Tulikivi Corporation Interim report
October 20, 2010 at 11.20 a.m.
Interim Report for January-September 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 0.1 (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 EUR -0.03 (-0.08) in January-
September and EUR 0.00 (0.01) in the third quarter.
- Cash flow from operating activities was EUR -1.0 (-0.6) million.
- Order books at the end of September stood at EUR 7.8 (6.0)
million.
-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.
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.”
Segment reporting
The Group's operating segments are the Fireplaces Business and the
Natural Stone Products Business. The Fireplaces Business includes
soapstone and ceramic fireplaces sold under the Tulikivi and
Kermansavi brands and their accessories, and utility ceramics and
fireplace lining stones. The Natural Stone Products Business
includes interior decoration stone products for households and
stone deliveries to construction sites. Expenses not allocated to
segments are included under ‘Other items', which also includes
financial expenses and taxes. Expenses not allocated to segments
include expenses of the Group administration and expenses
pertaining to financial administration. The segment reporting has
been adjusted by allocating to the operating segments the data and
personnel administration expenses previously included under
expenses not allocated to segments. The comparison figures have
been changed accordingly.
Net sales and result
The Group's net sales for January-September were EUR 39.3 million
(Jan-Sep/2009: EUR 37.5 million). The net sales of the Fireplaces
Business were EUR 35.3 (33.4) million and of the Natural Stone
Products Business EUR 4.0 (4.1) million.
Net sales in Finland accounted for EUR 20.8 (18.6) million, or
53.0 (49.6) per cent, of total net sales. Exports amounted to EUR
18.5 (18.9) million in net sales. The principal export countries
were France, Sweden and Germany. Fireplace exports did not perform
as well as expected due to the lower level of demand.
The Group's consolidated operating result was EUR -1.1 (-2.7)
million. The consolidated operating result for the Fireplaces
Business was EUR 0.6 (-1.2) million and for the Natural Stone
Products Business EUR -0.3 (-0.1) million. The expenses under
‘Other items' came to EUR -1.4 (-1.4) million. The result for the
Fireplaces Business was adversely affected by the marketing
measures undertaken during the third quarter and by the focus of
demand on lower margin products. The consolidated result before
taxes was EUR -1.6 (-3.5) million, and the net result for the
period was EUR -1.2 (-2.8) million. Earnings per share amounted to
EUR -0.03 (-0.08).
The Group's third-quarter net sales were EUR 13.9 (EUR 13.5)
million, consolidated operating profit EUR 0.2 (0.6) million and
profit before taxes EUR 0.1 (0.4) million. Earnings per share
amounted to EUR 0.00 (0.01).
Financing and investments
Cash flow from operating activities before investments was EUR -
1.0 (-0.6) million. Working capital increased by EUR 3.1 (1.0)
million in January-September and came to EUR 9.5 million (EUR 9.1
million on 30 September 2009). Interest-bearing debt was EUR 25.8
(22.7) million and consolidated net financial expenses were EUR
0.6 (0.8) million. The equity ratio was 36.9 (40.8) per cent. The
ratio of interest-bearing net debt to equity, or gearing, was 82.9
(77.4) per cent. The current ratio was 1.8 (1.7). Equity per share
was EUR 0.59 (0.63).
The Group has a solid financial position. At the end of September
the Group's cash assets were EUR 7.8 (4.7) million and unused
credit limits amounted to EUR 4.0 (9.0) million. A total of EUR
12.5 (15.6) million of the Group's liability financing is under
covenants connected with the Group's solvency and profitability.
The Group's investments in production, quarrying and development
were EUR 2.0 (1.5) million in January-September. Research and
development costs were EUR 1.4 (1.0) million, i.e. 3.4 (2.6) per
cent of net sales. EUR 0.3 (0.2) million of this was capitalised
in the balance sheet.
Product development focused on productisation of the Tulikivi
Green products and an interior design fireplace collection and
other new products. These products will complement and expand the
uses of fireplaces in household heating. Other major development
projects include development of the Group's processes and renewal
of the enterprise resource planning system.
