The Annual General Meeting of the Tulikivi Corporation held on April 20, 2017 approved the financial statement for the financial year 2016 and discharged the members of the Board of Directors and the Managing Director from liability. It was resolved that the dividend will not be paid. The Annual General Meeting accepted the proposals of the Board of Directors, to authorise the Board of Directors to acquire the company’s own shares, to decide upon an issue of shares, to dispose of the company’s own shares and to issue rights of option and special rights related to the shares.

1. Dividend

The Annual General Meeting resolved, in accordance with the Board’s proposal that the dividend will not be paid.

2. Remuneration of Board members and auditor’s fees

The annual remuneration of a Board member is EUR 19,000. In accordance with the resolution of the Annual General Meeting, each Board member will receive 40 per cent of the annual remuneration in the form of Tulikivi Corporation Series A shares. In addition, the Chairman of the Board of Directors will be paid a EUR 4,500 monthly salary. The Board member serving as secretary to the Board of Directors will be paid a EUR 1,400 monthly salary.  The members of the Nomination Committee of the Board and the members of the Audit Committee of the Board will receive a EUR 330 remuneration per  each meeting.   The fees for the auditor are paid according to the relevant invoice.

3. Board members

The number of Board members was set at six. Mr. Jaakko Aspara, Mr. Markku Rönkkö, Ms. Paula Salastie, Mr.  Reijo Svanborg, Mr. Jyrki Tähtinen and Mr. Heikki Vauhkonen were elected as the members of the Board of Directors.

4. Auditor

The firm of independent public accountants KPMG Oy Ab was elected the auditor of Tulikivi Corporation, with Ms Kirsi Jantunen, Authorized Public Accountant, acting as the chief auditor.

5. The authorisation of the Board of Directors to decide on an issue of shares and the company´s own shares in possession of the company, the right to issue rights of option and special rights which give entitlement to shares as defined in Chapter 10 Article 1 of the Companies´ Act

The Annual General Meeting authorised the Board of Directors to decide on the issue of new shares or the company´s own shares in possession of the company as proposed by the  Board. The new shares and the company´s own shares in possession of the company can be issued in the following amounts: A total of no more than 10,437,748 A series and no more than 1,536,500 K series shares. The authorisation also includes the right to carry out share capital increase deviating from the shareholders´ pre-emptive subscription right provided there is a weighty financial reason from the company´s point of view for the deviation.

The authorisation includes the right to issue cost-free shares to the company, provided that the number of shares issued to the company would not exceed one tenth of all shares of the company.

The authorisation also includes the right to issue special rights, as defined in Chapter 10 Article 1 of the Companies´ Act, which entitle to subscribe for shares against payment or by setting off the receivable.

The authorisation also includes the right to pay remuneration in the form of shares.

The Board of Directors is entitled to decide on other issues related to the share issues. The authorisation to repurchase shares is in force until the Annual General Meeting to be held in 2018.

6. Organisation of the Board

At its organisational meeting following the Annual General Meeting the Board elected Jyrki Tähtinen as its Chairman and Markku Rönkkö as its secretary. Jyrki Tähtinen was elected as chairman of the Nomination Committee and Heikki Vauhkonen and Markku Rönkkö as its members.  Markku Rönkkö was elected as chairman of the Audit Committee and Reijo Svanborg and Heikki Vauhkonen as its members.

TULIKIVI CORPORATION

Jyrki Tähtinen

Chairman of the Board

Additional Information: Tulikivi Corporation, 83900 Juuka, tel. +358 403 063 100
Jyrki Tähtinen, Chairman of the Board, tel.  +358 400 406 509
Heikki Vauhkonen, Managing Director, tel. + 358 207 636 555

The Annual General Meeting of the Tulikivi Corporation held on April 20, 2017 approved the financial statement for the financial year 2016 and discharged the members of the Board of Directors and the Managing Director from liability. It was resolved that the dividend will not be paid. The Annual General Meeting accepted the proposals of the Board of Directors, to authorise the Board of Directors to acquire the company’s own shares, to decide upon an issue of shares, to dispose of the company’s own shares and to issue rights of option and special rights related to the shares.

1. Dividend

The Annual General Meeting resolved, in accordance with the Board’s proposal that the dividend will not be paid.

2. Remuneration of Board members and auditor’s fees

The annual remuneration of a Board member is EUR 19,000. In accordance with the resolution of the Annual General Meeting, each Board member will receive 40 per cent of the annual remuneration in the form of Tulikivi Corporation Series A shares. In addition, the Chairman of the Board of Directors will be paid a EUR 4,500 monthly salary. The Board member serving as secretary to the Board of Directors will be paid a EUR 1,400 monthly salary.  The members of the Nomination Committee of the Board and the members of the Audit Committee of the Board will receive a EUR 330 remuneration per  each meeting.   The fees for the auditor are paid according to the relevant invoice.

