Tulikivi Corporation Interim Report 1-9/2017

Published 10/27/2017

Positive market outlook and profitable July–September

- The Tulikivi Group’s third-quarter net sales were EUR 7.0 million (Q3/2016: EUR 7.7 million), the operating result in the third quarter was EUR 0.3 (0.1) million and the result before taxes was EUR 0.1 (-0.1) million.
- The Tulikivi Group’s net sales in the review period were EUR 20.7 million (1 Jan – 30 Sept 2016: EUR 21.9 million), the operating result
was EUR -0.4 (-1.2) million and the result before taxes EUR -0.9 (-1.8) million.
- Net cash flow from operating activities in the third quarter was EUR 0.4 (0.3) million and EUR 1.1 (-0.1) million in the review period.
- Order books at the end of the review period amounted to EUR 3.4 (3.2) million.
- Sales of the new Karelia fire place collection are developing well, both in exports and domestical-ly.
- Future outlook: Net sales in 2017 are expected to be at the previous year’s level, and the oper-ating result is expected to improve year-on-year.

Summary of the interim report 1-9/2017. The full interim report is attached to this release.


Key financial ratios 1-9/


Sales, MEUR 20.7 21.9 -5.6 30.5 7.0 7.7 -9.7
Operating profit/loss, MEUR -0.4 -1.2 70.9 -1.4 0.3 0.1 172.8
Profit before tax, MEUR -0.9 -1.8 47.3 -2.1 0.1 -0.1 199.9
Total comprehensive income for the period, MEUR -1.0 -1.8 43.5 -2.0 0.1 -0.1 165.6
Earnings per share, Euro -0.02 -0.03   -0.03 0.00 0.00  
Net cash flow from operating activities, MEUR 1.1 -0.1   2.0 0.4 0.3  
Equity ratio, % 31.0 33.1   33.4      
Net indebtness ratio,% 133.8 134.1   125.0      
Return on investments,% -1.6 -5,2   -4.3 1.0 0,4  

Comments by Heikki Vauhkonen, Managing Director

Exports of Tulikivi products continued to increase in the third quarter. The new Karelia collection has substantially increased dealers’ and consumers' interest towards Tulikivi products in Central Europe. Thanks to the Karelia fireplace collection, the sales outlook for the second half of the year is better than it was in 2016 in all main export markets.

In Russia, the biggest export country, the order intake and net sales grew on the previous year as a result of the active development of the distribution channel and the favourable market conditions.

In Finland sales of fireplaces to new-home builders increased but demand in the renovation market declined.

In the third quarter the company’s incoming orders totalled EUR 7.2 (7.6) million. The order intake grew in fireplace exports and sauna heaters. The order intake in stove liner stones, interior stone products and sales of fireplaces to renovators in Finland declined.

Tulikivi’s order books at the end of the review period amounted to EUR 3.4 (3.2) million.

Profitability has improved as a result of demand for the new Karelia fireplace collection and the measures taken to boost efficiency. Due to better profitability, decreased fixed costs and lower depreciation, the company’s operating result improved in the review period by EUR 0.8 million compared with the previous year.

The new Karelia fireplace collection has been very well received in Finland and abroad. 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. Sales boosting measures are being targeted at Finland during the remainder of the year to increase sales in the renovation market.

The emphasis on export sales together with successful measures to boost efficiency will enable a further improvement in profitability during the remainder 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 1-9/2017