2016-10-27 07:00:03 CEST
2016-10-27 07:00:03 CEST
REGLERAD INFORMATION
Suominen Oyj - Interim report (Q1 and Q3)
Net sales and operating profit fell short of the comparison period, cash flow from operations continued strong
Helsinki, Finland, 2016-10-27 07:00 CEST (GLOBE NEWSWIRE) -- Suominen
Corporation Interim Report 27 October 2016 at 8:00 am (EEST)
Suominen Corporation’s Interim Report for January 1 - September 30, 2016:
Net sales and operating profit fell short of the comparison period, cash flow
from operations continued strong
KEY FIGURES
7-9/ 7-9/ 1-9/ 1-9/ 1-12/
2016 2015 2016 2015 2015
--------------------------------------------------------------------------------
Net sales, EUR million 103.8 114.9 316.5 339.8 444.0
Comparable operating profit, EUR million 7.9 9.8 22.1 27.0 31.2
Operating profit, EUR million 7.9 9.8 22.1 27.5 31.8
Profit for the period, EUR million 4.9 5.4 13.6 15.1 17.0
Earnings per share, basic, EUR * 0.09 0.10 0.26 0.29 0.32
Earnings per share, diluted, EUR * 0.08 0.09 0.23 0.26 0.29
Cash flow from operations per share, EUR * 0.16 0.16 0.50 0.32 0.54
Return on invested capital, rolling 12 − − 12.3 17.4 15.9
months, %
Gearing, % − − 28.0 30.5 25.9
* Adjusted due to reverse share split.
In this financial report, figures shown in brackets refer to the comparison
period last year if not otherwise stated.
Highlights in July–September 2016:
- Net sales decreased by 10% to EUR 103.8 million (114.9).
- Operating profit decreased by 19% to EUR 7.9 million (9.8).
- Cash flow from operations remained strong and was EUR 8.3 million (7.9).
- Return on invested capital and gearing ratio surpassed their target levels.
- Suominen repeats its estimate, disclosed on 20 September 2016, that for the
full year 2016 its net sales and comparable operating profit are expected not
to reach the level of 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 third quarter of 2016:
“The consumer confidence index in the euro zone was more or less on a par with
its second-quarter level, but slightly below the level of the corresponding
period last year. In the U.S., the consumer confidence index rose somewhat from
the second quarter and slightly exceeded the level of the comparison period.
Europe and North America are Suominen’s largest market areas.
In the third quarter, deliveries fell short of our expectations, and Suominen’s
net sales declined from the comparison period to EUR 103.8 million. The decline
in net sales was reflected in the operating profit, which fell to EUR 7.9
million. Thanks to the favorable development of the product portfolio, the
gross profit margin remained more or less on the solid level of the comparison
period, and the operating profit margin was 7.6%. Owing to, among other things,
good capital management, Suominen’s cash flow from operations continued to be
very strong, at EUR 8.3 million.
As we communicated on 20 September, 2016, Suominen’s net sales and comparable
operating profit will not reach the level of 2015 level in 2016. We have
implemented our strategy with determination, but the projects included in the
growth investment program and our R&D efforts are creating growth at a slower
pace than we had anticipated. The largest of the investment projects, i.e. the
construction of a new production line in Bethune, is progressing and the
equipment installation work is advancing at high speed. We reiterate our
estimate according to which the new production line will begin deliveries to
customers in the first quarter of 2017.
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. At the end of
September, the return on invested capital exceeded the target level (more than
12%) and was 12.3%. Our gearing was also once again lower than our target range
(40–80%), at 28.0%.”
NET SALES
July–September 2016
In July–September 2016, Suominen’s net sales declined by 10% from the
comparison period last year to EUR 103.8 million (114.9). Decrease in sales
volumes was the primary reason for the decline in net sales. Fluctuations in
USD/EUR exchange rate did not have any material effect on the net sales in the
third quarter.
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 in July–September were
EUR 96.7 million (107.5) and net sales of the Care business area EUR 7.1
million (7.5).
January–September 2016
In January–September 2016, Suominen’s net sales decreased by 7% from the
comparison period last year to EUR 316.5 million (339.8). Net sales were
affected by both lower sales prices and volumes compared to last year,
approximately in equal proportions. In January-September, sales volumes did not
reach the level of the comparison period as the first quarter of 2016 was soft,
and the third quarter of 2016 fell short of the company’s expectations. The
changes in US dollar exchange rate had no effect on the net sales during
January–September 2016.