3. Board members

The number of Board members was set at six. Mr. Jaakko Aspara, Mr. Markku Rönkkö, Ms. Paula Salastie, Mr.  Reijo Svanborg, Mr. Jyrki Tähtinen and Mr. Heikki Vauhkonen were elected as the members of the Board of Directors.

4. Auditor

The firm of independent public accountants KPMG Oy Ab was elected the auditor of Tulikivi Corporation, with Ms Kirsi Jantunen, Authorized Public Accountant, acting as the chief auditor.

5. The authorisation of the Board of Directors to decide on an issue of shares and the company´s own shares in possession of the company, the right to issue rights of option and special rights which give entitlement to shares as defined in Chapter 10 Article 1 of the Companies´ Act

The Annual General Meeting authorised the Board of Directors to decide on the issue of new shares or the company´s own shares in possession of the company as proposed by the  Board. The new shares and the company´s own shares in possession of the company can be issued in the following amounts: A total of no more than 10,437,748 A series and no more than 1,536,500 K series shares. The authorisation also includes the right to carry out share capital increase deviating from the shareholders´ pre-emptive subscription right provided there is a weighty financial reason from the company´s point of view for the deviation.

The authorisation includes the right to issue cost-free shares to the company, provided that the number of shares issued to the company would not exceed one tenth of all shares of the company.

The authorisation also includes the right to issue special rights, as defined in Chapter 10 Article 1 of the Companies´ Act, which entitle to subscribe for shares against payment or by setting off the receivable.

The authorisation also includes the right to pay remuneration in the form of shares.

The Board of Directors is entitled to decide on other issues related to the share issues. The authorisation to repurchase shares is in force until the Annual General Meeting to be held in 2018.

6. Organisation of the Board

At its organisational meeting following the Annual General Meeting the Board elected Jyrki Tähtinen as its Chairman and Markku Rönkkö as its secretary. Jyrki Tähtinen was elected as chairman of the Nomination Committee and Heikki Vauhkonen and Markku Rönkkö as its members.  Markku Rönkkö was elected as chairman of the Audit Committee and Reijo Svanborg and Heikki Vauhkonen as its members.

TULIKIVI CORPORATION

Jyrki Tähtinen

Chairman of the Board

Additional Information: Tulikivi Corporation, 83900 Juuka, tel. +358 403 063 100
Jyrki Tähtinen, Chairman of the Board, tel.  +358 400 406 509
Heikki Vauhkonen, Managing Director, tel. + 358 207 636 555

The Annual General Meeting of the Tulikivi Corporation held on April 20, 2017 approved the financial statement for the financial year 2016 and discharged the members of the Board of Directors and the Managing Director from liability. It was resolved that the dividend will not be paid. The Annual General Meeting accepted the proposals of the Board of Directors, to authorise the Board of Directors to acquire the company’s own shares, to decide upon an issue of shares, to dispose of the company’s own shares and to issue rights of option and special rights related to the shares.

1. Dividend

The Annual General Meeting resolved, in accordance with the Board’s proposal that the dividend will not be paid.

2. Remuneration of Board members and auditor’s fees

The annual remuneration of a Board member is EUR 19,000. In accordance with the resolution of the Annual General Meeting, each Board member will receive 40 per cent of the annual remuneration in the form of Tulikivi Corporation Series A shares. In addition, the Chairman of the Board of Directors will be paid a EUR 4,500 monthly salary. The Board member serving as secretary to the Board of Directors will be paid a EUR 1,400 monthly salary.  The members of the Nomination Committee of the Board and the members of the Audit Committee of the Board will receive a EUR 330 remuneration per  each meeting.   The fees for the auditor are paid according to the relevant invoice.

3. Board members

The number of Board members was set at six. Mr. Jaakko Aspara, Mr. Markku Rönkkö, Ms. Paula Salastie, Mr.  Reijo Svanborg, Mr. Jyrki Tähtinen and Mr. Heikki Vauhkonen were elected as the members of the Board of Directors.

4. Auditor

The firm of independent public accountants KPMG Oy Ab was elected the auditor of Tulikivi Corporation, with Ms Kirsi Jantunen, Authorized Public Accountant, acting as the chief auditor.

5. The authorisation of the Board of Directors to decide on an issue of shares and the company´s own shares in possession of the company, the right to issue rights of option and special rights which give entitlement to shares as defined in Chapter 10 Article 1 of the Companies´ Act

The Annual General Meeting authorised the Board of Directors to decide on the issue of new shares or the company´s own shares in possession of the company as proposed by the  Board. The new shares and the company´s own shares in possession of the company can be issued in the following amounts: A total of no more than 10,437,748 A series and no more than 1,536,500 K series shares. The authorisation also includes the right to carry out share capital increase deviating from the shareholders´ pre-emptive subscription right provided there is a weighty financial reason from the company´s point of view for the deviation.

The authorisation includes the right to issue cost-free shares to the company, provided that the number of shares issued to the company would not exceed one tenth of all shares of the company.

