Heikki Vauhkonen 2008

Tulikivi Corporation

Sales 69,6 82,1 -14,9

Operating profit 1,0 8,2 -88,3Percentage of sales 1,4 10,0

Profit before income tax 0,2 7,8 -97,9Percentage of sales 0,2 9,5

Profit for the period 0,4 5,7 -93,7

MEUR 01-12/2007 01-12/2006 Change, %

Consolidated Income Statement, Summary

Earnings per share, EUR 0,01 0,16Equity per share, EUR 0,74 0,83Return on investment, % 2,5 21,7Equity ratio, % 43,6 46,4Gearing, % 64,7 40,9Current ratio 1,6 1,5

Order book (Dec 31), MEUR 6,9 10,4Gross investments, MEUR 5,7 24,1Gross investments, % of sales 8,1 29,4Average number of staff 682 664

2007 2006

Average number of shares 3714397036784755Number of shares, Dec 31 37143970 37143970

Key Figures

12/2007 12/2006AssetsTotal non-current assets 40,5 40,5Total current assets 22,4 26,0Total assets 62,8 66,5

Equity and liabilitiesEquityShare capital 6,3 6,3Total non-current liabilities 21,2 19,0Total current liabilities 14,0 16,8Total equity and liabilities 62,8 66,5

MEUR

Consolidated Balance Sheet

12/2007 12/2006Cash flows from operating activitiesProfit for the period 0,4 5,7Adjustments:Non-cash transactions 5,5 5,1Interest expenses and income and taxes 0,6 2,5Change in working capital -1,8 0,8Interest paid and received and taxes paid -2,2 -2,1Net cash flow from operating activities 2,5 12,0

Cash flows from investing activitiesAcquisition of subsidiaries -11,0Investments in property, plant andequipment and intangible assets -5,7 -10,1

Grants received for investments and sales of property,plant and equipment 1,4 1,0Net cash flow from investing activities -4,3 -20,1

Cash flows from financing activitiesNon-current and current loans taken 8,5 15,3Repayment of non-current loans -4,4 -3,8Dividends paid -3,4 -2,6Net cash flow from financing activities 0,7 8,9Change in cash and cash equivalents -1,1 0,8Cash and cash equivalents at beginning of period 4,9 4,1Cash and cash equivalents at end of period 3,8 4,9

MEUR

Consolidated Cash Flow Statement

Tulikivi Corporation83900 JUUKATel. +358 (0) 207 636 000www.tulikivi.com

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