Suominen Corporation’s Interim Report for January 1–September 30, 2022: High quarterly sales, result recovery trending positively

Suominen Corporation's Interim Report on October 26, 2022 at 9:30 a.m. (EET)

Suominen Corporation’s Interim Report for January 1–September 30, 2022:

High quarterly sales, result recovery trending positively

KEY FIGURES

 7-9/7-9/1-9/1-9/1-12/
 20222021202220212021
Net sales, EUR million131.998.7360.2327.6443.2
Comparable EBITDA, EUR million5.14.210.338.147.0
Comparable EBITDA, %3.94.32.911.610.6
EBITDA, EUR million5.14.210.338.147.0
Operating profit, EUR million0.2-0.8-4.023.126.9
Operating profit, %0.2-0.9-1.17.06.1
Profit for the period, EUR million-0.4-1.7-5.118.220.7
Cash flow from operations, EUR million-10.8-8.9-1.68.211.1
Cash flow from operations per share, EUR-0.19-0.16-0.030.140.19
Earnings per share, basic, EUR-0.01-0.03-0.090.320.36
Return on invested capital, rolling 12 months, % *0.016.613.9
Gearing, %39.930.230.4


* Restated

In this interim report, figures shown in brackets refer to the comparison period last year if not otherwise stated.

July–September 2022 in brief:

- Net sales increased 34% from the corresponding period of 2021 and were EUR 131.9 million (98.7)
- Comparable EBITDA improved to EUR 5.1 million (4.2)
- Cash flow from operations was EUR -10.8 million (-8.9)

January–September 2022 in brief:

- Net sales increased 10% and were EUR 360.2 million (327.6)
- Comparable EBITDA decreased to EUR 10.3 million (38.1)
- Cash flow from operations declined and was EUR -1.6 million (8.2)

Outlook for 2022 unchanged

Suominen expects that its comparable EBITDA (earnings before interest, taxes, depreciation and amortization) in 2022 will decrease clearly from 2021. The war in Ukraine has increased the already significant cost inflation in raw materials, energy, and transportation. Also, while there has been progress in the normalization of the customer inventory levels in the US, it has been somewhat slower than expected. These factors will impact the full year result negatively even though we expect that the demand for our products will improve in the second half of the year. In 2021, Suominen’s comparable EBITDA was EUR 47.0 million.


Petri Helsky, President & CEO:

“After a difficult first half of the year, Suominen’s result started to turn around in the third quarter. We reached all time high quarterly net sales in Q3 through improvement in both volumes and prices and tailwind from currencies. Our sales volumes increased in comparison to both Q3/2021 and Q2/2022 driven especially by improvement in North America. Margins were still lower than a year ago but improved slightly versus the previous quarter.

Our net sales were EUR 131.9 million (98.7) in the third quarter. Sales volumes increased as did sales prices following the higher raw material prices. Currency impact was significantly positive at EUR +11.1 million. Our quarterly EBITDA improved to EUR 5.1 million (4.2). The higher sales and production volumes impacted the result positively but our sales price increases could not fully compensate for the higher raw material and energy costs even despite the previously implemented energy surcharge in Europe. Other operating income was impacted positively by one-time tax credits and incentives in Brazil and Italy.

In August we announced surcharges on all our products in North America as a response to significant unexpected increases in raw materials, energy and freight costs. In September we announced a new energy surcharge on all our products in Europe as energy prices have continued to increase significantly after our first surcharge in March. Energy cost inflation is expected to continue during the autumn and winter months.

In the third quarter Suominen completed the EcoVadis sustainability assessment for the first time and received a silver level rating. This result places us in the top 8% of companies in the manufacture of other textiles industry rated by EcoVadis.

Looking ahead, we expect the demand for our products in the US to continue recovering and we have already seen the raw material markets turn more favorable in early Q4. At the same time our own improvement actions are starting to bear fruit. All these are expected to contribute positively to our result in the fourth quarter.”

NET SALES

July–September 2022

In July–September 2022, Suominen’s net sales increased from the comparison period by 34% to EUR 131.9 million (98.7) as both volumes and sales prices increased. Currencies impacted the net sales positively by EUR 11.1 million.

Suominen has two business areas, Americas and Europe. Net sales of the Americas business area amounted to EUR 80.3 million (57.0) and net sales of the Europe business area to EUR 51.7 million (41.6).

January–September 2022

In January–September 2022, Suominen’s net sales improved from the comparison period by 10% and amounted to EUR 360.2 million (327.6). Volumes decreased while sales prices increased, with currencies impacting the net sales positively by EUR 23.7 million.

Net sales of the Americas business area amounted to EUR 206.3 million (196.4) and net sales of the Europe business area to EUR 154.1 million (131.3).

EBITDA, OPERATING PROFIT AND RESULT

July–September 2022

EBITDA (earnings before interest, taxes, depreciation and amortization) was EUR 5.1 million (4.2). The increased sales and production volumes impacted the result positively while margins declined as sales price increases could not fully compensate for the higher raw material and energy costs. Currency impact on EBITDA was EUR +0.3 million. Other operating income was positively impacted by one-time tax credits and incentives in Brazil and Italy.

Operating profit increased from the comparison period and amounted to EUR 0.2 million (-0.8).

Profit before income taxes was EUR 0.1 million (-1.8), and profit for the reporting period was EUR -0.4 million (-1.7). Income taxes for the period were EUR -0.5 million (0.1).

January–September 2022

EBITDA (earnings before interest, taxes, depreciation and amortization) was EUR 10.3 million (38.1). The main drivers were lower sales and production volumes and lower margins as sales price increases could not fully compensate for the higher raw material, energy, and freight costs. Currency impact on EBITDA was EUR +0.3 million.

Operating profit decreased and was EUR -4.0 million (23.1).

Profit before income taxes was EUR -4.3 million (23.8), and profit for the reporting period was EUR -5.1 million (18.2).

Income taxes for the period were EUR -0.8 million (-5.6).

FINANCING

The Group’s net interest-bearing liabilities at nominal value amounted to EUR 65.8 million (48.2) at the end of the review period. The gearing ratio was 39.9% (30.2%) and the equity ratio 39.8% (42.5%).

In January–September, net financial expenses were EUR -0.3 million (+0.7), or -0.1% (+0.2%) of net sales. Fluctuations in exchange rates decreased the net financial expenses by EUR 4.4 million (in 2021, decreased by EUR 1.1 million).

