Suominen Corporation, a Finnish firm that manufactures nonwovens, has reported net sales of €133.1 million, an increase of 15.1 per cent year-on-year (YoY), in the fourth quarter (Q4) of financial year 2022 (FY22) ended December 31, 2022. Net sales of the Americas business area amounted to €81.7 million and net sales of the Europe business area were €51.4 million.

The company’s comparable EBITDA in Q4 FY22 was €5 million, and EBITDA was €4 million. Comparable operating profit decreased from the corresponding period of the previous year and was minus €0.2 million, while the operating profit was minus €5 million, Suominen said in a press release.

In FY22, Suominen’s net sales increased by 11.3 per cent YoY to €493.3 million. The increase in sales was driven by higher sales prices and tailwind from currencies; sales volumes decreased from 2021. Currencies impacted net sales positively by €32.9 million. Net sales of Americas business area were €288 million and net sales of Europe business area were €205.5 million.

Comparable EBITDA in FY22 was €15.3 million and EBITDA was €14.3 million. Comparable operating profit amounted to minus €4.2 million, and the operating profit amounted to minus €9 million.

In FY22, net financial expenses were minus €2.9 million, or 0.6 per cent of net sales. Net effect of changes in foreign exchange rates in financial items was €2.8 million.

Cash flow from operations in the fourth quarter was €15.6 million. Cash flow from operations in FY22 was €14 million. Cash flow from operations per share in FY22 was €0.24.

Suominen expects that its comparable EBITDA in FY23 will increase from FY22.

The company’s target is to reduce energy consumption, greenhouse gas emissions, water consumption and waste to landfill by 20 per cent per ton of product by 2025 compared to the base year of 2019. By the end of 2022, the company’s water consumption has decreased by 6.1 per cent, waste to landfill by 2.5 per cent, energy consumption by 0.6 per cent, and greenhouse gas emissions by 20 per cent per ton of product compared to 2019.