Personnel
The Group employed an average of 389 (419) people during the
report period. Salaries and bonuses totalled EUR 11.2 (11.6)
million.
The Tulikivi Group has an incentive plan that includes a share-
based incentive plan for the Managing Director and key personnel
and an incentive pay scheme for all personnel.
The share-based plan, introduced in 2008, comprises three earning
periods, which are the calendar years 2008, 2009 and 2010. The
bonus is determined on the basis of the Group's result after
financial items and the cash flow from operating activities after
investments. A maximum total of about 360 000 Series A shares and
a cash payment corresponding to the value of the shares can be
paid as rewards on the basis of the entire share-based incentive
plan. The maximum share reward for 2010 is 218 750 Series A shares
and a cash payment corresponding to the value of the shares. The
Managing Director's proportion of this share reward is a maximum
of 50 000 shares. The incentive pay scheme is based on the Group's
result and on the improvement in productivity, and the Managing
Director and key personnel also have personal targets in addition
to this.
Decisions of the Annual General Meeting
Tulikivi Corporation's Annual General Meeting, held on 14 April
2010, resolved to pay a dividend of EUR 0.0250 on Series A shares
and EUR 0.0233 on Series K shares. The dividend payout date was 26
April 2010. The other decisions of the general meeting are
presented in the separate release published on the date of the
meeting.
Transfer of the funds of the share premium account to the reserve
for invested unrestricted equity
As decided by the Annual General Meeting held on 14 April 2010,
the share premium account, which is part of the equity, has been
reduced by transferring all the funds in the share premium account
on the balance sheet as of 31 December 2009, i.e. EUR 7 334 116.06
in total, to the reserve for invested unrestricted equity.
The National Board of Patents and Registration of Finland issued a
public notice on 6 May 2010 regarding the transfer of the funds in
the share premium account to the reserve for invested unrestricted
equity. By the due date for creditors, which was 19 August 2010,
none of the creditors had opposed the reduction of the share
premium account.
Treasury shares
The company did not purchase or assign any of its own shares
during the report period. At the end of the period, the total
number of Tulikivi shares held by company was 124 200 Series A
shares, which corresponds to 0.3 per cent of the company's share
capital and 0.1 per cent of all voting rights.
Risks and uncertainties
The Group's near-term risks are mainly associated with the
increased uncertainty among consumers and the effect of this on
consumers' building and fireplace projects.
The risks and the means of preventing and controlling them are
presented in more detail in section 38 of the notes to the
financial statements in the 2009 Annual Report.
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. In
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.
The order books at the end of the report period amounted to EUR
7.8 million (EUR 6.0 million on 30 September 2009 and EUR 4.8
million on 31 December 2009).
Strategy
The revised strategy put in place in the Group at the beginning of
the report period covers all key operating and financial targets
to the end of 2015. Under the strategy, the company's organic
growth target for the next few years is an annual growth of over
10 per cent. The target for profit before taxes is to reach 10 per
cent of net sales over the next five years. The target for return
on equity is to exceed 20 per cent. Corporate acquisitions in
support of the strategy are also possible.
