of the Europe’s leading manufacturers in all its business areas with operations in Finland, Poland, the Netherlands, Sweden and Russia. The Group had net sales of EUR 173 million in 2010 and it employs around 900 people. Suominen is listed on NASDAQ OMX Helsinki. www.suominen.fi

interim-2011-04-29E.pdf

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