Suominen Corporation’s Interim report for January 1 – September 30, 2013: Net sales and operating profit from continuing operations better than in the comparison period

Helsinki, Finland, 2013-10-23 07:30 CEST (GLOBE NEWSWIRE) -- Suominen Corporation   Interim Report   23 October 2013 at 8:30am (EEST)

 

KEY FIGURES 7-9/
2013
7-9/
2012
1-9/
2013
1-9/
2012
1-12/
2012
Net sales, EUR million,
continuing operations
108.6 110.5 328.0 312.2 410.4
Operating profit before
non-recurring items, EUR million, continuing operations
5.3 6.7 14.6 11.3 12.9
Operating profit, EUR million, continuing operations 5.3 6.2 14.6 8.6 7.4
Profit/loss for the period,
EUR million, continuing operations
1.7 2.3 3.4 -1.0 -5.2
Profit/loss for the period, EUR million, discontinued operations -1.5 0.0 -18.5 0.3 -6.6
Profit/loss for the period,
EUR million, total
0.3 2.3 -15.2 -0.7 -11.9
Earnings/share, EUR,
continuing operations
0.01 0.01 0.01 0.00 -0.02
Earnings/share, EUR,
discontinued operations
-0.01 0.00 -0.08 0.00 -0.03
Earnings/share, EUR, total -0.00 0.01 -0.06 0.00 -0.05
Cash flow from operations/share,
EUR *
0.02 0.03 0.02 0.05 0.10
Return on invested capital (ROI), % * -5.8 3.1 -5.8 3.1 0.4
Gearing, % * 112.5 99.4 112.5 99.4 101.0

* Including discontinued operations.

All figures in this interim report refer to continuing operations of the Group unless otherwise stated. The figures are compared with those of the corresponding period in 2012 unless otherwise stated. In accordance with IFRS 5, the comparison data of the balance sheets have not been revised and, consequently, include both non-allocated items and discontinued operations.

Highlights in July – September 2013:

-Net sales from the continuing operations declined by 2% and amounted to EUR 108.6 million (110.5)
-Operating profit excluding non-recurring items from the continuing operations decreased by 15% to EUR 5.3 million (6.7)
-The divestment of Codi Wipes business unit was closed on 15 July 2013. In this interim report, Codi Wipes is reported in discontinued operations.
- Suominen decided to renew its corporate structure, organization and management system as of 1 January 2014.
- Suominen repeats its previous estimate, announced on 17 July 2013, according to which Suominen expects its net sales of the continuing operations for the full year 2013 to remain at or slightly exceed the level of 2012. Operating profit excluding non-recurring items is expected to improve from year 2012. In 2012, Suominen’s net sales from continuing operations were EUR 410.4 million. Group operating profit excluding non-recurring items, as reported in the Financial Statements of 2012, was EUR 13.7 million

Nina Kopola, President and CEO, commenting on Suominen’s third quarter:

“According to the Consumer Confidence Index, consumers’ confidence in their personal finances continued to strengthen in Europe during the third quarter. The sustained increase in the Consumer Confidence Index seen in the U.S. in the first half of the year leveled off, and the index began to show a slight decline towards the end of the third quarter.

Although both net sales and operating profit fell short of the strong level of the comparison period in the third quarter, Suominen’s business development for the January-September reporting period on the whole has been positive and in line with our plans.

Net sales from the Group’s continuing operations were EUR 108.6 million in the third quarter, and operating profit excluding non-recurring items amounted to EUR 5.3 million. In the Wiping segment, net sales from continuing operations declined 4% from the strong level of the comparison period and were EUR 93.5 million (97.9). The segment’s operating profit, excluding non-recurring items, was EUR 3.7 million (8.1), which corresponded to 4.0% of net sales. Exceptional costs, which were recognized during the third quarter, arising from challenges related to customer deliveries, as well as from adjustments to Group charges, weakened the operating profit of the Wiping segment. Operating profit of the comparison period was also boosted by an exceptionally favorable product mix.

Net sales of the Flexibles segment grew 19%, despite a tough competitive environment, and totaled EUR 15.1 million. The segment’s operating profit excluding non-recurring items weakened, however, from the comparison period, and remained negative. We are looking into the possibilities of intensifying the business recovery program of the Flexibles segment.

We continued with our steadfast work to implement our In the Lead strategy. The divestment of the Codi Wipes unit was closed in July. The transaction reinforced our position as the leading nonwovens manufacturer in the wiping products value chain, and we can now, in keeping with our strategy, focus on strengthening this position with even greater intensity.

With the renewal of our corporate structure, our organization, our management system, and our operating model from 1 January 2014, we will be creating new prerequisites for quicker execution of our strategy than before. With these renewals, Suominen will become an even more focused and agile company. Our ability to create new business and develop products with increased added value will also be strengthened. In this way, we will accelerate both our own and our customers’ business and can improve Suominen’s profitability.

Suominen’s current Nonwovens business unit will be divided into two new business areas as of 1 January 2014. The Convenience business area will focus on serving customers that manufacture wiping products and travel and catering products. The Care business area will serve customers that manufacture healthcare and hygiene products. The strategy of the Flexibles has also been sharpened and its operations have been reorganized in order to improve and bolster customer service. In the future, Flexibles will concentrate on four businesses: bread packaging, tissue wrapping, retail carrier bags and special products.

The strategic development programs in the nonwovens business which were started earlier this year continued in the third quarter as planned. The objectives of the programs are to harmonize and boost the efficiency of our supply chain processes and to further improve our product development.”

GROUP NET SALES AND FINANCIAL RESULT (CONTINUING OPERATIONS)

July–September 2013

In the third quarter of 2013, Suominen’s net sales from continuing operations reduced by 2% from the comparison period and amounted to EUR 108.6 million (110.5). Operating profit before non-recurring items from continuing operations was EUR 5.3 million (6.7) and after them EUR 5.3 million (6.2). Suominen did not report any non-recurring items during the reporting period. Profit before taxes from continuing operations was EUR 3.6 million (3.3) and profit after taxes EUR 1.7 million (2.3).

The demand for nonwovens materials continued favorable in North American market. The continued fierce competition in Europe put pressure on the sales prices. The net sales of the Flexibles segment increased by nearly one fifth in a very tight competitive environment. The segment’s operating profit remained negative also in the third quarter. 

