In the Helsinki Stock Exchange
Trade date 7.8.2008 Bourse trade BUY Share TULAV Amount 1.100 shares Total cost 1.507,00 EUR Average price/ share 1,3700 EUR Highest price/ share 1,37 EUR Lowest price/ share 1,37 EUR
Tulikivi Corporation now holds a total of 2.134 shares including the shares repurchased on 7.8.2008.
On behalf of Tulikivi Corporation
Nordea Bank Finland Plc
Petri Simberg Julius Summanen
Trade date 5.8.2008 Bourse trade BUY Share TULAV Amount 434 shares Total cost 585,90 EUR Average price/ share 1,3500 EUR Highest price/ share 1,35 EUR Lowest price/ share 1,35 EUR
Tulikivi Corporation now holds a total of 1.034 shares including the shares repurchased on 5.8.2008.
Trade date 4.8.2008 Bourse trade BUY Share TULAV Amount 500 shares Total cost 695,00 EUR Average price/ share 1,3900 EUR Highest price/ share 1,39 EUR Lowest price/ share 1,39 EUR
Tulikivi Corporation now holds a total of 600 shares including the shares repurchased on 4.8.2008.
Trade date 1.8.2008 Bourse trade BUY Share TULAV Amount 100 shares Total cost 139,00 EUR Average price/ share 1,3900 EUR Highest price/ share 1,39 EUR Lowest price/ share 1,39 EUR
Company Ltd now holds a total of 100 shares including the shares repurchased on 1.8.2008.
At its meeting on 22 July 2008, the Board of Directors of Tulikivi Corporation has decided to initiate share buyback. At this stage, a maximum of 60,000 Tulikivi Series A shares will be acquired, representing about 0.16 per cent of the company’s shares outstanding. The decision is based on the authorization granted by the Annual General Meeting on 17 April 2008.
The shares will be obtained for use as consideration in acquisitions or other structural arrangements, for the implementation of a share-based incentive scheme or the payment of share bonuses, or otherwise conveyed or invalidated.
Share buyback will commence no earlier than 01 August 2008 and will end by 30 November 2008. The company does not at present hold any of its own shares.
The shares will be acquired in public trading on OMX Nordic Exchange at the going price at the time of purchase in accordance with Section 5.3 of the rules of OMX Nordic Exchange Helsinki and other provisions concerning share buyback. Due to the low average liquidity of share turnover, the company’s Board of Directors has decided, as provided for in Section 3, Article 5 of Commission Regulation (EC) No. 2273/2003, to deviate from the procedure laid out in Section 2, Article 5 of the Regulation such that share buyback can exceed the 25 per cent limit, but will not exceed 50 per cent of the average daily volume.
Juuka, 22 July 2008
Tulikivi Corporation
Board of Directors For additional information, contact: Tulikivi Corporation, 83900 Juuka, tel. +358 207 636 000, - Chairman of the Board Matti Virtaala - Managing Director Heikki Vauhkonen Distribution: OMX Nordic Exchange Helsinki Oy and principal media www.tulikivi.com
Meeting.
At the end of the review period, the company did not hold any of its own shares.
Related party transactions 1000 EUR 6/2008 6/2007 Sales of goods and services -sales of goods and services to associated companies 12 1
Purchases of goods and services -purchases of goods and services from associated companies 44 24
Transactions with key management – leases from related parties 61 51
Transactions with other related parties Tulikivi Corporation is a founder member of the Finnish Stone Research Foundation. The company has leased offices and storages from the property owned by the Foundation and North Karelia Educational Federation of Municipalities. The rent paid for these facilities was EUR 64 thousand (62 thousand)in the period. The rent corresponds with the market rents. The sales of services to foundation were EUR two thousand (EUR two thousand) in the period. Tulikivi Corporation granted the Foundation a long-term loan of one hundred thousand euros during the review period.
Largest shareholders on 30 June 2008 Name of shareholder Shares Proportion of total vote Vauhkonen Reijo 4 164 327 24.3 % Vauhkonen Heikki 3 003 887 24.1 % Elo Eliisa 2 957 020 5.9 % Virtaala Matti 2 421 300 12.6 % Mutual Pension Insurance Company Ilmarinen 1 902 380 1.5 % Mutanen Susanna 1 643 800 7.2 % Vauhkonen Mikko 797 700 3.6 % Paatero Ilkka 718 430 0.6 % Nuutinen Tarja 674 540 3.5 % Investment Fund Phoebus 608 140 0.5 % Other shareholders 18 252 446 16.2 %
The interim report has not been audited.
