Suominen Corporation’s Half-Year Financial Report for January 1 – June 30, 2020: Record high net sales and operating profit in Q2

Suominen Corporation’s Half-Year Financial Report on August 12, 2020 at 9:30 a.m. (EEST)

Suominen Corporation’s Half-Year Financial Report for January 1 – June 30, 2020:
Record high net sales and operating profit in Q2

KEY FIGURES

 4-6/4-6/1-6/1-6/1-12/
 20202019202020192019
Net sales, EUR million122.2103.8232.4213.6411.4
EBITDA18.09.129.318.433.7
EBITDA, %14.78.812.68.68.2
Comparable operating profit, EUR million12.42.718.15.68.1
Comparable operating profit, %10.12.67.82.62.0
Operating profit, EUR million12.42.718.15.68.1
Profit for the period, EUR million8.40.411.91.50.2
Cash flow from operations, EUR million9.69.119.06.729.9
Cash flow from operations per share, EUR0.170.160.330.120.52
Earnings per share, basic, EUR0.150.010.210.030.00
Return on invested capital, rolling 12 months, % 8.92.73.7
Gearing, %40.965.050.7

In this financial report, figures shown in brackets refer to the comparison period last year if not otherwise stated.

April–June 2020 in brief:


- Net sales increased by 18% and amounted to EUR 122.2 million (103.8)
- Operating profit increased significantly to EUR 12.4 million (2.7)
- Cash flow from operations was EUR 9.6 million (9.1)

January–June 2020 in brief:
- Net sales increased by 9% and amounted to EUR 232.4 million (213.6)
- Operating profit increased significantly to EUR 18.1 million (5.6)
- Cash flow from operations was EUR 19.0 million (6.7)

Outlook for 2020 unchanged

Suominen reiterates the outlook presented on June 17, 2020, in which Suominen expects that in 2020 its comparable operating profit will improve significantly from 2019. In 2019, Suominen’s operating profit amounted to EUR 8.1 million. In financial years 2020 and 2019 Suominen had no items affecting the comparability of the operating profit.

Petri Helsky, President & CEO:

“Suominen achieved record high quarterly net sales and operating profit in the second quarter of 2020. Our net sales increased by 18% and amounted to EUR 122.2 million (103.8). Sales volumes increased considerably but sales prices decreased following lower raw material prices. The main driver for the volume increase was higher demand of wipes due to the COVID-19 pandemic. We were able to respond to the increased demand by running our production efficiently despite the challenges caused by the pandemic.

Our operating profit increased significantly to EUR 12.4 million (2.7) in the second quarter mainly due to higher production and sales volumes. Also margins increased as the lower sales prices were compensated by lower raw material and other direct product costs, while fixed costs were kept well under control.

The first half of 2020 was characterized by the COVID-19 pandemic. Throughout this time our primary focus has been to safeguard the health and safety of our employees and to maintain business continuity. We also ensured our financial position and liquidity by renewing our revolving credit facility for which the agreement was signed right after the reporting period in early July.

The pandemic increased sales volumes in all our markets also in the second quarter. Even though we expect the higher demand to continue for the coming months, our production volumes during H2 will be impacted negatively by scheduled maintenance stoppages at several of our plants. In the longer term the COVID-19 pandemic may lead to a continued increase in demand for nonwovens for cleaning and disinfection products.


In June we upgraded our outlook for the year due to stronger than anticipated development in all our markets. The outlook for 2020 states that we expect that our comparable operating profit will improve significantly from 2019.

During the first half of the year we launched a nonwoven material for the manufacturing of face mask applications, FIBRELLA® Shield. This material fulfills the requirements for Type II facemasks that are used by e.g. healthcare professionals. I am proud of our team and the ultra-fast innovation process that enabled us to launch this new material to the markets in such a short time. This is an important addition, although minor in net sales, to our overall product offering helping to fight the pandemic.  

The first half of the year was financially very strong and  we continue to focus on keeping our personnel safe and healthy, serving our customers, and implementing our strategy. I would like to thank everyone in the Suominen team for their hard work, flexibility and adaptability in these exceptional circumstances.”

NET SALES


AprilJune 2020
In April–June 2020, Suominen’s net sales increased by 18% from the comparison period to EUR 122.2 million (103.8). The impact of currencies on net sales was EUR -0.4 million.

Suominen’s business areas are Americas and Europe. The net sales of the Americas business area were EUR 77.2 million (65.0) and of the Europe business area EUR 45.0 million (38.8).



January–June 2020

In January–June 2020, Suominen’s net sales increased by 9% from the comparison period to EUR 232.4 million (213.6). The impact of currencies on net sales was EUR 1.3 million.

The net sales of the Americas business area were EUR 150.3 million (133.3) and of the Europe business area EUR 82.1 million (80.3).


OPERATING PROFIT AND RESULT

April–June 2020

Operating profit increased from the comparison period and amounted to EUR 12.4 million (2.7). The impact of currencies on operating profit was EUR -0.8 million.

Profit before income taxes was EUR 10.6 million (1.0), and profit for the reporting period was EUR 8.4 million (0.4).

January–June 2020

Operating profit increased to EUR 18.1 million (5.6). The impact of currencies on operating profit was EUR -1.3 million.

Profit before income taxes was EUR 14.3 million (2.6), and profit for the reporting period was EUR 11.9 million (1.5). Corporate income taxes were positively impacted in the first quarter by the US tax reliefs enacted as a result of the COVID-19 pandemic.

FINANCING


The Group’s net interest-bearing liabilities at nominal value amounted to EUR 56.7 million (86.5) at the end of the review period. The gearing ratio was 40.9% (65.0%) and the equity ratio 44.2% (40.3%). Our financial position and liquidity improved during the first half of the year.

In January–June, net financial expenses were EUR -3.8 million (-3.0), or -1.6% (-1.4%) of net sales. Fluctuations in exchange rates increased the net financial expenses by EUR 1.3 million (decreased by EUR 0.1 million). The net financial expenses include a bad debt provision based on expected credit losses of loan receivables totaling EUR -0.5 million and a fair value change of assets of EUR +0.3 million.

Cash flow from operations in April–June was EUR 9.6 million (9.1) and in January–June EUR 19.0 million (6.7), representing a cash flow per share of EUR 0.33 (0.12) and EUR 0.17 (0.16) for the quarter. In the second quarter the change in working capital was EUR -7.7 million (+0.7). Increased net sales affected the net working capital as trade receivables grew in line with net sales.

The increase in the cash flow from operations in the first half of the year was mainly due to better result than in the previous year. The change in working capital was EUR -8.6 million (-9.8).

CAPITAL EXPENDITURE

In January–June, the gross capital expenditure totaled EUR 2.5 million (6.3) the largest single item being the enhancement of a production line at one of Suominen’s plants in Italy. Other investments were mainly for maintenance.

Depreciation and amortization for the review period amounted to EUR 11.2 million (12.8).

IMPACTS OF THE COVID-19 PANDEMIC ON SUOMINEN

The health and safety of Suominen’s employees is a key priority. Suominen has secured the health and safety of its employees by various measures and is closely monitoring the COVID-19 situation. Thanks to our proactive approach, there has been a limited impact on our ability to serve our customers and run our operations so far.

As a nonwovens manufacturer Suominen is an integral part of the supply chain making disinfecting and cleaning products, facemasks and protective clothing available to everyone around the world. The authorities have classified our nonwovens production as essential in fighting the pandemic in the jurisdictions where other business activities were shut down.

The pandemic has increased demand for our products in all our markets and the higher demand is expected to continue in the coming months. In the longer term the COVID-19 pandemic may lead to a continued increase in demand for nonwovens for cleaning and disinfection products.

Both Suominen’s financial position and cash flow have remained strong throughout the pandemic.

Risks related to COVID-19 are described in short-term risk and uncertainties section.


PROGRESS IN SUSTAINABILITY - PERSONNEL

During the first half of the year, one lost-time accident (LTA) occurred at Suominen sites (2 in H1/2019). We have strong focus on safety and accident prevention, and our long-term target is to have zero lost-time accidents.

We continued to implement our global coronavirus management measures to protect our employees’ safety and wellbeing and to ensure our operations can be run safely.

Many of the core people related processes were completed during the first half of 2020. Target setting and performance evaluations were finalized for approximately 90% of the white collar employees in scope. An employee pulse survey was also conducted during second quarter asking questions relating to engagement and performance, and also few questions on COVID-19 in order to understand the current situation. The results indicated that our people are engaged and feeling well at Suominen. A large majority of the respondents also felt that they were able to work effectively during the pandemic.

We continued our work in finalizing concrete targets and KPI’s for our renewed Sustainability agenda.


INFORMATION ON SHARES AND SHARE CAPITAL


Share capital

The number of Suominen’s registered shares was 58,259,219 shares on June 30, 2020, equaling to a share capital of EUR 11,860,056.00.

Share trading and price

The number of Suominen shares traded on Nasdaq Helsinki from January 1 to June 30, 2020 was 3,573,603 shares, accounting for 6.2% of the average number of shares (excluding treasury shares). The highest price was EUR 3.99, the lowest EUR 2.00 and the volume-weighted average price EUR 2.84. The closing price at the end of review period was EUR 3.87. The market capitalization (excluding treasury shares) was EUR 222.8 million on June 30, 2020.

Treasury shares

On June 30, 2020, Suominen Corporation held 700,230 treasury shares.

In accordance with the resolution by the Annual General Meeting, in total 29,121 shares were transferred to the members of the Board of Directors as their remuneration payable in shares during the reporting period.

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 March 19, 2020 decided that the remuneration payable to the members of the Board remains unchanged. 60% of the annual remuneration is paid in cash and 40% in Suominen Corporation’s shares.

The number of shares forming the remuneration portion which is payable in shares was determined based on the share value in the stock exchange trading maintained by Nasdaq Helsinki Ltd, calculated as the trade volume weighted average quotation of the share during the one month period immediately following the date on which the Interim Report of January‒March 2020 of the company is published. The shares were given out of the treasury shares held by the company by the decision of the Board of Directors on May 28, 2020.

Share-based incentive plans for the management and key employees

The Group management and key employees participate in the company’s share-based incentive plan. The earlier plans are described in detail in the Financial Statements 2019 and in the Remuneration Statement 2019 of Suominen Corporation, available on the company’s website www.suominen.fi

On December 11, 2017 the Board of Directors approved a share-based incentive plan for the Group management and key employees. The aim of the 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. The plan includes three 3-year performance periods, calendar years 2018-2020, 2019-2021 and 2020-2022.

