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2020-08-12

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 positio...

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