2015-10-26 07:30:00 CET
2015-10-26 07:30:07 CET
REGULATED INFORMATION
Suominen Oyj - Interim report (Q1 and Q3)
Suominen Corporation: Positive development continued, guidance regarding the growth of operating profit specified
Helsinki, Finland, 2015-10-26 07:30 CET (GLOBE NEWSWIRE) --
Suominen Corporation Interim Report 26 October 2015 at 8:30 am (EET)
Suominen Corporation's Interim Report for January 1 - September 30, 2015:
Positive development continued, guidance regarding the growth of operating
profit specified
7-9/ 7-9/ 1-9/ 1-9/ 1-12/
KEY FIGURES 2015 2014 2015 2014 2014
--------------------------------------------------------------------------------
Net sales, EUR million 114.9 103.3 339.8 297.0 401.8
Operating profit excluding non-recurring 9.8 8.7 27.0 20.6 26.9
items, EUR million
Operating profit, EUR million 9.8 8.4 27.5 19.8 25.9
Profit for the period, EUR million, 5.4 0.6 15.1 5.4 10.2
continuing operations
Profit/loss for the period, EUR million, − -1.5 − -5.2 -5.2
discontinued operations
Profit/loss for the period, EUR million, 5.4 -0.9 15.1 0.2 5.0
total
Earnings per share, EUR, continuing 0.02 0.00 0.06 0.02 0.04
operations
Earnings per share, EUR, discontinued − -0.01 − -0.02 -0.02
operations
Earnings per share, basic, EUR, total 0.02 0.00 0.06 0.00 0.02
Cash flow from operations per share, EUR * 0.03 0.07 0.06 0.11 0.15
Return on invested capital, rolling 12 − − 17.4 10.2 12.0
months, % *
Return on invested capital, rolling 12 − − 17.4 13.5 15.7
months, continuing operations, %
Gearing, % * − − 30.5 43.3 34.7
* 2014 includes also discontinued operations.
Highlights in July-September 2015:
- Net sales increased by 11.3% and amounted to EUR 114.9 million (103.3).
- Operating profit excluding non-recurring items increased by 12.1% to EUR 9.8
million (8.7).
- Suominen's investment in a new wetlaid line at the Bethune plant in SC, US,
is progressing as planned. In September, Suominen announced that the total
value of the investment will be close to EUR 50 million.
- Suominen decided to extend its growth investment program for the strategic
period of 2015-2017 to approximately EUR 60 million due to the promising growth
prospects in the high value added nonwovens.
- Suominen specifies its guidance regarding operating profit for 2015. The
company expects that for the full year 2015, operating profit from continuing
operations excluding non-recurring items will improve markedly from year 2014.
Previously, Suominen estimated that for the full year 2015, its operating
profit excluding non-recurring items from continuing operations would improve
from year 2014.
- For net sales, Suominen repeats its previous estimate, disclosed on 17 July
2015, that for the full year 2015 the company expects its net sales for
continuing operations to improve from year 2014.
- Suominen's net sales of the continuing operations in 2014 amounted to EUR
401.8 million and operating profit excluding non-recurring items was EUR 26.9
million.
President & CEO Nina Kopola comments on Suominen's third quarter of 2015:
“In the euro area, the consumer confidence index decreased slightly in the
third quarter but was still on a significantly higher level than at the
beginning of the year. In the United States, the consumer confidence index
increased somewhat. North America and Europe are Suominen's largest market
areas.
Suominen's strong financial development continued in Q3. Net sales grew by 11%
from the comparison period to EUR 114.9 million. Operating profit excluding
non-recurring items rose to EUR 9.8 million, corresponding to 8.5% of net
sales. Profit as well as earnings per share for Q3 continued at the strong
level of the second quarter and were EUR 5.4 million and EUR 0.02,
respectively. So far, I am very pleased with Suominen's development in 2015 and
feel confident also about the final quarter of the year. We specified our
guidance regarding the growth of operating profit, and now estimate that for
the full year 2015, operating profit from continuing operations excluding
non-recurring items will improve markedly from year 2014. Previously, we
estimated that operating profit excluding non-recurring items would improve
from year 2014.
In September, we decided to extend our growth investment program to
approximately EUR 60 million due to the promising growth prospects in nonwovens
with higher added value. Earlier, we had estimated that we will spend EUR 30-50
million in growth investments during the strategic period of 2015-2017. At the
same occasion, we stated that the total value of our investment in a new
wetlaid line at the Bethune plant in SC, US, including both equipment and
facilities, will be close to EUR 50 million. The new production line will be
tailor-made, based on our unique nonwovens technology expertise, enabling us to
supply our customers with exclusive, best-in-class nonwoven products for
wiping, medical and hygiene applications. The investment is in line with our
strategic intent to achieve both product leadership in our industry and a net
sales growth rate that exceeds the industry average.
Moreover, the other projects in our growth investment program are progressing
as planned and will be completed by the end of the year.
After the end of the review period, Mr. Ernesto Levy was appointed Senior Vice
President, Convenience business area and a member of the Suominen Corporate
Executive Team. Levy has an impressive track record in leading consumer brand
companies, such as Novartis and Procter & Gamble. His capabilities will bring
complementary competencies to our leadership team, which will be especially
valuable as we execute our growth strategy.”
NET SALES
July-September 2015
In the third quarter of 2015, Suominen's net sales grew by 11% from the
comparison period to EUR 114.9 million (103.3). Calculated without the effect
of exchange rates, net sales remained approximately on the same level as in the
corresponding period, since the strengthening of the US dollar compared to
euro, Suominen's reporting currency, increased the third quarter net sales by
approximately EUR 11 million.
Suominen has two business areas, Convenience and Care. Net sales of Convenience
business area in July-September was EUR 107.5 million (94.4) and net sales of
Care business area EUR 7.5 million (8.9). Convenience business area supplies
nonwovens as roll goods for wiping products and travel and catering
applications. Care business area manufactures nonwovens for hygiene products
and medical applications.
January-September 2015
In January-September 2015, Suominen's net sales grew by 14.4% from the
comparison period to EUR 339.8 million (297.0). The strengthening of the US
dollar compared to euro, Suominen's reporting currency, increased the net sales
in January-September by approximately EUR 35 million.
Net sales of Convenience business area in January-September were EUR 315.2
million (272.9) and net sales of Care business area EUR 24.7 million (24.1).
The main application areas for nonwoven materials supplied by Suominen in
January-September were baby wipes (accounting for 40% of the sales), personal
care wipes (24%), household wipes (17%), industrial wipes (11%), and hygiene
and medical products (7%). Changes in the portfolio during January-September
2015 were minor compared to the corresponding period in the previous year. All
nonwovens for wiping products belong to the Convenience business area, and
nonwovens for hygiene and medical products to the Care business area.
