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Suominen Corporation’s Interim Report for January 1 – March 31, 2023: Challenging start for the year, despite market uncertainty outlook unchanged

Suominen Corporation
Suominen Corporation

Suominen Corporation’s Interim Report on May 4, 2023 at 9:30 a.m. (EEST)

Suominen Corporation’s Interim Report for January 1 – March 31, 2023:
Challenging start for the year, despite market uncertainty outlook unchanged

 

1-3/

1-3/

1-12/

KEY FIGURES

2023

2022

2022

Net sales, EUR million

116.8

110.3

493.3

Comparable EBITDA, EUR million

2.6

3.3

15.3

Comparable EBITDA, %

2.3

3.0

3.1

EBITDA, EUR million

2.6

3.3

14.3

EBITDA, %

2.3

3.0

2.9

Comparable operating profit, EUR million

-2.0

-1.3

-4.2

Comparable operating profit, %

-1.7

-1.2

-0.8

Operating profit, EUR million

-2.1

-1.3

-9.0

Operating profit, %

-1.8

-1.2

-1.8

Profit for the period, EUR million

-3.9

-2.3

-13.9

Cash flow from operations, EUR million

3.3

-2.7

14.0

Cash flow from operations per share, EUR

0.06

-0.05

0.24

Earnings per share, basic, EUR

-0.07

-0.04

-0.24

Return on invested capital, rolling 12 months, %

-4.7

6.1

-4.2

Gearing, %

39.1

35.0

37.4

In this financial report, figures shown in brackets refer to the comparison period last year if not otherwise stated.

January–March 2023 in brief:

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  • Net sales increased by 6% and amounted to EUR 116.8 million (110.3)

  • Comparable EBITDA declined to EUR 2.6 million (3.3)

  • Cash flow from operations was EUR 3.3 million (-2.7)

Outlook for 2023

Suominen expects that its comparable EBITDA (earnings before interest, taxes, depreciation and amortization) in 2023 will increase from 2022. In 2022, Suominen’s comparable EBITDA was EUR 15.3 million.

Tommi Björnman, President & CEO:

“For Suominen the beginning of 2023 has been challenging. Even though the raw material prices started to decline in the first quarter of 2023, they are still significantly higher than in the comparison period. Our net sales were EUR 116.8 million (110.3) in the first quarter. Sales prices increased and sales volumes were at the same level as in the comparison period despite the strikes in the Finnish ports and at our Mozzate plant in Italy.

Our quarterly EBITDA declined to EUR 2.6 million (3.3). Our raw material costs increased more than the sales prices which react to the cost increases with a lag due to our price mechanism.

In January 2023 we started a consultation procedure regarding a plan to permanently close manufacturing at our Mozzate plant in Italy. The consultation procedure has now been concluded and the production at Mozzate ended in April 2023.

As the frontrunner in sustainable nonwovens Suominen organized a Sustainability & New Fiber Seminar in Nakkila at end of February 2023. The Seminar gathered around fifty participants from across the nonwoven production value chain and received excellent feedback. Our innovation and sustainability work was also recognized as our HYDRASPUN® Circula won EDANA’s INDEX™23 Award at INDEX™23 exhibition showcasing how innovation and sustainability are driving the nonwovens industry forward.

The near future continues to look challenging and the competition is fierce. The market remains unstable, and the same applies to raw material, energy and freight costs. However, we are more optimistic about the second half of the year. The raw material prices declined in Q1/2023 from the previous quarter (Q4/2022) and we are seeing signs that the raw material prices remain close to Q1/2023 level in the foreseeable future. It remains to be seen how the current economic climate impacts the end consumer demand and consumer preferences regarding wipes. Historically, the wipes market has been rather steady despite the general economic situation. All in all, we expect that our comparable EBITDA in 2023 will increase from 2022.

I am happy to join Suominen and work together with the team to repositioning the company toward a profitable growth journey.”

NET SALES

In January–March 2023, Suominen’s net sales increased by 6% from the comparison period to EUR 116.8 million (110.3). Sales volumes were on the same level as in Q1/2022 despite the strikes in the Finnish ports and at our Mozzate plant in Italy. Sales prices increased following the higher raw material prices. Currencies impacted net sales positively by EUR 3.4 million.

Suominen has two business areas, Americas and Europe. Net sales of the Americas business area were EUR 75.0 million (61.7) and net sales of the Europe business area were EUR 41.8 million (48.5).


EBITDA, OPERATING PROFIT AND RESULT

EBITDA (earnings before interest, taxes, depreciation and amortization) declined to EUR 2.6 million (3.3). Our raw material costs increased more than the sales prices which react to the cost increases with a lag due to our price mechanism. The positive impact from currencies on EBITDA was EUR 0.1 million.

