Suominen Corporation
Q2 2015
Nina Kopola, President & CEO
Tapio Engström, CFO
17 July 2015
Agenda
• Highlights Q2
• Strategy and its implementation
• Financial review Q2 and outlook
• Q & A
7/17/2015 Suominen is a globally leading supplier of nonwovens for wiping, hygiene and medical applications. 2
Q2 2015: Record-strong quarter for Suominen
9.9 M€
8.8%
19%
14%112.9 M€
28.2%17.1%
7/17/2015 Suominen is a globally leading supplier of nonwovens for wiping, hygiene and medical applications. 3
Q2: Net sales increased by 19%
Net sales, M€ Net sales, M€
7/17/2015 Suominen is a globally leading supplier of nonwovens for wiping, hygiene and medical applications. 4
93.1 93.5
89.8
98.4 95.3
103.3104.8
111.9112.9
0
20
40
60
80
100
120
55.7
98.3
356.9
373.7
401.8
0
50
100
150
200
250
300
350
400
450
2010 2011 2012 2013 2014
- Net sales grew by 19% in Q2. The strengthening of the USD and improved demand
in the European market (compared to Q2 2014) had a positive impact on net sales.
Continuing operations. Continuing operations.
40%
17%
12%
22%
8%
1%
No significant changes in the portfolio
H1 2014: 193.7 M€
7/17/2015 Suominen is a globally leading supplier of nonwovens for wiping, hygiene and medical applications. 5
40%
16%
11%
23%
8% 2%
Baby wipes Household wipes Industrial wipes Personal care wipes Hygiene and medical products Others
H1 2015: 224.9 M€
Typically higher value-add products
Convenience 92%, Care 8%Convenience 92%, Care 8%
Q2: Operating profit improved to record-high level
Operating profit excl. NRI, M€ and % Operating profit excl. NRI, M€ and %
7/17/2015 Suominen is a globally leading supplier of nonwovens for wiping, hygiene and medical applications. 6
- Growth in net sales and further strengthened gross profit improved operating profit.
- Strengthening of the USD compared to euro increased the operating profit by
nearly 14%.
5.0 %
6.2 %
5,0 %
6.5 %
5.8 %
8.4 %
5.9 %
6.5 %
8.8 %
0%
2%
4%
6%
8%
10%
0
2
4
6
8
10
12
M€ %
-6.5 % -4.4 %
4.2 %
5.2 %
6.7 %
-8%
-6%
-4%
-2%
0%
2%
4%
6%
8%
-10
-5
0
5
10
15
20
25
30
2010 2011 2012 2013 2014
M€ %
Continuing operations. Continuing operations.
Strategy
for 2015–2017
Suominen’s strategy 2015–2017
8
• Deliver superior value in thoughtfully selected market applications.
• Drive proactive key account management for mutual value creation.
• Execute demand driven supply chain.
• Evolve culture and capabilities to build strong product company.
Market Driven Product Leader
Our purpose is to make nonwovens continuously better for people.
• Organic net sales growth at a rate that exceeds
the industry average (approx. 3%)
• A return on investment of more than 12%
• A gearing ratio between 40% and 80%
Purpose – why?
Vision – where?
Strategy – how?
Financial targets
7/17/2015 Suominen is a globally leading supplier of nonwovens for wiping, hygiene and medical applications.
We target growth, market-driven way of operating
and product leadership
Organic growth
exceeding
industry
average
Market-driven
way of
operating
Product
leadership
7/17/2015 Suominen is a globally leading supplier of nonwovens for wiping, hygiene and medical applications. 9
Understanding the end user remains
in the heart of our strategy
Fiber
producer
Nonwovens manufacturer
Brand owner
Converter
Retailer
Primary
production
7/17/2015 Suominen is a globally leading supplier of nonwovens for wiping, hygiene and medical applications. 10
We have a focused plan to implement growth
strategy
Extend
geographical
reach
Acquisitions
Not in focus in the strategy
period 2015–2017
Sustain &
improve
Retrofit Expand
Projected growth investments
30–50 ME until 2017
7/17/2015 Suominen is a globally leading supplier of nonwovens for wiping, hygiene and medical applications.
