2016-08-09 11:00:01 CEST
2016-08-09 11:00:01 CEST
REGULATED INFORMATION
Suominen Oyj - Half Year financial report
Suominen Corporation's Half-Year Financial Report:Net sales and operating profit for Q2 decreased from the record-high comparison period, cash flow from operations nearly doubled
Helsinki, Finland, 2016-08-09 11:00 CEST (GLOBE NEWSWIRE) -- Suominen
Corporation Half-Year Financial Report 9 August 2016 at 12:00 noon (EEST)
Suominen Corporation’s Half-Year Financial Report for January 1 - June 30, 2016:
Net sales and operating profit for Q2 decreased from the record-high comparison
period, cash flow from operations nearly doubled
KEY FIGURES
4-6/ 4-6/ 1-6/ 1-6/ 1-12/
2016 2015 2016 2015 2015
--------------------------------------------------------------------------------
Net sales, EUR million 108.8 112.9 212.7 224.9 444.0
Comparable operating profit, EUR million 8.7 9.9 14.2 17.2 31.2
Operating profit, EUR million 8.7 10.5 14.2 17.8 31.8
Profit for the period, EUR million 5.2 6.2 8.7 9.7 17.0
Earnings per share, basic, EUR * 0.10 0.12 0.16 0.18 0.32
Earnings per share, diluted, EUR * 0.09 0.11 0.15 0.17 0.29
Cash flow from operations per share, EUR * 0.15 0.08 0.33 0.17 0.54
Return on invested capital, rolling 12 − − 13.5 17.1 15.9
months, % **
Gearing, % − − 24.5 28.2 25.9
* Adjusted due to the reverse share split
** 2015 continuing operations
In this financial report, figures shown in brackets refer to the comparison
period last year if not otherwise stated.
Highlights in April–June 2016:
- Net sales decreased by 4% to EUR 108.8 million (112.9).
- Comparable operating profit decreased by 13% to EUR 8.7 million (9.9).
- Cash flow from operations nearly doubled to EUR 7.6 million (3.9).
- Both financial targets monitored on a quarterly basis, return on invested
capital and gearing ratio, surpassed their target levels.
- The investment in a new production line at the Bethune plant in the US
advanced, customer deliveries planned to commence in the first quarter of 2017.
- The total value of the growth investment program is estimated to exceed EUR
60 million.
- Suominen repeats its previous estimate, disclosed on 28 April 2016, that for
the full year 2016 the company expects its net sales and comparable operating
profit to improve from year 2015. In 2015, Suominen’s net sales amounted to EUR
444.0 million and comparable operating profit to EUR 31.2 million. The
calculation of comparable operating profit equals to the calculation of
previously reported operating profit excluding non-recurring items and is
explained in the disclosures of this report.
Nina Kopola, President & CEO, comments on Suominen’s second quarter of 2016:
“In the second quarter of 2016, the consumer confidence index in the euro zone
was behind the level of the corresponding period last year, but rose slightly
from the first quarter of 2016. In the United States, the consumer confidence
index showed relatively stable development, but remained slightly below the
level of the comparison period. Europe and North America are Suominen’s largest
market areas.
As we reported in the previous financial report, the sluggish demand early in
the year began to show signs of picking up at the end of the first quarter. I
am pleased that this positive development carried through into the second
quarter. We expect the same trend to continue through the rest of the year and,
consequently, our net sales of full year 2016 to improve from year 2015.
As demand improved, Suominen’s net sales grew from the first quarter, but
nevertheless declined of the strong level of the comparison period, and
amounted to EUR 108.8 million. Sales volumes were on par with the high figures
of the comparison period. Gross profit improved from Q1 of 2016, but did not
reach the level of the comparison period, which again affected operating
profit. Cash flow from operations was once again strong and nearly doubled from
the comparison period, reaching EUR 7.6 million.
Suominen has three financial targets: organic net sales growth, return on
invested capital and gearing ratio. We follow up on the latter two targets on a
quarterly basis, and net sales growth on an annual level. The return on
investments exceeded the target level (> 12%) and was 13.5%. Our gearing was
once again lower than our target range (40–80%), at 24.5%.
We combined our nonwoven range for workplace wiping applications under the
suominen@work product concept. Suominen@work nonwovens are used, for instance,
in wiping products used by fast-food restaurants, healthcare facilities and
factory workshops. The new product concept allows us to serve our customers in
an increasingly targeted way. Our investments in both the Alicante plant in
Spain and the Bethune plant in the United States will enhance our capacity to
serve the market for nonwovens for wipes intended for professional
applications, which is expected to grow, depending on the region and end use,
by as much as 7% per year. Reinforcing this product group in our portfolio
clearly supports our strategy, which aims for an increased share of products
with higher added value in our net sales.
The largest project in our investment program, a new wetlaid line at the
Bethune plant in the US, proceeded and we expect the equipment installations to
be completed by the end of this year. According to our plan, customer
deliveries will begin in the first quarter of 2017. Our previously disclosed
estimate of the total value of the project, close to EUR 50 million, is
anticipated to be exceeded and consequently, the value of the entire growth
investment program is expected to surpass EUR 60 million. This is due to an
unexpectedly rapid increase in labor costs in South Carolina, improvements made
to the production line during the project and other additional works made at
the plant. The higher cost estimate has no impact on the financing arrangements
of the project.”
NET SALES
April–June 2016
In April–June 2016, Suominen’s net sales declined by 4% from the comparison
period last year to EUR 108.8 million (112.9). Net sales were mainly affected
by decreased sales prices and fluctuations in USD/EUR exchange rate. The
changes in US dollar exchange rate compared to euro decreased net sales by EUR
1.4 million from the comparison period. The demand improved from the dip
experienced in the first quarter of 2016.