Comparable operating profit decreased to EUR -2.0 million (-1.3). Operating profit was EUR -2.1 million (-1.3). Items affecting comparability were EUR -0.1 million, consisting of impairment of assets in Italy related to the planned closure of Mozzate production.

Result before income taxes was EUR -3.6 million (-2.2), and result for the reporting period was EUR -3.9 million (-2.3).


FINANCING

The Group’s net interest-bearing liabilities at nominal value amounted to EUR 54.8 million (53.8) at the end of the review period. The gearing ratio was 39.1% (35.0%) and the equity ratio 42.5% (39.8%).

In January–March, net financial expenses were EUR -1.5 million (-0.9), or -1.3% (-0.8%) of net sales. Fluctuations in exchange rates increased the net financial items by EUR 0.3 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 3.3 million (-2.7), representing a cash flow per share of EUR 0.06 (-0.05). The improvement in the cash flow from operations was mainly due to the change in net in working capital, as EUR 3.1 million was released from the working capital (in Q1 2022: tied up additional EUR 4.3 million).

CAPITAL EXPENDITURE

The gross capital expenditure totaled EUR 1.5 million (1.8) and was mainly related to normal maintenance investments as well as to the upgrading of one of the production lines in Nakkila, Finland.

Depreciation, amortization for the review period amounted to EUR 4.6 million (4.6) and impairment losses EUR 0.1 million.


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 two LTA’s occurred at Suominen sites.

The employee-manager performance and development discussions, conducted in February–March, covered 97% of the white-collar employees. We continue implementing a globally harmonized 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.

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. 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 2022 published on March 9, 2023 we reported on the progress of our sustainability performance. Our sustainability reporting in 2022 was done in accordance with the GRI standards 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, 2023, 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, 2023 was 346,667 shares, accounting for 0.6% of the average number of shares (excluding treasury shares). The highest price was EUR 3.34, the lowest EUR 2.83 and the volume-weighted average price EUR 3.09. The closing price at the end of review period was EUR 3.03. The market capitalization (excluding treasury shares) was EUR 174.7 million on March 31, 2023.

Treasury shares

On March 31, 2023, Suominen Corporation held 588,709 treasury shares. As a share-based payment plan vested, in total 189,783 shares were transferred to the participants of the plan in February.

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 April 3, 2023 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 2023 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 2021–2023, 2022–2024 and 2023–2025. 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

2021–2023

2022–2024

2023–2025

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 2024

Will be paid partly in Suominen shares and partly in cash in spring 2025

Will be paid partly in Suominen shares and partly in cash in spring 2026

Participants

16 people

22 people

24 people

Maximum number of shares

284,500

262,500

778,500


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.

NOTIFICATIONS UNDER CHAPTER 9, SECTION 5 OF THE SECURITIES MARKET ACT

During the review period Suominen received no notifications under Chapter 9, Section 5 of the Securities Market Act.

CHANGES IN THE EXECUTIVE TEAM

Suominen announced on March 30, 2023 that Tommi Björnman will start as the President & CEO on April 1, 2023.

Suominen announced on March 6, 2023 that Janne Silonsaari was appointed as the CFO and a member of the Executive Team. He will start latest in June 2023.


SHORT TERM RISKS AND UNCERTAINTIES

Regarding the war in Ukraine, the direct impact to Suominen’s business is minor as we have no customers nor suppliers in Russia, Belarus or Ukraine. Suominen as a company is mostly affected by the indirect economic impacts of the war.

Suominen’s other risks and uncertainties include but are not limited to: risks related to manufacturing, competition, raw material prices and availability, 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 2022 at suominen.fi/investors.

BUSINESS ENVIRONMENT

Suominen’s nonwovens are, for the most part, used in daily consumer goods, such as 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 near future continues to look challenging and the competition is fierce. The market remains unstable, and the same applies to raw material, energy and freight costs. However, we are more optimistic about the second half of the year. The raw material prices declined in Q1/2023 from the previous quarter (Q4/2022) and we are seeing signs that the raw material prices remain close to Q1/2023 level in the foreseeable future. It remains to be seen how the current economic climate impacts the end consumer demand and consumer preferences regarding wipes. Historically, the wipes market has been rather steady despite the general economic situation.

OUTLOOK FOR 2023

Suominen expects that its comparable EBITDA (earnings before interest, taxes, depreciation and amortization) in 2023 will increase from 2022. In 2022, Suominen’s comparable EBITDA was EUR 15.3 million.