The companies included in the Group are the parent company Tulikivi Corporation, Kivia Oy, AWL-Marmori Oy, Tulikivi U.S. Inc. and OOO Tulikivi. Group companies include also Uuni Vertriebs GmbH and The New Alberene Stone Company, Inc., which are dormant. The parent company has a fixed place of business in Germany, Tulikivi Oyj Niederlassung Deutschland. The Group has interests in associated companies Stone Pole Oy and Leppävirran Matkailukeskus Oy.
TULIKIVI CORPORATION
Board of Directors Matti Virtaala Chairman of the Board
Distribution: OMX Nordic Exchange Helsinki Oy Central Media www.tulikivi.com
Additional information: Tulikivi Corporation, 83900 Juuka, tel. +358-207-636 000, www.tulikivi.com – Chairman of the Board of Directors Matti Virtaala – Managing Director Heikki Vauhkonen
The Board of Directors of Tulikivi Corporation has approved a new incentive plan for the Tulikivi Group. The plan includes a share- based incentive plan for key personnel and an incentive pay scheme for all personnel.
The Plan includes three earning periods which are calendar years 2008, 2009 and 2010. The potential reward from the Plan for the earning period 2008 will be based on the Group’s profit after financial items and cash flow from operating activities.
The potential reward from the earning period 2008 will be paid partly as the Company’s A-shares and partly in cash in 2009. The proportion to be paid in cash will cover taxes and tax-related costs arising from the reward. It is prohibited to transfer the shares during the two year restriction period. If a key person’s employment or service ends during the restriction period, he/she must return the shares given as reward to the Company without compensation. Furthermore, a key person must own 30% of the shares earned on the basis of the Plan for two years after the restriction period.
A maximum total of 120,000 Tulikivi Corporation A-shares and a cash payment corresponding to the value of the shares will be paid as reward on the basis of the earning period 2008. A maximum total of 360,000 A-shares and a cash payment corresponding to the value of the shares will be paid as reward on the basis of the entire Plan.
Incentive pay scheme
The incentive pay scheme is based on the achievement of the Group’s earnings, productivity and personal targets. This scheme covers all personnel and replaces prior incentive plans.
TULIKIVI CORPORATION Heikki Vauhkonen Managing Director
Further information: Mr Heikki Vauhkonen, Managing Director, Tel. +358 207 636 000
DISTRIBUTION OMX Nordic Exchange Helsinki www.tulikivi.com Central Media
– The Tulikivi Group’s sales were EUR 14.6 million (EUR 19.2 million, 1-3/2007). – The Group’s result before taxes was a loss of EUR 0.6 (+0.6) million. – Cash flow from operating activities before investments was EUR 0.8 (-1.2) million. – The order backlog has improved by over 30% since the beginning of the year and amounted to EUR 9.2 (10.8) million. – Full-year sales are expected to be at the same level as in the previous year and earnings to improve substantially due to downscaling measures.
Sales and result The Group’s sales amounted to EUR 14.6 million (EUR 19.2 million in January-March 2007). The Fireplaces Business posted sales of EUR 12.0 (16.7) million, the Natural Stone Products Business sales of EUR 2.0 (1.9) million and Other Operations sales of EUR 0.6 (0.6) million. The decline in sales of lining stones accounted for more than 70 per cent of the reduction in the sales of the Fireplaces Business.
Sales in Finland accounted for EUR 8.1 (9.4) million, or 55.2 (48.7) per cent, of total sales. Exports accounted for EUR 6.5 (9.8) million. The largest countries for exports were France and Belgium.
The Group posted a loss at the operating profit level, EUR –0.3 (+0.8) million. In accordance with the Group’s segment reporting, the Fireplaces Business had an operating profit of EUR 0.5 (1.5) million, the Natural Stone Products Business an operating profit of EUR 0.1 (0.1) million and Other Operations an operating loss of EUR –0.9 (-0.8) million. The operating profit of ceramic utensils, included under Other Operations, was at the breakeven level. The Group’s loss before taxes was EUR 0.6 (profit of 0.6) million. The Group has downscaled costs and personnel to match the scope of operations. The codetermination negotiations concluded in January led to 67 redundancies and layoffs of 26 employees until further notice.