INTERIM REPORT January - September 2010, SUMMARY
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
MEUR
1-9/ 1-9/ Change, 1-12/ 7-9/ 7-9/ Change
2010 2009 % 2009 2010 2009 %
Sales 39.3 37.5 4.7 53.1 13.9 13.5 2.8
Other operating
income 0.4 0.5 0.6 0.2 0.1
Increase/decrease in
inventories in
finished goods and
in work in progress 0.2 -1.0 -1.0 -1.0 -0.4
Production for
own use 0.3 0.2 0.3 0.1 0.0
Raw materials and
consumables 8.0 7.1 10.2 2.3 2.4
External services 6.3 5.3 7.6 2.3 1.9
Personnel expenses 14.0 14.7 20.0 4.3 4.2
Depreciation 3.5 4.2 5.5 1.2 1.3
Other operating
expenses 9.4 8.6 12.1 2.9 2.8
Operating profit/
loss -1.1 -2.7 61.1 -2.4 0.2 0.6 -66.8
Percentage of sales -2.7 -7.3 -4.5 1.5 4.7
Finance income 0.2 0.1 0.2 0.0 0.0
Finance expense -0.8 -0.9 -1.1 -0.2 -0.3
Share of the profit of
associated company 0.0 0.0 0.0 0.0 0.0
Profit before tax -1.6 -3.5 53.5 -3.3 0.1 0.4 -80.0
Percentage of sales -4.2 -9.4 -6.2 0.6 2.9
Change in deferred
tax 0.4 0.7 1.0 0.0 -0.1
Profit/loss for
the period -1.2 -2.8 56.1 -2.4 0.1 0.3 -65.1
Other comprehensive income
Interest rate swaps 0.0 0.0 0.0 0.0 0.0
Translation
differences 0.0 0.0 0.0 0.0 0.0
Total comprehensive
income for the period -1.2 -2.9 58.3 -2.4 0.1 0.2 -66.1
Earnings per share
attributable to the
equity holders of the
parent company, EUR
basic and diluted -0.03 -0.08 56.6 -0.06 0.00 0.01 -75.0
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
MEUR 09/2010 09/2009 12/2009
ASSETS
Non-current assets
Property, plant and equipment
Land 1.0 1.0 1.0
Buildings 7.1 7.6 7.4
Machinery and equipment 6.9 8.8 8.1
Other tangible assets 1.0 1.1 1.1
Intangible assets
Goodwill 4.2 4.2 4.2
Other intangible assets 10.6 10.5 10.6
Investment properties 0.2 0.2 0.2
Available-for-sale investments 0.1 0.1 0.1
Receivables
Deferred tax assets 1.8 1.5 1.6
Total non-current assets 32.9 35.0 34.3
Current assets
Inventories 10.6 10.4 10.2
Trade receivables 6.5 6.1 4.1
Current income tax receivables 0.1 0.1 0.3
Other receivables 0.9 0.9 0.9
Cash and cash equivalents 7.8 4.7 10.6
Total current assets 25.9 22.2 26.1
Total assets 58.8 57.2 60.4
EQUITY AND LIABILITIES
Equity
Share capital 6.3 6.3 6.3
Share premium fund - 7.4 7.4
Treasury shares -0.1 -0.1 -0.1
Translation difference 0.0 -0.1 -0.1
Revaluation reserve -0.1 -0.1 -0.1
Invested unrestricted equity 7.4
Retained earnings 8.2 9.9 10.4
Total equity 21.7 23.3 23.8
Non-current liabilities
Deferred income tax liabilities 1.7 1.9 1.9
Provisions 1.0 0.9 1.0
Interest-bearing debt 20.1 18.0 19.9
Other debt 0.1 0.1
Total non-current liabilities 22.9 20.8 22.9
Current liabilities
Trade and other payables 8.4 8.1 8.7
Current income tax liabilities 0.0 0.0
Current provisions 0.2 0.3 0.2
Short-term interest-bearing debt 5.6 4.7 4.8
Total current liabilities 14.2 13.1 13.7
Total liabilities 37.1 33.9 36.6
Total equity and liabilities 58.8 57.2 60.4
CONSOLIDATED STATEMENT OF CASH FLOWS
01-09/ 01-09/ 01-12/
MEUR 2010 2009 2009
Cash flows from operating activities
Profit/loss for the period -1.2 -2.8 -2.4
Adjustments:
Non-cash transactions 3.5 4.1 5.5
Interest expenses
and interest income and taxes 0.2 0.1 0.0
Change in working capital -3.1 -1.0 1.8
Interest paid and received
and taxes paid -0.4 -1.0 -1.2
Net cash flow from operating
activities -1.0 -0.6 3.7
Cash flows from investing activities
Investment in property, plant and
equipment and intangible assets -2.0 -1.5 -2.0
Grants received for investments
and sales of property, plant and
equipment 0.1 0.2 0.2
Net cash flow from investing
activities -1.9 -1.3 -1.8
Cash flows from financing activities
Proceeds from non-current and
current borrowings 5.0 5.1
Repayment of non-current and current
borrowings -4.0 -4.0 -7.0
Dividends paid and
treasury shares -0.9 -1.1 -1.1
Net cash flow from financing
activities 0.1 -5.1 -3.0
Change in cash and cash
equivalents -2.8 -7.0 -1.1
Cash and cash equivalents at
beginning of period 10.6 11.7 11.7
Cash and cash equivalents at
end of period 7.8 4.7 10.6
STATEMENT OF CHANGES IN EQUITY
MEUR
Share Share Trans- SWOP Re- Trea- Re- Total
capital pre- lation valua- sury tained
mium- diff. tion share earn-
fund re- ings
Equity serve
Jan. 1, 2010 6.3 7.4 -0.1 - -0.1 -0.1 10.4 23.8
Dividends paid
and treasury shares -0.9 -0.9
Total comprehensive
income for the period 0.1 -1.2 -1.1
Fund transaction -7.4 7.4 0.0
Equity Sept.
