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
CAPITALShare 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 REPORTSuominen 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 INFORMATIONThe related parties of
Suominen include the members of the Board of Directors, President
& CEO and the members of the Executive Team as well as their
family members and their controlled companies. In addition,
shareholders who have a significant influence in Suominen through
share ownership are included in related parties. Suominen has no
associated companies.
In its transactions with related parties Suominen follows the
same commercial terms as in transactions with third parties.
One of Suominen’s share-based plans vested and shares were
transferred to the participants of the plan in February. The 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 |
Nominalvalue |
Fairvalue |
Nominalvalue |
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
amounte. 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 3018Sirpa 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 HelsinkiMain mediawww.suominen.fi
- Suominen Corporation Interim report Q1 2023
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