EVENTS AFTER THE REPORTING PERIOD

Suominen has completed the consultation procedure concerning its plan to permanently close manufacturing at its Mozzate plant in Italy (April 14, 2023)

Suominen announced on January 10, 2023 that it will start consultation with local trade unions regarding a plan to permanently close manufacturing at its Mozzate plant. According to the plan, the production would end during the second quarter of 2023.

Suominen has now completed the consultation procedure. Following the completion of the process, Suominen will move forward with its plan which will lead to closure of manufacturing and termination of employment of 54 employees in Mozzate.

The terminations will incur an approximately EUR 2.3 million one-off expense that will be recognized in the second quarter of 2023.

Annual General Meeting (April 3, 2023)

The AGM adopted the Financial Statements and the Consolidated Financial Statements for the financial year 2022 and discharged the members of the Board of Directors and the President & CEO from liability for the financial year 2022. The AGM approved the Remuneration Report for the governing bodies. The AGM also approved the amendment of the company’s Articles of Association in such a way that it enables the organization of General Meetings in the future also entirely without a meeting venue as a remote meeting.

The AGM decided, in accordance with the proposal by the Board of Directors, that a dividend of EUR 0.10 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. Aaron Barsness, Mr. Björn Borgman, Mr. Jaakko Eskola, Ms. Nina Linander were re-elected as members of the Board. Ms. Laura Remes 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 April 3, 2023 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 14, 2023 Suominen paid out dividends in total of EUR 5.8 million for 2022, corresponding to EUR 0.10 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 was re-elected as member. Laura Remes was elected as a new member. Jaakko Eskola was re-elected as the Chair of the Personnel and Remuneration Committee and Björn Borgman and Aaron Barsness were re-elected as members.

Authorizations of the Board of Directors

The AGM 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, 2024 and it revokes all earlier authorizations to repurchase company’s own shares.

The AGM 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, 2024.

CORPORATE GOVERNANCE STATEMENT AND REMUNERATION REPORT

Suominen has prepared a separate Corporate Governance Statement and a Remuneration Report for 2022, 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

Tommi Björnman, President & CEO, and Sirpa Koskinen, Interim CFO, will present the result in English in an audiocast and a conference call for analyst, investors, and media on May 4, 2023 at 11:00 a.m. (EEST). The audiocast can be followed at https://suominen.videosync.fi/2023-q1/. The recording of the audiocast and the presentation material will be available after the event at www.suominen.fi.

Conference call participants can access the teleconference by registering at https://palvelu.flik.fi/teleconference/?id=10010545. The phone numbers and a conference ID to access the conference will be provided after the registration.

NEXT FINANCIAL REPORT

Suominen Corporation will publish its Half Year Report 2023 on August 9, 2023 approximately at 9:30 a.m. (EEST).

SUOMINEN GROUP 1.1–31.3.2023

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 2022, with the exception of the effect of the new accounting standards and interpretations which have been applied from January 1, 2023.

The new or amended standards or interpretations applicable from January 1, 2023 are not material for Suominen Group.

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

EUR thousand

31.3.2023

31.3.2022

31.12.2022

Assets

 

 

 

Non-current assets

 

 

 

Goodwill

15,496

15,496

15,496

Intangible assets

8,798

12,503

9,709

Property, plant and equipment

113,232

116,643

116,195

Right-of-use assets

12,322

15,465

11,902

Equity instruments

421

421

421

Other non-current receivables

73

101

93

Deferred tax assets

544

1,665

693

Total non-current assets

150,886

162,295

154,510

 

 

 

 

Current assets

 

 

 

Inventories

55,385

49,005

63,261

Trade receivables

63,172

66,740

66,648

Other current receivables

9,442

9,007

8,857

Assets for current tax

1,108

2,439

662

Cash and cash equivalents

49,681

97,046

49,508

Total current assets

178,788

224,237

188,935

 

 

 

 

Total assets

329,674

386,532

343,445

 

 

 

 

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

75,692

75,692

Fair value and other reserves

265

80

265

Exchange differences

1,156

-680

2,678

Retained earnings

26,476

41,871

30,740

Total equity attributable to owners of the parent

140,131

153,504

145,916

 

 

 

 

Liabilities

 

 

 

Non-current liabilities

 

 

 

Deferred tax liabilities

10,867

13,421

11,730

Liabilities from defined benefit plans

397

596

424

Non-current provisions

1,970

1,948

1,950

Non-current lease liabilities

11,440

12,917

11,215

Other non-current liabilities

1

Debentures

49,333

49,181

49,295

Total non-current liabilities

74,007

78,064

74,614

 

 

 

 

Current liabilities

 

 

 

