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Suominen Oyj Maintains FY 2012 Net Sales Guidance and Lowers FY 2012 Result After Tax Guidance; Comments on FY 2012 Operating Profit Guidance


Wednesday, 5 Dec 2012 06:30am EST 

Suominen Oyj announced that it has performed tests for its cash-generating units with goodwill for impairment. In these tests the market risks has been taken into account with stronger impact than in prior tests. Based on these tests, the Company recognizes impairment loss of goodwill of EUR 7.3 million in Codi Wipes unit in the fourth quarter of 2012. The impairment loss of goodwill has no cash flow effect. After the recognition of the impairment loss of goodwill, the cash generating unit has EUR 11.2 million of goodwill left. Due to that, the Company announced that it has revisited the outlook for fiscal year 2012. The Company expects to report fiscal year 2012 net sales increased considerably compared to fiscal year 2011, as the Home and Personal business’s figures are included in the Group's net sales, and fiscal year 2012 result after taxes slightly lower than in fiscal year 2011. Previously, the Company expected fiscal year 2012 net sales increased considerably compared to fiscal year 2011 and fiscal year 2012 result after taxes improved over fiscal year 2011. The Company also announced that it expects to report fiscal year 2012 operating profit before impairment losses improved clearly over fiscal year 2011.