2009-07-21 09:15:00 CEST
2009-07-21 09:15:01 CEST
REGULATED INFORMATION
Tulikivi Oyj - Interim report (Q1 and Q3)
Interim report 1-6/2009
Tulikivi Corporation Interim report
July, 21, 2009 at 10.15 a.m.
Interim report 1-6/2009
- The Tulikivi Group's second-quarter sales were EUR 13.0 million
(EUR 17.1 million, 4-6/2008) and result before taxes was a loss of
EUR -0.9 (0.7) million.
- The Group's sales during the period were EUR 24.0 million (EUR
31.6 million, 1-6/2008) and result before taxes was a loss of EUR
-3.9 (0.2) million. Earnings per share amounted to EUR 0.08
(0.00). Cash flow from operating activities was EUR -1.4 (1.0)
million.
- Order books at the end of the period were at EUR 6.5 (7.7)
million.
- Net sales for the period are expected to fall well below that of
last year. The result for the second half of the year is expected
to be better than the first half of the year, but the result after
non-recurring items will be in the red.
- The Group's financial position is stable and the equity ratio is
39.6% (42.2%).
Managing Director's comments:
“The Group's sales were as expected during the second quarter.
Sales in Finland and its neighbouring regions were notably lower
than they were in the previous year as a result of consumer
uncertainty and a reduction in the volume of low-rise building
construction. Fireplace sales to Central Europe remained on a
relatively good level.
During the spring the company introduced a new range of soapstone
fireplaces with improved combustion technology which are more cost-
effective to manufacture than before. In the summer a water-
heating system for the fireplaces that further improves their
energy-efficiency was also launched.
The programme to centralise Group functions and improve
profitability was implemented as planned and this will improve the
Group's profitability from the current level in the latter part of
the year.
Demand for fireplace exports in the autumn will be relatively
stable. In Finland the forecasts on low-rise house construction
have been improved from the gloomiest estimates and this, together
with the further development of the domestic distribution network
and services, will create a foundation for long-term growth in
domestic sales from the level at the beginning of the year.”
Segment reporting
Since the beginning of 2009, the Group's operating segments have
been the Fireplaces Business and the Natural Stone Products
Business. The Fireplaces Business includes soapstone and ceramic
Kermansavi fireplaces sold under the Tulikivi and Kermansavi
brands, their accessories, utility ceramics and fireplace lining
stones. The Natural Stone Products Business includes interior
decoration stone products for households and stone deliveries to
construction sites. Expenses not allocated to a Segment are
included under Other items, which also includes financial costs
and taxes.
Net sales and result
The net sales of the Tulikivi Group were EUR 24.0 million (EUR
31.6 million in January - June 2008). The net sales of the
Fireplaces Business was EUR 21.0 (27.2) million and of the Natural
Stone Business EUR 3.0 (4.4) million. The decrease in the net
sales of the Fireplaces Business was mainly a result of declining
sales of fireplaces in Finland and its neighbouring regions.
Net sales in Finland accounted for EUR 12.1 (17.7) million, or
50.5 (56.0) per cent, of total net sales. Exports accounted for
EUR 11.9 (13.9) million. The largest countries for exports were
France, Belgium and Germany.
At the operating profit level, the Group posted a loss of EUR -3.4
(0.6) million. In accordance with the Group's segment reporting,
the Fireplaces Business had an operating loss of EUR -1.8 (2.1)
million, and the Natural Stone Products Business an operating
profit of EUR 0.0 (0.3) million, while other items' expenses were
EUR -1.6 (-1.8) million. The results for the Fireplaces Business
were weakened by almost EUR 1 million in expenses arising from
recognising a restructuring provision and by a write-down of EUR
0.2 million associated with the Kermansavi brand utility ceramics
unit in the second quarter. Consolidated loss before taxes was EUR
-3.9 (0.2) million and net losses were EUR -3.1 million (0.1)
million. Earnings per share were EUR -0.08 (0.00).
