2007-04-20 08:30:03 CEST
2007-04-20 08:30:03 CEST
REGULATED INFORMATION
Tulikivi Oyj - Quarterly report
Intermin report January-March 2007
INTERIM REPORT JANUARY-MARCH 2007
- The Tulikivi Group's sales were EUR 19.2 million (EUR 16.3
million in the previous year).
- The Group's profit before taxes was EUR 0.5 (1.7) million.
- The order book amounted to EUR 10.8 (9.7) million at period's
end.
Changes in segment reporting
As from January 1, 2007, the Group's business segments are the
Fireplace Business, Natural Stone Products Business and Other
Operations. The Fireplace Business includes soapstone and ceramic
fireplaces as well as stone lining for heaters. The Natural Stone
Products Business includes interior decoration stone products for
households and stone deliveries to construction sites. Other
Operations includes expenses that have not been allocated to the
Group's business functions and tax- and financial expenses as well
as sales of ceramic utensils and the expenses of this business.
Sales and result
The Group's sales amounted to EUR 19.2 million (EUR 16.3 million
in January-March 2006). The Fireplace Business posted sales of EUR
16.7 (14.6) million, the Natural Stone Products Business sales of
EUR 1.9 (1.7) million and Other Operations sales of EUR 0.6
million. The comparable sales of the Fireplace Business - that is,
sales exclusive of ceramic fireplaces - amounted to EUR 13.6
million. Comparable sales fell short of the previous year's level
due to the change in the Finnish distribution channel system and
weaker demand for fireplaces in Germany.
The share of sales accounted for by exports was EUR 9.8 (9.7)
million, or 51.3 (59.4) per cent. The largest countries for
exports were Germany and Sweden. With the exception of Germany,
exports have grown in line with expectations. Domestic sales were
EUR 9.4 (6.6) million.
The Group's operating profit was EUR 0.7 (1.7) million. According
to the Group's segment reporting, the Fireplace Business had an
operating profit of EUR 1.4 (2.3) million, the Natural Stone
Products Business an operating profit of EUR 0.1 (0.1) million and
Other Operations an operating loss of EUR -0.8 (-0.7) million.
Consolidated profit before taxes was EUR 0.5 (1.7) million and
comparable profit amounted to EUR 0.6 million. The earnings trend
was weaker than expected due to slacker demand; in addition, the
start-up expenses of the new plant and the setting up and
marketing of the new distribution chain in Finland burdened
profitability, as reported earlier.
Financing and investments
The Group's financial position is good. Cash flow from operating
activities before investments amounted to EUR -1.2 (-0.4) million.
The equity ratio was 47.5 per cent (64.1 per cent at March 31,
2006). The ratio of interest-bearing net debt to shareholders'
equity, or gearing, was 48.7 (5.5) per cent. Current ratio was 1.6
(1.6). Shareholders' equity per share amounted to EUR 0.84 (EUR
0.74).
The Group's investments totalled EUR 1.3 (1.8) million.
During the report period, the Group continued to open the new
quarry area in Kuhmo, carried out investments related to the
distribution channel change and acquired quarrying machines.
Major events after the end of the report period
Tulikivi Corporation's Annual General Meeting, held on April 13,
2007, resolved that a dividend of EUR 0.090 be paid on Series A
shares and EUR 0.088 on Series K shares. Bishop Ambrosius, Mr.
Juhani Erma, Mr. Eero Makkonen, Mrs. Maarit Toivanen-Koivisto, Mr.
Reijo Vauhkonen, Mr. Heikki Vauhkonen and Mr. Matti Virtaala were
elected as the members of the Board of Directors. The Annual
General Meeting accepted the proposals of the Board of Directors
to authorize the Board of Directors to acquire the company's own
shares, to decide upon an issue of shares and to dispose of the
company's own shares as well as to issue special rights related to
the shares. In addition, the Annual General Meeting accepted the
proposal of the Board of Directors to amend the Articles of
Association.
Outlook for the future
Growth is foreseen in Tulikivi's fireplace exports, with the
exception of Germany. The distribution channel overhaul in Finland
will continue to impact on product sales in the second quarter.