Suominen has two business areas, Convenience and Care. Convenience business
area supplies nonwovens as roll goods for a wide range of wiping products. Care
business area manufactures nonwovens for hygiene products and medical
applications. Net sales of the Convenience business area were EUR 100.8 million
(104.5) and net sales of the Care business area EUR 8.0 million (8.4).
January–June 2016
In January–June 2016, Suominen’s net sales decreased by 5% from the comparison
period last year to EUR 212.7 million (224.9). Net sales were affected by both
lower sales prices and volumes compared to last year, approximately in equal
proportions. In the first year-half, demand fell short of the strong level of
comparison period, particularly due to the soft first quarter of 2016. The
changes in US dollar exchange rate had no effect on the net sales during
January–June 2016.
Net sales of the Convenience business area were EUR 196.3 million (207.7) and
net sales of the Care business area EUR 16.3 million (17.2).
The main application areas for nonwoven materials supplied by Suominen in
January-June were baby wipes (accounting for 38% of the sales), personal care
wipes (24%), household wipes (18%), wipes for workplace use (11%), and hygiene
and medical products (8%). All nonwovens for wiping products belong to the
Convenience business area and nonwovens for hygiene and medical products to the
Care business area.
The share of nonwovens for baby wipes in the net sales decreased from the
comparison period by two percentage points. Of the products with higher added
value, nonwovens for household and workplace wipes increased their respective
shares in the portfolio. The changes in the product portfolio were in line with
Suominen’s strategy.
OPERATING PROFIT AND RESULT
April–June 2016
The comparable operating profit decreased by 13% and amounted to EUR 8.7
million (9.9). Operating profit declined by 17% to EUR 8.7 million (10.5).
There were no items affecting comparability during the second quarter of 2016.
The operating profit of the comparison period last year was improved by the
reversal of the impairment loss due to re-opening of a production line in
Nakkila plant in Finland, which has been eliminated from the comparable
operating profit of the corresponding period in 2015. Lower net sales and
decrease in gross profit affected operating profit. USD/EUR exchange rate
fluctuation had no material impact on operating profit.
Profit before income taxes was EUR 7.7 million (9.4), and profit for the
quarter was EUR 5.2 million (6.2).
January–June 2016
The comparable operating profit fell by 18% to EUR 14.2 million (17.2).
Operating profit decreased by 20% and amounted to EUR 14.2 million (17.8).
There were no items affecting comparability during the first half of 2016. The
operating profit of the comparison period last year was improved by the
reversal of the impairment loss due to re-opening of a production line in
Nakkila plant in Finland, which has been eliminated from the comparable
operating profit of the corresponding period in 2015. Lower net sales and
decrease in gross profit affected operating profit. USD/EUR exchange rate
fluctuation had no impact on operating profit.
In January–June, profit before income taxes was EUR 13.0 million (15.1), and
profit for the reporting period was EUR 8.7 million (9.7). Decrease in
financial expenses and income taxes improved the profit for the period.
FINANCING
The Group’s net interest-bearing liabilities amounted to EUR 32.0 million
(33.7) at the end of the review period. The gearing ratio was 24.5% (28.2%) and
the equity ratio 43.6% (43.4%).
In January–June, net financial expenses were EUR -1.2 million (-2.7), or 0.6%
(1.2%) of net sales. Fluctuations in exchange rates decreased the financial
items by EUR 0.4 million, while in the comparison period they increased the
financial expenses by EUR 0.5 million. In addition, financial expenses in the
previous year increased also by EUR -0.5 million as an impairment loss of
shares in a real estate company was recognized.
Cash flow from operations in April–June was EUR 7.6 million (3.9) and in
January–June EUR 16.7 million (8.4), representing a cash flow per share of EUR
0.33 (0.17). The improvement in the cash flow from operations was mainly due to
the decrease in paid financial items and income taxes as well as to the fact
that less working capital was tied up during the reporting period than during
the corresponding period in the previous year. The financial items in the cash
flow from operations, in total EUR -1.9 million (-5.0), were principally
impacted by the interests of the debenture bond paid during the reporting
period, while in the corresponding period in the previous year the paid
financial items were burdened also by payments related to currency forward
contracts hedging equity. In the first year-half, EUR 3.2 million was tied up
in working capital (9.3).
CAPITAL EXPENDITURE
The gross capital expenditure totaled EUR 11.6 million (3.8) and was mainly
related to the investment in a new production line at the Bethune, SC, USA
plant. In addition, Suominen is in the process of renewing its ICT systems.
Other investments were mainly for maintenance. Depreciation and amortization
for the review period amounted to EUR 9.1 million (8.9). In addition, due to
the re-opening of a production line in Nakkila plant, previously made
impairment losses were reversed in 2015. The reversal amounted to EUR 0.5
million.
INFORMATION ON SHARES AND SHARE CAPITAL
Share capital
After the reverse share split, the number of Suominen’s registered shares was
51,216,232 shares on 30 June 2016, equaling to a share capital of EUR
11,860,056.00.
Reverse share split
The Annual General Meeting of Suominen Corporation held on 16 March 2016
decided to reduce the number of shares in the company without reducing share
capital in a reverse share split procedure pursuant to the Chapter 15, Section
9 of the Limited Liability Companies Act (624/2005) so that each five (5)
shares shall be merged as one (1) share.
Before the reverse share split, Suominen Corporation had in total 252,425,616
shares. After the reverse share split, the total number of shares in Suominen
Corporation is 51,216,232. The new number of shares was registered with the
Trade Register on 22 March 2016 and trading with the merged shares commenced on
the same day. The reverse split did not have an impact on the treasury shares
held by Suominen (913,886 shares at the date of the reverse split). In
accordance with the Limited Liability Companies Act, treasury shares do not
entitle to shareholder rights, such as right to receive dividend or other
distribution of funds, or right to attend General Meeting.
The purpose of merging the shares is to increase the interest for the company’s
shares, facilitate the trade in the shares and to increase flexibility in
defining the amount of dividend.