At the beginning of the year the Group launched a programme to
centralise functions and improve profitability. The
codetermination negotiations concluded in March led to 79
redundancies and 41 layoffs until further notice. A restructuring
provision of EUR 1.0 million was entered for these measures for
the review period. The restructuring will also result in
approximately EUR 0.2 in further non-recurring expenses, which
will be recorded in future periods.
The Group's second-quarter sales were EUR 13.0 million (EUR 17.1
million in April-June 2008) and result before taxes was a loss of
EUR -0.9 (0.7) million.
The corresponding result before non-recurring items was EUR -0.7
million.
Financing and investments
Cash flow from operating activities before investments was EUR -
1.4 (1.0) million. The Group's net financial expenses were EUR 0.6
(0.4) million. The equity ratio was 39.6 per cent (42.2 per cent
at 30 June 2008). The ratio of interest bearing net debt to
equity, or gearing, was 79.3 (76.7) per cent. The current ratio
was 1.6 (1.4). The equity per share amounted to EUR 0.62 (0.70).
The Group has a solid financial position. At the end of the review
period, the Group's cash assets were EUR 4.9 million (2.5) and
unused credit limits amounted to EUR 4 million.
The Group's investments in production, quarrying and development
were EUR 0.9 (1.2) million during the period. Research and
development costs were EUR 0.7 (0.9) million. EUR 0.2 million of
this amount was capitalized in the balance sheet. A product
development project in which the fireplace range was converted to
use the whirlbox technique was completed. As a result, all model
ranges of Tulikivi Corporation now display the CE marking.
Personnel
The Group employed an average of 393 (570) people during the
reporting period. Salaries and bonuses during the review period
totalled EUR 8.3 (9.0) million, to which the restructuring
provision contributed EUR 0.5 million.
The Tulikivi Group has an incentive plan that includes a share-
based incentive plan for the managing director and key personnel
and an incentive pay scheme for all personnel.
The share-based incentive system was introduced in 2008 and has
three earning periods, which are the calendar years 2008, 2009 and
2010. The maximum reward is 360 000 Tulikivi Corporation A shares
and a cash payment corresponding to the value of the shares. The
realized reward from the plan for the earning period 2008 was 9
800 A shares. A similar transfer of shares to key personnel took
place in the review period.
The maximum share reward for 2009 is 175 000 A shares and a cash
payment corresponding to the value of the shares. A maximum of 40
000 A shares of this can go to the managing director. The share
reward is based on the improvement of the Group's profit after
financial items and cash flow from operations.
The incentive pay scheme is based on the improvement of the
Group's result and productivity, and the managing director and key
persons also have personal targets in addition to this.
Resolutions of the Annual General Meeting
Dividends
Tulikivi Corporation´s Annual General Meeting, held on 31 March
2009, resolved to pay a dividend of EUR 0.0280 on Series A shares
and EUR 0.0263 on Series K shares. The dividend was paid out on 14
April 2009.
Board of Directors, Managing Director and auditors
Tulikivi Corporation's Annual General Meeting elected to the Board
of Directors of the parent company and domestic business
subsidiaries: Bishop Ambrosius, Juhani Erma, Eero Makkonen, Markku
Rönkkö, Maarit Toivanen-Koivisto, Heikki Vauhkonen and Matti
Virtaala. The Board of Directors elected Matti Virtaala as
Chairman from amongst its members. The auditor is KPMG Oy Ab,
Authorized Public Accountants.
Authorisation to repurchase the company's own shares
The Annual General Meeting authorised the Board to acquire the
company's own shares as proposed by the Board.
Authorisation to decide on share issues and on transfer of the
company's own shares in the possession of the company and the
right to issue special rights which give entitlement to shares as
defined in Chapter 10, Article 1, of the Companies Act
The Annual General Meeting authorised the Board of Directors to
decide on issuing new shares and the transfer of the company's own
shares in the possession of the company as proposed by the Board.