Financing and investments Cash flow from operating activities before investments amounted to EUR 0.8 (-1.2) million. The equity ratio was 42.3 per cent (47.6 per cent at March 31, 2007). The ratio of interest-bearing net debt to equity, or gearing, was 65.7 (48.6) per cent. Current ratio was 1.8 (1.6). Equity per share amounted to EUR 0.73 (0.84).
The Group’s investments were EUR 0.7 (1.3) million. Conversion and replacement investments were made in fireplace production during the review period.
Risks and uncertainties The Group’s near-term risks are related to the demand for lining stone products and the decline in the volume of housing construction.
According to the Group’s long-term risk assessment, its strategic risks concern, but are not limited to, the Group’s raw material reserves, legislative amendments and the market position. Operational risks are related to products, distribution channels and processes. For more information, see the 2007 Annual Report.
Future outlook Greater efficiency in domestic distribution has substantially increased the Group’s order backlog compared with the turn of the year. The trend in the export demand for fireplaces remains inconsistent. The outlook is positive for fireplace exports, while the near-term outlook for lining stones is weak. Full-year sales are expected to be at the same level as in the previous year and earnings to improve substantially due to downscaling measures.
The order backlog at the end of the review period amounted to EUR 9.2 (10.8) million. The order backlog was EUR 6.9 million at December 31, 2007.
Segment reporting The Group’s business segments are the Fireplaces Business, Natural Stone Products Business and Other Operations. The Fireplaces Business includes soapstone and ceramic fireplaces, and also stone lining for heaters. The Natural Stone Products Business includes interior decoration stone products for households and stone deliveries to construction sites. Other Operations includes expenses that are not allocated to the Group’s other segments, tax and financial expenses, as well as sales of ceramic utensils and the expenses of this business.
CONSOLIDATED INCOME STATEMENT MEUR 01-03/ 01-03/ Change, 01-12/ 2008 2007 % 2007
Sales 14.6 19.2 -24.2 69.9 Other operating income 0.1 0.1 0.6 Increase/decrease in inventories in finished goods and in work in progress -0.3 1.2 2.1 Production for own use 0.1 0.1 1.1
Raw materials and consumables 2.8 3.9 14.2 External services 2.0 2.5 11.1 Personnel expenses 5.4 7.5 27.1 Depreciation 1.4 1.4 5.7 Other operating expenses 3.2 4.6 14.7
Operating profit -0.3 0.8 -133.2 1.0 Percentage of sales -1.7 4.0 1.4 Finance costs -net -0.3 -0.2 -0.8 Share of the profit of associated company 0.0 0.0 0.0
Profit before income tax -0.6 0.6 -191.7 0.2 Percentage of sales -4.0 3.3 0.2 Direct taxes 0.2 -0.1 0.2
Profit for the period -0.4 0.5 -198.2 0.4
Earnings per share attributable to the equity holders of the parent company, EUR basic and diluted -0.01 0.01 0.01
CONSOLIDATED BALANCE SHEET MEUR 03/2008 03/2007 12/2007 ASSETS Non-current assets Property, plant and equipment Land 1.1 0.9 1.1 Buildings 8.5 8.8 8.6 Machinery and equipment 12.1 13.5 12.7 Other tangible assets 1.3 1.3 1.4 Intangible assets Goodwill 4.3 4.3 4.3 Other intangible assets 11.0 10.7 11.1 Investment properties 0.2 0.2 0.2 Available-for-sale investments 0.1 0.1 0.1 Receivables Deferred tax assets 1.1 0.6 1.0 Total non-current assets 39.7 40.4 40.5
Current assets Inventories 12.3 12.2 12.7 Trade receivables 5.4 7.4 5.3 Current income tax receivables 0.5 0.2 0.1 Other receivables 0.9 2.5 0.5 Cash and cash equivalents 5.2 2.8 3.8 Total current assets 24.3 25.1 22.4 Total assets 64.0 65.5 62.8
