2015-04-27 07:30:00 CEST
2015-04-27 07:30:05 CEST
REGULATED INFORMATION
Suominen Oyj - Interim report (Q1 and Q3)
Suominen Corporation’s Interim Report for January 1 – March 31, 2015: Solid performance continued – net sales, operating profit and cash flow from operations strengthened
Helsinki, Finland, 2015-04-27 07:30 CEST (GLOBE NEWSWIRE) -- Suominen
Corporation Interim Report 27 April 2015 at 8:30 am (EEST)
SUOMINEN CORPORATION'S INTERIM REPORT FOR JANUARY 1 - MARCH 31, 2015:
SOLID PERFORMANCE CONTINUED - NET SALES, OPERATING PROFIT AND CASH FLOW FROM
OPERATIONS STRENGTHENED 1-3/ 1-3/ 1-12/
KEY FIGURES 2015 2014 2014
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Net sales, EUR million 111.9 98.4 401.8
Operating profit excluding non-recurring items, EUR million 7.3 6.4 26.9
Operating profit, EUR million 7.3 6.2 25.9
Profit/loss for the period, EUR million, continuing 3.5 2.6 10.2
operations
Profit/loss for the period, EUR million, discontinued − 0.3 -5.2
operations
Profit for the period, EUR million, total 3.5 2.9 5.0
Earnings per share, EUR, continuing operations 0.01 0.01 0.04
Earnings per share, EUR, discontinued operations − 0.00 -0.02
Earnings per share, basic, EUR, total 0.01 0.01 0.02
Cash flow from operations per share, EUR* 0.02 0.00 0.15
Return on invested capital, rolling 12 months, % * 12.0 0.3 12.0
Return on invested capital, rolling 12 months, continuing 14.8 13.0 15.7
operations, %
Gearing, % * 33.2 79.3 34.7
* In 2014, including also discontinued operations.
Highlights in January - March 2015:
- Net sales increased by 13.8% and amounted to EUR 111.9 million (98.4).
- Operating profit excluding non-recurring items increased by 14.2% to EUR 7.3
million (6.4).
- Cash flow from operations increased to EUR 4.5 million (-0.4).
- Suominen announced its plans to execute an investment in a new production
line in North America. If the planning process proceeds as expected, the
location of the manufacturing line would be Suominen's plant in Bethune, South
Carolina, USA.
- Suominen repeats its previous estimate, disclosed on 30 January 2015, that
for the full year 2015 the company expects its net sales and operating profit
excluding non-recurring items to improve from year 2014. In 2014, Suominen's
net sales amounted to EUR 401.8 million and operating profit excluding
non-recurring items to EUR 26.9 million.
President & CEO Nina Kopola comments on Suominen's first quarter of 2015:
“The marked increase of the consumer confidence index of the euro area in the
first quarter proves that, in Europe, consumers are more confident with the
general economic situation. In the U.S., the average consumer confidence index
continued to develop favorably in the first quarter, but by the end of March it
was lower than it was at the start of the year. Europe and North America are
Suominen's largest market areas.
Suominen had a favorable start to 2015. The company's net sales grew 14% on the
comparison period, totaling EUR 111.9 million. The growth in net sales was
primarily attributed to the weakening of our reporting currency, the euro, in
relation to the U.S. dollar. The demand in the European markets improved from
the comparison period, but competitive environment remained fierce.
Suominen's operating profit improved 14% on the comparison period and stood at
EUR 7.3 million. The net sales growth as well as the strengthening of the U.S.
dollar both had an impact on the operating profit. I am particularly pleased
with Suominen's strong cash flow. Our January-March cash flow from operations,
which in recent years has been negative, was EUR 4.5 million (-0.4) this year.
In January, we announced the largest single project in our EUR 30-50 million
investment program. We plan to invest in a new wetlaid production line in our
Bethune plant in SC, the United States. Realization of the project would
support not just the growth target set for the 2015-2017 strategy period, but
also our intention to further increase the share of value-added products in our
portfolio. We have not yet made the total value of the investment public. Also
the investments in our plants in Brazil, Spain and Finland, that were announced
earlier, proceed in accordance with our plans.
Together with growth, we aim to achieve product leadership in our industry. We
took several steps towards this vision through launching three new nonwoven
products in the markets in the first quarter of the year. Fibrella™ Perf
Spunlace is targeted at the South American medical market, specifically for
wound care and surgical applications. An investment in the Paulínia plant in
Brazil announced late last year will make local production of the products
possible. Fibrella™ Lite Spunlace, an especially light nonwoven, is designed
primarily for the global hygiene products market, for diaper and incontinence
products, for example. Both Fibrella product launches support the growth
targets of our Care business area.
We additionally introduced our Hydraspun® Dispersible Plus nonwoven to the
growing global flushable wipes market. The new Hydraspun® Dispersible Plus
nonwoven disperses in water more than three times faster than its predecessor,
Hydraspun® Dispersible. Suominen has filed a patent application for the
product.”
NET SALES
In January-March 2015, Suominen's net sales grew by 13.8% from the comparison
period to EUR 111.9 million (98.4). The strengthening of the U.S. dollar
increased the first quarter net sales by 10.2%. Demand in the European market
was improved from the corresponding period in the previous year, but
competitive environment remained fierce. In addition, the acquisition of the
Brazilian unit in February 2014 contributed slightly to the increase in net
sales. The net sales of the Brazilian plant are included in the net sales of
the corresponding period of 2014 only for two months.
Suominen has two business areas, Convenience and Care. Convenience business
area supplies nonwovens as roll goods for wiping products and travel and
catering applications. Care business area manufactures nonwovens for hygiene
products and medical applications. Net sales of the Convenience business area
were EUR 102.6 million (90.9) and net sales of the Care business area EUR 8.8
million (7.5).
The main application areas for nonwoven materials supplied by Suominen in
January-March were baby wipes (accounting for 41% of the sales), personal care
wipes (22%), household wipes (15%), industrial wipes (12%), and hygiene and
medical products (8%). All nonwovens for wiping products belong to the
Convenience business area and nonwovens for hygiene and medical products to the
Care business area.
