Tulikivi Corporation lowers its full-year net sales and operating result forecast
As a consequence of the weak market conditions, Tulikivi Corporation’s sales and profitability have not performed as well as expected. Net sales for 2014 are expected to total EUR 39.3 million (EUR 43.7 million in 2013). The company expects to post an operating loss of about 2.4 million euros (EUR -4.3 million in 2013).
The demand for Tulikivi products is very much linked to changes in consumer confidence and in the construction sector. The performance improvement programme that started in 2013 includes production and sales efficiency measures and cost-saving measures. The impact of these measures will be felt during the period 2014-2016.
Tulikivi’s previously announced forecast of net sales and operating result for 2014
As a consequence of the weak market conditions, Tulikivi Corporation’s sales have not performed as well as expected. Net sales for 2014 are expected to total approximately EUR 40 million (EUR 43.7 million in 2013). The company expects to post an operating loss of about one million euros (EUR -4.3 million in 2013). The level of demand for Tulikivi products is closely linked to changes in consumer confidence and in the construction sector. The performance improvement programme that started in 2013 includes production and sales efficiency measures and cost-saving measures. The results of these measures will begin to show during the period 2014-2016.
TULIKIVI CORPORATION
Board of Directors
Distribution: NASDAQ OMX Helsinki
Key media
Tulikivi.com
Additional information: Heikki Vauhkonen, Managing Director, +358 (0)207 636 555
Tulikivi comprises the Tulikivi Corporation, which is a listed family enterprise, and its subsidiaries. Tulikivi is the world’s largest manufacturer of heat-retaining fireplaces. The company has three product groups: Fireplaces, Sauna and Interior. Tulikivi and its customers value wellbeing, interior design and the benefits of bioenergy. Tulikivi’s net sales are approximately EUR 40 million, of which exports account for about half. Tulikivi employs approximately 300 people.
Tags: