SUOMINEN CORPORATION'S INTERIM REPORT 1 JANUARY - 30 JUNE 2011

NET SALES GREW SOME, RESULT ON RED

Tampere, Finland, 2011-07-18 08:00 CEST (GLOBE NEWSWIRE) -- SUOMINEN CORPORATION      INTERIM REPORT 18 JULY 2011 AT 9 A.M.

INTERIM REPORT 1 JANUARY – 30 JUNE 2011

NET SALES GREW SOME, RESULT ON RED
 

KEY FIGURES 4-6/2011 4-6/2010 1-6/2011 1-6/2010 1-12/2010
           
Net sales, EUR million 43.4 44.1 87.7 84.8 173.4
Operating profit, EUR million 0.0 0.0 -0.6 -0.3 -10.8
Profit/loss for the period, EUR million -1.1 -0.8 -2.9 -1.9 -14.4
Earnings/share, EUR -0.02 -0.02 -0.06 -0.05 -0.34
Cash flow from operations/share, EUR 0.05 -0.08 0.06 -0.11 -0.06

Suominen’s net sales for the first half of the year grew compared with the corresponding period in 2010. The second-quarter operating profit improved to zero level, but cumulatively, the operating profit was still negative. The rise in raw material costs slowed down compared to the first quarter of the year. The on-going cost-saving measures had a positive impact on the Group’s result. It is estimated that the result after taxes for the whole year will improve over 2010, but remain negative.

GROUP FINANCIAL RESULTS

Suominen Corporation generated net sales of EUR 43.4 million (44.1) in the second quarter. Operating profit was EUR 0.0 million (0.0), profit before taxes EUR -1.4 million (-1.0) and profit after taxes EUR ‑1.1 million (-0.8).

Net sales for the first half of the year totalled EUR 87.7 million (84.8). Operating profit was EUR ‑0.6 million (-0.3), profit before taxes EUR -3.6 million (-2.5) and profit after taxes EUR -2.9 million (‑1.9).

Net sales increased by 4 per cent compared to the first six months of the previous year. Average sales prices increased, thanks both to price rises and to raw material price clauses included in sales contracts.

The operating profit for the first half of the year showed a loss of EUR 0.6 million. The rise in raw material prices slowed down compared to the first three months of the year and to certain extent levelled off. The cost impact of rising raw material prices was therefore lower in the second quarter than in the first. During the first half of the year, shorter review periods were negotiated for some raw material clauses included in sales contracts. Operating costs were down from the corresponding period in 2010. The result included EUR 0.5 million in non-recurring costs due to rationalisation measures in Flexibles.

Tight capital control and use of cash was continued. Investments were kept at a low level, and the amount of working capital decreased, despite higher raw material prices. Cash flow from operations was positive.

Cost-saving and operational enhancement programme
The most significant savings in Suominen’s Stairs to the Top efficiency programme were generated by the closure of the Nastola flexible packaging plant and the rationalisation measures decided on for Codi Wipes in late 2010. Most of the machinery transfers from the Nastola plant have been completed, and the savings will begin to have their full impact beginning in the second half of the year. The other efficiency measures were related to improving production yield and efficiency in the units. The positive impact of the savings and efficiency programmes on the result for the first six months amounted to some EUR 3 million.

Financing
Suominen refinanced its EUR 44 million syndicated credit facility by extending the average maturity of the financing. Under the amended credit terms, the repayment of EUR 15 million originally due at the end of June was prolonged to take place in three quarterly payments beginning in January 2012. The Group’s interest-bearing net liabilities totalled EUR 57.5 million (57.4), including capital loans of EUR 4.0 million (6.0). Repayments of non-current loans amounted to EUR 2.7 million. Net financial expenses were EUR 3.0 million (2.1), or 3.4 per cent (2.5) of net sales. The increased cost of financing was due to the higher average interest rate on the loans.