OPERATING PROFIT AND RESULT
July-September 2015
Operating profit excluding non-recurring items increased by 12.1% and amounted
to EUR 9.8 million (8.7). Operating profit was EUR 9.8 million (8.4). There
were no non-recurring items in the third quarter. Non-recurring items reported
in the third quarter of 2014 amounted to EUR -0.3 million and were attributable
to restructuring costs as well as costs related to acquisition of the Brazilian
unit.
The strengthening of the US dollar compared to euro, Suominen's reporting
currency, increased the operating profit by approximately 14%. If calculated
with the average USD exchange rate of July-September 2014, operating would have
been EUR 1.4 million lower.
Profit before income taxes for continuing operations in the third quarter was
EUR 8.5 million (4.0) and profit for the period for continuing operations EUR
5.4 million (0.6).
January-September 2015
Operating profit excluding non-recurring items increased by 31% and amounted to
EUR 27.0 million (20.6). Operating profit was EUR 27.5 million (19.8).
Non-recurring items in the review period, EUR +0.5 million, consisted of
reversal of previously made impairment losses of the re-opened production line
in Nakkila plant in Finland. The non-recurring items reported in
January-September 2014 amounted to EUR
-0.9 million, of which EUR -1.1 million were costs related to restructuring and
acquisition of the Brazilian unit and EUR +0.2 million were items related to
closing down of the fiber production in Nakkila in 2012.
Profit before income taxes for continuing operations was EUR 23.6 million
(12.7), and profit for the period for continuing operations was EUR 15.1
million (5.4).
FINANCING
The Group's net interest-bearing liabilities at the end of the review period,
30 September 2015, amounted to EUR 36.7 million (44.7). Gearing was 30.5%
(43.3%) and equity ratio 44.3% (41.0%).
In January-September, net financial expenses were EUR -3.9 million (-7.1), or
1.2% (2.4%) of net sales. Fluctuations in exchange rates increased the
financial expenses by EUR -0.9 million. Financial expenses increased also by
EUR -0.4 million as an impairment loss of shares in a real estate company,
classified as available-for-sale, was recognized. The shares of the real estate
company were divested in July 2015. Net financial expenses in the corresponding
period in 2014 include a non-recurring loss totaling to EUR -0.9 million from
discontinuing of interest rate hedging due to refinancing as well as
transaction costs of EUR -2.0 million related to the previous syndicated loan.
Cash flow from operations was in the third quarter EUR 7.9 million (16.9) and
in January-September EUR 16.3 million (27.8). Cash flow from operations per
share in January-September was EUR 0.06 (0.11). The financial items in the cash
flow from operations, in total EUR -6.7 million (-6.0), were principally
impacted by currency forward contracts hedging equity and the interests paid
during the reporting period. EUR 12 million was tied up in working capital
(2014: released 4.0). Cash flow from financing improved by EUR 0.3 million due
to repayments of loan receivables granted in connection with the divestment of
the Flexibles business area in July 2014. Cash flow from financing was
decreased by repayment of loan in September by EUR 3.3 million.
CAPITAL EXPENDITURE
In January-September, the gross capital expenditure totaled EUR 13.8 million
(2014: 4.4 for continuing operations). Gross capital investments increased
mainly due to the beginning of the investment in a new wetlaid production line
at the Bethune plant in SC, US. Other major investments were related to
modernization of the Alicante plant in Spain as well as to re-opening of a
production line in Nakkila plant in Finland. The other investments were mainly
for maintenance.
In September, Suominen announced that it will extend its growth investment
program to approximately EUR 60 million. Earlier, the company had estimated
that it will spend EUR 30-50 million in growth investments during the strategic
period of 2015-2017. The total value of the investment project at the Bethune
plant, including both equipment and facilities, will be close to EUR 50
million. The new line is anticipated to be installed during the second half of
2016.
Depreciation, amortization and impairment losses for the review period amounted
to EUR 13.6 million (11.4 for continuing operations). The amount does not
include the reversal of an impairment loss made at Nakkila plant due to the
re-opening of a production line. The reversal amounted to EUR 0.5 million.
BUSINESS COMBINATIONS AND DISCONTINUED OPERATIONS
Business combinations
No business combinations were reported during the review period. Suominen
completed the acquisition of the Paulínia plant in Brazil from Ahlstrom
Corporation on 10 February 2014. The closing of the deal provided Suominen's
nonwovens business a foothold in the growing South American market region.
Discontinued operations
No discontinued operations were reported during the review period. In July
2014, Suominen divested its Flexibles business, and the result of the Flexibles
segment is reported as discontinued operations in the figures of the
corresponding period in 2014.
INFORMATION ON SHARE CAPITAL AND SHARES
Share capital
The number of Suominen's registered shares was 252,425,616 shares on 30
September 2015, equaling to a share capital of EUR 11,860,056.00. The number of
shares increased in the review period in total by 4,491,494 shares, of which
3,984,106 were attributable to the share conversions of the hybrid bond notes
and accrued interests; and 507,388 to the directed share issue subject to
payment for the management, implemented in accordance with the share-based
incentive system. Both the conversion of the hybrid bond to equity and the
share issue subject to payment have been recorded into the reserve for invested
unrestricted equity.
Share trading and price
The number of Suominen Corporation shares traded on NASDAQ Helsinki from 1
January to 30 September 2015 was 88,277,675 shares, accounting for 35.3% of the
average number of shares (excluding treasury shares). The highest price was EUR
1.22, the lowest EUR 0.75 and the volume-weighted average price EUR 0.97. The
closing price at the end of review period was EUR 1.09. The market
capitalization (excluding treasury shares) was EUR 274.1 million on 30
September 2015.
Treasury shares
At the end of review period, on 30 September 2015, Suominen Corporation held
913,886 treasury shares. In total 802,644 treasury shares were transferred
during the review period to key employees of the Group in a directed
share-issue without consideration as a reward of the 2012-2014 share-based
incentive plan. In addition, in accordance with the resolution by the Annual
General Meeting; 86,989 shares were transferred on 5 June 2015 to the members
of the Board of Directors as their remuneration payable in shares.
Share-based incentive plans for the management and key employees
The Board of Directors of Suominen Corporation approved on December 2014 two
new share-based incentive plans for the Group management and Group key
employees and a directed share issue. Share-based incentive plan consists of
Performance Share Plan and Matching Share Plan. The share-based plans have been
described in more detail in the Interim Report for January-March 2015.
COMPOSITION OF THE NOMINATION BOARD
In accordance with the decision taken by the Annual General Meeting of Suominen
Corporation, the representatives notified by the company's three largest
shareholders have been elected to Suominen Corporation's permanent Nomination
Board. The shareholders entitled to appoint members to the Nomination Committee
were determined on the basis of the registered holdings in the company's
shareholders' register on 1 September 2015.
