Stock Exchange Releases
Tulikivi Corporation supplements its interim report release published on October 20, 2011 by adding the future outlook published previously in the interim report of August 4, 2011 to the future outlook presented on October 20, 2011.
The future outlook presented in the interim report are as follows:
Changes in consumer confidence will have an effect on demand for Tulikivi products in the near future. In Finland and the rest of Northern Europe, demand is expected to remain comparatively good. Moreover, sales in Finland will be supported by the new sauna and fireplace products and an expanding distribution network.
In Central Europe, the economic crisis will have a greater effect on consumers’ decision-making, and thus on fireplace demand.
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.
The paragraph of the future outlook previously presented in the interim report on August 4, 2011 was as follows:
In Finland, the outlook for fireplace products is good as a result of active new construction and rising consumer energy prices. Likewise, in exports, the revival of new construction and the rising costs of energy will improve the demand for fireplaces during 2011. The demand for lining stone products will remain good.
The new sauna and fireplace products and expanding distribution network will also increase net sales.
The comparable net sales for 2011 are expected to increase by about 10 per cent. Due to the seasonal nature of the industry, profit is mostly accumulated in the second half of the year. As a result of improved cost efficiency and despite the expenses caused by concentration, the operating profit for the year is expected to improve and to be positive.
Distribution: NASDAQ OMX Helsinki Ltd
Additional information: Tulikivi Corporation, 83900 Juuka,
– Chairman of the Board of Directors Matti Virtaala, +358 207 636 666
– Managing Director Heikki Vauhkonen, +358 207 636 555