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 items, EUR million | 9.9 | 5.5 | 17.2 | 11.9 | 26.9 |
Operating profit, EUR million | 10.5 | 5.2 | 17.8 | 11.4 | 25.9 |
Profit/loss for the period, EUR million, continuing operations | 6.2 | 2.2 | 9.7 | 4.8 | 10.2 |
Profit/loss for the period, EUR million, discontinued operations | − | -4.0 | − | -3.7 | -5.2 |
Profit/loss for the period, EUR million, total | 6.2 | -1.8 | 9.7 | 1.1 | 5.0 |
Earnings per share, EUR, continuing operations | 0.02 | 0.01 | 0.04 | 0.02 | 0.04 |
Earnings per share, EUR, discontinued operations | − | -0.02 | − | -0.02 | -0.02 |
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 months, % * | − | − | 16.2 | 8.4 | 12.0 |
Return on invested capital, rolling 12 months, continuing operations, % | − | − | 17.1 | 13.2 | 15.7 |
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 2015 | 30 June 2014 | 31 December 2014 |
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 the parent | 102,444 | 81,574 | 90,313 |
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 liabilities | 6,667 | 62,104 | 6,667 |
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 liabilities | 57,567 | 49,666 | 60,096 |
Total current liabilities | 62,420 | 72,982 | 63,689 |
Total liabilities | 155,583 | 143,799 | 155,874 |
Liabilities related to assets held for sale | − | 13,553 | − |
Total equity and liabilities | 274,910 | 256,825 | 264,611 |
STATEMENT OF PROFIT OR LOSS
EUR thousand |
4-6/ 2015 |
4-6/ 2014 |
1-6/ 2015 |
1-6/ 2014 |
1-12/ 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 non-recurring items | 9,932 | 5,524 | 17,224 | 11,908 | 26,851 |
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 continuing operations | 6,244 | 2,184 | 9,726 | 4,768 | 10,177 |
Discontinued operations | |||||
Profit/loss for the period | − | 484 | − | 793 | 717 |
Impairment losses and costs to sell | − | -4,499 | − | -4,499 | -5,921 |
Profit/loss for the period from discontinued operations, total | − | -4,015 | − | -3,706 | -5,204 |
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/ 2015 |
4-6/ 2014 |
1-6/ 2015 |
1-6/ 2014 |
1-12/ 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 and available-for-sale assets | -346 | 201 | -448 | 143 | 1,368 |
Available-for-sale assets, amounts reclassified to profit or loss | 463 | − | 463 | − | − |
Other reclassifications | − | -4 | − | -7 | − |
Income taxes related to other comprehensive income | 136 | -45 | -295 | -28 | -696 |
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 comprehensive income | − | − | − | − | 47 |
Total | − | − | − | − | -100 |
Total other comprehensive income | -2,112 | 1,504 | 2,655 | 2,308 | 7,434 |
Total comprehensive income for the period | 4,131 | -326 | 12,382 | 3,370 | 12,407 |
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 period | 4,131 | -326 | 12,382 | 3,370 | 12,407 |
STATEMENT OF CHANGES IN EQUITY
EUR thousand | Share capital | Share premium account | Reserve for invested unrestricted equity | Treasury shares | Exchange differences |
Equity 1 January 2015 | 11,860 | 24,681 | 97,192 | -44 | 3,419 |
Profit / loss for the period | − | − | − | − | − |
Other comprehensive income | − | − | − | − | 2,644 |
Total comprehensive income | − | − | − | − | 2,644 |
Share-based payments | − | − | − | − | − |
Share issue | − | − | 340 | − | − |
Distribution of funds | − | − | -2,504 | − | − |
Conveyance of treasury shares | − | − | 80 | − | − |
Reclassifications | − | − | -27,448 | − | -51 |
Conversion of hybrid bond | − | − | 1,992 | − | − |
Hybrid bond | − | − | − | − | − |
Equity 30 June 2015 | 11,860 | 24,681 | 69,652 | -44 | 6,011 |
EUR thousand | Fair value and other reserves | Other equity | Total | Hybrid bond | Total equity |
Equity 1 January 2015 | 96 | -46,890 | 90,313 | 18,424 | 108,737 |
Profit / loss for the period | − | 9,726 | 9,726 | − | 9,726 |
Other comprehensive income | 12 | − | 2,655 | − | 2,655 |
Total comprehensive income | 12 | 9,726 | 12,382 | − | 12,382 |
Share-based payments | − | 221 | 221 | − | 221 |
Share issue | − | − | 340 | − | 340 |
Distribution of funds | − | − | -2,504 | − | -2,504 |
Conveyance of treasury shares | − | − | 80 | − | 80 |