Suominen sold its minority share in Amerplast (Bright Maze Oy) in March 2021. The transaction impacted Suominen’s net financial expenses positively in 2021 by EUR 3.7 million. The effect on the cash flow in 2021 was EUR 11.6 million.

Cash flow from operations in July–September was EUR -10.8 million (-8.9) and in January–September EUR -1.6 million (8.2), representing a cash flow per share of EUR -0.03 (0.14). The decline in the cash flow from operations for January–September was driven by the weaker result.

In the third quarter the change in net working capital was negative by EUR -13.9 million (-11.4). The change in net working capital in January–September was EUR -7.3 million (-23.2).

In June 2022, Suominen announced that it has extended by one year the maturity of the EUR 100 million syndicated revolving credit facility agreement signed in July 2020. The maturity of the facility is now extended to July 2025.

CAPITAL EXPENDITURE

In January–September, the gross capital expenditure totaled EUR 7.4 million (14.0) and the largest item was related to the growth investment initiatives in Nakkila, Finland. Other investments were mainly for maintenance.

Suominen announced in June that it strengthens its capabilities in sustainable products by enhancing and upgrading one of its production lines in Nakkila, Finland. The investment is made in line with Suominen’s strategy and supports company’s vision to be the frontrunner in sustainability. The total value of the investment is approximately EUR 6 million and the investment project will be completed in the second half of 2023.

Depreciation and amortization for the review period amounted to EUR 14.3 million (15.0).

PROGRESS IN SUSTAINABILITY

During the third quarter of 2022, we were awarded a silver level rating from the EcoVadis sustainability assessment. This was the first time that we completed the EcoVadis assessment and received a rating. This result places us in the top 8% of companies in the manufacture of other textiles industry rated by EcoVadis.

We have strong focus on safety and accident prevention, and our long-term target is to have zero lost-time accidents. By the end of September there has not been any LTA’s at Suominen sites.

We systematically measure our employee engagement by conducting our engagement survey, Suominen Vibe, every year. During the year we have used the results from the survey conducted last year to plan and execute development actions. Now it is again time to collect feedback and this year’s Vibe survey is now ongoing.

We are continuously improving our production efficiency and the efficient utilization of natural resources. In the third quarter we continued our actions towards our targets to reduce energy consumption, greenhouse gas emissions, water consumption and waste to landfill by 20% per ton of product by 2025 compared to the base year of 2019. One example of our concrete actions to reduce greenhouse gas emissions is our solar panels in our Alicante plant that have been in operation since August.

We have a comprehensive portfolio of sustainable nonwovens, and we continuously develop new and innovative solutions with a reduced environmental impact. Our target is a 50% increase in sales of sustainable nonwovens by 2025 compared to 2019, and to have at least 10 sustainable product launches per year.

Suominen reports progress in its key sustainability KPIs annually.

As part of our Annual Report 2021 published on March 2, 2022 we reported on the progress of our sustainability performance. Our sustainability reporting in 2021 was done in accordance with the Core option of the GRI Standards from the Global Reporting Initiative and it was assured by an external partner.

INFORMATION ON SHARES AND SHARE CAPITAL

Share capital

The number of Suominen’s registered shares was 58,259,219 shares on September 30, 2022, equaling to a share capital of EUR 11,860,056.00.

Share trading and price

The number of Suominen Corporation shares traded on Nasdaq Helsinki from January 1 to September 30, 2022 was 9,800,783 shares, accounting for 17.1% of the average number of shares (excluding treasury shares). The highest price was EUR 5.27, the lowest EUR 2.46 and the volume-weighted average price EUR 3.64. The closing price at the end of review period was EUR 2.64. The market capitalization (excluding treasury shares) was EUR 151.7 million on September 30, 2022.

Treasury shares

On September 30, 2022, Suominen Corporation held 778,492 treasury shares.

The share repurchase program of Suominen commenced on November 3, 2021 and ended on January 21, 2022. Suominen acquired in total 68,677 shares in January 2022.

As a share-based payment plan vested, in total 237,584 shares were transferred to the participants of the plan in February.

In accordance with the resolution by the Annual General Meeting, in total 18,585 shares were transferred to the members of the Board of Directors as their remuneration payable in shares during the reporting period.

The portion of the remuneration of the members of the Board of Directors paid in shares

The Annual General Meeting held on March 24, 2022 decided that 75% of the annual remuneration of the members of the Board of Directors is paid in cash and 25% in Suominen Corporation’s shares.

The number of shares forming the remuneration portion payable in shares was determined based on the share value in the stock exchange trading maintained by Nasdaq Helsinki Ltd, calculated as the trade volume-weighted average quotation of the share during the two-week period immediately following the date on which the Interim Report of January‒March 2022 of the company was published. The shares were given out of the treasury shares held by the company by the decision of the Board of Directors on May 17, 2022.

Share-based incentive plans for the management and key employees

The Group management and key employees participate in the company’s share-based long-term incentive plans. The plans are described in more detail in the Financial Statements and in the Remuneration Report, available on the company’s website www.suominen.fi.

Company's Performance Share Plan currently includes three 3-year performance periods, calendar years 2020–2022, 2021–2023 and 2022–2024. The aim of the Performance Share Plan is to combine the objectives of the shareholders and the persons participating in the plan in order to increase the value of the company in long-term, to build loyalty to the company and to offer them competitive reward plans based on earning and accumulating the company’s shares.

Performance Share Plan: Ongoing performance periods

Performance Period2020–20222021–20232022–2024
Incentive based onTotal Shareholder Return (TSR)Total Shareholder Return (TSR)Total Shareholder Return (TSR)
Potential reward paymentWill be paid partly in Suominen shares and partly in cash in spring 2023Will be paid partly in Suominen shares and partly in cash in spring 2024Will be paid partly in Suominen shares and partly in cash in spring 2025
Participants16 people17 people23 people
Maximum number of shares684,500413,000362,000


The President & CEO of the company must hold 50% of the net number of shares given on the basis of the plan, as long as his or her shareholding in total corresponds to the value of his or her annual gross salary. A member of the Executive Team must hold 50% of the net number of shares given on the basis of the plan, as long as his or her shareholding in total corresponds to the value of half of his or her annual gross salary. Such a number of shares must be held as long as the participant’s employment or service in a group company continues.

ANNUAL GENERAL MEETING

The Annual General Meeting (AGM) of Suominen Corporation was held on March 24, 2022.

