2013-07-17 08:00:01 CEST
2013-07-17 08:00:10 CEST
REGULATED INFORMATION
Suominen Oyj - Interim report (Q1 and Q3)
Suominen Corporation's Interim Report for January 1 - June 30, 2013: Net sales from continuing operations continued to grow, operating profit excluding non-recurring items doubled
Helsinki, Finland, 2013-07-17 08:00 CEST (GLOBE NEWSWIRE) -- Suominen
Corporation Interim Report 17 July 2013 at 9:00am (EEST)
SUOMINEN CORPORATION'S INTERIM REPORT FOR JANUARY 1 - JUNE 30, 2013:
NET SALES FROM CONTINUING OPERATIONS CONTINUED TO GROW, OPERATING PROFIT
EXCLUDING NON-RECURRING ITEMS DOUBLED
KEY FIGURES 4-6/ 4-6/ 1-6/ 1-6/ 1-12/
2013 2012 2013 2012 2012
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Net sales, EUR million, 107.7 102.4 219.4 201.7 410.4
continuing operations
Operating profit before 4.3 2.1 9.3 4.6 12.9
non-recurring items, EUR million, continuing
operations
Operating profit, EUR million, continuing 4.3 -0.6 9.3 2.4 7.4
operations
Profit/loss for the period, 0.4 -2.8 1.6 -3.3 -5.2
EUR million, continuing operations
Profit/loss for the period, EUR million, -17.0 0.2 -17.1 0.3 -6.6
discontinued operations
Profit/loss for the period, -16.6 -2.6 -15.5 -2.9 -11.9
EUR million, total
Earnings/share, EUR, 0.00 -0.01 0.01 -0.01 -0.02
continuing operations
Earnings/share, EUR, -0.07 0.00 -0.07 0.00 -0.03
discontinued operations
Earnings/share, EUR, total -0.07 -0.01 -0.06 -0.01 -0.05
Cash flow from operations/share, 0.01 0.05 0.00 0.02 0.10
EUR *
Return on invested capital (ROI), % * -4.3 -0.6 -4.3 -0.6 0.4
Gearing, % * 121.4 109.8 121.4 109.8 101.0
* Including discontinued operations.
All figures in this interim report refer to continuing operations of the Group
unless otherwise stated. The figures are compared with those of the
corresponding period in 2012, unless otherwise stated. In accordance with IFRS
5, the comparison data of the balance sheets have not been revised and,
consequently, include both non-allocated items and discontinued operations.
Highlights in April - June 2013:
-Net sales from the continuing operations grew by 5% and amounted to EUR 107.7
million (102.4)
-Operating profit excluding non-recurring items from the continuing operations
increased by 103% to EUR 4.3 million (2.1)
-Suominen agreed to divest its Codi Wipes business unit to Value Enhancement
Partners investment company. The deal was closed on 15 July 2013. In this
interim report, Codi Wipes is reported in discontinued operations.
-Suominen revises its previous estimate, announced on 17 June 2013, on the net
sales development. The company expects its net sales of the continuing
operations for the full year 2013 to remain at or slightly exceed the level of
2012. Previously, Suominen estimated that its net sales of the continuing
operations for the full year 2013 would remain at the level of 2012. Operating
profit excluding non-recurring items is expected to improve from year 2012.
Nina Kopola, President and CEO, commenting on Suominen's second quarter:
“In the European markets, consumers' confidence in their personal financial
situation continued to improve slightly according to the euro-area consumer
confidence index. North America, Suominen's other main market, saw a more
marked rise in the consumer confidence index. However, the development
prospects of the general economic situation are still uncertain, especially in
Europe.
Suominen's business operations continued to develop positively in the second
quarter. Net sales from the Group's continuing operations increased to EUR
107.7 million and operating profit, excluding non-recurring items, more than
doubled to EUR 4.3 million.
We decided to divest our wet wipes business unit, Codi Wipes, to Value
Enhancement Partners investment company. The deal clarifies our position as a
leading manufacturer of nonwovens in the wipes value chain, and we can now
concentrate even more intensively on further strengthening this position as
part of our ‘In the Lead' strategy. The transaction was closed in July after
the end of the reporting period.
We also continued to implement our strategy steadfastly through several other
measures, which will increase the share of products with higher added value in
our portfolio. In April, we launched two new nonwoven products for higher
value-added industrial and household wiping applications. In June, we decided
to invest approximately EUR 2.5 million in capacity expansion at the Windsor
Locks plant in the USA. The production line that will be renewed is focused on
manufacturing Hydraspun® Dispersible nonwovens. The product is flushable as
defined in the guidelines issued by the industry associations, European
Disposables and Nonwovens Association (EDANA) and The Association of the
Nonwoven Fabrics Industry (INDA). With this investment, we will be even better
able to respond to the increasing demand for these technically advanced
nonwoven materials.
During the reporting period, progress was also made in the strategic
development programs launched in our Nonwovens business in the first quarter.
The goals of these programs are to harmonize and enhance processes in our
supply chain and to improve product development further, which will enable us
to accelerate our customers' operations and increase the share of products with
higher added value in our portfolio, in keeping with our strategy.
Net sales from the Wiping segment's continuing operations grew to EUR 93.1
million (89.4). The segment's operating profit, excluding non-recurring items,
improved from EUR 3.6 million in the corresponding period to EUR 5.8 million in
the reporting period. The operating margin continued to increase and was 6.2%.
In the Flexibles segment, the implementation of the extensive business
turnaround program initiated at the turn of the year continued. Despite a tight
competitive situation, the segment's net sales grew by 14% to EUR 14.6 million.
The segment's operating profit, excluding non-recurring items, improved on the
corresponding period, but was still negative.”
GROUP NET SALES AND FINANCIAL RESULT (CONTINUING OPERATIONS)
April-June 2013
In the second quarter of 2013, Suominen's net sales from continuing operations
grew by 5% from the comparison period and amounted to EUR 107.7 million
(102.4). Operating profit before non-recurring items from continuing operations
was EUR 4.3 million (2.1) and after them EUR 4.3 million (-0.6). Suominen did
not report any non-recurring items during the reporting period. Profit before
taxes from continuing operations was EUR 2.5 million (-3.1) and profit after
taxes EUR 0.4 million (-2.8).
