Tulikivi Oyj

Annual / Quarterly Financial Statement • Mar 3, 2023

Tulikivi Corporation Financial statements release 1–12/2022: Strong growth continued

3 March 2023 at 1 pm

• The Tulikivi Group's net sales were EUR 13.8 million (EUR 9.4 million, 10–12/2021) in the fourth quarter and EUR 44.3 million (EUR 33.5 million, 1–12/2021) in the review period.

• The Tulikivi Group's operating profit was EUR 1.5 (0.6) million in the fourth quarter and EUR 4.7 (2.7) million in the review period.

• The Tulikivi Group's profit before taxes was EUR 1.5 million (0.5 million) in the fourth quarter and EUR 4.1 (2.1) million in the review period.

• Net cash flow from operating activities was EUR 2.9 (1.2) million in the fourth quarter and EUR 6.4 (3.0) million in 2022.

• Order books strengthened significantly in the fourth quarter and stood at EUR 17.2 (6.3) million at the end of the review period.

• Future outlook: Net sales are expected to increase in 2023, and the comparable operating profit is expected to improve on 2022.

Rey Infancial ratios
	1-12/22		1-12/21 Change, %			10-12/22 10-12/21 Change, %
Sales, MEUR	44.3	33.5	32.1 %	13.8	9.4	45.9 %
Operating profit/loss, MEUR	4.7	2.7	74.3 %	1.5	0.6	141.9 %
Operating profit/loss without impairment loss, MEUR	4.7	2.7	74.3 %	1.5	0.6	141.9 %
Profit before tax, MEUR	4.1	2.1	95.2 %	1.5	0.5	223.5 %
Total comprehensive income for the period, MEUR	4.9	1.7	191.6 %	2.1	0.4	483.7 %
Earnings per share, Euro	0-08	0.03		0.04	0.01
Net cash flow from operating activities, MEUR	6.4	3.0		29	1.2
Equity ratio, %	39.0	29.4
Net indebtness ratio, %	72.7	142 9
Return on investments, %	19.7	12.6

Comments by Heikki Vauhkonen, Managing Director:

In the fourth quarter, the company's order intake increased 51 per cent year-on-year and totalled EUR 14.3 (9.5) million. Demand was exceptionally strong in Central Europe and Scandinavia. In addition to fireplaces, the order intake for heater lining stones was at a high level. In the autumn the strong rise in heating energy prices and the increased uncertainty surrounding the availability of energy and homes' security of supply increased consumers' interest in purchasing alternative heating systems, such as fireplaces. The strong growth in sales was also attributable to systematic long-term work to renew the product portfolio, development of online sales and the streamlining of distribution channels in export markets. Thanks to strong order intake order books increased and amounted to EUR 17.2 (6.3) million at the end of the review period.

Despite the continued steep rises in prices of steel and purchased components during the review period, profitability improved thanks to higher net sales, price increases and successful productivity measures. The company's profitability is also supported by the fact that its operations are to a substantial degree based on the utilisation of its own soapstone reserves in Finland.

The new ceramic collections, which meet the Ecodesign requirements that came into force on 1 January 2022, have strengthened Tulikivi's market position in Finland and have expanded the potential customer base in the export markets. In the second half of the year, the Kermansavi collection was complemented by affordable models especially suited to the needs of the building industry.

Erkki Kuronen was appointed Managing Director of Nordic Talc Oy, a part of the Tulikivi Group, in the final quarter of 2022. He has focused on advancing the technical design and environmental impact assessment process for the talc project and on the project's financing.

Financial statements 1–12/2022

Operating environment

In the review period, demand for Tulikivi products was considerably increased by the sharp rise in energy prices and the uncertainty related to the availability of energy. Consumers' interest in renovation, holiday homes and living in low-rise housing in both Finland and export countries have also boosted demand for Tulikivi products. Demand has also been affected by country-specific construction and emissions regulations and by investment subsidies and high inflation.

The EU Ecodesign Directive entered into force on 1 January 2022, as a result of which emission regulations for fireplaces were harmonised and became stricter in the European Union. In connection with the change, Finland's emissions requirements for ready-made fireplaces also became stricter to match the Central European level. Tulikivi benefitted from this change because its combustion technology already met the new requirements for fireplaces well before the implementation of the change.

