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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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Suominen Oyj
Suominen Oyj

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

1-3/

1-3/

1-12/

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 SALES

In 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 RESULT

EBITDA (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.

FINANCING

The 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 EXPENDITURE

The 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 CAPITAL

Share 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 price

The 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 shares

On 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 shares

The 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 employees

The 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 MEETING

The 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 Directors

The 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 ENVIRONMENT

Suominen’s nonwovens are, for the most part, used in daily consumer goods, such as wet wipes as well as in hygiene and medical products. In these target markets of Suominen, the general economic situation determines the development of consumer demand, even though the demand for consumer goods is not very cyclical in nature. North America and Europe are the largest market areas for Suominen. 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 2022

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.

CORPORATE GOVERNANCE STATEMENT AND REMUNERATION REPORT

Suominen has prepared a separate Corporate Governance Statement and a Remuneration Report for
2021, which comply with the recommendations of the Finnish Corporate Governance Code for listed
companies. 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 REPORT

Suominen Corporation will publish its Half Year Report 2022 on August 9, 2022 approximately at 9:30 a.m. (EEST).

SUOMINEN GROUP 1.1–31.3.2022

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.

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 MEASURES

Key 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 INFORMATION

The 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

Nominal
value

Fair
value

Nominal
value

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 amount
e. 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 Directors


For additional information, please contact:
Petri Helsky, President & CEO, tel. +358 10 214 3080
Toni 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 Helsinki
Main media
www.suominen.fi

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