The increase in net sales was particularly attributable to the favorable demand
for nonwovens materials in North American market. In Wiping segment, the sales
volumes grew from the comparison period, but the continued fierce competition,
especially in Europe, put pressure on the sales prices.
The Flexibles segment continued to execute the extensive business recovery
program, initiated at the turn of the year. The segment increased its net sales
in tight competition. Operating profit developed to the right direction, even
though remained negative in the quarter.
Cash flow from operations in April-June was EUR 2.9 million (11.9).
January-June 2013
In the first half of the year, Suominen's net sales from continuing operations
grew by 9% from the comparison period to EUR 219.4 million (201.7). Operating
profit before non-recurring items from continuing operations was EUR 9.3
million (4.6) and after them EUR 9.3 million (2.4). Suominen did not report any
non-recurring items during the reporting period. Profit before taxes from
continuing operations was EUR 5.2 million (-2.8) and profit after taxes EUR 1.6
million (-3.3).
Cash flow from operations was EUR 0.8 million (5.4) in January - June. As of
the beginning of the year, EUR 5.7 million (3.4) in working capital has been
tied up, representing 2.6% of the net sales. The increase in the tied working
capital reflects the growth in sales. Capital expenditure was kept at a low
level.
DIVESTMENT OF CODI WIPES BUSINESS UNIT AND REPORTING IN DISCONTINUED OPERATIONS
In June 2013, Suominen agreed to sell its Codi Wipes business unit, focused on
wet wipes manufacturing, to Value Enhancement Partners investment company. The
transaction was announced on 17 June 2013 and the deal was closed on 15 July
2013. Due to the divestment, Codi Wipes business unit has been classified as an
asset held for sale and reported in discontinued operations. In the previous
interim reports, Codi Wiped was reported as part of Suominen's Wiping segment.
Due to the divestment, Suominen recognized a non-recurring loss of EUR 16.8
million in the second quarter result of its discontinued operations. The profit
after taxes from discontinued operations was EUR -17.0 million (0.2) in
April-June, and EUR -17.1 million (0.3) in January-June.
GROUP RESULT (INCLUDING DISCONTINUED OPERATIONS
The Group result in April-June including the discontinued operations was EUR
-16.6 million (-2.6).
The Group result in January-June including the discontinued operations was EUR
-15.5 million (-2.9).
COMPLETION OF THE HOME AND PERSONAL BUSINESS ACQUISITION
The acquisition of the Brazilian unit belonging to the Home and Personal
business operations acquired from Ahlstrom at the end of 2011 has been delayed.
Suominen and Ahlstrom are continuing to examine the prerequisites and
alternatives for completing the transaction.
FINANCING
The Group's interest-bearing net liabilities amounted to EUR 98.0 million
(117.7) at the end of the review period. In accordance with the company's
financing agreements, the net debt to EBITDA ratio was not to exceed 4.4 and
the gearing ratio not to exceed 135% in the end of the second quarter. At the
end of the second quarter, on 30 June 2013, the net debt to EBITDA was 2.7 and
the gearing ratio 121.4%.
In January-June, net financial expenses were EUR 4.1 million (5.2), or 1.9%
(2.6%) of net sales. A total of EUR 5.7 million was tied up in working capital
(3.4). Trade receivables amounting to EUR 13.9 million (12.4) were sold to the
bank. The equity ratio was 31.0% (31.5%). Cash flow from operations was EUR 0.8
million (5.4), representing a cash flow of EUR 0.00 per share (0.02).
CAPITAL EXPENDITURE
The gross investments of the continued operations totaled EUR 1.4 million
(1.2). Planned depreciation amounted to EUR 8.3 million (9.8). Wiping segment
accounted for EUR 0.4 million (0.6), Flexibles segment for EUR 0.7 million
(0.2) and the parent company for EUR 0.3 million (0.1) of the total capital
expenditure. The investments in Wiping segment were in maintenance. The
Flexibles segment invested in new laser perforation equipment. The capital
expenditure of discontinued operations, i.e. Codi Wipes business unit, amounted
to EUR 0.2 million (0.3) and were for maintenance.
NET SALES AND FINANCIAL RESULT IN SEGMENTS
Wiping segment (continuing operations)
The Wiping segment of Suominen consists of one business unit, Nonwovens. The
business unit supplies nonwovens as roll goods for wiping products and medical
applications. In the previous interim reports, also the Codi Wipes business
unit, focused on converting nonwovens into wet wipes, was reported in the
Wiping segment.
April - June 2013
The net sales of the Wiping segment from continuing operations grew by 4% and
totaled EUR 93.1 million (89.4) in April -June 2013. The Wiping segment
generated 86% of the Group net sales. The operating profit of the segment from
the continuing operations before non-recurring items was EUR 5.8 million (3.6)
and after them 5.8 (0.9). The segment did not report any non-recurring items
during the reporting period.
The increase in net sales was particularly attributable to the favorable demand
for nonwovens materials in North American market. In wiping, the sales volumes
grew from the comparison period, but the continued fierce competition,
especially in Europe, put pressure on the sales prices.
Suominen decided to invest approximately EUR 2.5 million in capacity expansion
of high value added nonwovens at the Windsor Locks plant in the United States.
The investment increases Suominen's production capacity particularly in the
growing segment of flushable products. The investment project will begin in the
latter half of 2013.
January-June 2013
The net sales of the Wiping segment from continuing operations grew by 9% to
EUR 190.4 million (175.1). The main application areas for nonwoven materials
were distributed to baby wipes (accounting for 42% of the sales), personal care
wipes (23%), household wipes (18%), and industrial wipes (11%). The share of
baby wipes declined, while the share of wipes for personal care increased from
the corresponding period. The operating profit of the segment from the
continuing operations before non-recurring items was EUR 10.2 million (7.2) and
after them 10.2 (4.5). The segment did not report any non-recurring items
during the reporting period.
Flexibles segment
The Flexibles segment produces printed plastic film materials for consumer
packaging for industry and trade, as well as security and system packaging, for
example for companies in the security business and for paper wholesalers.
