2009-10-20 08:00:00 CEST
2009-10-20 08:00:02 CEST
REGULATED INFORMATION
Tulikivi Oyj - Interim report (Q1 and Q3)
Interim report 01-09/2009
Tulikivi Oyj INTERIM REPORT
20 October, 2009 at 09.00
Interim report 1-9/2009
- The Tulikivi Group's third-quarter sales were EUR 13.5 million
(EUR 16.6 million, 7-9/2008) and result before taxes was EUR 0.4
(1.0) million.
- The Group's sales during the period were EUR 37.5 million (EUR
48.2 million, 1-9/2008) and result before taxes was a loss of EUR
-3.5 (+1.2) million. Earnings per share amounted to EUR -0.08
(0.02). Cash flow from operating activities was EUR -0.6 (+3.3)
million.
- Order books at the end of the period were at EUR 6.0 (7.2)
million.
- The Group's financial position is good and the equity ratio was
40.8% (43.5%)
- Net sales are expected to fall well below that of last year and
the result for the year will be in the red, in spite of the
improvement in profitability.
Managing Director's comments:
“The measures implemented in the programme to centralise Group
functions and improve profitability improved the company's
profitability as planned during the third quarter.
In Finland, consumer interest in our fireplace products clearly
increased. After last winter's ‘shock phase', consumers have once
again started to plan and implement building projects. In Finland
operations are focused on the further development of the
distribution network and services.
The autumn season for fireplace sales is late in Central Europe.
Long-term demand for lining stone is helping to widen the customer
base.
Demand for natural stone products has been clearly weaker than it
was the previous year.
The company's profitability will further improve as the market
conditions develop positively.”
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
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 37.5 million (EUR
48.2 million in January - September 2008). The net sales of the
Fireplaces Business was EUR 33.4 (42.1) million and of the Natural
Stone Business EUR 4.1 (6.1 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.
Exports accounted for EUR 18.9 (21.5) million, or 50.4 (44.5) per
cent, of total net sales. Finnish sales were 18.6 (26.7) million.
The largest countries for exports were France, Germany and
Belgium.
At the operating profit level, the Group posted a loss of EUR -2.7
(+1.9) million. In accordance with the Group's segment reporting,
the Fireplaces Business had an operating result of EUR -0.3 (+4.0)
million, and the Natural Stone Products Business an operating
result of EUR 0.0 (0.4) million, while other items' expenses were
EUR -2.4 (-2.5) 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. The Group's result before taxes was
EUR -3.5 (+1.2) million and net losses were EUR -2.8 million
(+0.9) million. Earnings per share were EUR -0.08 (0.02).
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. The
restructuring provision mentioned above, of which EUR 0.7 million
has been used, was recognised for these measures. In addition to
the restructuring provision, 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 third-quarter sales were EUR 13.5 million (EUR 16.6
million in July-September 2008). Result before taxes was EUR 0.4
(1.0) million.
Financing and investments
Cash flow from operating activities before investments was EUR -
0.6 (+3.3 million). The Group's net financial expenses were EUR
0.8 (0.7) million. The equity ratio was 40.8 per cent (43.5 per
cent at 30 September 2008). The ratio of interest bearing net debt
to equity, or gearing, was 77.4 (66.9) per cent. The current ratio
was 1.7 (1.7). The equity per share amounted to EUR 0.63 (0.72).
The Group has a solid financial position. At the end of the review
period, the Group's cash assets were EUR 4.7 million (4.0) and
undrawn credit facilities and unused credit limits amounted to EUR
9 million.
The Group's investments in production, quarrying and development
were EUR 1.5 (1.8) million during the period. Research and
development costs were EUR 1.0 (1.1) million. EUR 0.2 million of
this amount was capitalized in the balance sheet. Combustion
researchs and product conceptualisation have been continued in
development operations.
Personnel
The Group employed an average of 419 (569) people during the
reporting period. Salaries and bonuses totalled EUR 11.6 (12.7)
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 of the Group's profit after financial items
and cash flow from operations.
The incentive pay scheme is based on of the Group's result and on
the improvement of 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, Helsinki.
