Tulikivi Corporation financial statements release 1–12/2022: Strong growth continued

TULIKIVI CORPORATION  FINANCIAL STATEMENTS RELEASE  3 MARCH 2023 AT 13.00 EET

- The Tulikivi Group’s net sales were EUR 13.8 million (EUR 9.4 million, 10–12/2021) in the fourth quarter and EUR 44.3 million (EUR 33.5 million, 1–12/2021) in the review period.
- The Tulikivi Group’s operating profit was EUR 1.5 (0.6) million in the fourth quarter and EUR 4.7 (2.7) million in the review period.
- The Tulikivi Group’s profit before taxes was EUR 1.5 million (0.5 million) in the fourth quarter and EUR 4.1 (2.1) million in the review period.
- Net cash flow from operating activities was EUR 2.9 (1.2) million in the fourth quarter and EUR 6.4 (3.0) million in 2022.
- Order books strengthened significantly in the fourth quarter and stood at EUR 17.2 (6.3) million at the end of the review period.
- Future outlook: Net sales are expected to increase in 2023, and the comparable operating profit is expected to improve on 2022.

Key financial ratios
	1-12/22	1-12/21	Change, %		10-12/22	10-12/21	Change, %
Sales, MEUR	44.3	33.5	32.1 %		13.8	9.4	45.9 %
Operating profit/loss, MEUR	4.7	2.7	74.3 %		1.5	0.6	141.9 %
Operating profit/loss without impairment loss, MEUR	4.7	2.7	74.3 %		1.5	0.6	141.9 %
Profit before tax, MEUR	4.1	2.1	95.2 %		1.5	0.5	223.5 %
Total comprehensive income for the period, MEUR	4.9	1.7	191.6 %		2.1	0.4	483.7 %
Earnings per share, Euro	0.08	0.03			0.04	0.01
Net cash flow from operating activities, MEUR	6.4	3.0			2.9	1.2
Equity ratio, %	39.0	29.4
Net indebtness ratio, %	72.7	142.9
Return on investments, %	19.7	12.6

Comments by Heikki Vauhkonen, Managing Director:

In the fourth quarter, the company’s order intake increased 51 per cent year-on-year and totalled EUR 14.3 (9.5) million. Demand was exceptionally strong in Central Europe and Scandinavia. In addition to fireplaces, the order intake for heater lining stones was at a high level. In the autumn the strong rise in heating energy prices and the increased uncertainty surrounding the availability of energy and homes’ security of supply increased consumers' interest in purchasing alternative heating systems, such as fireplaces. The strong growth in sales was also attributable to systematic long-term work to renew the product portfolio, development of online sales and the streamlining of distribution channels in export markets. Thanks to strong order intake order books increased and amounted to EUR 17.2 (6.3) million at the end of the review period.

Despite the continued steep rises in prices of steel and purchased components during the review period, profitability improved thanks to higher net sales, price increases and successful productivity 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.

The new ceramic collections, which meet the Ecodesign requirements that came into force on 1 January 2022, have strengthened Tulikivi’s market position in Finland and have expanded the potential customer base in the export markets. In the second half of the year, the Kermansavi collection was complemented by affordable models especially suited to the needs of the building industry. 

Erkki Kuronen was appointed Managing Director of Nordic Talc Oy, a part of the Tulikivi Group, in the final quarter of 2022. He has focused on advancing the technical design and environmental impact assessment process for the talc project and on the project’s financing. 

TULIKIVI CORPORATION

Board of Directors

Distribution: Nasdaq Helsinki
Key media
www.tulikivi.com

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

Attachment

• Financial Statements Release 1-12 2022

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