Current lease liabilities

3,068

2,882

2,855

Other current interest-bearing liabilities

40,000

40,000

Debentures

84,368

Liabilities for current tax

371

729

289

Trade payables and other current liabilities

72,098

66,985

79,771

Total current liabilities

115,536

154,964

122,915

 

 

 

 

Total liabilities

189,543

233,028

197,529

 

 

 

 

Total equity and liabilities

329,674

386,532

343,445

CONSOLIDATED STATEMENT OF PROFIT OR LOSS

EUR thousand

1-3/2023

1-3/2022

1-12/2022

Net sales

116,793

110,269

493,298

Cost of goods sold

-111,939

-103,687

-474,718

Gross profit

4,854

6,582

18,579

Other operating income

1,101

315

5,739

Sales, marketing and administration expenses

-7,337

-7,255

-28,932

Research and development expenses

-880

-795

-3,503

Other operating expenses

169

-116

-841

Operating profit

-2,093

-1,268

-8,958

Net financial expenses

-1,537

-930

-2,923

Profit before income taxes

-3,630

-2,198

-11,881

Income taxes

-319

-138

-1,983

Profit for the period

-3,949

-2,336

-13,863

 

 

 

 

Earnings per share, EUR

 

 

 

Basic

-0.07

-0.04

-0.24

Diluted

-0.07

-0.04

-0.24

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

EUR thousand

1-3/2023

1-3/2022

1-12/2022

 

 

 

 

Profit for the period

-3,949

-2,336

-13,863

 

 

 

 

Other comprehensive income:

 

 

 

Other comprehensive income that will be subsequently reclassified to profit or loss

 

 

 

Exchange differences

-1,757

5,103

8,873

Income taxes related to other comprehensive income

234

-206

-618

Total

-1,522

4,897

8,255

Other comprehensive income that will not be subsequently reclassified to profit or loss

 

 

 

Remeasurements of defined benefit plans

137

Income taxes related to other comprehensive income

-125

Total

12

 

 

 

 

Total other comprehensive income

-1,522

4,897

8,267

 

 

 

 

Total comprehensive income for the period

-5,472

2,561

-5,596

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

2,678

Profit for the period

Other comprehensive income

-1,522

Total comprehensive income

-1,522

Share-based payments

Equity 31.3.2023

11,860

24,681

75,692

1,156


EUR thousand

Fair value and other reserves

Retained earnings

Total equity attributable to owners of the parent

Equity 1.1.2022

265

30,740

145,916

Profit for the period

-3,949

-3,949

Other comprehensive income

-1,522

Total comprehensive income

-3,949

-5,472

Share-based payments

-314

-314

Equity 31.3.2023

265

26,476

140,131


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

Exchange differences

Equity 1.1.2022

11,860

24,681

75,692

-5,577

Profit for the period

Other comprehensive income

8,255

Total comprehensive income

8,255

Distribution of dividend

Share-based payments

Acquisition of treasury shares

Conveyance of treasury shares

Transfers

Equity 31.12.2022

11,860

24,681

75,692

2,678


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

-13,863

-13,863

Other comprehensive income

12

8,267

Total comprehensive income

-13,851

-5,596

Distribution of dividend

-11,492

-11,492

Share-based payments

106

106

Acquisition of treasury shares

-352

-352

Conveyance of treasury shares

52

52

Transfers

272

-272

Equity 31.12.2022

265

30,740

145,916

CONSOLIDATED STATEMENT OF CASH FLOWS

EUR thousand

1-3/2023

1-3/2022

1-12/2022

 

 

 

 

Cash flow from operations

 

 

 

Profit for the period

-3,949

-2,336

-13,863

 

Total adjustments to profit for the period

6,229

5,276

28,037

 

Cash flow before changes in net working capital

2,279

2,941

14,174

 

Change in net working capital

3,080

-4,313

7,753

 

Financial items

-1,131

-466

-4,745

 

Income taxes

-958

-840

-3,156

 

Cash flow from operations

3,269

-2,679

14,027

 

 

 

 

 

 

Cash flow from investments

 

 

 

 

Investments in property, plant and equipment and intangible assets

-1,864

-2,235

-9,764

 

Sales proceeds from property, plant and equipment and intangible assets

28

30

 

Cash flow from investments

-1,836

-2,235

-9,734

 

 

 

 

 

 

Cash flow from financing

 

 

 

 

Drawdown of current interest-bearing liabilities

120,000

40,000

 

Repayment of non-current interest-bearing liabilities

-85,000

 

Repayment of current interest-bearing liabilities

-120,780

-709

-3,003

 

Acquisition of treasury shares

-379

-379

 

Dividends paid

-11,492

 

Cash flow from financing

-780

-1,088

-59,875

 

 

 

 

 

 

Change in cash and cash equivalents

653

-6,002

-55,582

 

