Tornator Oyj Half-year Financial Report
Net sales grow due to investments and responsible business
SUMMARY, 1 January – 30 June 2018 (1 January – 30 June 2017)
- Net sales totalled €52.1 (41.8) million, in which the share of timber deliveries was €49.9 (39.2) million. Timber deliveries totalled 1.7 (1.4) million cubic metres.
- Reported IFRS operating profit was €28.7 (31.2) million. Operative operating profit improved by 32% to €38.2 (29.0) million.
- Comparable net profit without fair value changes was €+21.7 (+14.9) million and €+13.4 (+36.6) million with fair value changes. The differences were mainly due to changes in the fair values of both forests, €-9.5 (+2.2) million, and financial instruments, €-0.9 (+24.7) million.
- Comparable return on equity was 6.7% (5.0) and return on capital employed 6.1% (5.1). Equity ratio was 42.2% (43.3).
- The fair value of biological assets (forests) was €1,378.1 million (1,371.2 at 31 December 2017).
- Tornator continued to purchase forestland in Finland and Estonia. Nearly 7,000 hectares of new forests were acquired with a total investment of more than €18 million.
- During the first half of the year, the company’s conservation and other special nature management measures covered more than 500 hectares.
Key figures (the Group)
| H1/2018 | H1/2017 | Change, % | |
| Net sales, € million | 52.1 | 41.8 | 25% |
| Operative operating profit, € million | 38.2 | 29.0 | 32% |
| Operative operating profit, % | 73.3 | 69.3 | 6% |
| Operating profit (IFRS), € million | 28.7 | 31.2 | -8% |
| Comparable net profit, € million | 21.7 | 14.9 | 46% |
| Profit for the period (IFRS), € million | 13.4 | 36.6 | -63% |
| Comparable return on equity, % | 6.7 | 5.0 | 35% |
| Return on equity, % | 4.1 | 12.1 | -66% |
| Comparable return on capital employed, % | 6.1 | 5.1 | 20% |
| Return on capital employed, % | 4.6 | 5.5 | -16% |
| Equity ratio, % | 42.2 | 43.3 | -3% |
| Average number of personnel | 183 | 188 | -3% |
| IFRS = International Financial Reporting Standards | |||
Complete translation of the Half-year Financial Report is attached.
For further information, please contact:
Sixten Sunabacka, Chief Executive Officer, tel. +358 400 366 148
Henrik Nieminen, Chief Financial Officer, tel. +358 40 869 7613
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