The authorisation also includes the right to issue special rights, as defined in Chapter 10 Article 1 of the Companies´ Act, which entitle to subscribe for shares against payment or by setting off the receivable.

The authorisation also includes the right to pay remuneration in the form of shares.

The Board of Directors is entitled to decide on other issues related to the share issues. The authorisation to repurchase shares is in force until the Annual General Meeting to be held in 2018.

6. Organisation of the Board

At its organisational meeting following the Annual General Meeting the Board elected Jyrki Tähtinen as its Chairman and Markku Rönkkö as its secretary. Jyrki Tähtinen was elected as chairman of the Nomination Committee and Heikki Vauhkonen and Markku Rönkkö as its members.  Markku Rönkkö was elected as chairman of the Audit Committee and Reijo Svanborg and Heikki Vauhkonen as its members.

TULIKIVI CORPORATION

Jyrki Tähtinen

Chairman of the Board

Additional Information: Tulikivi Corporation, 83900 Juuka, tel. +358 403 063 100
Jyrki Tähtinen, Chairman of the Board, tel.  +358 400 406 509
Heikki Vauhkonen, Managing Director, tel. + 358 207 636 555

The Annual General Meeting of the Tulikivi Corporation held on April 20, 2017 approved the financial statement for the financial year 2016 and discharged the members of the Board of Directors and the Managing Director from liability. It was resolved that the dividend will not be paid. The Annual General Meeting accepted the proposals of the Board of Directors, to authorise the Board of Directors to acquire the company’s own shares, to decide upon an issue of shares, to dispose of the company’s own shares and to issue rights of option and special rights related to the shares.

1. Dividend

The Annual General Meeting resolved, in accordance with the Board’s proposal that the dividend will not be paid.

2. Remuneration of Board members and auditor’s fees

The annual remuneration of a Board member is EUR 19,000. In accordance with the resolution of the Annual General Meeting, each Board member will receive 40 per cent of the annual remuneration in the form of Tulikivi Corporation Series A shares. In addition, the Chairman of the Board of Directors will be paid a EUR 4,500 monthly salary. The Board member serving as secretary to the Board of Directors will be paid a EUR 1,400 monthly salary.  The members of the Nomination Committee of the Board and the members of the Audit Committee of the Board will receive a EUR 330 remuneration per  each meeting.   The fees for the auditor are paid according to the relevant invoice.

3. Board members

The number of Board members was set at six. Mr. Jaakko Aspara, Mr. Markku Rönkkö, Ms. Paula Salastie, Mr.  Reijo Svanborg, Mr. Jyrki Tähtinen and Mr. Heikki Vauhkonen were elected as the members of the Board of Directors.

4. Auditor

The firm of independent public accountants KPMG Oy Ab was elected the auditor of Tulikivi Corporation, with Ms Kirsi Jantunen, Authorized Public Accountant, acting as the chief auditor.

5. The authorisation of the Board of Directors to decide on an issue of shares and the company´s own shares in possession of the company, the right to issue rights of option and special rights which give entitlement to shares as defined in Chapter 10 Article 1 of the Companies´ Act

The Annual General Meeting authorised the Board of Directors to decide on the issue of new shares or the company´s own shares in possession of the company as proposed by the  Board. The new shares and the company´s own shares in possession of the company can be issued in the following amounts: A total of no more than 10,437,748 A series and no more than 1,536,500 K series shares. The authorisation also includes the right to carry out share capital increase deviating from the shareholders´ pre-emptive subscription right provided there is a weighty financial reason from the company´s point of view for the deviation.

The authorisation includes the right to issue cost-free shares to the company, provided that the number of shares issued to the company would not exceed one tenth of all shares of the company.

The authorisation also includes the right to issue special rights, as defined in Chapter 10 Article 1 of the Companies´ Act, which entitle to subscribe for shares against payment or by setting off the receivable.

The authorisation also includes the right to pay remuneration in the form of shares.

The Board of Directors is entitled to decide on other issues related to the share issues. The authorisation to repurchase shares is in force until the Annual General Meeting to be held in 2018.

6. Organisation of the Board

At its organisational meeting following the Annual General Meeting the Board elected Jyrki Tähtinen as its Chairman and Markku Rönkkö as its secretary. Jyrki Tähtinen was elected as chairman of the Nomination Committee and Heikki Vauhkonen and Markku Rönkkö as its members.  Markku Rönkkö was elected as chairman of the Audit Committee and Reijo Svanborg and Heikki Vauhkonen as its members.

TULIKIVI CORPORATION

Jyrki Tähtinen

Chairman of the Board

Additional Information: Tulikivi Corporation, 83900 Juuka, tel. +358 403 063 100
Jyrki Tähtinen, Chairman of the Board, tel.  +358 400 406 509
Heikki Vauhkonen, Managing Director, tel. + 358 207 636 555

The Annual General Meeting of the Tulikivi Corporation held on April 20, 2017 approved the financial statement for the financial year 2016 and discharged the members of the Board of Directors and the Managing Director from liability. It was resolved that the dividend will not be paid. The Annual General Meeting accepted the proposals of the Board of Directors, to authorise the Board of Directors to acquire the company’s own shares, to decide upon an issue of shares, to dispose of the company’s own shares and to issue rights of option and special rights related to the shares.

