2015-07-17 12:00:10 CEST
2015-07-17 12:01:13 CEST
BIRTINGARSKYLDAR UPPLÝSNINGAR
Suominen Oyj - Interim report (Q1 and Q3)
Suominen Corporation’s Interim Report for January 1 - June 30, 2015: Net sales, operating profit and profit for the period at record-high level
Helsinki, Finland, 2015-07-17 12:00 CEST (GLOBE NEWSWIRE) -- Suominen
Corporation Interim Report 17 July 2015 at 1:00 pm (EEST)
Suominen Corporation's Interim Report for January 1 - June 30, 2015:
Net sales, operating profit and profit for the period at record-high level
4-6/ 4-6/ 1-6/ 1-6/ 1-12/
KEY FIGURES 2015 2014 2015 2014 2014
--------------------------------------------------------------------------------
Net sales, EUR million 112.9 95.3 224.9 193.7 401.8
Operating profit excluding non-recurring 9.9 5.5 17.2 11.9 26.9
items, EUR million
Operating profit, EUR million 10.5 5.2 17.8 11.4 25.9
Profit/loss for the period, EUR million, 6.2 2.2 9.7 4.8 10.2
continuing operations
Profit/loss for the period, EUR million, − -4.0 − -3.7 -5.2
discontinued operations
Profit/loss for the period, EUR million, 6.2 -1.8 9.7 1.1 5.0
total
Earnings per share, EUR, continuing 0.02 0.01 0.04 0.02 0.04
operations
Earnings per share, EUR, discontinued − -0.02 − -0.02 -0.02
operations
Earnings per share, basic, EUR, total 0.02 -0.01 0.04 0.00 0.02
Cash flow from operations per share, EUR* 0.02 0.05 0.03 0.04 0.15
Return on invested capital, rolling 12 − − 16.2 8.4 12.0
months, % *
Return on invested capital, rolling 12 − − 17.1 13.2 15.7
months, continuing operations, %
Gearing, % * − − 28.2 71.4 34.7
* 2014 includes also discontinued operations.
Highlights in April-June 2015:
- Net sales increased by 19% and amounted to EUR 112.9 million (95.3).
- Operating profit excluding non-recurring items increased by 80% to EUR 9.9
million (5.5).
- Suominen confirmed that it will invest in a new wetlaid production line at
its Bethune plant, SC, USA.
- Suominen repeats its estimate, announced on 27 April 2015, according to which
Suominen expects that for the full year 2015, its net sales and operating
profit excluding non-recurring items from continuing operations will improve
from year 2014. Suominen's net sales of the continuing operations in 2014
amounted to EUR 401.8 million and operating profit excluding non-recurring
items was EUR 26.9 million.
President & CEO Nina Kopola comments on Suominen's second quarter of 2015:
“The consumer confidence index in the euro area took a slight downward
trajectory in the second quarter, following a brisk rise in the early part of
the year. However, the index's level in June clearly exceeded its level at the
beginning of the year. In the United States the performance of the consumer
confidence index was positive throughout the quarter. North America and Europe
are Suominen's largest market areas.
In light of financial key figures, Suominen had a very strong Q2. Thanks to the
strengthening of the dollar and a brisker demand in the European markets than
in the comparison period, the company's net sales grew by 19% on the comparison
period, totaling EUR 112.9 million.
Suominen's operating profit, excluding non-recurring items, rose to an all-time
high of EUR 9.9 million, corresponding to 8.8% of net sales. The very positive
development of operating profit was attributable to increased net sales and
strengthened gross profit, which continued to grow thanks to the improvement
measures taken in Suominen's operations. Additionally, strengthening of the US
dollar increased the operating profit. Profit for Q2 surged to a new level at
EUR 6.2 million. Of the financial targets monitored on a quarterly basis,
return on invested capital rose to 17.1% (continuous operations) and our
gearing declined to 28.2%.
We confirmed in May that we will carry out our planned investment in a new
wetlaid production line at our plant in Bethune in the United States. The
investment is expected to create at least 25 new jobs at the plant. The
investment is the single most important project in Suominen's EUR 30-50 million
growth investment program. Our goal is to increase both our sales volumes and
the proportion of value-added products in our portfolio, which is why the new
production line will focus on higher-value nonwovens, which are used for, among
other things, household and industrial wiping products and flushable wiping
products. We expect the installation of the production line to be finished
during the second half of 2016.
Also the other previously announced initiatives in our growth investment
program are progressing as planned. Investments in equipment, aimed at
broadening the product offering, are being carried out at the Paulínia plant in
Brazil and the Alicante plant in Spain. Once the investments have been
completed, the plants will be able to supply nonwovens not only to higher
added-value wiping products, but also to medical nonwovens. A previously closed
production line was taken into use at the Nakkila plant during Q2. The plant
will now be able to flexibly meet the strengthened demand on the European
markets.”
NET SALES
April-June 2015
In April-June 2015, Suominen's net sales grew by 19% from the comparison period
to EUR 112.9 million (95.3). The strengthening of the U.S. dollar compared to
euro, Suominen's reporting currency, increased the second quarter net sales by
approximately EUR 13 million. In addition, the demand in the European market
was higher than in the comparison period, which also impacted net sales
positively.
Suominen has two business areas, Convenience and Care. Net sales of Convenience
business area in April-June was EUR 104.5 million (87.6) and net sales of Care
business area EUR 8.4 million (7.7). Convenience business area supplies
nonwovens as roll goods for wiping products and travel & catering applications.
Care business area manufactures nonwovens for hygiene products and medical
applications.
January-June 2015
In January-June 2015, Suominen's net sales grew by 16% from the comparison
period to EUR 224.9 million (193.7). The strengthening of the U.S. dollar
compared to euro, Suominen's reporting currency, increased the net sales in
January-June by approximately EUR 24 million.
Net sales of Convenience business area in January-June were EUR 207.7 million
(178.5) and net sales of Care business area EUR 17.2 million (15.2). The main
application areas for nonwoven materials supplied by Suominen in January-June
were baby wipes (accounting for 40% of the sales), personal care wipes (23%),
household wipes (16%), industrial wipes (11%), and hygiene and medical products
(8%). There were no significant changes in the portfolio during January-June
2015. All nonwovens for wiping products belong to the Convenience business
area, and nonwovens for hygiene and medical products to the Care business area.