Reclassifications | − | 27,499 | − | − | − |
Conversion of hybrid bond | − | − | 1,992 | -1,992 | − |
Hybrid bond | − | -380 | -380 | 452 | 72 |
Equity 30 June 2015 | 107 | -9,824 | 102,444 | 16,884 | 119,328 |
EUR thousand | Share capital | Share premium account | Reserve for invested unrestricted equity | Treasury shares | Exchange differences |
Equity 1 January 2014 | 11,860 | 24,681 | 97,123 | -44 | -3,021 |
Profit / loss for the period | − | − | − | − | − |
Other comprehensive income | − | − | − | − | 2,200 |
Total comprehensive income | − | − | − | − | 2,200 |
Share-based payments | − | − | − | − | − |
Conveyance of treasury shares | − | − | 69 | − | − |
Hybrid bond | − | − | − | − | − |
Equity 30 June 2014 | 11,860 | 24,681 | 97,192 | -44 | -821 |
EUR thousand | Fair value and other reserves | Other equity | Total | Hybrid bond | Total equity |
Equity 1 January 2014 | -999 | -51,094 | 78,506 | − | 78,506 |
Profit / loss for the period | − | 1,062 | 1,062 | − | 1,062 |
Other comprehensive income | 115 | -7 | 2,308 | − | 2,308 |
Total comprehensive income | 115 | 1,055 | 3,370 | − | 3,370 |
Share-based payments | − | 28 | 28 | − | 28 |
Conveyance of treasury shares | − | − | 69 | − | 69 |
Hybrid bond | − | -399 | -399 | 17,899 | 17,500 |
Equity 30 June 2014 | -884 | -50,410 | 81,574 | 17,899 | 99,473 |
EUR thousand | Share capital | Share premium account | Reserve for invested unrestricted equity | Treasury shares | Exchange differences |
Equity 1 January 2014 | 11,860 | 24,681 | 97,123 | -44 | -3,021 |
Profit / loss for the period | − | − | − | − | − |
Other comprehensive income | − | − | − | − | 6,440 |
Total comprehensive income | − | − | − | − | 6,440 |
Share-based payments | − | − | − | − | − |
Conveyance of treasury shares | − | − | 69 | − | − |
Hybrid bond | − | − | − | − | − |
Equity 31 December 2014 | 11,860 | 24,681 | 97,192 | -44 | 3,419 |
EUR thousand | Fair value and other reserves | Other equity | Total | Hybrid bond | Total equity |
Equity 1 January 2014 | -999 | -51,094 | 78,506 | − | 78,506 |
Profit / loss for the period | − | 4,973 | 4,973 | − | 4,973 |
Other comprehensive income | 1,094 | -100 | 7,435 | − | 7,435 |
Total comprehensive income | 1,094 | 4,873 | 12,407 | − | 12,407 |
Share-based payments | − | 70 | 70 | − | 70 |
Conveyance of treasury shares | − | − | 69 | − | 69 |
Hybrid bond | − | -739 | -739 | 18,424 | 17,685 |
Equity 31 December 2014 | 96 | -46,890 | 90,313 | 18,424 | 108,737 |
STATEMENT OF CASH FLOWS
EUR thousand | 1-6/2015 | 1-6/2014 | 1-12/2014 |
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 intangible assets | -4,009 | -4,016 | -7,740 |
Investments in acquired businesses | − | -19,261 | -19,261 |
Cash flow from disposed businesses | − | − | 4,736 |
Sales proceeds from property, plant and equipment and intangible assets | 10 | 31 | 59 |
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 liabilities | − | − | 10,000 |
Repayment of other non-current interest-bearing liabilities | − | -4,304 | -78,220 |
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 period | 38,430 | 18,585 | 18,585 |
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, continuing operations | 42,778 | 17,331 | 38,430 |
KEY RATIOS
4-6/ 2015 |
4-6/ 2014 |
1-6/ 2015 |
1-6/ 2014 |
1-12/ 2014 |
|||
Change in net sales, % * | 18.5 | 2.4 | 16.1 | 1.7 | 7.5 | ||
Gross profit, as percentage of net sales, % | 14.0 | 11.5 | 13.4 | 11.5 | 12.4 | ||
Operating profit, as percentage of net sales, % | 9.3 | 5.5 | 7.9 | 5.9 | 6.4 | ||
Net financial items, as percentage of net sales, % | -1.0 | -1.3 | -1.2 | -1.4 | -2.0 | ||
Profit before income taxes, as percentage of net sales, % | 8.3 | 4.2 | 6.7 | 4.5 | 4.4 | ||
Profit for the period, continuing operations, as percentage of net sales, % | 5.5 | 2.3 | 4.3 | 2.5 | 2.5 | ||
Loss for the period, discontinued operations, as percentage of net sales, % | − | -4.2 | − | -1.9 | -1.3 | ||
Profit for the period, as percentage of net sales, % | 5.5 | -1.9 | 4.3 | 0.5 | 1.2 | ||
Gross capital expenditure, continuing operations, EUR thousand | 2,337 | 1,621 | 3,796 | 3,490 | 7,066 | ||
Depreciation, amortization and reversal of impairment losses, continuing operations, EUR thousand | 3,943 | 3,778 | 8,329 | 7,481 | 15,576 | ||