The share of baby wipes in the net sales of increased due to the acquisition of
the Brazilian plant, since the plant currently supplies mainly nonwovens for
baby care. The share of nonwovens for household wipes decreased from the
corresponding period.
OPERATING PROFIT AND RESULT
Operating profit excluding non-recurring items increased by 14.2% and amounted
to EUR 7.3 million (6.4). Operating profit was EUR 7.3 million (6.2). There
were no non-recurring items in the first quarter of 2015 (EUR -0.2 million).
The strengthening of the U.S. dollar improved operating profit. Operating
profit was affected by costs (EUR -0.8 million) arising from the vested
share-based incentive plan 2012-2014. The costs of the incentive plan increased
from the initial estimate due to the revisions in the number of shares
transferred to key employees and the strongly improved share price.
If calculated with the average USD/EUR exchange rate of January-March 2014, the
operating profit excluding non-recurring items would have been EUR 6.2 million
(6.4) and including non-recurring items EUR 6.2 million (6.2).
Profit before income taxes for continuing operations was EUR 5.7 million (4.7),
and profit for the reporting period for continuing operations was EUR 3.5
million (2.6).
FINANCING
The Group's net interest-bearing liabilities amounted to EUR 38.2 million
(79.1) at the end of the review period. The gearing was 33.2% (79.3%) and the
equity ratio 42.1% (37.6%).
Bondholders of the convertible hybrid bond issued by Suominen in February 2014
are entitled to convert the bond notes and the potential accrued capitalized
interest related to the notes into Suominen shares. The conversion rate is EUR
0.50 per share, and the conversion period started on 11 February 2014 and will
end on 10 February 2018. The number of shares to be converted must be at least
200,000 shares. The number of shares in Suominen may increase in total by
maximum of 38,625,600 shares on the basis of the conversion of the remaining
bond notes and the potential capitalized interest, if the conversion is carried
out by issuing new shares in Suominen (the amount to be converted after the
share registration on 10 April 2015).
In February 2015, in total EUR 1.0 million of accrued interests of the hybrid
bond were capitalized to the bond capital in accordance with the terms of the
hybrid bond. During the review period in total EUR 2.0 million of the bond
capital and accrued interests were converted into shares and equity of
Suominen. The nominal value of the hybrid bond was EUR 16.5 million on 31 March
2015. Suominen has the right to redeem the bond in whole or in part on 10
February 2018 or thereafter, on each interest payment date, at the nominal
value of the bond together with the accrued interest.
In January-March, net financial expenses were EUR -1.6 million (-1.5), or 1.4%
(1.5%) of net sales. Fluctuations in exchange rates increased the financial
expenses by EUR 0.7 million.
Cash flow from operations was EUR 4.5 million (-0.4), representing a cash flow
per share of EUR 0.02 (0.00). The financial items in the cash flow from
operations, in total EUR -5.3 million (-1.5), were principally impacted by
currency forward contracts hedging equity and the interests of the debenture
bond paid during the reporting period. EUR 0.1 million was tied up in working
capital (in 2014: tied up 8.9).
In accordance with the decision of the Annual General Meeting held on 19 March
2015, a distribution of funds from the reserve for invested unrestricted equity
(EUR 0.01 per share), in total EUR 2.5 million, was paid on 30 March 2015.
CAPITAL EXPENDITURE
The gross capital expenditure totaled EUR 1.5 million (1.9 for continuing
operations). Depreciation and amortization for the review period amounted to
EUR 4.4 million (3.7 for continuing operations). The investments were mainly
for maintenance. In addition, one production line was re-opened at Nakkila
plant in Finland.
Suominen announced in January 2015 that it had started to plan an investment in
a new production line in order to implement its growth strategy. The planned
investment would be the largest single initiative in Suominen's growth
investment program announced in December 2014. According to company's initial
plans, the new nonwovens manufacturing line would serve several higher
value-adding end-use applications, and would be essential for the execution of
Suominen's growth strategy. Suominen is looking to build the new line in the
Bethune plant in the U.S. In North America, the demand for high value-adding
nonwovens has both developed favorably historically and also has attractive
growth forecasts.
BUSINESS COMBINATIONS AND DISCONTINUED OPERATIONS
Business combinations
No business combinations were reported during the review period. Suominen
completed the acquisition of the Paulínia plant in Brazil from Ahlstrom
Corporation on 10 February 2014. The closing of the deal provided Suominen's
nonwovens business a foothold in the growing South American market region.
Discontinued operations
No discontinued operations were reported during the review period. In July
2014, Suominen divested its Flexibles business, and the result of the Flexibles
segment is reported as discontinued operations in the figures of the
corresponding period last year.
INFORMATION ON SHARES AND SHARE CAPITAL
Share capital
The number of Suominen's registered shares was 251,365,648 shares on 31 March
2015, equaling to a share capital of EUR 11,860,056.00. The number of shares
increased in the review period in total by 3,431,526 shares, of which 2,924,138
was attributable to the share conversions of the hybrid bond notes and the
accrued interests; and 507,388 to the directed share issue subject to payment
for the management, implemented based on the share-based incentive system. Both
the conversion of the hybrid bond to equity and the share issue subject to
payment have been recorded into the reserve for invested unrestricted equity.
In the share issue directed for the members of Suominen's Corporate Executive
Team and the Corporate Leadership Team, the subscription period of the new
shares began on 8 December 2014 and ended on 30 January 2015. The subscription
price for the new shares was EUR 0.67 per share, which was the same as the
trade volume weighted average quotation of the share on NASDAQ OMX Helsinki Ltd
during 1 November—30 November 2014. The new shares were paid upon subscription.
At the end of the review period, Suominen had in total 1,059,968 shares that
were subscribed based on the hybrid bond but not yet registered at Trade
Register. These shares were registered at Trade Register on 10 April 2015.
After the registration, on 10 April 2015, Suominen Corporation had in total
252,425,616 shares and votes.
Share trading and price
The number of Suominen Corporation shares traded on NASDAQ Helsinki from 1
January to 31 March 2015 was 55,481,427 shares, accounting for 22.4% of the
average number of shares (excluding treasury shares). The highest price was EUR
1.15, the lowest EUR 0.75 and the volume-weighted average price EUR 0.91. The
closing price at the end of review period was EUR 1.12. The market
capitalization (excluding treasury shares) was EUR 280.4 million on 31 March
2015.