OPERATING PROFIT AND RESULT
April-June 2015
Operating profit excluding non-recurring items increased by 80% and amounted to
EUR 9.9 million (5.5). Operating profit was EUR 10.5 million (5.2).
Non-recurring items in the second quarter, EUR +0.5 million, consisted of
reversal of previously made impairment losses of the re-opened production line
in Nakkila plant in Finland. Non-recurring items reported in the second quarter
of 2014 amounted to EUR -0.3 million and were attributable to restructuring
costs as well as costs related to acquisition of the Brazilian unit.
Growth in net sales contributed to the positive development of operating
profit. Gross profit continued to increase due to the improvement measures
taken in Suominen's operations. The strengthening of the U.S. dollar compared
to euro, Suominen's reporting currency, increased the operating profit
excluding non-recurring items by nearly 14%. If calculated with the average USD
exchange rate of January-June 2014, both operating profit excluding
non-recurring items and operating profit would have been EUR 1.3 million lower.
Profit before income taxes for continuing operations in the second quarter was
EUR 9.4 million (4.0) and profit for the period for continuing operations EUR
6.2 million (2.2).
January-June 2015
Operating profit excluding non-recurring items increased by 45% and amounted to
EUR 17.2 million (11.9). Operating profit was EUR 17.8 million (11.4).
Non-recurring items in the review period, EUR +0.5 million, consisted of
reversal of previously made impairment losses of the re-opened production line
in Nakkila plant in Finland. The non-recurring items reported in January-June
2014 amounted to EUR -0.5 million, of which EUR -0.7 million were costs related
to restructuring and acquisition of the Brazilian unit and EUR +0.2 million
were items related to closing down of the fiber production in Nakkila in 2012.
Profit before income taxes for continuing operations was EUR 15.1 million
(8.7), and profit for the period for continuing operations was EUR 9.7 million
(4.8).
FINANCING
The Group's net interest-bearing liabilities at the end of the review period,
30 June 2015, amounted to EUR 33.7 million (67.6). Gearing was 28.2% (71.4%)
and equity ratio 43.4% (38.7%).
In January-June, net financial expenses were EUR -2.7 million (-2.7), or 1.2%
(1.4%) of net sales. Fluctuations in exchange rates increased the financial
expenses by EUR -0.5 million. Financial expenses increased also by EUR -0.5
million as an impairment loss of shares in a real estate company, classified as
available-for-sale, was recognized. The shares of the real estate company were
divested in July 2015.
Cash flow from operations was in the second quarter EUR 3.9 million (11.3) and
in January-June EUR 8.4 million (10.8). Cash flow per share for the first half
of the year was EUR 0.03 (0.04). The financial items in the cash flow from
operations, in total EUR -5.0 million (-2.8), were principally impacted by
currency forward contracts hedging equity and the interests of the debenture
bond paid during the reporting period. EUR 9.3 million was tied up in working
capital (2014: tied up 4.8). Cash flow from financing improved by EUR 0.4
million due to repayments of loan receivables granted in connection with the
divestment of the Flexibles business area in July 2014.
CAPITAL EXPENDITURE
The gross capital expenditure totaled EUR 3.8 million (2014: 3.5 for continuing
operations). The main investments were related to modernization of the Alicante
plant in Spain as well as to re-opening of a production line in Nakkila plant
in Finland. The other investments were mainly for maintenance.
Suominen confirmed in May that it has decided to invest in a new wetlaid
production line in the Bethune plant, South Carolina, USA. Negotiations with
the suppliers of machinery and engineering are pending. The new line is
anticipated to be installed during the second half of 2016.
Depreciation and amortization for the review period amounted to EUR 8.9 million
(7.5 for continuing operations). Due to the re-opening of a production line in
Nakkila plant, previously made impairment losses were reversed. The reversal
amounted to EUR 0.5 million.
BUSINESS COMBINATIONS AND DISCONTINUED OPERATIONS
Business combinations
No business combinations were reported during the review period. Suominen
completed the acquisition of the Paulínia plant in Brazil from Ahlstrom
Corporation on 10 February 2014. The closing of the deal provided Suominen's
nonwovens business a foothold in the growing South American market region.
Discontinued operations
No discontinued operations were reported during the review period. In July
2014, Suominen divested its Flexibles business, and the result of the Flexibles
segment is reported as discontinued operations in the figures of the
corresponding period last year.
INFORMATION ON SHARES AND SHARE CAPITAL
Share capital
The number of Suominen's registered shares was 252,425,616 shares on 30 June
2015, equaling to a share capital of EUR 11,860,056.00. The number of shares
increased in the review period in total by 4,491,494 shares, of which 3,984,106
were attributable to the share conversions of the hybrid bond notes and accrued
interests; and 507,388 to the directed share issue subject to payment for the
management, implemented in accordance with the share-based incentive system.
Both the conversion of the hybrid bond to equity and the share issue subject to
payment have been recorded into the reserve for invested unrestricted equity.
Share trading and price
The number of Suominen Corporation shares traded on NASDAQ Helsinki from 1
January to 30 June 2015 was 76,772,646 shares, accounting for 30.7% of the
average number of shares (excluding treasury shares). The highest price was EUR
1.19, the lowest EUR 0.75 and the volume-weighted average price EUR 0.94. The
closing price at the end of review period was EUR 0.97. The market
capitalization (excluding treasury shares) was EUR 244.0 million on 30 June
2015.
Treasury shares
At the end of review period, on 30 June 2015, Suominen Corporation held 913,886
treasury shares. In total 802,644 treasury shares were transferred during the
review period to key employees of the Group in a directed share-issue without
consideration as a reward of the 2012-2014 share-based incentive plan. In
addition, in accordance with the resolution by the AGM; 86,989 shares were
transferred on 5 June 2015 to the members of the Board of Directors as their
remuneration payable in shares.
Share-based incentive plans for the management and key employees
The Board of Directors of Suominen Corporation approved on December 2014 two
new share-based incentive plans for the Group management and Group key
employees and a directed share issue. The share-based plans have been described
in more detail in the Interim Report for January-March 2015.
