Tulikivi Corporation's Annual General Meeting held on April 13, 2007: Managing Director Juha Sivonen presents the market outlook for the spring Growth in the Tulikivi Group's Q1 revenue did not measure up to expectations. Revenue amounted to about EUR 19.2 million (EUR 16.3 million in the previous year). Comparable revenue - that is, revenue in Q1 2007 less Kermansavi's share - amounted to about EUR 15.5 million. The order book on March 31 was EUR 10.8 (9.7) million and the comparable order book was EUR 7.5 million. In 2006, demand for Tulikivi Group fireplace products increased briskly right up to the end of the year. Demand has slowed in the first half of this year, especially in Germany and Finland. There has been a substantial change in German fireplace demand since the beginning of the year. The three percentage point VAT increase that came into force at the beginning of 2007 brought product deliveries forward to the end of last year. The impact of the VAT increase is temporaryx). The IFO Business Climate Index, which measures the confidence of construction companies, swung into a decline in February. Slower demand for fireplaces in Germany has also been evident in Tulikivi's lining stone sales. Sales have risen in other export markets. Tulikivi overhauled its distribution channel organization in Finland at the start of 2007. The changes were forecast to slow soapstone fireplace sales during the first half of the year. The transition phase has progressed in line with expectations. Residential construction in Finland increased by almost 6 per cent in 2006. High house prices and a rise in interest rates limit new residential construction. Growth of 2 per cent is forecast for housing production in 2007x). In addition to new construction, the number of residential renovations carried out has an impact on fireplace demand. Tulikivi Corporation's first quarter result will be released on Friday, April 20, 2007. Sources: X) Suhdanne 2007:1, ETLA