April-June 2013
In April-June 2013, net sales of the Flexibles segment totaled EUR 14.6 million
(12.8), showing an increase of 14% from the previous year. The Flexibles
segment generated 14% of the Group net sales. The segment's operating profit
was EUR -0.6 million (-0.8) excluding non-recurring items and EUR -0.6 million
(-0.8) including them. The segment did not report any non-recurring items
during the reporting period.
The Flexibles segment succeeded in increasing its net sales in tight
competition. Also its operating profit developed to right direction from the
comparison period, even though it remained negative in the quarter. Flexibles
continues to execute the extensive business recovery program.
January-June 2013
In January-June 2013, net sales of the Flexibles segment totaled EUR 29.0
million (26.7), showing an increase of 9% from the previous year. The share of
hygiene and food packaging increased to 72% of the segment's net sales, while
the sales of retail packaging and security & system packaging declined from the
comparison period. The operating profit during the first half of the year was
EUR -0.6 million (-1.4) before non-recurring items and EUR -0.6 million (-0.9)
after them. The segment did not report any non-recurring items during the
reporting period.
INFORMATION ON SHARES AND SHARE CAPITAL
Share capital
The registered number of Suominen's issued shares totals 245,934,122 shares,
equaling a share capital of EUR 11,860,056.00.
Annual General Meeting
The Annual General Meeting (AGM) of Suominen Corporation was held on 26 March,
2013. The General Meeting decided that no dividend will be paid for the
financial year 2012.
The AGM adopted the financial statements and the consolidated financial
statements for the financial year 2012 and discharged the members of the Board
of Directors and the President and CEO from liability.
The AGM confirmed the number of members of the Board of Directors to be five
(5). The AGM re-elected Mr Risto Anttonen, Mr Jorma Eloranta, Ms Suvi
Hintsanen, Mr Hannu Kasurinen and Mr Heikki Mairinoja as the members of the
Board of Directors for the next term of office, that expires at the end of the
first Annual General Meeting of Shareholders following their election. In its
constitutive meeting, the Board of Directors elected Jorma Eloranta as its
Chairman and Risto Anttonen as Deputy Chairman.
PricewaterhouseCoopers Oy, Authorized Public Accountants, was re-elected as
auditor, with Heikki Lassila, Authorized Public Accountant, as the principal
auditor of Suominen Corporation.
The AGM resolved to amend the section 1 of the Articles of Association of the
company so that the domicile of the company is Helsinki. In addition, the AGM
decided that the second sentence regarding the venue of a General Meeting will
be deleted from section 10 of the Articles of Association.
The AGM resolved to establish a permanent Nomination Committee. The Nomination
Committee consists of the three largest shareholders or representatives of the
three largest shareholders of the company and the Chairman of the Board of
Directors of Suominen Corporation.
The AGM authorized the Board of Directors to decide on the repurchase of the
company's own shares and to decide on a share issue and issuance of special
rights entitling to shares.
Establishment of permanent committees
Suominen Corporation's Board of Directors decided on April to establish audit
and remuneration committees for the Board.
The main tasks of the Audit Committee relate to ensuring the company's good
governance, accounting and financial reporting, internal control systems and
monitoring of third-party auditing. The Audit Committee will prepare for the
Board matters that fall under its areas of responsibilities, but it does not
have independent decision-making powers unless the Board resolves otherwise on
certain matters. Suominen Corporation's Board of Directors elected Hannu
Kasurinen as Chairman and Suvi Hintsanen and Heikki Mairinoja as members of the
Audit Committee from among the Board's members. In future, the Chairman and
members of the committee will be elected annually at the Board's constitutive
meeting. At least three members will be elected to the committee. The members
of the Audit Committee must be independent of the company, and at least one
member must be independent of the company's significant shareholders.
The Remuneration Committee of Suominen Corporation's Board of Directors will
prepare the remuneration and appointment matters concerning the company's
President and CEO and other members of senior management, as well as principles
and procedures related to remuneration of the company's employees. The
Remuneration Committee will prepare for the Board matters that fall under its
areas of responsibilities, but it does not have independent decision-making
powers unless the Board resolves otherwise on individual matters. Suominen
Corporation's Board of Directors elected Jorma Eloranta as Chairman and Risto
Anttonen as member of the Remuneration Committee from among the Board's
members. In future, the Chairman and members of the committee will be elected
annually at the Board's constitutive meeting. The minimum number of committee
members is two, which deviates from recommendation 22 of the Finnish Corporate
Governance Code, which states that Board committees must have at least three
members. Suominen Corporation's Board of Directors states that, taking into
consideration the number of members of the Board and the scope and nature of
the company's business operations, the Remuneration Committee is able to
effectively handle the matters assigned to it with only two members. The
majority of the members of the Remuneration Committee must be independent of
the company. The President and CEO or a member of the company's or Group's
management may not be a member of the Remuneration Committee.
Share trading and price
The number of Suominen Corporation shares traded on NASDAQ OMX Helsinki from 1
January to 30 June 2013 was 2,835,267 shares, accounting for 1.2% of the share
capital and votes. The trading price varied between EUR 0.34 and EUR 0.60. The
closing trading price was EUR 0.53, giving the company a market capitalization
of EUR 130,313,127 on 30 June 2013.
Own shares
On 1 January 2013 and on 30 June 2013, Suominen Corporation held 60,298 of its
own shares, accounting for 0.0% of the share capital and votes.
Stock options
Option right holders hold 100,000 of Suominen's 2009B stock options. During the
reporting period 100,000 2009B stock options were returned to the company. The
subscription period for the 2009B stock options is from 2 May 2012 to 30
October 2013 and the subscription price is EUR 0.96.
As the registered number of Suominen's issued shares totals 245,934,122, the
number of shares may rise to a maximum of 246,034,122 after stock option
subscriptions.
Share-based rewards
The target group of Suominen's share-based incentive plan consists of
approximately 14 employees. The rewards to be paid on the basis of the plan
correspond to the value of an approximate maximum total of 5,050,000 Suominen
Corporation shares, including also the cash-settled part. The aim of the plan
is to combine the objectives of the shareholders and key employees in order to
increase the value of the company, to commit the key employees to the company,
and to offer them a competitive reward plan based on long-term shareholding in
the company. The plan includes one performance period, the calendar years
2012-2014. The potential reward from the performance period will be based on
Suominen Group's cumulative Earnings before Interest, Taxes, Depreciation and
Amortization (EBITDA) and cumulative cash flow, and it will be paid in 2015
partly in the company's shares and partly in cash.
