Suominen Corporation’s Interim Report for January 1 – March 31,
2022: Start of the year burdened by cost inflation and customer
inventory issues, outlook updated
Suominen Corporation’s Interim Report on May 4, 2022 at 9:30
a.m. (EEST)Suominen Corporation’s Interim Report for January 1 –
March 31, 2022: Start of the year burdened by cost inflation and
customer inventory issues, outlook updated
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KEY FIGURES |
2022 |
2021 |
2021 |
Net sales, EUR
million |
110.3 |
115.3 |
443.2 |
Comparable
EBITDA, EUR million |
3.3 |
18.5 |
47.0 |
Comparable
EBITDA, % |
3.0 |
16.1 |
10.6 |
EBITDA, EUR
million |
3.3 |
18.5 |
47.0 |
Operating
profit, EUR million |
-1.3 |
13.6 |
26.9 |
Operating
profit, % |
-1.2 |
11.8 |
6.1 |
Profit for the
period, EUR million |
-2.3 |
13.8 |
20.7 |
Cash flow from
operations, EUR million |
-2.7 |
16.0 |
11.1 |
Cash flow from
operations per share, EUR |
-0.05 |
0.28 |
0.19 |
Earnings per
share, basic, EUR |
-0.04 |
0.24 |
0.36 |
Return on
invested capital, rolling 12 months, %* |
6.1 |
25.0 |
13.9 |
Gearing, % |
35.0 |
13.3 |
30.4 |
* Restated
In this financial report, figures shown in brackets refer to the
comparison period last year if not otherwise stated.
January–March
2022 in
brief:- Net sales decreased by 4% and
amounted to EUR 110.3 million (115.3)- Comparable EBITDA declined
to EUR 3.3 million (18.5)- Cash flow from operations was EUR -2.7
million (16.0)
Outlook for
2022 updated
Suominen expects that its comparable EBITDA (earnings before
interest, taxes, depreciation and amortization) in 2022 will
decrease clearly from 2021. The war in Ukraine has increased the
already significant cost inflation in raw materials, energy and
transportation. Also, while there has been progress in the
normalization of the customer inventory levels in the US, it has
been somewhat slower than expected. These factors will impact the
full year result negatively even though we expect that the demand
for our products will improve in the second half of the year. In
2021, Suominen’s comparable EBITDA was EUR 47.0 million.
Previous outlook
Suominen expects that its comparable EBITDA (earnings before
interest, taxes, depreciation and amortization) in 2022 will
decrease from 2021. The main reasons are inventory levels which
still remain high at certain customers as well as operational
issues in the entire supply chain due to the current COVID-19
situation, both of which will impact the result negatively
especially in the first quarter. In 2021, Suominen’s comparable
EBITDA was EUR 47.0 million.
Petri Helsky, President &
CEO: “For Suominen the beginning of 2022
has been challenging as was expected. Certain key customers
especially in the US continued to struggle with their inventory
levels. Furthermore, in the early part of the year both our and our
customers’ operations were affected by the omicron variant of the
COVID-19. Both of these factors impacted our sales negatively. On
the cost side we have seen further sharp increases in raw material,
energy and freight costs. Due to the lag in our sales pricing
mechanisms our pricing in the first quarter did not fully reflect
these increases.
We condemn the Russian invasion of Ukraine and we feel deeply
for all Ukrainians whose lives have been devastated by Russia’s
incredulous aggression. The war has minor direct impact to
Suominen’s business as we have had no suppliers in Russia, Belarus
and Ukraine and only very few customers in Russia. Since the war
started, we have stopped all sales to Russia. Suominen as a company
is mostly affected by the indirect economic impacts of the invasion
which contribute to the significant cost inflation mentioned
above.
Our net sales were EUR 110.3 million (115.3) in the first
quarter. Sales volumes decreased from the COVID-19 boom levels
while sales prices increased clearly following the higher raw
material prices. Our quarterly EBITDA was EUR 3.3 million (18.5).
The main reasons for the decline were the lower volumes and the
timing gap between our customer pricing and raw material, energy
and freight costs which increased even more than the sales
prices.
To improve our financial performance, we have launched an EBITDA
improvement program to identify both new sales opportunities and
cost savings initiatives. As an example of actions taken, we
implemented an energy surcharge to all our products sold in Europe
in mid-March. Also, as the inventory issues in the US are mainly
related to a certain product group, we have been working to widen
the product portfolio at the production lines especially affected
by the inventory imbalance.
In line with our vision to be the frontrunner in sustainable
nonwovens we are continuously developing our sustainable product
offering. During the quarter, we launched our first carbon neutral
product BIOLACE® Zero. Our efforts in the sustainability area were
also recognized at the IDEA®22 Conference with our HYDRASPUN®
Aquaflo winning the Nonwoven Product Achievement Award.
The near future continues to look challenging. The war in
Ukraine has worsened the inflationary pressures in raw material,
energy and freight costs and increased uncertainty overall. The
inventory levels at our certain US key customers have remained
elevated despite a decreasing trend supported by solid end consumer
demand. However, we are more optimistic about the second half of
the year. We are seeing signs of the raw material cost inflation
moderating from the third quarter onwards and we also expect
improved demand for our products through normalization of the US
inventory levels and our portfolio widening actions mentioned
above.
NET SALESIn January–March 2022, Suominen’s net
sales decreased by 4% from the comparison period to EUR 110.3
million (115.3). Sales volumes decreased while sales prices
increased following the higher raw material prices. Currencies
impacted net sales positively by EUR 4.6 million.
Suominen has two business areas, Americas and Europe. Net sales
of the Americas business area were EUR 61.7 million (71.9) and net
sales of the Europe business area were EUR 48.5 million (43.4).
EBITDA, OPERATING
PROFIT AND RESULTEBITDA (earnings before
interest, taxes, depreciation and amortization) declined to EUR 3.3
million (18.5). This was driven by lower sales volumes and the
timing gap between the higher raw material, energy and freight
costs and sales pricing. The positive impact from currencies on
EBITDA was EUR 0.6 million.
Operating profit decreased to EUR -1.3 million (13.6).Result
before income taxes was EUR -2.2 million (16.9), and result for the
reporting period was EUR -2.3 million (13.8). In the comparison
period, the sale of Amerplast impacted the result positively by EUR
3.7 million.
FINANCINGThe Group’s net interest-bearing
liabilities at nominal value amounted to EUR 53.8 million (20.2) at
the end of the review period. The gearing ratio was 35.0% (13.3%)
and the equity ratio 39.8% (43.9%).In January–March, net financial
expenses were EUR -0.9 million (+3.3), or -0.8% (2.8%) of net
sales. The net financial expenses of the comparison period include
a gain of EUR 3.7 million arising from the sale of Amerplast.
Fluctuations in exchange rates decreased the net financial items by
EUR 0.7 million. In the comparison period the fluctuations in
exchange rates decreased the net financial items by EUR 0.7
million.
Cash flow from operations was EUR -2.7 million (16.0),
representing a cash flow per share of EUR -0.05 (0.28). The decline
in the cash flow from operations was mainly due to the lower
result. An additional EUR 4.3 million was tied up in working
capital (in Q1 2021: tied up additional EUR 2.2 million).
CAPITAL EXPENDITUREThe gross capital expenditure
totaled EUR 1.8 million (5.2) and was mainly related to normal
maintenance investments.
Depreciation and amortization for the review period amounted to
EUR 4.6 million (4.9). PROGRESS IN
SUSTAINABILITY
We have strong focus on safety and accident prevention, and our
long-term target is to have zero lost time accidents. In the first
quarter there were no LTA’s at Suominen sites.