30, 2010 6.3 0.0 0.0 7.4 -0.1 -0.1 8.2 21.7
Equity
Jan. 1, 2009 6.3 7.4 0.0 -0.1 -0.1 13.7 27.2
Dividends paid and
treasury shares -1.0 -1.0
Total comprehensive
income for the period -0.1 -2.8 -2.9
Equity
Sept 30, 2009 6.3 7.4 -0.1 - -0.1 -0.1 9.9 23.3
SEGMENT REPORTING 1-9/ 1-9/ 1-12
/
MEUR 2010 2009 2009
Operating segments
Sales 39.3 37.5 53.1
Fireplaces 35.3 33.4 47.8
Natural Stone Products 4.0 4.1 5.3
Operating profit/loss -1.1 -2.7 -2.4
Fireplaces 0.6 -1.2 -0.2
Natural Stone Products -0.3 -0.1 -0.3
Other items -1.4 -1.4 -1.9
OPERATING SEGMENTS QUARTERLY
Q3/ Q2/ Q1/ Q4/ Q3/ Q2/ Q1/
2010 2010 2010 2009 2009 2009 2009
Operating segments
Sales 13.9 14.7 10.7 15.6 13.5 13.0 11.0
Fireplaces 12.8 13.0 9.5 14.4 12.4 11.4 9.6
Natural Stone Products 1.1 1.7 1.2 1.2 1.1 1.6 1.4
Operating profit/loss 0.2 0.4 -1.7 0.3 0.6 -0.6 -2.7
Fireplaces 0.9 0.8 -1.1 1.0 1.2 -0.2 -2.2
Natural Stone Products -0.2 0.1 -0.2 -0.2 0.0 0.0 -0.1
Other items -0.5 -0.5 -0.4 -0.5 -0.6 -0.4 -0.4
ASSETS AND LIABILITIES BY SEGMENT ON SEPT. 30, 2010
Fire- Natural Other Total
places Stone items
Products
Assets by segment 46.9 4.1 7.8 58.8
Liabilities by
Segment 8.2 0.7 28.2 37.1
Investments 1.5 0.0 0.4 1.9
Depreciation and amortisation
expenses 3.1 0.2 0.2 3.5
KEY FINANCIAL RATIOS AND
SHARE RATIOS
1-9/10 1-9/09 7-9/10 7-9/09 1-12/09
Earnings per share,
EUR -0.03 -0.08 0.00 0.01 -0.06
Equity per share,
EUR 0.59 0.63 0.59 0.63 0.64
Return on equity,
% -7.2 -14.8 0.4 4.5 -9.2
Return on investments,
% -2.5 -6.9 0.5 5.6 -4.3
Equity ratio, % 36.9 40.8 39.4
Net indebtness ratio,
% 82.9 77.4 59.4
Current ratio 1.8 1.7 1.9
Gross investments,
MEUR 2.0 1.5 2.1
Gross investments,
% of sales 5.0 4.0 4.0
Research and development
costs, MEUR 1.4 1.0 1.6
%/sales 3.4 2.6 3.1
Outstanding orders
(30 Sept), MEUR 7.8 6.1 4.8
Average number of
staff 389 419 417
Rate development of
shares, EUR
Lowest share price,
EUR 1.07 0.67 0.67
Highest share price,
EUR 1.79 1.30 1.30
Average share price,
EUR 1.38 0.94 0.96
Closing price, EUR 1.29 1.00 1.06
Market capitalization at the
end of period,
1000 EUR 47 755.5 37 019.8 39 241.0
(Supposing that the market
price of the K-share
is the same as that
of the A-share)
Number of shares traded,
(1000 pcs) 3 037.0 3 030.7 3 959.0
% of total amount of
A-shares 11.1 11.0 14.4
Number of shares
average 37019770 37025021 37019770 37019770 37023708
Number of shares
30 Sept. 37019770 37019770 37019770 37019770 37019970
NOTES TO THE CONSOLIDATED FINANCIALS STATEMENTS
This financial statement release has been prepared in accordance
with the IAS 34 Interim Financial Reporting standard.