ANNUAL GENERAL MEETING
The Annual General Meeting (AGM) of Suominen Corporation was held on 19 March
2015. The AGM decided that no dividend will be paid for the financial year
2014, but a distribution of funds from reserve for invested unrestricted
capital, EUR 0.01 per share, will be paid from the reserve for invested
unrestricted equity.
The AGM adopted the financial statements and the consolidated financial
statements for the financial year 2014 and discharged the members of the Board
of Directors and the President & CEO from liability.
The AGM confirmed the number of members of the Board of Directors to be six
(6). The AGM re-elected Mr. Risto Anttonen, Mr. Jorma Eloranta, Mr. Hannu
Kasurinen and Ms. Jaana Tuominen as members of the Board of Directors, and
elected Ms. Laura Raitio and Mr. Andreas Ahlström as new members of the Board
of Directors for the next term of office, expiring at the end of the first
Annual General Meeting of Shareholders following their election. The
remuneration of the members of the Board of Directors was resolved to maintain
unchanged. The resolutions were in accordance with the proposals submitted by
the Nomination Board of Suominen's shareholders.
Ernst & Young Oy, Authorized Public Accountants, was elected as auditor of
Suominen Corporation, with Ms. Kristina Sandin, Authorized Public Accountant,
as the principal auditor.
Constitutive meeting and permanent committees of the Board of Directors
In its constitutive meeting, the Board of Directors elected from among its
members a Chair and Deputy Chair as well as members for the Audit Committee,
and Personnel and Remuneration Committee.
The Board of Directors elected Jorma Eloranta as Chair and Risto Anttonen as
Deputy Chair of the Board of Directors, in accordance with the recommendation
by the Nomination Board of Suominen's shareholders.
Hannu Kasurinen was re-elected as Chair of the Audit Committee. Andreas
Ahlström and Laura Raitio were elected as members of the Audit Committee. Jorma
Eloranta was re-elected as Chair of the Personnel and Remuneration Committee.
Risto Anttonen and Jaana Tuominen were elected as members of the Personnel and
Remuneration Committee.
Authorizations of the Board of Directors
The Annual General Meeting (AGM) held on 19 March 2015 authorized the Board of
Directors to repurchase a maximum of 2,000,000 of the company's own shares. The
shares shall be repurchased to be used in company's share-based incentive
programs, in order to disburse the remuneration of the members of the Board of
Directors, for use as consideration in acquisitions related to the company's
business, or to be held by the company, to be conveyed by other means or to be
cancelled. The company's own shares shall be repurchased otherwise than in
proportion to the holdings of the shareholders by using the non-restricted
equity through trading on regulated market organized by NASDAQ OMX Helsinki Ltd
at the market price prevailing at the time of acquisition. The repurchase
authorization is valid until 30 June 2016.
The AGM held on 26 March 2014 also authorized the Board of Directors to decide
on issuing new shares and/or conveying the company's own shares held by the
company and/or granting special rights entitling to shares referred to in
Chapter 10, Section 1 of the Finnish Companies Act. New shares may be issued
and/or company's own shares held by the company or its group company may be
conveyed at the maximum amount of 25,000,000 shares in aggregate. The maximum
number of new shares that may be subscribed and own shares held by the company
that may be conveyed by virtue of the options and other special rights granted
by the company is 25,000,000 shares in total which number is included in the
maximum number stated earlier. The authorizations are valid until 30 June 2017.
By 30 June 2015, the number of shares used based on the authorization was
1,517,869 shares. The remaining number of shares which can be issued based on
the authorization is 23,482,131 shares.
NOTIFICATIONS UNDER CHAPTER 9, SECTION 5 OF THE SECURITIES MARKET ACT
During the review period Suominen received the following notifications referred
to in Chapter 9, Section 5 of the Securities Market Act:
On 29 January 2015, Mandatum Life Insurance Company Limited (business identity
code 0641130-2) notified that it has divested Suominen Corporation shares
through a transaction made on 23 January 2015, and consequently, its ownership
in Suominen decreased below the threshold of 5%. After the transaction,
Mandatum holds in total 12,318,243 shares and votes (4.97% of all shares and
votes). In its previous notification, the number of shares held by Mandatum was
22,322,222, which accounted for 9.1% of all shares and votes in Suominen.
On 29 January 2015, Mandatum Life Insurance Company Limited (business identity
code 0641130-2) notified that it had on 5 February 2014 subscribed the
convertible hybrid bond issued by Suominen, which entitles Mandatum to
subscribe a maximum of 3,714,000 new Suominen shares during the conversion
period of 11 February 2014 - 10 February 2018. If Mandatum decided to subscribe
these shares, its shareholding in Suominen would exceed the threshold of 5%.
After the subscription, Mandatum would hold 16,032,243 shares and votes (6.37%
of all shares and votes). In its previous notification, the number of Suominen
shares held by Mandatum was 12,318,243, which accounted for 4.97% of all shares
and votes.
On 18 February 2015, Mandatum Life Insurance Company Limited (business identity
code 0641130-2) notified that it has divested Suominen Corporation shares
through a transaction made on 17 February 2015. Following the transaction,
Mandatum's ownership in Suominen would remain below the threshold of 5% even if
Mandatum would convert all notes of the hybrid bond it subscribed in February
2014 into Suominen shares.
On 16 March 2015, Finnish Industry Investment Ltd (Suomen Teollisuussijoitus
Oy, business identity code 1007806-3) notified that it has divested Suominen
shares and thus its shareholding has fallen below the threshold of 5% of all
shares and votes in Suominen. In its previous notification, Finnish Industry
Investment Ltd stated it held 22,222,222 Suominen shares, corresponding to
9.04% of shares and votes in Suominen Corporation. Before the transaction made
on 16 March 2015, Finnish Industry Investment Ltd held 14,009,604 shares,
corresponding to 5.57% of all shares and votes. After the transaction made on
16 March 2015, Finnish Industry Investment Ltd holds in total 7,009,604
Suominen shares, corresponding to 2.78% of all shares and votes.
On 20 March 2015, Ilmarinen Mutual Pension Insurance Company (Keskinäinen
Eläkevakuutusyhtiö Ilmarinen, business identity code 0107638-1), notified that
it has on 19 March 2015 divested Suominen shares and consequently crossed the
threshold of 10% of all shares and votes in Suominen Corporation. In its
previous notification, Ilmarinen stated it held 27,111,992 Suominen shares,
corresponding to 11.02% of shares and votes in Suominen Corporation. After the
transaction, Ilmarinen holds in total 18,422,103 Suominen shares, corresponding
to 7.33% of all shares and votes.