The employee-manager performance and development discussions,
conducted in February–March, covered 98% of the white-collar
employees. Our target is to develop and harmonize the performance
and development process for our blue-collar employees globally.
We are committed to continuously improving our production
efficiency and the efficient utilization of natural resources. In
the first quarter we continued our active measures towards our
targets to reduce energy consumption, greenhouse gas emissions,
water consumption and waste to landfill by 20% per ton of product
by 2025 compared to the base year of 2019. As an example of our
concrete actions to reduce greenhouse gas emissions we installed
solar panels to our Alicante plant during the first quarter of the
year.
We offer a comprehensive portfolio of sustainable nonwovens to
our customers and we are continuously developing new and innovative
solutions with a reduced environmental impact. During the first
quarter of 2022 we launched our first carbon neutral product
BIOLACE® Zero. Our target is a 50% increase in sales of sustainable
nonwovens by 2025 compared to 2019, and to have over 10 sustainable
product launches per year.
Suominen reports progress in its key sustainability KPIs
annually.
As part of our Annual Report 2021 published on March 2, 2022 we
reported on the progress of our sustainability performance. Our
sustainability reporting in 2021 was done in accordance with the
Core option of the GRI Standards from the Global Reporting
Initiative and it was assured by an external
partner.
INFORMATION ON SHARES AND SHARE
CAPITALShare capital The number of
Suominen’s registered shares was 58,259,219 shares on March 31,
2022, equaling to a share capital of EUR 11,860,056.00.
Share trading and priceThe number of Suominen
Corporation shares traded on Nasdaq Helsinki from January 1 to
March 31, 2022 was 7,195,433 shares, accounting for 12.6% of the
average number of shares (excluding treasury shares). The highest
price was EUR 5.27, the lowest EUR 3.02 and the volume-weighted
average price EUR 3.85. The closing price at the end of review
period was EUR 3.55. The market capitalization (excluding treasury
shares) was EUR 204.0 million on March 31, 2022.Treasury
sharesOn March 31, 2022, Suominen Corporation held 797,077
treasury shares. As a share-based payment plan vested, in total
237,584 shares were transferred to the participants of the plan in
February.
The share repurchase program of Suominen commenced on November
3, 2021 and ended on January 21, 2022. Suominen acquired in total
68,677 shares in January 2022
The portion of the remuneration of the members of the
Board of Directors which shall be paid in sharesThe Annual
General Meeting held on March 24, 2022 decided that 75% of the
annual remuneration of the members of the Board of Directors is
paid in cash and 25% in Suominen Corporation’s shares. The shares
will be transferred out of the own shares held by the company by
the decision of the Board of Directors within two weeks from the
date on which the interim report of January–March 2022 of the
company is published.
Share-based incentive plans for the management and key
employeesThe Group management and key employees
participate in the company’s share-based long-term incentive plans.
The plans are described in more detail in the Financial Statements
and in the Remuneration Report, available on the company’s website
www.suominen.fi.
Company's Performance Share Plan currently includes three 3-year
performance periods, calendar years 2020–2022, 2021–2023 and
2022–2024. The aim of the Performance Share Plan is to combine the
objectives of the shareholders and the persons participating in the
plan in order to increase the value of the company in long-term, to
build loyalty to the company and to offer them competitive reward
plans based on earning and accumulating the company’s shares.
Performance Share Plan: Ongoing performance periods
Performance Period |
2020–2022 |
2021–2023 |
2022–2024 |
Incentive based on |
Total Shareholder Return (TSR) |
Total Shareholder Return (TSR) |
Total Shareholder Return (TSR) |
Potential reward payment |
Will be paid partly in Suominen shares and partly in cash in spring
2023 |
Will be paid partly in Suominen shares and partly in cash in spring
2024 |
Will be paid partly in Suominen shares and partly in cash in spring
2025 |
Participants |
17 people |
19 people |
25 people |
Maximum number of shares |
748,500 |
456,500 |
401,000 |
The President & CEO of the company must hold 50% of the net
number of shares given on the basis of the plan, as long as his or
her shareholding in total corresponds to the value of his or her
annual gross salary. A member of the Executive Team must hold 50%
of the net number of shares given on the basis of the plan, as long
as his or her shareholding in total corresponds to the value of
half of his or her annual gross salary. Such number of shares must
be held as long as the participant’s employment or service in a
group company continues.
ANNUAL GENERAL MEETINGThe Annual General
Meeting (AGM) of Suominen Corporation was held on March 24,
2022.
The AGM adopted the Financial Statements and the Consolidated
Financial Statements for the financial year 2021 and discharged the
members of the Board of Directors and the President & CEO from
liability for the financial year 2021. The AGM approved the
Remuneration Report for the governing bodies.
The AGM decided, in accordance with the proposal by the Board of
Directors, that a dividend of EUR 0.20 per share will be paid.
The AGM confirmed the remuneration of the Board of Directors.
The Chair will be paid an annual fee of EUR 70,000 and the Deputy
Chair and other Board members an annual fee of EUR 33,000. Chair of
the Audit Committee will be paid an additional fee of EUR
10,000. Further, the members of the Board will receive a fee for
each Board and Committee meeting as follows: EUR 500 for each
meeting held in the home country of the respective member, EUR
1,000 for each meeting held elsewhere than in the home country of
the respective member and EUR 500 for each meeting held as a
telephone conference.
75% of the remuneration is paid in cash and 25% in Suominen
Corporation’s shares. Compensation for expenses is paid in
accordance with the company's valid travel policy. The AGM decided
that the number of Board members remains unchanged at six (6). Mr.
Andreas Ahlström, Mr. Björn Borgman, Mr. Jaakko Eskola, Ms. Nina
Linander and Ms. Laura Raitio were re-elected as members of the
Board. Mr. Aaron Barsness was elected as a new member of the
Board.
Mr. Jaakko Eskola was re-elected as the Chair of the Board of
Directors.
Ernst & Young Oy, Authorised Public Accountant firm, was
re-elected as the auditor of the company for the next term of
office in accordance with the Articles of Association. Ernst &
Young Oy appointed Mr. Toni Halonen, Authorised Public Accountant,
as the principally responsible auditor of the company.
The AGM authorized the Board of Directors to decide on the
repurchase of the company’s own shares and to resolve on the
issuance of shares and granting of options and the issuance of
special rights entitling to shares. The terms and conditions of the
authorization are explained later in this interim report.
Suominen published a stock exchange release on March 24, 2022
concerning the resolutions of the Annual General Meeting and the
organizing meeting of the Board of Directors. The stock exchange
release and an introduction of the new Board member can be viewed
on Suominen’s website at www.suominen.fi.
In compliance with the resolution of the Annual General Meeting,
on April 7, 2022 Suominen paid out dividends in total of EUR 11.5
million for 2021, corresponding to EUR 0.20 per share.
Organizing meeting and permanent
committees of the Board of Directors In its organizing
meeting held after the AGM, the Board of Directors elected Andreas
Ahlström as Deputy Chair of the Board.The Board of Directors
elected from among its members the members for the Audit Committee
and Personnel and Remuneration Committee. Nina Linander was
re-elected as the Chair of the Audit Committee and Andreas Ahlström
and Laura Raitio were re-elected as members. Jaakko Eskola was
re-elected as the Chair of the Personnel and Remuneration Committee
and Björn Borgman was re-elected as member, and Aaron Barsness was
elected as new member.