The representatives appointed to the Nomination Board are Thomas Ahlström,
member of the Board of Directors of Ahlström Capital and Managing Director of
Antti Ahlström Perilliset Oy; Mikko Mursula, Chief Investment Officer of
Ilmarinen Mutual Pension Insurance Company; and Reima Rytsölä, Chief Investment
Officer of Varma Mutual Pension Insurance Company. Jorma Eloranta, Chair of
Suominen's Board of Directors, serves as the fourth member of the Nomination
Board.
The Nomination Board shall submit its proposals to the Board of Directors no
later than 1 February prior to the Annual General Meeting.
ANNUAL GENERAL MEETING
The Annual General Meeting (AGM) of Suominen Corporation was held on 19 March
2015. The AGM decided that no dividend will be paid for the financial year
2014, but a distribution of funds from reserve for invested unrestricted
capital, EUR 0.01 per share, will be paid from the reserve for invested
unrestricted equity.
The AGM adopted the financial statements and the consolidated financial
statements for the financial year 2014 and discharged the members of the Board
of Directors and the President & CEO from liability.
The AGM confirmed the number of members of the Board of Directors to be six
(6). The AGM re-elected Mr. Risto Anttonen, Mr. Jorma Eloranta, Mr. Hannu
Kasurinen and Ms. Jaana Tuominen as members of the Board of Directors, and
elected Ms. Laura Raitio and Mr. Andreas Ahlström as new members of the Board
of Directors for the next term of office, expiring at the end of the first
Annual General Meeting of Shareholders following their election. The
remuneration of the members of the Board of Directors was resolved to maintain
unchanged. The resolutions were in accordance with the proposals submitted by
the Nomination Board of Suominen's shareholders.
Ernst & Young Oy, Authorized Public Accountants, was elected as auditor of
Suominen Corporation, with Ms. Kristina Sandin, Authorized Public Accountant,
as the principal auditor.
Constitutive meeting and permanent committees of the Board of Directors
In its constitutive meeting on 19 March 2015, the Board of Directors elected
from among its members a Chair and Deputy Chair as well as members for the
Audit Committee and Personnel and Remuneration Committee.
The Board of Directors elected Jorma Eloranta as Chair and Risto Anttonen as
Deputy Chair of the Board of Directors, in accordance with the recommendation
by the Nomination Board of Suominen's shareholders.
Hannu Kasurinen was re-elected as Chair of the Audit Committee. Andreas
Ahlström and Laura Raitio were elected as members of the Audit Committee. Jorma
Eloranta was re-elected as Chair of the Personnel and Remuneration Committee.
Risto Anttonen and Jaana Tuominen were elected as members of the Personnel and
Remuneration Committee.
Authorizations of the Board of Directors
The Annual General Meeting (AGM) held on 19 March 2015 authorized the Board of
Directors to repurchase a maximum of 2,000,000 of the company's own shares. The
shares shall be repurchased to be used in company's share-based incentive
programs, in order to disburse the remuneration of the members of the Board of
Directors, for use as consideration in acquisitions related to the company's
business, or to be held by the company, to be conveyed by other means or to be
cancelled. The company's own shares shall be repurchased otherwise than in
proportion to the holdings of the shareholders by using the non-restricted
equity through trading on regulated market organized by NASDAQ OMX Helsinki Ltd
at the market price prevailing at the time of acquisition. The repurchase
authorization is valid until 30 June 2016.
The AGM held on 26 March 2014 also authorized the Board of Directors to decide
on issuing new shares and/or conveying the company's own shares held by the
company and/or granting special rights entitling to shares referred to in
Chapter 10, Section 1 of the Finnish Companies Act. New shares may be issued
and/or company's own shares held by the company or its group company may be
conveyed at the maximum amount of 25,000,000 shares in aggregate. The maximum
number of new shares that may be subscribed and own shares held by the company
that may be conveyed by virtue of the options and other special rights granted
by the company is 25,000,000 shares in total which number is included in the
maximum number stated earlier. The authorizations are valid until 30 June 2017.
By 30 September 2015, the number of shares used based on the authorization was
1,517,869 shares. The remaining number of shares which can be issued based on
the authorization is 23,482,131 shares.
NOTIFICATIONS UNDER CHAPTER 9, SECTION 5 OF THE SECURITIES MARKET ACT
During the review period, Suominen received the following notifications
referred to in Chapter 9, Section 5 of the Securities Market Act:
On 29 January 2015, Mandatum Life Insurance Company Limited (business identity
code 0641130-2) notified that it has divested Suominen Corporation shares
through a transaction made on 23 January 2015, and consequently, its ownership
in Suominen decreased below the threshold of 5%. After the transaction,
Mandatum holds in total 12,318,243 shares and votes (4.97% of all shares and
votes). In its previous notification, the number of shares held by Mandatum was
22,322,222, which accounted for 9.1% of all shares and votes in Suominen.
On 29 January 2015, Mandatum Life Insurance Company Limited (business identity
code 0641130-2) notified that it had on 5 February 2014 subscribed the
convertible hybrid bond issued by Suominen, which entitles Mandatum to
subscribe a maximum of 3,714,000 new Suominen shares during the conversion
period of 11 February 2014 - 10 February 2018. If Mandatum decided to subscribe
these shares, its shareholding in Suominen would exceed the threshold of 5%.
After the subscription, Mandatum would hold 16,032,243 shares and votes (6.37%
of all shares and votes). In its previous notification, the number of Suominen
shares held by Mandatum was 12,318,243, which accounted for 4.97% of all shares
and votes.
On 18 February 2015, Mandatum Life Insurance Company Limited (business identity
code 0641130-2) notified that it has divested Suominen Corporation shares
through a transaction made on 17 February 2015. Following the transaction,
Mandatum's ownership in Suominen would remain below the threshold of 5% even if
Mandatum would convert all notes of the hybrid bond it subscribed in February
2014 into Suominen shares.
On 16 March 2015, Finnish Industry Investment Ltd (Suomen Teollisuussijoitus
Oy, business identity code 1007806-3) notified that it has divested Suominen
shares and thus its shareholding has fallen below the threshold of 5% of all
shares and votes in Suominen. In its previous notification, Finnish Industry
Investment Ltd stated it held 22,222,222 Suominen shares, corresponding to
9.04% of shares and votes in Suominen Corporation. Before the transaction made
on 16 March 2015, Finnish Industry Investment Ltd held 14,009,604 shares,
corresponding to 5.57% of all shares and votes. After the transaction made on
16 March 2015, Finnish Industry Investment Ltd holds in total 7,009,604
Suominen shares, corresponding to 2.78% of all shares and votes.
On 20 March 2015, Ilmarinen Mutual Pension Insurance Company (Keskinäinen
Eläkevakuutusyhtiö Ilmarinen, business identity code 0107638-1), notified that
it has on 19 March 2015 divested Suominen shares and consequently crossed the
threshold of 10% of all shares and votes in Suominen Corporation. In its
previous notification, Ilmarinen stated it held 27,111,992 Suominen shares,
corresponding to 11.02% of shares and votes in Suominen Corporation. After the
transaction, Ilmarinen holds in total 18,422,103 Suominen shares, corresponding
to 7.33% of all shares and votes.