Net sales of the Convenience business area were EUR 293.0 million (315.2) and
net sales of the Care business area EUR 23.5 million (24.7).
The main application areas for nonwoven materials supplied by Suominen in
January–September were baby wipes (accounting for 37% of the sales), personal
care wipes (26%), household wipes (18%), wipes for workplace use (10%), and
hygiene and medical products (7%). 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 three percentage points. Of the products with higher added
value, nonwovens for personal care and household 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
July–September 2016
The operating profit decreased by 19% and amounted to EUR 7.9 million (9.8).
Declined net sales impacted operating profit. USD/EUR exchange rate fluctuation
had no impact on operating profit. In the review period, Suominen recognized a
bad debt provision of approximately EUR 0.3 million relating to customers
having operations in Venezuela.
Profit before income taxes was EUR 7.0 million (8.5), and profit for the
quarter was EUR 4.9 million (5.4).
January–September 2016
The comparable operating profit fell by 18% to EUR 22.1 million (27.0).
Operating profit decreased by 20% and amounted to EUR 22.1 million (27.5). 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 had an impact on operating profit. USD/EUR exchange
rate fluctuation had no impact on operating profit.
In January–September, profit before income taxes was EUR 20.0 million (23.6),
and profit for the reporting period was EUR 13.6 million (15.1). Decrease in
financial expenses and income taxes improved the profit for the period.
FINANCING
The Group’s net interest-bearing liabilities amounted to EUR 37.9 million
(36.7) at the end of the review period. The gearing ratio was 28.0% (30.5%) and
the equity ratio 45.1% (44.3%).
In January–September, net financial expenses were EUR -2.0 million (-3.9), or
0.6% (1.2%) of net sales. Fluctuations in exchange rates decreased the
financial items by EUR 0.2 million, while in the comparison period they
increased the financial expenses by EUR 0.9 million. Interest expenses in the
review period were EUR 0.5 million lower than in the comparison period. 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 July–September was EUR 8.3 million (7.9) and in
January–September EUR 25.0 million (16.3), representing a cash flow per share
of EUR 0.50 (0.32). The improvement in the cash flow from operations was mainly
due to the fact that less working capital was tied up during the reporting
period than during the corresponding period in the previous year. In addition,
the decrease in paid financial items and income taxes also improved cash flow.
The financial items in the cash flow from operations, in total EUR -3.9 million
(-6.7), 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 nine months, EUR 3.9
million was tied up in working capital (12.0).
CAPITAL EXPENDITURE AND DEPRECIATION
The gross capital expenditure in January–September totaled EUR 26.5 million
(13.8) 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 13.8 million (depreciation,
amortization and impairment losses 13.6). 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 September 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 September 2016 was 11,223,414 shares, accounting for 22.3% 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 4.34. The
closing price at the end of review period was EUR 3.87. The market
capitalization (excluding treasury shares) was EUR 194.8 million on 30
September 2016.
Treasury shares
On 30 September 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 in June 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. The AGM decided that the auditor's fee would be paid
according to the invoice accepted by the company. The decisions were in
accordance with the proposal of the Board of Directors and the recommendation
by the Audit Committee.
The AGM resolved to amend the company’s Articles of Association so that the
limitation regarding Board members age was be removed from article 4 of the
Articles of Association and that in the future the Chair of the Board of
Directors is elected by the General Meeting instead of the Board of Directors.
In addition a corresponding technical addition were made to the article 13 of
the Articles of Association. The decision to amend the Articles of Association
was in accordance with the proposal of the Board of Directors.
The AGM decided to amend the Section 1 of the resolution by the General Meeting
on 26 March 2013 regarding the establishment of the permanent Shareholders’
Nomination Board. The change was related to the earlier decision taken by the
AGM to amend the Articles of Association and was made in accordance with the
proposal by the Board of Directors.
The AGM decided that the number of all shares in the company shall be reduced
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)
(“Companies Act”) so that each five (5) shares shall be merged as one (1)
share. The decision was in accordance with the proposal by the Board of
Directors.
The AGM decided to authorize the Board of Directors to decide on the repurchase
of the company's own shares, on the share issue and granting of options and
other special rights entitling to shares referred to in Chapter 10, Section 1
of the Companies Act. The valid authorizations of the Board of Directors are
explained on page 6 of this interim report.
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.
Suominen continuously invests in its manufacturing facilities. The deployment
of the investments may delay from what was planned, the costs of the
investments may increase from what has been expected or the investments may
create less business benefits than anticipated. The deployment phase of
investments may cause temporary interruptions in operations.