Authorizations of the Board of DirectorsThe
Annual General Meeting (AGM) held on March 24, 2022 authorized the
Board of Directors to decide on the repurchase a maximum of
1,000,000 of the company’s own shares. The company’s own shares
shall be repurchased otherwise than in proportion to the holdings
of the shareholders by using the non-restricted equity through
trading on regulated market organized by Nasdaq Helsinki Ltd at the
market price prevailing at the time of acquisition. The shares
shall be repurchased and paid in accordance with the rules of
Nasdaq Helsinki Ltd and Euroclear Finland Ltd. 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 Board of Directors
shall decide on other terms and conditions related to the
repurchase of the company’s own shares. The repurchase
authorization shall be valid until June 30, 2023 and it revokes all
earlier authorizations to repurchase company’s own shares.
The Annual General Meeting (AGM) held on March 24, 2022
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 options and other special rights referred to in
Chapter 10, Section 1 of the Finnish Companies Act. New shares may
be issued, and the company’s own shares may be conveyed to the
company’s shareholders in proportion to their current shareholdings
in the company; or by waiving the shareholder’s pre-emption right,
through a directed share issue if the company has a weighty
financial reason to do so, such as, for example, using the shares
as consideration in possible acquisitions or other arrangements
related to the company’s business, as financing for investments,
using shares as part of the company’s incentive program or using
the shares for disbursing the portion of the Board members’
remuneration that is to be paid in shares. The new shares may also
be issued without payment to the company itself. New shares may be
issued and/or company’s own shares held by the company or its group
company may be conveyed at the maximum amount of 5,000,000 shares
in aggregate.
The Board of Directors may grant options and other special
rights referred to in Chapter 10, Section 1 of the Finnish
Companies Act, which carry the right to receive against payment new
shares or own shares held by the company. The right may also be
granted to the company’s creditor in such a manner that the right
is granted on condition that the creditor’s receivable is used to
set off the subscription price (“Convertible Bond”). However,
options and other special rights referred to in Chapter 10, Section
1 of the Companies Act cannot be granted as part of the company’s
remuneration plan. The maximum number of new shares that may be
subscribed and own shares held by the company that may be conveyed
by virtue of the options and other special rights granted by the
company is 5,000,000 shares in total which number is included in
the maximum number stated above.The authorizations shall revoke all
earlier authorizations regarding share issue and issuance of
special rights entitling to shares. The Board of Directors shall
decide on all other terms and conditions related to the
authorizations. The authorizations shall be valid until June 30,
2023.
NOTIFICATIONS UNDER CHAPTER 9, SECTION 5 OF THE
SECURITIES MARKET ACT
March 8, 2022: The shareholding of Etola Group Oy, controlled by
Mr. Erkki Etola, in Suominen Corporation crossed the 10% flagging
threshold. At the same time the total holding of Erkki Etola and
companies controlled by him in Suominen Corporation crossed the 20%
flagging threshold.
February 25, 2022: The shareholding of Etola Group Oy,
controlled by Mr. Erkki Etola, in Suominen Corporation crossed the
5% flagging threshold.
January 20, 2022: The shareholding of Ilmarinen Mutual Pension
Insurance Company in Suominen Corporation fell below the threshold
of 5%.SHORT TERM RISKS AND UNCERTAINTIES
The raw material, energy and logistics markets relevant for
Suominen continue to experience significant volatility and cost
inflation. This can impact Suominen’s financial performance
depending on how the markets develop.
Regarding the war in Ukraine, the direct impact to Suominen’s
business is minor as we have very few customers and no suppliers in
Russia, Belarus and Ukraine. Suominen as a company is mostly
affected by the indirect economic impacts of the war which
contribute to the cost inflation mentioned above. Also the COVID-19
pandemic can still cause uncertainty in Suominen’s business
environment. The key risks related to the virus concern the health
and safety of Suominen personnel and customers, possible shortages
of raw materials and issues linked to logistics, as well as
potential closures of customers’ or our own plants due to virus
infections. Our customers have generally performed well financially
even during the pandemic and thus our customer credit risks have
not materially increased. Suominen’s other risks and uncertainties
include but are not limited to: risks related to manufacturing,
competition, raw material prices and availability and customer
specific volumes and credits, changes in legislation, political
environment or economic conditions and investments, and financial
risks.
A more detailed description of risks is available in Suominen’s
Annual Report 2021 at suominen.fi/investors.
BUSINESS ENVIRONMENTSuominen’s nonwovens are,
for the most part, used in daily consumer goods, such as wet wipes
as well as in hygiene and medical products. In these target markets
of Suominen, the general economic situation determines the
development of consumer demand, even though the demand for consumer
goods is not very cyclical in nature. North America and Europe are
the largest market areas for Suominen. In addition, the company
operates in the South American markets. The growth in the demand
for nonwovens has typically exceeded the growth of gross domestic
product by a couple of percentage points. The market expectation is
that in the long run the end user demand for wipes will remain
above pre-COVID levels. However, the pandemic-caused demand spike
followed by moderation of said demand has led to an inventory
imbalance in the whole supply chain especially in the US which
still partially persists.
The war in Ukraine has worsened the inflationary pressures in
raw material, energy and freight costs and increased uncertainty
overall. However, we are seeing signs of the raw material cost
inflation moderating from the third quarter onwards and we also
expect normalization of the US inventory levels going
forward.OUTLOOK FOR 2022Suominen
expects that its comparable EBITDA (earnings before interest,
taxes, depreciation and amortization) in 2022 will decrease clearly
from 2021. The war in Ukraine has increased the already significant
cost inflation in raw materials, energy and transportation. Also,
while there has been progress in the normalization of the customer
inventory levels in the US, it has been somewhat slower than
expected. These factors will impact the full year result negatively
even though we expect that the demand for our products will improve
in the second half of the year. In 2021, Suominen’s comparable
EBITDA was EUR 47.0 million.CORPORATE
GOVERNANCE STATEMENT AND REMUNERATION REPORT
Suominen has prepared a separate Corporate Governance Statement
and a Remuneration Report for2021, which comply with the
recommendations of the Finnish Corporate Governance Code for
listedcompanies. The statements also cover other central areas of
corporate governance. The statements have been published on
Suominen's website, separately from the Report of the Board of
Directors, at www.suominen.fi
AUDIOCAST AND CONFERENCE CALL Petri Helsky,
President & CEO, and Toni Tamminen, CFO, will present the
result in English in an audiocast and a conference call for
analyst, investors and media on May 4, 2022 at 11:00 a.m.
(EEST). The audiocast can be followed
at https://suominen.videosync.fi/2022-q1-results. The
recording of the audiocast and the presentation material will be
available after the event at www.suominen.fi.
Conference call participants are requested to dial on:Sweden:
+46 856642651 United Kingdom: +44 3333000804 United
States: +1 6319131422 The confirmation code for joining the
conference call is 26630687#
NEXT FINANCIAL REPORTSuominen Corporation will
publish its Half Year Report 2022 on August 9, 2022 approximately
at 9:30 a.m. (EEST).
SUOMINEN GROUP
1.1–31.3.2022The
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.
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 2021,
with the exception of the effect of the new accounting standards
and interpretations which have been applied from January 1,
2022.
The new or amended standards or interpretations applicable from
January 1, 2022 are not material for Suominen Group.
