Tulikivi signed an agreement with the German Hagos cooperative on the distribution of the Kermansavi collection in Germany and Austria. As part of its growth strategy, Tulikivi has updated its ceramic Kermansavi collection to meet the requirements of the Central European export markets. The ceramic fireplaces, made of 80 per cent recycled material, now meet the requirements of Central European consumers regarding design and usage habits and the emission and efficiency requirements of the new Ecodesign Directive. The agreement is strategically important because it opens an export channel for Tulikivi’s ceramic products to one of the most important European fireplace markets. The German fireplace market is expected to develop favourably in the coming years due to legislation requiring that old fireplaces be replaced with new ones that meet the new emissions regulations.
Established in 1919, Hagos eG is a cooperative that is rich in tradition. It focuses on fireplaces and their accessories. It currently has about 1,400 owner-members and over 3,000 customers. Hagos have one branch office in Austria and nine branch offices in Germany. The owner-members of Hagos include fireplace bricklayers and specialist stores in the fireplace sector. Its net sales are over EUR 200 million annually.
“The cooperation agreement we have now signed with the strong German partner offers comprehensive distribution routes in a significant market area for the updated Kermansavi collection, which fulfils the requirements of the Ecodesign Directive. It will enable the market share in the German fireplace market to grow in the coming years,” says Heikki Vauhkonen, Managing Director of Tulikivi.
“We are very pleased with the trust that has been placed in us and the opportunity to gain distribution of Tulikivi’s Kermansavi product range in Germany. As a medium-sized company, Hagos has been a successful cooperative in the fireplace sector for over 100 years. The discussions with Tulikivi have shown that both companies have a shared commitment in the development of the fireplace and wood-burning sector. Kermansavi fireplaces are of very high quality, meet all the required technical requirements and complement our product selection with their clear-cut design. Hagos is pleased about the expansion of the product selection, and Tulikivi will benefit from Hagos’ knowledge of the sector and its market position in Germany. It’s a classic win-win situation!” says Ralf Tigges, Chairman of the Hagos eG, about working with Tulikivi.
TULIKIVI CORPORATION Board of Directors Further information: Heikki Vauhkonen, Managing Director, tel. +358 (0)207 636 555
Distribution: Nasdaq Helsinki Key media www.tulikivi.com
Tulikivi Corporation´s Corporate Governance Statement for 2021 is enclosed and it can be viewed on the company´s website, at www.tulikivi.com->The Group->Corporate Governance and Management.
TULIKIVI CORPORATION
Further information: Heikki Vauhkonen, Managing Director, tel. +358 (0)207 636 555 Liite: Tulikivi Corporation’s Corporate Governance Statement 2021 Distribution: Nasdaq Helsinki, Key Media
– The Tulikivi Group’s third-quarter net sales were EUR 6.9 million (EUR 6.6 million, Jul–Sep 2019) and EUR 20.1 million (EUR 19.9 million, Jan–Sep 2019) in the review period. – The Tulikivi Group’s operating profit for the third quarter was EUR 0.6 (0.1) million, and the operating profit for the review period was EUR 0.6 (-0.3) million. – The Tulikivi Group’s third-quarter profit before taxes was EUR 0.4 million (-0.1 million) and EUR 0.0 (-0.9) million for the review period. – Net cash flow from operating activities was EUR 0.8 (-0.1) million in the third quarter and EUR 1.5 (0.5) million in January–September. – Order books at the end of the review period stood at EUR 4.0 (3.8) million. – Nordic Talc, a Tulikivi subsidiary, is preparing a feasibility study for the talc project in Suomussalmi. – Future outlook: Net sales are expected to amount to EUR 27–29 million in 2020, and the comparable operating profit is expected to be positive.
Comments by Heikki Vauhkonen, Managing Director
Net sales increased in the third quarter as the Covid-19 pandemic increased consumers’ interest in renovation, holiday homes and single family housing in both Finland and export countries.
Profitability improved as a result of price increases, productivity measures and savings in fixed costs.
The company’s incoming orders totalled EUR 7.9 (7.2) million in the third quarter. In Finland, order flow grew in all product groups. Demand growth was greatest for sauna and interior decoration stone products. Central European and Russian exports also developed favourably during the third quarter. Tulikivi’s order books at the end of the review period amounted to EUR 4.0 (3.8) million.
