Higher net sales and better operating profit
- The Tulikivi Group’s fourth-quarter net sales were EUR 9.1 million (EUR 8.8 million, 10–12/2019) and EUR 29.2 million (EUR 28.7 million, 1–12/2019) in 2020.
- The Tulikivi Group's operating profit for the fourth quarter was EUR 0.6 (-0.5) million, and the operating profit for 2020 was EUR 1.2 (-0.8) million. An impairment loss of EUR 0.8 million was recognised in goodwill in 2019.
- The Tulikivi Group’s comparable fourth-quarter operating profit was EUR 0.6 (0.4) million and the profit before taxes EUR 1.2 (0.0) million in 2020.
- The Tulikivi Group’s fourth-quarter profit before taxes was EUR 0.4 million (-0.7 million) and EUR 0.4 (-1.5) million for the financial year.
- Net cash flow from operating activities was EUR 1.1 (1.1) million in the fourth quarter and EUR 2.6 (1.6) million in the financial year.
- The year-end order books stood at EUR 3.2 (2.9) million.
- Nordic Talc, a Tulikivi subsidiary, is preparing a feasibility study for the talc project in Suomussalmi.
- Future outlook: Net sales are expected to increase in 2021, and the comparable operating profit is expected to improve.
Key financial ratios
| |
1-12/20
|
1-12/19
|
Change, %
|
10-12/20
|
10-12/19
|
Change, %
|
|
Sales, MEUR
|
29.2
|
28.7
|
1.7
|
9.1
|
8.8
|
3.5
|
|
Operating profit/loss, MEUR
|
1.2
|
-0.8
|
251.7
|
0.6
|
-0.5
|
227.8
|
|
Operating profit/loss without
impairment loss, MEUR
|
1.2
|
0.0
|
3448.5
|
0.6
|
0.4
|
64.5
|
|
Profit before tax, MEUR
|
0.4
|
-1.5
|
123.6
|
0.4
|
-0.7
|
156.5
|
|
Total comprehensive income
for the period, MEUR
|
0.2
|
-1.6
|
111.5
|
0.3
|
-0.7
|
137.4
|
|
Earnings per share/Euro
|
0.00
|
-0.03
|
|
0.00
|
-0.01
|
|
|
Net cash flow from operating
activities, MEUR
|
2.6
|
1.6
|
|
1.1
|
1.1
|
|
|
Equity ratio,%
|
24.6
|
23.0
|
|
|
|
|
|
Net indebtness ratio, %
|
175.3
|
200.1
|
|
|
|
|
|
Return on investments,%
|
5.6
|
-3.0
|
|
2.7
|
-1.9
|
|
Comments by Heikki Vauhkonen, Managing Director:
Net sales grew in the final quarter of 2020 as the Covid-19 pandemic increased consumers' interest in renovation, holiday homes and low-rise housing in both Finland and export countries.
Profitability improved as a result of price increases, productivity measures and savings in fixed costs.
In the fourth quarter, the company’s order intake was EUR 9.1 (8.6) million. Demand growth was greatest for sauna and interior decoration stone products. Central European and Russian exports also developed favourably during the fourth quarter. Order intake increased year-on-year for fireplaces, saunas and interior stone products. Sales of self-build house kits increased in Finland in the second half of the year. Typically, a sale will increase deliveries of Tulikivi products around half a year later.
The company’s order books amounted to EUR 3.2 (2.9) million at the end of the financial year.
The Covid-19 pandemic has had a positive effect on the demand for Tulikivi products, but has also caused some disruption in the supply of subcontracted parts.
The Tulikivi Corporation subsidiary Nordic Talc Oy, founded in April 2020, is planning a feasibility study of the Suomussalmi talc project, the purpose of which is to further specify the project's profitability, environmental and mining plans for industrial operations. As part of the survey, an environmental impact assessment procedure for the talc project was launched in Suomussalmi in January 2021.
TULIKIVI CORPORATION
Board of Directors
Distribution: NASDAQ OMX Helsinki
Key media
www.tulikivi.com
Additional information:
- Heikki Vauhkonen, Managing Director, tel. +358 207 636 555
Attachment: Tulikivi Corporation´s Financial Statements Release Jan-Dec 2020