CHANGES IN CORPORATE EXECUTIVE TEAM
Mr. Timo Hiekkaranta, Senior Vice President of Suominen's Convenience business
area and a member of Suominen's Corporate Executive Team, has decided to leave
Suominen to pursue his career outside the company. Timo Hiekkaranta will
continue in his current role at Suominen until end of August. Suominen has
initiated the search of his successor.
EVENTS AFTER THE REPORTING PERIOD
Suominen Corporation received a notification on 10 July 2015 referred to in
Chapter 9, Section 5 of the Securities Market Act from GMT Capital Corp.
According to the notification, GMT Capital Corp has on 9 July 2015 acquired
Suominen shares and consequently reached the threshold of 5% of all shares and
votes in Suominen Corporation. After the transaction, GMT Capital Corp holds in
total 12,623,280 Suominen shares, corresponding to 5.00% of all shares and
votes.
BUSINESS RISKS AND UNCERTAINTIES
The estimate on the development of Suominen's net sales is in part based on
forecasts and delivery plans received from customers. Changes in these
forecasts and plans resulting from changes in the market conditions or in
customers' inventory levels may affect Suominen's net sales. Due to the
continued uncertainty in the general economic situation and the cautious
consumer purchasing habits, the forecasts include uncertainty.
Suominen's customer base is fairly concentrated, which adds to the
customer-specific risk. Long-term contracts are preferred in the case of the
largest customers. In practice the customer relationships are long-term and
last for several years.
The continued positive development of Suominen's business operations in the
United States increases the relevance of the exchange rate risk related to USD
in the Group's total exchange risk position. Suominen hedges this foreign
exchange position in accordance with its hedging policy.
The risks characteristic to South American market, including significant
changes in business environment or exchange rates, could have an impact on
Suominen's operations in Brazil.
Suominen purchases significant amounts of oil and pulp-based raw materials
annually. Raw materials are the largest cost item for operations. Changes in
the global market prices of raw materials affect the company's profitability.
Extended interruptions in the supply of Suominen's main raw materials could
disrupt production and have a negative impact on the Group's overall business
operations. As Suominen sources its raw materials from a number of major
international suppliers, significant interruptions are unlikely.
Suominen has numerous regional, national and international competitors in its
different product groups. There is currently oversupply in several product
groups, particularly in Europe. If Suominen is not able to compete through an
attractive product offering, it may lose some of its market share, and the
competition may lead to increased pricing pressure on the company's products.
The Group's damage risks are insured in order to guarantee the continuity of
operations. Suominen has valid damage and business interruption insurances
according to which it is estimated that the damages can be covered and the
financial losses caused by an interruption compensated.
The sensitivity of Suominen's goodwill to changes in business conditions is
described in the notes to the financial statements 2014. Actual cash flows may
deviate from the forecasted future discounted cash flows, as the long economic
lifetime of the company's non-current assets, as well as changes in the
estimated product prices, production costs, and interest rates used in
discounting may result in impairment losses. The fair value based on the value
in use of assets or businesses in total or in part does not necessarily
correspond to the price that a third party would pay for them.
General risks related to business operations are described in the Report of the
Board of Directors 2014.
BUSINESS ENVIRONMENT
Suominen's nonwovens are, for the most part, used in daily consumer goods, such
as wet wipes as well as, hygiene and medical products. The general economic
situation determines the development of consumer demand, even though the demand
for consumer goods is not very cyclical in nature. North America and Europe are
the largest market areas for Suominen. Moreover, Suominen gained a foothold in
the growing South American markets through an acquisition in February 2014.
In the euro area, the consumer confidence index took a slight downward
trajectory in the second quarter, following a brisk rise in the early part of
the year. However, the index's level in June clearly exceeded its level at the
beginning of the year. In the United States the performance of the consumer
confidence index was positive throughout the quarter.
Suominen assesses the trend in the demand for its products on the basis of both
the general market situation and, above all, on the basis of the framework
agreements drawn up with its customers. Suominen estimates that in 2015, the
growth in the demand for its products will, on average, continue at the pace of
2014.
OUTLOOK FOR 2015
Suominen repeats its previous estimate, disclosed on 27 April 2015, that for
the full year 2015 the company expects its net sales and operating profit
excluding non-recurring items to improve from year 2014. In 2014, Suominen's
net sales amounted to EUR 401.8 million and operating profit excluding
non-recurring items to EUR 26.9 million.
SUOMINEN GROUP, 1 JANUARY - 30 JUNE 2015
This interim report has been prepared in accordance with the principles defined
in IAS 34 Interim Financial Reporting. The principles for preparing the interim
report are the same as those used for preparing the consolidated financial
statements for 2014. Changes to published accounting standards and
interpretations, together with the new accounting standards that came into
force on 1 January 2015, are presented in the consolidated financial statements
for 2014.
The figures in these interim financial statements are mainly presented in EUR
thousands. As a result of rounding differences, the figures presented in the
tables do not necessarily add up to total.
This interim report has not been audited.