A total of EUR 2.8 million was released in working capital (EUR 6.4 million tied up). Trade receivables amounting to EUR 13.2 million (10.9) were sold to the bank. The equity ratio was 24.8 per cent (32.0). When capital loans are included in shareholders’ equity, the equity ratio was 28.1 per cent (36.3) and the net gearing 158.2 per cent (102.0). Cash flow from operations was EUR 2.8 million (-4.1) and EUR 0.06 per share (-0.11).

Investments
The company’s gross investments in production totalled EUR 2.4 million (3.5). Planned depreciation amounted to EUR 4.0 million (4.8). Codi Wipes accounted for EUR 0.1 million (0.3), Nonwovens for EUR 0.7 million (1.2) and Flexibles for EUR 1.4 million (2.0) of total investments. The Group’s investments were in efficiency enhancement and maintenance.

SEGMENT RESULTS

The Wiping business area generated net sales of EUR 54.6 million (51.7) in the first six months, a 6 per cent increase over the corresponding period in 2010. The business area’s operating profit was EUR ‑0.2 million (-0.9).

Net sales of Codi Wipes, at EUR 27.6 million (28.7), declined by 4 per cent on the previous year. Sales of personal care wipes increased, while baby wipe and moist toilet wipe sales were down. Average sales prices remained at the same level as in the corresponding period in 2010. The co-determination procedure completed in January resulted in a reduction of personnel by 19 employees, which was the most significant factor behind the unit’s lower operating expenses.

Net sales of Nonwovens increased by 16 per cent to EUR 30.1 million (26.0). Growth was most pronounced in deliveries of nonwovens for wiping products, but sales of nonwovens for hygiene and health care products also increased. Regionally, most growth was seen in Europe, although sales to North America also increased. The rise in raw material prices slowed down, and their cost impact was lower in the second quarter than in the first.

Net sales of Flexibles during the first half of the year totalled EUR 33.6 million (33.5) and operating profit was EUR 0.0 million (0.7). Hygiene packaging sales increased, while sales of carrier bags and security and system packaging remained more or less on a level with the previous year. Food packaging sales decreased on the previous year. Sales prices were raised on the basis of raw material clauses included in sales contracts and by implementing general price increases.

Rising prices of plastic-based raw materials, especially in the first months of the year, pushed the cost level up. Actual operating expenses decreased on the previous year. The machinery transfers from Nastola to the Polish and Tampere plants proceeded according to plan. Non-recurring costs amounting to EUR 0.5 million were recorded during the period.

SHARE CAPITAL AND SHARES

Share capital

The registered number of Suominen’s issued shares totals 47,395,014 shares. There were no changes in share capital during the period under review.

Share trading and price
The number of Suominen Corporation shares traded on NASDAQ OMX Helsinki from 1 January to 30 June 2011 was 2,700,108 shares, equivalent to 5.7 per cent of shares included in the company’s share capital. The trading price varied between EUR 0.45 and EUR 0.64. The final trading price was EUR 0.50, giving the company a market capitalisation of EUR 23,667,358 on 30 June 2011.

Own shares
On 1 January 2011, the company held 168,805 of its own shares, accounting for 0.36 per cent of the share capital and votes.

The Annual General Meeting of Shareholders held in 2010 authorised the Board of Directors to decide on the acquisition of a maximum of 200,000 of the company’s own shares and on the conveyance of a maximum of 200,682 of the company’s own shares. The authorisations will be valid for 18 months after the end of the General Meeting, that is until 23 September 2011. The acquisition authorisation was exercised during 2010 to acquire 123,595 shares, which means that on 1 January 2011 the remaining authorisation was for 76,405 shares. Within the authorisation granted to the Board of Directors, 108,507 of the company’s own shares were conveyed as emoluments to the members of Suominen Corporation’s Board of Directors.

On 30 June 2011, Suominen Corporation held a total of 60,298 of its own shares, accounting for 0.13 per cent of the share capital and votes.