Cash flow from operations in July–September normalized and amounted to EUR 4.3 million (7.8).


January–September 2013

In January-September, Suominen’s net sales from continuing operations grew by 5% from the comparison period to EUR 328.0 million (312.2). Operating profit before non-recurring items from continuing operations was EUR 14.6 million (11.3) and after them EUR 14.6 million (8.6). Suominen did not report any non-recurring items during the reporting period. Profit before taxes from continuing operations was EUR 8.8 million (0.5) and profit after taxes EUR 3.4 million (-1.0).

Cash flow from operations was EUR 5.0 million (13.2) in January - September. As of the beginning of the year, EUR 7.1 million (3.2) in working capital has been tied up. The increase in the tied working capital reflects the growth in sales. Capital expenditure was kept at a low level.

DIVESTMENT OF CODI WIPES BUSINESS UNIT AND REPORTING IN DISCONTINUED OPERATIONS

In June 2013, Suominen agreed to sell its Codi Wipes business unit, focused on wet wipes manufacturing, to Value Enhancement Partners investment company. The deal was closed on 15 July 2013. Due to the divestment, Codi Wipes business unit has been reported in discontinued operations as of and including the Interim report for January–June 2013 2013. In the previous financial reports, Codi Wiped was reported as part of Suominen’s Wiping segment.

Due to the divestment, Suominen recognized a non-recurring loss of EUR 16.8 million in the second quarter and a non-recurring loss of EUR 1.5 million in the third quarter result in its discontinued operations. The profit after taxes from discontinued operations was EUR -1.5 million (-0.0) in July-September, and EUR -18.5 million (0.3) in January-September.

GROUP RESULT (INCLUDING DISCONTINUED OPERATIONS)

The Group result in July–September including the discontinued operations was EUR 0.3 million (2.3).

The Group result in January–September including the discontinued operations was EUR -15.2 million (-0.7).

COMPLETION OF THE HOME AND PERSONAL BUSINESS ACQUISITION

The acquisition of the Brazilian unit belonging to the Home and Personal business operations acquired from Ahlstrom at the end of 2011 has been delayed. Suominen and Ahlstrom are continuing to examine the prerequisites and alternatives for completing the transaction.

FINANCING

The Group’s interest-bearing net liabilities amounted to EUR 89.8 million (107.5) at the end of the review period. In accordance with the company’s financing agreements, the net debt to EBITDA ratio was not to exceed 4.1 and the gearing ratio not to exceed 135% in the end of the third quarter. At the end of the third quarter, on 30 September 2013, the net debt to EBITDA was 2.6 and the gearing ratio 112.5%.

In January–September, net financial expenses were EUR 5.8 million (8.1), or 1.8% (2.6%) of net sales. A total of EUR 7.1 million was tied up in working capital (3.2). Trade receivables amounting to EUR 8.8 million (16.0) were sold to the bank. The equity ratio was 33.1% (35.8%). Cash flow from operations was EUR 5.0 million (13.2), representing a cash flow of EUR 0.02 per share (0.05).

CAPITAL EXPENDITURE

The gross investments of the continued operations totaled EUR 2.4 million (1.2). Planned depreciation amounted to EUR 12.5 million (13.2). Wiping segment accounted for EUR 0.7 million (0.8), Flexibles segment for EUR 1.0 million (0.2) and the parent company for EUR 0.7 million (0.6) of the total capital expenditure. The investments in Wiping segment were in maintenance. The capital expenditure of discontinued operations, i.e. Codi Wipes business unit, amounted to EUR 0.2 million (0.3) and were for maintenance.

NET SALES AND FINANCIAL RESULT IN SEGMENTS

Wiping segment (continuing operations)

The Wiping segment of Suominen consists of one business unit, Nonwovens. The business unit supplies nonwovens as roll goods for wiping products and medical applications. Until and including the Interim report for January-March 2013, the Codi Wipes business unit, focused on converting nonwovens into wet wipes, was reported in the Wiping segment.

July - September 2013

The net sales of the Wiping segment from continuing operations decreased by 4% and totaled EUR 93.5 million (97.5) in July -September 2013. The Wiping segment generated 86% of the Group net sales. The operating profit of the segment from the continuing operations before non-recurring items was EUR 3.7 million (8.1) and after them 3.7 (7.1). The segment did not report any non-recurring items during the reporting period. If calculated with the average USD exchange rate of July-September 2012, the operating profit of the segment from the continuing operations before non-recurring items would have been EUR 4.0 million (8.1) and after them 4.0 (7.1).

Demand for nonwovens materials continued favorable in North American market. The continued fierce competition put pressure on the sales prices in Europe. Exceptional cost items, which were recognized during the third quarter, arising from challenges related to customer deliveries, as well as from adjustments to Group charges, weakened the operating profit of the Wiping segment. Operating profit of the comparison period was also boosted by an exceptionally favorable product mix.

The investment in capacity expansion of high value added nonwovens at the Windsor Locks plant in the United States was started in the end of the reporting period. The value of the investment is approximately EUR 2.5 million and it will increase Suominen’s production capacity, particularly in the growing segment of flushable products. The investment decision was made and announced in June 2013.

January-September 2013

The net sales of the Wiping segment from continuing operations grew by 4% to EUR 283.9 million (273.0). The main application areas for nonwoven materials were distributed to baby wipes (accounting for 41% of the sales), personal care wipes (22%), household wipes (18%), and industrial wipes (12%). The share of baby wipes declined, while the share of wipes for personal care increased from the corresponding period. The operating profit of the segment from the continuing operations before non-recurring items was EUR 13.9 million (15.3) and after them 13.9 (12.1). The segment did not report any non-recurring items during the reporting period.

Flexibles segment

The Flexibles segment produces printed plastic film materials for consumer packaging for industry and trade, as well as security and system packaging, for example for companies in the security business and for paper wholesalers.

July-September 2013

In July–September 2013, net sales of the Flexibles segment totaled EUR 15.1 million (12.7), showing an increase of 19% from the previous year. The Flexibles segment generated 14% of the Group net sales. The segment’s operating profit was EUR -0.9 million (-0.6) excluding non-recurring items and EUR -0.9 million (-0.6) including them. The segment did not report any non-recurring items during the reporting period.

