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Financial statement release 1 January - 31 December 2010

Unprofitable year

Suominen's net sales in 2010 declined by 3 per cent compared with the previous year and totalled EUR 173.4 million. Operating profit before non-recurring costs and a write-down of goodwill was EUR -3.8 million (7.3) and after these deductions EUR -10.8 million (6.7). The result after taxes was a loss of EUR 14.4 million (+0.9). The write-down of goodwill amounted to EUR 4.9 million and non-recurring costs arising from restructuring were EUR 2.2 million (0.6). In the face of an extremely tight competitive situation gross margins fell. The result also deteriorated as a consequence of lower production volumes and a rise in raw material prices.

During the financial year, Suominen raised its equity by issuing a rights offering of EUR 10 million and arranged refinancing by signing an agreement on a credit facility in the amount of EUR 44 million.

Earnings per share were EUR -0.34 (0.02). Cash flow from operations was EUR -0.06 per share. The Board of Directors proposes that no dividend be paid for the financial year 2010.

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