CONSOLIDATED STATEMENT OF FINANCIAL
POSITION
|
|
|
|
EUR thousand |
31.3.2022 |
31.3.2021 |
31.12.2021 |
Assets |
|
|
|
Non-current assets |
|
|
|
Goodwill |
15,496 |
15,496 |
15,496 |
Intangible
assets |
12,503 |
15,925 |
13,176 |
Property,
plant and equipment |
116,643 |
110,050 |
115,478 |
Right-of-use
assets |
15,465 |
17,405 |
15,741 |
Equity
instruments |
421 |
421 |
421 |
Other
non-current receivables |
101 |
69 |
96 |
Deferred tax assets |
1,665 |
2,044 |
1,668 |
Total non-current assets |
162,295 |
161,410 |
162,077 |
|
|
|
|
Current assets |
|
|
|
Inventories |
49,005 |
39,732 |
49,763 |
Trade
receivables |
66,740 |
55,432 |
65,495 |
Other current
receivables |
9,007 |
6,256 |
5,403 |
Assets for
current tax |
2,439 |
2,168 |
2,564 |
Cash and cash equivalents |
97,046 |
81,999 |
101,357 |
Total current assets |
224,237 |
185,587 |
224,583 |
|
|
|
|
Total assets |
386,532 |
346,997 |
386,660 |
|
|
|
|
Equity
and liabilities |
|
|
|
Equity |
|
|
|
Share
capital |
11,860 |
11,860 |
11,860 |
Share premium
account |
24,681 |
24,681 |
24,681 |
Reserve for
invested unrestricted equity |
75,692 |
75,602 |
75,692 |
Fair value and
other reserves |
80 |
-7 |
-7 |
Exchange
differences |
-680 |
-10,100 |
-5,577 |
Retained earnings |
41,871 |
50,192 |
56,549 |
Total equity attributable to owners of the
parent |
153,504 |
152,227 |
163,199 |
|
|
|
|
Liabilities |
|
|
|
Non-current liabilities |
|
|
|
Deferred tax
liabilities |
13,421 |
13,884 |
13,931 |
Liabilities
from defined benefit plans |
596 |
752 |
638 |
Non-current
provisions |
1,948 |
1,833 |
1,916 |
Non-current
lease liabilities |
12,917 |
14,642 |
13,167 |
Other
non-current liabilities |
1 |
17 |
3 |
Debentures |
49,181 |
83,155 |
49,144 |
Total
non-current liabilities |
78,064 |
114,283 |
78,799 |
|
|
|
|
Current liabilities |
|
|
|
Current
provisions |
− |
270 |
− |
Current lease
liabilities |
2,882 |
2,584 |
2,761 |
Debenture
bonds |
84,368 |
− |
84,062 |
Liabilities
for current tax |
729 |
3,403 |
669 |
Trade payables and other current liabilities |
66,985 |
74,230 |
57,170 |
Total current
liabilities |
154,964 |
80,487 |
144,662 |
|
|
|
|
Total liabilities |
233,028 |
194,770 |
223,461 |
|
|
|
|
Total equity and liabilities |
386,532 |
346,997 |
386,660 |
CONSOLIDATED STATEMENT OF PROFIT OR LOSS
EUR thousand |
1-3/2022 |
1-3/2021 |
1-12/2021 |
Net
sales |
110,269 |
115,333 |
443,219 |
Cost of goods sold |
-103,687 |
-95,125 |
-392,390 |
Gross
profit |
6,582 |
20,208 |
50,828 |
Other operating
income |
315 |
845 |
4,434 |
Sales,
marketing and administration expenses |
-7,255 |
-6,622 |
-26,238 |
Research and
development expenses |
-795 |
-600 |
-2,678 |
Other operating expenses |
-116 |
-238 |
595 |
Operating profit |
-1,268 |
13,592 |
26,941 |
Net financial expenses |
-930 |
3,266 |
-390 |
Profit
before income taxes |
-2,198 |
16,858 |
26,551 |
Income taxes |
-138 |
-3,085 |
-5,816 |
Profit for the period |
-2,336 |
13,774 |
20,734 |
|
|
|
|
Earnings per share, EUR |
|
|
|
Basic |
-0.04 |
0.24 |
0.36 |
Diluted |
-0.04 |
0.24 |
0.36 |
CONSOLIDATED STATEMENT OF COMPREHENSIVE
INCOME
EUR thousand |
1-3/2022 |
1-3/2021 |
1-12/2021 |
|
|
|
|
Profit
for the period |
-2,336 |
13,774 |
20,734 |
|
|
|
|
Other
comprehensive income: |
|
|
|
Other
comprehensive income that will be subsequently reclassified to
profit or loss |
|
|
|
Exchange
differences |
5,103 |
4,268 |
9,137 |
Income taxes related to other comprehensive income |
-206 |
-436 |
-781 |
Total |
4,897 |
3,832 |
8,356 |
Other
comprehensive income that will not be subsequently reclassified to
profit or loss |
|
|
|
Remeasurements
of defined benefit plans |
− |
− |
26 |
Income taxes related to other comprehensive income |
− |
− |
-7 |
Total |
− |
− |
19 |
|
|
|
|
Total
other comprehensive income |
4,897 |
3,832 |
8,375 |
|
|
|
|
Total comprehensive income for the period |
2,561 |
17,606 |
29,109 |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
EUR thousand |
Share capital |
Share premium account |
Reserve for invested unrestricted equity |
Exchange differences |
Equity 1.1.2022 |
11,860 |
24,681 |
75,692 |
-5,577 |
Profit for the
period |
− |
− |
− |
− |
Other comprehensive income |
− |
− |
− |
4,897 |
Total
comprehensive income |
− |
− |
− |
4,897 |
Distribution
of dividend |
− |
− |
− |
− |
Share-based
payments |
− |
− |
− |
− |
Acquisition of
treasury shares |
− |
− |
− |
− |
Transfers |
− |
− |
− |
− |
Equity 31.3.2022 |
11,860 |
24,681 |
75,692 |
-680 |
EUR thousand |
Fair value and other reserves |
Retained earnings |
Total equity attributable to owners of the parent |
Equity 1.1.2022 |
-7 |
56,549 |
163,199 |
Profit for the
period |
− |
-2,336 |
-2,336 |
Other comprehensive income |
− |
− |
4,897 |
Total
comprehensive income |
− |
-2,336 |
2,561 |
Distribution
of dividend |
− |
-11,492 |
-11,492 |
Share-based
payments |
− |
-412 |
-412 |
Acquisition of
treasury shares |
− |
-352 |
-352 |
Transfers |
87 |
-87 |
− |
Equity 31.3.2022 |
80 |
41,871 |
153,504 |
EUR thousand |
Share capital |
Share premium account |
Reserve for invested unrestricted equity |
Treasury shares |
Equity 1.1.2021 |
11,860 |
24,681 |
81,361 |
-44 |
Profit for the
period |
− |
− |
− |
− |
Other comprehensive income |
− |
− |
− |
− |
Total
comprehensive income |
− |
− |
− |
− |
Share-based
payments |
− |
− |
− |
− |
Conveyance of
treasury shares |
− |
− |
− |
44 |
Dividends and
return of capital |
− |
− |
-5,759 |
− |
Equity 31.3.2021 |
11,860 |
24,681 |
75,602 |
− |
EUR thousand |
Exchange differences |
Fair value and other reserves |
Retained earnings |
Total equity attributable to owners of the parent |
Equity 1.1.2021 |
-13,933 |
-7 |
41,962 |
145,882 |
Profit for the
period |
− |
− |
13,774 |
13,774 |
Other comprehensive income |
3,832 |
− |
− |
3,832 |
Total
comprehensive income |
3,832 |
− |
13,774 |
17,606 |
Share-based
payments |
− |
− |
259 |
259 |
Conveyance of
treasury shares |
− |
− |
-44 |
− |
Dividends and
