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Tulikivi Corporation Interim report 1–9/2023: Strong operating profit in an uncertain market



- The Tulikivi Group’s net sales were EUR 9.1 million (EUR 9.9 million, 7–9/2022) in the third quarter and EUR 35.4 million (EUR 30.5 million, 1–9/2022) in the review period.
- The Tulikivi Group’s operating profit was EUR 1.3 (1.2) million in the third quarter and EUR 4.9 (3.2) million in the review period.
- The Tulikivi Group’s profit before taxes was EUR 1.1 million (1.1 million) in the third quarter and EUR 4.4 (2.6) million in the review period.
- The equity ratio at the end of the review period was 47.5 per cent (36.0).
- Order books stood at EUR 11.5 (15.8) 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
 1-9/23 1-9/22Change, % 1-12/227-9/237-9/22Change, %
Sales, MEUR35.430.516.2 % %
Operating profit/loss, MEUR4.93.254.5 % %
Operating profit/loss without impairment loss, MEUR4.93.254.5 % %
Profit before tax, MEUR4.42.669.2 % %
Total comprehensive income for the period, MEUR3.42.722.9 % %
Earnings per share, Euro0.
Net cash flow from operating activities, MEUR2.
Operating profit/loss without impairment loss, %13.910.410.614.412.0
Equity ratio, %47.536.039.0
Net indebtness ratio, %62.191.872.7
Return on investments, %24.418.719.7

Comments by Heikki Vauhkonen, Managing Director:

Operating profit continued to improve in the third quarter thanks to the distribution of sales and, especially, successful productivity measures. Net sales declined in Finland but exports were at the previous year’s level.

In the third quarter, the company’s order intake was EUR 7.3 (14.9) million. Demand was at a lower level than the previous year due to weaker consumer confidence and a challenging economic environment. In autumn 2022, demand for Tulikivi products was increased by the unusually sharp rise in energy prices and the uncertainties related to energy availability. Tulikivi’s order books remained at a good level, however, and amounted to EUR 11.5 (15.8) million at the end of the review period.

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 activities was on the new Jero collection, which combines the technology of heat-retaining fireplaces with the compact size and modern design of a stove. In addition, preparations were underway in production to start deliveries of the Jero collection in the fourth quarter. Central European consumers prefer products in the stove-size range, and the new collection will enable Tulikivi to reach new customer groups.

The feasibility study for the Suomussalmi talc project progressed positively in the review period 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.

Product trials of finely ground talc products were launched for plastics and paint applications in the autumn. In addition, a study was launched on the potential for the further use of by-products. The additional studies will slightly delay the completion of the EIA report but may have a positive impact on the overall timetable and potential of the project.


Board of Directors

Distribution: Nasdaq Helsinki
Key media

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


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