Tulikivi Corporation Half-Year Financial Report 1–6/2022:



Tulikivi Society
Half-year financial report 1–6/2022: net sales up, better operating result and significantly stronger order books

– Tulikivi Group net sales amounted to €12.2 million (€9.3 million, 4–6/2021) in the second quarter and €20.6 million (€15.8 million euros, 1–6/2021) during the reporting period.
– Tulikivi Group’s operating profit was €1.7 (1.1) million in the second quarter and €2.0 (1.1) million in the reporting period.
– Tulikivi Group pre-tax profit was €1.4 million (1.0 million) in the second quarter and €1.5 (0.8) million in the reporting period.
– Net cash flow from operating activities was €1.6 (1.1) million in the second quarter and €2.2 (1.2) million during the period considered.
– Order books amounted to 11.3 (4.7) million euros at the end of the period under review.
– The feasibility study for the Tulikivi talc project in Suomussalmi is progressing.

– Future outlook: Net sales in 2022 are expected to be 38-42 million euros and comparable operating income is expected to improve significantly compared to 2021.

Main financial ratios
1-6/22 1-6/21 To change, % 1-12/21 4-6/22 4-6/21 To change, %
Sales, MEUR 20.6 15.8 30.4% 33.5 12.2 9.3 30.7%
Operating profit/loss, MEUR 2.0 1.1 85.9% 2.7 1.7 1.1 60.0%
Operating profit/loss without impairment, MEUR 2.0 1.1 85.9% 2.7 1.7 1.1 60.0%
Profit before tax, MEUR 1.5 0.8 95.6% 2.1 1.4 1.0 42.3%
Total comprehensive income for the period, MEUR 1.7 0.6 174.1% 1.7 1.6 0.8 103.9%
Earnings per share, in euros 0.03 0.01 0.03 0.03 0.01
Net cash flow from operating activities, MEUR 2.2 1.2 3.0 1.6 1.1
Equity ratio, % 33.6 26.2 29.4
Net debt ratio, % 104.9 161.5 142.9
Return on investment, % 17.7 10.0 12.6

Comments from Heikki Vauhkonen, Managing Director:

The company’s order intake increased by 48% during the first half of the year and amounted to 26.6 (18.0) million euros. Demand for Tulikivi stoves has been exceptionally strong in Central Europe. The sharp rise in heating energy prices and the uncertainty surrounding energy availability and security of supply to the home have increased consumer interest in purchasing alternative heating systems, such as a chimney.

The growth in sales can also be explained by systematic long-term work to renew the product portfolio, the development of online sales and the rationalization of export distribution channels. Tulikivi’s order books increased and amounted to €11.3 (4.7) million at the end of the reporting period.

Profitability improved despite continued strong price increases for steel, purchased components and energy in the first half, driven by higher net sales, price increases and efficient productivity. The company’s profitability is also supported by the fact that its operations rely to a large extent on the use of its own soapstone reserves in Finland.

The ceramic color options introduced in the Karelia collection at the end of last year, as well as the Kermansavi collection based on 80% recycled materials, have been well received in the market. The new ceramic designs, which meet the ecodesign requirements that came into force on January 1, 2022, strengthen Tulikivi’s market position in Finland and expand the potential customer base in export markets. The cooperation agreement concluded in June with the German cooperative Hagos eG, which focuses on fireplaces and their accessories, allows Tulikivi to increase its market share in Germany in the coming years.

In the first quarter, Tulikivi made progress on its feasibility study for the Suomussalmi talc project, the objective of which is to further refine the project’s economic, environmental and mining plans for industrial operations. In the second quarter, a more detailed research project was initiated with Metso Outotec regarding the economic exploitation of talc and the planning of the talc beneficiation plant. Studies have also been carried out to improve the accuracy of the ore survey on the Haaponen deposit and to facilitate the EIA (Environmental Impact Assessment) process.


board of directors

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


Comments are closed.