Net sales and profit

The Tulikivi Group's net sales totalled EUR 13.8 million in the fourth quarter (EUR 9.4 million, 10– 12/2021). Net sales increased as consumer demand remained high due to the rapid rise in energy prices and the uncertainty surrounding the availability of energy. The Tulikivi Group's operating profit was EUR 1.5 (0.6) million in the fourth quarter, and its profit before taxes was EUR 1.5 (0.5) million. Despite the continued steep rises in prices of steel and purchased components during the review period, profitability improved thanks to higher net sales, price increases and successful productivity measures. The company's profitability is also supported by the fact that its operations are to a substantial degree based on the utilisation of its own soapstone reserves in Finland.

In the review period, the Tulikivi Group's net sales totalled EUR 44.3 million (EUR 33.5 million, 1– 12/2021), its operating profit was EUR 4.7 (2.7) million and its profit before taxes was EUR 4.1 (2.1) million. The company has significantly boosted operational efficiency and improved its cost structure in recent years, which contributed to the performance improvement as net sales increased. In its taxation for 2022, Tulikivi utilised confirmed losses from previous years for which no deferred tax assets had been recognised. The amount of tax used was EUR 0.8 million. In addition, Tulikivi recognised a deferred tax asset of EUR 0.8 million on the basis of the parent company's projected taxable profit for 2023.

In the fourth quarter, the company's order intake increased 51 per cent year-on-year and totalled EUR 14.3 (9.5) million. Demand was exceptionally strong in Central Europe and Scandinavia. In addition

to fireplaces, the order intake for heater lining stones was at a high level. In the autumn the strong rise in heating energy prices and the increased uncertainty surrounding the availability of energy and homes' security of supply increased consumers' interest in purchasing alternative heating systems, such as fireplaces. The strong growth in sales was also attributable to systematic long-term work to renew the product portfolio, development of online sales and the streamlining of distribution channels in export markets. Thanks to strong order intake order books increased and amounted to EUR 17.2 (6.3) million at the end of the review period.

In the review period, net sales in Finland were EUR 16.7 (14.5) million, or 37.8 per cent (43.3) of total consolidated net sales. In Finland, higher renovation sales and renewed product ranges improved net sales from fireplaces. Sales efficiency measures continue to be implemented in Finland to further increase renovation sales. The sales of interior decoration stone products developed favourably in the review period.

Net sales in export markets in the review period were EUR 27.6 (19.0) million, or 62.2 per cent (56.7) of the Group's total net sales. The principal export countries were Germany, Russia, France, Sweden and Belgium. The ceramic colour options introduced in the Karelia collection late last year, as well as the Kermansavi collection based on 80 per cent recycled material, have been well received on the market. The new ceramic collections, which meet the Ecodesign requirements that came into force on 1 January 2022, have strengthened Tulikivi's market position in Finland and have expanded the potential customer base in the export markets. The collaboration with the German cooperative Hagos eG, which is rich in tradition and focuses on fireplaces and their accessories, has been launched as planned. In Belgium, Switzerland and Northern France, the transfer to a single-tier distribution model has made good progress.

The products in the Karelia and Pielinen fireplace collections are based on modern Scandinavian design and feature a new soapstone surface finish technique. The products of the Pielinen collection are compact and easy to install. They are particularly well suited for the Central European market and for markets where there is no expertise in installing heat-retaining fireplaces.

Financing

Net cash flow from operating activities was EUR 2.9 (1.2) million in the fourth quarter, and EUR 6.4 (3.0) million during the review period. Working capital totalled EUR 2.4 (2.3) million at the end of the review period. The increase was mainly due to stocks which were increased to secure delivery reliability.

Loan repayments totalled EUR 1.1 (1.3) million in the review period. At the end of the review period, MFI loans and working capital loans totalled EUR 12.3 (13.4) million, and net financial expenses

during the period were EUR 0.6 (0.6) million. The equity ratio at the end of the review period was 39.0 per cent (29.4). The ratio of interest-bearing net debt to equity, or gearing, was 72.7 per cent (142.9). The current ratio was 1.3 (1.1), and equity per share was EUR 0.24 (0.16). At the end of the review period, the Group's cash and other liquid assets came to EUR 3.7 (1.1) million.