1. Dividend

The Annual General Meeting resolved, in accordance with the Board’s proposal that the dividend will not be paid.

2. Remuneration of Board members and auditor’s fees

The annual remuneration of a Board member is EUR 19,000. In accordance with the resolution of the Annual General Meeting, each Board member will receive 40 per cent of the annual remuneration in the form of Tulikivi Corporation Series A shares. In addition, the Chairman of the Board of Directors will be paid a EUR 4,500 monthly salary. The Board member serving as secretary to the Board of Directors will be paid a EUR 1,400 monthly salary.  The members of the Nomination Committee of the Board and the members of the Audit Committee of the Board will receive a EUR 330 remuneration per  each meeting.   The fees for the auditor are paid according to the relevant invoice.

3. Board members

The number of Board members was set at six. Mr. Jaakko Aspara, Mr. Markku Rönkkö, Ms. Paula Salastie, Mr.  Reijo Svanborg, Mr. Jyrki Tähtinen and Mr. Heikki Vauhkonen were elected as the members of the Board of Directors.

4. Auditor

The firm of independent public accountants KPMG Oy Ab was elected the auditor of Tulikivi Corporation, with Ms Kirsi Jantunen, Authorized Public Accountant, acting as the chief auditor.

5. The authorisation of the Board of Directors to decide on an issue of shares and the company´s own shares in possession of the company, the right to issue rights of option and special rights which give entitlement to shares as defined in Chapter 10 Article 1 of the Companies´ Act

The Annual General Meeting authorised the Board of Directors to decide on the issue of new shares or the company´s own shares in possession of the company as proposed by the  Board. The new shares and the company´s own shares in possession of the company can be issued in the following amounts: A total of no more than 10,437,748 A series and no more than 1,536,500 K series shares. The authorisation also includes the right to carry out share capital increase deviating from the shareholders´ pre-emptive subscription right provided there is a weighty financial reason from the company´s point of view for the deviation.

The authorisation includes the right to issue cost-free shares to the company, provided that the number of shares issued to the company would not exceed one tenth of all shares of the company.

The authorisation also includes the right to issue special rights, as defined in Chapter 10 Article 1 of the Companies´ Act, which entitle to subscribe for shares against payment or by setting off the receivable.

The authorisation also includes the right to pay remuneration in the form of shares.

The Board of Directors is entitled to decide on other issues related to the share issues. The authorisation to repurchase shares is in force until the Annual General Meeting to be held in 2018.

6. Organisation of the Board

At its organisational meeting following the Annual General Meeting the Board elected Jyrki Tähtinen as its Chairman and Markku Rönkkö as its secretary. Jyrki Tähtinen was elected as chairman of the Nomination Committee and Heikki Vauhkonen and Markku Rönkkö as its members.  Markku Rönkkö was elected as chairman of the Audit Committee and Reijo Svanborg and Heikki Vauhkonen as its members.

TULIKIVI CORPORATION

Jyrki Tähtinen

Chairman of the Board

Additional Information: Tulikivi Corporation, 83900 Juuka, tel. +358 403 063 100
Jyrki Tähtinen, Chairman of the Board, tel.  +358 400 406 509
Heikki Vauhkonen, Managing Director, tel. + 358 207 636 555

The Annual General Meeting of the Tulikivi Corporation held on April 20, 2017 approved the financial statement for the financial year 2016 and discharged the members of the Board of Directors and the Managing Director from liability. It was resolved that the dividend will not be paid. The Annual General Meeting accepted the proposals of the Board of Directors, to authorise the Board of Directors to acquire the company’s own shares, to decide upon an issue of shares, to dispose of the company’s own shares and to issue rights of option and special rights related to the shares.

1. Dividend

The Annual General Meeting resolved, in accordance with the Board’s proposal that the dividend will not be paid.

2. Remuneration of Board members and auditor’s fees

The annual remuneration of a Board member is EUR 19,000. In accordance with the resolution of the Annual General Meeting, each Board member will receive 40 per cent of the annual remuneration in the form of Tulikivi Corporation Series A shares. In addition, the Chairman of the Board of Directors will be paid a EUR 4,500 monthly salary. The Board member serving as secretary to the Board of Directors will be paid a EUR 1,400 monthly salary.  The members of the Nomination Committee of the Board and the members of the Audit Committee of the Board will receive a EUR 330 remuneration per  each meeting.   The fees for the auditor are paid according to the relevant invoice.