On 10 July 2015, GMT Capital Corp notified that it has on 9 July 2015 acquired
Suominen shares and consequently reached the threshold of 5% of all shares and
votes in Suominen Corporation. After the transaction, GMT Capital Corp holds in
total 12,623,280 Suominen shares, corresponding to 5.00% of all shares and
votes.
CHANGES IN CORPORATE EXECUTIVE TEAM
Mr. Timo Hiekkaranta, Senior Vice President of Suominen's Convenience business
area and a member of Suominen's Corporate Executive Team, left Suominen at the
end of August to pursue his career outside the company.
Suominen announced on 6 October 2015 that Mr. Ernesto Levy, MBA, has beenappointed Senior Vice President, Convenience business area and a member of the
Corporate Executive Team at Suominen Corporation, effective 20 October, 2015.
Ernesto Levy has an impressive track record in leading consumer brand
organizations, such as Novartis and Procter & Gamble.
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 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.
The risks characteristic to South American market, including significant
changes in business environment or exchange rates, could have an impact on
Suominen's operations in Brazil.
Suominen purchases significant amounts of oil- and pulp-based raw materials
annually. Raw materials are the largest cost item in operations. Changes in the
global market prices of raw materials affect the company's profitability.
Extended interruptions in the supply of Suominen's main raw materials could
disrupt production and have a negative impact on the Group's overall business
operations. As Suominen sources its raw materials from a number of major
international suppliers, significant interruptions are unlikely.
Suominen has numerous regional, national and international competitors in its
different product groups. There is currently oversupply in several product
groups, particularly in Europe. If Suominen is not able to compete through an
attractive product offering, it may lose some of its market share, and the
competition may lead to increased pricing pressure on the company's products.
The Group's damage risks are insured in order to guarantee the continuity of
operations. Suominen has valid damage and business interruption insurances
according to which it is estimated that the damages can be covered and the
financial losses caused by an interruption compensated.
The sensitivity of Suominen's goodwill to changes in business conditions is
described in the notes to the consolidated financial statements 2014. Actual
cash flows may deviate from the forecasted future discounted cash flows, as the
long economic lifetime of the company's non-current assets, as well as changes
in the estimated product prices, production costs, and discount rates used in
calculations may result in impairment losses. The fair value based on the value
in use of assets or businesses in total or in part does not necessarily
correspond to the price that a third party would pay for them.
General risks related to business operations are described in the Report of the
Board of Directors 2014.
BUSINESS ENVIRONMENT
Suominen's nonwovens are, for the most part, used in daily consumer goods, such
as wet wipes as well as hygiene and medical products. The general economic
situation determines the development of consumer demand, even though the demand
for consumer goods is not very cyclical in nature. North America and Europe are
the largest market areas for Suominen. Moreover, Suominen gained a foothold in
the growing South American markets through an acquisition in February 2014.
In the euro area, the consumer confidence index decreased slightly in the third
quarter but was still on a significantly higher level than at the beginning of
the year. In the United States, the consumer confidence index increased
somewhat.
Suominen assesses the trend in the demand for its products on the basis of both
the general market situation and, above all, on the basis of the framework
agreements drawn up with its customers. Suominen estimates that in 2015, the
growth in the demand for its products will, on average, continue at the pace of
2014.
OUTLOOK FOR 2015
Suominen specifies its guidance regarding operating profit for 2015. The
company expects that for the full year 2015, operating profit from continuing
operations excluding non-recurring items will improve markedly from year 2014.
Previously, Suominen estimated that for the full year 2015, its operating
profit excluding non-recurring items from continuing operations would improve
from year 2014. For net sales, Suominen repeats its previous estimate,
disclosed on 17 July 2015, that for the full year 2015 the company expects its
net sales for continuing operations to improve from year 2014.
Suominen's net sales of the continuing operations in 2014 amounted to EUR 401.8
million and operating profit excluding non-recurring items was EUR 26.9
million.
SUOMINEN GROUP, 1 JANUARY - 30 SEPTEMBER 2015
This interim report has been prepared in accordance with the principles defined
in IAS 34 Interim Financial Reporting. The principles for preparing the interim
report are the same as those used for preparing the consolidated financial
statements for 2014. Changes to published accounting standards and
interpretations, together with the new accounting standards that came into
force on 1 January 2015, are presented in the consolidated financial statements
for 2014.
The figures in these interim financial statements are mainly presented in EUR
thousands. As a result of rounding differences, the figures presented in the
tables do not necessarily add up to total.
This interim report has not been audited.
STATEMENT OF FINANCIAL POSITION
EUR thousand 30 Sep 30 Sep 31 Dec 2015 2014 2014
--------------------------------------------------------------------------------
Assets
Non-current assets
Goodwill 15,496 15,496 15,496
Intangible assets 12,462 12,434 12,510
Property, plant and equipment 91,743 88,553 88,721
Loan receivables 7,752 8,531 8,202
Available-for-sale assets 777 942 1,124
Held-to-maturity investments − 449 450
Other non-current receivables 2,206 980 2,614
Deferred tax assets 4,715 5,004 5,516
--------------------------------------------------------------------------------
Total non-current assets 135,150 132,389 134,633
Current assets
Inventories 32,078 29,623 32,380
Trade receivables 60,360 50,639 52,269
Loan receivables 800 59 600
Other current receivables 5,036 5,971 4,618
Assets for current tax 1,807 697 1,682
Cash and cash equivalents 36,454 31,778 38,430
--------------------------------------------------------------------------------
Total current assets 136,535 118,767 129,979
Total assets 271,685 251,156 264,611
Equity and liabilities
Share capital 11,860 11,860 11,860
Share premium account 24,681 24,681 24,681
Reserve for invested unrestricted equity 69,652 97,192 97,192
Treasury shares -44 -44 -44
Fair value and other reserves 42 -52 96
Exchange differences 1,644 2,650 3,419
Other equity -4,593 -51,386 -46,890
--------------------------------------------------------------------------------