On 22 December 2022, Tulikivi agreed with Nordea Bank Plc to restructure its financing that is maturing in April 2024. This facility replaced and refinanced the company's existing loans and provided for future growth-supporting investments and working capital needs. The financing agreement includes a repayment programme for 2022–2028 and loan covenants to the finance provider. The company is in compliance with the covenants of the financing agreement according to the situation on 31 December 2022. The company's management estimates that the company will fulfil the financial covenants during the next 12 months.

The parent company's equity was EUR 6.2 million (consolidated equity EUR 14.4 million) at the end of the review period, while share capital was EUR 6.3 million (consolidated share capital EUR 6.3 million).

Investments and product development

The Group's investments totalled EUR 1.9 (1.5) million during the review period. In the final quarter, we continued to launch ceramic colour options in the Karelia collection, as well as models in the Kermansavi collection based on 80 per cent recycled material. In the second half of the year, the Kermansavi collection was complemented by affordable models especially suited to the needs of the building industry. The design and features of the collections are designed for customers in both the Finnish and export markets.

The new ceramic designs strengthen Tulikivi's market position in Finland and expand the potential customer base in the export markets. With the new collections, Tulikivi collections meet the emission standards laid down in the EU Ecodesign Directive, which entered into force on 1 January 2022. The products' compliance has been verified by RRF (Rhein-Ruhr Feuerstätten Prüfstelle GmbH), an accredited test facility in Germany.

Product development expenditure during the review period was EUR 1.2 (1.1) million, or 2.7 per cent (3.3) of net sales. EUR 0.4 (0.4) million of this was capitalised in the balance sheet.

Suomussalmi talc reserves

Erkki Kuronen was appointed Managing Director of Nordic Talc Oy, a part of the Tulikivi Group, on 16 September 2022. Kuronen has 20 years of expertise in talc deposits and operations from Mondo Minerals and valuable experience from the financing and launch of the Sotkamo Silver mine and the start-up of its production operations. The objective of Nordic Talc Oy is the industrial exploitation of Tulikivi Corporation's talc reserves in the Suomussalmi mining district. During the last quarter of the year, Erkki Kuronen focused on advancing the technical design and environmental impact assessment process for the Talc project and on the project's financing.

The JORC-compliant mineral deposit estimate completed in autumn 2019 confirmed that the talc deposit in the Suomussalmi mining district is significant on a European scale. Based on surveys performed, it is estimated that the talc deposit can be utilised profitably.

During 2022, Tulikivi has made progress in its feasibility study of the Suomussalmi talc project, the purpose of which is to further specify the project's profitability, environmental and mining plans for industrial operations. In the fourth quarter, the detailed research project was continued with Metso Outotec related to the economic exploitation of talc and the planning of the talc enrichment plant. Surveys were also carried out to improve the accuracy of the ore study on the Haaponen deposit and to facilitate the EIA (environmental impact assessment) process.

Tulikivi announced on 3 October 2022 that its mineral resources in Suomussalmi had increased by 10 million tonnes on the previous estimate. Tulikivi has carried out additional drilling and surveys and updated the JORC mineral resource estimate for the Haaponen talc deposit in the mining district of its Suomussalmi plant. According to the report, the indicated mineral resources of the Haaponen deposit are 22.3 million tonnes and their average talc content is 44.4 per cent. The update of the mineral resources takes into account the results from the new drilling, the test pits made for extracting samples for beneficiation tests and the analyses carried out on these. The new drill holes penetrate adjoining rock and the deep extension of the ore contacts and they confirm that the deposit extends deeper than previously estimated. Based on the samples, the sulphur content of the adjoining rock in the deposit is very low, which significantly reduces the environmental impact of mining operations. The rock mechanical properties were also determined from the samples. The information will be used for risk management in the quarrying plan.

In the next phase, an environmental impact assessment report will be compiled on which the ELY centre for Kainuu will issue a reasoned conclusion on the significant environmental impacts of the project. The environmental impact assessment report and the reasoned conclusion are required in order to receive an environmental permit for the project.