Authorizations of the Board of Directors
The Annual General Meeting authorized the Board of Directors to repurchase a
maximum of 3,000,000 of the company's own shares. The authorization shall be
valid until 30 June 2014. The Board of Directors is also authorized to decide
on issuing new shares and/or conveying the company's own shares held by the
company and/or granting special rights entitling to shares referred to in
Chapter 10, Section 1 of the Finnish Companies Act. A maximum of 50,000,000 new
shares may be issued. The maximum number of new shares that may be subscribed
and own shares held by the company that may be conveyed by virtue of the
special rights granted by the company is 10,000,000 shares in total which
number is included in the maximum number stated earlier (50,000,000). The
authorization shall be valid until 30 June 2016.
BUSINESS RISKS AND UNCERTAINTIES
Suominen and Ahlstrom continue to negotiate the prerequisites and alternatives
for completing the transaction of the Brazilian unit of Ahlstrom's Home and
Personal business. The conditions for achieving a solution are that a common
agreement be reached on the acquisition and that financers approve of the
acquisition and its financing. However, the delay or cancellation of the
acquisition of the Brazilian unit would not cause financial losses for
Suominen.
The estimate on the development of Suominen's net sales is in part based on
forecasts and delivery plans received from customers. Changes in these
forecasts and plans resulting from changes in the market conditions or in
customers' inventory levels may affect Suominen's net sales. Due to the
continued uncertainty in the general economic situation and the cautious
consumer purchasing habits, the forecasts include uncertainty.
Suominen's customer base is fairly concentrated, which adds to the
customer-specific risk. Long-term contracts are preferred in the case of the
largest customers. In practice the customer relationships are long-term and
last for several years.
The continued positive development of Suominen's business operations in the
United States increases the relevance of the exchange rate risk related to USD
in the Group's total exchange risk position. Suominen hedges this foreign
exchange position in accordance with its hedging policy.
Suominen purchases significant amounts of oil and pulp-based raw materials
annually. Raw materials are the largest cost item for operations. Rapid changes
in the global market prices of raw materials affect the company's
profitability. Extended interruptions in the supply of Suominen's main raw
materials could disrupt production and have a negative impact on the Group's
overall business operations. As Suominen sources its raw materials from a
number of major international suppliers, significant interruptions are
unlikely.
Suominen has numerous regional, national and international competitors in its
different product groups. There is currently oversupply in several product
groups, particularly in Europe. If Suominen is not able to compete through an
attractive product offering, it may lose some of its market share, and the
competition may lead to increased pricing pressure on the company's products.
The Group's damage risks are insured in order to guarantee the continuity of
operations. Suominen has valid damage and business interruption insurance
according to which it is estimated that the damages can be covered and the
financial losses caused by an interruption compensated.
Suominen's credit arrangements include covenants that the company must meet. At
the end of 2013, Suominen's net debt to EBITDA ratio may not exceed 3.6 and the
company's gearing ratio must be less than 125%. In this interim report, these
key figures are 2.7 and 121.4%.
The sensitivity of Suominen's goodwill to changes in business conditions is
described in the notes to the financial statements 2012. Actual cash flows may
deviate from the forecasted future discounted cash flows, as the long economic
lifetime of the company's non-current assets, and changes in the estimated
product prices, production costs, and interest rates used in discounting may
result in write-downs. The fair value based on the value in use of assets or
businesses in total or in part does not necessarily correspond to the price
that a third party would pay for them.
General risks related to business operations are described in the Report of the
Board of Directors 2012.
BUSINESS ENVIRONMENT
Suominen's products are used in daily consumer goods, such as wet wipes and
plastic packaging. The general economic situation determines the development of
consumer demand, even though the demand for consumer goods is not very cyclical
in nature. Europe and North America are the main market regions for Suominen.
In the European markets, the consumer confidence index continued to improve
slightly in the euro area. North America, Suominen's other main market, saw a
more marked rise in the consumer confidence index. However, the development
prospects of the general economic situation are still uncertain, especially in
Europe.
Suominen assesses the trend in demand for its products on the basis of both the
general market situation and, above all, on the basis of the framework
agreements drawn up with its clients. Suominen estimates that in 2013, demand
for its products will remain at the level of 2012.
Suominen will continue to implement its strategy and executes within this
framework two separate business development programs. The goals of these
programs are to harmonize the supply chain processes and to further improve
product development, which will enable Suominen to accelerate its customers'
operations and increase the share of products with higher added value in its
portfolio, in keeping with its strategy.
EVENTS AFTER THE REVIEW PERIOD
Suominen Corporation completed the divestment of the Codi Wipes business unit
on 15 July 2013. Due to the divestment, Suominen recognized, in accordance with
the IFRS 5 standard, a non-recurring loss of MEUR 16.8 in the second quarter
result of its discontinued operations.
The Board of Directors of Suominen Corporation has, based on the authorization
granted by the Annual General Meeting of Shareholders, resolved on the issuance
of 2,000,000 new shares to the company itself without consideration in
accordance with chapter 9 section 20 of the Companies Act. The new shares are
estimated to be registered in the trade register on 15 August 2013, after which
the company will without delay apply for the admission of the shares to public
trading on the stock exchange list of NASDAQ OMX Helsinki Ltd. The purpose of
the issue of shares to the company itself is to have own shares held by the
company available for the payment of the portion of the annual remuneration of
the Members of the Board of Directors, which shall be paid in shares of the
company, and for the payment of the share rewards possibly payable based on the
company's share based incentive plan. The share rewards possibly payable based
on the company's current share based incentive plan for the years 2012 - 2014
will be paid in the year 2015.
OUTLOOK FOR 2013
Suominen estimates that its net sales for the full year 2013 from continuing
operations will remain at or slightly exceed the level of 2012. Operating
profit excluding non-recurring items is expected to improve from year 2012. In
2012, Suominen's net sales from continuing operations were EUR 410.4 million.