Earnings per share, EUR, continuing operations | 0.02 | 0.01 | 0.04 | 0.02 | 0.04 | ||
Earnings per share, EUR, discontinued operations | − | -0.02 | − | -0.02 | -0.02 | ||
Earnings per share, EUR, total, basic | 0.02 | -0.01 | 0.04 | 0.00 | 0.02 | ||
Earnings per share, EUR, total, diluted | 0.02 | -0.01 | 0.03 | 0.00 | 0.02 | ||
Cash flow from operations per share, EUR | 0.02 | 0.05 | 0.03 | 0.04 | 0.15 | ||
Return on equity, % | − | − | 12.5 | 0.5 | 5.1 | ||
Return on invested capital, rolling 12 months, % | − | − | 16.2 | 8.4 | 12.0 | ||
Return on invested capital, rolling 12 months, continuing operations, % | − | − | 17.1 | 13.2 | 15.7 | ||
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 period, excluding treasury shares | − | − | 251,511,730 | 246,130,603 | 246,130,603 | ||
Share price, end of period, EUR | − | − | 0.97 | 0.55 | 0.81 | ||
Share price, period low, EUR | − | − | 0.75 | 0.47 | 0.47 | ||
Share price, period high, EUR | − | − | 1.19 | 0.62 | 0.81 | ||
Volume weighted average price during the period, EUR | − | − | 0.94 | 0.54 | 0.58 | ||
Market capitalization, EUR million | − | − | 244.0 | 135.4 | 199.4 | ||
Number of traded shares during the period | − | − | 76,772,646 | 18,831,590 | 97,735,300 | ||
Number of traded shares during the period, % of average number of shares | − | − | 30.7 | 7.5 | 39.7 | ||
* Compared with the corresponding period in the previous year. | |||||||
Interest-bearing net debt, EUR thousand | |||||||
Non-current interest-bearing liabilities | 81,667 | 62,104 | 81,667 | ||||
Current interest-bearing liabilities | 3,333 | 22,940 | 3,347 | ||||
Interest-bearing receivables and cash and cash equivalents | -51,330 | -17,490 | -47,232 | ||||
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 excluding non-recurring items | 9,932 | 7,292 | 6,233 | 8,711 | 5,524 | 6,384 | 26,852 |
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 income taxes | 9,386 | 5,670 | 5,141 | 4,028 | 3,969 | 4,684 | 17,823 |
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, plant and equip. | Intangible assets | Property, plant and equip. | Intangible assets | Property, plant and equip. | Intangible assets |
Carrying amount at the beginning of the period | 88,721 | 12,510 | 98,640 | 12,025 | 98,640 | 12,025 |
Capital expenditure | 2,736 | 1,059 | 1,959 | 1,532 | 4,650 | 2,416 |
Disposals | − | -10 | -6 | − | -9 | − |
Discontinued operations | − | − | -18,484 | -179 | -18,211 | -160 |
Acquired businesses | − | − | 10,463 | 20 | 10,779 | 20 |
Depreciation, amortization and impairment losses | -7,818 | -1,041 | -6,592 | -888 | -13,714 | -1,862 |
Reversal of impairment losses | 530 | − | − | − | − | − |
Exchange differences and other changes | 4,128 | 82 | 1,487 | -2 | 6,586 | 71 |
Carrying amount at the end of the period | 88,297 | 12,601 | 87,467 | 12,508 | 88,721 | 12,510 |
Intangible assets excluding goodwill. |
CHANGES IN INTEREST-BEARING LIABILITIES
EUR thousand |
1-6/ 2015 |
1-6/ 2014 |
1-12/ 2014 |
Total interest-bearing liabilities at the beginning of the period | 85,014 | 94,471 | 94,471 |
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 period | 85,000 | 85,044 | 85,014 |
In accordance with IAS 32, the hybrid bond is included in equity.
CONTINGENT LIABILITIES
EUR thousand |
30 June 2015 |
30 June 2014 |
31 December 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 receivables | − | − | 1,808 | − | − | 1,808 | 1,808 |
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 amount | Fair value | Carrying amount | Fair 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 liabilities | 82,031 | 83,959 | 82,017 | 82,167 |
Current financial liabilities | ||||
Current part of non-current loans from financial institutions | 3,333 | 3,333 | 3,333 | 3,333 |
Finance lease liabilities | − | − | 14 | 14 |
Derivatives, no hedge accounting applied | 18 | 18 | 121 | 121 |
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 loss | − | − | -638 |
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.
Suominen Corporation Interim Report Q2 2015.pdf
Latest news
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