Tulikivi Corporation Interim Report 1-9/2021

Published 11/05/2021

Higher net sales, substantially better operating profit and stronger order books

- The Tulikivi Group’s third-quarter net sales were EUR 8.3 million (EUR 6.9 million, 7–9/2020) and EUR 24.1 million (EUR 20.1 million, 1–9/2020) in the review period.
- The Tulikivi Group's operating profit for the third quarter was EUR 1.0 (0.6) million, and EUR 2.1 (0.6) million in the review period.
- The Tulikivi Group’s third-quarter profit before taxes was EUR 0.8 million (0.4 million) and EUR 1.6 (0.0) million for the review period.
- Net cash flow from operating activities was EUR 1.2 (0.8) million in the third quarter and EUR 1.9 (1.5) million in the review period.
- Order books stood at EUR 5.9 (4.0) million at the end of the review period.
- The feasibility study being carried out by Tulikivi’s subsidiary Nordic Talc is making progress.
- Future outlook: Net sales are expected to be between EUR 32 and 35 million, and the comparable operating profit is expected to improve substantially.


Key financial ratios

  1.9.2021 1.9.2020 Change, % 1.12.2020 7.9.2021 7.9.2020 Change, %
Sales, MEUR 24.1 20.1 20.0 29.2 8.3 6.9 19.8
Operating profit/loss, MEUR 2.1 0.6 249.7 1.2 1 0.6 75.4
Operating profit/loss without impairment loss, MEUR 2.1 0.6 249.7 1.2 1 0.6 75.4
Profit before tax, MEUR 1.6 0 14945.5 0.4 0.8 0.4 138.7
Total comprehensive income for the period, MEUR 1.3 -0.1 1796.1 0.2 0.7 0.3 109.1
Earnings per share, Euro 0.02 0   0 0.01 0.01  
Net cash flow from operating activities, MEUR 1.9 1.5   2.6 1.2 0.8  
Equity ratio, % 28.1 23.7          
Net indebtness ratio, % 144.7 189.5          
Return on investments, % 12.6 3.9   5.6 17.9 10.5  




Comments by Heikki Vauhkonen, Managing Director

The company’s order intake increased 21 per cent in the third quarter and totalled EUR 9.1 (7.5) million. The demand for the new Karelia and Pielinen collections was particularly strong in Central Europe and Finland. The change in remote working habits due to the COVID-19 pandemic has increased consumers' interest in renovation, holiday homes and low-rise housing in both Finland and export countries.

The growth in sales was also attributable to successful development of online sales, an updated renovation concept and the streamlining of distribution channels on the export markets. The order intake that significantly improved in the first quarter of the year means that it will be possible to achieve a higher year-on-year net sales growth and profitability than in previous years. Tulikivi’s order books at the end of the review period amounted to EUR 5.9 (4.0) million.

Despite the steep rises in the prices of steel and other purchased components, profitability improved in thanks to higher net sales, price increases and successful productivity measures. The company's profitability is also supported by the fact that its operations are to a substantial degree based on the utilisation of its own soapstone reserves in Finland. 

During autumn 2021, ceramic colour options were completed in product development for the Karelia collection. The design and features of the collections are designed for customers in both the Finnish and export markets. In addition, a completely revamped Kermansavi model based on recycling materials will be launched during the final months of the year.    

With the new collections, all Tulikivi collections meet the emission standards laid down in the EU Ecodesign Directive that will enter into force on 1 January 2022. The products’ compliance has been verified by the RRF test facility in Germany. The new ceramic designs strengthen Tulikivi’s market position in Finland and expand the potential customer base on the export markets.

Tulikivi Corporation’s subsidiary Nordic Talc Oy has made progress in its 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. In the third quarter, rock mechanics surveys were carried out to specify the plans, as were surveys required by the EIA (environmental impact assessment) procedure.  

In the next phase, Nordic Talc Oy will compile an environmental impact assessment report on which the ELY centre for Kainuu will issue a reasoned conclusion on the significant environmental impacts of the project. The environmental impact assessment report and the reasoned conclusion are required in order to receive an environmental permit for the project.



Board of Directors


Distribution: NASDAQ OMX Helsinki
Key media

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

ATTACHEMENT: Interim Report 1-9/2021