EQUITY AND LIABILITIES Equity Share capital 6.3 6.3 6.3 Share premium fund 7.4 7.4 7.4 Translation difference -0.1 -0.1 Retained earnings 13.5 17.5 14.0 Total equity 27.1 31.2 27.6 Non-current liabilities Deferred income tax liabilities 2.2 3.1 2.3 Provisions 0.9 0.8 0.9 Interest-bearing debt 19.7 14.4 17.7 Other debt 0.3 0.3 0.3 Total non-current liabilities 23.1 18.6 21.2 Current liabilities Trade and other payables 10.3 11.9 9.4 Current income tax liabilities 0.3 0.1 Current provisions 0.3 0.7 Short-term interest-bearing debt 3.2 3.5 3.8 Total current liabilities 13.8 15.7 14.0 Total liabilities 36.9 34.3 35.2 Total equity and liabilities 64.0 65.5 62.8
CONSOLIDATED CASH FLOW STATEMENT 01-03/ 01-03/ 01-12/ MEUR 2008 2007 2007
Cash flows from operating activities Profit for the period -0.4 0.5 0.4 Adjustments: Non-cash transactions 1.3 1.4 5.5 Interest expenses and interest income and taxes 0.2 0.3 0.6 Change in working capital 0.3 -2.8 -1.8 Interest paid and received and taxes paid -0.6 -0.6 -2.2 Net cash flow from operating Activities 0.8 -1.2 2.5
Cash flows from investing activities Investment in property, plant and equipment and intangible assets -0.8 -1.4 -5.7 Grants received for investments and sales of property, plant and equipment 0.1 1.4 Net cash flow from investing activities -0.7 -1.4 -4.3
Cash flows from financing activities Proceeds from non-current and Current borrowings 2.0 1.0 8.5 Repayment of non-current and current borrowings -0.7 -0.5 -4.4 Dividends paid -3.4 Net cash flow from financing activities 1.3 0.5 0.7
Change in cash and cash equivalents 1.4 -2.1 -1.1
Cash and cash equivalents at beginning of period 3.8 4.9 4.9 Cash and cash equivalents at end of period 5.2 2.8 3.8
STATEMENT OF CHANGES IN EQUITY MEUR Share Share Trans- Re- Total capital premium lation tained fund diff. ear- nings Equity 1 January 2008 6.3 7.4 -0.1 14.0 27.6 Translation differences 0.0 0.0 Profit for the period -0.4 -0.4 Equity 31 March 2008 6.3 7.4 -0.1 13.5 27.1
Share Share Trans- Re- Total capital premium lation tained fund diff. ear- nings Equity 1 January 2007 6.3 7.4 0.0 17.0 30.7 Translation differences 0.0 0.0 Profit for the period 0.4 0.4 Equity 31 March 2007 6.3 7.4 0.0 17.4 31.1
BUSINESS SEGMENTS Q1/ Q1/ 1-12 MEUR 2008 2007 2007 Sales 14.6 19.2 69.9 Fireplaces business 12.0 16.7 59.7 Natural stone products business 2.0 1.9 7.4 Other operations 0.6 0.6 2.8
Operating profit -0.3 0.8 1.0 Fireplaces business 0.5 1.5 4.4 Natural stone products business 0.1 0.1 0.4 Other operations -0.9 -0.8 -3.8
BUSINESS SEGMENTS QUARTERLY Q1/ Q4/ Q3/ Q2/ Q1/ 2008 2007 2007 2007 2007
Sales 14.6 16.8 16.5 17.4 19.2 Fireplaces business 12.0 14.4 13.9 14.7 16.7 Natural stone products business 2.0 1.7 1.7 2.1 1.9 Other operations 0.6 0.7 0.9 0.6 0.6
Operating profit -0.3 -0.9 0.4 0.7 0.8 Fireplaces business 0.5 0.5 0.9 1.5 1.5 Natural stone products business 0.1 0.0 0.1 0.2 0.1 Other operations -0.9 -1.4 -0.6 -1.0 -0.8
KEY FINANCIAL RATIOS AND SHARE RATIOS 03/2008 03/2007 12/2007 Outstanding orders (31 March), MEUR 9.2 10.8 6.9 Gross investment, MEUR 0.7 1.3 5.7 Gross investment, % of sales 4.5 6.6 8.1 Average number of staff 584 746 682
Earnings per share, EUR -0.01 0.01 0.01 Equity per share, EUR 0.73 0.84 0.74 Equity ratio, % 42.3 47.6 43.9 Gearing, % 65.7 48.6 64.7 Current ratio 1.8 1.6 1.6 Number of shares average 37143970 37143970 37143970 Number of shares 31 March 37143970 37143970 37143970
NOTES TO THE INTERIM REPORT
This interim report has been prepared in accordance with International Financial Reporting Standard IAS 34 Interim Financial Reporting. In preparing of this interim report, Tulikivi has applied same accounting policies as in the 2007 financial statements, with the exception of the following new/amended standards that the group has adopted as from January 1, 2008: – IFRIC 12, Service Concession Arrangements – IFRIC 14, IAS 19 The Limit and Defined Benefit Assets, Minimum Funding Requirements and their Interaction The changes have no material effect on Tulikivi’s interim report.
