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2011-04-29 11:00:00 CEST 2011-04-29 11:00:05 CEST REGLERAD INFORMATION Suominen Yhtymä - Interim report (Q1 and Q3)Suominen Corporation's Interim Report 1 January - 31 March 2011Increase in net sales, result negative Tampere, 2011-04-29 11:00 CEST (GLOBE NEWSWIRE) -- SUOMINEN CORPORATION INTERIM REPORT 29 APRIL 2011 AT 12 A.M. INTERIM REPORT 1 JANUARY - 31 MARCH 2011 INCREASE IN NET SALES, RESULT NEGATIVE KEY FIGURES 1-3/2011 1-3/2010 1-12/2010 ---------------------------------------------------------------------- Net sales, EUR million 44.3 40.6 173.4 Operating profit, EUR million -0.6 -0.3 -10.8 Profit/loss for the period, EUR million -1.7 -1.1 -14.4 Earnings/share, EUR -0.04 -0.03 -0.34 Cash flow from operations/share, EUR 0.01 -0.03 -0.06 Despite an increase in net sales, Suominen's first-quarter operating profit was negative. The operative result was affected by higher raw material prices. The on-going rationalisation of operations had a positive effect on the Group's result. It is estimated that the result after taxes for all of 2011 will improve over 2010, but remain negative. GROUP FINANCIAL RESULTS Suominen Corporation generated net sales of EUR 44.3 million (40.6) in the first quarter. Operating profit was EUR -0.6 million (-0.3), profit before taxes EUR -2.2 million (-1.5) and profit after taxes EUR -1.7 million (-1.1). Net sales increased by 9 per cent compared to the first quarter of the previous year. Average sales prices increased thanks to raised prices and raw material price mechanisms included in sales contracts. The operating profit for the period showed a loss of EUR 0.6 million. The first-quarter result was burdened, in particular, by increases in raw material prices, which could not be compensated for by increased sales prices during the period. The operating costs decreased from the corresponding period in 2010. The first quarter result included EUR 0.2 million in non-recurring costs due to rationalisation measures in Flexibles. Tight capital control and use of cash was continued. Investments were kept at a low level, and the amount of working capital decreased slightly despite higher raw material prices. Cash flow from operations was positive. Cost-saving and operational enhancement programme The biggest single savings measure in Suominen's Stairs to Top efficiency programme involved the closure of the Nastola flexible packaging plant and relocation of its machinery to the other plants. This rationalisation will continue to incur costs during the first half of 2011, and the savings will begin to have a full impact beginning in the second half of the year. In contrast, the impacts of the rationalisation measures decided on for Codi Wipes in late 2010 started to materialise already at the beginning of 2011. The rest of the efficiency measures are related to improving the yield and efficiency of production in the units. The positive impact of the savings and efficiency programmes in the first quarter result exceeded EUR one million. Financing The Group's interest-bearing net liabilities totalled EUR 58.0 million (62.1), including capital loans of EUR 4.0 million (6.0). Repayments of non-current loans were EUR 2.0 million. Net financial expenses were EUR 1.5 million (1.1) or 3.5 per cent (2.8) of net sales. The increased cost of financing was due to the higher average interest rate of the loans. A total of EUR 0.8 million was released in working capital (EUR 1.5 was tied up). A total of EUR 10.5 million (9.7) in trade receivables was sold to the bank. The equity ratio was 25.6 per cent (27.5). When capital loans are included in shareholders' equity, the equity ratio was 28.9 per cent (32.1) and the ratio of liabilities to shareholders' equity 153.6 per cent (134.4). Cash flow from operations was EUR 0.01 per share (-0.03). Investments The company's gross investments in production totalled EUR 1.3 million (2.0). Planned depreciation amounted to EUR 2.1 million (2.4). Codi Wipes accounted for EUR 0.1 million (0.1), Nonwovens for EUR 0.5 million (0.9) and Flexibles for EUR 0.6 million (1.0) of total investments. The Group's investments were in efficiency