Total equity attributable to owners of the 103,242 84,901 90,313
parent
Hybrid bond 17,118 18,162 18,424
--------------------------------------------------------------------------------
Total equity 120,360 103,063 108,737
Liabilities
Non-current liabilities
Deferred tax liabilities 9,864 7,413 8,789
Liabilities from defined benefit plans 1,151 1,025 1,151
Other non-current liabilities 538 841 578
Debentures 75,000 75,000 75,000
Other non-current interest-bearing 3,333 6,667 6,667
liabilities
--------------------------------------------------------------------------------
Total non-current liabilities 89,887 90,946 92,185
Current liabilities
Current interest-bearing liabilities 3,333 3,367 3,347
Liabilities for current tax 2,720 1,688 246
Trade payables and other current liabilities 55,385 52,092 60,096
--------------------------------------------------------------------------------
Total current liabilities 61,438 57,147 63,689
Total liabilities 151,325 148,093 155,874
Total equity and liabilities 271,685 251,156 264,611
STATEMENT OF PROFIT OR LOSS
EUR thousand 7-9/ 7-9/ 1-9/ 1-9/ 1-12/
2015 2014 2015 2014 2014
--------------------------------------------------------------------------------
Net sales 114,919 103,291 339,798 296,984 401,762
Cost of goods sold -98,892 -88,071 -293,069 -259,509 -352,091
--------------------------------------------------------------------------------
Gross profit 16,027 15,220 46,728 37,475 49,671
Other operating income 782 659 2,634 1,966 2,655
Sales and marketing expenses -1,692 -1,427 -5,350 -4,585 -6,278
Research and development -1,015 -665 -2,603 -2,062 -2,877
Administration expenses -3,887 -3,777 -12,746 -11,407 -15,418
Other operating expenses -452 -1,648 -1,146 -1,629 -1,857
--------------------------------------------------------------------------------
Operating profit 9,763 8,361 27,517 19,758 25,897
Net financial expenses -1,247 -4,334 -3,944 -7,077 -8,075
--------------------------------------------------------------------------------
Profit before income taxes 8,517 4,027 23,573 12,681 17,822
Income taxes -3,142 -3,378 -8,472 -7,264 -7,645
--------------------------------------------------------------------------------
Profit for the period from 5,374 649 15,101 5,417 10,177
continuing operations
Discontinued operations
Profit/loss for the period − -77 − 716 717
Impairment losses and costs to − -1,422 − -5,921 -5,921
sell
------------------------------------------ -----------------------------
Profit/loss for the period from − -1,499 − -5,205 -5,204
discontinued operations, total
--------------------------------- --------- -------------------
Profit/loss for the period 5,374 -850 15,101 212 4,973
--------------------------------------------------------------------------------
Earnings per share, EUR
Continuing operations 0.02 0.00 0.06 0.02 0.04
Discontinued operations − -0.01 − -0.02 -0.02
--------------------------------------------------------------------------------
Total basic 0.02 0.00 0.06 0.00 0.02
Total diluted 0.02 0.00 0.05 0.00 0.02
STATEMENT OF COMPREHENSIVE INCOME
EUR thousand 7-9/ 7-9/ 1-9/ 1-9/ 1-12/
2015 2014 2015 2014 2014
--------------------------------------------------------------------------------
Profit/loss for the period 5,374 -850 15,101 212 4,973
Other comprehensive income:
Other comprehensive income that will be
subsequently reclassified to profit or
loss
Exchange differences -4,965 3,797 -2,030 5,997 6,863
Fair value changes of cash flow and -82 95 -530 238 424
interest rate hedges and
available-for-sale assets
Interest rate hedges and − 944 463 944 944
available-for-sale assets, amounts
reclassified to profit or loss
Other reclassifications − 10 − 3 −
Income taxes related to other 615 -533 320 -561 -696
comprehensive income
--------------------------------------------------------------------------------
Total -4,432 4,313 -1,777 6,621 7,535
Other comprehensive income that will not
be subsequently reclassified to profit
or loss
Remeasurements of defined benefit plans − − − − -147
Income taxes related to other − − − − 47
comprehensive income
--------------------------------------------------------------------------------
Total − − − − -100
Total other comprehensive income -4,432 4,313 -1,777 6,621 7,435
Total comprehensive income for the 942 3,463 13,324 6,833 12,407
period
Attributable to:
Continuing operations 942 5,013 13,324 12,038 17,612
Discontinued operations − -1,550 − -5,205 -5,205
------------------------------------------------- -----------------------
Total comprehensive income for the 942 3,463 13,324 6,833 12,407
period
--------------------------------------------------------------------------------
STATEMENT OF CHANGES IN EQUITY
EUR thousand Share Share Reserve Treasury shares Exchan
capital premium for ge
account invested differ
unrestric ences
ted
equity
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Equity 1 Jan 2015 11,860 24,681 97,192 -44 3,419
--------------------------------------------------------------------------------
Profit / loss for the − − − − −
period
Other comprehensive − − − − -1,724
income
--------------------------------------------------------------------------------
Total comprehensive − − − − -1,724
income
Share-based payments − − − − −
Share issue − − 340 − −
Distribution of funds − − -2,504 − −
Reversal of − − − − −
undistributed dividends
Conveyance of treasury − − 80 − −
shares
Reclassifications − − -27,448 − -51
Conversion of hybrid − − 1,992 − −
bond
Hybrid bond − − − − −
Equity 30 Sep 2015 11,860 24,681 69,652 -44 1,644
--------------------------------------------------------------------------------
EUR thousand Fair Other Total Hybrid Total
value equity bond equity
and
other
reserve
s
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Equity 1 Jan 2015 96 -46,890 90,313 18,424 108,737
--------------------------------------------------------------------------------
Profit / loss for the period − 15,101 15,101 − 15,101
Other comprehensive income -53 − -1,777 − 1,777
--------------------------------------------------------------------------------
Total comprehensive income -53 15,101 13,324 − 13,324
Share-based payments − 262 262 − 262
Share issue − − 340 − 340
Distribution of funds − − -2,504 − -2,504
Reversal of undistributed − 2 2 − 2
dividends
Conveyance of treasury − − 80 − 80
shares
Reclassifications − 27,499 − − −
Conversion of hybrid bond − − 1,992 -1,992 −
Hybrid bond − -567 -567 686 119
Equity 30 Sep 2015 42 -4,593 103,242 17,118 120,360
--------------------------------------------------------------------------------
EUR thousand Share Share Reserve for Treasury Exchan
capital premium invested shares ge
account unrestricted differ
equity ences
--------------------------------------------------------------------------------
Equity 1 Jan 2014 11,860 24,681 97,123 -44 -3,021
--------------------------------------------------------------------------------
Profit / loss for the − − − − −
period
Other comprehensive − − − − 5,672
income
--------------------------------------------------------------------------------
Total comprehensive − − − − 5,672