In preparing of this interim report, Tulikivi has applied same
accounting policies as in the 2009 financial statements, with the
exception of the following new/amended standards that the group
has adopted as from January 1, 2010:
- Revised IFRS 3 Business combinations (effective as of 1 July
2009). The revised standard includes several significant changes.
- Amendments to IAS 27 Consolidated and separate financial
statements (effective as of 1 July 2009). The amended standard
affects accounting for step acquisitions and divestments.
- Amendment to IAS 39 Financial Instruments: Recognition and
Measurement - Eligible hedged items (effective as of 1 July 2009)
- IFRIC 17 Distributions of Non-cash Assets to Owners (effective
as of 1 July 2009)
- IFRIC 18 Transfers of assets from customers (effective as of 1
July 2009)
- Improvements to IFRSs (April 2009, mainly effective as of 1
January 2010).
- Amendments to IFRS 2 Share-based Payment - Intra-group cash-
settled share-based payment transaction (effective as of 1 January
2010).
The Group's view is that the adoption of the standards and
interpretations mentioned above will not have any significant
effect on the financial statements of 2010 reporting period. The
adaptation of the revised IFRS 3 would affect the financial
statements of Tulikivi Group in 2010, should a transaction during
the financial period meet the definition of a business
combination.
The key performance ratios and share ratios are calculated using
the same methods as for the consolidated financial statements for
2009. The calculations rules can be found in the 2009 annual
report, page 76.
Income taxes
EUR million 01-09/10 01-09/09 01-12/09
Taxes for the current and previous
reporting periods 0.0 -0.1 0.1
Deferred taxes 0.4 0.8 0.9
Total 0.4 0.7 1.0
Collaterals given
EUR million 9/10 9/09 12/09
Loans from credit institutions and
other long term debts and loan
guarantees, with related mortgages
and pledges 24.2 18.4 21.9
Mortgages granted and
collaterals pledged 29.7 28.6 28.2
Other given guarantees and
pledges on behalf of own
liabilities 0.7 0.5 0.8
Derivatives
Interest rate swaps
Nominal value 6.5 8.2 7.3
Fair value -0.2 -0.3 -0.3
Foreign exchange forward contracts
Nominal value 0.1 - 0.1
Fair value - -
The fair value of derivatives is the gain or loss for closing the
contract based on market rates at the balance sheet date.
Changes in tangible assets are classified as follows:
1-9/10 1-9/09 1-12/09
Acquisition costs 1.0 0.9 1.1
Proceeds from sale -0.0 0.0 -0.1
Total 1.0 0.9 1.0
Provisions
The Group's non-current provisions are an environmental provision
of EUR 0.6 million and a warranty provision of EUR 0.4 million.
Current provisions include the latter part of in 2009 recognized
restructuring provision of EUR 0.2 million.
Non-current provisions are itemized in greater detail in notes 26.
Provisions and 34. Contingent liabilities in the consolidated
financial statements in Annual Report 2009.
Contingent liabilities have not changed after the end of the
financial period.