Share trading and price
The number of Suominen Corporation shares traded on Nasdaq Helsinki from 1
January to 30 June 2016 was 8,754,693 shares, accounting for 17.4% of the
average number of shares (excluding treasury shares). The highest price was EUR
6.20, the lowest EUR 3.61 and the volume-weighted average price EUR 4.38. The
closing price at the end of review period was EUR 4.02. The market
capitalization (excluding treasury shares) was EUR 202.3 million on 30 June
2016.
Treasury shares
On 30 June 2016, Suominen Corporation held 893,087 treasury shares. In
accordance with the resolution by the Annual General Meeting, in total 20,799
shares were transferred to the members of the Board of Directors as their
remuneration payable in shares during the reporting period.
Hybrid bond
In February 2014, Suominen Corporation issued a convertible hybrid bond of EUR
17.5 million. The holders of the bond notes are entitled to convert the notes
and the potential accrued capitalized interest related to the notes into
Suominen shares. The conversion period started on 11 February 2014 and will end
on 10 February 2018.
The number of shares in Suominen may increase in total by maximum of 7,600,320
shares on the basis of the conversion of the remaining bond notes and the
potential capitalized interest, if the conversion is carried out by issuing new
shares in Suominen.
Share-based incentive plans for the management and key employees
The Group management and key employees participate the company’s share-based
incentive plan. The share-based incentive plan is divided into Performance
Share Plan and Matching Share Plan. The plans are described in detail in the
Financial Statements 2015 and in the Remuneration Statement 2015 of Suominen
Corporation, available on the company’s website, www.suominen.fi > Investors >
Corporate Governance.
The terms and conditions of the share-based incentive plans have been
technically adjusted after the reverse share split carried out in the review
period.
ANNUAL GENERAL MEETING
The Annual General Meeting (AGM) of Suominen Corporation was held on 16 March
2016. The AGM decided that a dividend or EUR 0.02 per share will be paid for
the financial year 2015.
The AGM adopted the financial statements and the consolidated financial
statements for the financial year 2015 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. Andreas Ahlström, Mr. Risto Anttonen, Mr. Jorma
Eloranta, Mr. Hannu Kasurinen, Ms. Laura Raitio and Ms. Jaana Tuominen as
members of the Board of Directors for the next term of office, expiring at the
end of the first Annual General Meeting following their election. The
remuneration of the members of the Board of Directors was resolved to remain
unchanged. The resolutions were in accordance with the proposals submitted by
the Nomination Board of shareholders of Suominen.
Ernst & Young Oy, accountant firm, 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 held after the Annual General Meeting on 16 March
2016, 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 re-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 was re-elected and Jaana Tuominen elected as members of the Audit
Committee. Jorma Eloranta was re-elected as Chair of the Personnel and
Remuneration Committee. Risto Anttonen was re-elected and Laura Raitio elected
as members.
Authorizations of the Board of Directors
The Annual General Meeting (AGM) held on 16 March 2016 authorized the Board of
Directors to repurchase a maximum of 400,000 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 Helsinki Ltd at
the market price prevailing at the time of acquisition. The repurchase
authorization is valid until 30 June 2017.
The AGM held on 16 March 2016 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 Limited Liability 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 5,000,000 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 5,000,000 shares in total which
number is included in the maximum number stated earlier. The authorization is
valid until 30 June 2019.
NOTIFICATIONS UNDER CHAPTER 9, SECTION 5 OF THE SECURITIES MARKET ACT
On 10 June 2016, Suominen Corporation received a notification in accordance
with Chapter 9, Section 5 of the Securities Market Act. According to the
notification, the total shareholding of Mr Erkki Etola and companies under his
controlling power in Suominen Corporation has exceeded the 10% flagging
threshold. According to the notification, Mr Erkki Etola and companies under
his controlling power (Oy Etra Invest Ab and Tiiviste-Group Oy) hold 4,139,164
shares and votes directly (8.08% of all shares and votes) and 1,477,080 shares
and votes through financial instruments (2.88% of all shares and votes).
BUSINESS RISKS AND UNCERTAINTIES
The estimate on the development of Suominen’s net sales is partially based on
forecasts and delivery plans received from the company’s 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 relevance of the United States in Suominen’s business operations increases
the significance 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 that are characteristic to South American region, including
significant changes in business environment or exchange rates, could have an
impact on Suominen’s operations in Brazil.
Suominen purchases significant amounts of pulp- and oil-based raw materials
annually. Raw materials are the largest cost item for operations. Rapid changes
in the global market prices of raw materials have an impact on the company’s
profitability. The price fluctuations affect Suominen’s financial result
quickly, as the company’s stocks equal to two to four weeks’ consumption and
passing the price changes on to the prices Suominen charges its contract
customers takes between two to five months.
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 performs goodwill impairment testing annually. In impairment testing
the recoverable amounts are determined as the value in use, which comprises of
the discounted projected future cash flows. Actual cash flows can differ from
the discounted projected future cash flows. Uncertainties related to the
projected future cash flows include, among others, the long economic useful
life of the assets as well as the changes in the forecasted sales prices of
Suominen’s products, production costs as well as discount rates used in
testing. Due to the uncertainty inherent in the future, it is possible that
Suominen’s recoverable amounts will be insufficient to cover the carrying
amounts of assets, particularly goodwill. If this happens, it will be necessary
to recognize an impairment loss, which, when implemented, will weaken the
result and equity.
The Group’s financial risks consist of foreign exchange, interest rate, credit,
counterparty, liquidity and commodity risks. Due to the international scope of
the business, the Group has risks arising from fluctuations in foreign exchange
rates. The effect of changes in interest rate levels on Group result represent
an interest rate risk. Credit and counterparty risks arise mainly from risks
associated with the payment period granted to customers and, in the case of
loan receivables, from the ability of the counterparty to repay the loans.
Liquidity risk is the risk that the Group’s negotiated credit facilities are
insufficient to cover the financial needs of the business or that obtaining new
funding for these needs will cause a significant increase in financing costs.