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 EUR 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
Sudden changes in the economy, a significant decline in consumer
prices for energy and changes in state subsidies or regulations
would weaken demand for fireplaces. The Group's near-term risks
mainly relate to the decline in demand for fireplace products.
According to the Group's long-term risk assessment, its strategic
risks concern, but are not limited to, changes in the Group's
operating environment, market situation and market position, and
risks related to raw material reserves and legislative amendments.
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,
but private house building is starting to increase in Finland. Net
sales for the financial period are expected to fall well below
that of last year. The centralisation and productivity improvement
programme that is underway in the company will improve
profitability in the latter half of the year. The result for the
year will be in the red in spite of the improvement in
profitability.
The order books at the end of the review period amounted to EUR
6.0 (7.2 on 30 September 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
1-9/ 1-9/ Change,1-12/ 7-9/ 7-9/ Change
2009 2008 % 2008 2009 2008 %
Sales 37.5 48.2 -22.1 66.5 13.5 16.6 -18.5
Other operating
income 0.5 0.6 0.7 0.1 0.2
Increase/decrease in
inventories of
finished goods and
in work in progress -1.0 -0.9 -0.6 -0.4 -0.9
Production for
own use 0.2 0.4 0.8 0.0 0.1
Raw materials and
consumables 7.1 9.0 12.5 2.4 2.7
External services 5.3 7.4 10.0 1.9 2.7
Personnel expenses 14.7 16.6 23.1 4.1 4.9
Depreciation and
amortisation 4.2 4.1 5.7 1.3 1.4
Other operating
expenses 8.6 9.3 12.9 2.7 3.0
Operating profit/
oss -2.7 1.9 -240.5 3.2 0.6 1.4 -54.4
Percentage of sales -7.3 4.0 4.9 4.7 8.3
Financial incomes 0.1 0.1 0.2 0.0 0.0
Financial expenses -0.9 -0.8 -1.4 -0.3 -0.3
Share of the profit of
associated company 0.0 0.0 0.0 0.0 0.0
Profit before income
tax -3.5 1.2 -391.3 2.1 0.4 1.0 -62.3
Percentage of sales -0.9 2.5 3.1 2.9 6.3
Direct taxes 0.7 -0.3 -0.6 -0.1 -0.3
Profit/loss for
the period -2.8 0.9 -422.2 1.4 0.3 0.8 -66.1
Other comprehensive income
Interest rate swaps 0.0 -0.1 0.0 0.0
Translation
differences -0,1 0.0 0.0 0.0 0.1
Total comprehensive
Income for the period -2.9 0.9 -419.0 1.3 0.2 0.8 -70.7
Earnings per share
attributable to the
equity holders of the
parent company, EUR
basic and diluted -0.08 0.02 0.04 -0.02 0.02
CONSOLIDATED BALANCE SHEET
MEUR 09/2009 09/2008 12/2008
ASSETS
Non-current assets
Property, plant and equipment
Land 1.0 1.1 1.0
Buildings 7.6 8.2 8.0
Machinery and equipment 8.8 10.8 10.3
Other tangible assets 1.1 1.2 1.2
Intangible assets
Goodwill 4.2 4.3 4.3
Other intangible assets 10.5 11.1 11.2
Investment properties 0.2 0.2 0.2
Available-for-sale investments 0.1 0.1 0.1
Receivables
Deferred tax assets 1.5 0.9 0.9
Total non-current assets 35.0 37.9 37.2
Current assets
Inventories 10.4 11.7 11.5
Trade receivables 6.1 6.9 5.3
Current income tax receivables 0.1 0.3
Other receivables 0.9 0.8 0.4
Cash and cash equivalents 4.7 4.0 11.7
Total current assets 22.2 23.7 28.9
Total assets 57.2 61.6 66.1
EQUITY AND LIABILITIES
Equity
Share capital 6.3 6.3 6.3
Share premium 7.4 7.4 7.4
Treasury shares -0.1 -0.1
Translation differences -0.1 -0.1 0.0
Revaluation reserve -0.1 -0.1