The AGM adopted the Financial Statements and the Consolidated Financial Statements for the financial year 2021 and discharged the members of the Board of Directors and the President & CEO from liability for the financial year 2021. The AGM approved the Remuneration Report for the governing bodies.

The AGM decided, in accordance with the proposal by the Board of Directors, that a dividend of EUR 0.20 per share will be paid.

The AGM confirmed the remuneration of the Board of Directors. The Chair will be paid an annual fee of EUR 70,000 and the Deputy Chair and other Board members an annual fee of EUR 33,000. Chair of the Audit Committee will be paid an additional fee of EUR 10,000. Further, the members of the Board will receive a fee for each Board and Committee meeting as follows: EUR 500 for each meeting held in the home country of the respective member, EUR 1,000 for each meeting held elsewhere than in the home country of the respective member and EUR 500 for each meeting held as a telephone conference.

75% of the remuneration is paid in cash and 25% in Suominen Corporation’s shares. Compensation for expenses is paid in accordance with the company's valid travel policy.

The AGM decided that the number of Board members remain unchanged at six (6). Mr. Andreas Ahlström, Mr. Björn Borgman, Mr. Jaakko Eskola, Ms. Nina Linander and Ms. Laura Raitio were re-elected as members of the Board. Mr. Aaron Barsness was elected as a new member of the Board.

Mr. Jaakko Eskola was re-elected as the Chair of the Board of Directors.

Ernst & Young Oy, Authorised Public Accountant firm, was re-elected as the auditor of the company for the next term of office in accordance with the Articles of Association. Ernst & Young Oy appointed Mr. Toni Halonen, Authorised Public Accountant, as the principally responsible auditor of the company.

The AGM authorized the Board of Directors to decide on the repurchase of the company’s own shares and to resolve on the issuance of shares and granting of options and the issuance of special rights entitling to shares. The terms and conditions of the authorization are explained later in this interim report.

Suominen published a stock exchange release on March 24, 2022 concerning the resolutions of the Annual General Meeting and the organizing meeting of the Board of Directors. The stock exchange release and an introduction of the new Board member can be viewed on Suominen’s website at www.suominen.fi.

In compliance with the resolution of the Annual General Meeting, on April 7, 2022 Suominen paid out dividends in total of EUR 11.5 million for 2021, corresponding to EUR 0.20 per share.

Organizing meeting and permanent committees of the Board of Directors

In its organizing meeting held after the AGM, the Board of Directors elected Andreas Ahlström as Deputy Chair of the Board.

The Board of Directors elected from among its members the members for the Audit Committee and Personnel and Remuneration Committee. Nina Linander was re-elected as the Chair of the Audit Committee and Andreas Ahlström and Laura Raitio were re-elected as members. Jaakko Eskola was re-elected as the Chair of the Personnel and Remuneration Committee, Björn Borgman was re-elected as member, and Aaron Barsness was elected as new member.

Authorizations of the Board of Directors

The Annual General Meeting (AGM), held on March 24, 2022 authorized the Board of Directors to decide on the repurchase a maximum of 1,000,000 of the company’s own shares. The company’s own shares shall be repurchased otherwise than in proportion to the holdings of the shareholders by using the non-restricted equity through trading on regulated market organized by Nasdaq Helsinki Ltd at the market price prevailing at the time of acquisition. The shares shall be repurchased and paid in accordance with the rules of Nasdaq Helsinki Ltd and Euroclear Finland Ltd. The shares shall be repurchased to be used in company’s share-based incentive programs, in order to disburse the remuneration of the members of the Board of Directors, for use as consideration in acquisitions related to the company’s business, or to be held by the company, to be conveyed by other means or to be cancelled. The Board of Directors shall decide on other terms and conditions related to the repurchase of the company’s own shares. The repurchase authorization shall be valid until June 30, 2023 and it revokes all previous authorizations to repurchase company’s own shares.

The Annual General Meeting (AGM) held on March 24, 2022 authorized the Board of Directors to decide on issuing new shares and/or conveying the company’s own shares held by the company and/or granting options and other special rights referred to in Chapter 10, Section 1 of the Finnish Companies Act. New shares may be issued, and the company’s own shares may be conveyed to the company’s shareholders in proportion to their current shareholdings in the company; or by waiving the shareholder’s pre-emption right, through a directed share issue if the company has a weighty financial reason to do so, such as, for example, using the shares as consideration in possible acquisitions or other arrangements related to the company’s business, as financing for investments, using shares as part of the company’s incentive program or using the shares for disbursing the portion of the Board members’ remuneration that is to be paid in shares. The new shares may also be issued without payment to the company itself. New shares may be issued and/or company’s own shares held by the company or its group company may be conveyed at the maximum amount of 5,000,000 shares in aggregate.

The Board of Directors may grant options and other special rights referred to in Chapter 10, Section 1 of the Finnish Companies Act, which carry the right to receive against payment new shares or own shares held by the company. The right may also be granted to the company’s creditor in such a manner that the right is granted on condition that the creditor’s receivable is used to set off the subscription price (“Convertible Bond”). However, options and other special rights referred to in Chapter 10, Section 1 of the Companies Act cannot be granted as part of the company’s remuneration plan.

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 options and other special rights granted by the company is 5,000,000 shares in total which number is included in the maximum number stated above.

The authorizations shall revoke all earlier authorizations regarding share issue and issuance of special rights entitling to shares. The Board of Directors shall decide on all other terms and conditions related to the authorizations. The authorizations shall be valid until June 30, 2023.

NOTIFICATIONS UNDER CHAPTER 9, SECTION 5 OF THE SECURITIES MARKET ACT

June 28, 2022: The shareholding of OP-Henkivakuutus Oy in Suominen Corporation crossed the 5% flagging threshold.

March 8, 2022: The shareholding of Etola Group Oy, controlled by Mr. Erkki Etola, in Suominen Corporation crossed the 10% flagging threshold. At the same time the total holding of Erkki Etola and companies controlled by him in Suominen Corporation crossed the 20% flagging threshold.

February 25, 2022: The shareholding of Etola Group Oy, controlled by Mr. Erkki Etola, in Suominen Corporation crossed the 5% flagging threshold.

January 20, 2022: The shareholding of Ilmarinen Mutual Pension Insurance Company in Suominen Corporation fell below the threshold of 5%.

CHANGES IN THE EXECUTIVE TEAM

Suominen announced on September 6, 2022 that Toni Tamminen, Suominen’s CFO and a member of the Executive Team has decided to pursue career opportunities outside the company and will leave Suominen latest on March 5, 2023.