STATEMENT OF FINANCIAL POSITION
EUR thousand 30 June 30 June 31 December
2015 2014 2014
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Assets
Non-current assets
Goodwill 15,496 15,496 15,496
Intangible assets 12,601 12,508 12,510
Property, plant and equipment 88,297 87,467 88,721
Loan receivables 8,202 − 8,202
Available-for-sale assets 806 922 1,124
Held-to-maturity investments 465 455 450
Other non-current receivables 2,389 − 2,614
Deferred tax assets 5,189 5,634 5,516
--------------------------------------------------------------------------------
Total non-current assets 133,445 122,482 134,633
Current assets
Inventories 32,322 28,878 32,380
Trade receivables 60,193 48,657 52,269
Loan receivables 350 59 600
Other current receivables 4,222 6,480 4,618
Assets for current tax 1,601 695 1,682
Cash and cash equivalents 42,778 17,331 38,430
--------------------------------------------------------------------------------
Total current assets 141,465 102,100 129,979
Assets held for sale − 32,243 −
Total assets 274,910 256,825 264,611
Equity and liabilities
Share capital 11,860 11,860 11,860
Share premium account 24,681 24,681 24,681
Reserve for invested unrestricted equity 69,652 97,192 97,192
Treasury shares -44 -44 -44
Fair value and other reserves 107 -884 96
Exchange differences 6,011 -821 3,419
Other equity -9,824 -50,410 -46,890
--------------------------------------------------------------------------------
Total equity attributable to owners of 102,444 81,574 90,313
the parent
Hybrid bond 16,884 17,899 18,424
--------------------------------------------------------------------------------
Total equity 119,328 99,473 108,737
Liabilities
Non-current liabilities
Deferred tax liabilities 9,886 6,841 8,789
Other non-current liabilities 1,610 1,872 1,729
Debentures 75,000 − 75,000
Other non-current interest-bearing 6,667 62,104 6,667
liabilities
--------------------------------------------------------------------------------
Total non-current liabilities 93,163 70,817 92,185
Current liabilities
Current interest-bearing liabilities 3,333 22,940 3,347
Liabilities for current tax 1,519 376 246
Trade payables and other current 57,567 49,666 60,096
liabilities
--------------------------------------------------------------------------------
Total current liabilities 62,420 72,982 63,689
Total liabilities 155,583 143,799 155,874
Liabilities related to assets held for − 13,553 −
sale
Total equity and liabilities 274,910 256,825 264,611
STATEMENT OF PROFIT OR LOSS
EUR thousand 4-6/ 4-6/ 1-6/ 1-6/ 1-12/
2015 2014 2015 2014 2014
--------------------------------------------------------------------------------
Net sales 112,944 95,340 224,878 193,693 401,762
Cost of goods sold -97,160 -84,399 -194,707 -171,438 -352,091
--------------------------------------------------------------------------------
Gross profit 15,784 10,941 30,172 22,255 49,671
Other operating income 903 539 1,852 1,307 2,655
Sales and marketing expenses -1,756 -1,712 -3,658 -3,157 -6,278
Research and development -736 -784 -1,587 -1,397 -2,877
Administration expenses -4,179 -3,440 -8,860 -6,899 -14,144
Other operating expenses -83 -20 -695 -201 -2,177
--------------------------------------------------------------------------------
Operating profit excluding 9,932 5,524 17,224 11,908 26,851
non-recurring items
Non-recurring items 530 -278 530 -511 -954
--------------------------------------------------------------------------------
Operating profit 10,462 5,246 17,754 11,397 25,897
Net financial expenses -1,076 -1,276 -2,697 -2,743 -8,075
--------------------------------------------------------------------------------
Profit before income taxes 9,386 3,970 15,056 8,654 17,822
Income taxes -3,142 -1,786 -5,330 -3,886 -7,645
--------------------------------------------------------------------------------
Profit for the period from 6,244 2,184 9,726 4,768 10,177
continuing operations
Discontinued operations
Profit/loss for the period − 484 − 793 717
Impairment losses and costs to − -4,499 − -4,499 -5,921
sell
--------------------------------------------------------------------------------
Profit/loss for the period from − -4,015 − -3,706 -5,204
discontinued operations, total
--------------------------------- --------- -------------------
Profit/loss for the period 6,244 -1,831 9,726 1,062 4,973
--------------------------------------------------------------------------------
Earnings per share, EUR
Continuing operations 0.02 0.01 0.04 0.02 0.04
Discontinued operations − -0.02 − -0.02 -0.02
--------------------------------------------------------------------------------
Total basic 0.02 -0.01 0.04 0.00 0.02
Total diluted 0.02 -0.01 0,03 0.00 0.02
STATEMENT OF COMPREHENSIVE INCOME
EUR thousand 4-6/ 4-6/ 1-6/ 1-6/ 1-12/
2015 2014 2015 2014 2014
--------------------------------------------------------------------------------
Profit/loss for the period 6,244 -1,831 9,726 1,062 4,973
Other comprehensive income:
Other comprehensive income that will be
subsequently reclassified to profit or
loss
Exchange differences -2,365 1,353 2,935 2,200 6,863
Fair value changes of cash flow hedges -346 201 -448 143 1,368
and available-for-sale assets
Available-for-sale assets, amounts 463 − 463 − −
reclassified to profit or loss
Other reclassifications − -4 − -7 −
Income taxes related to other 136 -45 -295 -28 -696
comprehensive income
--------------------------------------------------------------------------------
Total -2,112 1,504 2,655 2,308 7,535
Other comprehensive income that will not
be subsequently reclassified to profit
or loss
Remeasurements of defined benefit plans − − − − -147
Income taxes related to other − − − − 47
comprehensive income
--------------------------------------------------------------------------------
Total − − − − -100
Total other comprehensive income -2,112 1,504 2,655 2,308 7,434
Total comprehensive income for the 4,131 -326 12,382 3,370 12,407
period
Attributable to:
Continuing operations 4,131 3,329 12,382 7,025 17,612
Discontinued operations − -3,655 − -3,655 -5,205
------------------------------------------------- -----------------------
Total comprehensive income for the 4,131 -326 12,382 3,370 12,407
period
--------------------------------------------------------------------------------
STATEMENT OF CHANGES IN EQUITY
EUR thousand 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 thousand Fair value and Other Total Hybrid Total
other reserves equity bond equity
--------------------------------------------------------------------------------
Equity 1 January 96 -46,890 90,313 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 thousand Share Share Reserve for invested Treasury Exchange
capital premium unrestricted equity shares difference
account s
--------------------------------------------------------------------------------
Equity 1 11,860 24,681 97,123 -44 -3,021
January 2014
--------------------------------------------------------------------------------
Profit / loss − − − − −
for the
period
Other − − − − 2,200
comprehensive
income
--------------------------------------------------------------------------------