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.
The consumer confidence index in the euro zone was more or less on a par with
its second-quarter level, but slightly below the level of the corresponding
period last year. In the U.S., the consumer confidence index rose somewhat from
the second quarter and slightly exceeded 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. Due to the new manufacturing capacity
that has entered to the markets during the last 12 months, assessing the
competitive situation during the review period was more challenging than
earlier.
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 estimate, disclosed on 20 September 2016, that for the
full year 2016 the company expects its net sales and comparable operating
profit not to reach the level of 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 Q3 2016 in Finnish at an analyst and press conference in
Helsinki today on 27 October at 11:00 am (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 Q3 2016 financial result will be held
today on 27 October 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
4547869#.
SUOMINEN GROUP 1 JANUARY–30 SEPTEMBER 2016
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 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 interim report has not been audited.
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
EUR thousands 30.9.2016 30.9.2015 31.12.2015
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Assets
Non-current assets
Goodwill 15,496 15,496 15,496
Intangible assets 13,912 12,462 13,275
Property, plant and equipment 109,785 91,743 97,931
Loan receivables 7,093 7,752 7,793
Available-for-sale assets 777 777 777
Other non-current receivables 2,298 2,206 2,402
Deferred tax assets 4,909 4,715 4,491
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Total non-current assets 154,270 135,150 142,165
--------------------------------------------------------------------------------
Current assets
Inventories 34,316 32,078 32,557
Trade receivables 53,200 60,360 51,547
Loan receivables 1,250 800 1,000
Other current receivables 6,830 5,036 7,038
Assets for current tax 2,495 1,807 1,874
Cash and cash equivalents 47,214 36,454 55,570
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Total current assets 145,306 136,535 149,585
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Total assets 299,575 271,685 291,750
--------------------------------------------------------------------------------
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 297 42 -118
Exchange differences 5,759 1,644 5,097
Other equity 5,164 -4,593 -3,076
--------------------------------------------------------------------------------
Total equity attributable to owners of the 117,449 103,242 108,052
parent
Hybrid bond 17,737 17,118 17,664
--------------------------------------------------------------------------------
Total equity 135,186 120,360 125,716
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Liabilities
Non-current liabilities
Deferred tax liabilities 10,697 9,864 10,890
Liabilities from defined benefit plans 1,061 1,151 1,105
Other non-current liabilities 387 538 651
Debentures 75,000 75,000 75,000
Other non-current interest-bearing liabilities 12,857 3,333 18,498
--------------------------------------------------------------------------------
Total non-current liabilities 100,003 89,887 106,144
Current liabilities
Current interest-bearing liabilities 5,605 3,333 3,363
Liabilities for current tax 3,066 2,720 47
Trade payables and other current liabilities 55,716 55,385 56,479
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Total current liabilities 64,386 61,438 59,889
Total liabilities 164,389 151,325 166,034
--------------------------------------------------------------------------------
Total equity and liabilities 299,575 271,685 291,750
--------------------------------------------------------------------------------
CONSOLIDATED STATEMENT OF PROFIT OR LOSS
EUR thousands 7-9/2016 7-9/2015 1-9/2016 1-9/2015 1-12/2015
-------------------------------------------------------------------------------
Net sales 103,796 114,919 316,497 339,798 444,042
Cost of goods sold -89,316 -98,892 -275,223 -293,069 -386,042
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Gross profit 14,480 16,027 41,274 46,728 58,000
Other operating income 485 782 1,584 2,634 2,637
Sales and marketing expenses -1,625 -1,692 -5,202 -5,350 -7,760
Research and development -1,136 -1,015 -2,968 -2,603 -3,527
Administration expenses -3,983 -3,887 -12,253 -12,746 -16,709
Other operating expenses -342 -452 -354 -1,146 -862
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Operating profit 7,878 9,763 22,082 27,517 31,778
Net financial expenses -830 -1,247 -2,041 -3,944 -5,302
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Profit before income taxes 7,048 8,517 20,041 23,573 26,476