 

 

 

 

 

Cash and cash equivalents at the beginning of the period

49,508

101,357

101,357

 

Effect of changes in exchange rates

-479

1,691

3,732

 

Change in cash and cash equivalents

653

-6,002

-55,582

 

Cash and cash equivalents at the end of the period

49,681

97,046

49,508

 

KEY RATIOS

 

1-3/
2023

1-3/
2022

1-12/
2022

Change in net sales, % *

5.9

-4.4

11.3

Gross profit, as percentage of net sales, %

4.2

6.0

3.8

Comparable EBITDA, as percentage of net sales, %

2.3

3.0

3.1

EBITDA, as percentage of net sales, %

2.3

3.0

2.9

Comparable operating profit, as percentage of net sales, %

-1.7

-1.2

-0.8

Operating profit, as percentage of net sales, %

-1.8

-1.2

-1.8

Net financial items, as percentage of net sales, %

-1.3

-0.8

-0.6

Profit before income taxes, as percentage of net sales, %

-3.1

-2.0

-2.4

Profit for the period, as percentage of net sales, %

-3.4

-2.1

-2.8

Gross capital expenditure, EUR thousand

1,538

1,768

9,713

Depreciation, amortization and impairment losses, EUR thousand

4,741

4,566

23,245

Return on equity, rolling 12 months, %

-10.1

2.9

-8.8

Return on invested capital, rolling 12 months, %

-4.7

6.1

-4.2

Equity ratio, %

42.5

39.8

42.5

Gearing, %

39.1

35.0

37.4

Average number of personnel (FTE - full time equivalent)

714

710

707

Earnings per share, EUR, basic

-0.07

-0.04

-0.24

Earnings per share, EUR, diluted

-0.07

-0.04

-0.24

Cash flow from operations per share, EUR

0.06

-0.05

0.24

Equity per share, EUR

2.43

2.67

2.54

Number of shares, end of period, excluding treasury shares

57,670,510

57,462,142

57,480,727

Share price, end of period, EUR

3.03

3.55

3.00

Share price, period low, EUR

2.83

3.02

2.36

Share price, period high, EUR

3.34

5.27

5.27

Volume weighted average price during the period, EUR

3.09

3.85

3.57

Market capitalization, EUR million

174.7

204.0

172.4

Number of traded shares during the period

346,667

7,195,433

10,902,032

Number of traded shares during the period, % of average number of shares

0.6

12.6

19.0

* Compared with the corresponding period in the previous year.

 

31.3.2023

31.3.2022

31.12.2022

Interest-bearing net debt, EUR thousands

 

 

 

Non-current interest-bearing liabilities, nominal value

61,440

62,917

61,215

Current interest-bearing liabilities, nominal value

43,068

87,882

42,855

Interest-bearing receivables and cash and cash equivalents

-49,681

-97,046

-49,508

Interest-bearing net debt

54,826

53,753

54,562

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 2022. The link between the components of the alternative performance measures and the consolidated financial statements is presented in Suominen’s Annual Report for 2022.

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

 

31.3.2023

31.3.2022

31.12.2022

Profit for the period

 

-3,949

-2,336

-13,863

 

 

 

 

 

 

 

 

 

 

Average share-issue adjusted number of shares

 

57,554,532

57,323,494

57,439,615

Average diluted share-issue adjusted number of shares excluding treasury shares

 

57,680,202

57,419,946

57,533,196

 

 

 

 

 

Earnings per share

 

 

 

 

 

 

 

 

 

EUR

 

 

 

 

Basic

 

-0.07

-0.04

-0.24

Diluted

 

-0.07

-0.04

-0.24

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

 


 

 

31.3.2023

31.3.2022

31.12.2022

Cash flow from operations, EUR thousand

 

3,269

-2,679

14,027

Share-issue adjusted number of shares excluding treasury shares, end of reporting period

 

57,670,510

57,462,142

57,480,727

Cash flow from operations per share, EUR

 

0.06

-0.05

0.24

        

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

 

 

 

31.3.2023

31.3.2022

31.12.2022

Total equity attributable to owners of the parent, EUR thousand

 

140,131

153,504

145,916

Share-issue adjusted number of shares excluding treasury shares, end of reporting period

 

57,670,510

57,462,142

57,480,727

Equity per share, EUR

 

2.43

2.67

2.54

Market capitalization

Market capitalization

=

Number of shares at the end of reporting period excluding treasury shares x share price at the end of period


 

 

31.3.2023

31.3.2022

31.12.2022

Number of shares at the end of reporting period excluding treasury shares

 

57,670,510

57,462,142

57,480,727

Share price at end of the period, EUR

3.03

3.55

3.00

Market capitalization, EUR million

 

174.7

204.0

172.4

Share turnover

Share turnover

=

The proportion of number of shares traded during the period to weighted average number of shares excluding treasury shares


 

 

31.3.2023

31.3.2022

31.12.2022

Number of shares traded during the period

 

346,667

7,195,433

10,902,032

Average number of shares excluding treasury shares

57,554,532

57,323,494

57,439,615

Share turnover, %

 

0.6

12.6

19.0

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.