Consolidated annual sales are expected to measure up to the
previous year's level, and good earnings are forecast.
CONSOLIDATED INCOME STATEMENT
MEUR 01-03/ 01-03/ Change, 01-12/
2007 2006 % 2006
Sales 19.2 16.3 18.1 82.1
Other operating income 0.1 0.1 0.6
Increase/decrease in inventories in
finished goods and in work
in progress 1.2 -0.1 -0.3
Production for own use 0.1 0.2 1.0
Raw materials and consumables 3.9 2.5 14.4
External services 2.5 1.7 10.5
Personnel expenses 7.5 5.9 28.7
Depreciation and amortisation 1.4 1.0 5.2
Other operating expenses 4.6 3.7 16.3
Operating profit 0.7 1.7 -61.6 8.2
Percentage of sales 3.4 10.6 10.0
Finance costs -net -0.2 0.0 -0.4
Share of the profit of
associated company 0.0 0.0 0.0
Profit before income tax 0.5 1.7 -69.3 7.8
Percentage of sales 2.7 10.5 9.5
Income tax expenses 0.1 0.4 -2.1
Profit for the period 0.4 1.3 -70.9 5.7
Earnings per share attributable
to the equity holders of the
parent company, EUR 0.01 0.03 0.16
basic and diluted
CONSOLIDATED BALANCE SHEET
MEUR 03/2007 03/2006 12/2006
ASSETS
Non-current assets
Property, plant and equipment
Land 0.9 0.9 0.9
Buildings 8.8 6.7 9.0
Machinery and equipment 13.5 9.0 13.8
Other tangible assets 1.3 0.7 1.2
Intangible assets
Goodwill 4.3 0.6 4.0
Other intangible assets 10.7 4.2 10.5
Investment properties 0.2 0.2 0.2
Available-for-sale investments 0.1 0.1 0.1
Receivables
Deferred tax assets 0.6 0.5 0.5
Total non-current assets 40.3 22.9 40.2
Current assets
Inventories 12.2 7.3 10.6
Trade receivables 7.4 8.6 8.5
Current income tax receivables 0.2 0.1 0.0
Other receivables 2.5 1.4 2.0
Cash and cash equivalents 2.8 1.4 4.9
Total current assets 25.1 18.8 26.0
Total assets 65.4 41.7 66.2
EQUITY AND LIABILITIES
Equity
Share capital 6.3 6.2 6.3
Share premium 7.4 5.4 7.4
Retained earnings 17.4 15.2 17.0
Total equity 31.3 26.8 30.7
Non-current liabilities
Deferred income tax liabilities 3.1 0.8 3.0
Provisions 0.8 0.3 0.6
Interest-bearing debt 14.4 1.8 14.7
Other debt 0.3 0.4 0.4
Total non-current liabilities 18.6 3.3 18.7
Current liabilities
Trade and other payables 11.9 10.4 13.7
Current income tax liabilities 0.3 0.1 0.4
Short-term interest-bearing debt 3.5 1.1 2.7
Total current liabilities 15.7 11.6 16.8
Total liabilities 34.3 14.9 35.5
Total equity and liabilities 65.4 41.7 66.2
CONSOLIDATED CASH FLOW STATEMENT 01-03/ 01-03/ 01-12/
MEUR 2007 2006 2006
Cash flows from operating activities
Profit for the period 0.4 1.3 5.7
Adjustments:
Non-cash transactions 1.5 1.0 5.1
Interest expenses
and income and taxes 0.3 0.4 2.5
Change in working capital -2.8 -2.8 0.8
Interest paid and received
and taxes paid -0.6 -0.3 -2.1
Net cash flow from operating
Activities -1.2 -0.4 12.0
Cash flows from investing activities
Acquisition of subsidiaries -11.0
Investment in property, plant and
equipment and intangible assets -1.4 -1.9 -10.1
Grants received for investments
and sales of property, plant and
equipment 0.1 1.0
Net cash flow from investing
activities -1.4 -1.8 -20.1