The Covid-19 pandemic has so far had a positive effect on demand for Tulikivi products, but the strengthening of the second wave of the pandemic has led to restrictions in Central Europe, which may hinder business operations in the second half of the year.
The Tulikivi Corporation subsidiary Nordic Talc Oy, founded in April 2020, is planning 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. At the same time, the aim is to obtain the necessary external funding for the start-up of Nordic Talc Oy’s operations and the industrial exploitation of the project. In addition, funding applications have been submitted to the Kainuu Centre for Economic Development, Transport and the Environment (ELY Centre) and Business Finland.
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 1-9/2020
Tulikivi Corporation´s 2019 Annual Report, including the financial statements and Board of Director´s report, Auditor´s report and Corporate Governance statement has been published in pdf format in Finnish and English. It is available on the company´s internet site at www.tulikivi.com.
Heikki Vauhkonen Managing Director
Published 19.12.2013
Tulikivi Corporation´s Financial Statements Release for 2013 will be published on February 10 , 2014. Annual Report will come out on Tulikivi’s website week 12. Annual General meeting will be held on April 2, 2014.
The following interim reports will be published in 2014: – January – March April 29 – January – June August 8 – January – September October 24
Distribution: NASDAQ OMX Helsinki Ltd Central Media www.tulikivi.com
Published 26.11.2013
The Board of Directors of Tulikivi Corporation decided on 17 September 2013 to issue stock options to the Tulikivi Group key employees on the basis of the authorization granted by the Company’s Annual General Meeting held on 16 April 2013. The share subscription price for all stock options 2013 is EUR 0.33 per share (the share subscription price in the Company’s share issue announced on 8 October 2013). Each year dividends and equity returns will be deducted from the share subscription price.
A total of 1,800,000 new series A shares or existing series A shares held by the Company may be subscribed for with stock options 2013. The share subscription period, for stock option 2013A will be 1 May 2016—31 May 2018, for stock option 2013B, 1 May 2017—31 May 2019, and for stock option 2013C, 1 May 2018—31 May 2020. For vesting of each stock option class, the Board of Directors will establish financial targets related to the Company’s performance improvement program separately for each stock option class. The share subscription period for stock options 2013A will begin only if the targets established for the 2014 financial year’s Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA) adjusted by non-recurring items are fulfilled.
The number of stock options 2013A is 580,000. The theoretical market value of one stock option 2013A is EUR 0.10 per stock option. The theoretical market value of the stock options 2013A is EUR 58,000 in total. The theoretical market value of one stock option has been calculated through the use of Black & Scholes stock option pricing model with the following input factors: share price EUR 0.32, share subscription price EUR 0.33, risk free interest rate 0.89%, validity of stock options approximately 4.5 years and volatility 37%. The theoretical market value of the stock options has not been adjusted downward for the probability of not fulfilling the targets established for the vesting criterion.
The terms and conditions of the Stock Options 2013 are available on the Company’s internet pages www.tulikivi.com.
TULIKIVI CORPORATION Board of Directors
Distribution: NASDAQ OMX Helsinki Ltd Key Media www.tulikivi.com
Additional information: Tulikivi Corporation, FIN-83900 Juuka, www.tulikivi.com – Heikki Vauhkonen, Managing Director, tel. +358 207 636 555 – Harri Suutari, Chairman of the Board of Directors, tel. +358 400 384 937
The codetermination negotiations regarding Tulikivi’s plans to reduce its workforce, introduce layoffs and reorganise the company’s functions were concluded today, the 6th November 2013. The negotiations concerned the company’s entire personnel.
Employer’s account of the measures to be implemented on the basis of the codetermination negotiations
76 employees will be made redundant and 10 employees will be laid off until further notice in connection with the centralisation of fireplace production at Juuka, the closure of ceramic tile manufacturing at Heinävesi, and the reorganisation of operations. During the upcoming year, the company may also introduce temporary layoffs, lasting a maximum of 90 days, concerning the entire personnel. The measures are being carried out in connection with economic and production-related reasons and the reorganisation of the company’s operations. The redundancies will be implemented in stages, with most being carried out by the end of 2013.
The above-mentioned personnel reductions and reorganisation of functions are part of the Tulikivi Corporation’s performance improvement programme. The measures are expected to result in non-recurring expenses of approximately EUR 2.5 million in the final quarter of 2013.