Treasury shares
On 31 March 2015, Suominen Corporation held 1,000,875 treasury shares. In total
802,644 treasury shares were transferred during the review period to key
employees of the Group in a directed share-issue without consideration as a
reward of the 2012-2014 share-based incentive plan.
The portion of the remuneration of the members of the Board of Directors which
shall be paid in shares
The Annual General Meeting held on 19 March 2015 resolved to maintain the
remuneration of the members of the Board of Directors unchanged. In 2015, the
Chair of the Board of Directors will be paid an annual fee of EUR 50,000,
Deputy Chair of the Board an annual fee of EUR 37,500 and other Board members
an annual fee of EUR 28,000. Further, the members of the Board will receive a
fee of EUR 500 for each meeting held in the home country of respective member
and a fee of EUR 1,000 per each meeting held elsewhere than in the home country
of respective member. 60% of the annual remuneration is paid in cash and 40% in
Suominen Corporation's shares.
The number of shares forming the above-mentioned remuneration portion payable
in shares will be determined based on the share value in the stock exchange
trading maintained by NASDAQ OMX Helsinki Ltd, calculated as the trade
volume-weighted average quotation of the share during the one month period
immediately following the date on which the interim report of January-March
2015 of the company is published. The shares will be given out of the treasury
shares held by the company by the decision of the Board of Directors by 6 June
2015 at the latest.
Share-based incentive plans for the management and key employees
The Board of Directors of Suominen Corporation approved on December 2014 two
new share-based incentive plans for the Group management and Group key
employees and a directed share issue.
Performance Share Plan 2015
The Performance Share Plan includes one vesting period, calendar years
2015-2017. The Performance Share Plan is directed to approximately 15 people.
The potential reward of the Plan from the performance period 2015-2017 will be
based on the Suominen Group´s net sales growth, earnings before interest and
taxes (EBIT) and return on invested capital (ROI). The rewards to be paid on
the basis of the performance period 2015 - 2017 correspond to the value of an
approximate maximum total of 2,300,000 Suominen Corporation shares (including
also the proportion to be paid in cash).
Matching Share Plan 2015
The Matching Share Plan includes one three-year vesting period, calendar years
2015 - 2017. The prerequisite for receiving reward on the basis of this Plan is
that a person participating in the Plan owns or acquires the Company´ shares up
to the number determined by the Board of Directors. Furthermore, receiving of
reward is tied to the continuance of participant´s employment or service upon
reward payment. The members of the Corporate Executive Team and the Corporate
Leadership Team belong to the target group of the Matching Share Plan. The
rewards to be paid on the basis of the Matching Share Plan correspond to the
value of an approximate maximum total of 550,000 Suominen Corporation shares
(including also the proportion to be paid in cash). In order to implement the
Matching Share Plan, the Board of Directors resolved on a share issue against
payment directed to the target group.
Reward payment and ownership obligation for the management
The potential rewards from the vesting periods 2015-2017 will be paid partly in
the Company's shares and partly in cash in 2018. The cash proportion is
intended to cover taxes and tax-related costs arising from the reward to the
participant. As a rule, no reward will be paid, if a participant´s employment
or service ends before the reward payment. A member of the Corporate Executive
Team must hold 50% of the net number of shares given on the basis of the Plans,
as long as his or her shareholding in total corresponds to the value of half of
his or her annual gross salary. The President & CEO of the Company must hold
50% of the net number of shares given on the basis of the Plans, as long as his
or her shareholding in total corresponds to the value of his or her annual
gross salary. Such 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 19 March
2015. The AGM decided that no dividend will be paid for the financial year
2014, but a distribution of funds from reserve for invested unrestricted
capital, EUR 0.01 per share, will be paid from the reserve for invested
unrestricted equity.
The AGM adopted the financial statements and the consolidated financial
statements for the financial year 2014 and discharged the members of the Board
of Directors and the President & CEO from liability.
The AGM confirmed the number of members of the Board of Directors to be six
(6). The AGM re-elected Mr. Risto Anttonen, Mr. Jorma Eloranta, Mr. Hannu
Kasurinen and Ms. Jaana Tuominen as members of the Board of Directors, and
elected Ms. Laura Raitio and Mr. Andreas Ahlström as new members of the Board
of Directors for the next term of office, expiring at the end of the first
Annual General Meeting of Shareholders following their election. The
remuneration of the members of the Board of Directors was resolved to maintain
unchanged. The resolutions were in accordance with the proposals submitted by
the Nomination Board of Suominen's shareholders.
Ernst & Young Oy, Authorized Public Accountants, was elected as auditor of
Suominen Corporation, with Ms. Kristina Sandin, Authorized Public Accountant,
as the principal auditor.
Constitutive meeting and permanent committees of the Board of Directors
In its constitutive meeting, the Board of Directors elected from among its
members a Chair and Deputy Chair as well as members for the Audit Committee and
Personnel and Remuneration Committee.
The Board of Directors elected Jorma Eloranta as Chair and Risto Anttonen as
Deputy Chair of the Board of Directors, in accordance with the recommendation
by the Nomination Board of Suominen's shareholders.
Hannu Kasurinen was re-elected as Chair of the Audit Committee. Andreas
Ahlström and Laura Raitio were elected as members of the Audit Committee. Jorma
Eloranta was re-elected as Chair of the Personnel and Remuneration Committee.
Risto Anttonen and Jaana Tuominen were elected as members.
Authorizations of the Board of Directors
The Annual General Meeting (AGM) held on 19 March 2015 authorized the Board of
Directors to repurchase a maximum of 2,000,000 of the company's own shares. 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 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 OMX Helsinki Ltd
at the market price prevailing at the time of acquisition. The repurchase
authorization is valid until 30 June 2016.
The AGM held on 26 March 2014 authorized the Board of Directors to repurchase a
maximum of 3,000,000 of the company's own shares. The authorization is valid
until 30 June 2015. The other terms of the authorization are the same as in the
authorization given by the AGM held on 19 March 2015.