The net sales of the Flexibles segment increased by nearly a fifth in a very tight competitive environment. However, the operating profit remained negative also in the third quarter. We are looking into the possibilities of intensifying the business recovery program of the Flexibles segment.

January-September 2013

In January–September 2013, net sales of the Flexibles segment totaled EUR 44.1 million (39.3), showing an increase of 12% from the previous year. The share of hygiene and food packaging increased to 73% of the segment’s net sales, while the sales of retail packaging and security & system packaging declined from the comparison period. The operating profit during the first half of the year was EUR -1.5 million (-2.0) before non-recurring items and EUR -1.5 million (-1.5) after them. The segment did not report any non-recurring items during the reporting period.

INFORMATION ON SHARES AND SHARE CAPITAL

Share capital

The registered number of Suominen’s issued shares totals 247,934,122 shares, equaling a share capital of EUR 11,860,056.00.  

Annual General Meeting

The Annual General Meeting (AGM) of Suominen Corporation was held on 26 March, 2013. The AGM decided that no dividend will be paid for the financial year 2012.

The AGM adopted the financial statements and the consolidated financial statements for the financial year 2012 and discharged the members of the Board of Directors and the President and CEO from liability.

The AGM confirmed the number of members of the Board of Directors to be five (5). The AGM re-elected Mr Risto Anttonen, Mr Jorma Eloranta, Ms Suvi Hintsanen, Mr Hannu Kasurinen and Mr Heikki Mairinoja as the members of the Board of Directors for the next term of office, that expires at the end of the first Annual General Meeting of Shareholders following their election. In its constitutive meeting, the Board of Directors elected Jorma Eloranta as its Chairman and Risto Anttonen as Deputy Chairman.

PricewaterhouseCoopers Oy, Authorized Public Accountants, was re-elected as auditor, with Heikki Lassila, Authorized Public Accountant, as the principal auditor of Suominen Corporation.

The AGM resolved to amend the section 1 of the Articles of Association of the company so that the domicile of the company is Helsinki. In addition, the AGM decided that the second sentence regarding the venue of a General Meeting will be deleted from section 10 of the Articles of Association.

The AGM resolved to establish a permanent Nomination Committee. The Nomination Committee consists of the three largest shareholders or representatives of the three largest shareholders of the company and the Chairman of the Board of Directors of Suominen Corporation.

The AGM authorized the Board of Directors to decide on the repurchase of the company’s own shares and to decide on a share issue and issuance of special rights entitling to shares.

Establishment of permanent committees

Suominen Corporation’s Board of Directors decided on April to establish audit and remuneration committees for the Board.

The main tasks of the Audit Committee relate to ensuring the company’s good governance, accounting and financial reporting, internal control systems and monitoring of third-party auditing. The Audit Committee will prepare for the Board matters that fall under its areas of responsibilities, but it does not have independent decision-making powers unless the Board resolves otherwise on certain matters. Suominen Corporation’s Board of Directors elected Hannu Kasurinen as Chairman and Suvi Hintsanen and Heikki Mairinoja as members of the Audit Committee from among the Board’s members. In future, the Chairman and members of the committee will be elected annually at the Board’s constitutive meeting. At least three members will be elected to the committee. The members of the Audit Committee must be independent of the company, and at least one member must be independent of the company’s significant shareholders. All members of the Audit Committee are independent of the company and of its significant shareholders.

The Remuneration Committee of Suominen Corporation’s Board of Directors will prepare the remuneration and appointment matters concerning the company’s President and CEO and other members of senior management, as well as principles and procedures related to remuneration of the company’s employees. The Remuneration Committee will prepare for the Board matters that fall under its areas of responsibilities, but it does not have independent decision-making powers unless the Board resolves otherwise on individual matters. Suominen Corporation’s Board of Directors elected Jorma Eloranta as Chairman and Risto Anttonen as member of the Remuneration Committee from among the Board’s members. In future, the Chairman and members of the committee will be elected annually at the Board’s constitutive meeting. The minimum number of committee members is two, which deviates from recommendation 22 of the Finnish Corporate Governance Code, which states that Board committees must have at least three members. Suominen Corporation’s Board of Directors states that, taking into consideration the number of members of the Board and the scope and nature of the company’s business operations, the Remuneration Committee is able to effectively handle the matters assigned to it with only two members. The majority of the members of the Remuneration Committee must be independent of the company. The President and CEO or a member of the company’s or Group’s management may not be a member of the Remuneration Committee. Both members of the Remuneration Committee are independent of the company and neither of them belongs to the company’s or Group’s management.

Share trading and price

The number of Suominen Corporation shares traded on NASDAQ OMX Helsinki from 1 January to 30 September 2013 was 7,920,048 shares, accounting for 3.2% of the share capital and votes. The trading price varied between EUR 0.34 and EUR 0.61. The closing trading price was EUR 0.51, giving the company a market capitalization of EUR 125,464,975 on 30 September 2013.

Own shares

On 1 January 2013, Suominen Corporation held 60,298 of its own shares. In August 2013, Suominen issued 2,000,000 new shares to itself without consideration. After the share issue, Suominen held in total 2 060 298 own shares. On 11 September 2013, the portion of the remuneration of the Board of Directors to be paid in shares, in total 135,931 shares, was delivered. On 30 September 2013, Suominen held 1,924,367 own shares, accounting for 0.8% of the share capital and votes.

Stock options

Option right holders hold 100,000 of Suominen’s 2009B stock options. During the reporting period 100,000 2009B stock options were returned to the company. The subscription period for the 2009B stock options is from 2 May 2012 to 30 October 2013 and the subscription price is EUR 0.96.

As the registered number of Suominen’s issued shares totals 247,934,122, the number of shares may rise to a maximum of 248,034,122 after stock option subscriptions.

Share-based rewards

On 30 September 2013, the target group of Suominen’s share-based incentive plan consisted of nine employees. The rewards to be paid on the basis of the plan correspond to the value of an approximate maximum total of 5,050,000 Suominen Corporation shares, including also the cash-settled part. The aim of the plan is to combine the objectives of the shareholders and key employees in order to increase the value of the company, to commit the key employees to the company, and to offer them a competitive reward plan based on long-term shareholding in the company. The plan includes one performance period, the calendar years 2012–2014. The potential reward from the performance period will be based on Suominen Group’s cumulative Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA) and cumulative cash flow, and it will be paid in 2015 partly in the company’s shares and partly in cash.