General risks related to business operations are described in the Report of the
Board of Directors 2015.
BUSINESS ENVIRONMENT
Suominen’s nonwovens are, for the most part, used in daily consumer goods, such
as wet wipes as well as in hygiene and medical products. In these target
markets of Suominen, 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. At these market areas, the growth in the demand for nonwovens has
typically exceeded the growth of gross domestic product by a couple of
percentage points. Moreover, Suominen has operated in the growing South
American markets since 2014.
In the second quarter of 2016, the consumer confidence index in the euro zone
was behind the level of the corresponding period last year, but rose slightly
from the first quarter of 2016. In the United States, the consumer confidence
index showed relatively stable development, but remained slightly below the
level of the comparison period.
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. As Suominen disclosed earlier, in the
beginning of 2016 the demand was not at the level of the comparison period
which also affected the competitive situation. However, the company expects the
situation to be temporary as demand improved in the second quarter from the
first quarter level.
At large, the growth in the demand in Suominen’s target markets is expected to
continue in 2016, on average, at the pace of 2015.
OUTLOOK FOR 2016
Suominen repeats its previous estimate, disclosed on 28 April 2016, that for
the full year 2016 the company expects its net sales and comparable operating
profit to improve from year 2015.
In 2015, Suominen’s net sales amounted to EUR 444.0 million and comparable
operating profit to EUR 31.2 million. The calculation of comparable operating
profit equals to the calculation of previously reported operating profit
excluding non-recurring items and is explained in the disclosures of this
report.
ANALYST AND PRESS CONFERENCE
Nina Kopola, President & CEO, and Tapio Engström, CFO, will present Suominen’s
financial result for Q2 2016 in Finnish at an analyst and press conference in
Helsinki today on 9 August at 2:00 pm (EEST). The conference will take place at
Suominen’s Helsinki office, address Itämerentori 2. The presentation material
will be available after the analyst and press conference at www.suominen.fi.
A teleconference and a webcast on the Q2 2016 financial result will be held
today on 9 August at 4:00 pm (EEST). The conference can be attended by phone at
+44 20 3059 8125 (password: Suominen) and it is held in English. The conference
can be accessed also at www.suominen.fi/webcast.
A replay of the conference can be accessed shortly after the conference has
ended at www.suominen.fi or by phone at +44 121 260 4861, using access code
3876705#.
NEXT FINANCIAL REPORT
Suominen Corporation will publish its Interim report for January–October 2016
on 27 October 2016 approximately at 8:00 am (EEST).
SUOMINEN GROUP 1 JANUARY–30 JUNE 2016
This half-year financial report has been prepared in accordance with the
principles defined in IAS 34 Interim Financial Reporting. The principles for
preparing the half year financial report are the same as those used for
preparing the consolidated financial statements for 2015. Changes to published
accounting standards and interpretations, together with the new accounting
standards that came into force on 1 January 2016, are presented in the
consolidated financial statements for 2015.
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 half year financial report has not been audited.
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
EUR thousands 30.6.2016 30.6.2015 31.12.2015
--------------------------------------------------------------------------------
Assets
Non-current assets
Goodwill 15,496 15,496 15,496
Intangible assets 13,385 12,601 13,275
Property, plant and equipment 100,499 88,297 97,931
Loan receivables 7,093 8,202 7,793
Available-for-sale assets 777 806 777
Held-to-maturity investments − 465 −
Other non-current receivables 2,327 2,389 2,402
Deferred tax assets 4,330 5,189 4,491
--------------------------------------------------------------------------------
Total non-current assets 143,907 133,445 142,165
Current assets
Inventories 32,739 32,322 32,557
Trade receivables 57,888 60,193 51,547
Loan receivables 1,250 350 1,000
Other current receivables 5,583 4,222 7,038
Assets for current tax 2,156 1,601 1,874
Cash and cash equivalents 56,545 42,778 55,570
--------------------------------------------------------------------------------
Total current assets 156,161 141,465 149,585
Total assets 300,069 274,910 291,750
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 69,732 69,652 69,652
Treasury shares -44 -44 -44
Fair value and other reserves 205 107 -118
Exchange differences 6,440 6,011 5,097
Other equity 334 -9,824 -3,076
--------------------------------------------------------------------------------
Total equity attributable to owners of the 113,209 102,444 108,052
parent
Hybrid bond 17,503 16,884 17,664
--------------------------------------------------------------------------------
Total equity 130,712 119,328 125,716
Liabilities
Non-current liabilities
Deferred tax liabilities 10,811 9,886 10,890
Liabilities from defined benefit plans 1,070 1,151 1,105
Other non-current liabilities 329 459 651
Debentures 75,000 75,000 75,000
Other non-current interest-bearing liabilities 16,250 6,667 18,498
--------------------------------------------------------------------------------
Total non-current liabilities 103,460 93,163 106,144
Current liabilities
Current interest-bearing liabilities 5,632 3,333 3,363
Liabilities for current tax 2,625 1,519 47
Trade payables and other current liabilities 57,639 57,567 56,479
--------------------------------------------------------------------------------
Total current liabilities 65,897 62,420 59,889
Total liabilities 169,357 155,583 166,034
Total equity and liabilities 300,069 274,910 291,750
CONSOLIDATED STATEMENT OF PROFIT OR LOSS
EUR thousands 4-6/2016 4-6/2015 1-6/2016 1-6/2015 1-12/2015
-------------------------------------------------------------------------------
