Tulikivi Corporation Half year financial report 1-6 / 2021:


– The net turnover of the Tulikivi group amounted to 9.3 million euros (7.4 million euros, 4-6 / 2020) in the second quarter and to 15.8 million euros ( € 13.1 million, 1-6 / 2020) during the reporting period.
– The operating profit of the Tulikivi group was 1.1 (0.5) million euros in the second quarter and 1.1 (0.0) million euros during the period under review.
– The pre-tax profit of the Tulikivi group amounted to 1.0 million euros (0.3 million) in the second quarter and 0.8 (-0.4) million euros during the reporting period .
– Net cash flow from operating activities amounted to 1.1 (0.6) million euros in the second quarter and 1.2 (0.7) million euros during the period under review.
– Order books stood at 4.7 (3.3) million euros at the end of the period under review.
– The feasibility study carried out by the subsidiary of Tulikivi Nordic Talc is progressing.

– Future outlook: Sales should be between 32 and 35 million euros, and comparable operating profit should improve significantly.

Key financial ratios
1-6 / 21 1-6 / 20 Switch, % 1-12 / 20 4-6 / 21 4-6 / 20 Switch, %
Sales, MEUR 15.8 13.1 20.1% 29.2 9.3 7.4 25.7%
Operating result, MEUR 1.1 0.0 4,763.6% 1.2 1.1 0.5 119.0%
Operating result without impairment, MEUR 1.1 0.0 4,763.6% 1.2 1.1 0.5 119.0%
Profit before taxes, MEUR 0.8 -0.4 315.9% 0.4 1.0 0.3 201.6%
Total comprehensive income for the period, MEUR 0.6 -0.4 250.5% 0.2 0.8 0.3 153.0%
Earnings per share, Euro 0.01 -0.01 0.00 0.01 0.00
Net cash flow from operating activities, MEUR 1.2 0.7 2.6 1.1 0.6
Equity ratio,% 26.2 22.5
Net debt ratio,% 161.5 206.0
Return on investment, % 10.0 0.6 5.6 19.9 9.4

Comments from Heikki Vauhkonen, Managing Director:

The company’s order intake increased by 35% in the second quarter and amounted to 9.6 (7.1) million euros. Demand for the new Karelia and Pielinen collections was particularly strong in Central Europe and Finland. The change in remote working habits due to the Covid-19 pandemic has increased consumer interest in renovations, vacation homes and low-rise housing in Finland and export countries. Sales growth can also be explained by the successful development of online sales, a renewed renovation concept and the rationalization of export distribution channels. The significantly improved order intake in the first quarter of the year means that it will be possible to achieve higher net sales growth and profitability than in previous years. Tulikivi’s order books at the end of the period under review amounted to 4.7 (3.3) million euros.

Profitability improved through higher net sales, price increases and successful productivity measures. The sharp increase in the price of steel is reflected in the prices of the components to be purchased, but the situation is offset by the fact that the activities of the company rely to a large extent on the use of its own reserves of soapstone in Finland.

Tulikivi Corporation’s subsidiary, Nordic Talc Oy, has made progress in its feasibility study of the Suomussalmi talc project, the aim of which is to further clarify the project’s profitability, environmental and mining plans for industrial operations. In the second quarter, drill holes and rock mechanics surveys were carried out in order to improve the precision of the plans.

According to a statement released by the Kainuu Center for Economic Development, Transport and Environment (ELY Center) in July as part of the Environmental Impact Assessment (EIA) procedure, the assessment program of Nordic Talc Oy meets the content requirements of the EIA procedure. In its statement, the ELY center in Kainuu also proposed specifications for the program, which Nordic Talc Oy will take into account in the subsequent planning of the project.

In the next phase, Nordic Talc Oy will draw up an environmental impact assessment report on which the ELY center in Kainuu will issue a reasoned conclusion on the significant environmental impacts of the project. The environmental impact assessment report and reasoned conclusion are required to obtain an environmental permit for the project.


Board of directors

Distribution: Nasdaq Helsinki
Key media
For more information: Heikki Vauhkonen, Managing Director, tel. +358 (0) 207 636 555


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