3. Board members

The number of Board members was set at six. Mr. Jaakko Aspara, Mr. Markku Rönkkö, Ms. Paula Salastie, Mr.  Reijo Svanborg, Mr. Jyrki Tähtinen and Mr. Heikki Vauhkonen were elected as the members of the Board of Directors.

4. Auditor

The firm of independent public accountants KPMG Oy Ab was elected the auditor of Tulikivi Corporation, with Ms Kirsi Jantunen, Authorized Public Accountant, acting as the chief auditor.

5. The authorisation of the Board of Directors to decide on an issue of shares and the company´s own shares in possession of the company, the right to issue rights of option and special rights which give entitlement to shares as defined in Chapter 10 Article 1 of the Companies´ Act

The Annual General Meeting authorised the Board of Directors to decide on the issue of new shares or the company´s own shares in possession of the company as proposed by the  Board. The new shares and the company´s own shares in possession of the company can be issued in the following amounts: A total of no more than 10,437,748 A series and no more than 1,536,500 K series shares. The authorisation also includes the right to carry out share capital increase deviating from the shareholders´ pre-emptive subscription right provided there is a weighty financial reason from the company´s point of view for the deviation.

The authorisation includes the right to issue cost-free shares to the company, provided that the number of shares issued to the company would not exceed one tenth of all shares of the company.

The authorisation also includes the right to issue special rights, as defined in Chapter 10 Article 1 of the Companies´ Act, which entitle to subscribe for shares against payment or by setting off the receivable.

The authorisation also includes the right to pay remuneration in the form of shares.

The Board of Directors is entitled to decide on other issues related to the share issues. The authorisation to repurchase shares is in force until the Annual General Meeting to be held in 2018.

6. Organisation of the Board

At its organisational meeting following the Annual General Meeting the Board elected Jyrki Tähtinen as its Chairman and Markku Rönkkö as its secretary. Jyrki Tähtinen was elected as chairman of the Nomination Committee and Heikki Vauhkonen and Markku Rönkkö as its members.  Markku Rönkkö was elected as chairman of the Audit Committee and Reijo Svanborg and Heikki Vauhkonen as its members.

TULIKIVI CORPORATION

Jyrki Tähtinen

Chairman of the Board

Additional Information: Tulikivi Corporation, 83900 Juuka, tel. +358 403 063 100
Jyrki Tähtinen, Chairman of the Board, tel.  +358 400 406 509
Heikki Vauhkonen, Managing Director, tel. + 358 207 636 555

Net sales at last year’s level, operational efficiency measures progress as planned

– The Tulikivi Group’s third-quarter net sales were EUR 7.7 million (EUR 8.3 million in Q3/2015), the operating profit in the third quarter was EUR 0.1 (0.3) million and the result before taxes was EUR -0.1 (0.0) million.
– For the review period as a whole, the Tulikivi Group’s net sales were EUR 21.9 million (1 January – 30 September 2015: EUR 23.0 million), the operating result was EUR -1.2 (-3.0) million and the result before taxes was EUR -1.8 (-3.6) million.
– Net cash flow from operating activities was EUR 0.3 (1.1) million in the third quarter and EUR -0.1 (0.1) million in the review period.
– Order books at the end of the review period amounted to EUR 3.2 (4.3) million.
– Future outlook: Net sales in 2016 are expected to be at the previous year’s level, and the operating profit is expected to improve year-on-year.

Summary of the interim report 1-9/2016. The full interim report is attached to this release.

 

Key financial ratios	1-9/ 2016	1-9/ 2015	Change, %	1-12/ 2015	7-9/ 2016	7-9/ 2015
Sales, MEUR	21.9	23.0	-4.6	32.0	7.7	8.3
Operating profit/loss, MEUR	-1.2	-3.0	59.0	-2.9	0.1	0.3
Profit before tax, MEUR	-1.8	-3.6	50.5	-3.9	-0.1	0.0
Total comprehensive income for the period, MEUR	-1.8	-3.5	49.6	-3.8	-0.1	0.0
Earnings per share, Euro	-0.03	-0.06		-0.06	0.00	0.00
Net cash flow from operating activities, MEUR	-0.1	0.1		0.8	0.3	1.1
Equity ratio, %	33.1	35.6		36.9
Net indebtness ratio,%	134.1	114.7		113.4
Return on investments,%	-5,2	-10,6		-7,7	0,4	0,9

Comments by Heikki Vauhkonen, Managing Director

The third-quarter sales of Tulikivi’s products on the domestic market were slightly up on the previous year. Recovering low-rise housing construction and closer cooperation with the home-building industry have increased our market share and consequently the sales of fireplaces in Finland.

However, market conditions in fireplace sales continue to be challenging in Finland compared with previous years due to the low level of low-rise housing construction, low heating energy prices and consumer uncertainty in purchasing decisions.

In Finland, to boost sales in the Helsinki Metropolitan Area, additional members of staff have been recruited within sales to professionals and consumers.