enhancement and maintenance. SEGMENT RESULTS The Wiping business area generated net sales of EUR 27.9 million (24.5) in the first quarter, a 14 percent increase over the corresponding period in 2010. The business area's operating profit was EUR -0.3 million (-0.1). Net sales of Codi Wipes, at EUR 14.0 million, were on a par with the previous year (13.9). The sales of personal care wipes increased, while baby wipe sales slightly decreased. A more marked decrease was observed for moist toilet wipe sales. Average sales prices remained at the first quarter level of 2010. Measures agreed in the co-determination procedure completed in January decreased the unit's operating expenses. Net sales of Nonwovens increased by a quarter to EUR 15.1 million (12.2). Most of the sales were hydroentangled wiping material deliveries to European converters. Deliveries to the US market, started during the autumn of 2010, were continued, albeit at a lower volume. Increased raw material prices burdened the unit's profit. Net sales of Flexibles during the first quarter totalled EUR 16.6 million (16.4) and operating profit was EUR -0.3 million (-0.1). A slight increase was recorded in hygiene and retail packaging sales, while sales of food packaging and security and system packaging was somewhat lower than a year earlier. Deliveries to Russia continued to grow. The increase in the prices of plastic-based raw materials created costs which could not be compensated by sales price increases. The machinery transfers from Nastola to the Polish and Tampere plants proceeded according to plan. Non-recurring costs amounting to EUR 0.2 million were incurred during the period while the measures were in progress. GENERAL MEETING OF SHAREHOLDERS Suominen Corporation's Annual General Meeting of Shareholders was held on 30 March 2011. The General Meeting decided that no dividend be paid for the financial year 2010. The General Meeting approved the financial statements of the parent company and the Group for the financial year 2010 and released the members of the Board of Directors and the President and CEO from liability for the period. Heikki Bergholm, Kai Hannus, Suvi Hintsanen, Juhani Lassila, Mikko Maijala, and Heikki Mairinoja were elected to the Board of Directors. At its organising meeting, the Board elected Mikko Maijala as Chairman and Heikki Mairinoja as Deputy Chairman. PricewaterhouseCoopers Oy, Authorised Public Accountants, with Heikki Lassila, APA, as the principal auditor, were elected as auditors of Suominen Corporation. SHARE CAPITAL AND SHARES Share capital The registered number of Suominen's issued shares totals 47,395,014 shares or EUR 11,860,056. There were no changes in share capital during the period under review. Share trading and price The number of Suominen Corporation shares traded on the NASDAQ OMX Helsinki from 1 January to 31 March 2011 was 1,825,924 shares, equivalent to 3.9 per cent of shares included in the company's share capital. The trading price varied between EUR 0.46 and EUR 0.64. The final trading price was EUR 0.48, giving the company a market capitalisation of EUR 22,668,580 on 31 March 2011. The company's own shares On 1 January 2011, the company held 168,805 of its own shares, accounting for 0.36 per cent of the share capital and votes. The Annual General Meeting of Shareholders held in 2010 authorised the Board of Directors to decide on the acquisition of a maximum of 200,000 of the company's own shares and on the conveyance of a maximum of 200,682 of the company's own shares. The authorisations will be valid for 18 months after the end of the General Meeting, in other words until 23 September 2011. The acquisition authorisation was exercised during 2010 to acquire 123,595 shares, which means that on 1 January 2011 the remaining authorisation was for 76,405 shares. The conveyance authorisation was not exercised during 2010. During the period under review, the Board of Directors did not exercise its authorities to buy or convey the company's own shares. On 31 March 2011, Suominen Corporation held a total of 168,805 of its own shares, accounting for 0.36 per cent of the share capital and votes. Stock options Suominen has stock