2011-04-29 11:00:00 CEST
2011-04-29 11:00:05 CEST
REGULATED INFORMATION
Suominen Yhtymä - Interim report (Q1 and Q3)
Suominen Corporation's Interim Report 1 January - 31 March 2011
Increase in net sales, result negative
Tampere, 2011-04-29 11:00 CEST (GLOBE NEWSWIRE) -- SUOMINEN CORPORATION
INTERIM REPORT 29 APRIL 2011 AT 12 A.M.
INTERIM REPORT 1 JANUARY - 31 MARCH 2011
INCREASE IN NET SALES, RESULT NEGATIVE
KEY FIGURES 1-3/2011 1-3/2010 1-12/2010
----------------------------------------------------------------------
Net sales, EUR million 44.3 40.6 173.4
Operating profit, EUR million -0.6 -0.3 -10.8
Profit/loss for the period, EUR million -1.7 -1.1 -14.4
Earnings/share, EUR -0.04 -0.03 -0.34
Cash flow from operations/share, EUR 0.01 -0.03 -0.06
Despite an increase in net sales, Suominen's first-quarter operating profit was
negative. The operative result was affected by higher raw material prices. The
on-going rationalisation of operations had a positive effect on the Group's
result. It is estimated that the result after taxes for all of 2011 will
improve over 2010, but remain negative.
GROUP FINANCIAL RESULTS
Suominen Corporation generated net sales of EUR 44.3 million (40.6) in the
first quarter. Operating profit was EUR -0.6 million (-0.3), profit before
taxes EUR -2.2 million (-1.5) and profit after taxes EUR -1.7 million (-1.1).
Net sales increased by 9 per cent compared to the first quarter of the previous
year. Average sales prices increased thanks to raised prices and raw material
price mechanisms included in sales contracts.
The operating profit for the period showed a loss of EUR 0.6 million. The
first-quarter result was burdened, in particular, by increases in raw material
prices, which could not be compensated for by increased sales prices during the
period. The operating costs decreased from the corresponding period in 2010.
The first quarter result included EUR 0.2 million in non-recurring costs due to
rationalisation measures in Flexibles.
Tight capital control and use of cash was continued. Investments were kept at a
low level, and the amount of working capital decreased slightly despite higher
raw material prices. Cash flow from operations was positive.
Cost-saving and operational enhancement programme
The biggest single savings measure in Suominen's Stairs to Top efficiency
programme involved the closure of the Nastola flexible packaging plant and
relocation of its machinery to the other plants. This rationalisation will
continue to incur costs during the first half of 2011, and the savings will
begin to have a full impact beginning in the second half of the year. In
contrast, the impacts of the rationalisation measures decided on for Codi Wipes
in late 2010 started to materialise already at the beginning of 2011. The rest
of the efficiency measures are related to improving the yield and efficiency of
production in the units. The positive impact of the savings and efficiency
programmes in the first quarter result exceeded EUR one million.
Financing
The Group's interest-bearing net liabilities totalled EUR 58.0 million (62.1),
including capital loans of EUR 4.0 million (6.0). Repayments of non-current
loans were EUR 2.0 million. Net financial expenses were EUR 1.5 million (1.1)
or 3.5 per cent (2.8) of net sales. The increased cost of financing was due to
the higher average interest rate of the loans.
A total of EUR 0.8 million was released in working capital (EUR 1.5 was tied
up). A total of EUR 10.5 million (9.7) in trade receivables was sold to the
bank. The equity ratio was 25.6 per cent (27.5). When capital loans are
included in shareholders' equity, the equity ratio was 28.9 per cent (32.1) and
the ratio of liabilities to shareholders' equity 153.6 per cent (134.4). Cash
flow from operations was EUR 0.01 per share (-0.03).
Investments
The company's gross investments in production totalled EUR 1.3 million (2.0).
Planned depreciation amounted to EUR 2.1 million (2.4). Codi Wipes accounted
for EUR 0.1 million (0.1), Nonwovens for EUR 0.5 million (0.9) and Flexibles
for EUR 0.6 million (1.0) of total investments. The Group's investments were in
efficiency enhancement and maintenance.