In Germany and France, the main markets in Central Europe, market conditions were still relatively weak. In the third quarter, net sales from fireplace exports to Belgium, France and Germany were considerably lower than the year before. The market conditions were made even more challenging by the warm weather in the early autumn, which according to the dealers’ view delayed the start of the fireplace season. Despite the improved economic conditions, there is no improvement in sight in the fireplace market. Regarding exports, sales efficiency measures are being targeted at Germany and France. The goal of these measures is to strengthen Tulikivi’s position in the sales catalogues of current dealers and to identify new dealers where necessary. Export sales covering North America and saunas were strengthened with new personnel responsible for these areas.

In Russia, net sales for the third quarter and order books for the remainder of the year improved on the previous year.

The Grafia soapstone fireplace models that were launched earlier have been well received in all market areas. At the beginning of 2017, the company will launch a new soapstone collection that is based on new surface options and high-quality design.

In the third quarter the company’s incoming orders totalled EUR 7.6 (8.6) million. The order flow was on the same level as the previous year in Finland. In exports, incoming orders from Belgium, France and Russia decreased.

Tulikivi’s order books at the end of the review period amounted to EUR 3.2 (4.3) million.

As a result of the measures taken last year to improve structural efficiency, the company’s profitability improved on the previous year. Due to improved sales margins, decreased fixed costs and lower depreciation, the company’s operating result for the review period improved by EUR 1.8 million compared with the previous year.

Even though the operating environment for exports is likely to remain challenging in 2016, the downward trend in net sales is expected to become less pronounced thanks to the sales efficiency measures. Profitability is expected to improve in 2016, due to the structural savings and production efficiency measures.
TULIKIVI CORPORATION

Board of Directors

 

Distribution: NASDAQ OMX Helsinki
Key media
www.tulikivi.com

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

ATTACHEMENT: Interim Report 1-9/2016

Net sales at last year’s level, operational efficiency measures progress as planned

– The Tulikivi Group’s third-quarter net sales were EUR 7.7 million (EUR 8.3 million in Q3/2015), the operating profit in the third quarter was EUR 0.1 (0.3) million and the result before taxes was EUR -0.1 (0.0) million.
– For the review period as a whole, the Tulikivi Group’s net sales were EUR 21.9 million (1 January – 30 September 2015: EUR 23.0 million), the operating result was EUR -1.2 (-3.0) million and the result before taxes was EUR -1.8 (-3.6) million.
– Net cash flow from operating activities was EUR 0.3 (1.1) million in the third quarter and EUR -0.1 (0.1) million in the review period.
– Order books at the end of the review period amounted to EUR 3.2 (4.3) million.
– Future outlook: Net sales in 2016 are expected to be at the previous year’s level, and the operating profit is expected to improve year-on-year.

Summary of the interim report 1-9/2016. The full interim report is attached to this release.

 

Key financial ratios	1-9/ 2016	1-9/ 2015	Change, %	1-12/ 2015	7-9/ 2016	7-9/ 2015
Sales, MEUR	21.9	23.0	-4.6	32.0	7.7	8.3
Operating profit/loss, MEUR	-1.2	-3.0	59.0	-2.9	0.1	0.3
Profit before tax, MEUR	-1.8	-3.6	50.5	-3.9	-0.1	0.0
Total comprehensive income for the period, MEUR	-1.8	-3.5	49.6	-3.8	-0.1	0.0
Earnings per share, Euro	-0.03	-0.06		-0.06	0.00	0.00
Net cash flow from operating activities, MEUR	-0.1	0.1		0.8	0.3	1.1
Equity ratio, %	33.1	35.6		36.9
Net indebtness ratio,%	134.1	114.7		113.4
Return on investments,%	-5,2	-10,6		-7,7	0,4	0,9

Comments by Heikki Vauhkonen, Managing Director

The third-quarter sales of Tulikivi’s products on the domestic market were slightly up on the previous year. Recovering low-rise housing construction and closer cooperation with the home-building industry have increased our market share and consequently the sales of fireplaces in Finland.

However, market conditions in fireplace sales continue to be challenging in Finland compared with previous years due to the low level of low-rise housing construction, low heating energy prices and consumer uncertainty in purchasing decisions.

In Finland, to boost sales in the Helsinki Metropolitan Area, additional members of staff have been recruited within sales to professionals and consumers.

In Germany and France, the main markets in Central Europe, market conditions were still relatively weak. In the third quarter, net sales from fireplace exports to Belgium, France and Germany were considerably lower than the year before. The market conditions were made even more challenging by the warm weather in the early autumn, which according to the dealers’ view delayed the start of the fireplace season. Despite the improved economic conditions, there is no improvement in sight in the fireplace market. Regarding exports, sales efficiency measures are being targeted at Germany and France. The goal of these measures is to strengthen Tulikivi’s position in the sales catalogues of current dealers and to identify new dealers where necessary. Export sales covering North America and saunas were strengthened with new personnel responsible for these areas.