option plans 2006, 2007 and 2009, which entitle to subscriptions of new shares amounting to 870,000. While the registered number of Suominen's issued shares totals 47,395,014, the number of shares may rise to a maximum of 48,265,014 after stock option subscriptions. Other authorisations for the Board of Directors The Board of Directors is not currently authorised to issue shares, convertible bonds, or bonds with warrants. BUSINESS RISKS AND UNCERTAINTIES The estimate on the development of Suominen's net sales is in part based on forecasts and delivery plans received from customers. Changes in these forecasts and plans resulting from changes in the market conditions or in customers' inventory levels may affect Suominen's net sales. Due to the continued economic uncertainty and consumers' cautious buying habits, the forecasts are vulnerable to significant uncertainty. Suominen's customer base is fairly concentrated, which adds to the customer-specific risk. Long-term contracts are preferred in the case of the largest customers. Suominen has aimed at general and customer-specific price increases of its products, which involves a principle risk of losing orders in the future. Nonwovens and Flexibles buy oil- and pulp-based raw materials annually for more than EUR 55 million. Rapid changes in the global market prices of raw materials affect Suominen's profitability. Suominen does not have any competitors with a fully similar product offering. However, the company has numerous regional, national or international competitors in its different product groups. There is production oversupply in most product groups. If Suominen Corporation is not able to compete with an attractive product offering, it may lose some of its market share. The competition may lead to increased pricing pressure on the company's products. Suominen's efficiency programmes include measures to improve production efficiency, for example through better yields, higher machine speeds and shorter set-up times. The full impact of the efficiency measures will be seen as soon as the production volumes grow. Postponed or failed measures will have a negative impact on the company's profit. The Flexibles business area is currently closing one plant and transferring the production to other plants, which involves a risk of delays in the production schedule. The first instalment of EUR 15 million of a EUR 44 million credit agreement concluded in 2010 will fall due at the end of June 2011. Suominen has launched several initiatives in order to release capital, but the prevailing economic uncertainty and tightened financing markets have increased uncertainties involved in the implementation of the projects. The company primarily intends to free up capital and strengthen its balance sheet, possibly also by other means. If the debt cannot be reduced by the means mentioned above, the intention is to cover credit needs through a new loan to be negotiated with financial institutions. Suominen's credit arrangements include covenants that the company must meet. The covenants require the Group to have financial buffers worth a minimum of EUR 2 million. The Group's equity ratio must be 27 per cent, with capital loans included in equity. Should Suominen default on its obligations, the banks have the right to declare the loans due and payable and to renegotiate the terms. According to Suominen's estimates, this would lead at least to increased financing costs resulting from the banks' upfront fees and higher interest rate margins. The sensitivity of Suominen's goodwill to changes in business conditions is described in the notes to the financial statements 2010. Actual cash flows may deviate from the forecasted future discounted cash flows, as the long economic life-time of the company's non-current assets, and changes in the estimated product prices, production costs, and interest rates used in discounting may result in write-downs. General risks related to business operations are described in the Report of the Board of Directors in the Annual Report 2010. OUTLOOK The demand for Suominen's products is evaluated on the basis of customer contracts and use forecasts provided by customers. It