The authorization also includes the right to issue special rights,
as defined in Chapter 10, Article 1, of the Companies Act, which
entitle to subscribe for shares against payment or by setting off
the receivable.
Treasury shares
At the beginning of the period Tulikivi Corporation held a total
of 74 000 and at the end of the period it held 124 200 of its own
A series shares. During the period a further 60 000 A series
shares in total were purchased
at a total acquisition price of EUR 43 875, and 9 800 A series
shares were assigned to key personnel according to the share-based
incentive plan. During the period the average purchase price was
EUR 0.73 per share. The purchase price was the share price at the
time of purchase, which varied between EUR 0.68 - 0.83 per share
during the purchase periods. The book value of the assigned shares
was EUR 13 212 and the value for recipients was 9 979, i.e. EUR
1.02 per share on average. The repurchased shares account for 0.2
per cent of all shares and 0.05 per cent of votes carried by
shares. The number of shares in the company's possession at the
end of the period was 124 200 A shares which corresponds to 0.3
per cent of the company's share capital and 0.1 of all voting
rights.
The repurchase of own shares and their partial assignment had no
material impact on the division of shareholdings and voting rights
in the company.
The shares are repurchased for use as consideration in corporate
acquisitions or other structural arrangements or to implement the
share-based incentive system, to pay a share-based incentive or
otherwise to be transferred or cancelled.
Risks and uncertainties
A rapid decline in private house construction and remodelling and
fluctuation of exchange rates will weaken the demand for
fireplaces. The decrease of consumer prices of energy may also
affect the demand for fireplace products. The risks the Group will
face in the near future relate to the decline in demand for
fireplaces products as well as to the success of cost savings
attained with the profitability programme.
According to the Group's long-term risk assessment, its strategic
risks concern, but are not limited to, the Group's raw material
reserves, legislative amendments and the market position.
Operational risks are related to products, distribution channels
and processes. For more information, see the 2008 Annual Report.
Future outlook
Housing construction is still at a low level in many market-areas,
which, in addition to the general weak economic growth, has an
impact on the demand for fireplaces and natural stone products.
Demand for fireplaces is expected to be higher in relative terms
in Central Europe than in Finland and its neighbouring regions.
The total demand for fireplaces is expected to increase during the
autumn but to remain on a significantly lower level than it was
during the previous year. The centralisation and productivity
improvement programme being implemented by the company will
improve profitability in the latter half of the year. However, net
sales for the current year are estimated to fall well below that
of last year. The result for the second half of the year is
estimated to be better than that of the first half of the year,
but the result after non-recurring items is expected to be in the
red.
The order books at the end of the review period amounted to EUR
6.5 (7.7 on 30 June 2008 and 4.9 on 31 December 2008).