Income taxes -2,108 -3,142 -6,441 -8,472 -9,456
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Profit for the period 4,941 5,374 13,601 15,101 17,020
-------------------------------------------------------------------------------
Earnings per share, EUR
Basic 0.09 0.10 0.26 0.29 0.32
Diluted 0.08 0.09 0.23 0.26 0.29
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CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
EUR thousands 7-9/20 7-9/20 1-9/20 1-9/20 1-12/2
16 15 16 15 015
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Profit for the period 4,941 5,374 13,601 15,101 17,020
Other comprehensive income:
Other comprehensive income that will be
subsequently reclassified to profit or
loss
Exchange differences -622 -4,965 940 -2,030 2,356
Fair value changes of cash flow hedges 116 -136 513 -685 -970
and available-for-sale assets
Reclassified to profit or loss 42 54 111 618 669
Reclassified to property, plant and -44 − -177 − 91
equipment
Income taxes related to other -81 615 -310 320 -632
comprehensive income
--------------------------------------------------------------------------------
Total -589 -4,432 1,077 -1,777 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 4,351 942 14,678 13,324 18,516
period
--------------------------------------------------------------------------------
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 − − − − 662
comprehensive
income
--------------------------------------------------------------------------------
Total − − − − 662
comprehensive
income
Share-based − − − − −
payments
Dividend − − − − −
distribution
Conveyance of − − 80 − −
treasury
shares
Hybrid bond − − − − −
Equity 30 11,860 24,681 69,732 -44 5,759
September
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 − 13,601 13,601 − 13,601
the period
Other comprehensive 415 − 1,077 − 1,077
income
--------------------------------------------------------------------------------
Total comprehensive 415 13,601 14,678 − 14,678
income
Share-based − 227 227 − 227
payments
Dividend − -5,030 -5,030 − -5,030
distribution
Conveyance of − − 80 − 80
treasury shares
Hybrid bond − -557 -557 72 -486
Equity 30 September 297 5,164 117,449 17,737 135,186
2016
--------------------------------------------------------------------------------
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 − − − − -1,724
comprehensive
income
--------------------------------------------------------------------------------
Total − − − − -1,724
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 30 11,860 24,681 69,652 -44 1,644
September 2015
--------------------------------------------------------------------------------
EUR thousands Fair value and Other Total Hybrid Total
other reserves equity bond equity
--------------------------------------------------------------------------------
Equity 1 January 2015 96 -46,890 90,314 18,424 108,737
--------------------------------------------------------------------------------
Profit / loss for the − 15,101 15,101 − 15,101
period
Other comprehensive -53 − -1,777 − -1,777
income
--------------------------------------------------------------------------------
Total comprehensive -53 15,101 13,324 − 13,324
income
Share-based payments − 262 262 − 262
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 − -567 -567 686 119
Equity 30 September 42 -4,593 103,242 17,118 120,360
2015
--------------------------------------------------------------------------------
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 1-9/201 1-9/201 1-12/20
6 5 15
--------------------------------------------------------------------------------
Cash flow from operations
Profit / loss for the period 13,601 15,101 17,020
Total adjustments to profit / loss for the period 22,957 25,238 32,870
--------------------------------------------------------------------------------
Cash flow before changes in net working capital 36,558 40,339 49,890
Change in net working capital -3,857 -12,019 -7,921
Financial items -3,907 -6,672 -6,425
Income taxes -3,837 -5,371 -8,269
--------------------------------------------------------------------------------
Cash flow from operations 24,957 16,277 27,274
Cash flow from investments
Investments in property, plant and equipment and -24,293 -14,052 -22,369
intangible assets
Cash flow from disposed businesses 313 167 167
Adjustments of purchase consideration 161 − −
Sales proceeds from property, plant and equipment and 6 10 10
intangible assets
--------------------------------------------------------------------------------
Cash flow from investments -23,814 -13,876 -22,192
Cash flow from financing
Drawdown of other non-current interest-bearing − − 15,000
liabilities
Repayment of other non-current interest-bearing -3,280 -3,333 -3,333
liabilities
Changes in current interest-bearing liabilities -52 -14 -14