In Russia, net sales for the third quarter and order books for the remainder of the year improved on the previous year.

The Grafia soapstone fireplace models that were launched earlier have been well received in all market areas. At the beginning of 2017, the company will launch a new soapstone collection that is based on new surface options and high-quality design.

In the third quarter the company’s incoming orders totalled EUR 7.6 (8.6) million. The order flow was on the same level as the previous year in Finland. In exports, incoming orders from Belgium, France and Russia decreased.

Tulikivi’s order books at the end of the review period amounted to EUR 3.2 (4.3) million.

As a result of the measures taken last year to improve structural efficiency, the company’s profitability improved on the previous year. Due to improved sales margins, decreased fixed costs and lower depreciation, the company’s operating result for the review period improved by EUR 1.8 million compared with the previous year.

Even though the operating environment for exports is likely to remain challenging in 2016, the downward trend in net sales is expected to become less pronounced thanks to the sales efficiency measures. Profitability is expected to improve in 2016, due to the structural savings and production efficiency measures.
TULIKIVI CORPORATION

Board of Directors

 

Distribution: NASDAQ OMX Helsinki
Key media
www.tulikivi.com

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

ATTACHEMENT: Interim Report 1-9/2016

Net sales at last year’s level, operational efficiency measures progress as planned

– The Tulikivi Group’s third-quarter net sales were EUR 7.7 million (EUR 8.3 million in Q3/2015), the operating profit in the third quarter was EUR 0.1 (0.3) million and the result before taxes was EUR -0.1 (0.0) million.
– For the review period as a whole, the Tulikivi Group’s net sales were EUR 21.9 million (1 January – 30 September 2015: EUR 23.0 million), the operating result was EUR -1.2 (-3.0) million and the result before taxes was EUR -1.8 (-3.6) million.
– Net cash flow from operating activities was EUR 0.3 (1.1) million in the third quarter and EUR -0.1 (0.1) million in the review period.
– Order books at the end of the review period amounted to EUR 3.2 (4.3) million.
– Future outlook: Net sales in 2016 are expected to be at the previous year’s level, and the operating profit is expected to improve year-on-year.

Summary of the interim report 1-9/2016. The full interim report is attached to this release.

 

Key financial ratios	1-9/ 2016	1-9/ 2015	Change, %	1-12/ 2015	7-9/ 2016	7-9/ 2015
Sales, MEUR	21.9	23.0	-4.6	32.0	7.7	8.3
Operating profit/loss, MEUR	-1.2	-3.0	59.0	-2.9	0.1	0.3
Profit before tax, MEUR	-1.8	-3.6	50.5	-3.9	-0.1	0.0
Total comprehensive income for the period, MEUR	-1.8	-3.5	49.6	-3.8	-0.1	0.0
Earnings per share, Euro	-0.03	-0.06		-0.06	0.00	0.00
Net cash flow from operating activities, MEUR	-0.1	0.1		0.8	0.3	1.1
Equity ratio, %	33.1	35.6		36.9
Net indebtness ratio,%	134.1	114.7		113.4
Return on investments,%	-5,2	-10,6		-7,7	0,4	0,9

Comments by Heikki Vauhkonen, Managing Director

The third-quarter sales of Tulikivi’s products on the domestic market were slightly up on the previous year. Recovering low-rise housing construction and closer cooperation with the home-building industry have increased our market share and consequently the sales of fireplaces in Finland.

However, market conditions in fireplace sales continue to be challenging in Finland compared with previous years due to the low level of low-rise housing construction, low heating energy prices and consumer uncertainty in purchasing decisions.

In Finland, to boost sales in the Helsinki Metropolitan Area, additional members of staff have been recruited within sales to professionals and consumers.

In Germany and France, the main markets in Central Europe, market conditions were still relatively weak. In the third quarter, net sales from fireplace exports to Belgium, France and Germany were considerably lower than the year before. The market conditions were made even more challenging by the warm weather in the early autumn, which according to the dealers’ view delayed the start of the fireplace season. Despite the improved economic conditions, there is no improvement in sight in the fireplace market. Regarding exports, sales efficiency measures are being targeted at Germany and France. The goal of these measures is to strengthen Tulikivi’s position in the sales catalogues of current dealers and to identify new dealers where necessary. Export sales covering North America and saunas were strengthened with new personnel responsible for these areas.

In Russia, net sales for the third quarter and order books for the remainder of the year improved on the previous year.

The Grafia soapstone fireplace models that were launched earlier have been well received in all market areas. At the beginning of 2017, the company will launch a new soapstone collection that is based on new surface options and high-quality design.

In the third quarter the company’s incoming orders totalled EUR 7.6 (8.6) million. The order flow was on the same level as the previous year in Finland. In exports, incoming orders from Belgium, France and Russia decreased.

Tulikivi’s order books at the end of the review period amounted to EUR 3.2 (4.3) million.