is estimated that the demand for Suominen's products will remain stable, and no major change is anticipated in net sales for 2011 from the 2010 level. Suominen continues to rise its product prices to improve sales margins. On the other hand, the prices of raw materials are still going up. The measures to decrease operational costs are continued. It is estimated that the result after taxes for all of 2011 will improve over 2010, but remain negative. SUOMINEN CORPORATION CONSOLIDATED 1 JANUARY - 31 MARCH 2011 This interim report has been prepared in compliance with IAS 34 Interim Financial Reporting. Principles for preparing the interim report are the same as those used for preparing the financial statements for 2010, and this interim report should be read parallel to the financial statements for 2010. Changes to published accounting standards and interpretations, together with the new accounting standards that came into force on 1 January 2011, are presented in the financial statements for 2010. All calculations in this interim report have been prepared in compliance with revised IAS 1, ‘Presentation of Financial Statements'. This standard is aimed at improving users' ability to analyse and compare the information given in financial statements by separating changes in equity of an entity arising from transactions with owners from other changes in equity. Non-owner changes inequity will be presented in the statement of comprehensive income. The figures in this interim report have not been audited. BALANCE SHEET EUR 1 000 3/2011 3/2010 12/2010 ------------------------------------------------------------------------------ Assets Non-current assets Goodwill 18 498 23 404 18 498 Intangible assets 773 762 776 Tangible non-current assets 51 876 57 416 53 873 Available-for-sale financial assets 212 212 212 Held-to-maturity investments 421 288 354 Deferred tax assets 1 753 853 1 339 ------------------------------------------------------------------------------ Non-current assets, total 73 533 82 935 75 052 Current assets Inventories 25 218 25 724 24 373 Trade receivables 15 653 12 390 10 817 Other current receivables 3 617 3 251 5 666 Income tax receivables 252 418 200 Cash at bank and in hand 3 379 5 233 3 253 ------------------------------------------------------------------------------ Current assets, total 48 119 47 016 44 309 Assets, total 121 652 129 951 119 361 Shareholders' equity and liabilities Equity attributable to owners of the parent company Share capital 11 860 11 860 11 860 Share premium account 24 681 24 681 24 681 Invested non-restricted equity fund 9 708 9 708 Fair value and other reserves 268 -454 665 Translation differences 540 546 515 Other shareholders' equity -15 880 -916 -14 143 ------------------------------------------------------------------------------ Shareholders' equity, total 31 177 35 717 33 286 Liabilities Non-current liabilities Deferred tax liabilities 2 642 3 063 2 930 Provisions 280 280 280 Capital loans 2 000 4 000 4 000 Interest-bearing liabilities 38 034 46 398 35 823 ------------------------------------------------------------------------------ Non-current liabilities, total 42 956 53 741 43 033 Current liabilities Interest-bearing liabilities 19 459 14 950 19 459 Capital loans 2 000 2 000 2 000 Income tax liabilities 200 119 Trade payables and other current liabilities 25 860 23 424 21 583 ------------------------------------------------------------------------------ Current liabilities, total 47 519 40 493 43 042 Liabilities, total 90 475 94 234 86 075 Shareholders' equity and liabilities, total 121 652 129 951 119 361 STATEMENT OF INCOME EUR 1 000 1-3/2011 1-3/2010 1-12/2010 ------------------------------------------------------------------------ Net sales 44 303 40 616 173 438 Cost of goods sold -41 811 -37 917 -165 277 ------------------------------------------------------------------------ Gross profit 2 492 2 699 8 161 Other operating income 255 61 859 Sales and marketing expenses -843 -915 -3 927 Research and development -502 -508 -1 951 Administration expenses -1 838 -1 643 -6 333 Other operating expenses -176 -19 -2 564 ------------------------------------------------------------------------ Operating profit before impairment losses -612 -325 -5 755 Impairment losses -5 069 ------------------------------------------------------------------------ Operating profit -612 -325 -10 824 Financial income and expenses -1 547 -1 138 -4 840 ------------------------------------------------------------------------ Profit before income taxes -2 159 -1 463 -15 664 ------------------------------------------------------------------------ Income taxes 424 342 1 302 ------------------------------------------------------------------------ Profit/loss for the period -1 735 -1 121 -14 362 Earnings/share, EUR -0.04 -0.03 -0.34 STATEMENT OF COMPREHENSIVE INCOME EUR 1 000 1-3/2011 1-3/2010 1-12/2010 ------------------------------------------------------------------------------- Profit/loss for the period -1 735 -1 121 -14 362 Other comprehensive income Total exchange differences on foreign operations 34 896 854 Fair value changes of cash flow hedges -537 14 1 661 Other reclassifications -9 6 -2 Income tax on other comprehensive income 131 -237 -654 ------------------------------------------------------------------------------- Other comprehensive income, total -381 679 1 859 ------------------------------------------------------------------------------- Total comprehensive income for the period -2 116 -442 -12 503 STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY EUR 1 Share Share Invested Own Translat Fair Retaine Total 000 capita premium non-restri shares ion value d l account cted differen reserv earning equity ces es s fund -------------------------------------------------------------------------------- Total 11 860 24 681 9 708 -163 515 828 -14 143 33 286 equity at 1 Jan. 2011 Profit/l -1 735 -1 735 oss for the period Other 25 -397 -9 -381 compreh ensive income Share-ba 7 7 sed payment s Share issue Dividend Repurcha se of own shares Conveyan ce of own shares -------------------------------------------------------------------------------- Total 11 860 24 681 9 708 -163 540 431 -15 880 31 177 equity at 31 March 2011 EUR 1 Share Share Invested Own Translat Fair Retain Total 000 capita premium non-restric shares ion value ed l account ted equity differen reserv earnin fund ces es gs -------------------------------------------------------------------------------- Total 11 860 24 681 -1 -117 -401 667 36 689 equity at 1 Jan. 2010 Profit/l -1 121 -1 121 oss for the period Other 663 11 5 679 compreh ensive income Share-ba 7 7 sed payment s Dividend -474 -474 Repurcha -63 -63 se of own shares Total 11 860 24 681 -64 546 -390 -916 35 717 equity at 31 March 2010 EUR 1 Share Share Invested Own Transla Fair Retaine Total 000 capita premium non-restri shares tion value d l account cted differe reserv earning equity nces es s fund -------------------------------------------------------------------------------- Total 11 860 24 681 -1 -117 -401 667 36 689 equity at 1 Jan. 2010 Profit/l -14 362 -14 362 oss for the period Other 632 1 229 -2 1 859 compreh ensive income Share-ba 29 29 sed payment s Share 9 708 9 708 issue Dividend -474 -474 Repurcha -213 -213 se of own shares Conveyan 51 -1 50 ce of own shares Total 11 860 24 681 9 708 -163 515 828 -14 143 33 286 equity at 31 Dec. 2010 CASH FLOW STATEMENT EUR 1 000 1-3/2011 1-3/2010 1-12/2010 ---------------------------------------------------------------------------- Operations Operating profit -612 -325 -10 824 Total adjustments 2 051 2 381 14 076 ---------------------------------------------------------------------------- Cash flow before change in working capital 1 439 2 056 3 252 Change in working capital 820 -1 517 -1 054 Financial items -1 811 -1 548 -4 626 Taxes paid -1 -55 -31 ---------------------------------------------------------------------------- Cash flow from operations 447 -1 064 -2 459 Investment payments Investments in tangible and intangible assets -633 -1 542 -5 966 Proceeds from disposal of fixed assets 102 127 751 and other proceeds ---------------------------------------------------------------------------- Cash flow from investing activities -531 -1 415 -5 215 Financing Non-current loans drawn 2 246 3 000 8 000 Repayments of non-current loans -297 -23 731 Change