Tulikivi Corporation
Interim report 1–3/2021: Higher net sales, better operating profit and stronger order books
7 May 2021 at 1 pm
- The Tulikivi Group’s first-quarter net sales were EUR 6.5 million (EUR 5.7 million, 1–3/2020).
- The Tulikivi Group’s first-quarter operating profit was EUR 0.0 (-0.5) million and the profit before taxes was EUR -0.2 (-0.7) million.
- Net cash flow from operating activities in the first quarter was EUR 0.1 (0.1) million.
- Order books stood at EUR 5.2 (4.4) million at the end of the review period.
- Nordic Talc, a Tulikivi subsidiary, has launched a feasibility study of the talc project in Suomussalmi.
- Future outlook: Net sales are expected to be between EUR 31 and 33 million, and the comparable operating profit is expected to improve substantially
| Key financial ratios | |||||||||
| 1-3/21 | 1-3/20 | Change, % | 1-12/20 | ||||||
| Sales, MEUR | 6.5 | 5.7 | 12.7 % | 29.2 | |||||
| Operating profit/loss, MEUR | 0.0 | -0.5 | 97.0 % | 1.2 | |||||
| Operating profit/loss without impairment loss, MEUR | 0.0 | -0.5 | 97.0 % | 1.2 | |||||
| Profit before tax, MEUR | -0.2 | -0.7 | 75.8 % | 0.4 | |||||
| Total comprehensive income for the period, MEUR | -0.2 | -0.7 | 78.9 % | 0.2 | |||||
| Earnings per share, Euro | 0.00 | -0.01 | 0.00 | ||||||
| Net cash flow from operating activities, MEUR | 0.1 | 0.1 | 2.6 | ||||||
| Equity ratio, % | 24.0 | 21.6 | |||||||
| Net indebtness ratio, % | 186.3 | 219.7 | |||||||
| Return on investments, % | 0.3 | -8.0 | 5.6 | ||||||
Comments by Heikki Vauhkonen, Managing Director:
In the first quarter, net sales grew as the Covid-19 pandemic increased consumers' interest in renovation, holiday homes and low-rise housing in both Finland and export countries.
Profitability improved thanks to higher net sales, price increases, successful productivity measures and savings in fixed costs.
The company’s order intake was EUR 8.8 (7.3) million in the first quarter. The growth in order intake was especially strong for Finland, but performance has also been very positive in the export countries. The order intake increased for fireplaces, saunas and interior stone products. The significantly improved order intake 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 5.2 (4.4) million.
The subsidiary Nordic Talc Oy, founded by Tulikivi Corporation in April 2020, has launched 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. The EIA (environmental impact assessment) procedure for the talc project was officially launched when Nordic Talc Oy submitted an EIA programme drawn up with AFRY Finland Oy to the Kainuu ELY Centre. The mining plans will be further refined by carrying out additional drilling and analyses to enable detailed extraction planning of the Haaponen deposit.
TULIKIVI CORPORATION
Board of Directors
Distribution: Nasdaq Helsinki
Key media
www.tulikivi.com
Further information: Heikki Vauhkonen, Managing Director, tel. +358 (0)207 636 555
Attachment