return of capital |
− |
− |
-5,759 |
-11,519 |
Equity 31.3.2021 |
-10,100 |
-7 |
50,192 |
152,227 |
EUR thousand |
Share capital |
Share premium account |
Reserve for invested unrestricted equity |
Treasury shares |
Equity 1.1.2021 |
11,860 |
24,681 |
81,361 |
-44 |
Profit for the
period |
− |
− |
− |
− |
Other comprehensive income |
− |
− |
− |
− |
Total
comprehensive income |
− |
− |
− |
− |
Distribution
of dividend and return of capital |
− |
− |
-5,759 |
− |
Share-based
payments |
− |
− |
− |
− |
Acquisition of
treasury shares |
− |
− |
− |
− |
Conveyance of
treasury shares |
− |
− |
90 |
44 |
Equity 31.12.2021 |
11,860 |
24,681 |
75,692 |
− |
EUR thousand |
Exchange differences |
Fair value and other reserves |
Retained earnings |
Total equity attributable to owners of the parent |
Equity 1.1.2021 |
-13,933 |
-7 |
41,962 |
145,882 |
Profit for the
period |
− |
− |
20,734 |
20,734 |
Other comprehensive income |
8,356 |
− |
19 |
8,375 |
Total
comprehensive income |
8,356 |
− |
20,754 |
29,109 |
Distribution of
dividend and return of capital |
− |
− |
-5,759 |
-11,519 |
Share-based
payments |
− |
− |
1,276 |
1,276 |
Acquisition of
treasury shares |
− |
− |
-1,640 |
-1,640 |
Conveyance of
treasury shares |
− |
− |
-44 |
90 |
Equity 31.12.2021 |
-5,577 |
-7 |
56,549 |
163,199 |
CONSOLIDATED STATEMENT OF CASH FLOWS
EUR thousand |
1-3/2022 |
1-3/2021 |
1-12/2021 |
|
|
|
|
Cash
flow from operations |
|
|
|
Profit for the
period |
-2,336 |
13,774 |
20,734 |
Total adjustments to profit for the period |
5,276 |
5,121 |
27,585 |
Cash flow
before changes in net working capital |
2,941 |
18,895 |
48,319 |
Change in net
working capital |
-4,313 |
-2,157 |
-25,242 |
Financial
items |
-466 |
-283 |
-5,258 |
Income taxes |
-840 |
-501 |
-6,731 |
Cash
flow from operations |
-2,679 |
15,954 |
11,088 |
|
|
|
|
Cash
flow from investments |
|
|
|
Investments in
property, plant and equipment and intangible assets |
-2,235 |
-4,255 |
-17,628 |
Sales proceeds
from property, plant and equipment and intangible assets |
− |
− |
4 |
Sales proceeds from sale of equity investments |
− |
2,123 |
2,170 |
Cash
flow from investments |
-2,235 |
-2,132 |
-15,454 |
|
|
|
|
Cash
flow from financing |
|
|
|
Drawdown of
non-current interest-bearing liabilities |
− |
− |
50,000 |
Issuance costs
of the bonds |
− |
− |
-939 |
Repayment of
current interest-bearing liabilities |
-709 |
-638 |
-2,757 |
Repayment of
loan receivables |
− |
9,301 |
9,301 |
Acquisition of
treasury shares |
-379 |
− |
-1,612 |
Dividends and return of capital paid |
− |
− |
-11,520 |
Cash
flow from financing |
-1,088 |
8,663 |
42,473 |
|
|
|
|
Change
in cash and cash equivalents |
-6,002 |
22,485 |
38,106 |
|
|
|
|
Cash and cash
equivalents at the beginning of the period |
101,357 |
57,877 |
57,877 |
Effect of
changes in exchange rates |
1,691 |
1,637 |
5,374 |
Change in cash and cash equivalents |
-6,002 |
22,485 |
38,106 |
Cash and cash equivalents at the end of the
period |
97,046 |
81,999 |
101,357 |
KEY RATIOS
|
1-3/2022 |
1-3/2021 |
1-12/2021 |
Change in net
sales, % * |
-4.4 |
1.7 |
-3.4 |
Gross profit,
as percentage of net sales, % |
6.0 |
17.5 |
11.5 |
Comparable
EBITDA, as percentage of net sales, % |
3.0 |
16.1 |
10.6 |
Operating
profit, as percentage of net sales, % |
-1.2 |
11.8 |
6.1 |
Net financial
items, as percentage of net sales, % |
-0.8 |
2.8 |
-0.1 |
Profit before
income taxes, as percentage of net sales, % |
-2.0 |
14.6 |
6.0 |
Profit for the
period, as percentage of net sales, % |
-2.1 |
11.9 |
4.7 |
Gross capital
expenditure, EUR thousand |
1,768 |
5,226 |
17,771 |
Depreciation
and amortization, EUR thousand |
4,566 |
4,942 |
20,092 |
Return on
equity, rolling 12 months, % |
2.9 |
28.1 |
13.3 |
Return on
invested capital, rolling 12 months, % ** |
6.1 |
25.0 |
13.9 |
Equity ratio,
% |
39.8 |
43.9 |
42.2 |
Gearing,
% |
35.0 |
13.3 |
30.4 |
Average number
of personnel (FTE - full time equivalent) |
710 |
703 |
709 |
Earnings per
share, EUR, basic |
-0.04 |
0.24 |
0.36 |
Earnings per
share, EUR, diluted |
-0.04 |
0.24 |
0.36 |
Cash flow from
operations per share, EUR |
-0.05 |
0.28 |
0.19 |
Equity per
share, EUR |
2.67 |
2.64 |
2.85 |
Number of
shares, end of period, excluding treasury shares |
57,462,142 |
57,599,164 |
57,293,235 |
Share price,
end of period, EUR |
3.55 |
5.74 |
5.18 |
Share price,
period low, EUR |
3.02 |
5.00 |
4.25 |
Share price,
period high, EUR |
5.27 |
6.24 |
6.41 |
Volume
weighted average price during the period, EUR |
3.85 |
5.60 |
5.48 |
Market
capitalization, EUR million |
204.0 |
330.6 |
296.8 |
Number of
traded shares during the period |
7,195,433 |
7,004,147 |
17,714,203 |
Number of
traded shares during the period, % of average number of shares |
12.6 |
12.2 |
30.8 |
|
|
|
|
*
Compared with the corresponding period in the previous year. |
|
|
**
Restated |
|
|
|
|
31.3.2022 |
31.3.2021 |
31.12.2021 |
Interest-bearing net debt, EUR thousands |
|
|
|
Non-current
interest-bearing liabilities, nominal value |
62,917 |
99,642 |
63,167 |
Current
interest-bearing liabilities, nominal value |
87,882 |
2,584 |
87,761 |
Interest-bearing receivables and cash and cash equivalents |
-97,046 |
-81,999 |
-101,357 |
Interest-bearing net debt |
53,753 |
20,227 |
49,570 |
CALCULATION OF KEY RATIOS AND
ALTERNATIVE PERFORMANCE MEASURESKey ratios per share are
either IFRS key ratios (earnings per share) or required by
Ordinance of the Ministry of Finance in Finland or alternative
performance measures (cash flow from operations per share).
Some of the other key ratios Suominen publishes are alternative
performance measures. An alternative performance measure is a key
ratio which has not been defined in IFRS standards. Suominen
believes that the use of alternative performance measures provides
useful information for example to investors regarding the Group's
financial and operating performance and makes it easier to make
comparisons between the reporting periods.