Cash flows from financing activities
Proceeds from borrowings 1.0 15.3
Repayment of borrowings -0.5 -0.5 -3.8
Dividends paid -2.6
Net cash flow from financing
activities 0.5 -0.5 8.9
Change in cash and cash
equivalents -2.1 -2.7 0.8
Cash and cash equivalents at
beginning of period 4.9 4.1 4.1
Cash and cash equivalents at
end of period 2.8 1.4 4.9
STATEMENT OF CHANGES IN EQUITY
MEUR
Share Share Trans- Re- Total
capital premium lation tained
fund diff. ear-
nings
Equity 1 January 2007 6.3 7.4 0.0 17.0 30.7
Translation differences 0.0 0.0
Profit for the period 0.4 0.4
Equity 31 March 2007 6.3 7.4 0.0 17.4 31.1
Share Share Trans- Re- Total
capital premium lation tained
fund diff. ear-
nings
Equity 1 January 2006 6.2 5.4 0.0 13.9 25.5
Translation differences 0.0 0.0
Profit for the period 1.3 1.3
Equity 31 March 2006 6.2 5.4 0.0 15.2 26.8
BUSINESS SEGMENTS Q1/ Q1/ 1-12
MEUR 2007 2006 2006
Sales 19.2 16.3 82.1
Fireplaces business 16.7 14.6 72.0
Natural stone products business 1.9 1.7 7.3
Other operations 0.6 2.8
Operating profit 0.7 1.7 8.2
Fireplaces business 1.4 2.3 11.0
Natural stone products business 0.1 0.1 0.3
Other operations -0.8 -0.7 -3.1
BUSINESS SEGMENTS QUARTERLY
Q1/ Q4/ Q3/ Q2/ Q1/
2007 2006 2006 2006 2006
Sales 19.2 24.4 20.5 20.9 16.3
Fireplaces business 16.7 21.5 17.8 18.1 14.6
Natural stone products
business 1.9 1.8 1.7 2.1 1.7
Other operations 0.6 1.1 1.0 0.7
Operating profit 0.7 2.4 2.4 1.7 1.7
Fireplaces business 1.4 3.2 2.8 2.7 2.3
Natural stone products
business 0.1 0.0 0.2 0.0 0.1
Other operations -0.8 -0.8 -0.6 -1.0 -0.7
KEY FINANCIAL RATIOS AND
SHARE RATIOS
03/2007 03/2006 12/2006
Outstanding orders
(31 March), MEUR 10.8 9.7 10.4
Gross investment, MEUR 1.3 2.2 24.1
Gross investment, % of sales 6.6 13.4 29.4
Average number of staff 746 544 664
Earnings per share, EUR 0.01 0.03 0.16
Equity per share, EUR 0.84 0.74 0.83
Equity ratio, % 47.5 64.1 46.4
Gearing, % 48.7 5.5 49.0
Current ratio 1.6 1.6 1.6
Number of shares average 37143970 36425540 36784755
Number of shares 31 March 37143970 36425540 37143970
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 2006 financial
statements, with the exception of the following new/amended
standards that the group has adopted as from January 1, 2007:
- IFRIC 11, IFRS 2 Group and Treasury Share Transactions
- IFRIC 10, Interim Financial Reporting and Impairment
- IFRS 7 Financial Instruments: Disclosures
- IAS 1 (Amendment) Presentation of Financial Statements: Capital
Disclosures
The changes have no material effect on Tulikivi's interim report.
Business Combinations
On the basis of additional information gained during the review
period, the accounting for the acquisition of the shares in
Kermansavi Oy in 2006, was adjusted by adding environmental
provisions of EUR 0.2 million to provisions and supplementing the
amount of deferred tax liabilities recognized with EUR 0.1
million. Due to these changes, goodwill grew by about EUR 0.3
million, and amounted to EUR 3.6 million on March 31, 2007.
