Tulikivi Oyj - Financial Statement Release

Tulikivi Corporation´s Financial Statements Release Jan-Dec 2014

TULIKIVI CORPORATION                         FINANCIAL STATEMENTS RELEASE

                                                                    6 
February, 2015  at  a.m. 10.00 





Financial Statements Release Jan-Dec 2014

- The Tulikivi Group's fourth-quarter net sales totalled EUR 10.7 million (EUR
11.8 million Q4/2013), the operating result was EUR -0.2 (-1.8) million and the
profit before taxes was EUR -0.6 (-2.0) million. The fourth-quarter operating
result before non-recurring expenses was EUR 0.0 (0.5) million. 

- Net sales in 2014 totalled EUR 39.3 million (EUR 43.7 million in Jan-Dec
2013), the operating result was EUR -2.4 million (-4.3) and the result before
taxes was EUR -3.3 million (-5.3). The operating result in 2014 before
non-recurring expenses was EUR -1.0 (-1.4) million. 

- Net cash flow from operating activities during the financial year was EUR
-2.1 (2.6) million. 

- Year-end order books were at EUR 4.2 (4.4) million.

- Future outlook:  Due to an uncertain market outlook, the company will not
issue a net sales or profit outlook for the 2015 financial year. 

Summary of the financial statement release 01-12/2014. The full financial
statements release is attached to this release. 

Key financial ratios
                                 1-12/   1-12/  Change   10-12/   10-12/  Change
                                  2014    2013     , %     2014     2013     , %
Sales, MEUR                       39.3    43.7   -10.1     10.7     11.8    -9.4
Operating profit/ loss, MEUR      -2.4    -4.3    42.7     -0.2     -1.8    87.7
Operating profit/loss before     - 1.0    -1.4    23.0      0.0      0.5  -103.7
 non-recurring expenses, MEUR                                                   
Profit before tax, MEUR           -3.3    -5.3    37.7     -0.5     -2.0    76.6
Total comprehensive income for    -2.6    -4.5    40.7     -0.4     -2.0    82.3
 the period, MEUR                                                               
Earnings per share, Euro         -0.04   -0.11             0.00    -0.04        
Net cash flow from operating      -2.1     2.6              2.7      2.4        
 activities, MEUR                                                               
Equity ratio, %                   39.0    38.1                                  
Net indebtness ratio, %           89.8    59.3                                  
Return on investments, %          -5.4    -9.8             -0.2     -4.0        

Comments by Heikki Vauhkonen, Managing Director:

Demand for Tulikivi Corporation's products continued to decline in most of the
principal markets and the market environment was challenging. As a result, net
sales were lower than expected in the autumn. In the principal markets, net
sales increased in Russia and Sweden during late autumn. 

Europe's persistent recession has increased price competition. In the autumn,
fireplace markets declined in Central Europe, especially in France and Germany.
In France the government relaunched its programme to support energy-efficient
construction, but the programme did not yet have a positive impact on demand in
2014. 

In Finland demand for fireplaces and interior stone products was weak as a
result of the low number of construction and renovation projects. 

Of the new product groups, saunas achieved favourable net sales. Despite the
challenging market, demand has also grown for design fireplaces and the
new-generation Hiisi fireplace collection. The renewed ceramic collection has
also been positively received. 

The measures to cut fixed costs included in the performance improvement
programme have been completed. The efficiency of soapstone and ceramic
fireplace production has improved but price competition, low capacity
utilisation and clearance sales of old products weakened profitability in the
final quarter of the year. 

TULIKIVI CORPORATION

Board of Directors



Distribution: NASDAQ OMX Helsinki

Key media

www.tulikivi.com



Additional information: Tulikivi Corporation, FIN-83900 Juuka, Finland,

tel. +358 207 636 000, www.tulikivi.com

- Heikki Vauhkonen, Managing Director, tel. +358 207 636 555



Enclosure:  Tulikivi Corportion´s Financial Statements Release Jan-Dec 2014

Attachments:

Financial statements release Jan-Dec 2014.pdf