Approx. 1–2%
of net sales
11
Growth investment program is proceeding as
planned
Paulínia, Brazil
Bethune, SC, USA
Nakkila, Finland
Alicante, Spain
12Suominen is a globally leading supplier of nonwovens for wiping, hygiene and medical applications.7/17/2015
Mid-term financial targets
• Increase net sales organically at a rate that exceeds the average
growth rate of the industry. (In 2014, Suominen’s net sales grew
organically 3.5%, slightly faster than the industry average.)
• Have a solid capital structure with a gearing ratio principally between
40% and 80%. (Q2/2015: 28.2%).
• Clearly improve relative profitability. The target level of the company’s
return on investment (ROI) is above 12%. (Q2/2015, rolling 12
months, continuing operations: 17.1%).
7/17/2015 Suominen is a globally leading supplier of nonwovens for wiping, hygiene and medical applications. 13
Financial
review Q2
Q2: Profit for the reporting period reached
a new level
Profit for the reporting period, M€
7/17/2015 Suominen is a globally leading supplier of nonwovens for wiping, hygiene and medical applications. 15
Profit for the reporting period, M€
Continuing operations. Continuing operations.
1.0
2.6
0.6
2.6
2.2
0.6
4.8
3.5
6.2
0
1
2
3
4
5
6
7
-12.0
-11.8
-2.8
5.7
10.2
-15
-10
-5
0
5
10
15
2010 2011 2012 2013 2014
Statement of profit or loss
Healthy cost structure
Net sales grew
Effective tax rate
on Q2: 33.5%; on
H1: 35.4%
EUR thousand Q2 2015 Q2 2014 FY 2014
Net sales 112,944 95,340 401,762
Cost of goods sold -97,160 -84,399 -352,091
Gross profit 15,784 10,941 49,671
Other operating income 903 539 2,655
Sales and marketing expenses -1,756 -1,712 -6,278
Research and development -736 -784 -2,877
Administration expenses -4,179 -3,440 -14,144
Other operating expenses -83 -20 -2,177
Operating profit excluding non-
recurring items 9,932 5,524 26,851
Non-recurring items 530 -278 -954
Operating profit 10,462 5,246 25,897
Net financial expenses -1,076 -1,276 -8,075
Profit before income taxes 9,386 3,970 17,822
Income taxes -3,142 -1,786 -7,645
Profit for the period from
continuing operations 6,244 2,184 10,177
Positive gross profit
development
7/17/2015 Suominen is a globally leading supplier of nonwovens for wiping, hygiene and medical applications. 16
Statement of financial position, assets
EUR thousand 30 June 2015 30 June 2014 31 Dec 2014
Non-current assets
Goodwill 15,496 15,496 15,496
Intangible assets 12,601 12,508 12,510
Property, plant and equipment 88,297 87,467 88,721
Loan receivables 8,202 − 8,202
Available-for-sale assets 806 922 1,124
Held-to-maturity investments 465 455 450
Other non-current receivables 2,389 − 2,614
Deferred tax assets 5,189 5,634 5,516
Total non-current assets 133,445 122,482 134,633
Current assets
Inventories 32,322 28,878 32,380
Trade receivables 60,193 48,657 52,269
Loan receivables 350 59 600
Other current receivables 4,222 6,480 4,618
Assets for current tax 1,601 695 1,682
Cash and cash equivalents 42,778 17,331 38,430
Total current assets 141,465 102,100 129,979
Assets held for sale − 32,243 −
Total assets 274,910 256,825 264,611
Cash at elevated level
7/17/2015 Suominen is a globally leading supplier of nonwovens for wiping, hygiene and medical applications. 17
Statement of financial position, equity and liabilities
Decrease in the
nominal value of the
hybrid bond due to
the conversions made
EUR thousand 30 Jun 2015 30 Jun 2014 31 Dec 2014
Share capital 11,860 11,860 11,860
Share premium account 24,681 24,681 24,681
Reserve for invested unrestricted equity 69,652 97,192 97,192
Treasury shares -44 -44 -44
Fair value and other reserves 107 -884 96
Exchange differences 6,011 -821 3,419
Other equity -9,824 -50,410 -46,890
Total equity attributable to owners of
the parent
102,444 81,574 90,313
Hybrid bond 16,884 17,899 18,424
Total equity 119,328 99,473 108,737
Liabilities
Non-current liabilities
Deferred tax liabilities 9,886 6,841 8,789
Other non-current liabilities 1,610 1,872 1,729
Debentures 75,000 − 75,000
Other non-current interest-bearing
liabilities
6,667 62,104 6,667