Authorizations of the Board of Directors

The Annual General Meeting
authorized the Board of Directors to repurchase a maximum of 3,000,000 of the company’s own shares. The authorization shall be valid until 30 June 2014. The Board of Directors is also authorized to decide on issuing new shares and/or conveying the company’s own shares held by the company and/or granting special rights entitling to shares referred to in Chapter 10, Section 1 of the Finnish Companies Act. A maximum of 50,000,000 new shares may be issued. The maximum number of new shares that may be subscribed and own shares held by the company that may be conveyed by virtue of the special rights granted by the company is 10,000,000 shares in total which number is included in the maximum number stated earlier (50,000,000). The authorization shall be valid until 30 June 2016.

The Board of Directors of Suominen Corporation has, based on the authorization granted by the Annual General Meeting of Shareholders, resolved on the issuance of 2,000,000 new shares to the company itself without consideration in accordance with chapter 9, section 20 of the Companies Act. The new shares were registered in the trade register on 15 August 2013, and were admitted to public trading on the stock exchange list of NASDAQ OMX Helsinki Ltd on 16 August 2013. The purpose of the issue of shares to the company itself was to have own shares held by the company available for the payment of the portion of the annual remuneration of the Members of the Board of Directors, which shall be paid in shares of the company, and for the payment of the share rewards possibly payable based on the company’s share based incentive plan. The share rewards possibly payable based on the company’s current share based incentive plan for the years 2012 – 2014 will be paid in the year 2015.

The portion of the remuneration of the members of the Board of Directors which shall be paid in shares

The Annual General Meeting of Suominen Corporation held on 26 March 2013 resolved on the following annual remuneration payable for the year 2013 to the Members of the Board of Directors: Chairman 50,000 euro, Deputy Chairman 37,500 euro and Member 28,000 euro and that 40% of the annual remuneration shall be paid in shares of Suominen Corporation.

The portion of the above-mentioned remuneration to be paid in shares was delivered on 11 September 2013 by transferring own shares held by Suominen Corporation without consideration. The Board of Directors of Suominen Corporation has resolved on the delivery of the shares based on the share issue authorization granted by the Annual General Meeting of Shareholders held on 26 March 2013. The shares to be transferred are of the same class as the company’s other shares. The number of shares formed by the above remuneration portion which is payable in shares has been determined based on the share value in the stock exchange trading maintained by NASDAQ OMX Helsinki Oy as follows: The share value has been determined based on the trade volume weighted average quotation of the share during the trading day immediately preceding the above mentioned day on which the shares were delivered. Based on the above the annual remuneration payable to the Members of the Board of Directors in shares for the year 2013 is 135,931 shares in the aggregate.

CHANGES IN THE GROUP MANAGEMENT

The changes in Suominen’s corporate structure, announced on 30 September 2013, will have an impact also on the company’s management model and on the composition of the Corporate Executive Team (CET), whose primary task is to support the President & CEO in her responsibilities. As of 1 January 2014, the CET will include the following members:

Nina Kopola, President & CEO and Senior Vice President, Care (acting); Chairman of the CET
Tapio Engström, Senior Vice President, CFO
Timo Hiekkaranta, Senior Vice President, Convenience; new member
Olli E. Juvonen, Senior Vice President, Flexibles
Larry Kinn, Senior Vice President, Operations North America*; new member
Mimoun Saim, Senior Vice President, Operations Europe* and Sourcing (acting); new member
Hannu Sivula, Senior Vice President, Human Resources

Further, Suominen will establish a Corporate Leadership Team (CLT), which will act as of 1 January 2014 as an extended management team supporting President and CEO in the execution of strategic programs and creating functional expertise. In addition to the members of the CET, the CLT will include the following persons: Anu Heinonen, Vice President, Corporate Communications & IR; Margareta Huldén, Vice President, R&D*; Roberto Pedoja, Vice President, Technology*; Timo Rautakorpi, Vice President, CIO; Saara Söderberg, Vice President, Marketing & Product Management*.

The members of the CLT will report to Nina Kopola, President & CEO. The members marked with an asterisk (*) will focus on Convenience and Care business areas.

Jean-Marie Becker, Executive Vice President of Nonwovens business unit, will step aside from the Corporate Executive Team as of 1 January 2014.

BUSINESS RISKS AND UNCERTAINTIES

Suominen and Ahlstrom continue to negotiate the prerequisites and alternatives for completing the transaction of the Brazilian unit of Ahlstrom’s Home and Personal business. The conditions for achieving a solution are that a common agreement be reached on the acquisition and that financers approve of the acquisition and its financing. However, the delay or cancellation of the acquisition of the Brazilian unit would not cause financial losses for Suominen.

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 uncertainty in the general economic situation and the cautious consumer purchasing habits, the forecasts include 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. In practice the customer relationships are long-term and last for several years. 

The continued positive development of Suominen’s business operations in the United States increases the relevance of the exchange rate risk related to USD in the Group’s total exchange risk position. Suominen hedges this foreign exchange position in accordance with its hedging policy.

Suominen purchases significant amounts of oil and pulp-based raw materials annually. Raw materials are the largest cost item for operations. Rapid changes in the global market prices of raw materials affect the company’s profitability. Extended interruptions in the supply of Suominen’s main raw materials could disrupt production and have a negative impact on the Group’s overall business operations. As Suominen sources its raw materials from a number of major international suppliers, significant interruptions are unlikely.

Suominen has numerous regional, national and international competitors in its different product groups. There is currently oversupply in several product groups, particularly in Europe. If Suominen is not able to compete through an attractive product offering, it may lose some of its market share, and the competition may lead to increased pricing pressure on the company’s products.

The Group’s damage risks are insured in order to guarantee the continuity of operations. Suominen has valid damage and business interruption insurance according to which it is estimated that the damages can be covered and the financial losses caused by an interruption compensated.

Suominen’s credit arrangements include covenants that the company must meet. At the end of 2013, Suominen’s net debt to EBITDA ratio may not exceed 3.6 and the company’s gearing ratio must be less than 125%. In this interim report, these key figures are 2.6 and 112.5%.
The sensitivity of Suominen’s goodwill to changes in business conditions is described in the notes to the financial statements 2012. Actual cash flows may deviate from the forecasted future discounted cash flows, as the long economic lifetime 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. The fair value based on the value in use of assets or businesses in total or in part does not necessarily correspond to the price that a third party would pay for them.

