The Tulikivi Corporation annual report for 2025 includes the company’s financial statements for 2025 and the auditors’ report, the Board of Directors’ report, the corporate governance statement and the remuneration report. Tulikivi Corporation has published its financial statements in the XHTML format compliant with the European Single Electronic Format (ESEF) reporting requirements. In accordance with the ESEF requirements, the main statements in the consolidated financial statements and the notes have been tagged with XBRL. The auditor has submitted a certification report on the ESEF financial statements. The financial statements are appended to this bulletin in the XHTML format and the annual report as a PDF file. The files are also available on the company’s website at www.tulikivigroup.com.
TULIKIVI CORPORATION Board of Directors Further information: Heikki Vauhkonen, Managing Director, tel. +358 (0)40 524 5593 Distribution: Nasdaq Helsinki Key media www.tulikivigroup.com
The Tulikivi Corporation annual report for 2024 includes the company’s financial statements for 2024 and the auditors’ report, the Board of Directors’ report, the corporate governance statement and the remuneration report. Tulikivi Corporation has published its financial statements in the XHTML format compliant with the European Single Electronic Format (ESEF) reporting requirements. In accordance with the ESEF requirements, the main statements in the consolidated financial statements and the notes have been tagged with XBRL. The auditor has submitted a certification report on the ESEF financial statements. The financial statements are appended to this bulletin in the XHTML format and the annual report as a PDF file. The files are also available on the company’s website at www.tulikivigroup.com.
Annual report 2024 pdf Annual report 2024 xhtml
TULIKIVI CORPORATION Board of Directors Further information: Heikki Vauhkonen, Managing Director, tel. +358 (0)40 524 5593
Distribution: Nasdaq Helsinki Key media www.tulikivigroup.com
The Tulikivi Corporation annual report for 2022 includes the company’s financial statements for 2022 and the auditors’ report, the Board of Directors’ report, the corporate governance statement and the remuneration report. Tulikivi Corporation has published its financial statements in the XHTML format compliant with the European Single Electronic Format (ESEF) reporting requirements. In accordance with the ESEF requirements, the main statements in the consolidated financial statements and the notes have been tagged with XBRL. The auditor has submitted a certification report on the ESEF financial statements. The financial statements are appended to this bulletin in the XHTML format and the annual report as a PDF file. The files are also available on the company’s website at www.tulikivi.com.
Annual report 2022 pdf Annual report 2022 xhtml Corporate Governance Statement 2022 pdf
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
Strong growth continued
– The Tulikivi Group’s net sales were EUR 13.8 million (EUR 9.4 million, 10–12/2021) in the fourth quarter and EUR 44.3 million (EUR 33.5 million, 1–12/2021) in the review period. – The Tulikivi Group’s operating profit was EUR 1.5 (0.6) million in the fourth quarter and EUR 4.7 (2.7) million in the review period. – The Tulikivi Group’s profit before taxes was EUR 1.5 million (0.5 million) in the fourth quarter and EUR 4.1 (2.1) million in the review period. – Net cash flow from operating activities was EUR 2.9 (1.2) million in the fourth quarter and EUR 6.4 (3.0) million in 2022. – Order books strengthened significantly in the fourth quarter and stood at EUR 17.2 (6.3) million at the end of the review period. – Future outlook: Net sales are expected to increase in 2023, and the comparable operating profit is expected to improve on 2022.
Key financial ratios
Comments by Heikki Vauhkonen, Managing Director:
In the fourth quarter, the company’s order intake increased 51 per cent year-on-year and totalled EUR 14.3 (9.5) million. Demand was exceptionally strong in Central Europe and Scandinavia. In addition to fireplaces, the order intake for heater lining stones was at a high level. In the autumn the strong rise in heating energy prices and the increased uncertainty surrounding the availability of energy and homes’ security of supply increased consumers’ interest in purchasing alternative heating systems, such as fireplaces. The strong growth in sales was also attributable to systematic long-term work to renew the product portfolio, development of online sales and the streamlining of distribution channels in export markets. Thanks to strong order intake order books increased and amounted to EUR 17.2 (6.3) million at the end of the review period.
Despite the continued steep rises in prices of steel and purchased components during the review period, profitability improved thanks to higher net sales, price increases and successful productivity measures. The company’s profitability is also supported by the fact that its operations are to a substantial degree based on the utilisation of its own soapstone reserves in Finland.
