Tulikivi Corporation Half year financial report 1–6/2023: Profitable export growth continued
18 Agosto 2023 - 5:00AM
Tulikivi Corporation Half year financial report 1–6/2023:
Profitable export growth continued
TULIKIVI CORPORATION HALF YEAR FINANCIAL REPORT
18 AUGUST 2023 AT 1 PM
- The Tulikivi Group’s net sales were EUR 13.3 million (Q2/2022:
EUR 12.2 million) in the second quarter and EUR 26.4 million
(H1/2022: EUR 20.6 million) in the review period.- The Tulikivi
Group’s operating profit was EUR 2.3 (1.7) million in the second
quarter and EUR 3.6 (2.0) million in the review period.- The
Tulikivi Group’s profit before taxes was EUR 2.2 (1.4) million in
the second quarter and EUR 3.3 (1.5) million in the review period.-
The equity ratio at the end of the review period was 44.6 per cent
(33.6).- Order books stood at EUR 13.9 (11.3) million at the end of
the period.- The Suomussalmi talc project has progressed well.-
Future outlook: Net sales are expected to increase in 2023, and the
comparable operating profit is expected to improve on 2022.
Key financial
ratios |
|
|
|
|
|
|
|
|
|
|
|
1-6/23 |
1-6/22 |
Change, % |
|
1-12/22 |
4-6/23 |
4-6/22 |
Change, % |
|
|
|
|
|
|
|
|
|
|
Sales, MEUR |
|
26.4 |
20.6 |
28.1 % |
|
44.3 |
13.3 |
12.2 |
9.5 % |
Operating
profit/loss, MEUR |
3.6 |
2.0 |
81.3 % |
|
4.7 |
2.3 |
1.7 |
34.8 % |
Operating
profit/loss without impairment loss, MEUR |
3.6 |
2.0 |
81.3 % |
|
4.7 |
2.3 |
1.7 |
34.8 % |
Profit before tax,
MEUR |
3.3 |
1.5 |
111.9 % |
|
4.1 |
2.2 |
1.4 |
62.9 % |
Total
comprehensive income for the period, MEUR |
2.4 |
1.7 |
43.4 % |
|
4.9 |
1.6 |
1.6 |
5.6 % |
Earnings per
share, Euro |
0.04 |
0.03 |
|
|
0.08 |
0.03 |
0.03 |
|
Net cash flow from
operating activities, MEUR |
1.8 |
2.2 |
|
|
6.3 |
2.5 |
1.6 |
|
Operating
profit/loss without impairment loss, % |
13.7 |
9.7 |
|
|
10.6 |
17.5 |
14.2 |
|
Equity ratio, % |
|
44.6 |
33.6 |
|
|
39.0 |
|
|
|
Net indebtness
ratio, % |
63.7 |
104.9 |
|
|
72.7 |
|
|
|
Return on
investments, % |
27.2 |
17.7 |
|
|
19.7 |
|
|
|
Comments by Heikki Vauhkonen, Managing
Director:
Net sales continued to grow in the second
quarter, thanks to exports to Central Europe. The high heating
energy prices in the heating season and the uncertainty related to
the availability of energy and household security of supply
increased consumers’ interest in fireplaces, which affected
deliveries during the review period.
In the second quarter, the company’s order
intake was EUR 11.3 (14.3) million, with demand boosted by the new
and compact Jero fireplace collection. Domestic demand was lower
than before, due to a challenging economic environment. Tulikivi’s
order books remained at a good level and amounted to EUR 13.9
(11.3) million at the end of the review period.
Profitability improved, thanks to higher net
sales, sales mix and successful productivity improvement measures.
The company’s profitability is also supported by the fact that its
operations are, to a substantial degree, based on the utilisation
of its own soapstone reserves in Finland.
In Central Europe, sales and training activities
were continued for the expansion of the distribution network of
both Tulikivi and Kermansavi fireplaces. The focus of these
measures was the new Jero collection. The products combine the
technology of heat-retaining fireplaces with the compact size and
modern design of a stove. The affordable and easy-to-install Jero
collection was very well received at the international World of
Fireplaces fair in Leipzig in April. In Central Europe, consumers
prefer products in the stove-size range, and the collection will
enable Tulikivi to reach new customer groups.
The feasibility study for the Suomussalmi talc
project progressed positively during the first half of the year,
with Metso Corporation’s enrichment and filtration tests and the
preliminary design project of the enrichment plant. Based on a
simulation of the production scale process, good quality enriched
talc can be produced from talc ore from Haaponen with good yields.
The enriched talc from the enrichment trials was used to produce
jet-milled talc products. The enriched talc was milled to three
different grain sizes, with average sizes ranging from about 2.5
microns to 5 microns. As expected, the whiteness of the milled
product increased with fineness and the talc retained its platy
quality. Platyness is a desirable property, especially for talc
applications that are growing.
The studies required for the Environmental
Impact Assessment report (EIA report) were completed during the
summer. The EIA report will be submitted to the Kainuu ELY Centre,
which is the contact authority, in the autumn of this year. The
feasibility study is expected to be completed in its entirety by
the end of 2023.
TULIKIVI CORPORATION
Board of Directors
Distribution: Nasdaq HelsinkiKey mediawww.tulikivi.com
Further information: Heikki Vauhkonen, Managing Director, tel.
+358 (0)207 636 555
- Half year financial report 1-6 2023
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