Total − − − − 2,200
comprehensive
income
Share-based − − − − −
payments
Conveyance of − − 69 − −
treasury
shares
Hybrid bond − − − − −
Equity 30 June 11,860 24,681 97,192 -44 -821
2014
--------------------------------------------------------------------------------
EUR thousand Fair value and Other Total Hybrid Total
other reserves equity bond equity
--------------------------------------------------------------------------------
Equity 1 January -999 -51,094 78,506 − 78,506
2014
--------------------------------------------------------------------------------
Profit / loss for − 1,062 1,062 − 1,062
the period
Other comprehensive 115 -7 2,308 − 2,308
income
--------------------------------------------------------------------------------
Total comprehensive 115 1,055 3,370 − 3,370
income
Share-based − 28 28 − 28
payments
Conveyance of − − 69 − 69
treasury shares
Hybrid bond − -399 -399 17,899 17,500
Equity 30 June 2014 -884 -50,410 81,574 17,899 99,473
--------------------------------------------------------------------------------
EUR thousand Share Share Reserve for invested Treasury Exchange
capital premium unrestricted equity shares difference
account s
--------------------------------------------------------------------------------
Equity 1 11,860 24,681 97,123 -44 -3,021
January 2014
--------------------------------------------------------------------------------
Profit / loss − − − − −
for the
period
Other − − − − 6,440
comprehensive
income
--------------------------------------------------------------------------------
Total − − − − 6,440
comprehensive
income
Share-based − − − − −
payments
Conveyance of − − 69 − −
treasury
shares
Hybrid bond − − − − −
Equity 31 11,860 24,681 97,192 -44 3,419
December 2014
--------------------------------------------------------------------------------
EUR thousand Fair value and Other Total Hybrid Total
other reserves equity bond equity
--------------------------------------------------------------------------------
Equity 1 January -999 -51,094 78,506 − 78,506
2014
--------------------------------------------------------------------------------
Profit / loss for − 4,973 4,973 − 4,973
the period
Other comprehensive 1,094 -100 7,435 − 7,435
income
--------------------------------------------------------------------------------
Total comprehensive 1,094 4,873 12,407 − 12,407
income
Share-based − 70 70 − 70
payments
Conveyance of − − 69 − 69
treasury shares
Hybrid bond − -739 -739 18,424 17,685
Equity 31 December 96 -46,890 90,313 18,424 108,737
2014
--------------------------------------------------------------------------------
STATEMENT OF CASH FLOWS
EUR thousand 1-6/201 1-6/201 1-12/20
5 4 14
--------------------------------------------------------------------------------
Cash flow from operations
Profit / loss for the period 9,726 1,062 4,973
Total adjustments to profit / loss for the period 16,378 20,485 39,953
--------------------------------------------------------------------------------
Cash flow before changes in net working capital 26,105 21,547 44,927
Change in net working capital -9,263 -4,845 6,140
Financial items -4,966 -2,792 -6,514
Income taxes -3,468 -3,065 -7,434
--------------------------------------------------------------------------------
Cash flow from operations 8,407 10,845 37,119
Cash flow from investments
Investments in property, plant and equipment and -4,009 -4,016 -7,740
intangible assets
Investments in acquired businesses − -19,261 -19,261
Cash flow from disposed businesses − − 4,736
Sales proceeds from property, plant and equipment and 10 31 59
intangible assets
--------------------------------------------------------------------------------
Cash flow from investments -4,000 -23,246 -22,206
Cash flow from financing
Drawdown of hybrid bond − 17,500 17,500
Drawdown of debenture bond − − 75,000
Drawdown of other non-current interest-bearing − − 10,000
liabilities
Repayment of other non-current interest-bearing − -4,304 -78,220
liabilities
Changes in current interest-bearing liabilities -14 -632 -18,324
Changes in loan receivables 417 − −
Share issue 340 − −
Distribution of funds -2,504 − −
--------------------------------------------------------------------------------
Cash flow from financing -1,761 12,564 5,956
Change in cash and cash equivalents 2,647 163 20,869
Cash and cash equivalents at the beginning of the 38,430 18,585 18,585
period
Effect of changes in exchange rates 1,701 -103 -1,025
Change in cash and cash equivalents 2,647 163 20,869
--------------------------------------------------------------------------------
Cash and cash equivalents at the end of the period 42,778 18,646 38,430
Assets held for sale, cash and cash equivalents − -1,315 −
--------------------------------------------------------------------------------
Cash and cash equivalents at the end of the period, 42,778 17,331 38,430
continuing operations
KEY RATIOS
4-6/ 4-6/ 1-6/ 1-6/ 1-12/
2015 2014 2015 2014 2014
--------------------------------------------------------------------------------
Change in net sales, % * 18.5 2.4 16.1 1.7 7.5
Gross profit, as percentage 14.0 11.5 13.4 11.5 12.4
of net sales, %
Operating profit, as 9.3 5.5 7.9 5.9 6.4
percentage of net sales, %
Net financial items, as -1.0 -1.3 -1.2 -1.4 -2.0
percentage of net sales, %
Profit before income taxes, 8.3 4.2 6.7 4.5 4.4
as percentage of net
sales, %
Profit for the period, 5.5 2.3 4.3 2.5 2.5
continuing operations, as
percentage of net sales, %
Loss for the period, − -4.2 − -1.9 -1.3
discontinued operations,
as percentage of net
sales, %
Profit for the period, as 5.5 -1.9 4.3 0.5 1.2
percentage of net sales, %
Gross capital expenditure, 2,337 1,621 3,796 3,490 7,066
continuing operations, EUR
thousand
Depreciation, amortization 3,943 3,778 8,329 7,481 15,576
and reversal of impairment
losses, continuing
operations, EUR thousand
Earnings per share, EUR, 0.02 0.01 0.04 0.02 0.04
continuing operations
Earnings per share, EUR, − -0.02 − -0.02 -0.02
discontinued operations
Earnings per share, EUR, 0.02 -0.01 0.04 0.00 0.02
total, basic
Earnings per share, EUR, 0.02 -0.01 0.03 0.00 0.02
total, diluted
Cash flow from operations 0.02 0.05 0.03 0.04 0.15
per share, EUR
Return on equity, % − − 12.5 0.5 5.1
Return on invested capital, − − 16.2 8.4 12.0
rolling 12 months, %
Return on invested capital, − − 17.1 13.2 15.7
rolling 12 months,
continuing operations, %
Equity ratio, % − − 43.4 38.7 41.2
Gearing, % − − 28.2 71.4 34.7
Equity per share, EUR − − 0.47 0.40 0.44
Number of shares, end of − − 251,511,730 246,130,603 246,130,603
period, excluding treasury
shares
Share price, end of period, − − 0.97 0.55 0.81
EUR
Share price, period low, − − 0.75 0.47 0.47
EUR
Share price, period high, − − 1.19 0.62 0.81
EUR
Volume weighted average − − 0.94 0.54 0.58
price during the period,
EUR
Market capitalization, EUR − − 244.0 135.4 199.4
million
Number of traded shares − − 76,772,646 18,831,590 97,735,300
during the period
Number of traded shares − − 30.7 7.5 39.7
during the period, % of
average number of shares
* Compared with the corresponding period in the previous year.