Other authorisations granted to the Board of Directors
The Board of Directors is not currently authorised to issue shares, convertible bonds, or bonds with warrants.


BUSINESS RISKS AND UNCERTAINTIES

The estimate on the development of Suominen’s net sales is in part based on forecasts and delivery plans received from customers. Changes in these forecasts and plans resulting from changes in the market conditions or in customers’ inventory levels may affect Suominen’s net sales. Due to the continued economic uncertainty and consumers’ cautious buying behaviour, the forecasts are subject to significant uncertainty.

Suominen’s customer base is fairly concentrated, which adds to the customer-specific risk. Long-term contracts are preferred in the case of the largest customers. Suominen has aimed at making general and customer-specific price increases on its products, which in principle involves a risk of losing orders in the future.

Nonwovens and Flexibles buy oil- and pulp-based raw materials for more than EUR 55 million annually, and the rapid changes in global market prices of raw materials affect Suominen’s profitability.

Suominen does not have any competitors with a fully similar product offering. However, the company has numerous regional, national or international competitors in its different product groups. There is production oversupply in most product groups, and thus if Suominen Corporation is not able to compete with an attractive product offering, it may lose some of its market share. The competition may lead to increased pricing pressure on the company’s products.


Suominen’s efficiency programmes include measures to improve production efficiency, for example through better yields, higher machine speeds and shorter set-up times. The full impact of the efficiency measures will be seen as soon as production volumes grow. Postponed or failed measures will have a negative impact on the company’s profit. The Flexibles business area is currently closing one plant and transferring the production to other plants, which involves a risk of delays in the production schedule.

Suominen aims to improve its balance sheet by reducing debt with financial institutions. For this reason, the amended credit terms of the EUR 44 million syndicated credit facility affirms that Suominen aims to seek capital market financing during the latter part of 2011. The company is also striving to further improve its balance sheet by the divestment of non-key assets and business operations. If the company is not able to free up capital or obtain capital market financing, there is a risk that Suominen will not be able to meet the debt reduction requirement. Suominen’s credit arrangements include covenants that the company must meet. These require the Group to have financial buffers worth a minimum of EUR 1 million until the end of October and of EUR 2 million after that. The Group’s equity ratio must be 27 per cent, with capital loans included in equity. Should Suominen default on its obligations, the banks have the right to declare the loans due and payable and to renegotiate the terms.

The sensitivity of Suominen’s goodwill to changes in business conditions is described in the notes to the financial statements 2010. Actual cash flows may deviate from the forecasted future discounted cash flows, as the long economic life-time of the company’s non-current assets, and changes in the estimated product prices, production costs, and interest rates used in discounting may result in write-downs.

General risks relating to business operations are described in the Report of the Board of Directors in the Annual Report 2010.


OUTLOOK

The demand for Suominen’s products is evaluated on the basis of customer contracts and use forecasts provided by customers. It is estimated that the demand for Suominen’s products will remain stable, and no major change from the previous year is anticipated in net sales for 2011.

Prices for Suominen’s products are expected to increase thanks to the price increases implemented and the raw material clauses included in sales contracts. Measures to reduce operational costs are continuing, and the cost savings generated by the closure of the Nastola plant will begin to have an impact from the second half of the year.

It is estimated that the result after taxes for all of 2011 will improve over 2010, but remain negative.


 

SUOMINEN CORPORATION CONSOLIDATED 1 JANUARY–30 JUNE 2011

This interim report has been prepared in compliance with IAS 34 Interim Financial Reporting. The principles for preparing the interim report are the same as those used for preparing the financial statements for 2010, and this interim report should be read parallel to the financial statements for 2010. Changes to published accounting standards and interpretations, together with the new accounting standards that came into force on 1 January 2011, are presented in the financial statements for 2010.

