2012-08-08 10:30:00 CEST
2012-08-08 10:30:02 CEST
REGULATED INFORMATION
Tulikivi Oyj - Interim report (Q1 and Q3)
Interim report 01-06/2012
Tulikivi Corporation
Interim report 01-06/2012
8 August 2012, 11.30 am
Interim report, 1 January - 30 June 2012
- The Tulikivi Group's second-quarter net sales were EUR 13.2 million (1 April
- 30 June 2011: EUR 15.6 million), the operating result was EUR 0.6 (-0.3)
million and the result before taxes was EUR 0.3 (-0.5) million.
- The Group's net sales for 1 January - 30 June 2012 were EUR 23.9 million (1
January - 30 June 2011: EUR 28.2 million), the operating result was EUR -0.8
(-1.8) million and the result before taxes was EUR -1.2 (-2.2) million.
- Earnings per share amounted to EUR -0.02 (-0.04) for 1 January - 30 June
2012, and EUR 0.01 (-0.01) for the second quarter.
- Net cash flow from operating activities during the reporting period was EUR
-3.7 (-2.3) million.
- Order books at the end of the period were at EUR 7.3 million (30 June 2011:
EUR 8.5 million).
- Future outlook: Full-year net sales in 2012 are expected to be about the same
as in 2011, adjusted for the impact of discontinued operations (EUR 3.0 million
in 2011). The company has carried out centralisation and adjustment measures,
and these will create significant savings during 2012. They are expected to
turn the full-year's operating result into a profit.
Summary of the interim report 01-06/2012. The full interim report os attached
to this release.
Key financial ratios
1-6/ 1-6/ Change, 1-12/ 4-6/ 4-6/ Change,
2012 2011 % 2011 2012 2011 %
---------------------------------------------------------------
Sales, 23.9 28.2 -15.2 58.8 13.2 15.6 -15.4
Meur
---------------------------------------------------------------
Operating -0.8 -1.8 55.6 -2.4 0.6 -0.3 300.0
profit/
loss,
MEUR
---------------------------------------------------------------
Profit -1.2 -2.2 45.5 -3.1 0.3 -0.5 160.0
before
tax,
MEUR
---------------------------------------------------------------
Total -0.9 -1.7 47.1 -2.4 0.3 -0.3 200.0
compre-
hensive
income
for the
period,
MEUR
---------------------------------------------------------------
Earnings -0.02 -0.04 -0.07 0.01 -0.01
per share,
Euro
---------------------------------------------------------------
Net cash -3.7 -2.3 1.4
flow from
operating
activities,
MEUR
---------------------------------------------------------------
Equity 32.2 33.3 33.3
ratio,
%
---------------------------------------------------------------
Net 127.9 100.5 96.5
indebt-
ness
ratio, %
---------------------------------------------------------------
Return -3.4 -7.5 -4.8 5.4 -2.2
on invest-
ments, %
---------------------------------------------------------------
Managing Director's comments:
“The demand for Tulikivi products in the second quarter was about the same as
in the first quarter.
The demand for fireplaces on the Finnish market was down on the previous year,
due to the decrease in new housing construction and the caution shown by
consumers. Despite the challenging economic situation, fireplace exports showed
a positive trend in the first half of the year in France, Germany and the USA.
Lining stone product customers continued to be cautious and to keep their
stocks low. The demand for sauna products continued as planned.
The Group's measures to achieve cost savings of EUR 3 million in 2012 have
proceeded as planned. These measures include the discontinuing of unprofitable
operations, making savings in fixed costs, and taking measures to improve
production efficiency.”
Net sales and result
The Group's net sales amounted to EUR 23.9 million (1 January - 30 June 2011:
EUR 28.2 million). Net sales of the Fireplaces Business were EUR 21.6 (24.9)
million, and net sales of the Interior Stone Products Business were EUR 2.3
(3.3) million. The 2011 figures include net sales in discontinued operations,
which amounted to EUR 0.6 million in the Fireplaces Business and EUR 1.4
million in the Interior Stone Products Business.