Net sales 108,832 112,944 212,701 224,878 444,042
Cost of goods sold -93,830 -96,630 -185,907 -194,177 -386,042
-------------------------------------------------------------------------------
Gross profit 15,002 16,314 26,794 30,701 58,000
Other operating income 470 902 1,099 1,852 2,637
Sales and marketing expenses -1,818 -1,755 -3,576 -3,658 -7,760
Research and development -994 -736 -1,831 -1,587 -3,527
Administration expenses -3,931 -4,179 -8,270 -8,860 -16,709
Other operating expenses -67 -84 -12 -695 -862
-------------------------------------------------------------------------------
Operating profit 8,661 10,462 14,204 17,754 31,778
Net financial expenses -967 -1,076 -1,211 -2,697 -5,302
-------------------------------------------------------------------------------
Profit before income taxes 7,694 9,386 12,993 15,056 26,476
Income taxes -2,475 -3,142 -4,333 -5,330 -9,456
-------------------------------------------------------------------------------
Profit for the period 5,219 6,244 8,660 9,726 17,020
-------------------------------------------------------------------------------
Earnings per share, EUR
Basic 0.10 0.12 0.16 0.18 0.32
Diluted 0.09 0.11 0.15 0.17 0.29
-------------------------------------------------------------------------------
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
EUR thousands 4-6/ 4-6/ 1-6/ 1-6/ 1-12/
2016 2015 2016 2015 2015
--------------------------------------------------------------------------------
Profit for the period 5,219 6,244 8,660 9,726 17,020
Other comprehensive income:
Other comprehensive income that will be
subsequently reclassified to profit or
loss
Exchange differences 5,496 -2,367 1,563 2,935 2,356
Fair value changes of cash flow hedges -221 -422 397 -549 -970
and available-for-sale assets
Reclassified to profit or loss 86 539 69 564 669
Reclassified to property, plant and -133 − -133 − 91
equipment
Income taxes related to other -743 136 -229 -295 -632
comprehensive income
--------------------------------------------------------------------------------
Total 4,484 -2,114 1,666 2,655 1,514
Other comprehensive income that will not
be subsequently reclassified to profit
or loss
Remeasurements of defined benefit plans − − − − -26
Income taxes related to other − − − − 8
comprehensive income
--------------------------------------------------------------------------------
Total − − − − -18
Total comprehensive income for the period 9,705 4,132 10,327 12,382 18,516
--------------------------------------------------------------------------------
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
EUR thousands Share Share Reserve for invested Treasury Exchange
capital premium unrestricted equity shares difference
account s
--------------------------------------------------------------------------------
Equity 1 11,860 24,681 69,652 -44 5,097
January 2016
--------------------------------------------------------------------------------
Profit / loss − − − − −
for the
period
Other − − − − 1,343
comprehensive
income
--------------------------------------------------------------------------------
Total − − − − 1,343
comprehensive
income
Share-based − − − − −
payments
Dividend − − − − −
distribution
Conveyance of − − 80 − −
treasury
shares
Hybrid bond − − − − −
Equity 30 June 11,860 24,681 69,732 -44 6,440
2016
--------------------------------------------------------------------------------
EUR thousands Fair value and Other Total Hybrid Total
other reserves equity bond equity
--------------------------------------------------------------------------------
Equity 1 January -118 -3,076 108,052 17,664 125,716
2016
--------------------------------------------------------------------------------
Profit / loss for − 8,660 8,660 − 8,660
the period
Other comprehensive 323 − 1,666 − 1,666
income
--------------------------------------------------------------------------------
Total comprehensive 323 8,660 10,327 − 10,327
income
Share-based − 151 151 − 151
payments
Dividend − -5,030 -5,030 − -5,030
distribution
Conveyance of − − 80 − 80
treasury shares
Hybrid bond − -370 -370 -162 -532
Equity 30 June 2016 205 334 113,209 17,503 130,712
--------------------------------------------------------------------------------
EUR thousands Share Share Reserve for invested Treasury Exchange
capital premium unrestricted equity shares difference
account s
--------------------------------------------------------------------------------
Equity 1 11,860 24,681 97,192 -44 3,419
January 2015
--------------------------------------------------------------------------------
Profit / loss − − − − −
for the
period
Other − − − − 2,644
comprehensive
income
--------------------------------------------------------------------------------
Total − − − − 2,644
comprehensive
income
Share-based − − − − −
payments
Share issue − − 340 − −
Distribution − − -2,504 − −
of funds
Conveyance of − − 80 − −
treasury
shares
Reclassificati − − -27,448 − -51
ons
Conversion of − − 1,992 − −
hybrid bond
Hybrid bond − − − − −
Equity 30 June 11,860 24,681 69,652 -44 6,011
2015
--------------------------------------------------------------------------------
EUR thousands Fair value and Other Total Hybrid Total
other reserves equity bond equity
--------------------------------------------------------------------------------
Equity 1 January 96 -46,890 90,314 18,424 108,737
2015
--------------------------------------------------------------------------------
Profit / loss for − 9,726 9,726 − 9,726
the period
Other comprehensive 12 − 2,655 − 2,655
income
--------------------------------------------------------------------------------
Total comprehensive 12 9,726 12,382 − 12,382
income
Share-based − 221 221 − 221
payments
Share issue − − 340 − 340
Distribution of − − -2,504 − -2,504
funds
Conveyance of − − 80 − 80
treasury shares
Reclassifications − 27,499 − − −
Conversion of − − 1,992 -1,992 −
hybrid bond
Hybrid bond − -380 -380 452 72
Equity 30 June 2015 107 -9,824 102,444 16,884 119,328
--------------------------------------------------------------------------------
EUR thousands Share Share Reserve for Treasury Exchange