In recent years, the company has invested around EUR 1.3 million in the development of the talc project.

It is too early to evaluate whether the project will be carried out or to estimate its financial impacts.

Personnel

The Group had an average of 220 (204) employees in the review period. Salaries and bonuses totalled EUR 10.5 (9.1) million in the review period. In the early part of the year, operations were adjusted with layoffs to match demand. There were fewer layoffs during the review period than in the previous year.

Annual General Meeting

The Annual General Meeting of Tulikivi Corporation held on 27 April 2022 resolved not to distribute a dividend for the 2021 financial year. Jaakko Aspara, Liudmila Niemi, Tarmo Tuominen, Jyrki Tähtinen and Heikki Vauhkonen were re-elected as members of the Board of Directors, and Niko Haavisto was elected as a new member. The Board elected Jyrki Tähtinen as its Chair. The auditor appointed was KPMG Oy Ab, Authorised Public Accountants, with Heli Tuuri, APA, as principal auditor.

The Annual General Meeting authorised the Board of Directors to decide on issuing new shares and on assigning Tulikivi Corporation shares held by the company in accordance with the proposals of the Board. Tulikivi can issue new shares or assign treasury shares as follows: a maximum of 15,656,622 Series A shares and a maximum of 2,304,750 Series K shares.

The authorisation includes the right to decide on a directed rights issue, deviating from the shareholders' right of pre-emption, provided that there is a compelling financial reason for the company. The authorisation also includes the right to decide on a bonus issue to the company itself, where the number of shares issued to the company is no more than one tenth of the total number of the company's shares.

The authorisation also includes the right to issue special rights referred to in chapter 10, section 1 of the Limited Liability Companies Act, which would give entitlement to Tulikivi shares against payment or by setting off a receivable. The authorisation includes the right to pay the company's share rewards. The Board is authorised to decide on other matters concerning share issues. The authorisation is valid until the 2023 Annual General Meeting.

Treasury shares

The company did not purchase or assign any treasury shares during the review period. At the end of the review period, the total number of Tulikivi shares held by the company was 124,200 Series A shares, corresponding to 0.2 per cent of the company's share capital and 0.1 per cent of all voting rights.

Near-term risks and uncertainties

The Group's most significant risk is a decline in net sales in the principal market areas. New construction and renovation projects affect the sales of Tulikivi's products in Finland. Economic uncertainties in the principal market areas also impact the demand for Tulikivi's products. High inflation and economic and geopolitical uncertainty may also weaken consumer confidence and, consequently, demand for Tulikivi products.

The strong rise in the prices of procured parts, wages, and freight and energy costs may affect the company's profitability if the prices of Tulikivi products cannot be correspondingly raised.

Changes in the operating environment in Russia are monitored actively, and the company will rapidly respond to them, minimising risk and cost. Trade with Russia has mainly been based on prepayments, which do not involve significant risks related to receivables or currency.

The uncertainty caused by the Covid-19 pandemic has subsided but has not entirely disappeared in all of the company's export markets. The Board of Directors and management closely monitor the progress of the pandemic and update their assessment of its impact as the situation progresses. The company has drawn up a preparedness plan and implemented it responsibly in accordance with the industry's recommendations.

The risks are described in more detail on page 86 of the company's 2021 Annual Report.

Long-term financial targets

Tulikivi's goal is to achieve an average annual net sales growth rate of 5% by the end of 2025. In terms of the operating profit, its goal is to exceed 12% of net sales. Its goal for the equity ratio is at least 30% by the end of 2025.

Future outlook

Net sales are expected to increase in 2023, and the comparable operating profit is expected to improve on 2022.