SEGMENT RESULTS
The Wiping business area generated net sales of EUR 27.9 million (24.5) in the
first quarter, a 14 percent increase over the corresponding period in 2010. The
business area's operating profit was EUR -0.3 million (-0.1).
Net sales of Codi Wipes, at EUR 14.0 million, were on a par with the previous
year (13.9). The sales of personal care wipes increased, while baby wipe sales
slightly decreased. A more marked decrease was observed for moist toilet wipe
sales. Average sales prices remained at the first quarter level of 2010.
Measures agreed in the co-determination procedure completed in January
decreased the unit's operating expenses.
Net sales of Nonwovens increased by a quarter to EUR 15.1 million (12.2). Most
of the sales were hydroentangled wiping material deliveries to European
converters. Deliveries to the US market, started during the autumn of 2010,
were continued, albeit at a lower volume. Increased raw material prices
burdened the unit's profit.
Net sales of Flexibles during the first quarter totalled EUR 16.6 million
(16.4) and operating profit was EUR -0.3 million (-0.1). A slight increase was
recorded in hygiene and retail packaging sales, while sales of food packaging
and security and system packaging was somewhat lower than a year earlier.
Deliveries to Russia continued to grow.
The increase in the prices of plastic-based raw materials created costs which
could not be compensated by sales price increases. The machinery transfers from
Nastola to the Polish and Tampere plants proceeded according to plan.
Non-recurring costs amounting to EUR 0.2 million were incurred during the
period while the measures were in progress.
GENERAL MEETING OF SHAREHOLDERS
Suominen Corporation's Annual General Meeting of Shareholders was held on 30
March 2011. The General Meeting decided that no dividend be paid for the
financial year 2010.
The General Meeting approved the financial statements of the parent company and
the Group for the financial year 2010 and released the members of the Board of
Directors and the President and CEO from liability for the period.
Heikki Bergholm, Kai Hannus, Suvi Hintsanen, Juhani Lassila, Mikko Maijala, and
Heikki Mairinoja were elected to the Board of Directors. At its organising
meeting, the Board elected Mikko Maijala as Chairman and Heikki Mairinoja as
Deputy Chairman.
PricewaterhouseCoopers Oy, Authorised Public Accountants, with Heikki Lassila,
APA, as the principal auditor, were elected as auditors of Suominen
Corporation.
SHARE CAPITAL AND SHARES
Share capital
The registered number of Suominen's issued shares totals 47,395,014 shares or
EUR 11,860,056. There were no changes in share capital during the period under
review.
Share trading and price
The number of Suominen Corporation shares traded on the NASDAQ OMX Helsinki
from 1 January to 31 March 2011 was 1,825,924 shares, equivalent to 3.9 per
cent of shares included in the company's share capital. The trading price
varied between EUR 0.46 and EUR 0.64. The final trading price was EUR 0.48,
giving the company a market capitalisation of EUR 22,668,580 on 31 March 2011.
The company's own shares
On 1 January 2011, the company held 168,805 of its own shares, accounting for
0.36 per cent of the share capital and votes.
The Annual General Meeting of Shareholders held in 2010 authorised the Board of
Directors to decide on the acquisition of a maximum of 200,000 of the company's
own shares and on the conveyance of a maximum of 200,682 of the company's own
shares. The authorisations will be valid for 18 months after the end of the
General Meeting, in other words until 23 September 2011. The acquisition
authorisation was exercised during 2010 to acquire 123,595 shares, which means
that on 1 January 2011 the remaining authorisation was for 76,405 shares. The
conveyance authorisation was not exercised during 2010. During the period under
review, the Board of Directors did not exercise its authorities to buy or
convey the company's own shares.
On 31 March 2011, Suominen Corporation held a total of 168,805 of its own
shares, accounting for 0.36 per cent of the share capital and votes.
Stock options
Suominen has stock option plans 2006, 2007 and 2009, which entitle to
subscriptions of new shares amounting to 870,000. While the registered number
of Suominen's issued shares totals 47,395,014, the number of shares may rise to
a maximum of 48,265,014 after stock option subscriptions.