The key figures presented in the Interim Report have been calculated using the same formulas as the latest financial statements. The formulas can be found on page 63 of the Annual Report 2007.
The quarterly comparison information has been amended due to the change in the depreciation method in 2007. The effect of the change on the Q1/2007 profit before taxes was EUR +0.1 million.
Income taxes 01-03/0801-03/07 01-12/07
Taxes for the current and previous financial periods 0.0 -0.2 -1.1 Deferred taxes 0.2 0.1 1.3 Total 0.2 -0.1 0.2
Collateral and securities given and other commitments MEUR 3/2008 3/2007 12/ 2007 Loans from credit institutions and other non-current liabilities, secured by mortgages and pledges 18.5 17.9 18.4 Mortgages and pledges given 25.5 27.7 25.5 Other mortgages and pledges given by the company on its own behalf 0.8 2.1 0.8 Derivatives Interest rate swaps; nominal value 7.4 8.3 7.4 Interest rate swaps; fair value 0.1 0.1 0.1
The fair value of derivatives is the gain or loss for closing the contract based on market rates at the balance sheet date.
Provisions The Group’s non-current provisions are an environmental provision of EUR 0.4 million and a warranty provision of EUR 0.5 million. Current provisions include a restructuring provision recognized in 2007, which was raised by EUR 0.1 million during the review period. EUR 0.5 million of the restructuring provision has been used and it stood at EUR 0.3 million at the end of the review period. Provisions are itemized in greater detail in notes 24. Provisions and 33. Other contingent liabilities in the 2007 consolidated financial statements. Contingent liabilities have not changed after the end of the financial period.
Share capital Share capital by share series Number % of % of Share, of shares shares voting EUR of rights share capital
K-shares(10 votes) 9 540 000 25.7 77.6 1 621 800 A-shares (1 vote) 27 603 970 74.3 22.4 4 692 675 Total 37 143 970 100.0 100.0 6 314 475
There have been no changes in Tulikivi Corporation´s share capital during the period.According to the articles of association the dividend paid for Series A shares shall be 0.0017 EUR higher than the dividend paid on Series K shares. The Series A share is listed on the OMX Nordic Exchange in Helsinki and its trading code is TULAV.
Rate development and exchange of Series A shares During the reporting period, 640 711 shares were traded, with the value of share turnover being EUR 1.0 million. The highest rating for the share was EUR 1.88 and the lowest was EUR 1.37. The closing rate for the period was EUR 1.50.
Board authorizations The Annual General Meeting of April 13, 2007 authorized the Board of Directors to acquire the company’s own shares. A maximum of 2,760,397 Series A shares in the company and 954,000 Series K shares in the company can be bought back. The authorization is valid until the 2008 Annual General Meeting. In addition, the Board of Directors has an authorization to decide on issuing new shares and the conveyance of own shares in the company’s possession. New shares can be issued or own shares held by the company conveyed amounting to a maximum of 5,520,794 Series A shares and 1,908,000 Series K shares. The authorization is valid until the 2008 Annual General Meeting.
Related party transactions
3/2008 3/2007 Sales of goods and services -sales of goods and services to associated companies 11 0
Purchases of goods and services -purchases of goods and services from associated companies 13 19
Transactions with key management – leases from related parties 30 26 – leases to related parties 0 0
Transactions with other related parties Tulikivi Corporation is a founder member of the Finnish Stone Research Foundation. The company has leased offices and storages from the property owned by the Foundation and North Karelia Educational Federation of Municipalities. The rent paid for these facilities was EUR 31 thousand (31 thousand)in the period. The rent corresponds with the market rents. The sales of services to foundation were EUR one thousand (EUR one thousand) in the period.
Largest shareholders on 31 March 2008 Name of shareholder Shares Proportion of total vote
Vauhkonen Reijo 4 160 179 24.2 % Vauhkonen Heikki 2 999 739 24.1 % Elo Eliisa 2 957 020 5.9 % Virtaala Matti 2 417 152 12.6 % Mutual Pension Insurance Company Ilmarinen 1 902 380 1.5 % Mutanen Susanna 1 643 800 7.2 % Vauhkonen Mikko 797 700 3.6 % Paatero Ilkka 718 430 0.6 % Nuutinen Tarja 674 540 3.5 % Investment Fund Phoebus 608 140 0.5 % Other shareholders 18 264 890 16.3 %
The Financial Statements have not been audited.