NOMINATION BOARD

Suominen’s three largest registered shareholders Ahlstrom Capital B.V., Oy Etra Invest Ab and Etola Group Oy have nominated the following members to the Shareholders’ Nomination Board:  

  • Lasse Heinonen, President & CEO of Ahlström Capital Oy, as a member appointed by Ahlstrom Capital B.V.;
  • Mikael Etola, CEO, Etola-Yhtiöt, as a member appointed by Oy Etra Invest Ab and Etola Group Oy

Jaakko Eskola, Chair of Suominen’s Board of Directors, serves as the third member of the Nomination Board. The shareholders entitled to appoint members to the Nomination Board were determined on the basis of the registered holdings in the company’s shareholders' register on September 1, 2022.

SHORT TERM RISKS AND UNCERTAINTIES

The raw material, energy and logistics markets relevant for Suominen have experienced significant volatility and cost inflation. This can impact Suominen’s financial performance depending on how the markets develop.

Regarding the war in Ukraine, the direct impact to Suominen’s business is minor as we have no customers nor suppliers in Russia, Belarus or Ukraine. Suominen as a company is mostly affected by the indirect economic impacts of the war which contribute to the cost inflation mentioned above.

Also the COVID-19 pandemic can still cause uncertainty in Suominen’s business environment. The key risks related to the virus concern the health and safety of Suominen personnel and customers, possible shortages of raw materials and issues linked to logistics, as well as potential closures of customers’ or our own plants due to virus infections. Despite the inflation and supply chain challenges caused by the pandemic straining the whole nonwovens industry and its value chain, we have not experienced more payment delays than usual by our customers and hence we do not see that our customer credit risks would have materially increased.

Suominen’s other risks and uncertainties include but are not limited to: risks related to manufacturing, competition, raw material prices and availability and customer specific volumes and credits, changes in legislation, political environment or economic conditions and investments, and financial risks.

A more detailed description of risks is available in Suominen’s Annual Report 2021 at suominen.fi/investors.

BUSINESS ENVIRONMENT

Suominen’s nonwovens are, for the most part, used in daily consumer goods, such as wet wipes as well as in hygiene and medical products. In these target markets of Suominen, the general economic situation determines the development of consumer demand, even though the demand for consumer goods is not very cyclical in nature. North America and Europe are the largest market areas for Suominen. In addition, the company operates in the South American markets. The growth in the demand for nonwovens has typically exceeded the growth of gross domestic product by a couple of percentage points.

The market expectation is that in the long run the end user demand for wipes will remain above pre-COVID levels. However, the pandemic-caused demand spike followed by moderation of said demand has led to an inventory imbalance in the whole supply chain especially in the US which still partially persists.

The war in Ukraine has worsened the inflationary pressures in raw material, energy and freight costs and increased uncertainty overall. However, we are seeing the raw material markets turning more favorable from the fourth quarter onwards and we also expect normalization of the US inventory levels going forward.

OUTLOOK FOR 2022

Suominen expects that its comparable EBITDA (earnings before interest, taxes, depreciation and amortization) in 2022 will decrease clearly from 2021. The war in Ukraine has increased the already significant cost inflation in raw materials, energy and transportation. Also, while there has been progress in the normalization of the customer inventory levels in the US, it has been somewhat slower than expected. These factors will impact the full year result negatively even though we expect that the demand for our products will improve in the second half of the year. In 2021, Suominen’s comparable EBITDA was EUR 47.0 million.

CORPORATE GOVERNANCE AND REMUNERATION REPORT

Suominen has prepared a separate Corporate Governance Statement and a Remuneration Report for 2021, which comply with the recommendations of the Finnish Corporate Governance Code for listed companies. The statements also cover other central areas of corporate governance. The statements have been published on Suominen's website, separately from the Report of the Board of Directors, at www.suominen.fi.

AUDIOCAST AND CONFERENCE CALL

Petri Helsky, President & CEO, and Toni Tamminen, CFO, will present the result in English in an audiocast and a conference call for analyst, investors, and media on the same day at 11:00 a.m. (EEST). The audiocast can be followed at https://suominen.videosync.fi/2022-q3. The recording of the audiocast and the presentation material will be available after the event at www.suominen.fi.

Conference call participants:
You can access the teleconference by registering on the link below. After the registration you will be provided phone numbers and a conference ID to access the conference.
https://call.vsy.io/access-8477

The event cannot be attended on the spot.

EVENTS AFTER THE REPORTING PERIOD

The debenture bond of EUR 85 million issued in 2017 fell due and was repaid in full on October 3, 2022.


NEXT FINANCIAL REPORT

Suominen Corporation will publish its Financial Statements Release 2022 on February 3, 2023 approximately at 9:30 a.m. (EET).

SUOMINEN GROUP JANUARY 1 – SEPTEMBER 30, 2022

The figures in this interim report are mainly presented in EUR thousands. As a result of rounding differences, the figures presented in the tables do not necessarily add up to total.

This interim report has not been audited.

This interim report has been prepared in accordance with the principles defined in IAS 34 Interim Financial Reporting. The principles for preparing the interim report are the same as those used for preparing the consolidated financial statements for 2021, with the exception of the effect of the new accounting standards and interpretations which have been applied from 1.1.2022.

The new or amended standards or interpretations applicable from 1.1.2022 are not material for Suominen Group.

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

EUR thousand30.9.202230.9.202131.12.2021
Assets   
Non-current assets   
Goodwill15,49615,49615,496
Intangible assets10,66214,32013,176
Property, plant and equipment127,537113,162115,478
Right-of-use assets14,89016,34415,741
Equity instruments421421421
Other non-current receivables887196
Deferred tax assets1,8711,2991,668
Total non-current assets 170,964161,112162,077
    
Current assets   
Inventories69,26550,71449,763
Trade receivables75,92052,95965,495
Other current receivables10,5695,6155,403
Assets for current tax3,7002,8552,564
Cash and cash equivalents84,664103,182101,357
Total current assets244,118215,325224,583
    
Total assets415,082376,437386,660
    
Equity and liabilities   
Equity    
Share capital11,86011,86011,860
Share premium account24,68124,68124,681
Reserve for invested unrestricted equity75,69275,69275,692
Fair value and other reserves265-7-7
Exchange differences13,220-7,801-5,577
Retained earnings39,46955,25756,549
Total equity attributable to owners of the parent165,188159,682163,199
    