The link between the components of the key ratios per share and
the consolidated financial statements is presented in the
consolidated financial statements of 2021. The link between the
components of the alternative performance measures and the
consolidated financial statements is presented in Suominen’s Annual
Report for 2021.
Calculation of key ratios per share
Earnings per
share
Basic earnings per share (EPS) |
|
Profit for the period. net of tax |
= |
Share-issue adjusted
average number of shares excluding treasury shares |
|
|
|
|
|
|
|
|
|
Diluted earnings per share (EPS) |
|
Profit for the period |
= |
Average diluted share-issue
adjusted number of shares excluding treasury shares |
|
EUR thousand |
|
31.3.2022 |
31.3.2021 |
31.12.2021 |
Profit for the period |
|
-2,336 |
13,774 |
20,734 |
|
|
|
|
|
|
|
|
|
|
Average
share-issue adjusted number of shares |
|
57,323,494 |
57,581,245 |
57,579,440 |
Average
diluted share-issue adjusted number of shares excluding treasury
shares |
|
57,419,946 |
57,912,920 |
58,023,347 |
|
|
|
|
|
Earnings per share |
|
|
|
|
|
|
|
|
|
EUR |
|
|
|
|
Basic |
|
-0.04 |
0.24 |
0.36 |
Diluted |
|
-0.04 |
0.24 |
0.36 |
Cash flow from operations per
share
Cash flow from operations per share |
|
Cash flow from operations |
= |
Share-issue adjusted number of shares excluding treasury shares.
end of reporting period |
|
|
|
31.3.2022 |
31.3.2021 |
31.12.2021 |
Cash flow from
operations, EUR thousand |
|
-2,679 |
15,954 |
11,088 |
Share-issue adjusted number of shares excluding treasury shares,
end of reporting period |
|
57,462,142 |
57,599,164 |
57,293,235 |
Cash flow from operations per share, EUR |
|
-0.05 |
0.28 |
0.19 |
Equity
per share
Equity per share |
|
Total equity attributable to owners of the parent |
= |
Share-issue adjusted number of shares excluding treasury shares.
end of reporting period |
|
|
|
31.3.2022 |
31.3.2021 |
31.12.2021 |
Total equity
attributable to owners of the parent, EUR thousand |
|
153,504 |
152,227 |
163,199 |
Share-issue adjusted number of shares excluding treasury shares,
end of reporting period |
|
57,462,142 |
57,599,164 |
57,293,235 |
Equity per share, EUR |
|
2.67 |
2.64 |
2.85 |
Market capitalization
Market
capitalization |
= |
Number of
shares at the end of reporting period excluding treasury shares x
share price at the end of period |
|
|
31.3.2022 |
31.3.2021 |
31.12.2021 |
Number of
shares at the end of reporting period excluding treasury
shares |
|
57,462,142 |
57,599,164 |
57,293,235 |
Share price at end of the period, EUR |
3.55 |
5.74 |
5.18 |
Market capitalization, EUR million |
|
204.0 |
330.6 |
296.8 |
Share turnover
Share
turnover |
= |
The proportion
of number of shares traded during the period to weighted average
number of shares excluding treasury shares |
|
|
31.3.2022 |
31.3.2021 |
31.12.2021 |
Number of
shares traded during the period |
|
7,195,433 |
7,004,147 |
17 714 203 |
Average number of shares excluding treasury shares |
57,323,494 |
57,581,245 |
57,579,440 |
Share turnover, % |
|
12.6 |
12.2 |
30.8 |
Calculation of key ratios and
alternative performance measures
Operating profit and comparable operating
profit
Operating
profit (EBIT) |
= |
Profit before income taxes + net financial expenses |
|
|
|
|
|
Comparable
operating profit (EBIT) |
= |
Profit before income taxes + net financial expenses. adjusted with
items affecting comparability |
In order to improve the comparability of result between
reporting periods. Suominen presents comparable operating profit as
an alternative performance measure. Operating profit is adjusted
with material items that are considered to affect comparability
between reporting periods. These items include, among others,
impairment losses or reversals of impairment losses, gains or
losses from the sales of property, plant and equipment or
intangible assets or other assets and restructuring costs. Suominen
did not have any items affecting comparability in 2022 or 2021.
EBITDA and comparable
EBITDA
EBITDA is an important measure that focuses on the operating
performance excluding the effect of depreciation and amortization,
financial items and income taxes, in other words what is the margin
on net sales after deducting operating expenses.
EBITDA = EBIT + depreciation, amortization and impairment
losses
Comparable EBITDA = EBIT + depreciation, amortization and
impairment losses, adjusted with items affecting comparability
EUR thousand |
|
31.3.2022 |
31.3.2021 |
31.12.2021 |
Operating
profit |
|
-1,268 |
13,592 |
26,941 |
+ Depreciation, amortization and impairment losses |
4,566 |
4,942 |
20,092 |
EBITDA |
|
3,298 |
18,534 |
47,033 |
Gross capital expenditure
EUR thousand |
|
31.3.2022 |
31.3.2021 |
31.12.2021 |
Increases in
intangible assets |
|
261 |
19 |
162 |
Increases in property, plant and equipment |
1,508 |
5,207 |
17,609 |
Gross capital expenditure |
|
1,768 |
5,226 |
17,771 |
Interest-bearing net debt
It is the opinion of Suominen that presenting interest-bearing
liabilities not only at amortized cost but also at nominal value
gives relevant additional information to the investors.
Interest-bearing net debt |
= |
Interest-bearing liabilities at nominal value - interest-bearing
receivables - cash and cash equivalents |
EUR thousand |
|
31.3.2022 |
31.3.2021 |
31.12.2021 |
Interest-bearing
liabilities |
|
149,348 |
100,381 |
149,134 |
Tender and
issuance costs of the debentures |
|
1,451 |
1,845 |
1,794 |
Cash and cash equivalents |
-97,046 |
-81,999 |
-101,357 |
Interest-bearing net debt |
|
53,753 |
20,227 |
49,570 |
|
|
|
|
|
Interest-bearing
liabilities |
|
149,348 |
100,381 |
149,134 |
Tender and issuance costs of the debentures |
|
1,451 |
1,845 |
1,794 |
Nominal value of
interest-bearing liabilities |
|
150,799 |
102,226 |
150,927 |
Return on equity
(ROE), %
Return on
equity (ROE), % |
= |
Profit for the reporting period (rolling 12 months) x 100 |
|
|
Total equity
attributable to owners of the parent (quarterly average) |
EUR thousand |
|
31.3.2022 |
31.3.2021 |
31.12.2021 |
Profit for the
reporting period (rolling 12 months) |
|
4,625 |
40,344 |
20,734 |
|
|
|
|
|
Total equity
attributable to owners of the parent 31.3.2021 / 31.3.2020 /
31.12.2020 |
|
152,227 |
135,868 |
145,882 |
Total equity
attributable to owners of the parent 30.6.2021 / 30.6.2020 /
31.3.2021 |
|
159,386 |
138,551 |
152,227 |
Total equity
attributable to owners of the parent 30.9.2021 / 30.9.2020 /
30.6.2021 |
|
159,682 |
144,074 |
159,386 |
Total equity
attributable to owners of the parent 31.12.2021 / 31.12.2020 /
30.9.2021 |
|
163,199 |
145,882 |
159,682 |
Total equity attributable to owners of the parent 31.3.2022 /
31.3.2021 / 31.12.2021 |
|
153,504 |
152,227 |
163,199 |
Average |
|
157,600 |
143,320 |
156,075 |
|
|
|
|
|
Return on equity (ROE), % |
|
2.9 |
28.1 |
13.3 |
Invested capital
Invested
capital |
= |
Total equity +
interest-bearing liabilities – cash and cash equivalents |
The calculation formula for invested capital has been changed.
