Suominen Corporation’s Half-Year Financial Report
April–June 2022 in brief:
- Net sales increased by 4% and amounted to EUR 118.0 million (113.6)
- Comparable EBITDA decreased to EUR 1.9 million (15.3)
- Cash flow from operations was EUR 11.9 million (1.2)
January–June 2022 in brief:
- Net sales were in line with the previous year and amounted to EUR 228.3 million (229.0)
- Comparable EBITDA decreased to EUR 5.2 million (33.8)
- Cash flow from operations was EUR 9.2 million (17.1)
Outlook for 2022 unchanged
Suominen expects that its comparable EBITDA (earnings before interest, taxes, depreciation and amortization) in 2022 will decrease clearly from 2021. The war in Ukraine has increased the already significant cost inflation in raw materials, energy, and transportation. Also, while there has been progress in the normalization of the customer inventory levels in the US, it has been somewhat slower than expected. These factors will impact the full year result negatively even though we expect that the demand for our products will improve in the second half of the year. In 2021, Suominen’s comparable EBITDA was EUR 47.0 million.
See attached document for full report.