Liabilities   
Non-current liabilities   
Deferred tax liabilities13,37614,00613,931
Liabilities from defined benefit plans595662638
Non-current provisions1,9561,8851,916
Non-current lease liabilities12,35313,70613,167
Other non-current liabilities43
Debentures49,257132,85749,144
Total non-current liabilities77,537163,11978,799
    
Current liabilities   
Current lease liabilities3,1412,7232,761
Debenture bonds84,99084,062
Liabilities for current tax3,8291,018669
Trade payables and other current liabilities80,39849,89457,170
Total current liabilities172,35853,636144,662
    
Total liabilities249,895216,755223,461
    
Total equity and liabilities415,082376,437386,660

CONSOLIDATED STATEMENT OF PROFIT OR LOSS

EUR thousand7-9/20227-9/20211-9/20221-9/20211-12/2021
Net sales131,93798,654360,225327,634443,219
Cost of goods sold-126,723-93,182-343,446-285,220-392,390
Gross profit5,2145,47216,78042,41450,828
Other operating income3,0076964,1032,4044,434
Sales, marketing and administration expenses-6,754-6,034-21,551-19,562-26,238
Research and development expenses-925-678-2,571-1,872-2,678
Other operating expenses-340-298-729-317595
Operating profit202-842-3,96923,06726,941
Net financial expenses-78-969-284684-390
Profit before income taxes125-1,811-4,25323,75126,551
Income taxes-523112-801-5,554-5,816
Profit for the period -398-1,699-5,05418,19720,734
      
Earnings per share, EUR     
Basic-0.01-0.03-0.090.320.36
Diluted-0.01-0.03-0.090.310.36

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

EUR thousand7-9/20227-9/20211-9/20221-9/20211-12/2021
      
Profit for the period -398-1,699-5,05418,19720,734
      
Other comprehensive income:     
Other comprehensive income that will be subsequently reclassified to profit or loss     
Exchange differences8,1171,96820,4396,6919,137
Income taxes related to other comprehensive income-725-255-1,642-559-781
Total7,3921,71318,7976,1328,356
Other comprehensive income that will not be subsequently reclassified to profit or loss     
Remeasurements of defined benefit plans26
Income taxes related to other comprehensive income-7
Total19
      
Total other comprehensive income 7,3921,71318,7976,1328,375
      
Total comprehensive income for the period6,9941413,74324,32929,109

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

EUR thousandShare capitalShare premium accountReserve for invested unrestricted equityExchange differences 
Equity 1.1.202211,86024,68175,692-5,577 
Profit for the period 
Other comprehensive income18,797 
Total comprehensive income 18,797 
Distribution of dividend 
Share-based payments 
Acquisition of treasury shares 
Conveyance of treasury shares 
Transfers 
Equity 30.9.202211,86024,68175,69213,220 
EUR thousandFair value and other reservesRetained earningsTotal equity attributable to owners of the parent
Equity 1.1.2022-756,549163,199
Profit for the period-5,054-5,054
Other comprehensive income18,797
Total comprehensive income -5,05413,743
Distribution of dividend-11,492-11,492
Share-based payments3535
Acquisition of treasury shares-352-352
Conveyance of treasury shares5555
Transfers272-272
Equity 30.9.202226539,469165,188


EUR thousandShare capitalShare premium accountReserve for invested unrestricted equityTreasury shares
Equity 1.1.202111,86024,68181,361-44
Profit for the period
Other comprehensive income
Total comprehensive income
Share-based payments
Conveyance of treasury shares9044
Dividends and return of capital-5,759
Equity 30.9.202111,86024,68175,692


EUR thousandExchange differencesFair value and other reservesRetained earningsTotal equity attributable to owners of the parent
Equity 1.1.2021-13,933-741,962145,882
Profit for the period18,19718,197
Other comprehensive income6,1326,132
Total comprehensive income 6,13218,19724,329
Share-based payments900900
Conveyance of treasury shares-4490
Dividends and return of capital-5,759-11,519
Equity 30.9.2021-7,801-755,257159,682


EUR thousandShare capitalShare premium accountReserve for invested unrestricted equityTreasury shares
Equity 1.1.202111,86024,68181,361-44
Profit for the period
Other comprehensive income
Total comprehensive income
Distribution of dividend and return of capital-5,759
Share-based payments
Acquisition of treasury shares
Conveyance of treasury shares9044
Equity 31.12.202111,86024,68175,692


EUR thousandExchange differencesFair value and other reservesRetained earningsTotal equity attributable to owners of the parent
Equity 1.1.2021-13,933-741,962145,882
Profit for the period20,73420,734
Other comprehensive income8,356198,375
Total comprehensive income 8,35620,75429,109
Distribution of dividend and return of capital-5,759-11,519
Share-based payments1,2761,276
Acquisition of treasury shares-1,640-1,640
Conveyance of treasury shares-4490
Equity 31.12.2021-5,577-756,549163,199

CONSOLIDATED STATEMENT OF CASH FLOWS

EUR thousand1-9/20221-9/20211-12/2021
    
Cash flow from operations   
Profit for the period-5,05418,19720,734
Total adjustments to profit for the period15,53920,91927,585
Cash flow before changes in net working capital10,48639,11648,319
Change in net working capital-7,275-23,203-25,242
Financial items-2,009-2,272-5,258
Income taxes-2,755-5,449-6,731
Cash flow from operations-1,5538,19211,088
    
Cash flow from investments   
Investments in property, plant and equipment and intangible assets-7,415-13,609-17,628
Sales proceeds from property, plant and equipment and intangible assets044
Sales proceeds from sale of equity investments2,1232,170
Cash flow from investments-7,415-11,482-15,454
    
Cash flow from financing   
Drawdown of non-current interest-bearing liabilities50,00050,000
Issuance costs of the bonds-939-939
Repayment of current interest-bearing liabilities-2,325-1,998-2,757
Repayment of loan receivables9,3019,301
Acquisition of treasury shares-379-1,612
Dividends and return of capital paid-11,492-11,520-11,520
Cash flow from financing-14,19744,84542,473
    
Change in cash and cash equivalents-23,16541,55538,106
    
Cash and cash equivalents at the beginning of the period101,35757,87757,877
Effect of changes in exchange rates6,4723,7505,374
Change in cash and cash equivalents-23,16541,55538,106
Cash and cash equivalents at the end of the period84,664103,182101,357