The AGM held on 26 March 2014 also 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 special rights entitling to shares referred to in
Chapter 10, Section 1 of the Finnish Companies Act. 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 25,000,000 shares in aggregate. 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 25,000,000 shares in total which number is included in the
maximum number stated earlier. The authorizations are valid until 30 June 2017.
By 31 March 2015, the number of shares used based on the authorization was
1,430,880 shares. The remaining number of shares which can be issued based on
the authorization is 23,569,120 shares.
NOTIFICATIONS UNDER CHAPTER 9, SECTION 5 OF THE SECURITIES MARKET ACT
During the review period Suominen received the following notifications referred
to in Chapter 9, Section 5 of the Securities Market Act:
On 29 January 2015, Mandatum Life Insurance Company Limited (business identity
code 0641130-2) notified that it has disposed Suominen Corporation shares
through a transaction made on 23 January 2015, and consequently, its ownership
in Suominen decreased below the threshold of 5%. After the transaction,
Mandatum holds in total 12,318,243 shares and votes (4.97% of all shares and
votes). In its previous notification, the number of shares held by Mandatum was
22,322,222, accounting for 9.1% of all shares and votes in Suominen.
On 29 January 2015, Mandatum Life Insurance Company Limited (business identity
code 0641130-2) notified that it had on 5 February 2014 subscribed the
convertible hybrid bond issued by Suominen, which entitles Mandatum to
subscribe a maximum of 3,714,000 new Suominen shares during the conversion
period of 11 February 2014 - 10 February 2018. If Mandatum decided to subscribe
these shares, its shareholding in Suominen would exceed the threshold of 5%.
After the subscription, Mandatum would hold 16,032,243 shares and votes (6.37%
of all shares and votes). In its previous notification, the number of Suominen
shares held by Mandatum was 12,318,243, accounting for 4.97% of all shares and
votes.
On 18 February 2015, Mandatum Life Insurance Company Limited (business identity
code 0641130-2) notified that it has divested Suominen Corporation shares
through a transaction made on 17 February 2015. Following the transaction,
Mandatum's ownership in Suominen would remain below the threshold of 5% even if
Mandatum would convert all notes of the hybrid bond it subscribed in February
2014 into Suominen shares.
On 16 March 2015, Finnish Industry Investment Ltd (Suomen Teollisuussijoitus
Oy, business identity code 1007806-3) notified that it has divested Suominen
shares and thus its shareholding has fallen below the flagging threshold of 5%
of all shares and votes in Suominen. In its previous notification, Finnish
Industry Investment Ltd stated it held 22,222,222 Suominen shares,
corresponding to 9.04% of shares and votes in Suominen Corporation. Before the
transaction made on 16 March 2015, Finnish Industry Investment Ltd held
14,009,604 shares, corresponding to 5.57% of all shares and votes. After the
transaction made on 16 March 2015, Finnish Industry Investment Ltd holds in
total 7,009,604 Suominen shares, corresponding to 2.78% of all shares and
votes.
On 20 March 2015, Ilmarinen Mutual Pension Insurance Company (Keskinäinen
Eläkevakuutusyhtiö Ilmarinen, business identity code 0107638-1), notified that
it has on 19 March 2015 divested Suominen shares and consequently crossed the
flagging threshold of 10% of all shares and votes in Suominen Corporation. In
its previous notification, Ilmarinen stated it held 27,111,992 Suominen shares,
corresponding to 11.02% of shares and votes in Suominen Corporation. After the
transaction, Ilmarinen holds in total 18,422,103 Suominen shares, corresponding
to 7.33% of all shares and votes.
BUSINESS RISKS AND UNCERTAINTIES
Due to the acquisition of the manufacturing plant in Brazil, the risks that are
characteristic to any developing region, including significant changes in
business environment or exchange rates, could have an impact on Suominen's
operations in Brazil.
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. 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 insurances
according to which it is estimated that the damages can be covered and the
financial losses caused by an interruption compensated.
The sensitivity of Suominen's goodwill to changes in business conditions is
described in the notes to the financial statements 2014. Actual cash flows may
deviate from the forecasted future discounted cash flows, as the long economic
lifetime of the company's non-current assets, as well as 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 2014.
BUSINESS ENVIRONMENT
Suominen's products are used in daily consumer goods, such as wet wipes,
hygiene product and medical nonwovens. 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
largest market areas for Suominen. Moreover, Suominen gained a foothold in the
growing South American markets through an acquisition in February 2014.
In Europe, the confidence of consumers to the improvement of the general
economic situation increased markedly in the first quarter of 2015. In the
United States, the average consumer confidence index continued to develop
favorably in the first quarter, but by the end of March it was lower than it
was at the start of the year.
Suominen assesses the trend in the 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 customers. Suominen estimates that in 2015, the
growth in the demand for its products will, on average, continue at the pace of
2014.
OUTLOOK FOR 2015
Suominen repeats its previous estimate, disclosed on 30 January 2015, that for
the full year 2015 the company expects its net sales and operating profit
excluding non-recurring items to improve from year 2014. In 2014, Suominen's
net sales amounted to EUR 401.8 million and operating profit excluding
non-recurring items to EUR 26.9 million.
SUOMINEN GROUP CONSOLIDATED 1 JANUARY - 31 MARCH 2015
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 financial statements for
2014. Changes to published accounting standards and interpretations, together
with the new accounting standards that came into force on 1 January 2015, are
presented in the financial statements for 2014.
The figures in these interim financial statements 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.