General risks related to business operations are described in the Report of the Board of Directors 2012.

BUSINESS ENVIRONMENT

Suominen’s products are used in daily consumer goods, such as wet wipes and plastic packaging. The general economic situation determines the development of consumer demand, even though the demand for consumer goods is not very cyclical in nature. Europe and North America are the main market regions for Suominen.

In the European markets, the consumer confidence index continued to improve slightly in the euro area. In North America, the increase seen in the consumer confidence index during the first half of the year turned into a slight decline in the end of the third quarter. The development prospects of the general economic situation remain uncertain, especially in Europe.

Suominen assesses the trend in demand for its products on the basis of both the general market situation and, above all, on the basis of the framework agreements drawn up with its clients. Suominen estimates that in 2013, demand for its products will remain at the level of 2012.

OUTLOOK FOR 2013

Suominen repeats its previous estimate, announced on 17 July 2013, according to which Suominen expects its net sales of the continuing operations for the full year 2013 to remain at or slightly exceed the level of 2012. Operating profit excluding non-recurring items is expected to improve from year 2012. In 2012, Suominen’s net sales from continuing operations were EUR 410.4 million. Group operating profit excluding non-recurring items, as reported in the Financial Statements of 2012, was EUR 13.7 million


 

 

SUOMINEN GROUP CONSOLIDATED 1 JANUARY – 30 SEPTEMBER 2013

This interim report has been prepared in compliance with IAS 34 Interim Financial Reporting. The principles for preparing the interim report are the same as those used for preparing the financial statements for 2012, and this interim report should be read parallel to the financial statements for 2012. Changes to published accounting standards and interpretations, together with the new accounting standards that came into force on 1 January 2013, are presented in the financial statements for 2012.

All calculations in this interim report have been prepared in compliance with the revised IAS 1 standard, ‘Presentation of Financial Statements’. This standard is aimed at improving users’ ability to analyze 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 in equity will be presented in the statement of comprehensive income.

According to the revised IAS 19 standard ‘Employee Benefits’, which came into force on January 1, 2013, the corridor method is not applied to actuarial gains and losses, and changes in actuarial gains and losses are recognized in other comprehensive income. Net interest expenses are determined by multiplying the net debt (or receivables) with the interest rate used in discounting, and the difference between the real return on assets and the return calculated using the interest rate used in discounting is recognized in other comprehensive income. Previously unrecognized actuarial gains and losses are also recognized in other comprehensive income. The same applies to other long-term employee benefits, although changes in recognized items are recorded through profit or loss. The process concerning termination benefits, particularly the date when the entity recognizes its liability for termination benefits, is also defined in more detail.

The IAS 19 standard is not expected to have a material impact on Suominen’s financial statements or operating result. The standard does, however, require retroactive application for the financial statement figures of comparison years. Thus, the net debt of the Group’s defined benefit pensions and the statement of comprehensive income from the 2012 comparison year has, as a result of the elimination of the corridor approach to recognize actuarial gains and losses, been changed to reflect the retroactive application. As a result of the revision to IAS 19, the Group’s pension liabilities increased from EUR 845 thousand to EUR 1,092 thousand as of the December 31, 2012 financial statements, and actuarial losses of EUR 247 thousand for the comparison period have been recognized in the other comprehensive income statement items of the 2012 comparison data.

The figures in this interim report have not been audited.

 

 

BALANCE SHEET    EUR 1,000 30 Sep 2013 30 Sep 2012 31 Dec 2012
       
Assets      
       
Non-current assets      
Goodwill 15,496 34,298 26,715
Intangible assets 11,486 12,717 12,529
Tangible assets 101,355 124,959 118,019
Available-for-sale financial assets 25 19 19
Held-to-maturity investments 450 456 466
Other non-current receivables 511    
Deferred tax assets 6,105 3,941  6,067
Non-current assets, total 135,428 176,390 163,816
       
Current assets      
Inventories 34,691 40,343 42,431
Trade receivables 52,973 54,836 45,328
Other current receivables 7,373 10,284 11,772
Income tax receivables 1,260 4,023 1,293
Cash at bank and in hand 9,504 16,382 14,301
Current assets, total 105,801 125,868 115,125

Assets, total
241,229 302,258 278,940
       
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 97,054 97,054 97,054
Fair value and other reserves -837 -1,066 -1,253
Translation differences -1,958 -34 -549
Other shareholders’ equity * -51,048 -24,365 -35,782
Shareholders’ equity, total * 79,752 108,130 96,011
       
Liabilities      
Non-current liabilities      
Deferred tax liabilities 5,471 1,558 5,653
Provisions 605 280 280
Other non-current liabilities * 1,197 1,375 1,282
Interest-bearing liabilities 75,264 101,712 90,027
Non-current liabilities, total 82,537 104,925 97,242
       
Current liabilities      
Interest-bearing liabilities 24,071 21,273 20,571
Capital loans   920 920
Income tax liabilities 1,500 4,975 737
Trade payables and other current liabilities 53,369 62,035 63,460
Current liabilities, total 78,940 89,203 85,688
       
Liabilities, total 161,477 194,128 182,930

Shareholders’ equity and liabilities, total
241,229 302,258 278,940


* Data from comparison period revised.


STATEMENT OF INCOME

 

 

EUR 1,000 7-9/2013 7-9/2012 1-9/2013 1-9/2012 1-12/2012
           
Net sales 108,603 110,549 327,964 312,237 410,358
Cost of goods sold -98,087 -98,568 -295,057 -285,034 -376,269
Gross profit 10,516 11,981 32,907 27,203 34,088
Other operating income 366 1,648 1,374 6,144 6,838
Sales and marketing expenses -1,755 -1,633 -5,348 -4,979 -6,878
Research and development -751 -679 -2,486 -1,868 -3,593
Administration expenses -2,915 -4,633 -11,163 -14,951 -16,945
Other operating expenses -151 -19 -701 -259 -568
Operating profit before non-recurring items 5,308 6,665 14,580 11,290 12,942
Non-recurring items   -445   -2,661 -5,499
Operating profit 5,308 6,220 14,580 8,629 7,443
Financial income and expenses -1,689 -2,928 -5,812 -8,106 -10,474
Profit before income taxes 3,618 3,292 8,768 523 -3,031
Income taxes -1,871 -1,026 -5,416 -1,514 -2,200
Profit/loss for the period, continuing operations 1,747 -2,266 3,352 -991 -5,231