The strategic objectives set for the Tulikivi Group are: annual
organic growth of 5 per cent in the long term, return on
investment of over 20 per cent and the improvement of relative
profitability by two percentage points per year. Sales growth,
return on investment and the improvement of profitability will
fall short of these objectives during the current year, mainly due
to the decline in demand.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
MEUR
1-6/ 1-6/ Change,1-12/ 4-6/ 4-6/ Change
2009 2008 % 2008 2009 2008 %
Sales 24.0 31.6 -24.0 66.5 13.0 17.1 -24.1
Other operating
income 0.4 0.4 0.7 0.3 0.2
Increase/decrease in
inventories in
finished goods and
in work in progress -0.6 0.0 -0.6 -0.1 0.3
Production for
own use 0.2 0.4 0.8 0.1 0.3
Raw materials and
consumables 4.7 6.3 12.5 2.6 3.5
External services 3.4 4.8 10.0 1.9 2.8
Personnel expenses 10.6 11.7 23.1 5.2 6.3
Depreciation
And amortisation 2.8 2.7 5.7 1.6 1.4
Other operating
expenses 5.9 6.3 12.9 2.8 3.1
Operating profit/loss-3.4 0.6 -692.9 3.2 -0.7 0.8 -190.8
Percentage of sales -14.0 1.8 4.9 -4.9 4.8
Finance income 0.1 0.2 0.2 0.0 0.1
Finance expense -0.7 -0.6 -1.4 -0.3 -0.2
Share of the profit of
associated company 0.0 0.0 0.0 0.0 0.0
Profit before tax -3.9 0.2 -2437.5 2.1 -0.9 0.7 -219.3
Percentage of sales -16.3 0.5 3.1 -6.8 4.4
Direct taxes 0.9 -0.1 -0.6 0.2 -0.2
Profit/loss for
the period -3.1 0.1 3051.9 1.4 -0.7 0.6 -229.0
Other comprehensive income
Interest rate swaps 0.0 -0.1 0.0 0.0
Translation
differences 0.0 0.0 0.0 0.0 0.0
Total comprehensive
Income for the period -3.1 0.1 1.3 -0.7 0.0
Earnings per share
attributable to the
equity holders of the
parent company, EUR
basic and diluted -0.08 0.00 0.04 -0.02 0.01
CONSOLIDATED BALANCE SHEET
MEUR 06/2009 06/2008 12/2008
ASSETS
Non-current assets
Property, plant and equipment
Land 1.0 1.1 1.0
Buildings 7.7 8.3 8.0
Machinery and equipment 9.1 11.4 10.3
Other tangible assets 1.1 1.3 1.2
Intangible assets
Goodwill 4.3 4.3 4.3
Other intangible assets 10.7 11.2 11.2
Investment properties 0.2 0.2 0.2
Available-for-sale investments 0.1 0.1 0.1
Receivables
Deferred tax assets 1.7 0.9 0.9
Total non-current assets 35.9 38.8 37.2
Current assets
Inventories 10.9 12.6 11.5
Trade receivables 5.4 6.1 5.3
Current income tax receivables 0.2 0.6
Other receivables 1.0 0.9 0.4
Cash and cash equivalents 4.9 2.5 11.7
Total current assets 22.4 22.7 28.9
Total assets 58.3 61.5 66.1
EQUITY AND LIABILITIES
Equity
Share capital 6.3 6.3 6.3
Share premium fund 7.4 7.4 7.4
Treasury shares -0.1 -0.1
Translation difference 0.0 -0.1 0.0
Revaluation reserve -0.1 -0.1
Retained earnings 9.6 12.4 13.7
Total equity 23.1 26.0 27.2
Non-current liabilities
Deferred income tax liabilities 1.9 2.2 2.1
Provisions 0.9 0.9 0.9
Interest-bearing debt 18.3 16.1 21.6
Other debt 0.3
Total non-current liabilities 21.1 19.5 24.6
Current liabilities
Trade and other payables 8.7 9.7 9.1
Current income tax liabilities 0.1
Current provisions 0.5 0.1
Short-term interest-bearing debt 4.9 6.2 5.1
Total current liabilities 14.1 16.0 14.3
Total liabilities 35.2 35.5 38.9
Total equity and liabilities 58.3 61.5 66.1
CONSOLIDATED CASH FLOW STATEMENT 01-06/ 01-06/ 01-12/
MEUR 2009 2008 2008