capital premium invested shares difference
account unrestricted s
equity
--------------------------------------------------------------------------------
Equity 1 January 11,860 24,681 97,192 -44 3,419
2015
--------------------------------------------------------------------------------
Profit / loss for − − − − −
the period
Other − − − − 1,730
comprehensive
income
--------------------------------------------------------------------------------
Total − − − − 1,730
comprehensive
income
Share-based − − − − −
payments
Share issue − − 340 − −
Distribution of − − -2,504 − −
funds
Reversal of − − − − −
undistributed
dividends
Conveyance of − − 80 − −
treasury shares
Reclassifications − − -27,448 − -51
Conversion of − − 1,992 − −
hybrid bond
Hybrid bond − − − − −
Equity 31 11,860 24,681 69,652 -44 5,097
December 2015
--------------------------------------------------------------------------------
EUR thousands Fair value and Other Total Hybrid Total
other reserves equity bond equity
--------------------------------------------------------------------------------
Equity 1 January 2015 96 -46,890 90,313 18,424 108,737
--------------------------------------------------------------------------------
Profit / loss for the − 17,020 17,020 − 17,020
period
Other comprehensive -216 -18 1,496 − 1,496
income
--------------------------------------------------------------------------------
Total comprehensive -216 17,002 18,516 − 18,516
income
Share-based payments − 316 316 − 316
Share issue − − 340 − 340
Distribution of funds − − -2,504 − -2,504
Reversal of − 2 2 − 2
undistributed
dividends
Conveyance of treasury − − 80 − 80
shares
Reclassifications − 27,499 − − −
Conversion of hybrid − − 1,992 -1,992 −
bond
Hybrid bond − -1,004 -1,004 1,232 228
Equity 31 December -118 -3,076 108,052 17,664 125,716
2015
--------------------------------------------------------------------------------
CONSOLIDATED STATEMENT OF CASH FLOWS
EUR thousands 1-6/201 1-6/201 1-12/20
6 5 15
--------------------------------------------------------------------------------
Cash flow from operations
Profit / loss for the period 8,660 9,726 17,020
Total adjustments to profit / loss for the period 14,455 16,378 32,870
--------------------------------------------------------------------------------
Cash flow before changes in net working capital 23,115 26,105 49,890
Change in net working capital -3,238 -9,263 -7,921
Financial items -1,932 -4,966 -6,425
Income taxes -1,264 -3,468 -8,269
--------------------------------------------------------------------------------
Cash flow from operations 16,682 8,407 27,274
Cash flow from investments
Investments in property, plant and equipment and -10,662 -4,009 -22,369
intangible assets
Cash flow from disposed businesses 313 − 167
Adjustments of purchase consideration 161 − −
Sales proceeds from property, plant and equipment and − 10 9.7
intangible assets
--------------------------------------------------------------------------------
Cash flow from investments -10,188 -4,000 -22,192
Cash flow from financing
Drawdown of other non-current interest-bearing − − 15,000
liabilities
Repayment of other non-current interest-bearing − − -3,333
liabilities
Changes in current interest-bearing liabilities -26 -14 -14
Changes in loan receivables 450 417 600
Share issue − 340 340
Paid interest on hybrid bond -624 − −
Dividend distribution / distribution of funds -5,030 -2,504 -2,504
--------------------------------------------------------------------------------
Cash flow from financing -5,230 -1,761 10,089
Change in cash and cash equivalents 1,263 2,647 15,171
Cash and cash equivalents at the beginning of the 55,570 38,430 38,430
period
Effect of changes in exchange rates -287 1,701 1,968
Change in cash and cash equivalents 1,263 2,647 15,171
--------------------------------------------------------------------------------
Cash and cash equivalents at the end of the period 56,545 42,778 55,570
--------------------------------------------------------------------------------
KEY RATIOS
4-6/ 4-6/ 1-6/ 1-6/ 1-12/
2016 2015 2016 2015 2015
--------------------------------------------------------------------------------
Change in net sales, % * -3.6 18.5 -5.4 16.1 10.5
Gross profit, as percentage of 13.8 14.4 12.6 13.7 13.1
net sales, %
Comparable gross profit, as 13.8 14.0 12.6 13.4 12.9
percentage of net sales, %
Operating profit, as 8.0 9.3 6.7 7.9 7.2
percentage of net sales, %
Comparable operating profit, 8.0 8.8 6.7 7.7 7.0
as percentage of net sales, %
Net financial items, as -0.9 -1.0 -0.6 -1.2 -1.2
percentage of net sales, %
Profit before income taxes, as 7.1 8.3 6.1 6.7 6.0
percentage of net sales, %
Profit for the period, as 4.8 5.5 4.1 4.3 3.8
percentage of net sales, %
Gross capital expenditure, EUR 8,061 2,337 11,588 3,796 23,660
thousands
Depreciation, amortization, 4,544 3,943 9,146 8,329 17,684
impairment losses and
reversal of impairment
losses, EUR thousands
Return on equity, % − − 12.9 12.5 14.4
Return on invested capital, − − 13.5 16.2 15.9
rolling 12 months, %
Return on invested capital, − − 13.5 17.1 15.9
rolling 12 months, %,
continuing operations
Equity ratio, % − − 43.6 43.4 43.2
Gearing, % − − 24.5 28.2 25.9
Earnings per share, EUR, basic 0.10 0.12 0.16 0.18 0.32
**
Earnings per share, EUR, 0.09 0.11 0.15 0.17 0.29
diluted *'
Cash flow from operations per 0.15 0.08 0.33 0.17 0.54
share, EUR **
Equity per share, EUR ** − − 2.60 2.37 2.50
Number of shares, end of − − 50,323,145 50,302,346 50,302,346
period, excluding treasury
shares **
Share price, end of period, − − 4.02 4.85 6.20
EUR **
Share price, period low, EUR − − 3.61 3.75 3.75
**
Share price, period high, EUR − − 6.20 5.95 6.65
**
Volume weighted average price − − 4.38 4.70 5.05
during the period, EUR **
Market capitalization, EUR − − 202.3 244.0 311.9
million
Number of traded shares during − − 8,754,693 15,354,529 19,502,550
the period **
Number of traded shares during − − 17.4 30.7 38.9
the period, % of average
number of shares
* Compared with the corresponding period in the previous year.
** Comparative information adjusted with the effects of the
reverse share split.