Group operating profit excluding non-recurring items, as reported in the
Financial Statements of 2012, was EUR 13.7 million
SUOMINEN GROUP CONSOLIDATED 1 JANUARY - 30 JUNE 2013
This interim report has been prepared in compliance with IAS 34 Interim
Financial Reporting. The principles for preparing the interim report are the
same as those used for preparing the financial statements for 2012, and this
interim report should be read parallel to the financial statements for 2012.
Changes to published accounting standards and interpretations, together with
the new accounting standards that came into force on 1 January 2013, are
presented in the financial statements for 2012.
All calculations in this interim report have been prepared in compliance with
the revised IAS 1 standard, ‘Presentation of Financial Statements'. This
standard is aimed at improving users' ability to analyze and compare the
information given in financial statements by separating changes in equity of an
entity arising from transactions with owners from other changes in equity.
Non-owner changes in equity will be presented in the statement of comprehensive
income.
According to the revised IAS 19 standard ‘Employee Benefits', which came into
force on January 1, 2013, the corridor method is not applied to actuarial gains
and losses, and changes in actuarial gains and losses are recognized in other
comprehensive income. Net interest expenses are determined by multiplying the
net debt (or receivables) with the interest rate used in discounting, and the
difference between the real return on assets and the return calculated using
the interest rate used in discounting is recognized in other comprehensive
income. Previously unrecognized actuarial gains and losses are also recognized
in other comprehensive income. The same applies to other long-term employee
benefits, although changes in recognized items are recorded through profit or
loss. The process concerning termination benefits, particularly the date when
the entity recognizes its liability for termination benefits, is also defined
in more detail.
The IAS 19 standard is not expected to have a material impact on Suominen's
financial statements or operating result. The standard does, however, require
retroactive application for the financial statement figures of comparison
years. Thus, the net debt of the Group's defined benefit pensions and the
statement of comprehensive income from the 2012 comparison year has, as a
result of the elimination of the corridor approach to recognize actuarial gains
and losses, been changed to reflect the retroactive application. As a result of
the revision to IAS 19, the Group's pension liabilities increased from EUR 845
thousand to EUR 1,092 thousand as of the December 31, 2012 financial
statements, and actuarial losses of EUR 247 thousand for the comparison period
have been recognized in the other comprehensive income statement items of the
2012 comparison data.
The figures in this interim report have not been audited.
BALANCE SHEET EUR 1,000 30 Jun 30 Jun 31 Dec
2013 2012 2012
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Assets
Non-current assets
Goodwill 15,496 35,222 26,715
Intangible assets 11,647 12,636 12,529
Tangible assets 106,009 130,345 118,019
Available-for-sale financial assets 19 19 19
Held-to-maturity investments 441 453 466
Deferred tax assets 6,241 3,399 6,067
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Non-current assets, total 139,853 182,074 163,816
Current assets
Inventories 36,494 43,981 42,431
Trade receivables 52,428 54,541 45,328
Other current receivables 9,708 14,009 11,772
Income tax receivables 730 2,413 1,293
Financial assets on escrow 25,000
Cash at bank and in hand 7,318 18,352 14,301
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Current assets, total 106,678 158,296 115,125
Assets held for sale 13,525
Assets, total 260,056 340,370 278,940
Shareholders' equity and liabilities
Equity attributable to owners of the parent
company
Share capital 11,860 11,860 11,860
Share premium account 24,681 24,681 24,681
Invested non-restricted equity fund 97,054 97,054 97,054
Fair value and other reserves -731 -449 -1,253
Translation differences -613 681 -549
Other shareholders' equity * -51,555 -26,597 -35,782
--------------------------------------------------------------------------------
Shareholders' equity, total * 80,696 107,230 96,011
Liabilities
Non-current liabilities
Deferred tax liabilities 5,165 1,913 5,653
Provisions 605 280 280
Other non-current liabilities * 1,325 1,362 1,282
Interest-bearing liabilities 85,742 138,854 90,027
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Non-current liabilities, total 92,837 142,409 97,242
Current liabilities
Interest-bearing liabilities 23,570 21,271 20,571
Capital loans 920 920
Income tax liabilities 1,611 2,566 737
Trade payables and other current liabilities 55,892 65,974 63,460
--------------------------------------------------------------------------------
Current liabilities, total 81,073 90,731 85,688
Liabilities, total 173,910 233,140 182,930
Liabilities related to assets held for sale 5,450
Shareholders' equity and liabilities, total 260,056 340,370 278,940
* Data from comparison period revised.
STATEMENT OF INCOME
EUR 1,000 4-6/201 4-6/201 1-6/2013 1-6/2012 1-12/201
3 2 2
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Net sales 107,691 102,386 219,361 201,688 410,358
Cost of goods sold -96,745 -95,330 -196,970 -186,466 -376,269
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Gross profit 10,946 7,056 22,391 15,222 34,088
Other operating income 266 2,524 1,008 4,496 6,838
Sales and marketing expenses -1,708 -1,657 -3,593 -3,346 -6,878
Research and development -787 -555 -1,735 -1,189 -3,593
Administration expenses -4,033 -5,206 -8,248 -10,318 -16,945
Other operating expenses -414 -55 -550 -240 -568
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Operating profit before 4,270 2,107 9,273 4,625 12,942
non-recurring items
Non-recurring items -2,700 -2,216 -5,499
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Operating profit 4,270 -593 9,273 2,409 7,443
Financial income and expenses -1,785 -2,468 -4,123 -5,178 -10,474
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Profit before income taxes 2,485 -3,061 5,150 -2,769 -3,031
Income taxes -2,072 221 -3,545 -488 -2,200
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Profit/loss for the period, 413 -2,840 1,605 -3,257 -5,231
continuing operations
Discontinued operations -221 195 -311 321 637
Profit/loss for the period
Impairment loss recognized on -16,760 -16,760 -7,278
the remeasurement to fair value
and cost to sell
--------------------------------------------------------------------------------
Profit/loss for the period, -16,981 195 -17,071 321 -6,641
discontinued operations
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Profit/loss for the period -16,568 -2,645 -15,466 -2,936 -11,872
Earnings/share, EUR 0.00 -0.01 0,01 -0.01 -0.02
Continuing operations
Discontinued operations -0.07 0.00 -0.07 0.00 -0.03
Total -0.07 -0.01 -0.06 -0.01 -0.05
STATEMENT OF COMPREHENSIVE INCOME
EUR 1,000 4-6/201 4-6/20 1-6/201 1-6/20 1-12/20
3 12 3 12 12
--------------------------------------------------------------------------------
Profit/loss for the period -16,568 -2,645 -15,466 -2,936 -11,872
Other comprehensive income:
Items that may be reclassified
subsequently to profit or loss:
Currency translation differences on -1,643 -685 -169 410 -438
foreign operations
Fair value changes of cash flow 388 -16 691 47 -1,007
hedges
Other reclassifications -160 72 -328 69 -6
Total -1,415 -629 194 526 -1,451
--------------------------------------------------------------------------------
Items that will not be reclassified
subsequently to profit or loss:
Actuarial gains and losses * -247
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Total -247
Income tax on other comprehensive 83 616 -64 896 765
income
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Total other comprehensive income -1,332 -13 130 1,422 -933
Total comprehensive income for the -17,900 -2,658 -15,336 -1,514 -12,805
period
Total comprehensive income arises
from:
Continuing operations -919 -2,853 1,735 -1,835 -6,164
Discontinued operations -16,981 195 -17,071 321 -6,641
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Total comprehensive income for the -17,900 -2,658 -15,336 -1,514 -12,805
period
* Data from comparison period revised.
STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY
1. Share capital
2. Share premium account
3. Invested non-restricted equity fund
4. Own shares
5. Translation differences
6. Fair value reserves
7. Retained earnings
8. Total
EUR 1,000 a. b. c. d. e. f. g. h.
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Total 11,860 24,681 97,054 -43 -549 -1,210 -35,78 96,011
equity at 3
1 Jan 2013
Profit/loss -15,46 -15,466
for the 6
period
Other -64 522 -328 130
comprehens
ive
income
Share-based 21 21
payments
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Total 11,860 24,681 97,054 -43 -613 -687 -51,55 80,696
equity at 6
30 Jun 2013
EUR 1,000 a. b. c. d. e. f. g. h.
--------------------------------------------------------------------------------
--------------------
Total 11,860 24,861 97,054 -43 -637 -441 -23,737 108,737
equity at
1 Jan 2012
Profit/loss 2,936 -2,936
for the
period
Other 1,318 35 69 1,422
comprehens
ive
income
Share-based 7 7
payments
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Total 11,860 24,681 97,054 -43 681 -406 -26,597 107,230
equity at
30 Jun 2012
EUR 1,000 a. b. c. d. e. f. g. h.
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Total equity at 11,860 24,681 97,054 -43 -637 -441 -23,737 108,737
1 Jan 2012
Profit/loss for the -11,872 -11,872
period
Other comprehensive 88 -769 -253 -934
income *
Share-based 79 79
payments
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Total equity at 11,860 24,681 97,054 -43 -549 -1,210 -35,783 96,011
31 Dec 2012
* Data from comparison period revised.
CASH FLOW STATEMENT
EUR 1,000 1-6/2013 1-6/2012 1-12/2012
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Operations
Operating profit -7,863 2,884 947
Total adjustments 20,862 12,066 31,775
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Cash flow before change in working capital 13,000 14,951 32,722
Change in working capital -5,658 -3,399 4,961
Financial items -3,884 -4,679 -9,705
Taxes paid -2,693 -1,432 -3,040
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Cash flow from operations 764 5,441 24,938
Investment payments
Investments in tangible and intangible assets -1,823 -1,426 -3,619
Proceeds from disposal of fixed assets and other 48 1,868 2,115
proceeds
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Cash flow from investing activities -1,775 441 -1,504
Financing
Repayments of non-current loans -7,625 -2,467 -38,713
Repayments of capital loans -920 -920 -920
Change in current loans 6,300 -10,550
Cash flow from financing -2,245 -3,387 -50,183
--------------------------------------------------------------------------------
Change in cash and cash equivalents * -3,255 2,495 -26,749
Cash and cash equivalents 14,301 40,887 40,887
Unrealized exchange rate differences 312 -32 164
Change in cash and cash equivalents -3,255 2,495 26,749
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Cash and cash equivalents 11,358 43,351 14,301
Assets held for sale, cash and cash equivalents -4,040
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Cash and cash equivalents, 7,318
continuing operations
* Also includes the change in financial assets on escrow.
KEY FIGURES 4-6/20 4-6/20 1-6/20 1-6/201 1-12/20
13 12 13 2 12
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Net sales, change, % * 5.2 230.9 8.8 227.2 151.5
Gross profit, % ** 10.2 6.9 10.2 7.5 8.3
Operating profit, % ** 4.0 -0.6 4.2 1.2 1.8
Financial income and expenses, % ** -1.7 -2.4 -1.9 -2.6 -2.6
Profit before income taxes, % ** 2.3 -3.0 2.3 -1.4 -0.7
Profit for the period, % ** -15.4 -2.6 -7.1 -1.5 -2.9
Earnings/share, EUR, continuing 0.00 -0.01 0.01 -0.01 -0.02
operations
Earnings/share, EUR, discontinued -0.07 0.00 -0.07 0.00 -0.03
operations
Earnings/share, EUR, total -0.07 -0.01 -0.06 -0.01 -0.05
Equity/share, EUR 0.33 0.44 0.39
Cash flow from operations/share, EUR 0.00 0.02 0.10
Return on equity (ROE), % *** -24.9 -12.6 -11.2
Return on invested capital (ROI), % -4.3 -0.6 0.4
Equity ratio, % *** 31.0 31.5 34.4
Gearing, % *** 121.4 109.8 101.0
Gross investments, EUR 1,000, 1,417 927 3,298
continuing operations
Depreciation, EUR 1,000, continuing 8,312 8,811 17,518
operations
Impairment losses, EUR 1,000, 2,700 5,538
continuing operations
* Compared with the corresponding
period of the previous year.
** As of net sales.
*** Data from comparison period
revised.