Retained earnings 9.9 13.2 13.7
Total equity 23.3 26.8 27.2
Non-current liabilities
Deferred income tax liabilities 1.9 2.1 2.1
Provisions 0.9 0.9 0.9
Interest-bearing liabilities 18.0 17.7 21.6
Other liabilities 0.4
Total non-current liabilities 20.8 21.1 24.6
Current liabilities
Trade and other payables 8.1 9.5 9.1
Current income tax liabilities 0.1
Current provisions 0.3 0.0
Short-term interest-bearing debt 4.7 4.2 5.1
Total current liabilities 13.1 13.7 14.3
Total liabilities 33.9 34.8 38.9
Total equity and liabilities 57.2 61.6 66.1
CONSOLIDATED CASH FLOW STATEMENT 01-09/ 01-09/ 01-12/
MEUR 2009 2008 2008
Cash flows from operating activities
Profit for the period -2.8 0.9 1.4
Adjustments:
Non-cash transactions 4.1 4.1 5.8
Interest expenses
and interest income and taxes 0.1 1.0 1.8
Change in working capital -1.0 -1.4 0.2
Interest paid and received
and taxes paid -1.0 -1.3 -1.6
Net cash flow from operating
activities -0.6 3.3 7.6
Cash flows from investing activities
Investment in property, plant and
equipment and intangible assets -1.5 -1.8 -3.3
Grants received for investments
and sales of property, plant and
equipment 0.2 0.1 0.2
Net cash flow from investing
activities -1.3 -1.7 -3.1
Cash flows from financing activities
Proceeds from non-current and
current borrowings 3.0 10.0
Repayment of non-current and current
borrowings -4.0 -2.7 -4.9
Dividends paid treasury shares -1.1 -1.7 -1.7
Net cash flow from financing
activities -5.1 -1.4 3.4
Change in cash and cash
equivalents -7.0 0.2 7.9
Cash and cash equivalents at
beginning of period 11.7 3.8 3.8
Cash and cash equivalents at
end of period 4.7 4.0 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
Total comprehensive
income for the period -0.1 -2.8 -2.9
Dividends paid
and treasury shares 0.0 -1.0 -1.0
Equity
September 30, 2009 6.3 7.4 -0.1 -0.1 -0.1 9.9 23.3
Equity
Jan. 1, 2008 6.3 7.4 -0.1 14.0 27.6
Total comprehensive
income for the period 0.9 0.9
Dividends paid
and treasury shares 0.0 -1.7 -1.7
Equity
September 30, 2008 6.3 7.4 -0.1 0.0 0.0 13.2 26.8
BUSINESS SEGMENTS 1-9/ 1-9/ 1-12
MEUR 2009 2008 2008
Operating segments
Sales 37.5 48.2 66.5
Fireplaces 33.4 42.1 58.5
Natural stone products 4.1 6.1 8.0
Other items - - -
Operating profit/loss -2.7 1.9 3.2
Fireplaces -0.3 4.0 6.1
Natural stone products 0.0 0.4 0.3
Other items -2.4 -2.5 -3.2
BUSINESS SEGMENTS QUARTERLY
Q3/ Q2/ Q1/ Q4/ Q3/ Q2/ Q1/
2009 2009 2009 2008 2008 2008 2008
Operating segments
Sales 13.5 13.0 11.0 18.3 16.6 17.0 14.6
Fireplaces 12.4 11.4 9.6 16.4 14.9 14.6 12.6
Natural stone
products 1.1 1.6 1.4 1.9 1.7 2.4 2.0
Other items - - - - - - -
Operating profit/
loss 0.7 -0.7 -2.7 1.3 1.3 0.9 -0.3
Fireplaces 1.5 0.1 -1.9 2.1 1.9 1.7 0.4
Natural stone
products 0.0 0.1 -0.1 -0.1 0.1 0.1 0.2
Other items -0.8 -0.9 -0.7 -0.7 -0.7 -0.9 -0.9
ASSETS AND LIABILITIES BY SEGMENT ON SEPTEMBER 30, 2009
Fire- Natural Other Total places Stone items
Products
Assets by segment 46.0 4.4 6.8 57.2
Liabilities by
Segment 7.7 0.7 25.5 33.9
Investments 1.0 0.0 0.2 1.2
Depreciation and amortisation
expenses 3.8 0.2 0.2 4.2
KEY FINANCIAL RATIOS AND
SHARE RATIOS
1-9/09 1-9/08 7-9/09 7-9/08 1-12/08
Earnings per share,
EUR -0.08 0.02 0.01 0.02 0.04
Equity per share,
EUR 0.63 0.72 0.63 0.72 0.73
Return on equity,
% -14.8 4.3 4.5 11.3 5.2
Return on investments,
% -6.9 5.4 5.6 10.5 6.8
Equity ratio, % 40.8 43.5 41.2
Net indebtness ratio,
% 77.4 66.9 55.1