Changes in loan receivables 450 250 600
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 -8,536 -5,261 10,089
Change in cash and cash equivalents -7,392 -2,859 15,171
Cash and cash equivalents at the beginning of the 55,570 38,430 38,430
period
Effect of changes in exchange rates -963 883 1,968
Change in cash and cash equivalents -7,392 -2,859 15,171
--------------------------------------------------------------------------------
Cash and cash equivalents at the end of the period 47,214 36,454 55,570
--------------------------------------------------------------------------------
KEY RATIOS
7-9/ 1-9/ 1-9/ 1-12/
2016 2016 2015 2015
--------------------------------------------------------------------------------
Change in net sales, % * -9.7 -6.9 14.4 10.5
Gross profit, as percentage of net 14.0 13.0 13.8 13.1
sales, %
Comparable gross profit, as 14.0 13.0 13.6 12.9
percentage of net sales, %
Operating profit, as percentage of 7.6 7.0 8.1 7.2
net sales, %
Comparable operating profit, as 7.6 7.0 7.9 7.0
percentage of net sales, %
Net financial items, as percentage -0.8 -0.6 -1.2 -1.2
of net sales, %
Profit before income taxes, as 6.8 6.3 6.9 6.0
percentage of net sales, %
Profit for the period, as percentage 4.8 4.3 4.4 3.8
of net sales, %
Gross capital expenditure, EUR 14,906 26,494 13,845 23,660
thousands
Depreciation, amortization, 4,681 13,827 13,043 17,684
impairment losses and reversal of
impairment losses, EUR thousands
Return on equity, rolling 12 months, − 12.3 17.5 14.4
%
Return on invested capital, rolling − 12.3 17.4 15.9
12 months, %
Return on invested capital, rolling − 12.3 17.4 15.9
12 months, %, continuing operations
Equity ratio, % − 45.1 44.3 43.2
Gearing, % − 28.0 30.5 25.9
Earnings per share, EUR, basic ** 0.09 0.26 0.29 0.32
Earnings per share, EUR, diluted ** 0.08 0.23 0.26 0.29
Cash flow from operations per share, 0.16 0.50 0.32 0.54
EUR **
Equity per share, EUR ** − 2.69 2.39 2.50
Number of shares, end of period, − 50,323,145 50,302,346 50,302,346
excluding treasury shares **
Share price, end of period, EUR ** − 3.87 5.45 6.20
Share price, period low, EUR ** − 3.61 3.75 3.75
Share price, period high, EUR ** − 6.20 6.10 6.65
Volume weighted average price during − 4.34 4.85 5.05
the period, EUR **
Market capitalization at the end of − 194.8 274.1 311.9
the period, EUR million
Number of traded shares during the − 11,223,414 17,655,535 19,502,550
period **
Number of traded shares during the − 22.3 35.3 38.9
period, % of average number of
shares
INTEREST-BEARING NET DEBT 30.9.2016 30.9.2015 31.12.2015
EUR thousands
Non-current interest-bearing liabilities 87,857 78,333 93,498
Current interest-bearing liabilities 5,605 3,333 3,363
Interest-bearing receivables and cash and cash -55,558 -45,006 -64,363
equivalents
--------------------------------------------------------------------------------
Interest-bearing net debt 37,904 36,661 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 7-9/ 7-9/ 1-9/ 1-9/ 1-12/
2016 2015 2016 2015 2015
-----------------------------------------------------------------
Operating profit 7,878 9,763 22,082 27,517 31,778
Reversal of impairment loss − − − -530 -530
-----------------------------------------------------------------
Comparable operating profit 7,878 9,763 22,082 26,987 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 1-9/2016 1-9/2015 1-12/2015
------------------------------------------------------
Finland 1,853 2,074 2,724
Rest of Europe 121,418 121,790 159,854
North and South America 186,021 208,733 271,634
Rest of the world 7,205 7,202 9,830
------------------------------------------------------
Total 316,497 339,798 444,042
------------------------------------------------------
QUARTERLY DEVELOPMENT
2016 2015
-----------------------------------------------------
EUR thousands 7-9 4-6 1-3 10-12 7-9 4-6 1-3
--------------------------------------------------------------------------------
Net sales 103,796 108,832 103,869 104,244 114,919 112,944 111,934
Comparable 7,878 8,661 5,543 4,262 9,763 9,932 7,292
operating profit
as % of net sales 7.6 8.0 5.3 4.1 8.5 8.8 6.5
Items affecting − − − − − 530 −
comparability
--------------------------------------------------------------------------------
Operating profit 7,878 8,661 5,543 4,262 9,763 10,462 7,292
as % of net sales 7.6 8.0 5.3 4.1 8.5 9.3 6.5
Net financial -830 -967 -244 -1,358 -1,247 -1,076 -1,621
items
--------------------------------------------------------------------------------
Profit before 7,047 7,694 5,299 2,903 8,517 9,386 5,670
income taxes
as % of net sales 6.8 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 January-September 2016
amounted to EUR 1,599 thousand, obligatory pension payments EUR 197 thousand,
voluntary pension payment EUR 46 thousands, and accruals based on share-based
incentive plans EUR 259 thousand.