STATEMENT OF FINANCIAL POSITION
EUR thousands 31 March 31 March 31 December
2015 2014 2014
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Assets
Non-current assets
Goodwill 15,496 15,496 15,496
Intangible assets 12,598 12,826 12,510
Property, plant and equipment 92,197 106,426 88,721
Loan receivables 8,202 − 8,202
Available-for-sale assets 1,113 938 1,124
Held-to-maturity investments 433 467 450
Other non-current receivables 2,518 511 2,614
Deferred tax assets 5,276 7,313 5,516
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Total non-current assets 137,833 143,976 134,633
Current assets
Inventories 30,914 36,174 32,380
Trade receivables 60,599 61,894 52,269
Loan receivables 600 59 600
Other current receivables 4,108 7,396 4,618
Assets for current tax 1,381 326 1,682
Cash and cash equivalents 38,036 15,227 38,430
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Total current assets 135,639 121,076 129,979
Total assets 273,472 265,052 264,611
Equity and liabilities
Share capital 11,860 11,860 11,860
Share premium account 24,681 24,681 24,681
Reserve for invested unrestricted equity 69,572 97,123 97,192
Treasury shares -44 -44 -44
Fair value and other reserves 14 -1,045 96
Exchange differences 8,216 -2,168 3,419
Other equity -15,901 -48,299 -46,890
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Total equity attributable to owners of the 98,398 82,108 90,313
parent
Hybrid bond 16,653 17,640 18,424
--------------------------------------------------------------------------------
Total equity 115,051 99,748 108,737
Liabilities
Non-current liabilities
Deferred tax liabilities 9,832 7,179 8,789
Provisions − 126 −
Other non-current liabilities 2,454 1,857 1,729
Debentures 75,000 − 75,000
Other non-current interest-bearing 6,667 70,388 6,667
liabilities
--------------------------------------------------------------------------------
Total non-current liabilities 93,953 79,550 92,185
Current liabilities
Current interest-bearing liabilities 3,333 24,060 3,347
Liabilities for current tax 941 522 246
Trade payables and other current 60,194 61,172 60,096
liabilities
--------------------------------------------------------------------------------
Total current liabilities 64,468 85,754 63,689
Total liabilities 158,421 165,304 155,874
Total equity and liabilities 273,472 265,052 264,611
STATEMENT OF PROFIT OR LOSS
EUR thousands 1-3/201 1-3/201 1-12/201 5 4 4
--------------------------------------------------------------------------------
Net sales 111,934 98,353 401,762
Cost of goods sold -97,547 -87,039 -352,091
--------------------------------------------------------------------------------
Gross profit 14,387 11,314 49,671
Other operating income 950 768 2,655
Sales and marketing expenses -1,902 -1,444 -6,278
Research and development -851 -614 -2,877
Administration expenses -4,681 -3,459 -14,144
Other operating expenses -611 -181 -2,177
--------------------------------------------------------------------------------
Operating profit excluding non-recurring items 7,292 6,384 26,851
Non-recurring items − -233 -954
--------------------------------------------------------------------------------
Operating profit / loss 7,292 6,151 25,897
Net financial expenses -1,621 -1,467 -8,075
--------------------------------------------------------------------------------
Profit/loss before income taxes 5,670 4,684 17,822
Income taxes -2,188 -2,099 -7,645
--------------------------------------------------------------------------------
Profit/loss for the period from continuing 3,482 2,585 10,177
operations
Discontinued operations
Profit/loss for the period − 308 717
Impairment losses and costs to sell − − -5,921
--------------------------------------------------------------------------------
Profit/loss for the period from discontinued − 308 -5,204
operations, total
----------------------------------------------------- ------------------
Profit/loss for the period 3,482 2,892 4,973
--------------------------------------------------------------------------------
Earnings per share, EUR
Continuing operations 0.01 0.01 0.04
Discontinued operations − 0.00 -0.02
--------------------------------------------------------------------------------
Total basic 0.01 0.01 0.02
Total diluted 0.00 0.01 0.02
STATEMENT OF COMPREHENSIVE INCOME
EUR thousands 1-3/20 1-3/20 1-12/2
15 14 014
--------------------------------------------------------------------------------
Profit/loss for the period 3,482 2,892 4,973
Other comprehensive income:
Other comprehensive income that will be subsequently
reclassified to profit or loss
Exchange differences 5,301 847 6,863
Fair value changes of cash flow hedges -102 -58 1,368
Other reclassifications − -3 −
Income taxes related to other comprehensive income -431 17 -696
--------------------------------------------------------------------------------
Total 4,768 804 7,535
Other comprehensive income that will not be subsequently
reclassified to profit or loss
Remeasurements of defined benefit plans − − -147
Income taxes related to other comprehensive income − − 47
--------------------------------------------------------------------------------
Total − − -100
Total other comprehensive income 4,768 804 7,434
Total comprehensive income for the period 8,250 3,696 12,407
Attributable to:
Continuing operations 8,250 3,696 17,612
Discontinued operations − − -5,205
--------------------------------------------------------------------------------
Total comprehensive income for the period 8,250 3,696 12,407
--------------------------------------------------------------------------------
STATEMENT OF CHANGES IN EQUITY
EUR thousands Share capital Share Reserve Treasur Exchange
premium for y difference
account invested shares s
unrestri
cted
equity
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Equity 1 11,860 24,681 97,192 -44 3,419
January 2015
--------------------------------------------------------------------------------
Profit / loss − − − − −
for the
period
Other − − − − 4,849
comprehensive
income
--------------------------------------------------------------------------------
Total − − − − 4,849
comprehensive
income
Share-based − − − − −
payments
Share issue − − 340 − −
Distribution − − -2,504 − −
of funds
Reclassificati − − -27,448 − -51
ons
Conversion of − − 1,992 − −
hybrid bond
Hybrid bond − − − − −
Equity 31 11,860 24,681 69,572 -44 8,216
March 2015
--------------------------------------------------------------------------------
EUR thousands Fair value and Other equity Total Hybrid Total
other reserves bond equity
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Equity 1 January 96 -46,890 90,313 18,424 108,737
2015
--------------------------------------------------------------------------------
Profit / loss for − 3,482 3,482 − 3,482
the period
Other -81 − 4,768 − 4,768
comprehensive
income
--------------------------------------------------------------------------------
Total -81 3,482 8,250 − 8,250
comprehensive
income
Share-based − 183 183 − 183
payments
Share issue − − 340 − 340
Distribution of − − -2,504 − -2,504
funds
Reclassifications − 27,499 − − −
Conversion of − − 1,992 -1,992 −
hybrid bond
Hybrid bond − -177 -177 221 44
