Yahoo Finance Suominen Corporation’s Interim Report for January 1 – March 31, 2023: Challenging start for the year, despite market uncertainty outlook unchanged
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:
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/ | 1-3/ | 1-12/ |
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 |
|
|
|
|
|
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 | Nominal | Fair | Nominal | Fair |
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 |
|
| 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 | ||||
|
|
|
|
|
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EUR thousand | Carrying amount | Fair value | Nominal value | Carrying amount | Fair value | Nominal value |
Non-current financial liabilities |
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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 |
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Current financial liabilities |
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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 |
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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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