All calculations in this interim report have been prepared in compliance with the revised IAS 1 standard, ‘Presentation of Financial Statements’. This standard is aimed at improving users’ ability to analyse and compare the information given in financial statements by separating changes in equity of an entity arising from transactions with owners from other changes in equity. Non-owner changes in equity will be presented in the statement of comprehensive income.

The figures in this interim report have not been audited.


BALANCE SHEET

EUR 1 000 6/2011 6/2010 12/2010
       
Assets      
       
Non-current assets      
Goodwill 18 498 23 404 18 498
Intangible assets 747 746 776
Tangible non-current assets 51 186 55 376 53 873
Available-for-sale financial assets 212 212 212
Held-to-maturity investments 421 288 354
Deferred tax assets 1 894 910 1 339
Non-current assets, total 72 958 80 936 75 052
       
Current assets      
Inventories 27 211 28 600 24 373
Trade receivables 14 884 14 228 10 817
Other current receivables 3 106 2 895 5 666
Income tax receivables 371 926 200
Cash at bank and in hand 3 807 10 927 3 253
Current assets, total 49 379 57 576 44 309
       
Assets, total 122 337 138 512 119 361
       
Shareholders' equity and liabilities      
       
Equity attributable to owners of the parent company      
Share capital 11 860 11 860 11 860
Share premium account 24 681 24 681 24 681
Invested non-restricted equity fund 9 708 9 757 9 708
Fair value and other reserves 72 -228 665
Translation differences 555 -49 515
Other shareholders' equity -17 073 -1 677 -14 143
Shareholders’ equity, total 29 803 44 344 33 286
       
Liabilities      
Non-current liabilities      
Deferred tax liabilities 2 524 3 069 2 930
Provisions 280 280 280
Capital loans 2 000 4 000 4 000
Interest-bearing liabilities 39 870 45 325 35 823
Non-current liabilities, total 44 674 52 674 43 033
       
Current liabilities      
Interest-bearing liabilities 17 424 16 960 19 459
Capital loans 2 000 2 000 2 000
Income tax liabilities 231 341  
Trade payables and other current liabilities 28 205 22 193 21 583
Current liabilities, total 47 860 41 494 43 042
       
Liabilities, total 92 534 94 168 86 075
       
Shareholders' equity and liabilities, total 122 337 138 512 119 361



STATEMENT OF INCOME

EUR 1 000 4-6/2011 4-6/2010 1-6/2011 1-6/2010 1-12/2010
           
Net sales 43 386 44 148 87 689 84 764 173 438
Cost of goods sold -40 689 -41 499 -82 500 -79 416 -165 277
Gross profit 2 697 2 649 5 189 5 348 8 161
Other operating income 120 403 375 464 859
Sales and marketing expenses -934 -899 -1 777 -1 814 -3 927
Research and development -422 -463 -924 -971 -1 951
Administration expenses -1 441 -1 485 -3 279 -3 128 -6 333
Other operating expenses 20 -222 -156 -241 -2 564
Operating profit before impairment losses 40 -17 -572 -342 -5 755
Impairment losses         -5 069
Operating profit 40 -17 -572 -342 -10 824
Financial income and expenses -1 457 -988 -3 004 -2 126 -4 840
Profit before income taxes -1 417 -1 005 -3 576 -2 468 -15 664
Income taxes 289 245 713 587 1 302
Profit/loss for the period -1 128 -760 -2 863 -1 881 -14 362
           
Earnings/share, EUR -0.02 -0.02 -0.06 -0.05 -0.34



STATEMENT OF COMPREHENSIVE INCOME

EUR 1 000 4-6/2011 4-6/2010 1-6/2011 1-6/2010 1-12/2010
           
Profit/loss for the period -1 128 -760 -2 863 -1 881 -14 362
           
Other comprehensive income          
Total exchange differences on foreign operations 20 -804 54 92 854
Fair value changes of cash flow hedges -425 318 -962 332 1 661
Other reclassifications -3 -8 -12 -2 -2
Income tax on other comprehensive income 105 127 236 -110 -654
Other comprehensive income, total -303 -367 -684 312 1 859
           
