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Heikki Vauhkonen 21.4.2010

Tulikivi Corporation. Heikki Vauhkonen 21.4.2010. Interim Report 01-03/2010. The Tulikivi Group´s sales amounted to EUR 10.7 million (EUR 11.0 million, 01-03/2009). The Group´s result before taxes was EUR -1.9 (-3.0) million. Earnings per share were EUR -0.04 (-0.06).

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Heikki Vauhkonen 21.4.2010

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  1. Tulikivi Corporation Heikki Vauhkonen 21.4.2010

  2. Interim Report 01-03/2010 • The Tulikivi Group´s sales amounted to EUR 10.7 million (EUR 11.0 million, 01-03/2009). • The Group´s result before taxes was EUR -1.9 (-3.0) million. • Earnings per share were EUR -0.04 (-0.06). • Cash flow from operating activities before investments was EUR -2.4 (-1.0) million. • Order books were EUR 8.2 (6.6 on 31 March 2009) million on 31 March. • The Group’s recovering sales and improved cost efficiency, are expected to improve net sales from the previous year, and the result for the year is expected to be positive.

  3. Managing Director's comments: • During the first quarter, there was a positive development in demand in Finland. • In addition to the demand in Finland, the export of lining stone products also increased. • Net sales from the export of fireplaces were reduced by the lower demand in Central Europe. • A colder-than-normal winter slowed the completion of building projects and delayed deliveries, which lowered net sales at the beginning of the year. • In February we launched our first new interior design fireplaces and the Tulikivi Green products at the international fireplace exhibition in Europe. The products were very well received. Deliveries to consumers will start during the second half of the year. • On the annual level the positive development of profitebility, that started last year, is continuing. • Over the next few months, sales are expected to be on a clearly higher level than at the beginning of the year.

  4. Future outlook • Private house building along with the demand of fireplaces has increased in Finland and this positive development is expected to continue. • Sales of lining stone products have clearly risen, but sales of fireplaces are yet to increase in Central Europe. • New products will improve the company’s net sales during the second half of the year. • Adjustment measures will be continued in the Group, with layoffs where necessary. • With the company’s recovering sales and improved cost efficiency, the full-year net sales are expected to be up from the previous year and the result is expected to be positive.

  5. Consolidated Income Statement, Summary MEUR 01-03/2010 01-03/2009 Change, % Sales 10.7 11.0 -2.0 Operating profit -1.7 -2.7 36.5 Percentage of sales -16.0 -24.7 Profit before tax -1.9 -3.0 36.8 Percentage of sales -17.8 -27.7 Profit for the period -1.5 -2.4 37.5

  6. Key Figures 03/2010 03/2009 Outstanding orders (31 March), MEUR 8.2 6.6 Gross investments, MEUR 0.7 0.5 Gross investment, % of sales 6.5 4.6 Average number of staff 361 399 Earnings per share, EUR -0.04 -0.06 Equity per share, EUR 0.60 0.64 Equity ratio, % 37.3 37.4 Gearing, % 76.5 69.4 Current ratio 2.0 1.6 Number of shares average 37019770 37043690 Number of shares, 31 March 37019770 37009970

  7. Consolidated Balance Sheet MEUR 03/2010 03/2009 Assets Total non-current assets 34.2 37.1 Total current assets 25.7 26.6 Total assets 59.9 63.7 Equity and liabilities Total Equity 22.3 23.8 Total non-current liabilities 24.5 23.7 Total current liabilities 13.1 16.2 Total equity and liabilities 59.9 63.7

  8. Consolidated Cash Flow Statement MEUR 01-03/2010 01-03/2009 Cash flows from operating activities Profit for the period -1.5 -2.4 Adjustments: Non-cash transactions 1.2 1.3 Interest expenses and income and taxes -0.2 -0.3 Change in working capital -1.6 0.7 Interest paid and received and taxes paid -0.3 -0.3 Net cash flow from operating activities -2.4 -1.0 Cash flows from investing activities Investments in property, plant andequipment and intangible assets -0.7 -0.4 Grants received for investments and sales of property, plant and equipment 0.1 Net cash flow from investing activities -0.6 -0.4 Cash flows from financing activities Loans taken 3.0 Repayment of loans -1.6 -0.6 Dividends paid and treasury shares -0.1 Net cash flow from financing activities -1.4 -0.7 Change in cash and cash equivalents -1.6 -2.1 Cash and cash equivalents at beginning of period 10.6 11.7 Cash and cash equivalents at end of period 9.0 9.6

  9. Thank you! Tulikivi Corporation 83900 JUUKA Tel. +358 (0) 207 636 000 www.tulikivi.com

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