Additional information: Tulikivi Corporation, 83900 Juuka, www.tulikivi.com – Heikki Vauhkonen, Managing Director, tel. +359 (0)207 636 555
– The Tulikivi Group’s third-quarter net sales were EUR 12.1 million (EUR 13.1 million, 7–9/2012), the operating profit in the third quarter was EUR 0.0 (0.4) million and the result before taxes was EUR -0.3 (0.2) million. – The operating result before non-recurring expenses was EUR 0.6 (0.4) million. – The Group’s net sales during the reporting period 1-9/2013 were EUR 31.9 million (EUR 37.0 million), the operating result EUR -2.5 (-0.4) million and the result before taxes EUR -3.3 (-1.1) million. The operating result before non-recurring expenses was EUR -1.9 (-0.4) million during the 1–9/2013 review period. – Net cash flow from operating activities was EUR 0.2 (-3.7) million in the review period. – Order books at the end of the period were at EUR 5.3 million (EUR 5.9 million on 30 September 2012). – Future outlook: The demand for Tulikivi products is dependent on consumer confidence. Although new products will allow us to increase our market share, net sales will decline from the 2012 figure. The operating result for 2013 is expected to show a loss. In addition, measures taken under the performance improvement programme are anticipated to cause non-recurring expenses of EUR 2.5 million in the fourth quarter.
Summary of the interim report 1-9/2013. The full interim report is attached to this release.
On 21 October 2013, Tulikivi Corporation received a flagging announcement pursuant to Chapter 9, section 5 of the Securities Markets Act from Mutul Insurance Company Pension Fennia and LocalTapiola Mutual Pension Insurance Company.
An announcement that Mutual Insurance Company Pension Fennia’s holding of Tulikivi Corporation stock has risen to a level that exceeds the threshold of 5 per cent of the stock following the share issue. Mutual Insurance Company Pension Fennia’s holding of 4,545,455 Tulikivi Corporation Series A shares, after the share issue, corresponds to 7.59 per cent of Tulikivi Corporation’s stock and less than 5 per cent of the votes.
Mutual Insurance Company Pension Fennia and LocalTapiola Mutual Pension Insurance Company will merge to form a new pension company on 1 January 2014. The new pension company’s name will be Elo Mutual Pension Insurance Company. The general meetings of the companies approved the merger on 19 June 2013, and the Financial Supervisory Authority gave its approval for the merger on 27 June 2013. The completion of the merger will mean a change in shareholding, whereby the new Elo Mutual Pension Insurance Company’s holding of Tulikivi Corporation’s shares, including the effect of the share issue being undertaken, will rise to exceed the 5 per cent threshold. Elo Mutual Pension Insurance Company’s holding will be 4,545,455 Tulikivi Corporation Series A shares, which will correspond to 7.59 per cent of Tulikivi Corporation’s stock and less than 5 per cent of the votes.
On October 21, 2013 the Tulikivi Corporation’s Board of Directors approved the subsciptions of 22,727,273 shares of the share issue, which expired on October 17, 2013.
Heikki Vauhkonen, Managing Director
Additional information: Tulikivi Corporation, FIN-83900 Juuka, Finland, tel. +358 207 636 000, www.tulikivi.com – Heikki Vauhkonen, Managing Director, +358 207 636 555
On 22 October 2013, Tulikivi Corporation received a flagging announcement pursuant to Chapter 9, section 5 of the Securities Markets Act from Heikki Vauhkonen.
An announcement that Heikki Vauhkonen’s holding of Tulikivi Corporation shares has fallen to a level below the threshold of 15 per cent of the stock. Heikki Vauhkonen’s holdings of 1,025,853 Tulikivi Corporation Series A shares and 5,809,500 Series K shares will, after the share issue, correspond to 11.42 per cent of Tulikivi Corporation’s stock and 40.57 per cent of the votes.
TULIKIVI CORPORATION Heikki Vauhkonen, Managing Director Distribution: NASDAQ OMX Helsinki Key media www.tulikivi.com Additional information: Tulikivi Corporation, FIN-83900 Juuka, Finland, tel. +358 207 636 000, www.tulikivi.com – Heikki Vauhkonen, Managing Director, +358 207 636 555