Published 26.01.2015

Tulikivi Corporation has today concluded a financing agreement with its finance providers concerning the 2016–2018 repayment programme in relation to the responsibilities of the finance providers and the additional collateral and loan covenants to finance providers. The adjustment measaAs a consequence of the weak market conditions, Tulikivi Corporation’s sales and profitability have not performed as well as expected. Net sales for 2014 are expected to total EUR 39.3 million (EUR 43.7 million in 2013). The company expects to post an operating loss of about 2.4 million euros (EUR -4.3 million in 2013).

The demand for Tulikivi products is very much linked to changes in consumer confidence and in the construction sector. The performance improvement programme that started in 2013 includes production and sales efficiency measures and cost-saving measures. The impact of these measures will be felt during the period 2014-2016.

Tulikivi’s previously announced forecast of net sales and operating result for 2014
As a consequence of the weak market conditions, Tulikivi Corporation’s sales have not performed as well as expected. Net sales for 2014 are expected to total approximately EUR 40 million (EUR 43.7 million in 2013). The company expects to post an operating loss of about one million euros (EUR -4.3 million in 2013). The level of demand for Tulikivi products is closely linked to changes in consumer confidence and in the construction sector. The performance improvement programme that started in 2013 includes production and sales efficiency measures and cost-saving measures. The results of these measures will begin to show during the period 2014-2016.

TULIKIVI CORPORATION
Board of Directors

Distribution:
NASDAQ OMX Helsinki Ltd
Key Media
www.tulikivi.com

Additional information: Heikki Vauhkonen, Managing Director, tel. +358 207 636 555ures will result in non-recurring expenses of EUR 0.15 million for the last quarter of the year. On account of this the finance providers have also granted Tulikivi Corporation a waiver from compliance with the covenant conditions at 31 December 2015.

TULIKIVI CORPORATION

Board of Directors

 

Further information: Heikki Vauhkonen, Managing Director, +358 (0)207 636 555

Distribution: NASDAQ Helsinki
Key media
www.tulikivi.fi