	1-12/22	1-12/21	10-12/22	10-12/21
Earnings per share, EUR	0.08	0.03	0.04	0.01
Equity per share, EUR	0.24	0.16	0.24	0.15
Return on equity, %	40.2	18.9
Return on investments, %	19.7	12.6
Equity ratio, %	39.0	29.4
Net debtness ratio, %	72.7	142.9
Current ratio	1.3	1.1
Gross investments, MEUR	1.9	1.5
Gross investments. % of sales	4.3	4.5
Research and development costs, MEUR	1.2	1.1
%/sales	2.7	3.3
Outstanding orders, MEUR	17.2	6.3
Average number of staff	220	204
Rate development of shares, EUR
Lowest share price, EUR	0.38	0.25
Highest share price, EUR	0.95	0.73
Average share price, EUR	0.64	0.43
Closing price, EUR	0.60	0.48
	35 848
Market capitalization at the end period, 1000 EUR		28 559
(Supposing that the market price of the K-share is the same as that of the A-share)
Number of the shares traded, (1000 pcs)	32 570	68 398
% of total amount of A-shares	62.9	132.1
Number of shares average	59 747 043	59 747 043	59 747 043	59 747 043
Number of the shares at the end of period	59 747 043	59 747 043	59 747 043	59 747 043

Items affecting comparability

To ensure comparability between reporting periods, the Group classifies certain items of expense and income as non-recurring items in its financial reporting. The Group presents as non-recurring items expenses and income related to the restructuring of the Group's operations, non-recurring impairment losses on goodwill and assets, and other exceptional items that materially distort the comparability of the profitability of the Group's core business.

Eur million	1-12/22	1-12/21	Change. %	10-12/22	10-12/21
Sales	44.3	33.5	32.1	13.8	9.4
Other operating income	0.3	0.3		0.1	0.1
Increase/decrease in inventories in finished
goods and in work in progress	0.7	0.7		0.1	0.4
Production for own use	0.7	0.6		0.4	0.2
Raw materials and consumables	-12.1	-8.6		-3.5	-2.5
External services	-6.1	-4.6		-2.3	-1.5
Personnel expenses	-12.8	-11.1		-3.9	-3.1
Depreciation and amortisation	-2.4	-2.4		-0.7	-0.6
Other operating expenses	-7.9	-5.7		-2.4	-1.8
Operating profit/loss	4.7	2.7	74.3	1.5	0.6
Finance income	0.1	0.1		0.0	0.0
Finance expense	-0.7	-0.7		0.0	-0.2
Profit before tax	4.1	2.1	95.2	1.5	0.5
Direct taxes	0.8	-0.4		0.8	-0.1
Profit/loss for the period	4.8	1.7	192.2	2.3	0.4
Other comprehensive income Items that may later have effect on profit or loss
Translation difference	0.0	0.0		-0.1	0.0
Total comprehensive income for the period	4.9	1.7	191.6	2.1	0.4
Earnings per share attributable to the equity holders of the parent company, EUR, basic and diluted	0.08	0.03		0.04	0.01

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
ASSETS (EUR million)	12/22	12/21
Non-current assets
Property, plant and equipment
Land	0.7	0.7
Buildings	3.3	3.5
Machinery and equipment	1.8	1.6
Other tangible assets	1.0	0.9
Intangible assets
Goodwill	2.8	2.8
Other intangible assets	9.9	9.4
Investment properties	0.0	0.0
Receivables
Other receivables	0.1	0.1
Deferred tax assets	3.5	2.6
Total non-current assets	23.2	21.7
Current assets
nventories	8.7	8.0
Trade receivables	2.8	2.2
Current income tax receivables	0.0	0.0
Other receivables	0.9	0.8
Cash and cash equivalents	3.7	1.1
Total current assets	16.1	12.0
Total assets	39.3	33.7

Deferred tax assets are recognised to the extent that it is probable that future taxable profit will be available against which unused tax losses can be utilised. In 2021 and 2022, Tulikivi generated accounting profit and taxable income in Finland and the financial result improved clearly compared to previous periods. According to the assessment made by Tulikivi's management on 31 December 2022, it is probable that Tulikivi will be able to utilise the unused tax losses. In its taxation for 2022, Tulikivi utilised confirmed losses from previous years for which no deferred tax assets had been

recognised. The amount of tax used was EUR 0.8 million. In addition, Tulikivi recognised a deferred tax asset of EUR 0.8 million on the basis of the parent company's projected taxable profit for 2023.