KEY RATIOS

 7-9/
2022
7-9/
2021
1-9/
2022
1-9/
2021
1-12/
2021
Change in net sales, % *33.7-14.59.9-5.8-3.4
Gross profit, as percentage of net sales, %4.05.54.712.911.5
Comparable EBITDA, as percentage of net sales, %3.94.32.911.610.6
Operating profit, as percentage of net sales, %0.2-0.9-1.17.06.1
Net financial items, as percentage of net sales, %-0.1-1.0-0.10.2-0.1
Profit before income taxes, as percentage of net sales, %0.1-1.8-1.27.26.0
Profit for the period, as percentage of net sales, %-0.3-1.7-1.45.64.7
Gross capital expenditure, EUR thousand3,3903,3437,38014,01617,771
Depreciation and amortization, EUR thousand4,9225,08214,25314,98420,092
Return on equity, rolling 12 months, %-1.616.713.3
Return on invested capital, rolling 12 months, % **0.016.613.9
Equity ratio, %39.842.542.2
Gearing, %39.930.230.4
Average number of personnel (FTE - full time equivalent)706709709
Earnings per share, EUR, basic-0.01-0.03-0.090.320.36
Earnings per share, EUR, diluted-0.01-0.03-0.090.310.36
Cash flow from operations per share, EUR-0.19-0.16-0.030.140.19
Equity per share, EUR2.872.772.85
Number of shares, end of period, excluding treasury shares57,480,72757,624,55857,293,235
Share price, end of period, EUR2.644.415.18
Share price, period low, EUR2.464.374.25
Share price, period high, EUR5.276.416.41
Volume weighted average price during the period, EUR3.645.575.48
Market capitalization, EUR million151.7254.1296.8
Number of traded shares during the period9,800,78315,570,11617,714,203
Number of traded shares during the period, % of average number of shares17.127.030.8
      
* Compared with the corresponding period in the previous year.  
** Restated     
   30.9.202230.9.202131.12.2021
Interest-bearing net debt, EUR thousands     
Non-current interest-bearing liabilities, nominal value  62,353148,70663,167
Current interest-bearing liabilities, nominal value  88,1412,72387,761
Interest-bearing receivables and cash and cash equivalents  -84,664-103,182-101,357
Interest-bearing net debt  65,83048,24749,570

CALCULATION OF KEY RATIOS AND ALTERNATIVE PERFORMANCE MEASURES

Key ratios per share are either IFRS key ratios (earnings per share) or required by Ordinance of the Ministry of Finance in Finland or alternative performance measures (cash flow from operations per share).

Some of the other key ratios Suominen publishes are alternative performance measures. An alternative performance measure is a key ratio which has not been defined in IFRS standards. Suominen believes that the use of alternative performance measures provides useful information for example to investors regarding the Group's financial and operating performance and makes it easier to make comparisons between the reporting periods.

The link between the components of the key ratios per share and the consolidated financial statements is presented in the consolidated financial statements of 2021. The link between the components of the alternative performance measures and the consolidated financial statements is presented in Suominen’s Annual Report for 2021.

Calculation of key ratios per share

Earnings per share                                
                                

Basic earnings per share (EPS)

=

Profit for the period adjusted with interest on hybrid bond, net of tax
Share-issue adjusted average number of shares excluding treasury shares
    
    
Diluted earnings per share (EPS)



 Profit for the period
=Average diluted share-issue adjusted number of shares excluding treasury shares

 


EUR thousand 30.9.202230.9.202131.12.2021
Profit for the period -5,05418,19720,734
     
     
Average share-issue adjusted number of shares 57,425,76057,601,00857,579,440
Average diluted share-issue adjusted number of shares excluding treasury shares 57,510,35858,019,32458,023,347
     
Earnings per share    
     
EUR    
Basic -0.090.320.36
Diluted -0.090.310.36

Cash flow from operations per share
        

Cash flow from operations per share



 Cash flow from operations
=Share-issue adjusted number of shares excluding treasury shares, end of reporting period

 


  30.9.202230.9.202131.12.2021
Cash flow from operations, EUR thousand -1,5538,19211,088
Share-issue adjusted number of shares excluding treasury shares, end of reporting period 57,480,72757,624,55857,293,235
Cash flow from operations per share, EUR -0.030.140.19

        
Equity per share

Equity per share



 Total equity
=Share-issue adjusted number of shares excluding treasury shares, end of reporting period

 


  30.9.202230.9.202131.12.2021
Total equity attributable to owners of the parent, EUR thousand 165,188159,682163,199
Share-issue adjusted number of shares excluding treasury shares, end of reporting period 57,480,72757,624,55857,293,235
Equity per share, EUR 2.872.772.85

        

   

Market capitalization

Market capitalization=Number of shares at the end of reporting period excluding treasury shares x share price at the end of period


  30.9.202230.9.202131.12.2021
Number of shares at the end of reporting period excluding treasury shares 57,480,72757,624,55857,293,235
Share price at end of the period, EUR2.644.415.18
Market capitalization, EUR million 151.7254.1296.8

Share turnover

Share turnover=The proportion of number of shares traded during the period to weighted average number of shares excluding treasury shares


  30.9.202230.9.202131.12.2021
Number of shares traded during the period 9,800,78315,570,11617,714,203
Average number of shares excluding treasury shares57,425,76057,601,00857,579,440
Share turnover, % 17.127.030.8

Calculation of key ratios and alternative performance measures

Operating profit and comparable operating profit

Operating profit (EBIT)=Profit before income taxes + net financial expenses
     
Comparable operating profit (EBIT)=Profit before income taxes + net financial expenses, adjusted with items affecting comparability

In order to improve the comparability of result between reporting periods, Suominen presents comparable operating profit as an alternative performance measure. Operating profit is adjusted with material items that are considered to affect comparability between reporting periods. These items include, among others, impairment losses or reversals of impairment losses, gains or losses from the sales of property, plant and equipment or intangible assets or other assets and restructuring costs. Suominen did not have any items affecting comparability in 2022 or 2021.

EBITDA and comparable EBITDA

EBITDA=EBIT + depreciation, amortization and impairment losses
Comparable EBITDA=EBIT + depreciation, amortization and impairment losses, adjusted with items affecting comparability


EUR thousand 30.9.202230.9.202131.12.2021
Operating profit -3,96923,06726,941
+ Depreciation, amortization and impairment losses14,25314,98420,092
EBITDA 10,28438,05147,033

Gross capital expenditure

EUR thousand 30.9.202230.9.202131.12.2021
Increases in intangible assets 410122162
Increases in property, plant and equipment6,97113,89417,609
Gross capital expenditure 7,38014,01617,771

Interest-bearing net debt

It is the opinion of Suominen that presenting interest-bearing liabilities not only at amortized cost but also at nominal value gives relevant additional information to the investors.

