Suominen Oyj · OMXHEX:SUY1V
Suominen Oyj — FY2003 Earnings Presentation
18 slides from Suominen Oyj's earnings presentation, Feb 6, 2004
Slide 1: Suominen Corporation Financial Statements January 1 - December 31, 2003
SUOMINEN CORPORATION FINANCIAL STATEMENTS JANUARY 1 - DECEMBER 31, 2003 PRESENTATION FEBRUARY 6, 2004
Slide 2: Breakdown of Net Sales 1-12/2003
Breakdown of Net Sales 1 - 12/2003 Other (Webbing Products) Flexible Packaging EUR 11.0 million EUR 68.8 million 6.1 % 38.3 % Wet Wipes (3 months) EUR 22.4 million 12.5 % Nonwovens EUR 77.5 million EUR 179.8 million 43.1 %
Slide 3: P & L in Brief
P & L in Brief January 1 - December 31 EUR million 2003 2002 Change % Net sales 179.8 174.8 2.8 Operating Profit 15.4 17.4 -11.7 Profit before extraordinary items 12.7 15.1 -15.9 Taxes -3.7 -4.2 Profit for the period 8.9 10.8 -17.5 Earnings per share, EUR 0.43 0.53 Dividend per share, EUR, proposal
Slide 4: Key Figures
Key Figures 12/2003 12/2002 Earnings/share, EUR 0.43 0.53 Equity/share, EUR 2.98 3.14 Cash flow from operations/share, EUR 1.01 1.06 Return on equity, % (ROE) 14.6 17.9 Return on invested capital, % (ROI) 13.2 15.7 Equity ratio, % 35.5 47.0 Gearing, % 112.9 66.5 Gross investments, EUR million 66.4 8
Slide 5: Suominen Corporation Net Sales I/2002-IV/2003
Suominen Corporation Net Sales I/2002-IV/2003 EUR 1 000 70 000 59 462 60 000 50 000 45 836 43 872 43 660 41 442 41 672 38 980 39 636 40 000 30 000 20 000 10 000 0 I/2002 II III IV I/2003 II III IV
Slide 6: Suominen Corporation Operating Profit I/2002-IV/2003
Suominen Corporation Operating Profit I/2002 -IV/2003 EUR 1 000 % 6 000 14 5 000 12 4 000 10 8 3 000 5 601 5 129 6 4 291 4 352 4 346 2 000 3 798 3 624 4 1 000 1 623 2 0 0 I/2002 II III IV I/2003 II III IV
Slide 7: Net Sales by Business Area
Net Sales by Business Area January 1 - December 31 EUR 1 000 2003 2002 Change % Wet Wipes 22 425 Nonwovens 77 490 89 416 -13.3 Flexible Packaging 68 791 72 118 -4.6 Others 11 044 13 276 -16.8 Total 179 750 174 810 2.8
Slide 8: Earnings by Business Area
Earnings by Business Area January 1 - December 31 EUR 1 000 2003 2002 Change % Wet Wipes 1 221 Nonwovens 6 016 13 022 -53.8 Flexible Packaging 4 385 5 616 -21.9 Others 3 746 -1 242 Operating profit 15 368 17 396 -11.7 Financial income and expenses -2 707 -2 335 15.9 Profit before extraordinary items
Slide 9: General information
General information • Through the acquisition of Codi Suominen expanded into the manufacture of wet wipes, the figures of Codi were consolidated into Suominen as of October 1,2003. • For Nonwovens, the market share in Europe decreased. • In Flexible Packaging, volumes were on the level of 2002, net
Slide 10: Wet Wipes
Wet Wipes January 1 - December 31 EUR million 2003 2002 Change % Net sales 22.4 Operating Profit 1.2 • Pro forma net sales for the whole 2003 amounted to EUR 96.5 million, having increase by 13 per cent on the year 2002. • Deliveries were down in the final quarter of the year; demand from retail tra
Slide 11: Nonwovens
Nonwovens January 1 - December 31 EUR million 2003 2002 Change % Net sales 77.5 89.4 -13.3 Operating Profit 6.0 13.0 -53.8 • Net sales and financial results declined on the year 2002. • Market share in Europe decreased due to price competition. • Production efficiency suffered from low capacity util
Slide 12: Nonwovens Net Sales I/2002-IV/2003
Nonwovens Net Sales I/2002 -IV/2003 EUR 1 000 30 000 25 000 23 356 23 609 21 991 20 460 20 953 19 941 20 000 18 412 18 184 15 000 10 000 5 000 0 I/2002 II III IV I/2003 II III IV
Slide 13: Nonwovens Operating Profit I/2002-IV/2003
Nonwovens Operating Profit I/2002 -IV/2003 EUR 1 000 % 4 000 20 3 500 18 16 3 000 14 2 500 12 2 000 10 3 476 3 676 3 204 8 1 500 2 666 2 468 6 1 000 2 135 4 500 1 129 2 284 0 0 I/2002 II III IV I/2003 II III IV
Slide 14: Flexible Packaging
Flexible Packaging January 1 - December 31 EUR million 2003 2002 Change % Net sales 68.8 72.1 -4.6 Operating Profit 4.4 5.6 -21.9 • Net sales fell on 2002. • Result declined due to lower sales and higher raw material costs. • Sales of retail and food packaging on the previous year’s level. Sales of
Slide 15: Flexible Packaging Net Sales I/2002-IV/2003
Flexible Packaging Net Sales I/2002 -IV/2003 EUR 1 000 25 000 20 000 18 285 18 867 17 614 17 352 17 384 17 372 17 384 16 651 15 000 10 000 5 000 0 I/2002 II III IV I/2003 II III IV
Slide 16: Flexible Packaging Operating Profit I/2002-IV/2003
Flexible Packaging Operating Profit I/2002 -IV/2003 EUR 1 000 % 3 000 12 2 500 10 2 000 8 1 500 6 1 000 1 836 4 1 735 1 370 1 240 1 356 500 1 118 2 675 671 0 0 I/2002 II III IV I/2003 II III IV
Slide 17: Other business operations
Other business operations January 1 - December 31 EUR million 2003 2002 Change % Net sales 11.0 13.2 -16.8 Operating Profit 3.7 -0.7 • Webbing Products’ net sales of EUR 12.3 million were down 6.3 per cent on the previous year. Operating profit still in red, EUR 0.6 million (-0.7). • Gains of EUR 4.
Slide 18: Outlook
Outlook • The decline in economic uncertainty will affect overall consumer demand and increase that for the products manufactured by Suominen. • Based on contracts made, customer-need forecasts, and orders at hand in early 2004, net sales for the current year are expected to rise by approximately 50