Performance Share Plan performance periods

Period2018-20202019-20212020-2022
Incentive based onTotal Shareholder Return (TSR) and EBIT %Total Shareholder Return (TSR)Total Shareholder Return (TSR)
Potential reward paymentWill be paid partly in Suominen shares and partly in cash in spring 2021Will be paid partly in Suominen shares and partly in cash in spring 2022Will be paid partly in Suominen shares and partly in cash in spring 2023
ParticipantsApprox. 20 peopleApprox. 20 peopleApprox. 20 people
Maximum number of shares502,000729,000893,000

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.

Matching Restricted Share Plan 2019-2021

The Board of Directors of Suominen Corporation approved on June 4, 2019 a Matching Restricted Share Plan for selected key employees in the Suominen Group. The prerequisite for receiving a reward from the plan is that a participant acquires the company’s shares, amounting to the number resolved by the Board.

If the prerequisites set for a participant have been fulfilled and his or her employment or service in a company belonging to the Suominen Group is in force at the time of the reward payment, he or she will receive matching shares as a reward.

The plan includes vesting periods, the duration of which is resolved by the Board. The potential reward will be paid partly in shares and partly in cash after a vesting period. The cash proportion is intended to cover taxes and tax-related costs arising from the rewards to the plan participants.

The prerequisite for reward payment is that a participant’s employment or service is in force upon reward payment. The plan rewards to be allocated in 2019–2021 will amount to a maximum total of 200,000 Suominen Corporation shares including also the proportion to be paid in cash.

ANNUAL GENERAL MEETING

The Annual General Meeting (AGM) of Suominen Corporation was held on March 19, 2020.

The AGM adopted the Financial Statements and the Consolidated Financial Statements for the financial year 2019 and discharged the members of the Board of Directors and the President & CEO from liability for the financial year 2019. The AGM approved the Remuneration Policy for the governing bodies.

The AGM decided, in accordance with the proposal by the Board of Directors, that a dividend of EUR 0.05 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 66,000 and the Deputy Chair and other Board members an annual fee of EUR 31,000. 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 250 for each meeting held as telephone conference.
60% of the remuneration is paid in cash and 40% 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. Jan Johansson was re-elected as Chair of the Board of Directors and Mr. Andreas Ahlström, Ms. Sari Pajari and Ms. Laura Raitio were re-elected as members of the Board. Mr. Björn Borgman and Ms. Nina Linander were elected as new members of the Board.

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 March 19, 2020 concerning the resolutions of the Annual General Meeting and the organizing meeting of the Board of Directors. The stock exchange release and the meeting materials can be viewed on Suominen’s website at www.suominen.fi.

In compliance with the resolution of the Annual General Meeting, on April 3, 2020 Suominen paid out dividends of EUR 2.9 million for 2019, corresponding to EUR 0.05 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 elected as the Chair of the Audit Committee and Andreas Ahlström and Laura Raitio were re-elected as members. Jan Johansson was re-elected as the Chair of the Personnel and Remuneration Committee and Sari Pajari was re-elected as a member. Björn Borgman was elected as a new member to the Personnel and Remuneration Committee.

Authorizations of the Board of Directors

The Annual General Meeting (AGM) held on March 19, 2020 authorized the Board of Directors to decide on the repurchase a maximum of 400,000 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, 2021 and it revokes all earlier authorizations to repurchase company’s own shares.

The Annual General Meeting (AGM) held on March 19, 2020 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, 2021.

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.

SHORT TERM RISKS AND UNCERTAINTIES

Currently the COVID-19 pandemic is causing uncertainty. The key risks related to the virus have concerned the health and safety of Suominen personnel and customers, possible shortages of raw materials as well as potential closures of customers’ or our own plants due to virus infections or authority decisions and issues linked to logistics. In the latter half of the year, the biggest risks related to the coronavirus are potential new waves of the epidemic in Suominen’s operating countries and the resulting impacts on our operations.

We have implemented extensive precautions to protect the health and safety of our employees and to ensure business continuity and progress of our strategic projects during the pandemic. We continuously monitor the raw material situation closely and we have identified risk mitigation measures such as utilization of supplementary raw material sources. 


The vast majority of our customers have also experienced increased demand for their products and thus our customer credit risks have not materially increased. The COVID-19 pandemic has not increased Suominen’s risk of impairment losses on non-current assets.

Suominen’s other risks and uncertainties include, but are not limited to: risks related to manufacturing, competition, raw material prices and availability and 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 and Q1/2020 Interim report at suominen.fi/investors.

BUSINESS ENVIRONMENT

Suominen’s nonwovens are, for the most part, used in daily consumer goods, such as wet 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 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 demand for nonwovens has increased due to COVID-19 pandemic. In the short term, the higher demand is expected to continue. In the longer term, the COVID-19 pandemic may lead to a continued increase in demand for nonwovens for cleaning and disinfection products.


EVENTS AFTER THE REPORTING PERIOD

New revolving credit facility agreement linked to sustainability targets

On July 13, 2020 Suominen announced a single-currency syndicated revolving credit facility agreement of EUR 100 million with a maturity of three years with two one-year extension options. The lenders for the facility are Danske Bank A/S, Finland Branch and Nordea. The new credit facility includes leverage ratio and gearing as financial covenants.