30.6.2016 30.6.2015 31.12.2015
Interest-bearing net debt, EUR
thousands
Non-current interest-bearing 91,250 81,667 93,498
liabilities
Current interest-bearing 5,632 3,333 3,363
liabilities
Interest-bearing receivables -64,889 -51,330 -64,363
and cash and cash equivalents
--------------------------------------------------------------------------------
Interest-bearing net debt 31,994 33,670 32,499
--------------------------------------------------------------------------------
DEFINITION OF KEY RATIOS
Definitions of key ratios are presented in the consolidated financial
statements for 2015.
In accordance with the recommendation by European Securities and Markets
Authority, Suominen no longer presents operating profit excluding non-recurring
items as an alternative performance measure. In order to improve the
comparability of result between reporting periods, Suominen presents comparable
operating profit as an alternative performance measure. Operating profit is
adjusted with material items that are considered to affect comparability
between reporting periods. These items include, among others, impairment losses
or reversals of impairment losses, gains or losses from the sales of property,
plant and equipment or intangible assets or other assets and restructuring
costs.
COMPARABLE OPERATING PROFIT
EUR thousands 4-6/ 4-6/ 1-6/ 1-6/ 1-12/
2016 2015 2016 2015 2015
------------------------------------------------------------------
Operating profit 8,661 10,462 14,204 17,754 31,778
Reversal of impairment loss − -530 − -530 -530
------------------------------------------------------------------
------------------------------------------------------------------
Comparable operating profit 8,661 9,932 14,204 17,224 31,248
Reversal of impairment loss, EUR +0.5 million, is the reversal of a previously
made impairment loss related to the re-opened production line in Nakkila plant
in Finland. The reversal of the impairment loss is recognized in cost of goods
sold.
NET SALES BY GEOGRAPHICAL MARKET AREA
EUR thousands 1-6/2016 1-6/2015 1-12/2015
------------------------------------------------------
Finland 1,285 1,417 2,724
Rest of Europe 82,396 81,190 159,854
North and South America 123,914 138,106 271,634
Rest of the world 5,105 4,165 9,830
------------------------------------------------------
Total 212,701 224,878 444,042
------------------------------------------------------
QUARTERLY DEVELOPMENT
2016 2015
-----------------------------------------------------
EUR thousands 4-6 1-3 10-12 7-9 4-6 1-3
--------------------------------------------------------------------------------
Net sales 108,832 103,869 104,244 114,919 112,944 111,934
--------------------------- --------- --------
Comparable operating 8,661 5,543 4,262 9,763 9,932 7,292
profit
--------------------------- --------- --------
as % of net sales 8.0 5.3 4.1 8.5 8.8 6.5
--------------------------- --------- --------
Items affecting − − − − 530 −
comparability
--------------------------------------------------------------------------------
Operating profit 8,661 5,543 4,262 9,763 10,462 7,292
--------------------------- --------- --------
as % of net sales 8.0 5.3 4.1 8.5 9.3 6.5
--------------------------- --------- --------
Net financial items -967 -244 -1,358 -1,247 -1,076 -1,621
--------------------------------------------------------------------------------
Profit before income taxes 7,694 5,299 2,903 8,517 9,386 5,670
--------------------------- --------- --------
as % of net sales 7.1 5.1 2.8 7.4 8.3 5.1
--------------------------------------------------------------------------------
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. Suominen has no associated companies.
In its transactions with related parties Suominen follows the same commercial
terms as in transactions with third parties.
The Annual General Meeting held on 16 March 2016 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 2016 was 20,799
shares. The shares were transferred on 3 June 2016 and the value of the
transferred shares totaled EUR 79,793, or approximately EUR 3.83638 per share.
Other salaries paid to the related parties during the first half of 2016
amounted to EUR 1,222 thousand, obligatory pension payments EUR 160 thousand,
voluntary pension payment EUR 46 thousands, and accruals based on share-based
incentive plans EUR 148 thousand.
CHANGES IN PROPERTY, PLANT AND EQUIPMENT AND INTANGIBLE ASSETS
30.6.2016 30.6.2015 31.12.2015
-----------------------------------------
EUR thousands Property, Intangi Property, Intangi Property, Intangi
plant and ble plant and ble plant and ble
equipment assets equipment assets equipment assets
--------------------------------------------------------------------------------
--------------------------------------- --------------------
Carrying amount 97,931 13,275 88,721 12,510 88,721 12,510
at the
beginning of
the period
---------------------
Capital 10,287 1,301 2,736 1,059 20,733 2,927
expenditure
---------------------
Disposals − − − -10 − -10
---------------------
Depreciation, -7,995 -1,147 -7,818 -1,041 -15,957 -2,257
amortization
and impairment
losses
---------------------
Reversal of − − 530 − 530 −
impairment
losses
---------------------
Exchange 275 -43 4,128 82 3,904 104
differences and
other changes
--------------------------------------------------------------------------------
Carrying amount 100,499 13,385 88,297 12,601 97,931 13,275
at the end of
the period
--------------------------------------------------------------------------------
Goodwill is not included in intangible assets.
CHANGES IN INTEREST-BEARING LIABILITIES
EUR thousands 1-6/ 1-6/ 1-12/
2016 2015 2015
--------------------------------------------------------------------------------
Total interest-bearing liabilities at the beginning of 96,862 85,014 85,014
the period
Current liabilities at the beginning of the period 3,363 3,347 3,347
Repayment of current liabilities -26 -14 -3,347
Drawdown of current liabilities 102 − 3,363
Reclassification from non-current liabilities 2,258 − −
Exchange rate difference -65 − −
--------------------------------------------------------------------------------
Current liabilities at the end of the period 5,632 3,333 3,363
Non-current liabilities at the beginning of the period 18,498 6,667 6,667
Repayment of non-current liabilities − − -6,667
Drawdown of non-current liabilities 368 − 18,498
Reclassification to current liabilities -2,258 − −
Exchange rate difference -358 − −
--------------------------------------------------------------------------------
Non-current liabilities at the end of the period 16,250 6,667 18,498
Debentures at the beginning of the period 75,000 75,000 75,000
Changes in debentures − − −
--------------------------------------------------------------------------------
Debentures at the end of the period 75,000 75,000 75,000
Total interest-bearing liabilities at the end of the 96,882 85,000 96,862
period
In accordance with IAS 32, the hybrid bond is included in equity.
