• Home
• Newsroom
• SUOMINEN CORPORATION RECOGNIZES IMPAIRMENT LOSS OF GOODWILL AND REVISITS THE OUTLOOK FOR 2012

SUOMINEN CORPORATION RECOGNIZES IMPAIRMENT LOSS OF GOODWILL AND REVISITS THE OUTLOOK FOR 2012

Tampere, Finland, 2012-12-05 12:30 CET (GLOBE NEWSWIRE) -- Suominen Corporation               Stock exchange release December 5, 2012 at 1:30 pm EET


SUOMINEN CORPORATION RECOGNIZES IMPAIRMENT LOSS OF GOODWILL AND REVISITS THE OUTLOOK FOR 2012

Suominen has performed tests for its cash-generating units with goodwill for impairment. In these tests the market risks has been taken into account with stronger impact than in prior tests.

Based on these tests Suominen recognizes impairment loss of goodwill of 7,3 MEUR in Codi Wipes unit in the fourth quarter of 2012. The impairment loss of goodwill has no cash flow effect. After the recognition of the impairment loss of goodwill, the cash generating unit has 11,2 MEUR of goodwill left.

Suominen has already announced in 2012 in Suominen Kuitukankaat Oy Nakkila factory, as part of Suominen’s structural changes, impairment losses that amount in total to 5,5 MEUR. Of this, 2.7 MEUR was recognized in the company’s interim result for January-September.

Due to the reasons above Suominen revisits the outlook for 2012.

In Q3/2012 release Suominen Corporation had estimated that the net sales will increase considerably as the Home and Personal business’s figures are included in the Group’s net sales. It was estimated that the result after taxes for the year will improve over that of 2011.

Revisited outlook for 2012: Suominen Corporation estimates that the net sales will increase considerably as the Home and Personal business’s figures are included in the Group’s net sales and the result after taxes for the year will be slightly lower than in 2011.

Suominen estimates however that the operating profit before impairment losses will improve clearly over that of 2011.

Suominen will disclose preliminary information on its 2012 financial result on Thursday, January 31, 2013.

Helsinki, December 5, 2012

Suominen Corporation

Nina Kopola
President and CEO

For additional information, please contact
Mrs. Nina Kopola, tel. +358 (0) 10 214 300

Suominen supplies its industrial and retail customers with nonwovens, wet wipes and flexible packaging for use in consumer products worldwide. Suominen is the global market leader in nonwovens for wipes. The company employs approximately 1,200 persons in Europe and in the United States. Suominen’s net sales in January-September amounted to MEUR 345.9 and operating profit was MEUR 9.1. The Suominen share (SUY1V) is listed in NASDAQ OMX Helsinki Stock Exchange. Read more at www.suominen.fi.

Distribution:
NASDAQ OMX Helsinki Ltd.
Main media
www.suominen.fi
http://www.suominen.fi