The margin of the facility will increase or decrease dependent on Suominen meeting two sustainability key performance indicators (“KPI”), namely:

  • Increase in the sales of sustainable products
  • Reduction of greenhouse gas emissions

The new credit facility replaces the existing EUR 100 million syndicated revolving credit facility agreement of Suominen provided by Nordea and Svenska Handelsbanken AB (publ), Branch Operation in Finland as the lenders.
OUTLOOK FOR 2020

Suominen repeats its outlook, disclosed on June 17, 2020 that Suominen expects that its comparable operating profit will improve significantly from 2019. In 2019, Suominen’s operating profit amounted to EUR 8.1 million. In financial years 2020 and 2019 Suominen had no items affecting the comparability of the operating profit. The calculation of comparable operating profit is explained in the disclosures of this release.

CORPORATE GOVERNANCE AND REMUNERATION STATEMENTS

Suominen has prepared a separate Corporate Governance Statement and a Remuneration Statement for
2019, 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

Petri Helsky, President & CEO, and Toni Tamminen, CFO, will present the result in English in an audiocast for analyst, investors and media on August 12 at 11:00 a.m. (EEST). The audiocast can be followed at https://suominen.videosync.fi/2020-q2. The recording of the audiocast and the presentation material will be available after the event at www.suominen.fi
Conference call participants are requested to dial on:
SE: +46 856 642 651
UK: +44 333 300 0804
US: +1 631 913 1422
The confirmation code for joining the conference call is 56242138#.
NEXT FINANCIAL REPORT

Suominen Corporation will publish its Interim Report for January–September 2020 on Thursday October 22, 2020 approximately at 9:30 a.m. (EEST).

SUOMINEN GROUP JANUARY 1 – JUNE 30, 2020

The figures in these half-year 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 half-year report has not been audited.

This half-year 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 2019, with the exception of the effect of the new accounting standards and interpretations which have been applied from 1.1.2020.

The new or amended standards or interpretations applicable from 1.1.2020 are not material for Suominen Group.


CONSOLIDATED STATEMENT OF FINANCIAL POSITION

EUR thousand30.6.202030.6.201931.12.2019
Assets   
Non-current assets   
Goodwill15,49615,49615,496
Intangible assets18,33521,57220,020
Property, plant and equipment111,587124,956121,584
Right-of-use assets13,03715,89114,319
Loan receivables3,6503,3483,650
Equity instruments777777777
Other non-current receivables614370
Deferred tax assets1,9802,3742,091
Total non-current assets 164,922184,456178,007
    
Current assets   
Inventories38,71847,29439,257
Trade receivables60,69361,28246,728
Loan receivables3,3494,0173,845
Other current receivables7,2075,8643,820
Assets for current tax581965701
Cash and cash equivalents38,66626,53037,741
Total current assets149,214145,952132,093
    
Total assets314,136330,408310,100
    
Equity and liabilities   
Equity    
Share capital11,86011,86011,860
Share premium account24,68124,68124,681
Reserve for invested unrestricted equity81,36181,26981,269
Treasury shares-44-44-44
Fair value and other reserves2264264
Exchange differences-2,601284707
Retained earnings23,29114,86513,715
Total equity attributable to owners of the parent138,551133,178132,452
 

 
   
Liabilities   
Non-current liabilities   
Deferred tax liabilities14,04912,41112,786
Liabilities from defined benefit plans769815788
Provisions1,6561,5571,608
Non-current lease liabilities9,22911,82710,464
Other non-current liabilities171717
Debentures82,27781,15481,714
Total non-current liabilities107,997107,780107,375
    
Current liabilities   
Debentures15,716
Current lease liabilities3,1392,8772,986
Other current interest-bearing liabilities5,0005,00014,000
Liabilities for current tax6643175
Trade payables and other current liabilities58,78665,54053,282
Total current liabilities67,58889,45070,273
    
Total liabilities175,585197,230177,648
    
Total equity and liabilities314,136330,408310,100

CONSOLIDATED STATEMENT OF PROFIT OR LOSS

  Restated RestatedRestated
EUR thousand4-6/20204-6/20191-6/20201-6/20191-12/2019
Net sales122,170103,824232,373213,590411,412
Cost of goods sold-102,656-93,347-199,569-193,489-374,501
Gross profit19,51410,47732,80320,10136,911
Other operating income7856841,3371,6032,903
Sales, marketing and administration expenses-7,146-7,200-14,290-13,862-27,268
Research and development expenses-645-914-1,325-1,722-3,376
Other operating expenses-117-392-470-504-1,041
Operating profit12,3912,65518,0555,6168,129
Net financial expenses-1,813-1,695-3,757-2,992-5,998
Profit before income taxes10,57996014,2982,6252,132
Income taxes-2,179-585-2,353-1,124-1,907
Profit for the period 8,40037511,9451,500225
      
Earnings per share, EUR     
Basic0.150.010.210.030.00
Diluted0.150.010.210.030.00

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

EUR thousand4-6/
2020
4-6/
2019
1-6/
2020
1-6/
2019
1-12/
2019
      
Profit for the period 8,40037511,9451,500225
      
Other comprehensive income:     
Other comprehensive income that will be subsequently reclassified to profit or loss     
Exchange differences-2,808-1,223-3,2761,0151,570
Reclassified to profit or loss-327-327
Income taxes related to other comprehensive income-22713033-62-193
Total-3,362-1,093-3,5719531,377
Other comprehensive income that will not be subsequently reclassified to profit or loss     
Remeasurements of defined benefit plans75
Income taxes related to other comprehensive income-21
Total54
      