Equity 31 March 14 -15,901 98,398 16,653 115,051
2015
--------------------------------------------------------------------------------
EUR Share capital Share Reserve for Treasur Exchange
thousands premium invested y difference
account unrestricted shares s
equity
--------------------------------------------------------------------------------
Equity 1 11,860 24,681 97,123 -44 -3,021
January
2014
--------------------------------------------------------------------------------
Profit / − − − − −
loss for
the period
Other − − − − 853
comprehensi
ve income
--------------------------------------------------------------------------------
Total − − − − 853
comprehensi
ve income
Share-based − − − − −
payments
Hybrid bond − − − − −
Equity 31 11,860 24,681 97,123 -44 -2,168
March 2014
--------------------------------------------------------------------------------
EUR Fair value Other Total Hybrid Total
thousands and other equity bond equity
reserves
--------------------------------------------------------------------------------
Equity 1 -999 -51,094 78,506 − 78,506
January
2014
--------------------------------------------------------------------------------
Profit / − 2,892 2,892 − 2,892
loss for
the period
Other -46 -3 804 − 804
comprehensi
ve income
--------------------------------------------------------------------------------
Total -46 2,889 3,696 − 3,696
comprehensi
ve income
Share-based − 18 18 − 18
payments
Hybrid bond − -112 -112 17,640 17,528
Equity 31 -1,045 -48,299 82,108 17,640 99,748
March 2014
--------------------------------------------------------------------------------
EUR thousands Share Share Reserve for invested Treasury Exchange
capita premium unrestricted equity shares differences
l account
--------------------------------------------------------------------------------
Equity 1 11,860 24,681 97,123 -44 -3,021
January 2014
--------------------------------------------------------------------------------
Profit / loss − − − − −
for the
period
Other − − − − 6,440
comprehensive
income
--------------------------------------------------------------------------------
Total − − − − 6,440
comprehensive
income
Share-based − − − − −
payments
Conveyance of − − 69 − −
treasury
shares
Hybrid bond − − − − −
Equity 31 11,860 24,681 97,192 -44 3,419
December 2014
--------------------------------------------------------------------------------
EUR thousands Fair Other Total Hybrid Total
value and equity bond equity
other
reserves
--------------------------------------------------------------------------------
Equity 1 -999 -51,094 78,506 − 78,506
January 2014
--------------------------------------------------------------------------------
Profit / loss 4,973 4,973 − 4,973
for the
period
Other 1,094 -100 7,435 − 7,435
comprehensive
income
--------------------------------------------------------------------------------
Total 1,094 4,873 12,407 − 12,407
comprehensive
income
Share-based − 70 70 − 70
payments
Conveyance of − − 69 − 69
treasury
shares
Hybrid bond − -739 -739 18,424 17,685
Equity 31 96 -46,890 90,313 18,424 108,737
December 2014
--------------------------------------------------------------------------------
STATEMENT OF CASH FLOWS
EUR thousands 1-3/201 1-3/201 1-12/20
5 4 14
--------------------------------------------------------------------------------
Cash flow from operations
Profit / loss for the period 3,482 2,892 4,973
Total adjustments to profit / loss for the period 8,319 8,254 39,953
--------------------------------------------------------------------------------
Cash flow before changes in net working capital 11,802 11,146 44,927
Change in net working capital -107 -8,856 6,140
Financial items -5,317 -1,534 -6,514
Income taxes -1,886 -1,176 -7,434
--------------------------------------------------------------------------------
Cash flow from operations 4,493 -419 37,119
Cash flow from investments
Investments in property, plant and equipment and -1,664 -1,122 -7,740
intangible assets
Investments in acquired businesses − -19,334 -19,261
Cash flow from disposed businesses − − 4,736
Sales proceeds from property, plant and equipment and 10 31 59
intangible assets
--------------------------------------------------------------------------------
Cash flow from investments -1,654 -20,424 -22,206
Cash flow from financing
Drawdown of hybrid bond − 17,500 17,500
Drawdown of debenture bond − − 75,000
Drawdown of other non-current interest-bearing − − 10,000
liabilities
Repayment of other non-current interest-bearing − -14 -78,220
liabilities
Changes in current interest-bearing liabilities -14 -6 -18,324
Share issue 340 − −
Distribution of funds -2,504 − −
--------------------------------------------------------------------------------
Cash flow from financing -2,177 17,481 5,956
Change in cash and cash equivalents 662 -3,364 20,869
Cash and cash equivalents at the beginning of the 38,430 18,585 18,585
period
Effect of changes in exchange rates -1,056 6 -1,025
Change in cash and cash equivalents 662 -3,364 20,869
--------------------------------------------------------------------------------
Cash and cash equivalents at the end of the period 38,036 15,227 38,430
Cash flow in 2014 includes also discontinued operations.
KEY RATIOS
1-3/2015 1-3/2014 1-12/2014
--------------------------------------------------------------------------------
Change in net sales, % * 13.8 1.1 7.5
Gross profit, as percentage of net sales, 12.9 11.5 12.4
%
Operating profit, as percentage of net 6.5 6.3 6.4
sales, %
Net financial items, as percentage of net -1.4 -1.5 -2.0
sales, %
Profit before income taxes, as percentage 5.1 4.8 4.4 of net sales, %
Profit for the period, continuing 3.1 2.6 2.5
operations, as percentage of net sales,
%
Loss for the period, discontinued − 0.3 -1.3
operations, as percentage of net sales,
%
Profit for the period, as percentage of 3.1 2.9 1.2
net sales, %
Return on equity, % 5.3 -16.4 5.1
Return on invested capital, rolling 12 12.0 0.3 12.0
months, %
Return on invested capital, rolling 12 14.8 13.0 15.7
months, continuing operations, %
Equity ratio, % 42.1 37.6 41.2
Gearing, % 33.2 79.3 34.7
Gross capital expenditure, continuing 1,459 1,870 7,066
operations, EUR thousands
Depreciation and amortization, continuing 4,386 3,703 15,576
operations, EUR thousands
Number of shares, end of period, 250,364,773 246,009,755 246,130,603
excluding treasury shares
Earnings per share, EUR, continuing 0.01 0.01 0.04
operations
Earnings per share, EUR, discontinued − 0.00 -0.02
operations
Earnings per share, EUR, total, basic 0.01 0.01 0.02
Earnings per share, EUR, total, diluted 0.00 0.01 0.02
Equity per share, EUR 0.46 0.40 0.44
Cash flow from operations per share, EUR 0.02 0.00 0.15
Share price, end of period 1.12 0.50 0.81
Share price, period low 0.75 0.47 0.47
Share price, period high 1.15 0.54 0.81
Volyme weighted average price during the 0.91 0.50 0.58
period
Market capitalization, EUR million 280.4 123.0 199.4
Number of traded shares during the period 55,481,427 5,314,576 97,735,300
Number of traded shares during the 22.4 2.2 39.7
period, % of average number of shares
* Compared with the corresponding period in the previous year.