Non-current interest-bearing 85,742 138,854 90,027
liabilities
Current interest-bearing liabilities 23,570 22,191 21,491
Interest-bearing receivables, -7,318 -43,352 -14,301
continuing operations
Interest-bearing receivables, -4,040
discontinued operations
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Interest-bearing net liabilities 97,955 117,693 97,217
DISCONTINUED OPERATIONS
EUR 1,000 1-6/201 1-6/201 1-12/20
3 2 12
--------------------------------------------------------------------------------
Net sales 22,626 25,396 49,436
Costs -23,046 -24,968 -55,868
--------------------------------------------------------------------------------
Profit before income taxes from discontinued -420 428 -6,432
operations
Income taxes 109 -107 -209
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Profit after income taxes from discontinued -311 321 -6,641
operations
Impairment loss recognized on the remeasurement to -16,670
fair value and cost to sell
Profit/loss for the period from discontinued -17,071 321 -6,641
operations
--------------------------------------------------------------------------------
Assets held for sale
Tangible and intangible assets 81
Inventories 5,672
Trade receivables and other current receivables 3,733
Cash at bank and in hand 4,040
Total 13,525
---------------------------------------------------------------
Liabilities related to assets held for sale
Other liabilities 361
Trade payables and other current liabilities 5,089
---------------------------------------------------------------
---------------------------------------------------------------
Total 5,450
Cash flow from discontinued operations
Cash flow from operations 1,490
Cash flow from investing activities -254
---------------------------------------------------------------
---------------------------------------------------------------
Change in cash and cash equivalents 1,236
SEGMENT REPORTING
Wiping (continuing operations)
EUR 1,000 1-6/2013 1-6/2012 Change % 1-12/2012
--------------------------------------------------------------------------------
Net sales 190,361 175,067 8.7 357,873
Operating profit before non-recurring 10,220 7,150 42.9 18,014
items
% of net sales 5.4 4.1 5.0
Operating profit 10,220 4,450 129.6 12,031
% of net sales 5.4 2.5 3.4
Assets 179,850 205,243 180,256
Liabilities 45,762 50,778 47,176
Net assets 134,089 154,465 133,082
Investments 553 637 1,899
Depreciation 6,228 6,668 13,270
Impairment losses 2,700 5,538
Average personnel 527 598 594
Flexibles
EUR 1,000 1-6/2013 1-6/2012 Change % 1-12/2012
--------------------------------------------------------------------------------
Net sales 28,998 26,671 8.7 52,698
Operating profit before non-recurring -601 -1,392 56.9 -2,786
items
% of net sales -2.1 -5.2 -5.3
Operating profit -601 -908 33.9 -2,302
% of net sales -2.1 -3.4 -4.4
Assets 37,478 37,333 35,668
Liabilities 9,870 9,718 8,634
Net assets 27,607 27,616 27,034
Investments 697 193 554
Depreciation 1,347 1,462 2,868
Average personnel 476 456 453
Non-allocated items
EUR 1,000 1-6/2013 1-6/2012 1-12/2012
--------------------------------------------------
Net sales 2 -50 -213
Operating profit -346 -1,134 -2,286
Assets * 29,203 97,794 63,015
Liabilities * 118,279 172,644 127,121
Investments * 167 377 1,555
Depreciation * 738 1,713 3,468
Impairment losses * 7,278
Average personnel * 18 163 173
* Following the IFRS 5 standard the data for the comparison periods is not
restated but includes non-allocated items and discontinued operations.
NET SALES BY MARKET AREA
EUR 1,000 1-6/2013 1-6/2012 1-12/2012
------------------------------------------------------
------------------------------------------------------
Finland 11,759 11,714 23,677
Europe, other 90,318 82,431 166,329
North and South America 112,435 102,099 210,249
Other countries 4,849 5,444 10,156
------------------------------------------------------
------------------------------------------------------
Net sales, total 219,361 201,688 410,412
QUARTERLY FIGURES
EUR 1 000 Q3/2012 Q4/201 Q1/2013 Q2/2013 Q3/2012
2 -
Q2/2013
--------------------------------------------------------------------------------
Net sales
Wiping 97,917 84,890 97,233 93,129 373,168
Flexibles 12,658 13,369 14,427 14,571 55,024
Non-allocated items -25 -134 11 -9 -107
--------------------------------------------------------------------------------
Net sales, total, from continuing 110,549 98,121 111,670 107,691 428,031
operations
Operating profit
Wiping 8,122 2,741 4,458 5,762 21,083
% of net sales 8.3 3.2 4.6 6.2 5.6
Flexibles -576 -818 1 -602 -1,994
% of net sales -4.5 -6.1 0.0 -4.1 -3.6
Non-allocated items -901 -252 544 -879 -1,498
--------------------------------------------------------------------------------
Operating profit before 6,645 1,672 5,003 4,270 17,590
non-recurring items
% of net sales 6.0 1.7 4.5 4.0 4.1
Non-recurring items -445 -2,838 -3,283
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Operating profit, total 6,200 -1,166 5,003 4,270 14,307
% of net sales 5.6 -1.2 4.5 4.0 3.3
Net financial expenses -2,928 -2,367 -2,338 -1,785 -9,418
--------------------------------------------------------------------------------
Profit before income taxes 3,272 -3,533 2,665 2,485 4,889
TAXES FOR THE PERIOD UNDER REVIEW
Income tax expense is calculated by country, on the basis of taxable results
and income tax rates.
INFORMATION ON RELATED PARTIES
Suominen has related party relationships with the members of the Board of
Directors, and the members of the Corporate Executive Team, and Ahlstrom
Corporation, including its subsidiaries and associated companies. The company
has no investments in associated companies. Salaries paid to the related
parties amounted to EUR 983 thousand, obligatory pension payments EUR 52
thousand, voluntary pension payments EUR 52 thousand and share-based payments
EUR 70 thousand.
Other related-party transactions
EUR 1,000 1-6/2013 1-6/2012 1-12/2012
--------------------------------------------------------------
--------------------------------------------------------------
Sales of goods and services 9,140 10,280 19,653
Purchases of goods and services 31,134 23,968 54,191
Trade and other receivables 1,551 1,680 1,049
Trade and other payables 1,416 2,831 2,165
Other related-party transactions are transactions with Ahlstrom Corporation and
its subsidiaries and associated companies.