Other authorisations for the Board of Directors
The Board of Directors is not currently authorised to issue shares, convertible
bonds, or bonds with warrants.
BUSINESS RISKS AND UNCERTAINTIES
The estimate on the development of Suominen's net sales is in part based on
forecasts and delivery plans received from customers. Changes in these
forecasts and plans resulting from changes in the market conditions or in
customers' inventory levels may affect Suominen's net sales. Due to the
continued economic uncertainty and consumers' cautious buying habits, the
forecasts are vulnerable to significant uncertainty.
Suominen's customer base is fairly concentrated, which adds to the
customer-specific risk. Long-term contracts are preferred in the case of the
largest customers. Suominen has aimed at general and customer-specific price
increases of its products, which involves a principle risk of losing orders in
the future.
Nonwovens and Flexibles buy oil- and pulp-based raw materials annually for more
than EUR 55 million. Rapid changes in the global market prices of raw materials
affect Suominen's profitability.
Suominen does not have any competitors with a fully similar product offering.
However, the company has numerous regional, national or international
competitors in its different product groups. There is production oversupply in
most product groups. If Suominen Corporation is not able to compete with an
attractive product offering, it may lose some of its market share. The
competition may lead to increased pricing pressure on the company's products.
Suominen's efficiency programmes include measures to improve production
efficiency, for example through better yields, higher machine speeds and
shorter set-up times. The full impact of the efficiency measures will be seen
as soon as the production volumes grow. Postponed or failed measures will have
a negative impact on the company's profit. The Flexibles business area is
currently closing one plant and transferring the production to other plants,
which involves a risk of delays in the production schedule.
The first instalment of EUR 15 million of a EUR 44 million credit agreement
concluded in 2010 will fall due at the end of June 2011. Suominen has launched
several initiatives in order to release capital, but the prevailing economic
uncertainty and tightened financing markets have increased uncertainties
involved in the implementation of the projects. The company primarily intends
to free up capital and strengthen its balance sheet, possibly also by other
means. If the debt cannot be reduced by the means mentioned above, the
intention is to cover credit needs through a new loan to be negotiated with
financial institutions. Suominen's credit arrangements include covenants that
the company must meet. The covenants require the Group to have financial
buffers worth a minimum of EUR 2 million. The Group's equity ratio must be 27
per cent, with capital loans included in equity. Should Suominen default on its
obligations, the banks have the right to declare the loans due and payable and
to renegotiate the terms. According to Suominen's estimates, this would lead at
least to increased financing costs resulting from the banks' upfront fees and
higher interest rate margins.
The sensitivity of Suominen's goodwill to changes in business conditions is
described in the notes to the financial statements 2010. Actual cash flows may
deviate from the forecasted future discounted cash flows, as the long economic
life-time of the company's non-current assets, and changes in the estimated
product prices, production costs, and interest rates used in discounting may
result in write-downs.
General risks related to business operations are described in the Report of the
Board of Directors in the Annual Report 2010.
OUTLOOK
The demand for Suominen's products is evaluated on the basis of customer
contracts and use forecasts provided by customers. It is estimated that the
demand for Suominen's products will remain stable, and no major change is
anticipated in net sales for 2011 from the 2010 level.
Suominen continues to rise its product prices to improve sales margins. On the
other hand, the prices of raw materials are still going up. The measures to
decrease operational costs are continued. It is estimated that the result after
taxes for all of 2011 will improve over 2010, but remain negative.
SUOMINEN CORPORATION CONSOLIDATED 1 JANUARY - 31 MARCH 2011
This interim report has been prepared in compliance with IAS 34 Interim
Financial Reporting. Principles for preparing the interim report are the same
as those used for preparing the financial statements for 2010, and this interim
report should be read parallel to the financial statements for 2010. Changes to
published accounting standards and interpretations, together with the new
accounting standards that came into force on 1 January 2011, are presented in
the financial statements for 2010.
All calculations in this interim report have been prepared in compliance with
revised IAS 1, ‘Presentation of Financial Statements'. This standard is aimed
at improving users' ability to analyse and compare the information given in
financial statements by separating changes in equity of an entity arising from
transactions with owners from other changes in equity. Non-owner changes
inequity will be presented in the statement of comprehensive income.