Net sales in Finland accounted for EUR 12.2 (15.1) million, or 51.2 (53.4) per
cent, of total net sales. Exports amounted to EUR 11.7 (13.1) million in net
sales. The principal export countries were France, Sweden, Germany, Belgium and
Russia.
The consolidated operating result was EUR -0.8 (-1.8) million. In the segment
reporting, the corresponding operating result for the Fireplaces Business was
EUR 0.2 (-0.6) million, and for the Interior Stone Products Business EUR -0.1
(-0.3) million. The expenses under ‘Other items' were EUR -0.9 (-0.9) million.
The consolidated result before taxes was EUR -1.2 (-2.2) million, and the
result for the reporting period was EUR -0.9 (-1.7) million. Earnings per share
amounted to EUR -0.02 (-0.04).
The Group's second-quarter net sales were EUR 13.2 million (1 April - 30 June
2011: EUR 15.6 million), the operating result was EUR 0.6 (-0.3) million and
profit before taxes was EUR 0.3 (-0.5) million. The second-quarter operating
result for 2011 included non-recurring items from restructuring, amounting to a
net total of EUR -0.6 million. EUR -0.4 million of these items was allocated to
the Fireplaces Business and EUR -0.2 million to the Interior Stone Products
Business. Earnings per share amounted to EUR 0.01 (-0.01).
Financing and investments
Cash flow from operating activities before investments was EUR -3.7 (-2.3)
million.
Working capital increased by EUR 4.5 million in the period and came to EUR 10.0
million (30 June 2011: EUR 8.0 million). Interest-bearing debt was EUR 26.8
(26.5) million, and the Group's net financial expenses were EUR 0.4 (0.4)
million. The equity ratio was 32.2 per cent (30 June 2011: 33.3 per cent). The
ratio of interest-bearing net debt to equity, or gearing, was 126.3 (100.5) per
cent. The current ratio was 1.6 (1.6). The equity per share amounted to EUR
0.48 (0.53).
At the end of the reporting period, the Group's cash assets were EUR 3.8 (6.9)
million. The Group's interest-bearing debt includes covenants which are tied to
the Group's equity. The covenant conditions were met at the close of the
reporting period. In addition, the Group has an annual covenant condition that
is tied to the ratio between its interest-bearing debt and EBITDA.
The Group's investments in production, quarrying and development were EUR 1.5
(2.3) million in the reporting period. Research and development expenditure was
EUR 0.8 (1.2) million, i.e. 3.3 (4.3) per cent of net sales. EUR 0.2 (0.3)
million of this was capitalised in the balance sheet.
A new range of woodburning stoves was launched in the first half of 2012, along
with the new Hiisi fireplaces, which are well-suited to modern, low-energy
construction projects.
Personnel
The Group employed an average of 370 (421) people during the reporting period.
Salaries and bonuses during the period totalled EUR 7.4 (8.9) million.
Near-term risks and uncertainties
Unexpected fluctuations in the economy which could weaken demand are seen as
near-term risks for the Group. More information on risks can be found in the
Board of Directors' report on 2011 and the notes to the financial statements.
Future outlook
Consumers in the company's main markets are still cautious and are considering
their investment decisions carefully.
Full-year net sales in 2012 are expected to be about the same as in 2011,
adjusted for the impact of discontinued operations (EUR 3.0 million in 2011).
The company has carried out centralisation and adjustment measures, and these
will create significant savings during 2012. They are expected to turn the
full-year operating result into a profit.
Order books at the end of the reporting period amounted to EUR 7.3 million (30
June 2011: EUR 8.5 million).
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, www.tulikivi.com
- Chairman of the Board of Directors Matti Virtaala, +358 207 636 666
- Managing Director Heikki Vauhkonen, +358 207 636 555
ATTACHEMENT: Interim Report 01-06/2012
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