Total other comprehensive income -3,362-1,093-3,5719531,431
      
Total comprehensive income for the period5,038-7188,3752,4531,656


CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

EUR thousandShare capitalShare premium accountReserve for invested unrestricted equityTreasury shares
Equity 1.1.202011,86024,68181,269-44
Profit for the period
Other comprehensive income
Total comprehensive income
Share-based payments
Conveyance of treasury shares92
Dividends paid
Equity 30.6.202011,86024,68181,361-44


EUR thousandExchange differencesFair value and other reservesRetained earningsTotal equity attributable to owners of the parent
Equity 1.1.202070726413,715132,452
Profit for the period11,94511,945
Other comprehensive income-3,309-262-3,571
Total comprehensive income -3,309-26225,6608,375
Share-based payments508508
Conveyance of treasury shares92
Dividends paid-2,876-2,876
Equity 30.6.2020-2,601223,291138,551


EUR thousandShare capitalShare premium accountReserve for invested unrestricted equityTreasury shares
Equity 1.1.201911,86024,68181,185-44
Profit for the period
Other comprehensive income
Total comprehensive income
Share-based payments
Conveyance of treasury shares84
Equity 30.6.201911,86024,68181,269-44


EUR thousandExchange differencesFair value and other reservesRetained earningsTotal equity attributable to owners of the parent
Equity 1.1.2019-66926413,237130,513
Profit for the period1,5001,500
Other comprehensive income953953
Total comprehensive income 9531,5002,453
Share-based payments128128
Conveyance of treasury shares84
Equity 30.6.201928426414,865133,178


EUR thousandShare capitalShare premium accountReserve for invested unrestricted equityTreasury shares
Equity 1.1.201911,86024,68181,185-44
Profit for the period
Other comprehensive income
Total comprehensive income
Share-based payments
Conveyance of treasury shares84
Equity 31.12.201911,86024,68181,269-44


EUR thousandExchange differencesFair value and other reservesRetained earningsTotal equity attributable to owners of the parent
Equity 1.1.2019-66926413,237130,513
Profit for the period225225
Other comprehensive income1,377541,431
Total comprehensive income 1,3772791,656
Share-based payments198198
Conveyance of treasury shares84
Equity 31.12.201970726413,715132,452

CONSOLIDATED STATEMENT OF CASH FLOWS

EUR thousand1-6/20201-6/20191-12/2019
    
Cash flow from operations   
Profit for the period11,9451,500225
Total adjustments to profit for the period18,12117,46834,585
Cash flow before changes in net working capital30,06718,96934,810
Change in net working capital-8,612-9,7801,631
Financial items-2,097-1,620-5,222
Income taxes-353-829-1,324
Cash flow from operations19,0056,73929,895
    
Cash flow from investments   
Investments in property, plant and equipment and intangible assets-3,923-6,581-10,520
Sales proceeds from property, plant and equipment and intangible assets073
Cash flow from investments-3,923-6,581-10,447
    
Cash flow from financing   
Drawdown of current interest-bearing liabilities15,00010,00038,000
Repayment of current interest-bearing liabilities-25,585-11,394-47,572
Dividends paid-2,876
Cash flow from financing-13,462-1,394-9,572
    
Change in cash and cash equivalents1,621-1,2359,875
    
Cash and cash equivalents at the beginning of the period37,74127,75727,757
Effect of changes in exchange rates-6969109
Change in cash and cash equivalents1,621-1,2359,875
Cash and cash equivalents at the end of the period38,66626,53037,741

KEY RATIOS

 4-6/
2020
4-6/
2019
1-6/
2020
1-6/
2019
1-12/
2019
Change in net sales, % *17.7-5.68.8-1.4-4.6
Gross profit, as percentage of net sales, %16.010.114.19.49.0
EBITDA, as percentage of net sales, %14.78.812.68.68.2
Operating profit, as percentage of net sales, %10.12.67.82.62.0
Comparable operating profit, as percentage of net sales, %10.12.67.82.62.0
Net financial items, as percentage of net sales, %-1.5-1.6-1.6-1.4-1.5
Profit before income taxes, as percentage of net sales, %8.70.96.21.20.5
Profit for the period, as percentage of net sales, %6.90.45.10.70.1
Gross capital expenditure, EUR thousand1,6062,4952,4556,28911,198
Depreciation and amortization, EUR thousand5,5986,43411,21512,78125,539
Return on equity, rolling 12 months, %7.9-1.30.2
Return on invested capital, rolling 12 months, %8.92.73.7
Equity ratio, %44.240.342.7
Gearing, %40.965.050.7
Average number of personnel685691685
Earnings per share, EUR, basic0.150.010.210.030.00
Earnings per share, EUR, diluted0.150.010.210.030.00
Cash flow from operations per share, EUR0.170.160.330.120.52
Equity per share, EUR2.412.312.30
Number of shares, end of period, excluding treasury shares57,558,98957,529,86857,529,868
Share price, end of period, EUR3.872.362.31
Share price, period low, EUR2.002.042.04
Share price, period high, EUR3.992.702.70
Volume weighted average price during the period, EUR2.842.412.38
Market capitalization, EUR million222.8135.8132.9
Number of traded shares during the period3,573,6032,775,1564,655,863
Number of traded shares during the period, % of average number of shares6.24.88.1

*    Compared with the corresponding period in the previous year.