income
Share-based payments − − − − −
Conveyance of treasury − − 69 − −
shares
Hybrid bond − − − − −
Equity 30 Sep 2014 11,860 24,681 97,192 -44 2,650
--------------------------------------------------------------------------------
EUR thousand Fair value and Other Total Hybrid Total
other reserves equity bond equity
--------------------------------------------------------------------------------
Equity 1 Jan 2014 -999 -51,094 78,506 − 78,506
--------------------------------------------------------------------------------
Profit / loss for the − 212 212 − 212
period
Other comprehensive 946 3 6,621 − 6,621
income
--------------------------------------------------------------------------------
Total comprehensive 946 215 6,833 − 6,833
income
Share-based payments − 22 22 − 22
Conveyance of treasury − − 69 − 69
shares
Hybrid bond − -529 -529 18,162 17,633
Equity 30 Sep 2014 -52 -51,386 84,901 18,162 103,063
--------------------------------------------------------------------------------
EUR thousand Share Share Reserve for invested Treasury Exchange
capital premium unrestricted equity shares difference
account s
--------------------------------------------------------------------------------
Equity 1 Jan 11,860 24,681 97,123 -44 -3,021
2014
--------------------------------------------------------------------------------
Profit / loss − − − − −
for the
period
Other − − − − 6,440
comprehensive
income
--------------------------------------------------------------------------------
Total − − − − 6,440
comprehensive
income
Share-based − − − − −
payments
Conveyance of − − 69 − −
treasury
shares
Hybrid bond − − − − −
Equity 31 Dec 11,860 24,681 97,192 -44 3,419
2014
--------------------------------------------------------------------------------
EUR thousand Fair value and Other Total Hybrid Total
other reserves equity bond equity
--------------------------------------------------------------------------------
Equity 1 Jan 2014 -999 -51,094 78,506 − 78,506
--------------------------------------------------------------------------------
Profit / loss for − 4,973 4,973 − 4,973
the period
Other comprehensive 1,094 -100 7,435 − 7,435
income
--------------------------------------------------------------------------------
Total comprehensive 1,094 4,873 12,407 − 12,407
income
Share-based − 70 70 − 70
payments
Conveyance of − − 69 − 69
treasury shares
Hybrid bond − -739 -739 18,424 17,685
Equity 31 Dec 2014 96 -46,890 90,313 18,424 108,737
--------------------------------------------------------------------------------
STATEMENT OF CASH FLOWS
EUR thousand 1-9/201 1-9/201 1-12/20
5 4 14
--------------------------------------------------------------------------------
Cash flow from operations
Profit / loss for the period 15,101 212 4,973
Total adjustments to profit / loss for the period 25,238 34,406 39,953
--------------------------------------------------------------------------------
Cash flow before changes in net working capital 40,339 34,618 44,927
Change in net working capital -12,019 3,985 6,140
Financial items -6,672 -5,982 -6,514
Income taxes -5,371 -4,839 -7,434
--------------------------------------------------------------------------------
Cash flow from operations 16,277 27,783 37,119
Cash flow from investments
Investments in property, plant and equipment and -14,052 -5,291 -7,740
intangible assets
Investments in acquired businesses − -19,261 -19,261
Cash flow from disposed businesses 167 4,736 4,736
Sales proceeds from property, plant and equipment and 10 31 59
intangible assets
--------------------------------------------------------------------------------
Cash flow from investments -13,876 -19,785 -22,206
Cash flow from financing
Drawdown of hybrid bond − 17,500 17,500
Drawdown of debenture bond − 75,000 75,000
Drawdown of other non-current interest-bearing − 10,000 10,000
liabilities
Repayment of other non-current interest-bearing -3,333 -78,213 -78,220
liabilities
Changes in current interest-bearing liabilities -14 -18,318 -18,324
Changes in loan receivables 250 − −
Share issue 340 − −
Distribution of funds -2,504 − −
--------------------------------------------------------------------------------
Cash flow from financing -5,261 5,969 5,956
Change in cash and cash equivalents -2,859 13,967 20,869
Cash and cash equivalents at the beginning of the 38,430 18,585 18,585
period
Effect of changes in exchange rates 883 -775 -1,025
Change in cash and cash equivalents -2,859 13,967 20,869
--------------------------------------------------------------------------------
Cash and cash equivalents at the end of the period 36,454 31,778 38,430
Cash flow in 2014 includes also discontinued operations.
KEY RATIOS
7-9/ 7-9/ 1-9/ 1-9/ 1-12/
2015 2014 2015 2014 2014
--------------------------------------------------------------------------------
Change in net sales, % * 11.3 10.5 14.4 4.6 7.5
Gross profit, as 13.9 14.7 13.8 12.6 12.4
percentage of net sales,
%
Gross profit excluding 13.9 14.7 13.6 12.6 12.4
non-recurring items, as
percentage of net sales,
%
Operating profit, as 8.5 8.1 8.1 6.7 6.4
percentage of net sales,
%
Operating profit excluding 8.5 8.4 7.9 6.9 6.7
non-recurring items, as
percentage of net sales,
%
Net financial items, as -1.1 -4.2 -1.2 -2.4 -2.0
percentage of net sales,
%
Profit before income 7.4 3.9 6.9 4.3 4.4
taxes, as percentage of
net sales, %
Profit for the period, 4.7 0.6 4.4 1.8 2.5
continuing operations, as
percentage of net sales,
%
Loss for the period, − -1.5 − -1.8 -1.3
discontinued operations,
as percentage of net
sales, %
Profit/loss for the 4.7 -0.8 4.4 0.1 1.2
period, as percentage of
net sales, %
Gross capital expenditure, 10,049 952 13,845 4,441 7,066
continuing operations,
EUR thousands
Depreciation, 4,714 3,953 13,043 11,434 15,576
amortization, impairment
losses and reversal of
impairment losses,
continuing operations,
EUR thousands
Earnings per share, EUR, 0.02 0.00 0.06 0.02 0.04
continuing operations
Earnings per share, EUR, − -0.01 − -0.02 -0.02
discontinued operations
Earnings per share, EUR, 0.02 0.00 0.06 0.00 0.02
total, basic
Earnings per share, EUR, 0.02 0.00 0.05 0.00 0.02
total, diluted
Cash flow from operations 0.03 0.07 0.06 0.11 0.15
per share, EUR
Return on equity, % − − 17.5 -0.8 5.1
Return on invested − − 17.4 10.2 12.0
capital, rolling 12
months, %
Return on invested − − 17.4 13.5 15.7
capital, rolling 12
months, continuing
operations, %
Equity ratio, % − − 44.3 41.0 41.2
Gearing, % − − 30.5 43.3 34.7
Equity per share, EUR − − 0.48 0.42 0.44
Number of shares, end of − − 251,511,730 246,130,603 246,130,603
period, excluding
treasury shares
Share price, end of − − 1.09 0.58 0.81
period, EUR
Share price, period low, − − 0.75 0.47 0.47
EUR
Share price, period high, − − 1.22 0.62 0.81
EUR
Volume weighted average − − 0.97 0.55 0.58
price during the period,
EUR
Market capitalization, EUR − − 274.1 142.8 199.4
million
Number of traded shares − − 88,277,675 24,474,936 97,735,300
during the period
Number of traded shares − − 35.3 9.9 39.7
during the period, % of
average number of shares
* Compared with the corresponding period in the previous year.