Total comprehensive income for the period -1 431 -1 127 -3 547 -1 569 -12 503



STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY

EUR 1 000 Share capital Share premium account Invested non-restricted equity fund Own shares Translation differences Fair
value
reserves
Retained earnings Total
                 
Total equity at
1 Jan. 2011
11 860 24 681 9 708 -163 515 828 -14 143 33 286
                 
Profit/loss for the period             -2 863 -2 863
Other comprehensive income         40 -712 -12 -684
Share-based payments             13  
Share issue                
Dividend                
Repurchase of own shares                
Conveyance of own shares       120     -69 51
Total equity at
30 June 2011
11 860 24 681 9 708 -43 555 116 -17 074 29 803

 

EUR 1 000 Share capital Share premium account Invested non-restricted equity fund Own shares Translation differences Fair
value
reserves
Retained earnings Total
                 
Total equity at
1 Jan. 2010
11 860 24 681   -1 -117 -401 667 36 689
                 
Profit/loss for the period             -1 881 -1 881
Other comprehensive income          68  246 -2  312
Share-based payments              15  15
Share issue     9 757         9 757
Dividend             -474 -474
Repurchase of own shares       -123       -123
Conveyance of own shares       51     -1 50
Total equity at
30 June 2010
11 860 24 681 9 757 -73 -49 -155 -1 676 44 345

 

EUR 1 000 Share capital Share premium account Invested non-restricted equity fund Own shares Translation differences Fair
value
reserves
Retained earnings Total
                 
Total equity at
1 Jan. 2010
11 860 24 681   -1 -117 -401 667 36 689
                 
Profit/loss for the period             -14 362 -14 362
Other comprehensive income         632 1 229 -2 1 859
Share-based payments             29 29
Share issue     9 708         9 708
Dividend             -474 -474
Repurchase of own shares       -213       -213
Conveyance of own shares       51     -1 50
Total equity at
31 Dec. 2010
11 860 24 681  9 708 -163 515 828 -14 143 33 286



CASH FLOW STATEMENT

EUR 1 000 1-6/2011 1-6/2010 1-12/2010
       
Operations      
Operating profit -572 -342 -10 824
Total adjustments 3 868 4 761 14 076
Cash flow before change in working capital 3 296 4 419 3 252
Change in working capital 2 764 -6 379 -1 054
Financial items -3 240 -2 150 -4 626
Taxes paid -1 -20 -31
Cash flow from operations 2 819 -4 130 -2 459
       
Investment payments      
Investments in tangible and intangible assets -2 501 -3 543 -5 966
Proceeds from disposal of fixed assets
and other proceeds
190 349 751
Cash flow from investing activities -2 311 -3 194 -5 215
       
Financing      
Non-current loans drawn 2 765 13 000 8 000
Repayments of non-current loans -737 -5 033 -23 731
Change in commercial papers   1 488 988
Repayments of capital loans -2 000 -2 000 -2 000
Current loans drawn     17 000
Dividends paid   -474 -474
Repurchase and conveyance of own shares 51 -73 -163
Share issue   9 757 9 708
Cash flow from financing 79 16 665 9 328
       
Change in cash and cash equivalents 587 9 341 1 654

 

KEY FIGURES 4-6/2011 4-6/2010 1-6/2011 1-6/2010 1-12/2010
           
Net sales, change, % * -1.7 1.8 3.5 -6.2 -3.3
Gross profit, % ** 6.2 6.0 5.9 6.3 4.7
Operating profit, % ** 0.1 0.0 -0.7 -0.4 -6.2
Financial income and expenses, % ** -3.4 -2.2 -3.4 -2.5 -2.8
Profit before income taxes, % ** -3.3 -2.3 -4.1 -2.9 -9.0
Profit for the period, % ** -2.6 -1.7 -3.3 -2.2 -8.3
Earnings/share, EUR -0.02 -0.02 -0.06 -0.05 -0.34
           