Current ratio 1.7 1.7 2.0
Gross investments,
MEUR 1.5 1.8 2.9
Gross investments,
% of sales 4.0 3.6 4.4
Research and development
costs, MEUR 1.0 1.1 1.8
%/sales 2.6 2.3 2.7
Outstanding orders
(30 Sept.), MEUR 6.1 7.2 4.9
Average number of
staff 419 569 526
Rate development of
shares, EUR
Lowest share price,
EUR 0.67 1.20 0.60
Highest share price,
EUR 1.30 1.88 1.88
Average share price,
EUR 0.94 1.45 1.28
Closing price, EUR 1.00 1.22 0.67
Market capitalization at the
end of period,
1000 EUR 37 019.8 45 275.9 24 836.9
(Supposing that the market
price of the K-share
is the same as that
of the A-share)
Number of shares traded,
(1000 pcs) 3 030.7 1 735.0 2 455
% of total amount of
A-shares 11.0 6.3 8.9
Number of shares
average 37025021 37140677 37019770 37143970 37128494
Number of shares
30 September 37019770 37111366 37019770 37143970 37069970
NOTES TO THE INTERIM REPORT
This interim report has been prepared in accordance with
International Financial Reporting Standard (IFRS)- IAS 34 Interim
Financial Reporting as endorsed by the European Union.
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
01-09/09 01-09/08 01-12/08
Taxes for the current and previous
financial periods -0.1 -0.3 -0.7
Deferred taxes 0.8 0.1
Total 0.7 -0.3 -0.6
Collateral and securities given and other commitments
MEUR 9/09 9/08 12/08
Loans from credit institutions
and other non-current liabilities,
secured by mortgages and pledges 18.4 18.0 20.9
Mortgages and pledges given 28.6 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 and
currency swaps;
nominal value 8.2 11.0 13.0
Interest rate swaps;
fair value -0.3 0.1 -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.
Changes in tangible assets are classified as follows
MEUR 01-09/0901-09/08 01-12/08
Acquisition costs 0.9 1.1 1,4
Proceeds from sale 0.0 -0.1 -0,4
Total 0.9 1.0 1,0
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 0.3 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 0.7 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 September 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
2760 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:
EUR 1000 9/09 9/08 12/08
Sales of goods and services to
associated companies 7 12 13
Purchases of goods and services
from associated companies 117 98 173
Sales to related parties 24
Leases from related parties 83 88 115
Outstanding receivables from
related parties 12
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 thousand 98 (93) thousand in the period. The
rent corresponds with the market rents. The company has sold
services amounting to EUR 39 thousand (16 )to the foundation and
has leased land, amounting to EUR thousand 2 (2). Outstanding
receivables from the Foundation amounted EUR thousand 12.
Key management compensation
9/09 9/08 12/08
Salaries and other short-term
employee benefits of the
Board of Directors and
the Managing Director 347 339 416
Other long term employee
benefits 51 45 62
Largest shareholders on 30 September 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 789 310 3.6 %
Paatero Ilkka 718 430 0.6 %
Nuutinen Tarja 674 540 3.5 %
Investment Fond Phoebus 585 690 0.5 %
Other shareholders 18 258 536 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 The New Alberene
Stone Company, Inc., which is 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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