Financial Statement Release Jan-Dec 2017

Published 02/09/2018

Profitability improves, higher net sales in Finland

- The Tulikivi Group’s fourth-quarter net sales totalled EUR 8.6 million (EUR 8.5 million Q4/2016), the fourth-quarter operating result was EUR 0.0 (-0.1) million and the profit before taxes was EUR -0.2 (-0.3) million.
- The 2017 net sales of the Tulikivi Group were EUR 29.3 million (EUR 30.5 million Jan-Dec/2016), the operating result was EUR -0.4 (-1.4) million and the result before taxes was EUR -1.2 (-2.1) million.
- Net cash flow from operating activities was EUR 0.9 (2.1) million in the fourth quarter and EUR 1.9 (2.0) million in the review period.
- The year-end order books stood at EUR 2.9 (3.2) million.
- Sales of the new Karelia fire place collection are developing well both in exports and domestically
- The parent company’s equity was EUR 2.4 million in the financial statements, while share capital is EUR 6.3 million, which means that parent company equity is less than 50% of share capital. The matter will be considered at the Annual General Meeting.
- Future outlook: Net sales are expected to increase in 2018, and the operating profit is expected to be positive.

Summary of the financial statement release 01-12/2017. The full financial statements release is attached to this release.

Key financial ratios


1-12/2017 1-12/2016
Change, %
10-12/2017 10-12/2016
Change, %
Sales, MEUR
29.3 30.5 -3.9 8.6 8.5
Operating profit/loss, MEUR
-0.4 -1.4 73.1 0,0 -0.1
Profit before tax, MEUR
-1.2 -2.1
-0,2 -0.3
Total comprehensive income for the period, MEUR
-1.3 -2.0
-0.2 -0.4 47.9
Earnings per share/Euro
-0.02 -0.03
0.00 0.00
Net cash flow from operating activities, MEUR
1.9 2.0
0.9 2.1
Equity ratio,%
30.7 33.4
Net indebtness ratio, %
135.3 125.0
Return on investments,%
-1.2 -4.3
0.0 -0.3


Comments by Heikki Vauhkonen, Managing Director:

Export sales of Tulikivi products continued to increase in the final quarter of 2017. In Central Europe, the new Karelia collection has substantially increased dealers’ and consumers' interest towards Tulikivi products. The sales outlook for early 2018 is better than a year ago in all the main export markets thanks to the Karelia collection.

The new Pielinen collection, launched in October, has also received a good welcome. The products in the collection are also modern Scandinavian design with a new technique for soapstone surface finish. The Pielinen products are compact and easy to install. They are especially well suited for the Central European market as well as markets where there is no expertise in installing heat-retaining fireplaces. 

The order intake and net sales from Russia, our largest export country, increases thanks to active development of distribution channels and market environment that was more positive than in 2016.

In Finland the increase in sales of fireplaces to customers building new homes slowed down after the first half of the year but was nevertheless positive overall. Domestic sales decreases in the renovation market and as a result, the Finnish distribution channel was renewed. The goal is to increase the number of active service points.

In the fourth quarter, the company’s order intake was EUR 8.3 (8.4) million. Order intake for fireplaces and saunas increased. Order intake of stove liner stones and interior stone products, and fireplaces in Finland, declined.

The company’s order books at the end of the year amounted to EUR 2.9 (3.2) million.

In addition to efficiency measures, the focus of demand on the new Karelia collection has improved profitability. Due to improved productivity, decreased fixed costs and lower depreciation, the company’s operating result for the review period improved by EUR 1.0 million compared to the previous year.

The new Karelia fireplace collection has been very well received in Finland and abroad. The significantly improved confidence of Finnish consumers is expected to increase small house construction. We are continuing our efforts to enhance sales efficiency to increase renovation sales.

The highly successful development work of the Karelia and Pielinen collections provides an opportunity to increase net sales and profitability in 2018 in both Finland and exports.



Board of Directors

Distribution: NASDAQ OMX Helsinki
Key media

Additional information: Tulikivi Corporation, FIN-83900 Juuka, Finland,
tel. +358 207 636 000,
- Heikki Vauhkonen, Managing Director, tel. +358 207 636 555

Enclosure:  Tulikivi Corporation´s Financial Statements Release Jan-Dec 2017