Equity/share, EUR ***     0.63 0.94 0.70
Cash flow from operations/share, EUR     0.06 -0.11 -0.06
Return on equity (ROE), %     -18.2 -9.7 -37.3
Return on invested capital (ROI), %     -1.3 -0.6 -10.6
Equity ratio, %     24.8 32.0 27.9
Gearing, %     192.9 129.3 174.0
           
Gross investments, EUR 1 000     2 377 3 458 6 190
Depreciation, EUR 1 000     4 013 4 829 9 322
Impairment losses, EUR 1 000         5 069


*   Compared with the corresponding period of the previous year.
**  As of net sales.
*** Reference data has been corrected.


SEGMENT REPORTING

Wiping

EUR 1 000 1-6/2011 1-6/2010 Change % 1-12/2010
         
Net sales        
- Codi Wipes 27 571 28 728 -4.0 56 371
- Nonwovens 30 076 25 968 15.8 59 084
- eliminations -3 042 -3 000 1.4 -7 296
Total 54 606 51 696 5.6 108 159
         
Operating profit before impairment losses -238 -929   -3 699
% of net sales -0.4 -1.8   -3.4
Impairment losses       -4 906
Operating profit -238     -8 605
         
Assets 73 898 79 919   67 650
Liabilities 17 809 12 026   11 620
Net assets 56 089 67 893   56 030
Investments 886 1 440   2 278
Depreciation 2 440 3 256   6 117
Impairment losses       4 906
Average personnel 341 377   369


Flexibles

EUR 1 000 1-6/2011 1-6/2010 Change % 1-12/2010
         
Net sales 33 580 33 502 0.2 66 140
         
Operating profit -47 738   -1 941
% of net sales -0.1 2.2   -2.9
         
Assets 46 496 47 872   45 950
Liabilities 11 429 12 549   10 048
Net assets 35 067 35 323   35 902
Investments 1 417 2 011   3 788
Depreciation 1 556 1 561   3 181
Impairment losses       163
Average personnel 494 529   521


Non-allocated items

EUR 1 000 1-6/2011 1-6/2010 1-12/2010
       
Net sales -496 -434 -861
Operating profit -287 -150 -115
       
Assets 1 943 10 721 5 760
Liabilities 63 296 69 592 64 406
Investments 73 7 124
Depreciation 18 12 24
Average personnel 11 11 11

 

NET SALES BY MARKET AREA

EUR 1 000 1-6/2011 1-6/2010 1-12/2010
       
Finland 13 660 13 393 27 053
Scandinavia 8 085 7 817 14 821
The Netherlands 4 175 4 262 9 915
Europe, other 54 806 53 705 104 651
Other countries 6 963 5 587 16 998
Net sales, total 87 689 84 764 173 438


QUARTERLY FIGURES

EUR 1 000 III/2010 IV/2010 I/2011 II/2011 III/2010-I/2011
Net sales          
Wiping          
- Codi Wipes 14 210 13 433 13 985 13 586 55 214
- Nonwovens 14 958 18 159 15 091 14 985 63 193
- eliminations -1 734 -2 562 -1 131 -1 911 -7 337
Total 27 434 29 029 27 946 26 660 111 069
Flexibles 16 125 16 513 16 561 17 019 66 218
Non-allocated items -200 -227 -203 -294 -924
Net sales, total 43 359 45 315 44 303 43 386 176 363
           

Operating profit
         
Wiping -1 136 -623 -298 60 -1 998
 % of net sales -4.1 -2.1 -1.1 0.2 -1.8
Flexibles -720 -1 017 -62 512 -1 287
 % of net sales -4.5 -6.2 -0.4 3.0 -1.9
Non-allocated items 33 3 -57 -230 -252
Operating profit before non-recurring costs -1 824 -1 637 -417 342 -3 536
 % of net sales -4.2 -3.6 -0.9 0.8 -2.0
           
Non-recurring costs    -7 021 -195 -302 -7 518
Operating profit, total -1 824 -8 658 -612 40 -11 054
 % of net sales -4.2 -19.1 -1.4 0.1 -6.3
           
Net financial expenses -1 028 -1 686 -1 547 -1 457 -5 718
Profit before income taxes -2 852 -10 344 -2 159 -1 417 -16 771



TAXES FOR THE PERIOD UNDER REVIEW

Income tax expense is recognised based on the estimated average income tax rate for the full financial year.