Discontinued operations
Profit/loss for the period
-28 -12 -339 309 637
Impairment loss recognized on the remeasurement to fair value and cost to sell -1,436   -18,196   -7,278
Profit/loss for the period, discontinued operations -1,464 -12 -18,535 309 -6,641
Profit/loss for the period 283 -2,254 -15,183 -682 -11,872
           
Earnings/share, EUR
Continuing operations
0.01 0.01 0,01 0.00 -0.02
Discontinued operations -0.01 0.00 -0.08 0.00 -0.03
Total 0.00 0.01 -0.06 0.00 -0.05

 

STATEMENT OF COMPREHENSIVE INCOME
 

 

EUR 1,000 7-9/2013 7-9/2012 1-9/2013 1-9/2012 1-12/2012
           
Profit/loss for the period 283 2,254 -15,183 -682 -11,872
           
Other comprehensive income:

 
         
Items that may be reclassified subsequently to profit or loss:          
Currency translation differences on
foreign operations
-1,423 -374 -1,592 36 -438
Fair value changes of cash flow hedges -140 -807 551 -760 -1,007
Other reclassifications 191 -21 -137 48 -6
Total -1,373 -1,202 -1,178 -676 -1,451
           
Items that will not be reclassified subsequently to profit or loss:          
Actuarial gains and losses * 61   61   -247
Total 61   61   -247
           
Income tax on other comprehensive income 171 -152 107 744 765
Total other comprehensive income -1,141 -1,354 -1,010 68 -933
           
Total comprehensive income for the period -857 900 -16,193 -614 -12,805
           
Total comprehensive income arises from:          
Continuing operations 607 912 2,342 -923 -6,164
Discontinued operations -1,464 -12 -18,535 309 -6,641
Total comprehensive income for the period -857 900 -16,193 -614 -12,805
           

* Data from comparison period revised.


STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY
 

  1. Share capital
  2. Share premium account
  3. Invested non-restricted equity fund
  4. Own shares
  5. Translation differences
  6. Fair value reserves
  7. Retained earnings
  8. Total

     

 

EUR 1,000 a. b. c. d. e. f. g. h.
                 
Total equity at
1 Jan 2013
11,860 24,681 97,054 -43 -549 -1,210 -35,783 96,011
                 
Profit/loss for the period             -15,183 -15,183
Other comprehensive
income
        -1,409 416 -18 1,011
Share-based payments             3 3
Conveyance of own shares             -69 -69
Total equity at
30 Sep 2013
11,860 24,681 97,054 -43 -1,958 -793 -51,048 79,752

EUR 1,000
a. b. c. d. e. f. g.   h.
                 
Total equity at
1 Jan 2012
11,860 24,861 97,054 -43 -637 -441 -23,737 108,737
                 
Profit/loss for the period             -682 -682
Other comprehensive
income
        603 -583 48 68
Share-based payments             7 7
Total equity at
30 Sep 2012
11,860 24,681 97,054 -43 -34 -1 024 -24,364 108,130
                                             


 

 

EUR 1,000 a. b. c. d. e. f. g. h.
                 
Total equity at
1 Jan 2012
11,860 24,681 97,054 -43 -637 -441 -23,737 108,737
                 
Profit/loss for the period             -11,872 -11,872
Other comprehensive
income *
        88 -769 -253 -934
Share-based payments             79 79
Total equity at
31 Dec 2012
11,860 24,681 97,054 -43 -549 -1,210 -35,783 96,011

 

* Data from comparison period revised.

CASH FLOW STATEMENT

 

 

EUR 1,000 1-9/2013 1-9/2012 1-12/2012
       
Operations      
Operating profit -4,024 9,118 947
Total adjustments 25,297 16,793 31,775
Cash flow before change in working capital 21,272 25,911 32,722
Change in working capital -7,130 -3,229 4,961
Financial items -4,965 -6,735 -9,705
Taxes paid -4,143 -2,722 -3,040
Cash flow from operations 5,035 13,225 24,938
       
Investment payments      
Investments in tangible and intangible assets -2,693 -2,273 -3,619
Proceeds from disposed business operations 3,441    
Proceeds from disposal of fixed assets and other proceeds 60 2,106 2,115
Cash flow from investing activities 807 -167 -1,504
       
Financing      
Non-current loans drawn 113    
Repayments of non-current loans -16,848 -37,267 -38,713
Repayments of capital loans -920 -920 -920
Change in current loans 6,300   -10,550
Cash flow from financing -11,355 -38,187 -50,183
       
Change in cash and cash equivalents * -5,513 -25,129 -26,749
       
Cash and cash equivalents 14,301 40,887 40,887
Unrealized exchange rate differences 715 624 164
Change in cash and cash equivalents -5,513 25,129 26,749
Cash and cash equivalents 9,504 16,383 14,301


* Includes discontinued operations.

 

 

KEY FIGURES 7-9/2013 7-9/2012 1-9/2013 1-9/2012 1-12/2012
           
Net sales, change, % * -1.8 289.3 5.0 245.0 150.1
Gross profit, % ** 9.7 10.8 10.0 8.7 8.3
Operating profit, % ** 4.9 5.6 4.4 2.8 1.8
Financial income and  expenses, % ** -1.6 -2.6 -1.8 -2.6 -2.6
Profit before income taxes, % ** 3.3 3.0 2.7 0.2 -0.7
Profit for the period, % ** 0.3 2.0 -4.6 -0.2 -2.9
Earnings/share, EUR, continuing operations 0.01 0.01 0.01 0.00 -0.02
Earnings/share, EUR, discontinued operations -0.01 0.00 -0.08 0.00 -0.03
Earnings/share, EUR, total 0.00 0.01 -0.06 0.01 -0.05
           
           
Equity/share, EUR 0.32 0.44 0.32 0.44 0.39
Cash flow from operations/share, EUR 0.02 0.03 0.02 0.05 0.10
Return on equity (ROE), % *** -28.5 -4.9 -28.5 -4.9 -11.2
Return on invested capital (ROI), % -5.8 3.1 -5.8 3.1 0.4
Equity ratio, % *** 33.1 35.8 33.1 35.8 34.4
Gearing, % *** 112.5 99.4 112.5 99.4 101.0
           
Gross investments, EUR 1,000, continuing operations 1,029 707 2,446 1,634 3,298
Depreciation, EUR 1,000, continuing operations 4,139 4,434 12,451 13,245 17,518
Impairment losses, EUR 1,000, continuing operations       2,700 5,538

*    Compared with the corresponding period of the previous year.
**   As of net sales.
***  Data from comparison period revised.