Comparable EBIT

EUR thousand

 

31.3.2023

31.3.2022

31.12.2022

Operating profit

 

-2,093

-1,268

-8,958

+ Impairment losses of property, plant and equipment, affecting comparability of result

 

2,288

+ Impairment losses of right-of-use assets, affecting comparability of result

 

108

1,536

+ Impairment losses of inventories, affecting comparability of result

 

971

Comparable operating profit

 

-1,985

-1,268

-4,163

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

EBITDA

 

 

 

 

 

 

 

 

 

EUR thousand

 

31.3.2023

31.3.2022

31.12.2022

Operating profit

 

-2,093

-1,268

-8,958

+ Depreciation, amortization and impairment losses

4 741

4,566

23,245

EBITDA

 

2,648

3,298

14,287



Comparable EBITDA

 

 

 

 

EBITDA

 

2,648

3,298

14,287

+ Impairment losses of inventories, affecting comparability of result

 

971

Comparable EBITDA

 

2,648

3,298

15,257

Gross capital expenditure

EUR thousand

 

31.3.2023

31.3.2022

31.12.2022

Increases in intangible assets

 

49

261

438

Increases in property, plant and equipment

1,489

1,508

9,275

Gross capital expenditure

 

1,538

1,768

9,713

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

 

31.3.2023

31.3.2022

31.12.2022

Interest-bearing liabilities

 

103,841

149,348

103,365

Tender and issuance costs of the debentures

 

667

1,451

705

Cash and cash equivalents

-49 681

-97,046

-49,508

Interest-bearing net debt

 

54,826

53,753

54,562

 

 

 

 

 

Interest-bearing liabilities

 

103,841

149,348

103,365

Tender and issuance costs of the debentures

 

667

1,451

705

Nominal value of interest-bearing liabilities

 

104,508

150,799

104,069

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

 

31.3.2023

31.3.2022

31.12.2022

Profit for the reporting period (rolling 12 months)

 

-15,477

4,625

-13,863

 

 

 

 

 

Total equity attributable to owners of the parent 31.3.2022 / 31.3.2021 / 31.12.2021

 

153,504

152,227

163,199

Total equity attributable to owners of the parent 30.6.2022 / 30.6.2021 / 31.3.2022

 

158,098

159,386

153,504

Total equity attributable to owners of the parent 30.9.2022 / 30.9.2021 / 30.6.2022

 

165,188

159,682

158,098

Total equity attributable to owners of the parent 31.12.2022 / 31.12.2021 / 30.9.2022

 

145,916

163,199

165,188

Total equity attributable to owners of the parent 31.3.2023 / 31.3.2022 / 31.12.2022

 

140,131

153,504

145,916

Average

 

152,567

157,600

157,181

 

 

 

 

 

Return on equity (ROE), %

 

-10.1

2.9

-8.8

Invested capital

Invested capital

=

Total equity + interest-bearing liabilities – cash and cash equivalents


EUR thousand

 

31.3.2023

31.3.2022

31.12.2022

Total equity attributable to owners of the parent

 

140,131

153,504

145,916

Interest-bearing liabilities

 

103,841

149,348

103,365

Cash and cash equivalents

-49,681

-97,046

-49,508

Invested capital

 

194,290

205,806

199,773

Return on invested capital (ROI), %

Return on invested capital (ROI), %

=

Operating profit (rolling 12 months) x 100

 

 

Invested capital, quarterly average


EUR thousand

 

31.3.2023

31.3.2022

31.12.2022

Operating profit (rolling 12 months)

 

-9,783

12,081

-8,958

 

 

 

 

 

Invested capital 31.3.2022 / 31.3.2021 / 31.12.2021

 

205,806

170,609

210,975

Invested capital 30.6.2022 / 30.6.2021 / 31.3.2022

 

210,561

192,651

205,806

Invested capital 30.9.2022 / 30.9.2021 / 30.6.2022

 

230,264

205,786

210,561

Invested capital 31.12.2022 / 31.12.2021 / 30.9.2022

 

199,773

210,975

230,264

Invested capital 31.3.2023 / 31.3.2022 / 31.12.2022

 

194,290

205,806

199,773

Average

 