CONTINGENT LIABILITIES
EUR thousands 30.6.2016 30.6.2015 31.12.2015
--------------------------------------------------------------------------------
Other commitments
Operating leases 16,186 22,354 17,116
Contractual commitments to acquire property, 9,446 − 16,083
plant and equipment
Guarantees
On own behalf 20,776 17,551 18,487
On behalf of others 960 4,134 4,134
NOMINAL AND FAIR VALUES OF DERIVATIVE INSTRUMENTS
30.6.2016 30.6.2015 31.12.2015
-----------------------------------------------------
EUR thousands Nominal value Fair Nominal Fair Nominal Fair
value value value value value
--------------------------------------------------------------------------------
Currency forward contracts
--------- ---------
Hedge accounting applied 11,978 -36 34,991 -93 16,114 -267
--------- ---------
Hedge accounting not 2,225 -23 4,577 110 3,196 -30
applied
--------- ---------
Electricity forward
contracts
--------- ---------
Hedge accounting applied 913 -150 1,599 -206 1,229 -242
--------- ---------
CLASSIFICATION OF FINANCIAL ASSETS
a. Financial assets at fair value through profit or loss
b. Loans and receivables
c. Available-for-sale assets
d. Derivatives, hedge accounting applied
e. Carrying amount
f. Fair value
EUR thousands a. b. c. d. e. f.
--------------------------------------------------------------------------------
Available-for-sale assets − − 777 − 777 777
--------
Other non-current receivables 501 1,818 − − 2,319 2,319
--------
Loan receivables − 8,343 − − 8,343 8,343
--------
Trade receivables − 57,888 − − 57,888 57,888
--------
Interest and other financial − 1,385 − − 1,385 1,385
receivables
--------
Cash and cash equivalents − 56,545 − − 56,545 56,545
--------------------------------------------------------------------------------
Total 30.6.2016 501 125,981 777 − 127,258 127,258
--------
EUR thousands a. b. c. d. e. f.
--------------------------------------------------------------------------------
Available-for-sale assets − − 777 − 777 777
--------
Other non-current receivables 813 1,512 − − 2,326 2,326
--------
Loan receivables − 8,793 − − 8,793 8,793
--------
Trade receivables − 51,547 − − 51,547 51,547
--------
Interest and other financial − 1,297 − − 1,297 1,297
receivables
--------
Cash and cash equivalents − 55,570 − − 55,570 55,570
--------------------------------------------------------------------------------
Total 31.12.2015 813 118,719 777 − 120,309 120,309
--------
Principles in estimating fair value for financial assets for 2016 are the same
as those used for preparing the consolidated financial statements for 2015.
FINANCIAL LIABILITIES
30.6.2016 31.12.2015
EUR thousands Carrying Fair Carrying Fair
amount value amount value
--------------------------------------------------------------------------------
Non-current financial liabilities
Loans from financial institutions 15,914 15,914 18,498 18,498
Debentures 75,000 78,375 75,000 77,175
Finance lease liabilities 336 336 − −
Other non-current liabilities − − 368 368
--------------------------------------------------------------------------------
Total non-current financial 91,250 94,625 93,866 96,041
liabilities
Current financial liabilities
Current part of non-current loans from 5,524 5,524 3,363 3,363
financial institutions
Finance lease liabilities 108 108 − −
Derivatives, no hedge accounting 23 23 30 30
applied
Derivatives, hedge accounting applied 186 186 509 509
Interest accruals 909 909 914 914
Other current liabilities 225 225 262 262
Trade payables 46,428 46,428 44,682 44,682
--------------------------------------------------------------------------------
Total current financial liabilities 53,403 53,403 49,761 49,761
Total 144,654 148,029 143,627 145,802
Principles in estimating fair value for financial liabilities for 2016 are the
same as those used for preparing the consolidated financial statements for
2015.
FAIR VALUE MEASUREMENT HIERARCHY
EUR thousands Level 1 Level 2 Level 3
---------------------------------------------------------------------------
Financial assets and liabilities at fair value
Other non-current receivables − − 501
Available-for-sale assets − − 777
Liabilities at fair value through profit or loss − − -225
---------------------------------------------------------------------------
Total − − 1,052
Derivatives at fair value
Currency forward contracts, liabilities − -59 −
Electricity forward contracts, liabilities − -150 −
---------------------------------------------------------------------------
Total − -209 −
Principles in estimating fair value for financial assets and their hierarchies
for 2016 are the same as those used for preparing the consolidated financial
statements for 2015. There were no transfers in the fair value measurement
hierarchy levels during the reporting period.
SUOMINEN CORPORATION
Board of Directors
For additional information, please contact:
Nina Kopola, President & CEO, tel. +358 (0)10 214 300
Tapio Engström, Senior Vice President and CFO, tel. +358 (0)10 214 300
Distribution:
Nasdaq Helsinki
Key media
www.suominen.fi
Suominen in brief
Suominen manufactures nonwovens as roll goods for wipes as well as for medical
and hygiene products. The end products made of Suominen’s nonwovens – wet
wipes, feminine care products and swabs, for instance – bring added value to
the daily life of consumers worldwide. Suominen is the global market leader in
nonwovens for wipes and employs over 600 people in Europe and in the Americas.
Suominen’s net sales in 2015 amounted to EUR 444.0 million and comparable
operating profit to EUR 31.2 million. The Suominen share (SUY1V) is listed in
Nasdaq Helsinki Stock Exchange (Mid Cap). Read more at www.suominen.fi.
© 2024 Nasdaq, Inc. All Rights Reserved |