Cash flows from operating activities
Profit for the period -3.1 0.1 1.4
Adjustments:
Non-cash transactions 2.8 2.7 5.8
Interest expenses
and interest income and taxes -0.3 0.5 1.8
Change in working capital 0.0 -1.2 0.2
Interest paid and received
and taxes paid -0.8 -1.1 -1.6
Net cash flow from operating
activities -1.4 1.0 7.6
Cash flows from investing activities
Investment in property, plant and
equipment and intangible assets -0.9 -1.4 -3.3
Grants received for investments
and sales of property, plant and
equipment 0.1 0.2
Net cash flow from investing
activities -0.8 -1.4 -3.1
Cash flows from financing activities
Proceeds from non-current and
current borrowings 2.0 10.0
Repayment of non-current and current
borrowings -3.5 -1.2 -4.9
Dividends paid treasury shares -1.1 -1.7 -1.7
Net cash flow from financing
activities -4.6 -0.9 3.4
Change in cash and cash
equivalents -6.8 -1.3 7.9
Cash and cash equivalents at
beginning of period 11.7 3.8 3.8
Cash and cash equivalents at
end of period 4.9 2.5 11.7
STATEMENT OF CHANGES IN EQUITY
MEUR
Share Share Trans- Revalu- Trea- Re- Total
capital premium lation ation sury tained
fund diff. re- share earn-
serve ings
Equity
Jan. 1, 2009 6.3 7.4 0.0 -0.1 -0.1 13.7 27.2
Dividends paid
and treasury shares 0.0 -1.0 -1.0
Total comprehensive
income for the period -3.1 -3.1
Equity
June 30, 2009 6.3 7.4 0.0 -0.1 -0.1 9.6 23.1
Equity
Jan. 1, 2008 6.3 7.4 -0.1 0.0 0.0 14.0 27.6
Total comprehensive
income for the period 0.1 0.1
Dividends -1.7 -1.7
Equity
June 30, 2008 6.3 7.4 -0.1 0.0 0.0 12.4 26.0
BUSINESS SEGMENTS 1-6/ 1-6/ 1-12
MEUR 2009 2008 2008
Operating segments
Sales 24.0 31.6 66.5
Fireplaces 21.0 27.2 58.5
Natural stone products 3.0 4.4 8.0
Other items - - -
Operating profit/loss -3.4 0.6 3.2
Fireplaces -1.8 2.1 6.1
Natural stone products 0.0 0.3 0.3
Other items -1.6 -1.8 -3.2
BUSINESS SEGMENTS QUARTERLY
Q1/ Q1/ Q4/ Q3/ Q2/ Q1/
2009 2008 2008 2008 2008 2008
Operating segments
Sales 13.0 11.0 18.3 16.6 17.0 14.6
Fireplaces 11.4 9.6 16.4 14.9 14.6 12.6
Natural stone products 1.6 1.4 1.9 1.7 2.4 2.0
Other items - - - - - -
Operating profit/loss -0.7 -2.7 1.3 1.3 0.9 -0.3
Fireplaces 0.1 -1.9 2.1 1.9 1.7 0.4
Natural stone products 0.1 -0.1 -0.1 0.1 0.1 0.2
Other items -0.9 -0.7 -0.7 -0.7 -0.9 -0.9
ASSETS AND LIABILITIES BY SEGMENT ON JUNE 30, 2009
Fire- Natural Other Total
places Stone items
Products
Assets by segment 46.3 4.8 7.2 58.3
Liabilities by
Segment 8.5 0.8 26.0 35.3
Investments 0.7 0.0 0.1 0.8
Depreciation and amortisation
expenses 2.2 0.2 0.2 2.6
KEY FINANCIAL RATIOS AND
SHARE RATIOS
1-6/09 1-6/08 4-6/09 4-6/08 1-12/08
Earnings per share,
EUR -0.08 0.00 -0.02 0.01 0.04
Equity per share,
EUR 0.62 0.70 0.62 0.70 0.73
Return on equity,
% -24.4 0.8 -12.1 8.3 5.2
Return on investments,
% -12.9 3.0 -3.6 7.8 6.8
Equity ratio, % 39.6 42.2 41.2
Net indebtness ratio,
% 79.3 76.7 55.1
Current ratio 1.6 1.4 2.0
Gross investments,
MEUR 0.9 1.2 2.9
Gross investments,
% of sales 3.8 19.5 4.4
Research and development
costs, MEUR 0.7 0.9 1.8
%/sales 2.7 2.9 2.7
Outstanding orders
(30 June), MEUR 6.5 7.7 4.9
Average number of
staff 393 570 526
Rate development of
shares, EUR
Lowest share price,
EUR 0.67 1.37 0.60
Highest share price,