208,139

197,165

211,476

 

 

 

 

 

Return on invested capital (ROI), %

 

-4.7

6.1

-4.2

Equity ratio, %

Equity ratio, %

=

Total equity attributable to owners of the parent x 100

 

 

 

Total assets - advances received

 


EUR thousand

 

31.3.2023

31.3.2022

31.12.2022

Total equity attributable to owners of the parent

 

140,131

153,504

145,916

 

 

 

 

 

Total assets

 

329,674

386,532

343,445

Advances received

 

-215

-788

-74

 

 

329,458

385,744

343,371

 

 

 

 

 

Equity ratio, %

 

42.5

39.8

42.5

Gearing, %

Gearing, %

=

Interest-bearing net debt x 100

 

 

 

Total equity attributable to owners of the parent


EUR thousand

 

31.3.2023

31.3.2022

31.12.2022

Interest-bearing net debt

 

54,826

53,753

54,562

Total equity attributable to owners of the parent

 

140,131

153,504

145,916

Gearing, %

 

39.1

35.0

37.4

NET SALES BY GEOGRAPHICAL MARKET AREA

EUR thousand

1-3/2023

1-3/2022

1-12/2022

Finland

848

787

3,522

Rest of Europe

40,174

45,709

193,673

North and South America

75,584

62,922

294,367

Rest of the world

187

851

1,736

Total

116,793

110,269

493,298

QUARTERLY SALES BY BUSINESS AREA

 

2023

2022

EUR thousand

1-3

10-12

7-9

4-6

1-3

Americas

75,044

81,714

80,308

64,226

61,726

Europe

41,756

51,401

51,701

53,819

48,530

Unallocated exchange differences and eliminations

-8

-43

-72

-26

12

Total

116,793

133,072

131,937

118,019

110,269

QUARTERLY DEVELOPMENT

 

2023

2022

EUR thousand

1-3

10-12

7-9

4-6

1-3

Net sales

116,793

133,072

131,937

118,019

110,269

Comparable EBITDA

2,648

4,973

5,124

1,863

3,298

as % of net sales

2.3

3.7

3.9

1.6

3.0

Items affecting comparability

-971

EBITDA

2,648

4,003

5,124

1,863

3,298

as % of net sales

2.3

3.0

3.9

1.6

3.0

 

 

 

 

 

 

Comparable operating profit

-1,985

-194

202

-2,903

-1,268

as % of net sales

-1.7

-0.1

0.2

-2.5

-1.2

 

 

 

 

 

 

Items affecting comparability

-108

-4,795

Operating profit

-2,093

-4,989

202

-2,903

-1,268

as % of net sales

-1.8

-3.7

0.2

-2.5

-1.2

Net financial items

-1,537

-2,639

-78

723

-930

Profit before income taxes

-3,630

-7,628

125

-2,180

-2,198

as % of net sales

-3.1

-5.7

0.1

-1.8

-2.0

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 number of the shares transferred to the members of the Executive Team was 91,443 shares. The value of the shares and the portion settled in cash was EUR 552 thousand.

CHANGES IN PROPERTY, PLANT AND EQUIPMENT, INTANGIBLE ASSETS AND RIGHT-OF-USE ASSETS

 

31.3.2023

31.3.2022

31.12.2022

EUR thousand

Property, plant and equip.

Intangible assets

Property, plant and equip.

Intangible assets

Property, plant and equip.

Intangible assets

Carrying amount at the beginning of the period

116,195

9,709

115,478

13,176

115,478

13,176

Capital expenditure and increases

1,489

49

1,508

261

9,275

438

Disposals and decreases

Depreciation, amortization and impairment losses

-2,969

-958

-2,767

-955

-14,393

-3,869

Exchange differences and other changes

-1,483

-2

2,425

22

5,835

-36

Carrying amount at the end of the period

113,232

8,798

116,643

12,503

116,195

9,709


Goodwill is not included in intangible assets.

 

31.3.2023

31.3.2022

31.12.2022

EUR thousand

Right-of-use assets

Right-of-use assets

Right-of-use assets

Carrying amount at the beginning of the period

11,902

15,741

15,741

Increases

1,352

419

705

Disposals and decreases

-5

-2

-27

Depreciation, amortization and impairment losses

-814

-843

-4,983

Exchange differences and other changes

-113

150

466

Carrying amount at the end of the period

12,322

15,465

11,902


CHANGES IN INTEREST-BEARING LIABILITIES

EUR thousand

1-3/2023

1-3/2022

1-12/2022

Total interest-bearing liabilities at the beginning of the period

103,365

149,134

149,134

Current liabilities at the beginning of the period

42,855

86,823

86,823

Repayment of current liabilities, cash flow items

-120,780

-709

-88,003

Drawdown of current liabilities, cash flow items

120,000

40,000

Increases in current liabilities, non-cash flow items

311

115

260

Decreases of current liabilities, non-cash flow items

-3

-2

-15

Reclassification from non-current liabilities

710

680

2,770

Periodization of debentures to amortized cost, non-cash flow items

306

938

Exchange rate difference, non-cash flow item

-25

37

83

Current liabilities at the end of the period

43,068

87,250

42,855

 

