Heikki Vauhkonen 2007

Tulikivi Corporation

Sales 53,1 57,7 -8,0

Operating profit 1,6 5,8 -71,5Percentage of sales 3,1 10,0

Profit before income tax 1,1 5,4 -79,9Percentage of sales 2,0 9,3

Profit for the period 0,8 4,0 -80,5

MEUR 01-09/2007 01-09/2006 Change, %

Consolidated Income Statement, Summary

Earnings per share, EUR 0,02 0,11Equity per share, EUR 0,76 0,78Equity ratio, % 42,1 44,9Gearing, % 76,9 56,8Current ratio 2,0 1,8

Order book (Sep 30), MEUR 7,9 12,4Gross investments, MEUR 4,2 19,5Gross investments, % of sales 8,0 33,8Average number of staff 713 632

09/2007 09/2006

Average number of shares 3714397036667648Number of shares, Sep 30 37143970 37143970

Key Figures

092007 09/2006AssetsTotal non-current assets 40,3 39,4Total current assets 26,5 25,2Total assets 66,8 64,6

Equity and liabilitiesEquity 28,1 29,0Total non-current liabilities 25,2 21,5Total current liabilities 13,5 14,1Total equity and liabilities 66,8 64,6

MEUR

Consolidated Balance Sheet

09/2007 09/2006 01-12/2006Cash flows from operating activitiesProfit for the period 0,8 4,0 5,7Adjustments:Non-cash transactionsInterest expenses and income and taxes 4,4 3,6 5,1Change in working capital 0,6 1,8 2,5Interest paid and received and taxes paid -5,4 -1,8 0,8Net cash flow from operating activities -1,7 -1,4 -2,1

Cash flows from investing activities -1,1 6,1 12,0Acquisition of subsidiaries less cash andCash equivalents at the time ofacquistion -10,6 -11,0Investments in property, plant andequipment and intangible assets -4,7 -8,2 -10,1Grants received for investments and sales of property,plant and equipment 0,2 0,7 1,0Net cash flow from investing activities -4,5 -18,1 -20,1

Cash flows from financing activitiesProceed from borrowings 8,9 15,4 15,3Repayment of borrowings -1,6 -2,5 -3,8Dividends paid -3,4 -2,6 -2,6Net cash flow from financing activities 3,9 10,3 8,9Change in cash and cash equivalents -1,7 -1,7 0,8Cash and cash equivalents at beginning of period 4,9 4,1 4,1Cash and cash equivalents at end of period 3,2 2,4 4,9

MEUR

Consolidated Cash Flow Statement

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

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