EUR 1.30 1.88 1.88
Average share price,
EUR 0.83 1.51 1.28
Closing price, EUR 0.90 1.43 0.67
Market capitalization at the
end of period,
1000 EUR 33 318 53 116 24837
(Supposing that the market
price of the K-share
is the same as that
of the A-share)
Number of shares traded,
(1000 pcs) 1350 1215 2455
% of total amount of
A-shares 4.9 4.4 8.9
Number of shares
average 37027647 37143970 37011603 37143970 37128494
Number of shares
30 June 37019770 37143970 37019770 37143970 37069970
NOTES TO THE INTERIM REPORT
This interim report has been prepared in accordance with
International Financial Reporting Standard IAS 34 Interim
Financial Reporting. In preparing of this interim report, Tulikivi
has applied same accounting policies as in the 2008 financial
statements, with the exception of the following new/amended
standards that the group has adopted as from January 1, 2009:
- IFRS 8, Operating Segments
- IAS 1 Presentation of Financial Statements (revised)
and the following new/amended standards and interpretations the
adoption of which has not have any material impact on the figures
for the period:
- Amendment to IFRS 2 Share-based Payment
- IAS 23 Borrowing Costs (revised)
-Amendments to IFRS 7 Financial Instruments: Discloseres -
improving Disclosures about Financial Instruments
- Amendments to IFRIC 9 and IAS 39: Embedded Derivatives
- Amendment to IAS 28 Investments in Associates (and consequential
amendments to IAS 32 Financial Instruments: Presentation and IFRS
7 Financial Instruments: Disclosures)
- Amendment to IAS 36 Impairment of Assets
- Amendment to IAS 38 Intangible Assets
- Amendment to IAS 19 Employee Benefits
- Amendment to IAS 39 Financial Instruments: Recognition and
Measurement
- IFRIC 16 Hedges of a Net Investment in a Foreign Operation
- IFRIC 13 Customer Loyalty Programmes
- Amendment to IAS 16 Property, Plant and Equipment
- Amendment to IAS 29 Financial Reporting in Hyperinflationary
Economies
- Amendment to IAS 31 Interests in Joint Ventures
- Amendment to IAS 40 Investment Property
- Amendment to IAS 20 Accounting for Government Grants and
Disclosures for Government Assistance
- IFRIC 15 Agreements for the Construction of a Real Estate
The key figures presented in the Interim Report have been
calculated using the same formulas as in the 2008 financial
statements. The formulas can be found on page 67 of the Annual
Report 2008.
Income taxes
01-06/09 01-06/08 01-12/08
Taxes for the current and previous
financial periods 0.0 0.0 -0.7
Deferred taxes 0.9 -0.1 0.1
Total 0.9 -0.1 -0.6
Collateral and securities given and other commitments
MEUR 6/09 6/08 12/08
Loans from credit institutions
and other non-current liabilities,
secured by mortgages and pledges 18.4 18.1 20.9
Mortgages and pledges given 25.1 25.5 25.1
Other mortgages and pledges given
by the company on its own behalf 0.5 0.8 0.5
Derivatives
Interest rate swaps;
nominal value 11.9 11.0 13.0
Interest rate swaps;
fair value -0.3 0.2 -0.2
The fair value of derivatives is the gain or loss for closing the
contract based on market rates at the balance sheet date.
Provisions
The Group's non-current provisions are an environmental provision
of EUR 0.4 million and a warranty provision of EUR 0.5 million.