CHANGES IN PROPERTY, PLANT AND EQUIPMENT AND INTANGIBLE ASSETS
30.9.2016 30.9.2015 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 24,060 2,434 12,325 1,520 20,733 2,927
expenditure
Disposals 0 − − -10 − -10
Depreciation, -12,078 -1,749 -11,937 -1,634 -15,957 -2,257
amortization
and impairment
losses
Reversal of − − 530 − 530 −
impairment
losses
Exchange -128 -48 2,104 76 3,904 104
differences and
other changes
--------------------------------------------------------------------------------
Carrying amount 109,785 13,912 91,742 12,462 97,931 13,275
at the end of
the period
--------------------------------------------------------------------------------
Goodwill is not included in intangible assets.
CHANGES IN INTEREST-BEARING LIABILITIES
EUR thousands 1-9/ 1-9/ 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 -52 -14 -3,347
Drawdown of current liabilities 102 − 3,363
Reclassification from non-current liabilities 2,286 − −
Exchange rate difference -94 − −
--------------------------------------------------------------------------------
Current liabilities at the end of the period 5,605 3,333 3,363
Non-current liabilities at the beginning of the period 18,498 6,667 6,667
Repayment of non-current liabilities -3,280 -3,333 -6,667
Drawdown of non-current liabilities 368 − 18,498
Reclassification to current liabilities -2,286 − −
Exchange rate difference -443 − −
--------------------------------------------------------------------------------
Non-current liabilities at the end of the period 12,857 3,334 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 93,462 81,667 96,862
period
--------------------------------------------------------------------------------
In accordance with IAS 32, the hybrid bond is included in equity.
CONTINGENT LIABILITIES
EUR thousands 30.9.2016 30.9.2015 31.12.2015
--------------------------------------------------------------------------------
Other commitments
Operating leases 11,709 17,829 12,841
Contractual commitments to acquire property, 5,240 20,081 16,083
plant and equipment
Guarantees and other commitments
On own behalf 16,420 17,397 18,487
On behalf of others 970 4,134 4,134
Other own commitments 4,210 4,753 4,620
NOMINAL AND FAIR VALUES OF DERIVATIVE INSTRUMENTS
30.9.2016 30.9.2015 31.12.2015
-----------------------------------------------------
EUR thousands Nominal value Fair Nominal Fair Nominal Fair
value value value value value
--------------------------------------------------------------------------------
Currency forward contracts
Hedge accounting applied 5,262 -1 − -114 16,114 -267
Hedge accounting not 2,206 -32 4,453 -7 3,196 -30
applied
Electricity forward
contracts
Hedge accounting applied 754 -23 1,414 -295 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
Classification
EUR thousands a. b. c. d. e. f.
--------------------------------------------------------------------------------
Available-for-sale assets − − 777 − 777 777
Other non-current receivables 501 1,789 − − 2,290 2,290
Loan receivables − 8,343 − − 8,343 8,343
Trade receivables − 53,200 − − 53,200 53,200
Interest and other financial − 1,424 − − 1,424 1,424
receivables
Cash and cash equivalents − 47,214 − − 47,214 47,214
--------------------------------------------------------------------------------
Total 30.9.2016 501 111,971 777 − 113,248 113,248
--------------------------------------------------------------------------------
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
30.9.2016 31.12.2015
EUR thousands Carrying Fair Carrying Fair
amount value amount value
--------------------------------------------------------------------------------
Non-current financial liabilities
Loans from financial institutions 12,549 12,549 18,498 18,498
Debentures 75,000 78,623 75,000 77,175
Finance lease liabilities 308 308 − −
Other non-current liabilities − − 368 368
--------------------------------------------------------------------------------
Total non-current financial 87,857 91,480 93,866 96,041
liabilities
Current financial liabilities
Current part of non-current loans from 5,495 5,495 3,363 3,363
financial institutions
Finance lease liabilities 109 109 − −
Derivatives, no hedge accounting 32 32 30 30
applied
Derivatives, hedge accounting applied 23 23 509 509
Interest accruals 84 84 914 914
Other current liabilities 231 231 262 262
Trade payables 43,493 43,493 44,682 44,682
--------------------------------------------------------------------------------
Total current financial liabilities 49,467 49,467 49,761 49,761
Total 137,325 140,947 143,627 145,802
--------------------------------------------------------------------------------
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 − − -231
---------------------------------------------------------------------------
Total − − 1,047
Derivatives at fair value
Currency forward contracts, liabilities − -32 −
Electricity forward contracts, liabilities − -23 −
---------------------------------------------------------------------------
Total − -55 −
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.
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