in commercial papers 5 478 988 Repayments of capital loans -2 000 -2 000 -2 000 Current loans drawn 17 000 Dividends paid -474 Repurchase and conveyance of own shares -63 -163 Share issue 9 708 ---------------------------------------------------------------------------- Cash flow from financing 246 6 118 9 328 Change in cash and cash equivalents 162 3 639 1 654 KEY FIGURES 1-3/2011 1-3/2010 1-12/2010 ------------------------------------------------------------------- Net sales, change, % * 9.1 -13.5 -3.3 Gross profit, % ** 5.6 6.6 4.7 Operating profit, % ** -1.4 -0.8 -6.2 Financial income and expenses, % ** -3.5 -2.8 -2.8 Profit before income taxes, % ** -4.9 -3.6 -9.0 Profit for the period, % ** -3.9 -2.8 -8.3 Earnings/share, EUR -0.04 -0.03 -0.34 Equity/share, EUR 0.66 0.98 0.70 Cash flow from operations/share, EUR 0.01 -0.03 -0.06 Return on equity (ROE), % -21.5 -12.4 -37.3 Return on invested capital (ROI), % -2.5 -1.2 -10.6 Equity ratio, % 25.6 27.5 27.9 Gearing, % 186.1 173.8 174.0 Gross investments, EUR 1 000 1 264 2 024 6 190 Depreciation, EUR 1 000 2 116 2 415 9 322 Impairment losses, EUR 1 000 5 069 * Compared with the corresponding period of the previous year. ** As of net sales. SEGMENT REPORTING Wiping EUR 1 000 1-3/2011 1-3/2010 Change % 1-12/2010 -------------------------------------------------------------------------------- Net sales - Codi Wipes 13 985 13 884 0.7 56 371 - Nonwovens 15 091 12 246 23.2 59 084 - eliminations -1 131 -1 667 -32.2 -7 296 Total 27 946 24 462 14.2 108 159 Operating profit before impairment -298 -142 -3 699 losses % of net sales -1.1 -0.6 -3.4 Impairment losses -4 906 Operating profit -298 -142 -8 605 Assets 69 644 79 098 67 650 Liabilities 13 635 12 972 11 620 Net assets 56 010 66 126 56 030 Investments 630 1 010 2 278 Depreciation 1 324 1 649 6 117 Impairment losses 4 906 Average personnel 342 379 369 Flexibles EUR 1 000 1-3/2011 1-3/2010 Change % 1-12/2010 ---------------------------------------------------------- Net sales 16 561 16 395 1.0 66 140 Operating profit -257 -135 -1 941 % of net sales -1.6 -0.8 -2.9 Assets 46 741 46 754 45 950 Liabilities 12 853 11 875 10 048 Net assets 33 888 34 879 35 902 Investments 591 1 010 3 788 Depreciation 786 760 3 181 Impairment losses 163 Average personnel 505 537 521 Non-allocated items EUR 1 000 1-3/2011 1-3/2010 1-12/2010 ------------------------------------------------ Net sales -203 -241 -861 Operating profit -57 -48 -115 Assets 5 266 4 099 5 760 Liabilities 63 987 69 387 64 406 Investments 43 4 124 Depreciation 6 6 24 Average personnel 11 11 11 NET SALES BY MARKET AREA EUR 1 000 1-3/2011 1-3/2010 1-12/2010 ----------------------------------------------- ----------------------------------------------- Finland 6 703 6 466 27 053 Scandinavia 4 071 3 921 14 821 The Netherlands 1 965 2 010 9 915 Europe, other 27 614 25 762 104 651 Other countries 3 950 2 457 16 998 ----------------------------------------------- Net sales, total 44 303 40 616 173 438 ----------------------------------------------- QUARTERLY FIGURES EUR 1 000 II/201 III/201 IV/2010 I/2011 II/2010-I/20 0 0 11 -------------------------------------------------------------------------------- Net sales Wiping - Codi Wipes 14 844 14 210 13 433 13 985 56 472 - Nonwovens 13 722 14 958 18 159 15 091 61 930 - eliminations -1 333 -1 734 -2 562 -1 131 -6 759 -------------------------------------------------------------------------------- Total 27 234 27 434 29 029 27 946 111 643 Flexibles 17 107 16 125 16 513 16 561 66 306 Non-allocated items -193 -200 -227 -203 -823 -------------------------------------------------------------------------------- Net sales, total 44 148 43 359 45 315 44 303 177 125 Operating profit Wiping -787 -1 136 -623 -298 -2 844 % of net sales -2.9 -4.1 -2.1 -1.1 -2.5 Flexibles 873 -720 -1 017 -62 -926 % of net sales 5.1 -4.5 -6.2 -0.4 -1.4 Non-allocated items -103 33 3 -57 -124 -------------------------------------------------------------------------------- Operating profit before -17 -1 824 -1 637 -417 -3 894 non-recurring costs % of net sales 0.0 -4.2 -3.6 -0.9 -2.2 Non-recurring costs -7 021 -195 -7 216 -------------------------------------------------------------------------------- Operating