Share capital
Share capital by share series
Number of % of % of Share,
shares shares voting EUR of
rights share
capital
K shares (10 votes) 9 540 000 25.7 77.6 1 621 800
A shares (1 vote) 27 603 970 74.3 22.4 4 692 675
Total Sept 30, 2010 37 143 970 100.0 100.0 6 314 475
There have been no changes in Tulikivi Corporation´s share capital
during the period. According to the articles of association the
dividend paid for Series A shares shall be 0.0017 EUR higher than
the dividend paid on Series K shares. The Series A share is
listed on the NASDAQ OMX Helsinki Ltd. No flagging notifications
were made to the company during the review period.
Board authorizations
The Annual General Meeting of April 14, 2010 authorized the Board
of Directors to acquire the company's own shares. A maximum of 2
760 397 Series A shares in the company and 954 000 Series K shares
in the company can be bought back. The authorization is valid
until the Annual General Meeting 2011.
The Board of Directors has further an authorization to decide on
share issues and the conveyance of the company's own shares in the
possession of the company.
New shares can be issued or own shares held by the company
conveyed amounting to a maximum of 5 520 794 Series A shares and 1
908 000 Series K shares. The authorization is valid until the
Annual General Meeting 2011.
The number of the shares in the company´s possession at the end of
period was 124 000 series A shares.
Related party transactions
The following transactions with related parties took place:
EUR 1000 9/10 9/09 12/09
Sales to associated companies 4 7 7
Purchases from associated
companies 133 117 148
Sales to related parties 12 24 30
Leases from related parties 83 83 109
Receivables from the related parties 0 12 0
Transactions with other related parties
Tulikivi Corporation is a founder member of the Finnish Stone
Research Foundation. The company has leased offices and storages
from the property owned by the Foundation and North Karelia
Educational Federation of Municipalities. The rent paid for these
facilities was EUR 99 thousand (98 thousand) in the period. The
rent corresponds with the market rents. The service charges from
the Foundation were EUR 7 (39) thousand and rent charges on land
EUR 2 (2) thousand. Outstanding receivables from the Foundation
amounted EUR 0 (12) thousand.
Key management compensation
EUR 1000 9/10 9/09 12/09
Salaries and other short-term employee
benefits of the Board of Directors
and Managing Directors 354 347 479
Other long term employee
benefits 66 51 83
Largest shareholders on September 30, 2010
Name of shareholder Shares Pro-
portion
of total
vote
Vauhkonen Reijo 4 186 827 24.3 %
Vauhkonen Heikki 3 014 724 24.1 %
Elo Eliisa 2 957 020 5.9 %
Virtaala Matti 2 429 887 12.6 %
Mutual Pension Insurance
Ilmarinen 1 902 380 1.5 %
Mutanen Susanna 1 643 800 7.2 %
Vauhkonen Mikko 782 310 3.5 %
Paatero Ilkka 718 430 0.6 %
Nuutinen Tarja 674 540 3.5 %
Investment Fond Phoebus 585 690 0.5 %
Other shareholders 18 248 362 16.3 %
The information in the interim report is unaudited.
The companies included in the Group are the parent company
Tulikivi Corporation, Kivia Oy, AWL-Marmori Oy, Tulikivi U.S. Inc.
and OOO Tulikivi. Group companies include also The New Alberene
Stone Company, Inc., which is dormant. The parent company has a
fixed place of business in Germany, Tulikivi Oyj Niederlassung
Deutschland. The Group has interests in associated companies Stone
Pole Oy, Leppävirran Matkailukeskus Oy and Rakentamisen MALL Oy.
TULIKIVI CORPORATION
Board of Directors
Matti Virtaala Chairman of the Board
Distribution: NASDAQ OMX Helsinki Ltd
Central Media
www.tulikivi.com
Additional information: Tulikivi Corporation, 83900 Juuka,
www.tulikivi.com
- Chairman of the Board of Directors Matti Virtaala, +358 207 636
666
- Managing Director Heikki Vauhkonen, +358 207 636 555