Publication of financial statements of Tulikivi Corporation

Tulikivi Company

Publication of financial statements 1–12/2021

– Tulikivi Group net sales amounted to €9.4 million in the fourth quarter of 2021 (€9.1 million, 10-12/2020) and €33.5 million in 2021 (29 ,2 million euros, 1-12/2020).
– Tulikivi Group’s operating profit was €0.6 (0.6) million in the fourth quarter and €2.7 (1.2) million in 2021.
– Tulikivi Group’s pre-tax profit was €0.5 (0.4) million in the fourth quarter and €2.1 (0.4) million in 2021.
– Net cash flow from operating activities was €1.2 (1.1) million in the fourth quarter and €3.0 (2.6) million in 2021.
– Order books amounted to EUR 6.3 (3.2) million at the end of the financial year.
– The uncertainty related to the situation in Russia should not have a significant impact on global demand.
– The feasibility study for the Tulikivi talc project in Suomussalmi is progressing.

– Future outlook: Revenue is expected to increase in 2022 and comparable operating income is expected to improve compared to 2021.

Main financial ratios
1-12/21 1-12/20 Change, % 0 10-12/21 10-12/20 Change, %
Sales, MEUR 33.5 29.2 14.9% 9.4 9.1 3.8%
Operating profit/loss, MEUR 2.7 1.2 130.3% 0.6 0.6 8.3%
Operating profit/loss without impairment, MEUR 2.7 1.2 130.3% 0.6 0.6 8.3%
Profit before tax, MEUR 2.1 0.4 472.3% 0.5 0.4 21.3%
Total comprehensive income for the period, MEUR 1.7 0.2 808.7% 0.4 0.3 40.2%
Earnings per share, in euros 0.03 0.00 0.01 0.00
Net cash flow from operating activities, MEUR 3.0 2.6 1.2 1.1
Equity ratio, % 29.4 24.6
Net debt ratio, % 142.9 175.3
Return on investment, % 12.6 5.6

Comments from Heikki Vauhkonen, Managing Director:

The company’s order intake increased by 10% in the fourth quarter and amounted to 9.5 (8.6) million euros. Demand for the Karelia and Pielinen collections was particularly strong in Central Europe and Finland. The Covid-19 pandemic has increased consumer interest in renovation, holiday homes and low-rise housing, both in Finland and in exporting countries. The significant increase in the price of energy for heating has increased consumer interest in buying fireplaces.

The growth in turnover can also be explained by the successful development of online sales, a renewed renovation concept and the rationalization of distribution channels in certain export markets. The company’s order books increased significantly and amounted to €6.3 (3.2) million at the end of the reporting period.

Profitability improved despite strong price increases for steel, purchased components and energy in 2021, thanks to higher net sales, price increases and effective productivity measures. 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. Due to the difficult situation of components and logistics towards the end of the year, deliveries have been postponed to early 2022.

In the fourth quarter, ceramic color options were introduced in the Karelia collection, as well as a Kermansavi collection based on 80% recycled materials. The design and features of these collections are geared towards customers in the Finnish and export markets.

With the new collections, all Tulikivi collections meet the emission standards defined in the European Ecodesign Directive, which came into force on January 1, 2022. Product conformity has been verified by RRF (Rhein-Ruhr Feuerstätten Prüfstelle GmbH) , an accredited testing facility in Germany. The new ceramic designs strengthen Tulikivi’s market position in Finland and expand the potential customer base in export markets.

Tulikivi has advanced during the year 2021 in its feasibility study of the Suomussalmi talc project, the objective of which is to further specify the profitability, environmental and mining plans of the project for industrial operations. Rock mechanics studies were carried out in the fourth quarter, as well as studies required by the EIA procedure (environmental impact study).


board of directors

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

  • Publication of financial statements 1-12 2021 (1)

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