Previous years’ figures have been restated.
EUR thousand |
|
31.3.2022 |
31.3.2021 |
31.12.2021 |
Total equity
attributable to owners of the parent |
|
153,504 |
152,227 |
163,199 |
Interest-bearing liabilities |
|
149,348 |
100,381 |
149,134 |
Cash and cash equivalents |
-97,046 |
-81,999 |
-101,357 |
Invested capital |
|
205,806 |
170,609 |
210,975 |
Return on invested capital
(ROI), %
Return on
invested capital (ROI), % |
= |
Operating profit (rolling 12 months) x 100 |
|
|
Invested
capital, quarterly average |
The calculation formula for ROI has been changed. Previous
years’ figures have been restated.
EUR thousand |
|
31.3.2022 |
31.3.2021 |
31.12.2021 |
Operating
profit (rolling 12 months) |
|
12,081 |
47,420 |
26,941 |
|
|
|
|
|
Invested
capital 31.3.2021 / 31.3.2020 / 31.12.2020 |
|
170,609 |
199,571 |
188,298 |
Invested
capital 30.6.2021 / 30.6.2020 / 31.3.2021 |
|
192,651 |
199,529 |
170,609 |
Invested
capital 30.9.2021 / 30.9.2020 / 30.6.2021 |
|
205,786 |
191,626 |
192,651 |
Invested
capital 31.12.2021 / 31.12.2020 / 30.9.2021 |
|
210,975 |
188,298 |
205,786 |
Invested capital 31.3.2022 / 31.3.2021 / 31.12.2021 |
|
205,806 |
170,609 |
210,975 |
Average |
|
197,165 |
189,927 |
193,664 |
|
|
|
|
|
Return on invested capital (ROI), % |
|
6.1 |
25.0 |
13.9 |
Equity ratio.
%
Equity ratio.
% |
= |
Total equity attributable to owners of the parent x 100 |
|
|
|
Total assets -
advances received |
|
EUR thousand |
|
31.3.2022 |
31.3.2021 |
31.12.2021 |
Total equity
attributable to owners of the parent |
|
153,504 |
152,227 |
163,199 |
|
|
|
|
|
Total
assets |
|
386,532 |
346,997 |
386,660 |
Advances received |
|
-788 |
-60 |
-75 |
|
|
385,744 |
346,937 |
386,584 |
|
|
|
|
|
Equity ratio, % |
|
39.8 |
43.9 |
42.2 |
Gearing.
%
Gearing. % |
= |
Interest-bearing net debt x 100 |
|
|
|
Total equity attributable to owners of the parent |
EUR thousand |
|
31.3.2022 |
31.3.2021 |
31.12.2021 |
Interest-bearing net debt |
|
53,753 |
20,227 |
49,570 |
Total equity
attributable to owners of the parent |
|
153,504 |
152,227 |
163,199 |
Gearing, % |
|
35.0 |
13.3 |
30.4 |
NET SALES BY GEOGRAPHICAL MARKET AREA
EUR thousand |
1-3/2022 |
1-3/2021 |
1-12/2021 |
Finland |
787 |
780 |
2,707 |
Rest of
Europe |
45,709 |
41,472 |
168,841 |
North and South
America |
62,922 |
72,370 |
269,247 |
Rest of the world |
851 |
711 |
2,424 |
Total |
110,269 |
115,333 |
443,219 |
QUARTERLY SALES BY BUSINESS
AREA
|
|
|
|
|
|
|
2022 |
2021 |
EUR thousand |
1-3 |
10-12 |
7-9 |
4-6 |
1-3 |
Americas |
61,726 |
68,858 |
57,048 |
67,402 |
71,904 |
Europe |
48,530 |
46,747 |
41,634 |
46,251 |
43,432 |
Unallocated
exchange differences and eliminations |
12 |
-20 |
-28 |
-6 |
-2 |
Total |
110,269 |
115,585 |
98,654 |
113,647 |
115,333 |
QUARTERLY DEVELOPMENT
|
2022 |
2021 |
EUR thousand |
1-3 |
10-12 |
7-9 |
4-6 |
1-3 |
Net sales |
110,269 |
115,585 |
98,654 |
113,647 |
115,333 |
Comparable EBITDA |
3,298 |
8,983 |
4,240 |
15,277 |
18,534 |
as % of net sales |
3.0 |
7.8 |
4.3 |
13.4 |
16.1 |
EBITDA |
3,298 |
8,983 |
4,240 |
15,277 |
18,534 |
as % of net sales |
3.0 |
7.8 |
4.3 |
13.4 |
16.1 |
Items affecting comparability |
− |
− |
− |
− |
− |
Operating profit |
-1,268 |
3,874 |
-842 |
10,317 |
13,592 |
as % of net sales |
-1.2 |
3.4 |
-0.9 |
9.1 |
11.8 |
Net financial items |
-930 |
-1,074 |
-969 |
-1,613 |
3,266 |
Profit before income taxes |
-2,198 |
2,800 |
-1,811 |
8,704 |
16,858 |
as % of net sales |
-2.0 |
2.4 |
-1.8 |
7.7 |
14.6 |
RELATED PARTY INFORMATIONThe related parties of
Suominen include the members of the Board of Directors, President
& CEO and the members of the Executive Team as well as their
family members and their controlled companies. In addition,
shareholders who have a significant influence in Suominen through
share ownership are included in related parties. Suominen has no
associated companies. In its transactions with related parties
Suominen follows the same commercial terms as in transactions with
third parties.
One of Suominen’s share-based plans vested and shares were
transferred to the participants of the plan in February. The
President & CEO received 60,739 shares, and the value of the
shares and portion settled in cash totaled EUR 463 thousand. The
number of the shares transferred to other members of the Executive
Team was 116,755 shares. The value of the shares and the portion
settled in cash was EUR 817 thousand.
CHANGES IN PROPERTY,
PLANT AND
EQUIPMENT,
INTANGIBLE ASSETS AND RIGHT-OF-USE
ASSETS
|
31.3.2022 |
31.3.2021 |
31.12.2021 |
EUR thousand |
Property, plant and
equipment |
Intangible assets |
Property, plant and equipment |
Intangible assets |
Property, plant and equipment |
Intangible assets |
Carrying
amount at the beginning of the period |
115,478 |
13,176 |
104,666 |
16,748 |
104,666 |
16,748 |
Capital
expenditure and increases |
1,508 |
261 |
5,207 |
19 |
17,609 |
162 |
Depreciation,
amortization and impairment losses |
-2,767 |
-955 |
-3,284 |
-861 |
-13,061 |
-3,801 |
Exchange differences and other changes |
2,425 |
22 |
3,461 |
19 |
6,264 |
68 |
Carrying amount at the end of the period |
116,643 |
12,503 |
110,050 |
15,925 |
115,478 |
13,176 |
Goodwill is not included in intangible assets.