Interest-bearing net debt, EUR thousand
Non-current interest-bearing 81,667 62,104 81,667
liabilities
Current interest-bearing 3,333 22,940 3,347
liabilities
Interest-bearing receivables and -51,330 -17,490 -47,232
cash and cash equivalents
--------------------------------------------------------------------------------
Interest-bearing net debt 33,670 67,553 37,782
--------------------------------------------------------------------------------
DEFINITION OF KEY RATIOS
Definitions of key ratios are presented in the consolidated financial
statements for 2014.
NET SALES BY GEOGRAPHICAL MARKET AREA
EUR thousand 1-6/2015 1-6/2014 1-12/2014
------------------------------------------------------
Finland 1,417 1,326 2,516
Rest of Europe 81,190 65,110 139,738
North and South America 138,106 122,326 248,942
Rest of the world 4,165 4,931 10,565
------------------------------------------------------
Total 224,878 193,693 401,762
QUARTERLY DEVELOPMENT
2015 2014
------------------------------------------------------------
EUR thousand 4-6 1-3 10-12 7-9 4-6 1-3 1-12
--------------------------------------------------------------------------------
Net sales 112,944 111,934 104,779 103,291 95,340 98,353 401,763
Operating profit 9,932 7,292 6,233 8,711 5,524 6,384 26,852
excluding
non-recurring
items
as % of net sales 8.8 6.5 5.9 8.4 5.8 6.5 6.7
Non-recurring items 530 − -93 -349 -278 -233 -954
--------------------------------------------------------------------------------
Operating profit 10,462 7,292 6,140 8,362 5,246 6,151 25,898
as % of net sales 9.3 6.5 5.9 8.1 5.5 6.3 6.4
Net financial items -1,076 -1,621 -998 -4,334 -1,276 -1,467 -8,074
--------------------------------------------------------------------------------
Profit before 9,386 5,670 5,141 4,028 3,969 4,684 17,823
income taxes
as % of net sales 8.3 5.1 4.9 3.9 4.2 4.8 4.4
RELATED PARTY INFORMATION
The related parties of Suominen include the members of the Board of Directors,
President & CEO and the members of the Corporate Executive Team as well as
their family members and their controlled companies. In addition, shareholders
who have a significant influence in Suominen through share ownership are
included in related parties. Ahlstrom Corporation, including its subsidiaries
and associated companies, was a related party through share ownership until 7
October 2014. Suominen has no associated companies.
In its transactions with related parties Suominen follows the same commercial
terms as in transactions with third parties.
During the review period in total 751,193 shares in Suominen were transferred
to related parties in accordance with the terms of the vested share-based
incentive plan. In total 325,861 shares were transferred to the President & CEO
and 425,332 shares to other members of the Corporate Executive Team. In
accordance with the terms of plan, part of the reward was a cash payment to
cover related income taxes. The fair value of the shares and the cash part of
the reward was EUR 1,637 thousands at the date when the shares were
transferred.
The Annual General Meeting held on 19 March 2015 resolved that 40% of the
annual remuneration for the Board of Directors is paid in Suominen
Corporation's shares. The number of shares transferred to the members of the
Board of Directors as their remuneration payable in shares for 2015 was 86,989
shares. The shares were transferred on 5 June 2015 and the value of the
transferred shares totaled EUR 79,800, or approximately EUR 0.91736 per share.
Other salaries paid to the related parties during the first half of 2015
amounted to EUR 845 thousand, obligatory pension payments EUR 125 thousand,
voluntary pension payments EUR 82 thousand, compensation of the vested
share-based plan EUR 1,637 thousand and accruals based on share-based incentive
plans EUR 162 thousand.
Other related party transactions
EUR thousand 1-6/2015 1-6/2014 1-12/2014
--------------------------------------------------------------
--------------------------------------------------------------
Sales of goods and services − 3,021 5,083
Purchases of goods and services − 38,817 58,487
Trade and other receivables − 979 −
Trade and other payables − 9,035 −
Other related-party transactions were transactions with Ahlstrom Corporation
and its subsidiaries and associated companies.
CHANGES IN PROPERTY, PLANT AND EQUIPMENT AND INTANGIBLE ASSETS
30 June 2015 30 June 2014 31 December2014
EUR thousand Property, Intangi Property, Intangi Property, Intangi
plant and ble plant and ble plant and ble
equip. assets equip. assets equip. assets
--------------------------------------------------------------------------------
Carrying amount at 88,721 12,510 98,640 12,025 98,640 12,025
the beginning of
the period
Capital 2,736 1,059 1,959 1,532 4,650 2,416
expenditure
Disposals − -10 -6 − -9 −
Discontinued − − -18,484 -179 -18,211 -160
operations
Acquired − − 10,463 20 10,779 20
businesses
Depreciation, -7,818 -1,041 -6,592 -888 -13,714 -1,862
amortization and
impairment losses
Reversal of 530 − − − − −
impairment losses
Exchange 4,128 82 1,487 -2 6,586 71
differences and
other changes
--------------------------------------------------------------------------------
Carrying amount at 88,297 12,601 87,467 12,508 88,721 12,510
the end of the
period
--------------------------------------------------------------------------------
Intangible assets excluding
goodwill.
CHANGES IN INTEREST-BEARING LIABILITIES
EUR thousand 1-6/ 1-6/ 1-12/
2015 2014 2014
--------------------------------------------------------------------------------
Total interest-bearing liabilities at the beginning of 85,014 94,471 94,471
the period
Current liabilities at the beginning of the period 3,347 24,071 24,071
Discontinued operations − -500 -502
Changes in current liabilities -14 -631 -20,222
--------------------------------------------------------------------------------
Current liabilities at the end of the period 3,333 22,940 3,347
Non-current liabilities at the beginning of the period 6,667 70,399 70,399
Discontinued operations − -4,268 -4,283
Changes in non-current liabilities − -4,027 -59,449
--------------------------------------------------------------------------------
Non-current liabilities at the end of the period 6,667 62,104 6,667
Debentures at the beginning of the period 75,000 − −
Changes in debentures − − 75,000
--------------------------------------------------------------------------------
Debentures at the end of the period 75,000 − 75,000
Total interest-bearing liabilities at the end of the 85,000 85,044 85,014
period
In accordance with IAS 32, the hybrid bond is included in equity.