Total non-current liabilities 93,163 70,817 92,185
Current liabilities
Current interest-bearing liabilities 3,333 22,940 3,347
Liabilities for current tax 1,519 376 246
Trade payables and other current
liabilities
57,567 49,666 60,096
Total current liabilities 62,420 72,982 63,689
Total liabilities 155,583 143,799 155,874
Liabilities related to assets held for sale − 13,553 −
Total equity and liabilities 274,910 256,825 264,611
7/17/2015 Suominen is a globally leading supplier of nonwovens for wiping, hygiene and medical applications. 18
Cash flow weakened from the comparison period,
cumulatively close to comparison period level
Cash flow from operations, M€ Cash flow from operations, M€
7/17/2015 Suominen is a globally leading supplier of nonwovens for wiping, hygiene and medical applications. 19
2.9
4.3
16.3
-0.4
11.3
16.9
9.3
4.5 3.9
-2
0
2
4
6
8
10
12
14
16
18
-2.5 -2.9
24.9
21.3
37.1
-5
0
5
10
15
20
25
30
35
40
2010 2011 2012 2013 2014
Statement of cash flows (1/2)
The financial items
were impacted by
currency forward
contracts hedging
equity and the
interests of the
debenture bond paid
7/17/2015 Suominen is a globally leading supplier of nonwovens for wiping, hygiene and medical applications.
EUR thousand H1 2015 H1 2014 FY 2014
Cash flow from operations
Profit / loss for the period 9,726 1,062 4,973
Total adjustments to profit / loss for the period 16,378 20,485 39,953
Cash flow before changes in net working capital 26,105 21,547 44,927
Change in net working capital -9,263 -4,845 6,140
Financial items -4,966 -2,792 -6,514
Income taxes -3,468 -3,065 -7,434
Cash flow from operations 8,407 10,845 37,119
Cash flow from investments
Investments in property, plant and equipment
and intangible assets
-4,009 -4,016 -7,740
Investments in acquired businesses − -19,261 -19,261
Cash flow from disposed businesses − − 4,736
Sales proceeds from property, plant and
equipment and intangible assets
10 31 59
Cash flow from investments -4,000 -23,246 -22,206
Cash flow in 2014 includes also discontinued operations.
Net working capital
slightly elevated
20
Statement of cash flows (2/2)
7/17/2015 Suominen is a globally leading supplier of nonwovens for wiping, hygiene and medical applications.
EUR thousand H1 2015 H1 2014 FY 2014
Cash flow from financing
Drawdown of hybrid bond − 17,500 17,500
Drawdown of debenture bond − − 75,000
Drawdown of other non-current interest-
bearing liabilities
− − 10,000
Repayment of other non-current interest-
bearing liabilities
− -4,304 -78,220
Changes in current interest-bearing
liabilities
-14 -632 -18,324
Changes in loan receivables 417 − −
Share issue 340 − −
Distribution of funds -2,504 − −
Cash flow from financing -1,761 12,564 5,956
Change in cash and cash equivalents 2,647 163 20,869
Cash and cash equivalents at the beginning
of the period
38,430 18,585 18,585
Effect of changes in exchange rates 1,701 -103 -1,025
Change in cash and cash equivalents 2,647 163 20,869
Cash and cash equivalents at the end of the
period
42,778 18,646 38,430
Assets held for sale, cash and cash
equivalents
− -1,315 −
Cash and cash equivalents at the end of
the period, continuing operations
42,778 17,331 38,430
Cash flow in 2014 includes also discontinued operations.
Earn-out payment and
repayments of loan
receivables related to
the divestment of
Flexibles
21
Outlook for 2015
Suominen repeats its estimate, announced on 27 April 2015,
according to which Suominen expects that for the full year 2015,
its net sales and operating profit excluding non-recurring items
from continuing operations will improve from year 2014.
Suominen’s net sales of the continuing operations in 2014
amounted to EUR 401.8 million and operating profit excluding
non-recurring items was EUR 26.9 million.
7/17/2015 Suominen is a globally leading supplier of nonwovens for wiping, hygiene and medical applications. 22
Summary Q2 2015
9.9 M€
8.8%
19%
14%112.9 M€
28.2%17.1%
7/17/2015 Suominen is a globally leading supplier of nonwovens for wiping, hygiene and medical applications. 23
Thank you!
We’re now ready to answer
your questions.

Results Q2 2015

  • 1.