EQUITY AND LIABILITIES (EUR million)	12/22	12/21
Equity
Share capital	6.3	6.3
The invested unstricted equity fund	14.4	14.4
Revaluation reserve	0.0	0.0
Treasury shares	-0.1	-0.1
Translation difference	0.1	0.0
Retained earnings	-6.3	-11.1
Total equity	14.4	9.6
Non-current liabilities
Defered income tax liabilities	0.6	0.6
Provisions	0.3	0.2
Interest-bearing debt	10.0	11.3
Other debt	1.7	1.3
Total non-current liabilities	12.5	13.4
Current liabilities
Trade and other payables	10.5	9.1
Short-term interest bearing debt	0.0	0.0
Current liabilities	1.8	1.6
Total current liabilities	12.3	10.8
Total liabilities	24.8	24.2
Total equity and liabilities	39.3	33.7

CONSOLIDATED STATEMENT OF CASH FLOWS (EUR million)
	1-12/22	1-12/21
Cash flows from operating activities
Profit for the period	4.8	1.7
Adjustments
Non-cash
transactions	2.5	2.4
Interest expenses and interest income and taxes	-0.1	1.0
Change in working capital	0.0	-1.4
Interest paid and received
and taxes paid	-0.7	-0.7
Net cash flow from operating activities	6.4	3.0
Cash flows from investing activities
Investment in property, plant and
equipment and intangible assets	-2.0	-1.4
Grants received for investments
and sales of property, plant and equipment	0.1	0.1
Net cash flow from investing activities	-1.9	-1.4
Cash flows from financing activities
Proceeds from non-current and current borrowings
Repayment of non-current and current borrowing	-12.9	-1.3
Payments of lease liabilities	-0.7	-0.6
Dividends paid and treasury shares
Net cash flow from financing activities	-1.8	-1.9
Change in cash and cash equivalents	2.6	-0.3
Cash and cash equivalents at beginning of period	1.1	1.3
Cash and cash equivalents at end of period	3.7	1.1

		The invested
	Share capital	unstricted equity fund	Revaluetion reserve	shares	Treasury Translations diff.	Retained earnings	Total
Equity Jan. 1, 2022	6.3	14.4	0.0	-0.1	0.1	-11.1	9.6
Total comprehensive income for the period Transactions with the owners			0.0		0.0	4.8	4.9
Dividends paid						0.0	0.0
Equity Dec. 31, 2022	6.3	14.4	0.0	-0.1	0.1	-6.3	14.4
Equity Jan. 1, 2021	6.3	14.4	0.0	-0.1	0.0	-12.7	7.9
Total comprehensive income for the period Transactions with the owners			0.0		0.0	1.7	1.7
Dividends paid						0.0	0.0
Equity Dec. 31, 2021	6.3	14.4	0.0	-0.1	0.1	-11.1	9.6

Notes to the financial statements

The information presented in the financial statements release has not been audited.

This financial statements release has been prepared in accordance with the IAS 34 Interim Financial Reporting standard. Tulikivi has applied the same IFRS accounting principles in this financial statements release as in the previous consolidated financial statements. The key figures presented in the financial statements release have been calculated using the same formulas as the latest financial statements for 2021. The formulas are presented on page 48 of the 2021 Annual Report.

	1-12/2022		1-12/2021
Sales (EUR Million)
Finland	16.7		14.5
Other european countries	26.4		17.9
North America	1.1		1.1
Total	44.3		33.5
Commitments (EUR million)
		12/22	12/21
Loans from credit institutions and other long term debts and loan
guarantees, with related mortgages and pledges	11.8	12.9
Mortgages granted and collaterals pledged	34.1	35.8
Other given guarantees and pledges on
behalf of own liabilities		0.5	0.5

Maturity of financial liabilities

The figures are undiscounted and include both interest payments and capital.

