Tulikivi Corporation Half Year Financial Report 1-6/2017

Published 08/11/2017

Positive market outlook and profitable April–June

- The Tulikivi Group’s second-quarter net sales were EUR 7.8 million (Q2/2016: EUR 7.9 million), the operating result was EUR 0.3 (0.0) million and the result before taxes was EUR 0.1 (-0.2) million.
- For the review period as a whole, the Tulikivi Group’s net sales were EUR 13.7 million (EUR 14.2 million in H1/2016), the operating result was EUR -0.6 (-1.3) million and the result before taxes EUR -1.0 (-1.7) million.
- Net cash flow from operating activities in the second quarter was EUR 0.6 (0.1) million and EUR 0.7 (-0.4) million in the review period.
- Order books at the end of the review period amounted to EUR 4.0 (3.9) million.
- Sales of the new Karelia fireplace collection are developing well, both in exports and domestically.
- Future outlook: Net sales in 2017 are expected to be at the previous year’s level, and the operating result is expected to improve year-on-year.

Summary of the half year financial report 1-6/2017. The full half year financial report is attached to this release.

 Key financial ratios

  1-6/2017 1-6/2016

Change, %


4-6/2017 4-6/2016

Change, %

Sales, MEUR

13.7 14.2



7.8 7.9


Operating profit/
loss, MEUR

-0.6 -1.3



0.3 0.0


Profit before tax,

-1.0 -1.7



0.1 -0.2


income for the
period, MEUR

-1.1 -1.7



-0.1 -0.2


Earnings per
share,  Euro

-0.02 -0.03  


0.00 0.00  

Net cash flow
from operating
activities, MEUR

0.7 -0.4  


0.6 0.1  

Equity ratio, %

30.5 33.0  



Net indebtness
ratio,  %

135.7 134.4  



Return on
investments, %

-4.4 -8.5  


1.1 0.0  


Comments by Heikki Vauhkonen, Managing Director

Exports of Tulikivi products continued to grow in the second quarter. In Central Europe, the new Karelia collection has substantially increased dealers’ and consumers' interest towards Tulikivi products. The sales outlook for the second half of the year is better than in 2016 in all main export markets. Consumer marketing of the Karelia fireplace collection will be launched in the autumn season.

In addition to the new collection, measures to boost the effectiveness of sales have strengthened Tulikivi’s position in Central Europe in the range offered by existing dealers and attracted new dealers.

In Russia the order intake and net sales increased year-on-year mostly because of better economic growth than in 2016.

In Finland sales of fireplaces to new-home builders increased but demand in the renovation market was weaker than a year earlier, resulting in a decline in domestic sales in the second quarter. The Karelia collection has received a very warm welcome from consumers at this summer’s Finnish Housing Fair in Mikkeli, which is likely to have a positive impact on fireplace sales in the autumn in Finland.

In the second quarter the company’s incoming orders totalled EUR 7.9 (7.6) million. The order intake grew in fireplace exports, interior stone products and sauna heaters. The order intake of stove liner stones and sales of fireplaces to renovators in Finland declined.

Tulikivi’s order books at the end of the review period amounted to EUR 4.0 (3.9) million.

As a result of the measures taken last year to boost efficiency, the company’s profitability improved on the previous year. Due to better profitability, decreased fixed costs and lower depreciation, the company’s operating result for the review period improved by EUR 0.7 million compared to the previous year.

The new Karelia fireplace collection has been very well received in Finland and abroad. In addition, the marked improvement in Finnish consumer confidence in the first half of the year is estimated to increase low-rise construction and home renovation in upcoming months. Together with the improved export environment, they form a solid basis for sales growth in the second half of 2017. Cost efficiency is estimated to continue to improve in the second half of 2017.


Board of Directors


Distribution: NASDAQ OMX Helsinki
Key media

Additional information: Heikki Vauhkonen, Managing Director, tel. +358 207 636 555

ATTACHEMENT: Interim Report 1-6/2017