    Suominen Corporation Q2 2015 NinaKopola, President & CEO Tapio Engström, CFO 17 July 2015
  • 2.
    Agenda • Highlights Q2 •Strategy and its implementation • Financial review Q2 and outlook • Q & A 7/17/2015 Suominen is a globally leading supplier of nonwovens for wiping, hygiene and medical applications. 2
  • 3.
    Q2 2015: Record-strongquarter for Suominen 9.9 M€ 8.8% 19% 14%112.9 M€ 28.2%17.1% 7/17/2015 Suominen is a globally leading supplier of nonwovens for wiping, hygiene and medical applications. 3
  • 4.
    Q2: Net salesincreased by 19% Net sales, M€ Net sales, M€ 7/17/2015 Suominen is a globally leading supplier of nonwovens for wiping, hygiene and medical applications. 4 93.1 93.5 89.8 98.4 95.3 103.3104.8 111.9112.9 0 20 40 60 80 100 120 55.7 98.3 356.9 373.7 401.8 0 50 100 150 200 250 300 350 400 450 2010 2011 2012 2013 2014 - Net sales grew by 19% in Q2. The strengthening of the USD and improved demand in the European market (compared to Q2 2014) had a positive impact on net sales. Continuing operations. Continuing operations.
  • 5.
    40% 17% 12% 22% 8% 1% No significant changesin the portfolio H1 2014: 193.7 M€ 7/17/2015 Suominen is a globally leading supplier of nonwovens for wiping, hygiene and medical applications. 5 40% 16% 11% 23% 8% 2% Baby wipes Household wipes Industrial wipes Personal care wipes Hygiene and medical products Others H1 2015: 224.9 M€ Typically higher value-add products Convenience 92%, Care 8%Convenience 92%, Care 8%
  • 6.
    Q2: Operating profitimproved to record-high level Operating profit excl. NRI, M€ and % Operating profit excl. NRI, M€ and % 7/17/2015 Suominen is a globally leading supplier of nonwovens for wiping, hygiene and medical applications. 6 - Growth in net sales and further strengthened gross profit improved operating profit. - Strengthening of the USD compared to euro increased the operating profit by nearly 14%. 5.0 % 6.2 % 5,0 % 6.5 % 5.8 % 8.4 % 5.9 % 6.5 % 8.8 % 0% 2% 4% 6% 8% 10% 0 2 4 6 8 10 12 M€ % -6.5 % -4.4 % 4.2 % 5.2 % 6.7 % -8% -6% -4% -2% 0% 2% 4% 6% 8% -10 -5 0 5 10 15 20 25 30 2010 2011 2012 2013 2014 M€ % Continuing operations. Continuing operations.
  • 7.
  • 8.
    Suominen’s strategy 2015–2017 8 •Deliver superior value in thoughtfully selected market applications. • Drive proactive key account management for mutual value creation. • Execute demand driven supply chain. • Evolve culture and capabilities to build strong product company. Market Driven Product Leader Our purpose is to make nonwovens continuously better for people. • Organic net sales growth at a rate that exceeds the industry average (approx. 3%) • A return on investment of more than 12% • A gearing ratio between 40% and 80% Purpose – why? Vision – where? Strategy – how? Financial targets 7/17/2015 Suominen is a globally leading supplier of nonwovens for wiping, hygiene and medical applications.
  • 9.
    We target growth,market-driven way of operating and product leadership Organic growth exceeding industry average Market-driven way of operating Product leadership 7/17/2015 Suominen is a globally leading supplier of nonwovens for wiping, hygiene and medical applications. 9
  • 10.
    Understanding the enduser remains in the heart of our strategy Fiber producer Nonwovens manufacturer Brand owner Converter Retailer Primary production 7/17/2015 Suominen is a globally leading supplier of nonwovens for wiping, hygiene and medical applications. 10
  • 11.
    We have afocused plan to implement growth strategy Extend geographical reach Acquisitions Not in focus in the strategy period 2015–2017 Sustain & improve Retrofit Expand Projected growth investments 30–50 ME until 2017 7/17/2015 Suominen is a globally leading supplier of nonwovens for wiping, hygiene and medical applications. Approx. 1–2% of net sales 11
  • 12.
    Growth investment programis proceeding as planned Paulínia, Brazil Bethune, SC, USA Nakkila, Finland Alicante, Spain 12Suominen is a globally leading supplier of nonwovens for wiping, hygiene and medical applications.7/17/2015
  • 13.