The new ceramic collections, which meet the Ecodesign requirements that came into force on 1 January 2022, have strengthened Tulikivi’s market position in Finland and have expanded the potential customer base in the export markets. In the second half of the year, the Kermansavi collection was complemented by affordable models especially suited to the needs of the building industry.
Erkki Kuronen was appointed Managing Director of Nordic Talc Oy, a part of the Tulikivi Group, in the final quarter of 2022. He has focused on advancing the technical design and environmental impact assessment process for the talc project and on the project’s financing.
TULIKIVI CORPORATION
Board of Directors
Additional information: Heikki Vauhkonen, Managing Director, tel. +358 (0) 207 636 555
Attachment: Tulikivi Corporation´s Financial Statements Release Jan-Dec 2022
Tulikivi Corporation’s annual report for 2021 has been published
The Tulikivi Corporation annual report for 2021 includes the company’s financial statements for 2021 and the auditors’ report, the Board of Directors’ report, the corporate governance statement and the remuneration report. Tulikivi Corporation has published its financial statements for the first time in the XHTML format compliant with the European Single Electronic Format (ESEF) reporting requirements. In accordance with the ESEF requirements, the primary financial statements of the consolidated financial statements have been tagged with XBRL. The auditor has submitted a certification report on the ESEF financial statements. The financial statements are appended to this bulletin in the XHTML format and the annual report as a PDF file. The files are also available on the company’s website at www.tulikivi.com.
Annual report 2021 pdf Annual report 2021 xhtml
– The Tulikivi Group’s net sales were EUR 9.3 million (EUR 7.4 million, 4–6/2020) in the second quarter and EUR 15.8 million (EUR 13.1 million, 1–6/2020) in the review period. – The Tulikivi Group’s operating profit was EUR 1.1 (0.5) million in the second quarter and EUR 1.1 (0.0) million in the review period. – The Tulikivi Group’s profit before taxes was EUR 1.0 million (0.3 million) in the second quarter and EUR 0.8 (-0.4) million in the review period. – Net cash flow from operating activities was EUR 1.1 (0.6) million in the second quarter and EUR 1.2 (0.7) million in the review period. – Order books stood at EUR 4.7 (3.3) million at the end of the review period. – The feasibility study being carried out by Tulikivi’s subsidiary Nordic Talc is making progress. – Future outlook: Net sales are expected to be between EUR 32 and 35 million, and the comparable operating profit is expected to improve substantially.
The company’s order intake increased 35 per cent in the second quarter and totalled EUR 9.6 (7.1) million. The demand for the new Karelia and Pielinen collections was particularly strong in Central Europe and Finland. The change in remote working habits due to the Covid-19 pandemic has increased consumers’ interest in renovation, holiday homes and low-rise housing in both Finland and export countries. The growth in sales was also attributable to successful development of online sales, an updated renovation concept and the streamlining of distribution channels on the export markets. The order intake that significantly improved 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 4.7 (3.3) million.
Profitability improved thanks to higher net sales, price increases and successful productivity measures. The steep rise in the price of steel is reflected in the prices of the components to be procured, but the situation is balanced by the fact that the company’s operations are based to a significant extent on the utilisation of its own soapstone reserves in Finland.
Tulikivi Corporation’s subsidiary Nordic Talc Oy has made progress in its 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. In the second quarter, drilling and rock mechanics surveys were carried out to improve the accuracy of the plans.
According to a statement issued by the Kainuu Centre for Economic Development, Transport and the Environment (ELY centre) in July in the environmental impact assessment (EIA) procedure, Nordic Talc Oy’s assessment programme fulfils the content requirements of the EIA procedure. In its statement, the ELY centre for Kainuu also proposed specifications to the programme, which Nordic Talc Oy will take into account in the further planning of the project.
In the next phase, Nordic Talc Oy will compile an environmental impact assessment report on which the ELY centre for Kainuu will issue a reasoned conclusion on the significant environmental impacts of the project. The environmental impact assessment report and the reasoned conclusion are required in order to receive an environmental permit for the project.
Distribution: NASDAQ OMX Helsinki Key media www.tulikivi.com
Additional information: Heikki Vauhkonen, Managing Director, tel. +358 207 636 555
ATTACHEMENT: Interim Report 1-6/2021
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