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Tulikivi Corporation
Juha Sivonen
February 7, 2006
Briefing on February 7, 2006 at 9:30
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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)
• 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)
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)
Consolidated Income Statement, Abstract
Me
01-12/2005 01-12/2004
Change, %
Sales
58,6
55,3
6,1
Operating profit
Percentage of sales
6,3
10,7
6,3/5,1
11,4/9
0,0/+22
Profit before taxes
Percentage of sales
6,1
10,3
6,1/5,0
11,1/9
-1,0/+20
Profit for the year
4,4
4,4
0,4
Key Financial Ratios and Share Ratios
Order book, (31 Dec.) MEUR
Gross investments, MEUR
Gross investment, % of sales
Average number of staff
Earning per share, EUR
Equity per share, EUR
Return on investment
Equity ratio, %
Gearing, %
Current ratio
Number of shares average
Number of shares 31 Dec.
12/2005
9,2
4,8
8,1
514
12/2004
5,4
3,9
7,1
513
0,48
2,80
20,7
63,0
-3,1
1,6
0,48/0,39
2,54
20,3/16,5
55,3
12,1
1,9
9106385
9106385
9106385
9106385
Consolidated Balance Sheet
EUR million
12/2005
12/2004
Assets
Non-current assets
Inventories
Current assets
22.0
7.0
11.6
21.0
7.5
13.4
Equity and liabilities
Equity
Provisions
Interest-bearing liabilities
Non-interest bearing liabilities
Balance sheet total
25.5
0.3
3.3
11.4
40.6
23.1
0.2
8.7
9.9
41.9
Consolidated Cash Flow Statement
MEUR
12/2005
12/2004
4,4
4,4
4,0
1,8
1,8
-1,5
10,5
2,8
1,9
-0,6
-2,0
6,5
-0,1
-0,1
-5,1
-3,5
0,3
0,2
0,8
-4,1
-3,4
Cash flows from financing activities
Loans received
Repayment of loans
Dividends paid
Net cash flow from financing activities
-5,3
-2,1
-7,4
5,6
-4,8
-4,6
-3,8
Change in cash and cash equivalents
Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of period
-1,0
5,1
4,1
-0,7
5,8
5,1
Cash flows from operating activities
Profit for the period
Adjustments:
Non-cash transactions
Interest expenses and income and taxes
Change in working capital
Interst paid and received and taxes paid
Net cash flow from operating activities
Cash flows from investing activities
Acquisition of subsidiaries and associated
companies and loans granted to them
Investments in property, plant and
equipment and intangible assets
Grants received for investments and sales of property,
plant and equipment
Investments in /proceeds on financial assets at fair
value through profit and loss, change
Net cash flow from investing activities
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
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.