 
         
Non-current interest-bearing liabilities 75,264 101,712 75,264 101,712 90,027
Current interest-bearing liabilities 24,071 22,193 24,071 22,193 21,491
Interest-bearing receivables, continuing operations -9,504 -16,382 -9,504 -16,382 -14,301
Interest-bearing net liabilities 89,831 107,523 89,831 107,523 97,217

 

DISCONTINUED OPERATIONS
 

 

EUR 1,000 1-9/2013 1-9/2012 1-12/2012
       
Net sales 24,278 37,556 49,436
Costs -24,736 -37,140 -55,868
Profit before income taxes from discontinued operations -457 416 -6,432
Income taxes 119 -107 -209
Profit after income taxes from discontinued operations -339 309 -6,641
Impairment loss recognized on the remeasurement to fair value and cost to sell -18,196    
Profit/loss for the period from discontinued operations -18,535 309 -6,641
       
       
Cash flow from discontinued operations      
Cash flow from operations -1,697 1,927 2,584
Cash flow from investing activities -297 -493 -758
Change in cash and cash equivalents 1,994 1,434 1,826
       
The impact of the divestment of Codi Wipes on the Group financial position
 
Inventories 4,493    
Trade receivables and other current receivables 2,968    
Cash at bank and in hand 2,782    
Other liabilities 358    
Trade payables and other current liabilities 3,162    
Net assets 6,723    
       
Total consideration 6,723    
       
Cash consideration 6,223    
Cash equivalents held by discontinued operations -2,872    
Net cash flow 3,441    



SEGMENT REPORTING

Wiping (continuing operations)

 

 

EUR 1,000 1-9/2013 1-9/2012 Change %  1-12/2012
         
Net sales 283,884 272,983 4.0 357,873
         
Operating profit before non-recurring items 13,923 15,272 -8.8 18,014
% of net sales 4.9 5.6   5.0
Operating profit 13,923 12,127 14.8 12,031
% of net sales 4.9 4.4   3.4
         
Assets 173,516 195,411   180,256
Liabilities 45,310 51,525   47,176
Net assets 128,206 143,886   133,082
Investments 743 840   1,899
Depreciation 9,315 10,034   13,270
Impairment losses   2,700   5,538
Average personnel 527 594   594


Flexibles
 

 

EUR 1,000 1-9/2013 1-9/2012 Change %  1-12/2012
         
Net sales 44,115 39,329 12.2 52,698
         
Operating profit before non-recurring items -1,498 -1,968 23.9 -2,786
% of net sales -3.4 -5.0   -5.3
Operating profit -1,498 -1,484 -1.0 -2,302
% of net sales -3.4 -3.8   -4.4
         
Assets 36,058 37,068   35,668
Liabilities 9,375 8,122   8,634
Net assets 26,683 28,946   27,034
Investments 1,027 230   554
Depreciation 2,006 2,184   2,868
Average personnel 488 462   453


Non-allocated items
 

 

EUR 1,000 1-9/2013 1-9/2012 1-12/2012
       
Net sales -36 -75 -213
Operating profit 2,155 -2,014 -2,286
       
Assets * 31,655 69,799 63,015
Liabilities * 106,792 134,481 127,121
Investments * 867 1,126 1,555
Depreciation * 2,226 2,589 3,468
Impairment losses *     7,278
Average personnel * 17 170 173


*  Following the IFRS 5 standard the data for the comparison periods is not restated but includes non-allocated items and discontinued operations.

NET SALES BY MARKET AREA

 

 

EUR 1,000 1-9/2013 1-9/2012 1-12/2012
       
Finland 17,849 17,719 23,677
Europe, other 134,775 125,117 166,275
North and South America 168,971 161,463 210,249
Other countries 6,369 7,938 10,156
Net sales, total 327,964 312,237 410,458

 

 

QUARTERLY FIGURES

 


EUR 1 000
Q4/2012 Q1/2012 Q2/2013 Q3/2013 Q4/2012-
Q3/2013
Net sales          
Wiping 84,890 97,233 93,129 93,522 368,773
Flexibles 13,369 14,427 14,571 15,117 57,484
Non-allocated items -138 11 -9 -38 -174
Net sales, total, from continuing operations 98,121 111,670 107,691 108,603 426,083
           
Operating profit          
Wiping 2,741 4,458 5,762 3,703 16,664
% of net sales 3.2 4.6 6.2 4.0 4.5
Flexibles -818 1 -602 -897 -2,316
% of net sales -6.1 0.0 -4.1 -5.9 -4.0
Non-allocated items -272 544 -890 2,501 -1,884
Operating profit before non-recurring items 1,652 5,003 4,270 5,308 16,232
% of net sales 1.7 4.5 4.0 4.9 3.8
           
Non-recurring items -2,838       -2,838
Operating profit, total -1,186 5,003 4,270 5,308 13,394
% of net sales -1.2 4.5 4.0 4.9 3.1
           
Net financial expenses -2,367 -2,338 -1,785 -1,689 -8,179
Profit before income taxes -3,553 2,665 2,485 3,618 5,215


TAXES FOR THE PERIOD UNDER REVIEW

Income tax expense is calculated by country, on the basis of taxable results and income tax rates.

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, and Ahlstrom Corporation, including its subsidiaries and associated companies. The company has no investments in associated companies. Salaries paid to the related parties amounted to EUR 1,307 thousand, obligatory pension payments EUR 70 thousand, voluntary pension payments EUR 52 thousand and share-based payments EUR 10 thousand.


Other related-party transactions
 

 

EUR 1,000 1-9/2013 1-9/2012 1-12/2012
Sales of goods and services 13,583 15,046 19,653
Purchases of goods and services 52,388 38,723 54,191
Trade and other receivables 1,587 1,502 1,049
Trade and other payables 1,383 2,626 2,165


Other related-party transactions are transactions with Ahlstrom Corporation and its subsidiaries and associated companies.