   30.6.202030.6.201931.12.2019
Interest-bearing net debt, EUR thousands     
Non-current interest-bearing liabilities, nominal value  94,22996,82795,464
Current interest-bearing liabilities, nominal value  8,13923,60716,986
Interest-bearing receivables and cash and cash equivalents  -45,665-33,895-45,236
Interest-bearing net debt  56,70386,53967,213

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 2019. The link between the components of the alternative performance measures and the consolidated financial statements is presented in Suominen’s Annual Report for 2019.

Calculation of key ratios per share

Earnings per share                                                                               
                                                                                      

Basic earnings per share (EPS) Profit for the period
=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 30.6.202030.6.201931.12.2019
Profit for the period 11,9451,500225
     
     
Average share-issue adjusted number of shares 57,535,14857,501,82157,515,960
Average diluted share-issue adjusted number of shares excluding treasury shares 57,687,19257,540,78257,601,340
     
Earnings per share    
     
EUR    
Basic 0.210.030.00
Diluted 0.210.030.00


    

 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
 


  30.6.202030.6.201931.12.2019
Cash flow from operations, EUR thousand 19,0056,73929,894
Share-issue adjusted number of shares excluding treasury shares, end of reporting period 57,558,98957,529,86857,529,868
Cash flow from operations per share, EUR 0.330.120.52

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
 


  30.6.202030.6.201931.12.2019
Total equity attributable to owners of the parent, EUR thousand 138,551133,178132,452
Share-issue adjusted number of shares excluding treasury shares, end of reporting period 57,558,98957,529,86857,529,868
Equity per share, EUR 2.412.312.30

                                                                                                 

Market capitalization

Market capitalization=Number of shares at the end of reporting period excluding treasury shares x share price at the end of period


  30.6.202030.6.201931.12.2019
Number of shares at the end of reporting period excluding treasury shares 57,558,98957,529,86857,529,868
Share price at end of the period, EUR3.872.362.31
Market capitalization, EUR million 222.8135.8132.9

Share turnover

Share turnover=The proportion of number of shares traded during the period to weighted average number of shares excluding treasury shares


  30.6.202030.6.201931.12.2019
Number of shares traded during the period 3,573,6032,775,1564,655,863
Average number of shares excluding treasury shares57,535,14857,501,82157,515,960
Share turnover, % 6.24.88.1

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. Suominen did not have any items affecting comparability in 2020 or 2019.

EBITDA

EBITDA=EBIT + depreciation, amortization and impairment losses


EUR thousand 30.6.202030.6.201931.12.2019
Operating profit 18,0555,6168,129
+ Depreciation, amortization and impairment losses11,21512,78125,539
EBITDA 29,27118,39733,668

Gross capital expenditure

EUR thousand 30.6.202030.6.201931.12.2019
Increases in intangible assets 1051,8832,224
Increases in property, plant and equipment2,3504,4068,974
Gross capital expenditure 2,4556,28911,198

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 30.6.202030.6.201931.12.2019
Interest-bearing liabilities 99,645116,573109,163
Tender and issuance costs of the debentures 2,7233,8603,286
Interest bearing receivables -6,999-7,365-7,495
Cash and cash equivalents-38 666-26,530-37,741
Interest-bearing net debt 56,70386,53967,213
     
Interest-bearing liabilities 99,645116,573109,163
Tender and issuance costs of the debentures 2,7233,8603,286
Nominal value of interest-bearing liabilities 102,368120,434112,450

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 30.6.202030.6.201931.12.2019
Profit for the reporting period (rolling 12 months) 10,670-1,660225
     
Total equity attributable to owners of the parent 30.6.2019 / 30.6.2018 / 31.12.2018 133,178132,631130,513
Total equity attributable to owners of the parent 30.9.2019 / 30.9.2018 / 31.3.2019 136,871130,981133,776
Total equity attributable to owners of the parent 31.12.2019 / 31.12.2018 / 30.6.2019 132,452130,513133,178
Total equity attributable to owners of the parent 31.3.2020 / 31.3.2019 / 30.9.2019 135,868133,776136,871
Total equity attributable to owners of the parent 30.6.2020 / 30.6.2019 / 31.12.2019 138,551133,178132,452
Average 135,384132,216133,358
     
Return on equity (ROE), % 7.9-1.30.2

Invested capital

Invested capital=Total equity attributable to owners of the parent + interest-bearing liabilities


EUR thousand 30.6.202030.6.201931.12.2019
Total equity attributable to owners of the parent 138,551133,178132,452
Interest-bearing liabilities 99,645116,573109,163
Invested capital 238,195249,752241,615

Return on invested capital (ROI), %

Return on invested capital (ROI), %=Operating profit + financial income (rolling 12 months) x 100
  Invested capital, quarterly average


EUR thousand 30.6.202030.6.201931.12.2019
Operating profit (rolling 12 months) 20,5685,7448,129
Financial income (rolling 12 months) 1,001829981
Total 21,5696,5739,110
     
Invested capital 30.6.2019 / 30.6.2018 / 31.12.2018 249,752238,589231,977
Invested capital 30.9.2019 / 30.9.2018 / 31.3.2019 246,660227,186250,259
Invested capital 31.12.2019 / 31.12.2018 / 30.6.2019 241,615231,977249,752
Invested capital 31.3.2020 / 31.3.2019 / 30.9.2019 240,761250,259246,660
Invested capital 30.6.2020 / 30.6.2019 / 31.12.2019 238,195249,752241,615
Average 243,397239,553244,053
     