Interest-bearing net debt, EUR thousands
Non-current interest-bearing liabilities 81,667 70,388 81,667
Current interest-bearing liabilities 3,333 24,060 3,347
Interest-bearing receivables and cash and cash -46,838 -15,370 -47,232
equivalents
--------------------------------------------------------------------------------
Interest-bearing net debt 38,162 79,077 37,782
--------------------------------------------------------------------------------
DEFINITION OF KEY RATIOS
Definitions of key ratios are presented in the financial statements for 2014.
NET SALES BY GEOGRAPHICAL MARKET AREA
EUR thousands 1-3/2015 1-3/2014 1-12/2014
------------------------------------------------
Finland 746 724 2,516
Rest of Europe 42,067 32,079 139,738
Americas 66,726 62,975 248,942
Rest of the world 2,396 2,575 10,565
------------------------------------------------
Total 111,934 98,353 401,762
QUARTERLY DEVELOPMENT
2015 2014
--------------------------------------------------------------------------------
EUR thousands 1-3 10-12 7-9 4-6 1-3 1-12
--------------------------------------------------------------------------------
Net sales 111,934 104,779 103,291 95,340 98,353 401,763
Operating profit excluding 7,292 6,233 8,711 5,524 6,384 26,852
non-recurring items
as % of net sales 6.5 5.9 8.4 5.8 6.5 6.7
Non-recurring items − -93 -349 -278 -233 -954
--------------------------------------------------------------------------------
Operating profit 7,292 6,140 8,362 5,246 6,151 25,898
as % of net sales 6.5 5.9 8.1 5.5 6.3 6.4
Net financial items -1,621 -998 -4,334 -1,276 -1,467 -8,074
--------------------------------------------------------------------------------
Profit before income taxes 5,670 5,141 4,028 3,969 4,684 17,823
as % of net sales 5.1 4.9 3.9 4.2 4.8 4.4
RELATED PARTY INFORMATION
The related parties of Suominen include the members of the Board of Directors,
President & CEO and the members of the Corporate 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. Ahlstrom Corporation, including its subsidiaries
and associated companies were related parties through share ownership until 7
October 2014. Suominen has no associated companies.
In its transactions with related parties Suominen follows the same commercial
terms as in transactions with third parties.
During the review period in total 751,193 shares in Suominen were transferred
to related parties in accordance with the terms of the vested share-based
incentive plan. In total 325,861 shares were transferred to the President & CEO
and 425,332 shares to other members of the Corporate Executive Team. In
accordance with the terms of plan, part of the reward was a cash payment to
cover related income taxes. The fair value of the shares and the cash part of
the reward was EUR 1,637 thousands at the date when the shares were
transferred.
Other salaries paid to the related parties during the first quarter of 2015
amounted to EUR 784 thousands, obligatory pension payments EUR 81 thousands,
voluntary pension payments EUR 74 thousands, compensation of the vested
share-based plan EUR 1,562 thousands and accruals based on share-based
incentive plans EUR 61 thousands.
Other related party transactions
EUR thousands 1-3/2015 1-3/2014 1-12/2014
--------------------------------------------------------------
--------------------------------------------------------------
Sales of goods and services − 1,576 5,083
Purchases of goods and services − 17,681 58,487
Trade and other receivables − 651 −
Trade and other payables − 1,965 −
Other related-party transactions were transactions with Ahlstrom Corporation
and its subsidiaries and associated companies.
CHANGES IN PROPERTY, PLANT AND EQUIPMENT AND INTANGIBLE ASSETS
31 March 2015 31 March 2014 31 December 2014
EUR thousands Property, Intangi Property, Intangi Property, Intangi
plant and ble plant and ble plant and ble
equipment assets equipment assets equipment assets
--------------------------------------------------------------------------------
Carrying amount 88,721 12,510 98,640 12,025 98,640 12,025
at the
beginning of
the period
Capital 977 482 762 1,211 4,650 2,416
expenditure
Disposals − -10 -6 − -9 −
Discontinued − − − − -18,211 -160
operations
Acquired − − 10,463 20 10,779 20
businesses
Depreciation, -3,879 -507 -3,928 -425 -13,714 -1,862
amortization
and impairment
losses
Exchange 6,378 122 494 -5 6,586 71
differences and
other changes
--------------------------------------------------------------------------------
Carrying amount 92,197 12,598 106,426 12,826 88,721 12,510
at the end of
the period
--------------------------------------------------------------------------------
Intangible assets excluding goodwill.
CHANGES IN INTEREST-BEARING LIABILITIES
EUR thousands 1-3/ 1-3/ 1-12/
2015 2014 2014
--------------------------------------------------------------------------------
Total interest-bearing liabilities at the beginning of 85,014 94,471 94,471
the period
Current liabilities at the beginning of the period 3,347 24,071 24,071
Discontinued operations − − -502
Changes in current liabilities -14 -11 -20,222
--------------------------------------------------------------------------------
Current liabilities at the end of the period 3,333 24,060 3,347
Non-current liabilities at the beginning of the period 6,667 70,399 70,399
Discontinued operations − − -4,283
Changes in non-current liabilities − -11 -59,449
--------------------------------------------------------------------------------
Non-current liabilities at the end of the period 6,667 70,388 6,667
Debentures at the beginning of the period 75,000 − −
Changes in debentures − − 75,000
--------------------------------------------------------------------------------
Debentures at the end of the period 75,000 − 75,000
Total interest-bearing liabilities at the end of the 85,000 94,448 85,014
period
In accordance with IAS 32, the hybrid bond is included in equity.
