Financial Statement Release Jan-Dec 2019

Published 02/28/2020

Comparable operating profit turned profitable in 2019

- The Tulikivi Group’s fourth-quarter net sales were EUR 8.8 million (EUR 8.7 million, 10–12/2018) and EUR 28.7 million in 2019 (EUR 28.6, 1–12/2018).
- The comparable operating profit was EUR 0.4 million (0.0) in the fourth quarter and EUR 0.0 million (-0.5) in 2019.
- An impairment loss of EUR 0.8 (0.5) million was recognised in Kermansavi’s goodwill.
- The operating profit was EUR -0.5 (-0.5) million in the fourth quarter and the profit before taxes was EUR -0.7 million (-0.7), including a goodwill impairment loss of EUR -0.8 (-0.5) million.
- The operating profit was EUR -0.8 million (-1.0) in 2019 and the profit before taxes was EUR -1.5 million (-1.8), including a goodwill impairment loss of EUR -0.8 million (-0.5).
- Net cash flow from operating activities was EUR 1.1 (0.5) million in the fourth quarter and EUR 1.6 (1.6) million in the financial year.
- The year-end order books stood at EUR 2.9 (3.0) million.
- The sales of the new Karelia and Pielinen fireplace collections grew by 16%.
- The project for the sale of the talc deposits in Suomussalmi is proceeding.
- Future outlook: Net sales are expected to increase in 2020, and the comparable operating profit is expected to be positive.






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Comments by Heikki Vauhkonen, Managing Director:

In 2019, we succeeded in turning Tulikivi's net sales around, achieving small growth and the comparable operating profit. This turnaround took place thanks to increased sales of the renewed collections and improved profitability in Finland, Germany and Russia.   

In 2019, net sales from fireplaces grew in Finland as a result of higher renovation sales. The sales of fireplaces for new buildings were slightly lower than in the previous year. We are continuing our efforts to enhance sales efficiency in Finland to further increase renovation sales. The sales of saunas developed favourably. The deliveries of interior stone products declined due to a lower number of deliveries to project sites.

The good reception of our new Pielinen products among customers had a positive effect on our net sales in Germany. In Russia, our revamped collections have enabled a stronger focus in sales on the premium market.

In the fourth quarter, net sales continued to develop favourably in the largest export countries Germany and Russia.

The sales margin improved in the fourth quarter due to price increases and measures improving productivity. Fixed costs decreased as planned in the review period.

The company’s order books amounted to EUR 2.9 (3.0) million at the end of the financial year. In the fourth quarter, the company’s order intake was EUR 8.6 (8.4) million.

The new Karelia and Pielinen fireplace collections continued to significantly increase dealers’ and consumers’ interest in Tulikivi products in Central Europe and Russia. This has enabled us to open new dealer locations and reactivate old ones.  Thanks to these collections, Tulikivi has further strengthened its market position in exports. 

The JORC study in connection with the Suomussalmi talc project was completed in August 2019. The mineral resource report shows that the deposit is significant on the European scale. Because of its extent and shape, the Haaponen deposit can be efficiently mined as an open pit. Open pit optimisation based on the mineral resource report and our cash flow models indicate that the deposit can be mined profitably. 


Board of Directors

Distribution: NASDAQ OMX Helsinki
Key media

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

Attachment:  Tulikivi Corporation´s Financial Statements Release Jan-Dec 2019