CONTINGENT LIABILITIES
EUR thousand 30 June 30 June 31 December 2014
2015 2014
-----------------------------------------------------------------------
-----------------
For own debt
Secured loans − 86,992 −
Nominal values of pledges
Real estate mortgages − 27,045 −
Floating charges − 161,742 −
Pledged subsidiary shares and loans − 185,122 −
Other own commitments
Operating lease liabilities 22,354 24,111 22,911
Guarantees
On own behalf − − 1,800
On behalf of others 4,134 − 4,017
NOMINAL AND FAIR VALUES OF DERIVATIVE INSTRUMENTS
EUR thousand 30 June 30 June 31 December
2015 2014 2014
--------------------------------------------------------------
Currency forward contracts
Nominal value 39,568 2,608 36,307
Fair value 17 28 -235
Interest rate swaps
Nominal value − 50,686 −
Fair value − -957 −
Electricity forward contracts
Nominal value 1,599 2,673 1,031
Fair value -206 -242 -71
FINANCIAL ASSETS BY CATEGORY
a. Financial assets at fair value through profit or loss
b. Held-to-maturity assets
c. Loans and receivables
d. Available-for-sale assets
e. Derivatives
f. Carrying amount
g. Fair value
Classification
EUR thousand a. b. c. d. e. f. g.
--------------------------------------------------------------------------------
Available-for-sale assets − − − 806 − 806 806
Held-to-maturity assets − 465 − − − 465 465
Other non-current receivables 813 − 1,576 − − 2,389 2,389
Loan receivables − − 8,552 − − 8,552 8,552
Trade receivables − − 60,193 − − 60,193 60,193
Other current receivables − − 294 − 114 408 408
Interest and other financial − − 1,808 − − 1,808 1,808
receivables
Cash and cash equivalents − − 42,778 − − 42,778 42,778
--------------------------------------------------------------------------------
Total 30 June 2015 813 465 115,201 806 114 117,399 117,399
Principles in estimating fair value for financial assets for 2015 are the same
as those used in consolidated financial statements for 2014.
FINANCIAL LIABILITIES 30 June 2015 31 December 2014
EUR thousand Carrying Fair Carrying Fair
amount value amount value
--------------------------------------------------------------------------------
Non-current financial liabilities
Loans from financial institutions 6,667 6,667 6,667 6,667
Debentures 75,000 76,928 75,000 75,150
Other non-current liabilities 364 364 350 350
--------------------------------------------------------------------------------
Total non-current financial 82,031 83,959 82,017 82,167
liabilities
Current financial liabilities
Current part of non-current loans from 3,333 3,333 3,333 3,333
financial institutions
Finance lease liabilities − − 14 14
Derivatives, no hedge accounting 18 18 121 121
applied
Derivatives, hedge accounting applied 285 285 197 197
Interest accruals 902 902 902 902
Other current liabilities 274 274 726 726
Trade payables 45,644 45,644 47,403 47,403
--------------------------------------------------------------------------------
Total current financial liabilities 50,456 50,456 52,696 52,696
Total 132,487 134,415 134,713 134,863
Principles in estimating fair value for financial liabilities for 2015 are the
same as those used in consolidated financial statements for 2014.
FAIR VALUE MEASUREMENT HIERARCHY
EUR thousand Level 1 Level 2 Level 3
--------------------------------------------------------------------------------
Assets and liabilities at fair value
Other non-current receivables − − 813
Available-for sale assets − − 806
Financial liabilities at fair value through profit or − − -638
loss
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Total − − 981
Derivatives at fair value
Currency forwards − 17 −
Electricity forwards − -206 −
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Total − -189 −
Principles in estimating fair values in 2015 are the same as those used in
consolidated financial statements for 2014.
ANALYST AND PRESS CONFERENCE
Nina Kopola, President & CEO, and Tapio Engström, CFO, will present Suominen's
January-June 2015 financial result in Finnish at an analyst and press
conference in Helsinki today, on Friday 17 July 2015 at 2.00 pm (EEST). The
conference will take place at Suominen Corporation's Head Office, Itämerentori
2, Helsinki (conference room Lyra on the 2nd floor). The presentation material
will be available after the analyst and press conference at www.suominen.fi.
A teleconference on the financial result will be held on 17 July at 3.30 pm
(EEST). The conference can be attended by phone at +44 (0)20 3059 8125. Please
use the password "Suominen". The conference can also be accessed as an online
webcast at www.suominen.fi/webcast. The conference will be held in English.
The presentation material will be available after the analyst and press
conference at www.suominen.fi. A replay of the conference can be accessed at
www.suominen.fi/webcast or by phone at +44 121 260 4861, using access code
1209207#.
NEXT INTERIM REPORT
Suominen Corporation will publish its Interim Report for January-September 2015
on Monday, 26 October 2015.
Helsinki, 17 July 2015
SUOMINEN CORPORATION
Board of Directors
For additional information, please contact:
Nina Kopola, President & CEO, tel. +358 (0)10 214 300
Tapio Engström, Senior Vice President and CFO, tel. +358 (0)10 214 300
Distribution:
NASDAQ OMX Helsinki Ltd
Key media
www.suominen.fi
Suominen in brief
Suominen manufactures nonwovens as roll goods for wipes as well as for medical
and hygiene products. The end products made of Suominen's nonwovens - wet
wipes, feminine care products and swabs, for instance - bring added value to
the daily life of consumers worldwide. Suominen is the global market leader in
nonwovens for wipes and employs approximately 600 people in Europe and in the
Americas. Suominen's net sales in 2014 amounted to MEUR 401.8 and operating
profit excluding non-recurring items to MEUR 26.9 (continuing operations). The
Suominen share (SUY1V) is listed in NASDAQ OMX Helsinki Stock Exchange. Read
more at www.suominen.fi.
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