|
31.3.2022 |
31.3.2021 |
31.12.2021 |
EUR thousand |
Right-of-use assets |
Right-of-use assets |
Right-of-use assets |
Carrying amount
at the beginning of the period |
15,741 |
17,784 |
17,784 |
Increases |
419 |
91 |
719 |
Disposals and
decreases |
-2 |
-11 |
-103 |
Depreciation,
amortization and impairment losses |
-843 |
-797 |
-3,230 |
Exchange differences and other changes |
150 |
338 |
571 |
Carrying amount at the end of the period |
15,465 |
17,405 |
15,741 |
CHANGES IN INTEREST-BEARING LIABILITIES
EUR thousand |
1-3/2022 |
1-3/2021 |
1-12/2021 |
Total interest-bearing liabilities at the beginning of the
period |
149,134 |
100,293 |
100,293 |
Current liabilities at the beginning of the period |
86,823 |
2,539 |
2,539 |
Repayment of
current liabilities, cash flow items |
-709 |
-638 |
-2,757 |
Increases in
current liabilities, non-cash flow items |
115 |
29 |
309 |
Decreases of
current liabilities, non-cash flow items |
-2 |
-13 |
-67 |
Reclassification from non-current liabilities |
680 |
622 |
86,610 |
Periodization
of debentures to amortized cost, non-cash flow items |
306 |
− |
105 |
Exchange rate difference, non-cash flow item |
37 |
44 |
84 |
Current liabilities at the end of the period |
87,250 |
2,584 |
86,823 |
|
|
|
|
Non-current liabilities at the beginning of the period |
13,167 |
14,892 |
14,892 |
Increases in
non-current liabilities, non-cash flow items |
304 |
68 |
418 |
Decreases of
non-current liabilities, non-cash flow items |
− |
-4 |
-47 |
Reclassification to current liabilities |
-680 |
-622 |
-2,653 |
Exchange rate difference, non-cash flow item |
127 |
308 |
557 |
Non-current liabilities at the end of the period |
12,917 |
14,642 |
13,167 |
|
|
|
|
Non-current debentures at the beginning of the period |
49,144 |
82,862 |
82,862 |
Increases in
debentures |
− |
− |
50,000 |
Periodization
of debentures to amortized cost, non-cash flow items |
37 |
293 |
1,178 |
Tender and
issuance costs of the debentures, cash flow items |
− |
− |
-939 |
Reclassification to current liabilities |
− |
− |
-83,957 |
Non-current debentures at the end of the period |
49,181 |
83,155 |
49,144 |
Total interest-bearing liabilities at the end of the
period |
149,348 |
100,381 |
149,134 |
CONTINGENT LIABILITIES
|
|
|
|
|
EUR thousand |
31.3.2022 |
|
31.3.2021 |
31.12.2021 |
|
|
|
|
|
Other
commitments |
|
|
|
|
Rental
obligations |
83 |
|
124 |
85 |
Contractual
commitments to acquire property, plant and equipment |
1,117 |
|
4,442 |
713 |
Commitments to
leases not yet commenced |
332 |
|
117 |
458 |
|
|
|
|
|
Guarantees |
|
|
|
|
On own
behalf |
3,558 |
|
3,922 |
3,495 |
Other own commitments |
23,466 |
|
31,304 |
24,713 |
Total |
27,025 |
|
35,226 |
28,208 |
NOMINAL AND FAIR VALUES OF DERIVATIVE
INSTRUMENTS
|
31.3.2021 |
31.3.2021 |
31.12.2021 |
EUR thousand |
Nominal value |
Fair value |
Nominalvalue |
Fairvalue |
Nominalvalue |
Fair value |
Currency
forward contracts |
|
|
|
|
|
|
Hedge
accounting not applied |
2,675 |
-17 |
2,729 |
-66 |
1,960 |
-14 |
FINANCIAL ASSETS BY CATEGORY
a. Fair value
through profit or loss |
b. Financial
assets at amortized cost |
c. Financial
assets at fair value through other comprehensive income |
d. Carrying
amounte. Fair value |
|
EUR thousand |
a. |
b. |
c. |
d. |
e. |
Equity
instruments |
− |
− |
421 |
421 |
421 |
Trade
receivables |
− |
66,740 |
− |
66,740 |
66,740 |
Interest and
other financial receivables |
− |
233 |
− |
233 |
233 |
Cash and cash equivalents |
− |
97,046 |
− |
97,046 |
97,046 |
Total 31.3.2022 |
− |
164,019 |
421 |
164,440 |
164,440 |
|
Classification |
EUR thousand |
a. |
b. |
c. |
d. |
e. |
Equity
instruments |
− |
− |
421 |
421 |
421 |
Trade
receivables |
− |
65,495 |
− |
65,495 |
65,495 |
Derivative
receivables |
2 |
− |
− |
2 |
2 |
Interest and
other financial receivables |
− |
259 |
− |
259 |
259 |
Cash and cash equivalents |
− |
101,357 |
− |
101,357 |
101,357 |
Total 31.12.2021 |
2 |
167,111 |
421 |
167,534 |
167,534 |
Principles in estimating fair value of financial assets for 2022
are the same as those used for preparing the consolidated financial
statements for 2021.
FINANCIAL LIABILITIES
|
31.3.2022 |
31.12.2021 |
EUR thousand |
Carrying amount |
Fair value |
Nominal value |
Carrying amount |
Fair value |
Nominal value |
Non-current financial liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
Debentures |
49,181 |
45,765 |
50,000 |
49,144 |
49,125 |
50,000 |
Lease liabilities |
12,917 |
12,917 |
12,917 |
13,167 |
13,167 |
13,167 |
Total
non-current financial liabilities |
62,098 |
58,682 |
62,917 |
62,311 |
62,292 |
63,167 |
|
|
|
|
|
|
|
Current financial liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
Debentures |
84,368 |
85,927 |
85,000 |
84,062 |
86,496 |
85,000 |
Lease
liabilities |
2,882 |
2,882 |
2,882 |
2,761 |
2,761 |
2,761 |
Interest
accruals |
1,661 |
1,661 |
1,661 |
936 |
936 |
936 |
Derivative
liabilities |
17 |
17 |
17 |
15 |
15 |
15 |
Other current
liabilities |
1,017 |
1,017 |
1,017 |
379 |
379 |
379 |
Trade payables |
40,295 |
40,295 |
40,295 |
45,661 |
45,661 |
45,661 |
Total current
financial liabilities |
130,241 |
131,799 |
130,873 |
133,814 |
136,248 |
134,752 |
|
|
|
|
|
|
|
Total |
192,339 |
190,482 |
193,790 |
196,125 |
198,540 |
197,919 |
Principles in estimating fair value for financial liabilities
for 2022 are the same as those used for preparing the consolidated
financial statements for 2021.
FAIR VALUE MEASUREMENT HIERARCHY
EUR thousands |
Level 1 |
Level 2 |
Level 3 |
Equity instruments |
− |
− |
421 |
Total |
− |
− |
421 |
|
|
|
|
Derivatives at
fair value |
|
|
|
Currency derivatives, liabilities |
− |
-17 |
− |
Total |
− |
-17 |
− |
Principles in estimating fair value of financial assets and
their hierarchies for 2022 are the same as those used for preparing
the consolidated financial statements for 2021.
There were no transfers in the fair value measurement hierarchy
levels during the reporting period.
SUOMINEN CORPORATION Board of DirectorsFor additional
information, please contact:Petri Helsky, President & CEO, tel.
+358 10 214 3080Toni Tamminen, CFO, tel. +358 10 214 3051
Suominen manufactures nonwovens as roll goods for wipes and
other applications. Our vision is to be the frontrunner for
nonwovens innovation and sustainability. The end products made of
Suominen’s nonwovens are present in people’s daily life worldwide.
Suominen’s net sales in 2021 were EUR 443.2 million and we have
over 700 professionals working in Europe and in the Americas.
Suominen’s shares are listed on Nasdaq Helsinki. Read more at
www.suominen.fi.Distribution:Nasdaq HelsinkiMain
mediawww.suominen.fi
- Suominen Corporation Interim report Q1 2022
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