Tulikivi Corporation Half Year Financial Report 1-6/2019

Published 08/16/2019

Net sales were at the previous year’s level, but sales of new products are growing

- The Tulikivi Group’s second-quarter net sales were EUR 7.5 million (EUR 7.4 million in April–June 2018).
- The Tulikivi Group’s second-quarter operating result was EUR -0.3 (-0.4) million and EUR -0.1 (-0.2) million before taxes.
- The Tulikivi Group’s net sales in the review period were EUR 13.3 million (EUR 13.5 million in January–June 2018),
its operating result was EUR -0.4 (-0.2) million and its result before taxes was EUR -0.8 (-0.6) million.
- Net cash flow from operating activities was EUR 0.3 (0.6) million in the second quarter and EUR 0.2 (0.7) million in the review period.
- Order books at the end of the review period stood at EUR 3.6 (3.4) million.
- Sales of the new Karelia and Pielinen fireplace collections continued to develop well, both in exports and domestically.
- The project for the sale of the talc deposits in Suomussalmi is proceeding as planned, despite the delay of the JORC report.
- Future outlook: Net sales are expected to increase in 2019, and the comparable operating profit is expected to be positive.


Summary of the half year financial report 1-6/2019. The full half year financial report is attached to this release.

 Key financial ratios

  1-6/2019 1-6/2018

Change, %

1-12/2018 4-6/2019 4-6/2018

Change, %

Sales, MEUR

13.3 13.5


28.6 7.5 7.4


Operating profit/
loss, MEUR

-0.4 -0.2


-1.0 0.3 0.4


Operating profit/loss without impairment loss, MEUR -0.4 -0.2 -83.5 -0.5 0.3 0.4 -21.3

Profit before tax,

-0.8 -0.6


-1.8 0.1 0.2


income for the
period, MEUR

-0.8 -0.6


-1.8 0.1 0.2


Earnings per
share,  Euro

-0.01 -0.01   -0.03 0.00 0.00  

Net cash flow
from operating
activities, MEUR

0.2 0.7   1.6 0.3 0.6  

Equity ratio, %

24.4 28.8   27.4      

Net indebtness
ratio,  %

173.3 141.4   156.6      

Return on
investments, %

-3.1 -1.4   -3.8 1.3 1.6  


Comments by Heikki Vauhkonen, Managing Director

We continued to see good sales growth for the new Karelia and Pielinen collections in the first quarter.  Export sales of Tulikivi products grew in the Central European and Scandinavian markets, thanks to the new collections. The favourable trend in the German market has been reflected in demand for Tulikivi products as well as heater lining and cladding stones. Thanks to the positive development, Germany became our largest export market. In Russia, net sales in euros were at the previous year’s level, but the outlook for the second half of the year is good.

Fireplace sales were also at the previous year’s level in Finland.  Sales of fireplaces for new buildings fell somewhat on the previous year, but this was compensated by an increase in renovation sales. We are continuing our efforts to enhance sales efficiency in Finland to increase renovation sales. The sales of saunas increased. The deliveries of interior stone products declined due to a smaller number of deliveries to project sites.

Tulikivi’s order books at the end of the review period amounted to EUR 3.6 (3.4) million. In the second quarter the company’s order flow was EUR 7.0 (7.1) million.

The sales margin was lower in the review period than in the corresponding period a year earlier because measures to improve efficiency were not completed according to plan. Fixed costs decreased as planned in the first months of the year. The company will also aim to implement additional savings of EUR 0.6 million to improve profitability through the rest of the year.

The new Karelia and Pielinen fireplace collections continued to significantly increase dealers’ and consumers’ interest in Tulikivi products in Central Europe. This has enabled us to open new dealer locations and reactivate old ones.  These collections have increased our market share in Central Europe.

The Karelia collection was supplemented with a new Saramo model with a horizontal door and a Senso digital fireplace controller that makes it easier to use the fireplace and further reduces its already-low emissions. Deliveries of the three new door types launched in the Pielinen collection started in the second quarter, and the new models have been well-received on the market.

The JORC study being conducted in connection with the Suomussalmi talc project has proceeded during the first half of this year and its completion is expected in August 2019. The process to sell the deposit is proceeding despite delays in the JORC report.  


Board of Directors


Distribution: NASDAQ OMX Helsinki
Key media

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

ATTACHEMENT: Interim Report 1-6/2018