Interest-bearing net debt,
EUR thousands
Non-current 78,333 81,667 81,667
interest-bearing
liabilities
Current interest-bearing 3,333 3,367 3,347
liabilities
Interest-bearing -45,006 -40,368 -47,232
receivables and cash and
cash equivalents
--------------------------------------------------------------------------------
Interest-bearing net debt 36,661 44,665 37,782
--------------------------------------------------------------------------------
DEFINITION OF KEY RATIOS
Definitions of key ratios are presented in the consolidated financial
statements for 2014.
NET SALES BY GEOGRAPHICAL MARKET AREA
EUR thousand 1-9/2015 1-9/2014 1-12/2014
------------------------------------------------------
Finland 2,074 1,942 2,516
Rest of Europe 121,790 101,678 139,738
North and South America 208,733 185,447 248,942
Rest of the world 7,202 7,917 10,565
------------------------------------------------------
Total 339,798 296,984 401,762
QUARTERLY DEVELOPMENT
2015 2014
------------------------------------------------------------
EUR 7-9 4-6 1-3 10-12 7-9 4-6 1-3 1-12
thousand
--------------------------------------------------------------------------------
Net sales 114,919 112,944 111,934 104,779 103,291 95,340 98,353 401,763
--------- --------
Operating 9,763 9,932 7,292 6,233 8,711 5,524 6,384 26,852
profit
excluding
non-recur
ring items
--------- --------
as % of 8.5 8.8 6.5 5.9 8.4 5.8 6.5 6.7
net sales
--------- --------
Non-recurr − 530 − -93 -349 -278 -233 -954
ing items
--------------------------------------------------------------------------------
Operating 9,763 10,462 7,292 6,140 8,362 5,246 6,151 25,898
profit
--------- --------
as % of 8.5 9.3 6.5 5.9 8.1 5.5 6.3 6.4
net sales
--------- --------
Net -1,247 -1,076 -1,621 -998 -4,334 -1,276 -1,467 -8,074
financial
items
--------------------------------------------------------------------------------Profit 8,517 9,386 5,670 5,141 4,028 3,969 4,684 17,823
before
income
taxes
--------- --------
as % of 7.4 8.3 5.1 4.9 3.9 4.2 4.8 4.4
net sales
--------- --------
NON-RECURRING ITEMS
EUR thousand 7-9/2015 7-9/2014 1-9/2015 1-9/2014 1-12/2014
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
By function
Cost of goods sold − − 530 − −
Administration expenses − -349 − -1,080 -1,274
Other operating expenses − − − 220 320
--------------------------------------------------------------------------------
Total − -349 530 -860 -954
By cost category
Restructuring costs − -249 − -421 -653
Other non-recurring items − -100 − -439 -301
Reversal of impairment losses − − 530 − −
--------------------------------------------------------------------------------
Total − -349 530 -860 -954
RELATED PARTY INFORMATION
The related parties of Suominen include the members of the Board of Directors,
President & CEO and the members of the Corporate Executive Team as well as
their family members and their controlled companies. In addition, shareholders
who have a significant influence in Suominen through share ownership are
included in related parties. Ahlstrom Corporation, including its subsidiaries
and associated companies, was a related party through share ownership until 7
October 2014. Suominen has no associated companies.
In its transactions with related parties Suominen follows the same commercial
terms as in transactions with third parties.
During the review period in total 751,193 shares in Suominen were transferred
to related parties in accordance with the terms of the vested share-based
incentive plan. In total 325,861 shares were transferred to the President & CEO
and 425,332 shares to other members of the Corporate Executive Team. In
accordance with the terms of plan, part of the reward was a cash payment to
cover related income taxes. The fair value of the shares and the cash part of
the reward was EUR 1,637 thousand at the date when the shares were transferred.
The Annual General Meeting held on 19 March 2015 resolved that 40% of the
annual remuneration for the Board of Directors is paid in Suominen
Corporation's shares. The number of shares transferred to the members of the
Board of Directors as their remuneration payable in shares for 2015 was 86,989
shares. The shares were transferred on 5 June 2015 and the value of the
transferred shares totaled EUR 79,800, or approximately EUR 0.91736 per share.
Other salaries paid to the related parties during the nine months of 2015
amounted to EUR 1,704 thousand, obligatory pension payments EUR 163 thousand,
voluntary pension payments EUR 107 thousand, compensation of the vested
share-based plan EUR 1,637 thousand and accruals based on share-based incentive
plans EUR 143 thousand.
Other related party transactions
EUR thousand 1-9/2015 1-9/2014 1-12/2014
--------------------------------------------------------------
--------------------------------------------------------------
Sales of goods and services − 4,657 5,083
Purchases of goods and services − 56,142 58,487
Trade and other receivables − 865 −
Trade and other payables − 8,552 −
Other related-party transactions were transactions with Ahlstrom Corporation
and its subsidiaries and associated companies.
CHANGES IN PROPERTY, PLANT AND EQUIPMENT AND INTANGIBLE ASSETS
30 Sep 2015 30 Sep 2014 31 Dec 2014
---------------------
EUR thousand Property, Intang Property, Intang Property, Intang
plant and . plant and . plant and .
equipment assets equipment assets equipment assets
--------------------------------------------------------------------------------
Carrying amount 88,721 12,510 98,640 12,025 98,640 12,025
at the beginning
of the period
------------- -------------
Capital 12,325 1,520 2,567 1,856 4,650 2,416
expenditure
------------- -------------
Disposals − -10 − − -9 −
------------- -------------
Discontinued − − -18,484 -179 -18,211 -160
operations
------------- -------------
Acquired − − 10,463 20 10,779 20
businesses
------------- -------------
Depreciation, -11,937 -1,634 -10,071 -1,363 -13,714 -1,862
amortization and
impairment
losses
------------- -------------
Reversal of 530 − − − − −
impairment
losses
------------- -------------
Exchange 2,104 76 5,438 75 6,586 71
differences and
other changes
--------------------------------------------------------------------------------
Carrying amount 91,742 12,462 88,553 12,434 88,721 12,510
at the end of
the period
--------------------------------------------------------------------------------
Intangible assets excluding goodwill.
CHANGES IN INTEREST-BEARING LIABILITIES
EUR thousand 1-9/201 1-9/201 1-12/201 5 4 4
--------------------------------------------------------------------------------
Total interest-bearing liabilities at the beginning 85,014 94,471 94,471
of the period
Current liabilities at the beginning of the period 3,347 24,071 24,071
Discontinued operations − -502 -502
Changes in current liabilities -14 -20,202 -20,222
--------------------------------------------------------------------------------
Current liabilities at the end of the period 3,333 3,367 3,347
Non-current liabilities at the beginning of the 6,667 70,399 70,399
period
Discontinued operations − -4,283 -4,283
Changes in non-current liabilities -3,333 -59,449 -59,449
--------------------------------------------------------------------------------
Non-current liabilities at the end of the period 3,334 6,667 6,667
Debentures at the beginning of the period 75,000 − −
Changes in debentures − 75,000 75,000
--------------------------------------------------------------------------------
Debentures at the end of the period 75,000 75,000 75,000
Total interest-bearing liabilities at the end of the 81,667 85,034 85,014
period
In accordance with IAS 32, the hybrid bond is included in equity.