Current provisions include a restructuring provision that stood at
EUR 0.5 million at the end of the review period. EUR 0.1 million
in total of the restructuring provision was recognised during the
review period and EUR 0.5 million of this provision had been used.
Non-current provisions are itemized in greater detail in notes 24.
Provisions and 33. Other contingent liabilities in the
consolidated financial statements in Annual Report 2008.
Contingent liabilities have not changed after the end of the
financial period.
Share capital
Share capital by share series
Number % of % of Share,
of shares shares voting EUR of
rights share
capital
K-shares(10 votes) 9 540 000 25.7 77.6 1 621 800
A-shares (1 vote) 27 603 970 74.3 22.4 4 692 675
Total June 30, 2009 37 143 970 100.0 100.0 6 314 475
There have been no changes in Tulikivi Corporation´s share capital
during the period. According to the articles of association the
dividend paid for Series A shares shall be 0.0017 EUR higher than
the dividend paid on Series K shares. The Series A share is
listed on the NASDAQOMX Helsinki Ltd. No flagging notifications
were made to the company during the review period.
Board authorizations
The Annual General Meeting of March 31, 2009 authorized the Board
of Directors to acquire the company's own shares. A maximum of
2,760,397 Series A shares in the company and 954,000 Series K
shares in the company can be bought back. The authorization is
valid until the 2010 Annual General Meeting. In addition, the
Board of Directors has an authorization to decide on issuing new
shares and the conveyance of own shares in the company's
possession. New shares can be issued or own shares held by the
company conveyed amounting to a maximum of 5,520,794 Series A
shares and 1,908,000 Series K shares. The authorization is valid
until the 2010 Annual General Meeting.
At the end of the review period, the company hold 124 200 of its
own A-shares.
Related party transactions
The following transactions with related parties took place:
1000 e 6/09 6/08 12/08
Sales of goods and services to
associated companies 6 12 13
Purchases of goods and services
from associated companies 85 44 173
Leases from related parties 56 61 115
Transactions with other related parties
Tulikivi Corporation is a founder member of the Finnish Stone
Research Foundation. The company has leased offices and storages
from the property owned by the Foundation and North Karelia
Educational Federation of Municipalities. The rent paid for these
facilities was EUR 65 thousand (64 thousand)in the period. The
rent corresponds with the market rents.
Largest shareholders on 30 June 2009
Name of shareholder Shares Proportion
of total
vote
Vauhkonen Reijo 4 186 827 24.2 %
Vauhkonen Heikki 3 006 137 24.1 %
Elo Eliisa 2 957 020 5.9 %
Virtaala Matti 2 421 300 12.6 %
Mutual Pension Insurance
Ilmarinen 1 902 380 1.5 %
Mutanen Susanna 1 643 800 7.2 %
Vauhkonen Mikko 792 700 3.6 %
Paatero Ilkka 718 430 0.6 %
Nuutinen Tarja 674 540 3.5 %
Investment Fond Phoebus 585 690 0.5 %
Other shareholders 18 255 146 16.3 %
The information in this interim report is unaudited.
The companies included in the Group are the parent company
Tulikivi Corporation, Kivia Oy, AWL-Marmori Oy, Tulikivi U.S. Inc.
and OOO Tulikivi. Group companies include also Uuni Vertriebs GmbH
and The New Alberene Stone Company, Inc., which are dormant. The
parent company has a fixed place of business in Germany, Tulikivi
Oyj Niederlassung Deutschland. The Group has interests in
associated companies Stone Pole Oy and Leppävirran Matkailukeskus
Oy.
TULIKIVI CORPORATION
Board of Directors
Matti Virtaala Chairman of the Board
Distribution: NASDAQ OMX Helsinki Ltd
Central Media
www.tulikivi.com
Additional information: Tulikivi Corporation, 83900 Juuka, tel.
+358-207-636 000, www.tulikivi.com
- Chairman of the Board of Directors Matti Virtaala
- Managing Director Heikki Vauhkonen
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