CHANGES IN BORROWINGS
EUR 1,000 1-6/2013 1-6/2012 1-12/2012
--------------------------------------------------------------------------------
Total borrowings on 1 January 111,518 161,730 161,730
Current loans from financial institutions on 1 20,571 19,929 19,929
January
Change in current loans from financial 2,999 1,342 642
institutions
--------------------------------------------------------------------------------
Current loans from financial institutions on 30 23,570 21,271 20,571
June
Non-current loans on 1 January 90,027 139,961 139,961
Change in non-current loans -4,284 -1,107 -49,934
--------------------------------------------------------------------------------
Non-current loans on 30 June 85,742 138,854 90,027
Capital loans on 1 January 920 1,840 1,840
Change in capital loans -920 920 -920
--------------------------------------------------------------------------------
Capital loans on 30 June 0 920 920
Total borrowings on 30 June 109,313 161,045 111,518
CHANGES IN FIXED ASSETS
1-6/201 1-6/201 1-12/20
3 2 12
EUR 1,000 Tangibl Intangi Tangibl Intangi Tangibl Intangi
e ble e ble e ble
--------------------------------------------------------------------------------
Book value at the 118,019 12,529 139,886 13,133 139,886 13,333
beginning of the period
Investments 1,091 326 1,143 64 3,261 747
Decreases -18 -1,377 -1,385
Discontinued operations -5,365 -115
Depreciation -7,556 -756 -11,779 -767 -23,603 -1,542
Translation differences -163 -337 2,473 7 -140 -8
and other changes
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Book value at the end of 106,009 11,647 130,345 12,636 118,019 12,529
the period
CONTINGENT LIABILITIES
EUR 1,000 1-6/2013 1-6/2012 12/2012
----------------------------------------------------------------------
For own debt
Secured loans 106,154 157,409 107,861
Nominal values of pledges
Real estate mortgages 27,042 23,019 27,045
Floating charges 190,624 215,299 193,988
Pledged subsidiary shares and loans 209,172 216,274 209,160
Other own commitments
Operating leases, real estates 24,700 28,743 27,177
Operating leases, machinery and equipment 2,798 2,523 2,705
Guarantee commitments 1,433 1,231 1,199
FINANCIAL ASSETS BY CATEGORY
a. Financial assets at fair value through profit or loss
b. Held-to-maturity investments
c. Loans and receivables
d. Available-for-sale financial assets
e. Derivatives held for hedge accounting
f. Book value
g. Fair value
Classes by instruments' nature
EUR 1,000 a. b. c. d. e. f. g.
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Available-for-sale financial 19 19 19
assets
Held-to-maturity investments 427 427 427
Trade receivables 52,428 52,428 52,428
Other receivables 23 128 6 157 157
Cash and cash equivalents 7,318 7,318 7,318
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Total at 30 Jun 2013 23 427 59,874 19 6 60,349 60,349
Classes by instruments' nature
EUR 1,000 a. b. c. d. e. f. g.
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Available-for-sale financial 19 19 19
assets
Held-to-maturity investments 466 466 466
Trade receivables 45,328 45,328 45,328
Other receivables 60 590 650 650
Cash and cash equivalents 14,301 14,301 14,301
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Total at 31 Dec 2012 60 466 60,220 19 60,763 60,763
Principles in estimating fair value for financial assets for 2013 are the same
as those used for preparing the financial statements for 2012.
FINANCIAL LIABILITIES
30 Jun 2013 31 Dec 2012
EUR 1,000 Book Fair Book Fair
value value value value
-----------------------------------------------------------------------------
-----------------------------------------------------------------------------
Non-current
Loans from financial institutions 84,885 84,869 88,884 88,901
Pension loans 857 869 1,143 1,185
Total 85,742 85,737 90,027 90,085
-----------------------------------------------------------------------------
Current *)
Repayment of non-current liabilities
Loans from financial institutions 22,999 23,041 20,000 20,054
Pension loans 571 601 571 611
Capital loans 920 924
Derivatives not held for hedge accounting 65 65 62 62
Derivatives held for hedge accounting 992 992 1,822 1,822
Trade payables 43,977 43,977 46,381 46,381
-----------------------------------------------------------------------------
-----------------------------------------------------------------------------
Total 68,605 68,677 69,756 69,854
Total 154,347 154,414 159,783 159,939
*) In the balance sheet under current liabilities.
Principles in estimating fair value for financial liabilities for 2013 are the
same as those used for preparing the financial statements for 2012.
FAIR VALUE MEASUREMENT HIERARCHY
EUR 1,000 Level 1 Level 2 Level 3
-------------------------------------------------------------
-------------------------------------------------------------
Assets measured at fair value
Assets held for sale 19
-------------------------------------------------------------
-------------------------------------------------------------
Total
Derivatives measured at fair value
Currency derivatives -42
Interest rate derivatives -599
Electricity derivatives -387
-------------------------------------------------------------
-------------------------------------------------------------
Total -1,028
Principles in estimating fair value for financial assets and their hierarchies
for 2013 are the same as those used for preparing the financial statements for
2012.
ANALYST AND PRESS CONFERENCE
Nina Kopola, President and CEO, and Tapio Engström, CFO, will present the
financial result in Finnish at an analyst and press conference in Helsinki
today, on Wednesday, 17 July at 12.00 (noon) Finnish time. The conference will
take place at Sokos Hotel Vaakuna, Kaivokatu 3 (10th floor), Helsinki. The
presentation material will be available after the analyst and press conference
at www.suominen.fi/financial_presentations.
NEXT INTERIM REPORT
Suominen will publish its Interim report for January-September 2013 on October
23, 2013 approximately at 8.30 EEST.
Helsinki, 17 July 2013
SUOMINEN CORPORATION
Board of Directors
For additional information, please contact:
Mrs Nina Kopola, President and CEO, tel. +358 (0)10 214 300
Mr Tapio Engström, Senior Vice President and CFO, tel. +358 (0)10 214 300
Distribution:
NASDAQ OMX Helsinki Ltd
Key media
www.suominen.fi
Suominen in brief
Suominen supplies its industrial and retail customers with nonwovens and
flexible packaging for use in consumer products worldwide. Suominen is the
global market leader in nonwovens for wipes. The company employs more than
1,000 people in Europe and in the United States. Suominen's net sales in 2012
amounted to MEUR 410.4 and operating profit excluding non-recurring items was
MEUR 12.9 (continuing operations). The Suominen share (SUY1V) is listed in
NASDAQ OMX Helsinki Stock Exchange. Read more at www.suominen.fi.
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