CONTINGENT LIABILITIES
EUR thousand 30 30 31 December
September September 2014
2015 2014
--------------------------------------------------------------------------------
--------------
Nominal values of pledges
Real estate mortgages − − −
Floating charges − − −
Pledged subsidiary shares and loans − − −
Other own commitments
Operating lease liabilities 22,308 23,304 22,911
Commitments to acquire property, plant 20,081 − −
and equipment
Guarantees
On own behalf − 1,593 1,800
On behalf of others 4,134 4,669 4,017
NOMINAL AND FAIR VALUES OF DERIVATIVE INSTRUMENTS
EUR thousand 30 September 30 September 31 December
2015 2014 2014
----------------------------------------------------------------------
Currency forward contracts
Nominal value 4,453 30,542 36,307
Fair value -120 -718 -235
Electricity forward contracts
Nominal value 1,414 2,318 1,031
Fair value -295 -83 -71
FINANCIAL ASSETS BY CATEGORY
a. Financial assets at fair value through profit or loss
b. Held-to-maturity assets
c. Loans and receivables
d. Available-for-sale assets
e. Derivatives, hedge accounting applied
f. Carrying amount
g. Fair value
Classification
EUR thousand a. b. c. d. e. f. g.
--------------------------------------------------------------------------------
Available-for-sale assets − − − 777 − 777 777
--------
Held-to-maturity assets − − − − − − −
--------
Other non-current receivables 813 − 1,392 − − 2,206 2,206
--------
Loan receivables − − 8,552 − − 8,552 8,552
--------
Trade receivables − − 60,360 − − 60,360 60,360
--------
Derivatives − − − − − − −
---------
Other current receivables − − 347 − − 347 347
--------
Interest and other financial − − 1,849 − − 1,849 1,849
receivables
--------
Cash and cash equivalents − − 36,454 − − 36,454 36,454
--------------------------------------------------------------------------------
Total 30 Sep 2015 813 − 108,953 777 − 110,544 110,544
--------
EUR thousand a. b. c. d. e. f. g.
--------------------------------------------------------------------------------
Available-for-sale financial − − − 1,124 − 1,124 1,124
assets
--------
Held-to-maturity assets − 450 − − − 450 450
--------
Other non-current receivables 980 − 1,634 − − 2,614 2,614
--------
Loan receivables − − 8,802 − − 8,802 8,802
--------
Trade receivables − − 52,269 − − 52,269 52,269
--------
Derivatives − − − − 12 12 12
--------
Other current receivables − − 1,011 − − 1,011 1,011
--------
Interest and other financial − − 1,725 − − 1,725 1,725
receivables
--------
Cash and cash equivalents − − 38,430 − − 38,430 38,430
--------------------------------------------------------------------------------
Total 31 Dec 2014 980 450 103,871 1,124 12 106,437 106,437
--------
Principles in estimating fair value for financial assets for 2015 are the same
as those used in consolidated financial statements for 2014.
FINANCIAL LIABILITIES
30 Sep 2015 31 Dec 2014
EUR thousand Carrying Fair Carryin Fair
amount value g value
amount
--------------------------------------------------------------------------------
Non-current financial liabilities
Loans from financial institutions 3,333 3,333 6,667 6,667
Debentures 75,000 77,048 75,000 75,150
Other non-current liabilities 367 367 350 350
--------------------------------------------------------------------------------
Total non-current financial liabilities 78,700 80,748 82,017 82,167
Current financial liabilities
Current part of non-current loans from 3,333 3,333 3,333 3,333
financial institutions
Finance lease liabilities − − 14 14
Derivatives, no hedge accounting applied 76 76 121 121
Derivatives, hedge accounting applied 339 339 197 197
Interest accruals 75 75 902 902
Other current liabilities 234 234 726 726
Trade payables 45,294 45,294 47,403 47,403
--------------------------------------------------------------------------------
Total current financial liabilities 49,351 49,351 52,696 52,696
Total 128,051 130,099 134,713 134,863
Principles in estimating fair value for financial liabilities for 2015 are the
same as those used in consolidated financial statements for 2014.
FAIR VALUE MEASUREMENT HIERARCHY
EUR thousand Level 1 Level 2 Level 3
--------------------------------------------------------------------------------
Assets and liabilities at fair value
Other non-current receivables − − 813
Available-for sale assets − − 777
Financial liabilities at fair value through profit or − − -601
loss
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Total − − 989
Derivatives at fair value
Currency forwards − -120 −
Electricity forwards − -295 −
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Total − -415 −
Principles in estimating fair values in 2015 are the same as those used in
consolidated financial statements for 2014.
ANALYST AND PRESS CONFERENCE
Nina Kopola, President & CEO, and Tapio Engström, CFO, will present the Q3
financial result in Finnish at an analyst and press conference in Helsinki
today on 26 October at 12:00 noon (EEST). The conference will take place at
Event House Bank, Unioninkatu 20, Helsinki. The presentation material will be
available after the analyst and press conference at www.suominen.fi.
A teleconference and a webcast on the Q3 financial result will be held today on
26 October at 16:00 (EET). The conference can be attended by phone at +44 (0)20
3059 8125 (United Kingdom and all other locations), 0800 588 9300 (Germany) or
020 012 5877 (Sweden). Please use the password "Suominen". The conference can
be accessed also at www.suominen.fi/webcast.
The conference call will be held in English. A replay of the conference can be
accessed at www.suominen.fi/webcast or by phone at 1 844 2308 058 (United
States) or +44 121 260 4861 (United Kingdom and all other locations), using
access code 1930055#.
NEXT INTERIM REPORT
Suominen Corporation will publish its Financial Statement Release 2015 on
Friday, 29 January 2016.
SUOMINEN CORPORATION
Board of Directors
For additional information, please contact:
Nina Kopola, President & CEO, tel. +358 (0)10 214 300
Tapio Engström, Senior Vice President and CFO, tel. +358 (0)10 214 300
Distribution:
NASDAQ OMX Helsinki Ltd
Key media
www.suominen.fi
Suominen in brief
Suominen manufactures nonwovens as roll goods for wipes as well as for medical
and hygiene products. The end products made of Suominen's nonwovens - wet
wipes, feminine care products and swabs, for instance - bring added value to
the daily life of consumers worldwide. Suominen is the global market leader in
nonwovens for wipes and employs approximately 600 people in Europe and in the
Americas. Suominen's net sales in 2014 amounted to MEUR 401.8 and operating
profit excluding non-recurring items to MEUR 26.9 (continuing operations). The
Suominen share (SUY1V) is listed in NASDAQ OMX Helsinki Stock Exchange. Read
more at www.suominen.fi.
© 2024 Nasdaq, Inc. All Rights Reserved |