Interest-bearing net debt=Interest-bearing liabilities at nominal value - interest-bearing receivables - cash and cash equivalents

                                                     

EUR thousand 30.9.202230.9.202131.12.2021
Interest-bearing liabilities 149,741149,286149,134
Tender and issuance costs of the debentures 7532,1431,794
Cash and cash equivalents-84,664-103,182-101,357
Interest-bearing net debt 65,83048,24749,570
     
Interest-bearing liabilities 149,741149,286149,134
Tender and issuance costs of the debentures 7532,1431,794
Nominal value of interest-bearing liabilities 150,494151,429150,927

Return on equity (ROE), %

Return on equity (ROE), %=Profit for the reporting period (rolling 12 months) x 100
  Total equity (quarterly average)


EUR thousand 30.9.202230.9.202131.12.2021
Profit for the reporting period (rolling 12 months) -2,51625,49120,734
     
Total equity attributable to owners of the parent 30.9.2021 / 30.9.2020 / 31.12.2020 159,682144,074145,882
Total equity attributable to owners of the parent 31.12.2021 / 31.12.2020 / 31.3.2021 163,199145,882152,227
Total equity attributable to owners of the parent 31.3.2022 / 31.3.2021 / 30.6.2021 153,504152,227159,386
Total equity attributable to owners of the parent 30.6.2022 / 30.6.2021 / 30.9.2021 158,098159,386159,682
Total equity attributable to owners of the parent 30.9.2022 / 30.9.2021 / 31.12.2021 165,188159,682163,199
Average 159,934152,250156,075
     
Return on equity (ROE), % -1.616.713.3

Invested capital

Invested capital=Total equity + interest-bearing liabilities - cash and cash equivalents


EUR thousand 30.9.202230.9.202131.12.2021
Total equity attributable to owners of the parent 165,188159,682163,199
Interest-bearing liabilities 149,741149,286149,134
Cash and cash equivalents-84,664-103,182-101,357
Invested capital 230,264205,786210,975

The calculation formula for invested capital has been changed. Previous years’ figures have been restated.

Return on invested capital (ROI), %

Return on invested capital (ROI), %

=

Operating profit (rolling 12 months) x 100
Invested capital, quarterly average


EUR thousand 30.9.202230.9.202131.12.2021
Operating profit (rolling 12 months) -9431,59626,941
     
Invested capital 30.9.2021 / 30.9.2020 / 31.12.2020 205,786191,626188,298
Invested capital 31.12.2021 / 31.12.2020 / 31.3.2021 210,975188,298170,609
Invested capital 31.3.2022 / 31.3.2021 / 30.6.2021 205,806170,609192,651
Invested capital 30.6.2022 / 30.6.2021 / 30.9.2021 210,561192,651205,786
Invested capital 30.9.2022 / 30.9.2021 / 31.12.2021 230,264205,786210,975
Average 212,679189,794193,664
     
Return on invested capital (ROI), % 0.016.613,9

The calculation formula for invested capital has been changed. Previous years’ figures have been restated.

Equity ratio, %

Equity ratio, %

=

Total equity x 100 
Total assets - advances received 


EUR thousand 30.9.202230.9.202131.12.2021
Total equity attributable to owners of the parent 165,188159,682163,199
     
Total assets 415,082376,437386,660
Advances received -108-430-75
  414,975376,008386,584
     
Equity ratio, % 39.842.542.2

Gearing, %

Gearing, %

=

Interest-bearing net debt x 100 
Total equity


EUR thousand 30.9.202230.9.202131.12.2021
Interest-bearing net debt 65,83048,24749,570
Total equity attributable to owners of the parent 165,188159,682163,199
Gearing, % 39.930.230.4

NET SALES BY GEOGRAPHICAL MARKET AREA

    
EUR thousand1-9/20221-9/20211-12/2021
Finland2,5032,0872,707
Rest of Europe145,781124,512168,841
North and South America210,482199,523269,247
Rest of the world1,4581,5122,424
Total360,225327,634443,219

QUARTERLY SALES DEVELOPMENT BY BUSINESS AREA

  20222021
EUR thousand7-94-61-310-127-94-61-3
Americas80,30864,22661,72668,85857,04867,40271,904
Europe51,70153,81948,53046,74741,63446,25143,432
Unallocated exchange differences and eliminations-72-2612-20-28-6-2
Total131,937118,019110,269115,58598,654113,647115,333

QUARTERLY DEVELOPMENT

 20222021
EUR thousand7-94-61-310-127-94-61-3
Net sales131,937118,019110,269115,58598,654113,647115,333
Comparable EBITDA5,1241,8633,2988,9834,24015,27718,534
as % of net sales3.91.63.07.84.313.416.1
EBITDA5,1241,8633,2988,9834,24015,27718,534
as % of net sales3.91.63.07.84.313.416.1
Items affecting comparability
Operating profit202-2,903-1,2683,874-84210,31713,592
as % of net sales0.2-2.5-1.23.4-0.99.111.8
Net financial items-78723-930-1,074-969-1,6133,266
Profit before income taxes125-2,180-2,1982,800-1,8118,70416,858
as % of net sales0.1-1.8-2.02.4-1.87.714.6

RELATED PARTY INFORMATION

The related parties of Suominen include the members of the Board of Directors, President & CEO and the members of the Executive Team as well as their family members and their controlled companies. In addition, shareholders who have a significant influence in Suominen through share ownership are included in related parties. Suominen has no associated companies.

In its transactions with related parties Suominen follows the same commercial terms as in transactions with third parties.

The Annual General Meeting held on March 24, 2022 resolved that 25% of the annual remuneration for the Board of Directors is paid in Suominen Corporation’s shares. The number of shares transferred to the members of the Board of Directors as their remuneration payable in shares for 2022 was 18,585 shares. The shares were transferred on May 17, 2022 and the value of the transferred shares totaled EUR 61,331.

One of Suominen’s share-based plans was vested and shares were transferred to the participants of the plan in February. The President & CEO received 60,739 shares, and the value of the shares and portion settled in cash totaled EUR 463 thousand. The number of the shares transferred to other members of the Executive Team was 116,755 shares. The value of the shares and the portion settled in cash was EUR 817 thousand.