The companies included in the Group are the parent company Tulikivi Corporation (Kermansavi Oy merged with the parent company as at December 31, 2007), Kivia Oy, AWL-Marmori Oy, Tulikivi U.S. Inc. and OOO Tulikivi. Group companies include also Uuni Vertriebs GmbH and The New Alberene Stone Company, Inc., which are dormant. The parent company has a fixed place of business in Germany, Tulikivi Oyj Niederlassung Deutschland. The Group has interests in associated companies Stone Pole Oy and Leppävirran Matkailukeskus Oy.
Board of Directors Matti Virtaala, Chairman of the Board
Distribution: OMX Nordic Exchange in Helsinki Central Media
www.tulikivi.com
The Annual General Meeting of the Tulikivi Corporation held on April 17, 2008 approved the financial statement for the financial year 2007 and discharged the members of the Board of Directors and the Managing Director from liability. It was resolved to pay a dividend of EUR 0.0450 on Series A shares and 0.0433 on Series K shares. 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 and to dispose of the company’s own shares as well as to issue special rights related to the shares.
1. Dividend The Annual General Meeting resolved, in accordance with the Board’s proposal, to pay a dividend of: – EUR 0.0450 on Series A shares – EUR 0.0433 on Series K shares The record date for the dividend payment will be April 22, 2008. The dividend will be paid out on April 29, 2008.
2. Remuneration of Board members and auditor’s fees The annual remuneration of a Board member is EUR 15 600. 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 6 240 monthly fee and the director serving as secretary to the Board of Directors a EUR 728 monthly fee. The fees for the auditor are paid according to the relevant invoice.
3. Board members and Chairman of the Board The number of Board members was set at seven. Bishop Ambrosius, Mr. Juhani Erma, Mr. Eero Makkonen, Mrs. Maarit Toivanen- Koivisto, Mr. Reijo Vauhkonen, Mr. Heikki Vauhkonen and Mr. Matti Virtaala were re-relected as the members of the Board of Directors. The initial meeting of the Board was held immediately after the Annual General Meeting. Mr. Matti Virtaala was elected Chairman of the Board.
4. Auditor The firm of independent public accountants KPMG Oy Ab was elected the auditor of Tulikivi Corporation, with Mr. Ari Eskelinen, Authorized Public Accountant, acting as the chief auditor.
5. Authorisation to acquire the company’s own shares The Annual General Meeting granted the Board authorisation to acquire the company’s own shares as proposed by the Board. The company’s own shares are acquired to develop the company’s capital structure and to be used as consideration in business and company acquisitions and other structural arrangements, the manner and scope of which will be determined at the discretion of the Board of Directors. In addition the shares will be acquired for the use in share-based incentive arrangement, for payment of share-based remuneration or otherwise to be transferred or cancelled. No more than a total of 2 760 397 Series A shares of the company shall be acquired and no more than a total of 954 000 Series K shares of the company shall be acquired. The authorisation is in force until the Annual General Meeting to be held in 2009 but, however, not for a longer period than 18 months as of the resolution by the General Meeting.
6. The authorisation of the Board of Directors to decide upon an issue of shares and the company´s own shares in possession of the company and the right to issue 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 and the company´s own shares in possession of the company. The new shares or the company´s own shares in possession of the company will be issued in the following amounts: A total of no more than 5 520 794 A series and no more than 1 908 000 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 2009.
TULIKIVI OYJ
Matti Virtaala Chairman of the Board
Additional Information: Tulikivi Corporation, 83900 Juuka, Tel. +358 207 636 000 Matti Virtaala, Chairman of the Board Heikki Vauhkonen, Managing Director Distribution: OMX Nordic Exchange in Helsinki, Central Media, www.tulikivi.com
Tulikivi Corporation’s 2007 Annual Report, including the financial statements and the report of the Board of Directors, has been published in pdf format in Finnish and English. It is available on the company’s Internet site at www.tulikivi.com. Printed copies of the Annual Report will be mailed to shareholders. Annual Reports can also be ordered from the company: tel. +358 207 636 254, e-mail tulikivi@tulikivi.fi or the address Tulikivi Corporation/Financial reports, 83900 Juuka, Finland.
Heikki Vauhkonen Managing Director
Distribution: OMX Nordic Exchange in Helsinki Central media www.tulikivi.com
Attachments: Tulikivi Corporation’s 2007 Annual Report.pdf