    Mid-term financial targets •Increase net sales organically at a rate that exceeds the average growth rate of the industry. (In 2014, Suominen’s net sales grew organically 3.5%, slightly faster than the industry average.) • Have a solid capital structure with a gearing ratio principally between 40% and 80%. (Q2/2015: 28.2%). • Clearly improve relative profitability. The target level of the company’s return on investment (ROI) is above 12%. (Q2/2015, rolling 12 months, continuing operations: 17.1%). 7/17/2015 Suominen is a globally leading supplier of nonwovens for wiping, hygiene and medical applications. 13
  • 14.
  • 15.
    Q2: Profit forthe reporting period reached a new level Profit for the reporting period, M€ 7/17/2015 Suominen is a globally leading supplier of nonwovens for wiping, hygiene and medical applications. 15 Profit for the reporting period, M€ Continuing operations. Continuing operations. 1.0 2.6 0.6 2.6 2.2 0.6 4.8 3.5 6.2 0 1 2 3 4 5 6 7 -12.0 -11.8 -2.8 5.7 10.2 -15 -10 -5 0 5 10 15 2010 2011 2012 2013 2014
  • 16.
    Statement of profitor loss Healthy cost structure Net sales grew Effective tax rate on Q2: 33.5%; on H1: 35.4% EUR thousand Q2 2015 Q2 2014 FY 2014 Net sales 112,944 95,340 401,762 Cost of goods sold -97,160 -84,399 -352,091 Gross profit 15,784 10,941 49,671 Other operating income 903 539 2,655 Sales and marketing expenses -1,756 -1,712 -6,278 Research and development -736 -784 -2,877 Administration expenses -4,179 -3,440 -14,144 Other operating expenses -83 -20 -2,177 Operating profit excluding non- recurring items 9,932 5,524 26,851 Non-recurring items 530 -278 -954 Operating profit 10,462 5,246 25,897 Net financial expenses -1,076 -1,276 -8,075 Profit before income taxes 9,386 3,970 17,822 Income taxes -3,142 -1,786 -7,645 Profit for the period from continuing operations 6,244 2,184 10,177 Positive gross profit development 7/17/2015 Suominen is a globally leading supplier of nonwovens for wiping, hygiene and medical applications. 16
  • 17.
    Statement of financialposition, assets EUR thousand 30 June 2015 30 June 2014 31 Dec 2014 Non-current assets Goodwill 15,496 15,496 15,496 Intangible assets 12,601 12,508 12,510 Property, plant and equipment 88,297 87,467 88,721 Loan receivables 8,202 − 8,202 Available-for-sale assets 806 922 1,124 Held-to-maturity investments 465 455 450 Other non-current receivables 2,389 − 2,614 Deferred tax assets 5,189 5,634 5,516 Total non-current assets 133,445 122,482 134,633 Current assets Inventories 32,322 28,878 32,380 Trade receivables 60,193 48,657 52,269 Loan receivables 350 59 600 Other current receivables 4,222 6,480 4,618 Assets for current tax 1,601 695 1,682 Cash and cash equivalents 42,778 17,331 38,430 Total current assets 141,465 102,100 129,979 Assets held for sale − 32,243 − Total assets 274,910 256,825 264,611 Cash at elevated level 7/17/2015 Suominen is a globally leading supplier of nonwovens for wiping, hygiene and medical applications. 17
  • 18.
    Statement of financialposition, equity and liabilities Decrease in the nominal value of the hybrid bond due to the conversions made EUR thousand 30 Jun 2015 30 Jun 2014 31 Dec 2014 Share capital 11,860 11,860 11,860 Share premium account 24,681 24,681 24,681 Reserve for invested unrestricted equity 69,652 97,192 97,192 Treasury shares -44 -44 -44 Fair value and other reserves 107 -884 96 Exchange differences 6,011 -821 3,419 Other equity -9,824 -50,410 -46,890 Total equity attributable to owners of the parent 102,444 81,574 90,313 Hybrid bond 16,884 17,899 18,424 Total equity 119,328 99,473 108,737 Liabilities Non-current liabilities Deferred tax liabilities 9,886 6,841 8,789 Other non-current liabilities 1,610 1,872 1,729 Debentures 75,000 − 75,000 Other non-current interest-bearing liabilities 6,667 62,104 6,667 Total non-current liabilities 93,163 70,817 92,185 Current liabilities Current interest-bearing liabilities 3,333 22,940 3,347 Liabilities for current tax 1,519 376 246 Trade payables and other current liabilities 57,567 49,666 60,096 Total current liabilities 62,420 72,982 63,689 Total liabilities 155,583 143,799 155,874 Liabilities related to assets held for sale − 13,553 − Total equity and liabilities 274,910 256,825 264,611 7/17/2015 Suominen is a globally leading supplier of nonwovens for wiping, hygiene and medical applications. 18
  • 19.