The figures in this interim report have not been audited.
BALANCE SHEET
EUR 1 000 3/2011 3/2010 12/2010
------------------------------------------------------------------------------
Assets
Non-current assets
Goodwill 18 498 23 404 18 498
Intangible assets 773 762 776
Tangible non-current assets 51 876 57 416 53 873
Available-for-sale financial assets 212 212 212
Held-to-maturity investments 421 288 354
Deferred tax assets 1 753 853 1 339
------------------------------------------------------------------------------
Non-current assets, total 73 533 82 935 75 052
Current assets
Inventories 25 218 25 724 24 373
Trade receivables 15 653 12 390 10 817
Other current receivables 3 617 3 251 5 666
Income tax receivables 252 418 200
Cash at bank and in hand 3 379 5 233 3 253
------------------------------------------------------------------------------
Current assets, total 48 119 47 016 44 309
Assets, total 121 652 129 951 119 361
Shareholders' equity and liabilities
Equity attributable to owners of the parent company
Share capital 11 860 11 860 11 860
Share premium account 24 681 24 681 24 681
Invested non-restricted equity fund 9 708 9 708
Fair value and other reserves 268 -454 665
Translation differences 540 546 515
Other shareholders' equity -15 880 -916 -14 143
------------------------------------------------------------------------------
Shareholders' equity, total 31 177 35 717 33 286
Liabilities
Non-current liabilities
Deferred tax liabilities 2 642 3 063 2 930
Provisions 280 280 280
Capital loans 2 000 4 000 4 000
Interest-bearing liabilities 38 034 46 398 35 823
------------------------------------------------------------------------------
Non-current liabilities, total 42 956 53 741 43 033
Current liabilities
Interest-bearing liabilities 19 459 14 950 19 459
Capital loans 2 000 2 000 2 000
Income tax liabilities 200 119
Trade payables and other current liabilities 25 860 23 424 21 583
------------------------------------------------------------------------------
Current liabilities, total 47 519 40 493 43 042
Liabilities, total 90 475 94 234 86 075
Shareholders' equity and liabilities, total 121 652 129 951 119 361
STATEMENT OF INCOME
EUR 1 000 1-3/2011 1-3/2010 1-12/2010
------------------------------------------------------------------------
Net sales 44 303 40 616 173 438
Cost of goods sold -41 811 -37 917 -165 277
------------------------------------------------------------------------
Gross profit 2 492 2 699 8 161
Other operating income 255 61 859
Sales and marketing expenses -843 -915 -3 927
Research and development -502 -508 -1 951
Administration expenses -1 838 -1 643 -6 333
Other operating expenses -176 -19 -2 564
------------------------------------------------------------------------
Operating profit before impairment losses -612 -325 -5 755
Impairment losses -5 069
------------------------------------------------------------------------
Operating profit -612 -325 -10 824
Financial income and expenses -1 547 -1 138 -4 840
------------------------------------------------------------------------
Profit before income taxes -2 159 -1 463 -15 664
------------------------------------------------------------------------
Income taxes 424 342 1 302
------------------------------------------------------------------------
Profit/loss for the period -1 735 -1 121 -14 362
Earnings/share, EUR -0.04 -0.03 -0.34
STATEMENT OF COMPREHENSIVE INCOME
EUR 1 000 1-3/2011 1-3/2010 1-12/2010
-------------------------------------------------------------------------------
Profit/loss for the period -1 735 -1 121 -14 362
Other comprehensive income
Total exchange differences on foreign operations 34 896 854
Fair value changes of cash flow hedges -537 14 1 661
Other reclassifications -9 6 -2
Income tax on other comprehensive income 131 -237 -654
-------------------------------------------------------------------------------
Other comprehensive income, total -381 679 1 859
-------------------------------------------------------------------------------
Total comprehensive income for the period -2 116 -442 -12 503
STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY
EUR 1 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
© 2023 Nasdaq, Inc. All Rights Reserved |