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Juha Sivonen February 7, 2006

Tulikivi Corporation. Juha Sivonen February 7, 2006. Briefing on February 7, 2006 at 9:30. Welcome Financial Statements 2005 Managing Director’s review Tulikivi’s future. Financial Statements 2005. Consolidated revenue was up 6.1% to EUR 58.6 million (55.3)

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Juha Sivonen February 7, 2006

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  1. Tulikivi Corporation Juha Sivonen February 7, 2006

  2. Briefing on February 7, 2006 at 9:30 • Welcome • Financial Statements 2005 • Managing Director’s review • Tulikivi’s future

  3. Financial Statements 2005 • Consolidated revenue was up 6.1% to EUR 58.6 million (55.3) • Comparable earnings improved by 20.2 % • Profit before taxes was EUR 6.1 million (comparable: 5.0, published: 6,1) • Revenue in Q4 increased by 10.7% and comparable earnings by 54.7% • Cash flow from operating activities before investments was EUR 10.5 million (6.5) • The order book at year’s end was EUR 9.2 million (5.4)

  4. Comparability • A positive non-recurring entry amounting to EUR 1,2 million was entered in the final quarter of the 2004 IFRS financial statement. • Reason was the withdrawal of the disability pension obligation due to the change in the pension system under the Employees´Pensions Act (TEL)

  5. Consolidated Income Statement, Abstract 01-12/2005 01-12/2004 Change, % Me Sales 58,6 55,3 6,1 Operating profit 6,3 6,3/5,1 0,0/+22 Percentage of sales 10,7 11,4/9 Profit before taxes 6,1 6,1/5,0 -1,0/+20 Percentage of sales 10,3 11,1/9 Profit for the year 4,4 4,4 0,4

  6. Key Financial Ratios and Share Ratios 12/2005 12/2004 Order book, (31 Dec.) MEUR 9,2 5,4Gross investments, MEUR 4,8 3,9 Gross investment, % of sales 8,1 7,1 Average number of staff 514 513 Earning per share, EUR 0,48 0,48/0,39 Equity per share, EUR 2,80 2,54 Return on investment 20,7 20,3/16,5 Equity ratio, % 63,0 55,3 Gearing, % -3,1 12,1 Current ratio 1,6 1,9 Number of shares average 9106385 9106385 Number of shares 31 Dec. 9106385 9106385

  7. Consolidated Balance Sheet EUR million 12/2005 12/2004 Assets Non-current assets 22.0 21.0 Inventories 7.0 7.5 Current assets 11.6 13.4 Equity and liabilities Equity 25.5 23.1 Provisions 0.3 0.2 Interest-bearing liabilities 3.3 8.7 Non-interest bearing liabilities 11.4 9.9 Balance sheet total 40.6 41.9

  8. Consolidated Cash Flow Statement MEUR 12/2005 12/2004 Cash flows from operating activities Profit for the period 4,4 4,4 Adjustments: Non-cash transactions 4,0 2,8 Interest expenses and income and taxes 1,8 1,9 Change in working capital 1,8 -0,6 Interst paid and received and taxes paid -1,5 -2,0 Net cash flow from operating activities 10,5 6,5 Cash flows from investing activities Acquisition of subsidiaries and associatedcompanies and loans granted to them -0,1 -0,1 Investments in property, plant andequipment and intangible assets -5,1 -3,5 Grants received for investments and sales of property, plant and equipment 0,3 0,2 Investments in /proceeds on financial assets at fair value through profit and loss, change 0,8 Net cash flow from investing activities -4,1 -3,4 Cash flows from financing activities Loans received 5,6 Repayment of loans -5,3 -4,8 Dividends paid -2,1 -4,6 Net cash flow from financing activities -7,4 -3,8 Change in cash and cash equivalents -1,0 -0,7 Cash and cash equivalents at beginning of period 5,1 5,8 Cash and cash equivalents at end of period 4,1 5,1

  9. Outlook for the Future • Tulikivi´s sales are still rising in both its main and new markets. • Company is making further outlays on the development of distribution channels and product marketing. • Uncertainties regarding the distribution of energy and the rising price of heating energy increase the demand for fireplaces. • The trend in the Group’s revenue and earnings is positive at the annual level. • The order book is on the record level

  10. Propositions of the board of directors to the Annual General Meeting 6.4.2006 • Dividend proposal 0,280 €/A-share, 0,273 €/K-share, totalling 2,5 m€ (=57% of the net result). • Split: nominal value of both series of shares 0,68  0,17€; each existing share will be divided in four new shares. • Renewing the authorization to buy back company´s own shares (max. 672.138 A and 238.500 K, numbers before the split) • Authorizing the Board of Directors to decide on rising the share capital (max. 1.821.277, numbers before the split) with the right to waive the pre-emptive subscription right of shareholders provided there is a weighty financial reason for the company to do so.

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