 

 

 

Non-current liabilities at the beginning of the period

11,215

13,167

13,167

Increases in non-current liabilities, non-cash flow items

1,041

304

445

Decreases of non-current liabilities, non-cash flow items

-2

-12

Reclassification to current liabilities

-710

-680

-2,770

Exchange rate difference, non-cash flow item

-104

127

385

Non-current liabilities at the end of the period

11,440

12,917

11,215

 

 

 

 

Non-current debentures at the beginning of the period

49,295

49,144

49,144

Periodization of debentures to amortized cost, non-cash flow items

38

37

151

Non-current debentures at the end of the period

49,333

49,181

49,295

Total interest-bearing liabilities at the end of the period

103,841

149,348

103,365

CONTINGENT LIABILITIES

 

 

 

 

 

EUR thousand

31.3.2023

 

31.3.2022

31.12.2022

 

 

 

 

 

Other commitments

 

 

 

 

Rental obligations

88

 

83

98

Contractual commitments to acquire property, plant and equipment

2,507

 

1,117

2,641

Commitments to leases not yet commenced

297

 

332

429

 

 

 

 

 

Guarantees

 

 

 

 

On own behalf

3,049

 

3,558

3,102

Other own commitments

24,117

 

23,466

16,755

Total

27,167

 

27,025

19,857

NOMINAL AND FAIR VALUES OF DERIVATIVE INSTRUMENTS

 

31.3.2023

31.3.2022

31.12.2022

EUR thousand

Nominal value

Fair
value

Nominal
value

Fair
value

Nominal
value

Fair
value

Currency forward contracts

 

 

 

 

 

 

Hedge accounting not applied

2,675

-17

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

 


 

Classification

EUR thousand

a.

b.

c.

d.

e.

Equity instruments

421

421

421

Trade receivables

63,172

63,172

63,172

Interest and other financial receivables

301

301

301

Cash and cash equivalents

49,681

49,681

49,681

Total 31.3.2023

113,154

421

113,575

113,575


 

 

 

Classification

 

EUR thousand

a.

b.

c.

d.

e.

 

 

Equity instruments

421

421

421

 

 

Trade receivables

66,648

66,648

66,648

 

 

Interest and other financial receivables

334

334

334

 

 

Cash and cash equivalents

49,508

49,508

49,508

 

 

Total 31.12.2022

116,490

421

116,911

116,911

 

 

Principles in estimating fair value of financial assets for 2023 are the same as those used for preparing the consolidated financial statements for 2022.

FINANCIAL LIABILITIES

 

31.3.2023

31.12.2022

 

 

 

 

 

 

 

EUR thousand

Carrying amount

Fair value

Nominal value

Carrying amount

Fair value

Nominal value

Non-current financial liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

Debentures

49,333

40,125

50,000

49,295

39,425

50,000

Lease liabilities

11,440

11,440

11,440

11,215

11,215

11,215

Total non-current financial liabilities

60,773

51,565

61,440

60,510

50,640

61,215

 

 

 

 

 

 

 

Current financial liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

Current loans from financial institutions

40,000

40,000

40,000

40,000

40,000

40,000

Lease liabilities

3,068

3,068

3,068

2,855

2,855

2,855

Interest accruals

788

788

788

734

734

734

Other current liabilities

459

459

459

353

353

353

Trade payables

57,077

57,077

57,077

64,565

64,565

64,565

Total current financial liabilities

101,392

101,392

101,392

108,506

108,506

108,506

 

 

 

 

 

 

 

Total

162,164

152,956

162,831

169,016

159,146

169,721

Principles in estimating fair value for financial liabilities for 2023 are the same as those used for preparing the consolidated financial statements for 2023.

FAIR VALUE MEASUREMENT HIERARCHY

EUR thousands

Level 1

Level 2

Level 3

Equity instruments

421

Total

421

Principles in estimating fair value of financial assets and their hierarchies for 2023 are the same as those used for preparing the consolidated financial statements for 2022.

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:
Tommi Björnman, President & CEO, tel. +358 10 214 3018
Sirpa Koskinen, interim CFO, tel. +358 10 214 300

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 2022 were EUR 493.3 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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