Income taxes
01-03/0701-03/06 01-12/06
Taxes for the current and previous
financial periods 0.2 0.4 2.1
Deferred taxes -0.1 0.0 0.0
Total 0.1 0.4 2.1
Collateral and securities given and other commitments
MEUR 3/2007 3/2006 12/
2006
Loans from credit institutions
and other non-current liabilities,
secured by mortgages and pledges 17.9 2.6 17.4
Mortgages and pledges given 27.7 10.8 27.7
Other mortgages and pledges given
by the company on its own behalf 2.1 1.7 2.1
Derivatives
Interest rate swaps;
nominal value 8.3 8.3
Interest rate swaps;
fair value 0.1 0.1
Environmental and warranty provisions
Environmental Warranty
EUR million provisions provisions
Provisions, Jan. 1, 2007 0.2 0.4
Increase in provisions 0.2 0.0
Provisions, March 31, 2007 0.4 0.4
Provisions and obligations are itemized in the notes to the 2006
consolidated financial statements under notes 25. Provisions and
33. Other contingent liabilities.
Rate development and exchange of Series A shares
During the report period, 1,363,794 shares were traded, with the
value of share turnover being EUR 4.6 million. The highest rating
for the share was EUR 3.75 and the lowest was EUR 3.00. The
closing rate for the period was EUR 3.11.
The Board of Directors had an authorization to buy and, similarly,
to transfer treasury shares. A maximum of 2,688,552 Series A
shares and a maximum of 954,000 Series K shares could be bought
back. The authorization was valid until April 6, 2007. The company
did not own any of its own shares on the closing date.
The Board of Directors had an authorization to increase the share
capital such that the share capital could be increased by a
maximum of EUR 1,238,468 by offering a maximum of 7,285,108 new
Series A shares for subscription at the price determined by the
Board of Directors and under the terms set by the Board. The
authorization was valid until April 6, 2007.
According to the decision of the Annual General Meeting held on
April 13, 2007, the Board of Directors has an authorization to
acquire no more than a total of 2,760,397 Series A shares and no
more than a total of 954,000 Series K shares of the company. The
authorization is in force until the Annual General Meeting to be
held in 2008 but, however, not for a longer period than 18 months
as of the resolution by the General Meeting. In addition, the
Board of Directors has an authorization to decide on issuing new
shares and own shares held by the company. The new shares or the
company's own shares in possession of the company will be issued
in the following amounts: A total of no more than 5,520,794 Series
A shares and no more than 1,908,000 Series K shares. The
authorization is valid until the 2008 Annual General Meeting.
Largest shareholders on 31 March 2007
Name of shareholder Shares Proportion
of total
vote
Vauhkonen Reijo 4 160 146 24.3 %
Vauhkonen Heikki 2 997 706 24.1 %
Elo Eliisa 2 957 020 5.9 %
Virtaala Matti 2 315 119 11.8 %
Mutual Pension Insurance
Company Ilmarinen 1 902 380 1.5 %
Mutanen Susanna 1 643 800 7.2 %
Vauhkonen Mikko 797 700 3.6 %
Paatero Ilkka 718 430 0.6 %
Nuutinen Tarja 674 540 3.5 %
Fondita Nordic Small Cap
Placfond 619 000 0,5 %
Other shareholders 18 358 129 17,0 %
The Financial Statements have not been audited.
The companies included in the Group are the parent company
Tulikivi Corporation and subsidiaries Kermansavi Oy, Kivia Oy, AWL-
Marmori Oy, Tulikivi U.S. Inc. and OOO Tulikivi. Group companies
include also Tulikivi Vertriebs GmbH and The New Alberene Stone
Company, Inc., which are dormant. Parent company has a fixed place
of business in Germany, Tulikivi Oyj Niederlassung Deutschland.
The Group has associated companies Stone Pole Oy and Leppävirran
Matkailukeskus Oy.
TULIKIVI CORPORATION
Board of directors
Matti Virtaala,
Chairman of the Board
Distribution: Helsinki Stock Exchange
Central Media
www.tulikivi.com
Additional information: Tulikivi Corporation, 83900 Juuka, tel.
+358-207-636 000
- Chairman of the Board of Directors Matti Virtaala
- Managing Director Juha Sivonen
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