CONTINGENT LIABILITIES
EUR thousands 31 March 31 March 31 December
2015 2014 2014
--------------------------------------------------------------------------------
---------------
For own debt
Secured loans − 91,354 −
Nominal values of pledges
Real estate mortgages − 27,045 −
Floating charges − 161,672 −
Pledged subsidiary shares and loans − 184,901 −
Other own commitments
Operating leases, real estates 21,992 22,368 21,822
Operating leases, machinery and 1,165 2,241 1,089
equipment
Guarantees
On own behalf − − 1,800
On behalf of others 4,017 − 4,017
FINANCIAL ASSETS BY CATEGORY
a. Financial assets at fair value through profit or loss
b. Held-to-maturity assets
c. Loans and receivables
d. Available-for-sale financial assets
e. Derivatives
f. Carrying amount
g. Fair value
Classification
EUR thousands a. b. c. d. e. f. g.
--------------------------------------------------------------------------------
Available-for-sale financial − − − 1,113 − 1,113 1,113
assets
Held-to-maturity assets − 433 − − − 433 433
Other non-current receivables 980 − 1,538 − − 2,518 2,518
Loan receivables − − 8,802 − − 8,802 8,802
Trade receivables − − 60,599 − − 60,599 60,599
Other current receivables − − 166 − 10 176 176
Interest and other financial − − 1,766 − − 1,766 1,766
receivables
Cash and cash equivalents − − 38,036 − − 38,036 38,036
--------------------------------------------------------------------------------
Total 31 March 2015 980 433 110,907 1,113 10 113,443 113,443
EUR thousands a. b. c. d. e. f. g.
--------------------------------------------------------------------------------
Available-for-sale financial − − − 1,124 − 1,124 1,124
assets
Held-to-maturity assets − 450 − − − 450 450
Other non-current receivables 980 − 1,634 − − 2,614 2,614
Loan receivables − − 8,802 − − 8,802 8,802
Trade receivables − − 52,269 − − 52,269 52,269
Other current receivables − − 1,011 − 12 1,023 1,023
Interest and other financial − − 1,725 − − 1,725 1,725
receivables
Cash and cash equivalents − − 38,430 − − 38,430 38,430
--------------------------------------------------------------------------------
Total 31 December 2014 980 450 103,871 1,124 12 106,437 106,437
Principles in estimating fair value for financial assets for 2015 are the same
as those used for preparing the financial statements for 2014.
FINANCIAL LIABILITIES
31 March 2015 31 December 2014
EUR thousands Carrying Fair Carrying Fair
amount value amount value
--------------------------------------------------------------------------------
Non-current financial liabilities
Loans from financial institutions 6,667 6,667 6,667 6,667
Debentures 75,000 77,235 75,000 75,150
Other non-current liabilities 363 363 350 350
--------------------------------------------------------------------------------
Total non-current financial 82,030 84,265 82,017 82,167
liabilities
Current financial liabilities
Current part of non-current loans from 3,333 3,333 3,333 3,333
financial institutions
Finance lease liabilities − − 14 14
Derivatives, no hedge accounting 145 145 121 121
applied
Derivatives, hedge accounting applied 1,100 1,100 197 197
Interest accruals 84 84 902 902
Other current liabilities 289 289 726 726
Trade payables 47,834 47,834 47,403 47,403
--------------------------------------------------------------------------------
Total current financial liabilities 52,785 52,785 52,696 52,696
Total 134,815 137,050 134,713 134,863
Principles in estimating fair value for financial liabilities for 2015 are the
same as those used for preparing the financial statements for 2014.
FAIR VALUE MEASUREMENT HIERARCHY
EUR thousands Level 1 Level 2 Level 3
-------------------------------------------------------------
-------------------------------------------------------------
Assets measured at fair value
Other non-current receivables − − 980
Assets held for sale − − 1,113
-------------------------------------------------------------
-------------------------------------------------------------
Total − − 2,093
Derivatives measured at fair value
Currency derivatives − -1,064 −
Electricity derivatives − -171 −
-------------------------------------------------------------
-------------------------------------------------------------
Total − -1,235 −
Principles in estimating fair value for financial assets and their hierarchies
for 2015 are the same as those used for preparing the financial statements for
2014.
ANALYST AND PRESS CONFERENCE
Nina Kopola, President & CEO, and Tapio Engström, CFO, will present Suominen's
January-March 2015 financial result in Finnish at an analyst and press
conference in Helsinki today, on 27 April 2015 at 10.00am (EEST). 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.
A teleconference on the financial result will be held on 27 April at 13.30 am
(EEST). The conference can be attended by phone at +44 (0)20 3059 8125. Please
use the password "Suominen". The conference can also be accessed as an online
webcast at www.suominen.fi/webcast. The conference will be held in English.
The presentation material will be available after the analyst and press
conference at www.suominen.fi.
A replay of the conference can be accessed at www.suominen.fi/webcast or by
phone at +44 121 260 4861, using access code 0718359#.
NEXT INTERIM REPORT
Suominen Corporation will publish its Interim report for January-June 2015 on
Friday, 17 July 2015.
Helsinki, 27 April 2015
SUOMINEN CORPORATION
Board of Directors
For additional information, please contact:
Nina Kopola, President & CEO, tel. +358 (0)10 214 300
Tapio Engström, Senior Vice President and CFO, tel. +358 (0)10 214 300
Distribution:
NASDAQ Helsinki
Key media
www.suominen.fi
Suominen in brief
Suominen manufactures nonwovens as roll goods for wipes as well as for medical
and hygiene products. The end products made of Suominen's nonwovens - wet
wipes, feminine care products and swabs, for instance - bring added value to
the daily life of consumers worldwide. Suominen is the global market leader in
nonwovens for wipes and employs approximately 600 people in Europe and in the
Americas. Suominen's net sales in 2014 amounted to MEUR 401.8 and operating
profit excluding non-recurring items to MEUR 26.9 (continuing operations). The
Suominen share (SUY1V) is listed in NASDAQ OMX Helsinki Stock Exchange. Read
more at www.suominen.fi.
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