Tulikivi Oyj

Earnings Release • Sep 23, 2014

Disclosure 317896

Tulikivi Oyj - Company Announcement

Tulikivi Corporation lowers its full-year net sales and operating result forecast

TULIKIVI CORPORATION STOCK EXCHANGE RELEASE 23 September 2014, at 12.45 Tulikivi Corporation lowers its full-year net sales and operating result forecast 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 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 2014-2015. Tulikivi's previously announced forecast of net sales and operating result for 2014 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 sales and production efficiency measures and cost-saving measures. The results of these measures will begin to show in 2014. Full-year net sales are expected to be at the same level as in 2013, and the operating result is expected to be positive. 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 and its subsidiaries. Tulikivi is the world's largest manufacturer of heat-retaining fireplaces. The company has three product groups: Fire-places, 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 half. Tulikivi employs approximately 300 people.