Maturities of financial liabilities (EUR Million)
Dec. 31.2022	Balance sheet	Total	< 6	6 - 12	> 12 - 24	> 24-60	> 60
Type of credit	value	cash flows	months	months	months	months	months
Loans from credit institution and TyEL pension lo	11.8	13.7	0.8	1.7	2.6	6.5	2.2
Lease liabilities	2.4	2.6	0.4	0.4	0.7	1.0	0.0
Trade and other payables	6.0	6.0	5.5	0.5	0.0	0.0	0.0
Total	20.2	22.3	6.7	2.5	3.3	7.5	2.2
Dec. 31,2021	Balance sheet	Total	< 6	6 - 12	> 12 - 24	> 24-60	> 60
Type of credit	value	cash flows	months	months	months	months	months
Loans from credit institution and TyEL pension lo	12.9	13.5	0.5	1.4	2.2	9.4	0.0
Lease liabilities	1.9	2.0	0.3	0.3	0.6	0.6	0.0
Trade and other payables	5.1	5.1	4 6	0.5	0.0	0.0	0.0
Total	19.9	20.6	5.5	2.2	2.8	10.1	0.0

On 22 December 2022, Tulikivi agreed with Nordea Bank Plc to restructure its financing that is maturing in April 2024. This facility replaced and refinanced the company's existing loans and provided for future growth-supporting investments and working capital needs. The financing agreement includes a repayment programme for 2022–2028 and loan covenants to the finance provider. The company is in compliance with the covenants of the financing agreement according to the situation on 31 December 2022. The company's management estimates that the company will fulfil the financial covenants during the next 12 months.

	Environmental provision	Warranty provision
	12/22		12/22
Provisions Jan. 1.	0.2		0.1
Increase in provisions	0.0		0.1
Used Provisions	0.0		-0.1
Discharge on reserves	0.0		0.0
Provisions Dec. 31.	0.2		0.1
	12/22
Non-current	0.3
Current provisions	0.0
Total	0.3

	1-12/22	1-12/21
Acquisition costs	0.3	0.4
Proceeds from sale	0.0	-0.1
Total	0.3	0.4

	1-12/22	1-12/21
Acquisition costs, net	1.5	1.1
Amortisation loss	0.0	0.0
Total	1.5	1.1

Share capital Share capital by share series

	Shares,Percentage, Percentage,			Percentage,
	number	%	%	EUR
		shares	votes	share
		res		capital
Series K shares (10 votes)	7,682,500	12.8	59.5	810,255
Series A shares (1 vote)	52,188,743	87.2	40.5	5,504,220
Total, 31 December 2022	59,871,243	100.0	100.0	6,314,475

There have been no changes in Tulikivi Corporation's share capital during the review period. According to the Articles of Association, the dividend paid on Series A shares must be EUR 0.0017 higher than the dividend paid on Series K shares. The Series A share is listed on Nasdaq Helsinki Ltd. At the end of the review period, the company held 124,200 Series A shares.

Related party transactions

EUR 15 thousand was paid to LTL Consulting Oy Ab, owned by Tarmo Tuominen, a member of Tulikivi Corporation's Board of Directors, in connection with consultation services related to the Advisory Board of Nordic Talc Oy.

Management benefits (EUR 1,000)
	1–12/22	1–12/21
Board members' and Managing Director's salaries and other short-term
employee benefits	411	408
Principal shareholders on 31 December 2022
Name of shareholder	Shares	Percentage of votes
1. Heikki Vauhkonen	6,484,420	45.6%
2. Elo Mutual Pension Insurance Company	3,835,454	3.0%
3. Ilmarinen Mutual Pension Insurance Company	3,420,951	2.7%
4. Eliisa Elo	3,108,536	5.7%
5. Finnish Cultural Foundation	2,258,181	2.4%
6. Jarkko Nikkola	1,676,000	1.3%
7. Susanna Mutanen	1,597,221	6.8%
8. Jouko Toivanen	1,574,259	1.9%
9. Fennia Mutual Insurance Company	1,515,151	1.2%
10. Reijo Vauhkonen	738,030	0.6%
Others	33,667,230	28.8%

The companies included in the Group are the parent company Tulikivi Corporation Nordic Talc Oy, Tulikivi U.S. Inc. in the United States and OOO Tulikivi in Russia. Group companies also include Tulikivi GmbH and The New Alberene Stone Company, Inc., which are dormant.

TULIKIVI CORPORATION

Board of Directors

Distribution: Nasdaq Helsinki Key media www.tulikivi.com Further information: Heikki Vauhkonen, Managing Director, tel. +358 (0)207 636 555