    Cash flow weakenedfrom the comparison period, cumulatively close to comparison period level Cash flow from operations, M€ Cash flow from operations, M€ 7/17/2015 Suominen is a globally leading supplier of nonwovens for wiping, hygiene and medical applications. 19 2.9 4.3 16.3 -0.4 11.3 16.9 9.3 4.5 3.9 -2 0 2 4 6 8 10 12 14 16 18 -2.5 -2.9 24.9 21.3 37.1 -5 0 5 10 15 20 25 30 35 40 2010 2011 2012 2013 2014
  • 20.
    Statement of cashflows (1/2) The financial items were impacted by currency forward contracts hedging equity and the interests of the debenture bond paid 7/17/2015 Suominen is a globally leading supplier of nonwovens for wiping, hygiene and medical applications. EUR thousand H1 2015 H1 2014 FY 2014 Cash flow from operations Profit / loss for the period 9,726 1,062 4,973 Total adjustments to profit / loss for the period 16,378 20,485 39,953 Cash flow before changes in net working capital 26,105 21,547 44,927 Change in net working capital -9,263 -4,845 6,140 Financial items -4,966 -2,792 -6,514 Income taxes -3,468 -3,065 -7,434 Cash flow from operations 8,407 10,845 37,119 Cash flow from investments Investments in property, plant and equipment and intangible assets -4,009 -4,016 -7,740 Investments in acquired businesses − -19,261 -19,261 Cash flow from disposed businesses − − 4,736 Sales proceeds from property, plant and equipment and intangible assets 10 31 59 Cash flow from investments -4,000 -23,246 -22,206 Cash flow in 2014 includes also discontinued operations. Net working capital slightly elevated 20
  • 21.
    Statement of cashflows (2/2) 7/17/2015 Suominen is a globally leading supplier of nonwovens for wiping, hygiene and medical applications. EUR thousand H1 2015 H1 2014 FY 2014 Cash flow from financing Drawdown of hybrid bond − 17,500 17,500 Drawdown of debenture bond − − 75,000 Drawdown of other non-current interest- bearing liabilities − − 10,000 Repayment of other non-current interest- bearing liabilities − -4,304 -78,220 Changes in current interest-bearing liabilities -14 -632 -18,324 Changes in loan receivables 417 − − Share issue 340 − − Distribution of funds -2,504 − − Cash flow from financing -1,761 12,564 5,956 Change in cash and cash equivalents 2,647 163 20,869 Cash and cash equivalents at the beginning of the period 38,430 18,585 18,585 Effect of changes in exchange rates 1,701 -103 -1,025 Change in cash and cash equivalents 2,647 163 20,869 Cash and cash equivalents at the end of the period 42,778 18,646 38,430 Assets held for sale, cash and cash equivalents − -1,315 − Cash and cash equivalents at the end of the period, continuing operations 42,778 17,331 38,430 Cash flow in 2014 includes also discontinued operations. Earn-out payment and repayments of loan receivables related to the divestment of Flexibles 21
  • 22.
    Outlook for 2015 Suominenrepeats its estimate, announced on 27 April 2015, according to which Suominen expects that for the full year 2015, its net sales and operating profit excluding non-recurring items from continuing operations will improve from year 2014. Suominen’s net sales of the continuing operations in 2014 amounted to EUR 401.8 million and operating profit excluding non-recurring items was EUR 26.9 million. 7/17/2015 Suominen is a globally leading supplier of nonwovens for wiping, hygiene and medical applications. 22
  • 23.
    Summary Q2 2015 9.9M€ 8.8% 19% 14%112.9 M€ 28.2%17.1% 7/17/2015 Suominen is a globally leading supplier of nonwovens for wiping, hygiene and medical applications. 23
  • 24.
    Thank you! We’re nowready to answer your questions.