Interim Report

Tulikivi Corporation Half Year Financial Report 1-6/2023


Published 18.08.2023

Profitable export growth continued

– The Tulikivi Group’s net sales were EUR 13.3 million (Q2/2022: EUR 12.2 million) in the second quarter and EUR 26.4 million (H1/2022: EUR 20.6 million) in the review period.
– The Tulikivi Group’s operating profit was EUR 2.3 (1.7) million in the second quarter and EUR 3.6 (2.0) million in the review period.
– The Tulikivi Group’s profit before taxes was EUR 2.2 (1.4) million in the second quarter and EUR 3.3 (1.5) million in the review period.
– The equity ratio at the end of the review period was 44.6 per cent (33.6).
– Order books stood at EUR 13.9 (11.3) million at the end of the period.
– The Suomussalmi talc project has progressed well.
– Future outlook: Net sales are expected to increase in 2023, and the comparable operating profit is expected to improve on 2022.


Key financial ratios
 1-6/23  1-6/22 Change,
 1-12/22 4-6/23 4-6/22 Change,
Sales, MEUR 26.4 20.6 28.1 44.3 13.3 12.2 9.5
Operating profit/loss, MEUR 3.6 2.0 81.3 4.7 2.3 1.7 34.8
Operating profit/loss without impairment loss, MEUR 3.6 2.0 81.3 4.7 2.3 1.7 34.8
Profit before tax, MEUR 3.3 1.5 111.9 4.1 2.2 1.4 62.9
Total comprehensive income for the period, MEUR 2.4 1.7 43.4 4.9 1.6 1.6 5.6
Earnings per share, Euro 0.04 0.03 0.08 0.03 0.03
Net cash flow from operating activities, MEUR 1.8 2.2 6.3 2.5 1.6
Operating profit/loss without impairment loss, % 13.7 9.7 10.6 17.5 14.2
Equity ratio, % 44.6 33.6 39.0
Net indebtness ratio, % 63.7 104.9 72.7
Return on investments, % 27.2 17.7 19.7


Comments by Heikki Vauhkonen, Managing Director:

Net sales continued to grow in the second quarter, thanks to exports to Central Europe. The high heating energy prices in the heating season and the uncertainty related to the availability of energy and household security of supply increased consumers’ interest in fireplaces, which affected deliveries during the review period.

In the second quarter, the company’s order intake was EUR 11.3 (14.3) million, with demand boosted by the new and compact Jero fireplace collection. Domestic demand was lower than before, due to a challenging economic environment. Tulikivi’s order books remained at a good level and amounted to EUR 13.9 (11.3) million at the end of the review period.

Profitability improved, thanks to higher net sales, sales mix and successful productivity improvement 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.

In Central Europe, sales and training activities were continued for the expansion of the distribution network of both Tulikivi and Kermansavi fireplaces. The focus of these measures was the new Jero collection. The products combine the technology of heat-retaining fireplaces with the compact size and modern design of a stove. The affordable and easy-to-install Jero collection was very well received at the international World of Fireplaces fair in Leipzig in April. In Central Europe, consumers prefer products in the stove-size range, and the collection will enable Tulikivi to reach new customer groups.

The feasibility study for the Suomussalmi talc project progressed positively during the first half of the year, with Metso Corporation’s enrichment and filtration tests and the preliminary design project of the enrichment plant. Based on a simulation of the production scale process, good quality enriched talc can be produced from talc ore from Haaponen with good yields. The enriched talc from the enrichment trials was used to produce jet-milled talc products. The enriched talc was milled to three different grain sizes, with average sizes ranging from about 2.5 microns to 5 microns. As expected, the whiteness of the milled product increased with fineness and the talc retained its platy quality. Platyness is a desirable property, especially for talc applications that are growing.

The studies required for the Environmental Impact Assessment report (EIA report) were completed during the summer. The EIA report will be submitted to the Kainuu ELY Centre, which is the contact authority, in the autumn of this year. The feasibility study is expected to be completed in its entirety by the end of 2023.



Board of Directors


Distribution: NASDAQ OMX Helsinki
Key media

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