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Tulikivi Corporation Interim Report Q3 2010 Analysis

Explore the financial performance of Tulikivi Group in Q3 2010 with details on net sales, profitability, future outlook, and key figures from the consolidated income statement. Gain insights into the company's standing, outlook, and market trends.

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Tulikivi Corporation Interim Report Q3 2010 Analysis

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  1. Tulikivi Corporation Heikki Vauhkonen 20.10.2010

  2. Interim Report 01-09/2010 • Tulikivi Group’s third-quarter net sales were EUR 13.9 million (Q3/2009: EUR 13.5 million), the operating profit was EUR 0.2 (0.6) million and the profit before taxes was EUR 0. (0.4) million. • The Group’s net sales for January-September were EUR 39.3 million (Jan-Sep/2009: EUR 37.5 million), the operating result was EUR -1.1 (-2.7) million and the result before taxes was EUR -1.6 (-3.5) million. • Earnings per share amounted to to EUR -0.03 (-0.08) in the report period and EUR 0.00 (-0.01) in the second quarter. • Cash flow from operating activities was EUR -1.0 (-0.6) million. • Order books at the end of the period were EUR 7.8 million (EUR 6.7. million on June 30 2009 and EUR 4.8. million on 31 December 2009). • The Group’s fourth-quarter net sales are expected to be up and profitability to improve, but the 2010 result before taxes may remain slightly in the red.

  3. Managing Director's comments: • In the third quarter, domestic sales of fireplaces performed very well. The situation in the market was good and our new products have been well received, and in the early autumn we also focused on promoting these products. Thanks to the various measures taken, the market share of Tulikivi products in Finland increased in the early part of the year. • Lining stone sales were also good in the early autumn, and order books are strong to the end of the year. • Fireplace exports in the January-September period were lower than expected, and the market environment in Central Europe is still challenging. • Third-quarter profitability was adversely affected by the early season marketing measures of the new products and by the less favourable composition of sales in relation to a year earlier. • The strong order books will enable an improvement in net sales and profitability in the final part of the year.

  4. Future outlook • The growth in private house building in Finland means that the demand for Tulikivi products will continue to be strong. • The demand for lining stone products will also continue to be good. • The Central Europe the overall demand for fireplaces has fallen below earlier levels. • Growth in net sales will be aided by the Tulikivi Green products and the new interior design fireplaces launched during the report period. • The Group´s fourth-quarter net sales are expected to be up and profitability to improve. • However, as a result of export demand focusing on products with a lower profit margin, the 2010 result before taxes may remain slightly in the red.

  5. Consolidated Income Statement, Summary MEUR 01-09/2010 01-09/2009 Change, % Sales 39.3 37.5 4.7 Operating profit -1.1 -2.7 61.1 Percentage of sales -2.7 -7.3 Result before tax -1.6 -3.5 53.5 Percentage of sales -4.2 -9.4 Total comprehensive income for the period -1.2 -2.9 58.3

  6. Key Figures 09/2010 09/2009 Outstanding orders (30 Sept.), MEUR 7.8 6.1 Gross investments, MEUR 2.0 1.5 Gross investment, % of sales 5.0 4.0 Average number of staff 389 419 Earnings per share, EUR -0.03 -0.08 Equity per share, EUR 0.59 0.63 Equity ratio, % 36.9 40.8 Gearing, % 82.9 77.4 Current ratio 1.8 1.7 Number of shares average 37019770 37025201 Number of shares, 30 Sept 37019770 37019770

  7. Consolidated Balance Sheet MEUR 09/2010 09/2009 Assets Total non-current assets 32.9 35.0 Total current assets 25.9 22.2 Total assets 58.8 57.2 Equity and liabilities Total Equity 21.7 23.3 Total non-current liabilities 22.9 20.8 Total current liabilities 14.2 13.1 Total equity and liabilities 58.8 57.2

  8. Consolidated Cash Flow Statement MEUR 01-09/2010 01-09/2009 Cash flows from operating activities Profit for the period -1.2 -3.8 Adjustments: Non-cash transactions 3.5 4.1 Interest expenses and income and taxes 0.2 0.1 Change in working capital -3.1 -1.0 Interest paid and received and taxes paid -0.4 -1.0 Net cash flow from operating activities -1.0 -0.6 Cash flows from investing activities Investments in property, plant andequipment and intangible assets -2.0 -1.5 Grants received for investments and sales of property, plant and equipment 0.1 0.2 Net cash flow from investing activities -1.9 -1.3 Cash flows from financing activities Loans taken 5.0 Repayment of loans -4.0 -4.0 Dividends paid and treasury shares -0.9 -1.1 Net cash flow from financing activities 0.1 -5.1 Change in cash and cash equivalents -2.8 -7.0 Cash and cash equivalents at beginning of period 10.6 11.7 Cash and cash equivalents at end of period 7.8 4.7

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

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