As a result of the measures taken last year to improve structural efficiency, the company’s profitability improved on the previous year. Due to improved sales margins, decreased fixed costs and lower depreciation, the company’s operating result for the review period improved by EUR 1.8 million compared with the previous year.

Even though the operating environment for exports is likely to remain challenging in 2016, the downward trend in net sales is expected to become less pronounced thanks to the sales efficiency measures. Profitability is expected to improve in 2016, due to the structural savings and production efficiency measures.
TULIKIVI CORPORATION

Board of Directors

 

Distribution: NASDAQ OMX Helsinki
Key media
www.tulikivi.com

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

ATTACHEMENT: Interim Report 1-9/2016

Net sales at last year’s level, operational efficiency measures progress as planned

– The Tulikivi Group’s third-quarter net sales were EUR 7.7 million (EUR 8.3 million in Q3/2015), the operating profit in the third quarter was EUR 0.1 (0.3) million and the result before taxes was EUR -0.1 (0.0) million.
– For the review period as a whole, the Tulikivi Group’s net sales were EUR 21.9 million (1 January – 30 September 2015: EUR 23.0 million), the operating result was EUR -1.2 (-3.0) million and the result before taxes was EUR -1.8 (-3.6) million.
– Net cash flow from operating activities was EUR 0.3 (1.1) million in the third quarter and EUR -0.1 (0.1) million in the review period.
– Order books at the end of the review period amounted to EUR 3.2 (4.3) million.
– Future outlook: Net sales in 2016 are expected to be at the previous year’s level, and the operating profit is expected to improve year-on-year.

Summary of the interim report 1-9/2016. The full interim report is attached to this release.

 

Key financial ratios	1-9/ 2016	1-9/ 2015	Change, %	1-12/ 2015	7-9/ 2016	7-9/ 2015
Sales, MEUR	21.9	23.0	-4.6	32.0	7.7	8.3
Operating profit/loss, MEUR	-1.2	-3.0	59.0	-2.9	0.1	0.3
Profit before tax, MEUR	-1.8	-3.6	50.5	-3.9	-0.1	0.0
Total comprehensive income for the period, MEUR	-1.8	-3.5	49.6	-3.8	-0.1	0.0
Earnings per share, Euro	-0.03	-0.06		-0.06	0.00	0.00
Net cash flow from operating activities, MEUR	-0.1	0.1		0.8	0.3	1.1
Equity ratio, %	33.1	35.6		36.9
Net indebtness ratio,%	134.1	114.7		113.4
Return on investments,%	-5,2	-10,6		-7,7	0,4	0,9

Comments by Heikki Vauhkonen, Managing Director

The third-quarter sales of Tulikivi’s products on the domestic market were slightly up on the previous year. Recovering low-rise housing construction and closer cooperation with the home-building industry have increased our market share and consequently the sales of fireplaces in Finland.

However, market conditions in fireplace sales continue to be challenging in Finland compared with previous years due to the low level of low-rise housing construction, low heating energy prices and consumer uncertainty in purchasing decisions.

In Finland, to boost sales in the Helsinki Metropolitan Area, additional members of staff have been recruited within sales to professionals and consumers.

In Germany and France, the main markets in Central Europe, market conditions were still relatively weak. In the third quarter, net sales from fireplace exports to Belgium, France and Germany were considerably lower than the year before. The market conditions were made even more challenging by the warm weather in the early autumn, which according to the dealers’ view delayed the start of the fireplace season. Despite the improved economic conditions, there is no improvement in sight in the fireplace market. Regarding exports, sales efficiency measures are being targeted at Germany and France. The goal of these measures is to strengthen Tulikivi’s position in the sales catalogues of current dealers and to identify new dealers where necessary. Export sales covering North America and saunas were strengthened with new personnel responsible for these areas.

In Russia, net sales for the third quarter and order books for the remainder of the year improved on the previous year.

The Grafia soapstone fireplace models that were launched earlier have been well received in all market areas. At the beginning of 2017, the company will launch a new soapstone collection that is based on new surface options and high-quality design.

In the third quarter the company’s incoming orders totalled EUR 7.6 (8.6) million. The order flow was on the same level as the previous year in Finland. In exports, incoming orders from Belgium, France and Russia decreased.

Tulikivi’s order books at the end of the review period amounted to EUR 3.2 (4.3) million.

As a result of the measures taken last year to improve structural efficiency, the company’s profitability improved on the previous year. Due to improved sales margins, decreased fixed costs and lower depreciation, the company’s operating result for the review period improved by EUR 1.8 million compared with the previous year.

Even though the operating environment for exports is likely to remain challenging in 2016, the downward trend in net sales is expected to become less pronounced thanks to the sales efficiency measures. Profitability is expected to improve in 2016, due to the structural savings and production efficiency measures.
TULIKIVI CORPORATION

Board of Directors

 

Distribution: NASDAQ OMX Helsinki
Key media
www.tulikivi.com

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

ATTACHEMENT: Interim Report 1-9/2016