Return on invested capital (ROI), % 8.92.73.7

Equity ratio, %

Equity ratio, %=Total equity attributable to owners of the parent x 100
  Total assets - advances received


EUR thousand 30.6.202030.6.201931.12.2019
Total equity attributable to owners of the parent 138,551133,178132,452
     
Total assets 314,136330,408310,100
Advances received -442-179-58
  313,694330,229310,042
     
Equity ratio, % 44.240.342.7

Gearing, %

Gearing, %=Interest-bearing net debt x 100 
  Total equity attributable to owners of the parent


EUR thousand 30.6.202030.6.201931.12.2019
Interest-bearing net debt 56,70386,53967,213
Total equity attributable to owners of the parent 138,551133,178132,452
Gearing, % 40.965.050.7

NET SALES BY GEOGRAPHICAL MARKET AREA

EUR thousand1-6/20201-6/20191-12/2019
Finland1,6921,3382,527
Rest of Europe76,18476,251145,055
North and South America152,515133,833259,560
Rest of the world1,9822,1684,270
Total232,373213,590411,412

QUARTERLY SALES DEVELOPMENT BY BUSINESS AREA

  20202019
EUR thousand4-61-310-127-94-61-3
Americas77,16273,17062,18066,16165,01168,326
Europe45,04737,05432,29437,23338,79841,466
Unallocated exchange differences and eliminations-38-21-15-3014-25
Total122,170110,20394,459103,363103,824109,766

QUARTERLY DEVELOPMENT

       
 20202019
EUR thousand4-61-310-127-94-61-3
Net sales122,170110,20394,459103,363103,824109,766
EBITDA17,98911,2827,4377,8349,0899,309
as % of net sales14.710.27.97.68.88.5
Comparable operating profit12,3915,6641,4051,1082,6552,961
as % of net sales10.15.11.51.12.62.7
Items affecting comparability
Operating profit12,3915,6641,4051,1082,6552,961
as % of net sales10.15.11.51.12.62.7
Net financial items-1,813-1,945-1,926-1,080-1,695-1,297
Profit before income taxes10,5793,719-521289601,665
as % of net sales8.73.4-0.60.00.91.5

RELATED PARTY INFORMATION

The related parties of Suominen include the members of the Board of Directors, President & CEO and the members of the Corporate 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.

The Annual General Meeting held on March 19, 2020 resolved that 40% of the annual remuneration for the Board of Directors is paid in Suominen Corporation’s shares. The number of shares transferred to the members of the Board of Directors as their remuneration payable in shares for 2020 was 29,121 shares. The shares were transferred on May 28, 2020 and the value of the transferred shares totaled EUR 92,400, or approximately EUR 3.17 per share.


CHANGES IN PROPERTY, PLANT AND EQUIPMENT, INTANGIBLE ASSETS AND RIGHT-OF-USE ASSETS

 30.6.202030.6.201931.12.2019
EUR thousandProperty, plant and equipmentIntang. assetsProperty, plant and equipmentIntang. assetsProperty, plant and equipmentIntang. assets
Carrying amount at the beginning of the period121,58420,020129,39121,231129,39121,231
Application of IFRS 16-149-149
Capital expenditure and increases2,3501054,4061,8838,9742,224
Disposals and decreases-10-1
Depreciation, amortization and impairment losses-7,616-1,791-9,523-1,546-18,608-3,448
Exchange differences and other changes-4,732183241,97712
Carrying amount at the end of the period111,58718,335124,95621,572121,58420,020

Goodwill is not included in intangible assets.

 30.6.202030.6.201931.12.2019
EUR thousandRight-of-use assetsRight-of-use assetsRight-of-use assets
Carrying amount at the beginning of the period14,31916,94616,946
Increases536717946
Disposals and decreases-103-215
Depreciation, amortization and impairment losses-1,808-1,712-3,483
Exchange differences and other changes-1044125
Carrying amount at the end of the period13,03715,89214,319

CHANGES IN INTEREST-BEARING LIABILITIES

EUR thousand1-6/20201-6/20191-12/2019
Total interest-bearing liabilities at the beginning of the period109,163101,463101,463
Current liabilities at the beginning of the period16,98620,76520,765
Application of IFRS 162,6642,664
Repayment of current liabilities, cash flow items-25,585-11,394-47,572
Drawdown of current liabilities, cash flow items15,00010,00038,000
Increases in current liabilities, non-cash flow items186148218
Decreases of current liabilities, non-cash flow items-5-20-99
Reclassification from non-current liabilities1,5661,3932,942
Periodization of debenture to amortized cost, non-cash flow items2943
Exchange rate difference, non-cash flow item-10825
Current liabilities at the end of the period8,13923,59216,986
    
Non-current liabilities at the beginning of the period10,4648484
Application of IFRS 1612,62212,622
Increases in non-current liabilities, non-cash flow items350570733
Decreases of non-current liabilities, non-cash flow items-84-121
Reclassification to current liabilities-1,566-1,393-2,942
Exchange rate difference, non-cash flow item-182888
Non-current liabilities at the end of the period9,22911,82710,464
    
