Preliminary information on Tikkurila's 2017 result
Tikkurila Oyj
Stock Exchange Release
January 16, 2018 at 9:00 a.m. (CET+1)
Preliminary information on Tikkurila's 2017 result
Preliminary information on Tikkurila Group's result for 2017:
- Revenue was about EUR 582 million (2016: EUR 572.0 million).
- Adjusted operating profit was about EUR 29 (54.0) million.
- Operating profit was about EUR 20 (53.1) million.
- Net result for the period was about EUR 11 (44.5) million.
On July 13, 2017, Tikkurila guided that the Group expects its revenue to remain at last year's level and adjusted operating profit for the financial year 2017 to remain below the 2016 level.
The weak level of the adjusted operating profit was affected by expenses and problems related to the introduction of the new ERP system, rise of the raw material and packaging material costs that accelerated towards the year-end as well as delays in sales price increases. Financial performance was particularly poor in Sweden.
As part of the EUR 30 million profitability boosting program, Tikkurila implemented certain reorganization measures and divested the business operations in the Balkan area. In 2017, these actions resulted in about EUR 9 million expenses and write-downs, mainly caused by the divestment of the Balkan business.
Tikkurila will publish the financial statement release for 2017 on Tuesday February 13, 2018 at 9:00 am.
For further information, please contact:
Tikkurila Oyj
Jukka Havia, Interim President and CEO, CFO, tel. +358 50 355 3757, jukka.havia@tikkurila.com
Minna Avellan, Director, Communications and IR, tel. +358 40 533 7932, minna.avellan@tikkurila.com
Tikkurila is the leading paints and coatings professional in the Nordic region and Russia. With our roots in Finland, we now operate in 14 countries. Our high-quality products and extensive services ensure the best possible user experience in the market. Sustainable beauty since 1862.