Tulikivi Corporation, manufacturer of heat-retaining fireplaces, interior stone products and saunas, is updating its future outlook for the entire year.

On 21 October 2011 Tulikivi supplemented the future outlook for 2011 that was published in its interim report. The “Future outlook” paragraph in the interim report was as follows:

Despite the uncertainty caused by the economic crisis, the company’s full year like-for-like net sales will be up by slightly under 10 per cent, and the operating profit before non-recurring items is expected to improve on the previous year. The full-year operating result taking into account the non-recurring expenses is expected to be negative, however, and at the same level as the previous year.

Tulikivi Corporation’s future outlook, updated on 22 December 2011

The full-year net sales are estimated to total approximately EUR 58.5 million and the operating loss to be EUR 0.4 to 0.8 million.

The result will be further burdened by non-recurring expenses of about EUR 1.6 million. These expenses consist of non-recurring expenses of EUR 0.6 million incurred by the focusing on core businesses in summer 2011 and non-recurring expenses of about EUR 1 million for the codetermination negotiations concluded on 22 December.

Savings achieved in the codetermination negotiations are part of the adjustment measures implemented in 2011 to gain cost savings of EUR 3 million for 2012. As a result of these adjustment measures, the company expects to achieve a positive operating result in 2012.

 

TULIKIVI CORPORATION

Heikki Vauhkonen
Managing Director

 

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

 

 

Additional information: Tulikivi Corporation, FIN-83900 Juuka, www.tulikivi.com

– Matti Virtaala, Chairman of the Board, tel. +358 (0)207 636 666
– Heikki Vauhkonen, Managing Director, tel. 0207 636 555