CHANGES IN PROPERTY, PLANT AND EQUIPMENT, INTANGIBLE ASSETS AND RIGHT-OF-USE ASSETS

 30.9.202230.9.202131.12.2021
EUR thousandProperty, plant and equipmentIntangible assetsProperty, plant and equipmentIntangible assetsProperty, plant and equipmentIntangible assets
Carrying amount at the beginning of the period115,47813,176104,66616,748104,66616,748
Capital expenditure and increases6,97141013,89412217,609162
Depreciation, amortization and impairment losses-8,790-2,886-9,969-2,615-13,061-3,801
Exchange differences and other changes13,878-384,571656,26468
Carrying amount at the end of the period127,53710,662113,16214,320115,47813,176


Goodwill is not included in intangible assets.

 30.9.202230.9.202131.12.2021
EUR thousandRight-of-use assetsRight-of-use assetsRight-of-use assets
Carrying amount at the beginning of the period15,74117,78417,784
Increases689599719
Disposals and decreases-13-59-103
Depreciation, amortization and impairment losses-2,577-2,399-3,230
Exchange differences and other changes1,049419571
Carrying amount at the end of the period14,89016,34415,741

CHANGES IN INTEREST-BEARING LIABILITIES

EUR thousand1-9/20221-9/20211-12/2021
Total interest-bearing liabilities at the beginning of the period149,134100,293100,293
Current liabilities at the beginning of the period86,8232,5392,539
Repayment of current liabilities, cash flow items-2,325-1,998-2,757
Increases in current liabilities, non-cash flow items242226309
Decreases of current liabilities, non-cash flow items-13-41-67
Reclassification from non-current liabilities2,2681,93686,610
Periodization of debentures to amortized cost, non-cash flow items928105
Exchange rate difference, non-cash flow item2086184
Current liabilities at the end of the period88,1312,72386,823
    
Non-current liabilities at the beginning of the period13,16714,89214,892
Increases in non-current liabilities, non-cash flow items448380418
Decreases of non-current liabilities, non-cash flow items-29-47
Reclassification to current liabilities-2,268-1,936-2,653
Exchange rate difference, non-cash flow item1,007399557
Non-current liabilities at the end of the period12,35313,70613,167
    
Non-current debentures at the beginning of the period49,14482,86282,862
Increases in debentures50,00050,000
Periodization of debentures to amortized cost, non-cash flow items1139331,178
Tender and issuance costs of the debentures, cash flow items-939-939
Reclassification to current liabilities-83,957
Non-current debentures at the end of the period49,257132,85749,144
Total interest-bearing liabilities at the end of the period149,741149,286149,134

CONTINGENT LIABILITIES

     
EUR thousands30.9.2022 30.9.202131.12.2021
     
Other commitments     
Leasing commitments110 10185
Contractual commitments to acquire property, plant and equipment2,743 1,883713
Commitments to leases not yet commenced240 251458
     
Guarantees    
On own behalf4,002 3,9673,495
Other own commitments18,994 26,91124,713
 22,996 30,87828,208

NOMINAL AND FAIR VALUES OF DERIVATIVE INSTRUMENTS

 30.9.202230.9.202131.12.2021
EUR thousandNominal valueFair
value
Nominal
value
Fair
value
Nominal
value
Fair
value
Currency forward contracts      
Hedge accounting not applied749-351,917-431,960-14

FINANCIAL ASSETS BY CATEGORY

a. Fair value through profit or loss
b. Financial assets at amortized cost
c. Financial assets at fair value through other comprehensive income
d. Carrying amount
e. Fair value


 Classification
EUR thousanda.b.c.d.e.
Equity instruments421421421
Trade receivables75,92075,92075,920
Interest and other financial receivables261261261
Cash and cash equivalents84,66484,66484,664
Total 30.9.2022160,845421161,266161,266


EUR thousanda.b.c.d.e.
Equity instruments421421421
Trade receivables65,49565,49565,495
Derivative receivables222
Interest and other financial receivables259259259
Cash and cash equivalents101,357101,357101,357
Total 31.12.20212167,111421167,534167,534

Principles in estimating fair value of financial assets for 2022 are the same as those used for preparing the consolidated financial statements for 2021.

FINANCIAL LIABILITIES

 30.9.202231.12.2021 
       
EUR thousandCarrying amountFair valueNominal valueCarrying amountFair valueNominal value
Non-current financial liabilities      
       
Debentures49,25740,34550,00049,14449,12550,000
Lease liabilities12,35312,35312,35313,16713,16713,167
Total non-current financial liabilities61,61052,69862,35362,31162,29263,167
       
Current financial liabilities      
       
Debentures84,99085,00085,00084,06286,49685,000
Lease liabilities3,1413,1413,1412,7612,7612,761
Interest accruals2,3522,3522,352936936936
Derivative liabilities353535151515
Other current liabilities410410410379379379
Trade payables62,53662,53662,53645,66145,66145,661
Total current financial liabilities153,464153,474153,474133,814136,248134,752
       
Total215,074206,172215,827196,125198,540197,919


Principles in estimating fair value for financial liabilities for 2022 are the same as those used for preparing the consolidated financial statements for 2021.

FAIR VALUE MEASUREMENT HIERARCHY

EUR thousandsLevel 1Level 2Level 3
Financial assets at fair value   
Equity instruments421
Total421
    
Financial liabilities at fair value   
Currency forward contracts, liabilities-35
Total-35

Principles in estimating fair value of financial assets and their hierarchies for 2022 are the same as those used for preparing the consolidated financial statements for 2021.

There were no transfers in the fair value measurement hierarchy levels during the reporting period.   

SUOMINEN CORPORATION
Board of Directors


For additional information, please contact:
Petri Helsky, President & CEO, tel. +358 (0)10 214 3080
Toni Tamminen, CFO, tel. +358 (0)10 214 3051




Suominen manufactures nonwovens as roll goods for wipes and other applications. Our vision is to be the frontrunner for nonwovens innovation and sustainability. The end products made of Suominen’s nonwovens are present in people’s daily life worldwide. Suominen’s net sales in 2021 were EUR 443.2 million and we have over 700 professionals working in Europe and in the Americas. Suominen’s shares are listed on Nasdaq Helsinki. Read more at www.suominen.fi.


Distribution:
Nasdaq Helsinki
Main media
www.suominen.fi

Attachment


01-Suominen Corporation Interim Report Q3 2022.pdf

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