INFORMATION ON RELATED PARTIES

Suominen has related party relationships with the members of the Board of Directors, and the members of the Corporate Executive Team. The company has no investments in associated companies. Salaries paid to the related parties amounted to EUR 567
,000, share-based payments EUR 13,000, unsecured loans EUR 440,000, and interest payments EUR 76,000.


MOVEMENTS IN BORROWINGS

EUR 1 000 1-6/2011 1-6/2010
     
Total borrowings on 1 January 61 282 60 861
     
Current loans from financial institutions on 1 January 17 000  
Change in current loans from financial institutions -564  
Current loans from financial institutions on 30 June 16 436  
     
Commercial papers on 1 January 988  
Change in commercial papers   1 488
Commercial papers on 30 June 988 1 488
     
Non-current loans on 1 January 37 294 52 861
Change in non-current loans 2 576 7 936
Non-current loans on 30 June 39 870 60 797
     
Capital loans on 1 January 6 000 8 000
Change in capital loans -2 000 -2 000
Capital loans on 30 June 4 000 6 000
     
Total borrowings on 30 June 61 294 68 285



CHANGES IN FIXED ASSETS

  1-6/2011 1-6/2010 1-12/2010
EUR 1 000 Tangible Intangible Tangible Intangible Tangible Intangible
Book value at the beginning of the period 53 873 776 57 044 795 57 044 795
Investments 2 232 78 3 345 50 5 884 177
Decreases -967   -160   -466 -1
Depreciation -3 907 -106 -4 732 -97 -9 127 -195
Translation differences and other changes -45   -121 -2 538  
Book value at the end of the period 51 186 747 55 376 746 53 873 776



CONTINGENT LIABILITIES

EUR 1 000 6/2011 6/2010 12/2010
For own debt      
Real estate mortgages 26 045 24 045 24 045
Floating charges 50 000 50 000 60 069
Pledged subsidiary shares 82 982   82 982
       
Other own commitments      
Operating leases, real estates 11 902 9 371 9 465
Operating leases, machinery and equipment 5 462 7 350 7 577
       
Guarantee commitments 1 894 1 724 1 995



NOMINAL AND FAIR VALUES OF DERIVATIVE FINANCIAL INSTRUMENTS

EUR 1 000 6/2011 6/2010 12/2010
Currency derivatives      
Nominal value 6 464 6 351 5 172
Fair value -17 111 -138
       
Interest rate derivatives      
Nominal value 9 333 25 833 13 833
Fair value -14 -322 -143
       
Electricity derivatives      
Nominal value 3 596 2 337 2 638
Fair value 127 98 1 249



Helsinki, 18 July 2011

SUOMINEN CORPORATION

Board of Directors

For additional information, please contact:
Mr. Petri Rolig, President and CEO, tel. +358 (0)10 214 300
Mr. Arto Kiiskinen, Vice President and CFO, tel. +358 (0)10 214 300

Suominen produces high-quality flexible packaging, wet wipes and nonwovens for industry and the retail sector. The Group is one of Europe’s leading manufacturers in all its business areas, with operations in Finland, Poland, the Netherlands, Sweden and Russia. The Group had net sales of EUR 173 million in 2010 and it employs around 900 people. Suominen is listed on the NASDAQ OMX Helsinki. www.suominen.fi 

interim-2011-07-18E.pdf

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