profit, total -17 -1 824 -8 658 -612 -11 110 % of net sales 0.0 -4.2 -19.1 -1.4 -6.3 Net financial expenses -988 -1 028 -1 686 -1 547 -5 249 -------------------------------------------------------------------------------- Profit before income taxes -1 005 -2 852 -10 344 -2 159 -16 359 TAXES FOR THE PERIOD UNDER REVIEW Income tax expense is recognised based on the estimated average income tax rate for the full financial year. INFORMATION ON RELATED PARTIES Suominen has related party relationships with the members of the Board of Directors, and the members of the Corporate Executive Team. The company has no investments in associated companies. Salaries paid to the related parties amounted to EUR 204,000, share-based payments EUR 7,000, unsecured loans EUR 440,000, and interest payments EUR 76,000. MOVEMENTS IN BORROWINGS EUR 1 000 1-3/2011 1-3/2010 -------------------------------------------------------------------------- Total borrowings on 1 January 61 282 60 861 Current loans from financial institutions on 1 January 17 000 Change in current loans from financial institutions -------------------------------------------------------------------------- Current loans from financial institutions on 31 March 17 000 Commercial papers on 1 January 988 Change in commercial papers 5 479 -------------------------------------------------------------------------- Commercial papers on 31 March 988 5 479 Non-current loans on 1 January 37 294 52 861 Change in non-current loans 2 211 3 008 -------------------------------------------------------------------------- Non-current loans on 31 March 39 505 55 869 Capital loans on 1 January 6 000 8 000 Change in capital loans -2 000 -2 000 -------------------------------------------------------------------------- Capital loans on 31 March 4 000 6 000 Total borrowings on 31 March 61 493 67 348 CHANGES IN FIXED ASSETS 1-3/2011 1-3/2010 1-12/2010 EUR 1 000 Tangib Intangib Tangib Intangib Tangib Intangib le le le le le le -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- Book value at the 53 873 776 57 044 795 57 044 795 beginning of the period Investments 1 149 48 1 945 16 5 884 177 Decreases -1 040 -65 -466 -1 Depreciation -2 066 -50 -2 367 -48 -9 127 -195 Translation differences -40 -1 859 538 and other changes -------------------------------------------------------------------------------- Book value at the end of 51 876 773 57 416 763 53 873 776 the period -------------------------------------------------------------------------------- CONTINGENT LIABILITIES EUR 1 000 1-3/2011 1-3/2010 12/2010 ---------------------------------------------------------------------- ---------------------------------------------------------------------- For own debt Real estate mortgages 24 045 24 045 24 045 Floating charges 60 069 50 000 60 069 Pledged subsidiary shares 82 982 82 982 Other own commitments Operating leases, real estates 9 886 9 460 9 465 Operating leases, machinery and equipment 6 072 7 904 7 577 Guarantee commitments 1 980 1 738 1 995 NOMINAL AND FAIR VALUES OF DERIVATIVE FINANCIAL INSTRUMENTS EUR 1 000 1-3/2011 1-3/2010 12/2010 ------------------------------------------------------ ------------------------------------------------------ Currency derivatives Nominal value 6 427 4 739 5 172 Fair value -34 -72 -138 Interest rate derivatives Nominal value 12 500 21 500 13 833 Fair value -60 -377 -143 Electricity derivatives Nominal value 3 314 2 124 2 638 Fair value 647 -167 1 249 Helsinki, 29 April 2011 SUOMINEN CORPORATION Board of Directors For additional information, please contact: Mr. Petri Rolig, President and CEO, tel. +358 (0)10 214 300 Mr. Arto Kiiskinen, Vice President and CFO, tel. +358 (0)10 214 300 Suominen produces high-quality flexible packaging, wet wipes and nonwovens for industry and the retail sector. The Group is one of the Europe's leading manufacturers in all its business areas with operations in Finland, Poland, the Netherlands, Sweden and Russia. The Group had net sales of EUR 173 million in 2010 and it employs around 900 people. Suominen is listed on NASDAQ OMX Helsinki. www.suominen.fi |
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