Non-current debentures at the beginning of the period81,71480,61580,615
Periodization of debenture to amortized cost, non-cash flow items5635391,099
Non-current debentures at the end of the period82,27781,15481,714
Total interest-bearing liabilities at the end of the period99,645116,573109,163

CONTINGENT LIABILITIES


                                                                                                            

     
EUR thousands30.6.2020 30.6.201931.12.2019
     
Other commitments    
Leasing commitments158 298179
Contractual commitments to acquire property, plant and equipment1,877 892
Commitments to leases not yet commenced152 33
     
Guarantees    
On own behalf7,649 10,4729,906
Other own commitments30,127 2,5832,203
 37,776 13,01012,108

NOMINAL AND FAIR VALUES OF DERIVATIVE INSTRUMENTS

 30.6.202030.6.201931.12.2019
EUR thousandNominal valueFair
value
Nominal
value
Fair
value
Nominal
value
Fair
value
Currency forward contracts      
  Hedge accounting not applied2,480-462,891-6

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
e. Fair value

 Classification
EUR thousanda.b.c.d.e.
Equity instruments347429777777
Loan receivables3,3493,6506,9996,999
Trade receivables60,69360,69360,693
Interest and other financial receivables572572572
Cash and cash equivalents38,66638,66638,666
Total 30.6.20203,696103,580429107,706107,706


EUR thousanda.b.c.d.e.
Equity instruments347429777777
Loan receivables3,8453,6507,4957,495
Trade receivables46,72846,72846,728
Interest and other financial receivables313313313
Cash and cash equivalents37,74137,74137,741
Total 31.12.20194,19388,43242993,05493,054

Principles in estimating fair value of financial assets for 2020 are the same as those used for preparing the consolidated financial statements for 2019.

Suominen monitors constantly the open balances of the customers and takes action if payments are delayed. The COVID-19 pandemic has increased the credit risk of certain customers depending on the markets in which they operate, but as a whole, also the customers have experienced increased demand of their products and thus their credit risks and Suominen’s expected credit losses arising from trade receivables have not materially increased.

FINANCIAL LIABILITIES

 30.6.202031.12.2019
EUR thousandCarrying amountFair valueNominal valueCarrying amountFair valueNominal value
Non-current financial liabilities      
       
Debentures82,27783,30085,00081,71486,06385,000
Lease liabilities9,2299,2299,22910,46410,46410,464
Total non-current financial liabilities91,50692,52994,22992,17796,52695,464
       
Current financial liabilities      
       
Current loans from financial institutions5,0005,0005,00014,00014,00014,000
Lease liabilities3,1393,1393,1392,9862,9862,986
Interest accruals1,6071,6071,607551551551
Derivative liabilities464646
Other current liabilities846846846440440440
Trade payables47,16647,16647,16644,49544,49544,495
Total current financial liabilities57,80457,80457,80462,47362,47362,473
       
Total149,310150,333152,033154,650158,999157,936


Principles in estimating fair value for financial liabilities for 2020 are the same as those used for preparing the consolidated financial statements for 2019.

FAIR VALUE MEASUREMENT HIERARCHY

EUR thousandsLevel 1Level 2Level 3
Financial assets and liabilities at fair value   
Loan receivables3,349
Equity instruments777
Total4,426
    
Derivatives at fair value   
Currency forward contracts, liabilities-46
Total-46

Principles in estimating fair value of financial assets and their hierarchies for 2020 are the same as those used for preparing the consolidated financial statements for 2019.    

There were no transfers in the fair value measurement hierarchy levels during the reporting period.   

RESTATEMENT OF PREVIOUSLY PUBLISHED FIGURES

Suominen has reclassified some overhead expenses from cost of goods sold to sales, marketing and administration expenses.

CONSOLIDATED STATEMENT OF PROFIT OR LOSS  
 PublishedRestatementRestated
EUR thousand1-6/20191-6/20191-6/2019
Net sales213,590213,590
Cost of goods sold-194,9201,431-193,489
Gross profit18,6701,43120,101
Other operating income1,6031,603
Sales, marketing and administration expenses-12,431-1,431-13,862
Research and development-1,722-1,722
Other operating expenses-504-504
Operating profit5,6165,616
Net financial expenses-2,992-2,992
Profit before income taxes2,6252,625
Income taxes-1,124-1,124
Profit / loss for the period 1,5001,500


 PublishedRestatementRestated
EUR thousand1-12/20191-12/20191-12/2019
Net sales411,412411,412
Cost of goods sold-377,2552,754-374,501
Gross profit34,1572,75436,911
Other operating income2,9032,903
Sales, marketing and administration expenses-24,513-2,754-27,267
Research and development-3,376-3,376
Other operating expenses-1,041-1,041
Operating profit8,1298,129
Net financial expenses-5,998-5,998
Profit before income taxes2,1322,132
Income taxes-1,907-1,907
Profit / loss for the period 225225

SUOMINEN CORPORATION
Board of Directors



For additional information, please contact:
Petri Helsky, President & CEO, tel. +358 (0)10 214 3080
Toni Tamminen, CFO, tel. +358 (0)10 214 3051


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, such as wet wipes, feminine care products and swabs, are present in people’s daily life worldwide. Suominen’s net sales in 2019 were EUR 411.4 million and we have nearly 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

Attachment


01-Suominen Corporation Interim Report Q2 2020.pdf

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