 

 

CHANGES IN BORROWINGS      
EUR 1,000 1-9/2013 1-9/2012 1-12/2012
Total borrowings on 1 January 111,518 161,730 161,730
       
Current loans from financial institutions on 1 January 20,571 19,929 19,929
Change in current loans from financial institutions 3,499 1,342 642
Current loans from financial institutions on 30 Sep. 24,071 21,271 20,571
       
Non-current loans on 1 January 90,027 139,961 139,961
Change in non-current loans -14,763 -38,249 -49,934
Non-current loans on 30 September 75,264 101,712 90,027
       
Capital loans on 1 January  920 1,840 1,840
Change in capital loans -920 920 -920
Capital loans on 30 September 0 920 920
       
Total borrowings on 30 September 99,335 123,903 111,518


CHANGES IN FIXED ASSETS
 

 

    1-9/2013   1-9/2012   1-12/2012
EUR 1,000 Tangible Intangible Tangible Intangible Tangible Intangible
Book value at the beginning of the period 118,019 12,529 139,886 13,133 139,886 13,333
Investments 1,773 673 1,666 530 3,261 747
Decreases -18   -1,377   -1,385  
Discontinued operations -5,365 -115        
Depreciation -11,298 -1,153 -13,658 -1,153 -23,603 -1,542
Translation differences and other changes -1,757 -448 -1,558 7 -140 -8
Book value at the end of the period 101,355 11,486 124,959 12,717 118,019 12,529


CONTINGENT LIABILITIES
 

 

EUR 1,000 1-9/2013 1-9/2012 12/2012
For own debt      
Secured loans 95,982 120,138 107,861
       
Nominal values of pledges        
Real estate mortgages 27,039 27,045 27,045
Floating charges 173,201 204,008 193,988
Pledged subsidiary shares and loans 192,287 217,657 209,160
       
Other own commitments      
Operating leases, real estates 21,768 30,693 27,177
Operating leases, machinery and equipment 2,495 3,072 2,705
       
Guarantee commitments 1,433 1,215 1,199

 

FINANCIAL ASSETS BY CATEGORY

a. Financial assets at fair value through profit or loss
b. Held-to-maturity investments
c. Loans and receivables
d. Available-for-sale financial assets
e. Derivatives held for hedge accounting
f. Book value
g. Fair value

 

 

  Classes by instruments’ nature
EUR 1,000 a. b. c. d. e. f. g.
Available-for-sale financial assets       25   25 25
Held-to-maturity investments   450       450 450
Other non-current receivables 511         511 511
Trade receivables     52,973     52,973 52,973
Other current receivables 15   294     309 309
Cash and cash equivalents     9,504     9,504 9,504
Total at 30 Sep 2013 526 450 62,771 25   63,772 63,772
   
  Classes by instruments’ nature 
EUR 1,000 a. b. c. d. e. f. g.
Available-for-sale financial assets       19   19 19
Held-to-maturity investments   466       466 466
Trade receivables     45,328     45,328 45,328
Other receivables 60   590     650 650
Cash and cash equivalents     14,301     14,301 14,301
Total at 31 Dec 2012 60 466 60,220 19   60,763 60,763
                           


Principles in estimating fair value for financial assets for 2013 are the same as those used for preparing the financial statements for 2012.


FINANCIAL LIABILITIES

 

  30 Sep 2013 31 Dec 2012
EUR 1,000 Book
value
Fair
value
Book
value
Fair
value
Non-current        
   Loans from financial institutions 74,380 74,364 88,884 88,901
   Pension loans 857 867 1,143 1,185
   Financial leasing 27 27    
Total 75,264 75,258 90,027 90,085
         
Current *)        
Repayment of non-current liabilities        
   Loans from financial institutions 23,413 23,440 20,000 20,054
   Pension loans 571 589 571 611
   Capital loans     920 924
Financial leasing 86 86    
Derivatives not held for hedge accounting 48 48 62 62
Derivatives held for hedge accounting 1,125 1,125 1,822 1,822
Trade payables 41,984 41,984 46,381 46,381
Total 67,227 67,271 69,756 69,854
         
Total 142,491 142,529 159,783 159,939


*) In the balance sheet under current liabilities.

Principles in estimating fair value for financial liabilities for 2013 are the same as those used for preparing the financial statements for 2012.

FAIR VALUE MEASUREMENT HIERARCHY

 

 

EUR 1,000 Level 1 Level 2 Level 3
Assets measured at fair value      
Assets held for sale     25
Total      
       
Derivatives measured at fair value      
Currency derivatives   -27  
Interest rate derivatives   -997  
Electricity derivatives   -83  
Total   -1,107  


Principles in estimating fair value for financial assets and their hierarchies for 2013 are the same as those used for preparing the financial statements for 2012.
 


 

 


ANALYST AND PRESS CONFERENCE

Nina Kopola, President and CEO, and Tapio Engström, CFO, will present the financial result in Finnish at an analyst and press conference in Helsinki today, on Wednesday, 23 October at 10.00 Finnish time. The conference will take place at Event Arena Bank, Unioninkatu 20, Helsinki. The name of the meeting room will be displayed on the board in the lobby. The presentation material will be available after the analyst and press conference at www.suominen.fi/financial_presentations.

NEXT INTERIM REPORT

Suominen will publish its Financial Statement Release for 2013 on January 30, 2014.


Helsinki, 23 October 2013

SUOMINEN CORPORATION
Board of Directors


For additional information, please contact:
Nina Kopola, President and CEO, tel. +358 (0)10 214 300
Tapio Engström, Senior Vice President and CFO, tel. +358 (0)10 214 300


Distribution:
NASDAQ OMX Helsinki Ltd
Key media

www.suominen.fi


Suominen in brief

Suominen supplies its industrial and retail customers with nonwovens and flexible packaging for use in consumer products worldwide. Suominen is the global market leader in nonwovens for wipes. The company employs more than 1,000 people in Europe and in the United States. Suominen’s net sales in 2012 amounted to MEUR 410.4 and operating profit excluding non-recurring items was MEUR 12.9 (continuing operations). The Suominen share (SUY1V) is listed in NASDAQ OMX Helsinki Stock Exchange. Read more at
www.suominen.fi.

Suominen Corporation Interim Report Q3 2013.pdf

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