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Source: Tornator Oyj

Net sales grow due to investments and responsible business


Tornator Oyj Half-year Financial Report

Net sales grow due to investments and responsible business

SUMMARY, 1 January – 30 June 2018 (1 January – 30 June 2017)

  • Net sales totalled €52.1 (41.8) million, in which the share of timber deliveries was €49.9 (39.2) million. Timber deliveries totalled 1.7 (1.4) million cubic metres.
  • Reported IFRS operating profit was €28.7 (31.2) million. Operative operating profit improved by 32% to €38.2 (29.0) million.
  • Comparable net profit without fair value changes was €+21.7 (+14.9) million and €+13.4 (+36.6) million with fair value changes. The differences were mainly due to changes in the fair values of both forests, €-9.5 (+2.2) million, and financial instruments, €-0.9 (+24.7) million.
  • Comparable return on equity was 6.7% (5.0) and return on capital employed 6.1% (5.1). Equity ratio was 42.2% (43.3).
  • The fair value of biological assets (forests) was €1,378.1 million (1,371.2 at 31 December 2017).
  • Tornator continued to purchase forestland in Finland and Estonia. Nearly 7,000 hectares of new forests were acquired with a total investment of more than €18 million.
  • During the first half of the year, the company’s conservation and other special nature management measures covered more than 500 hectares.


Key figures (the Group)

  H1/2018 H1/2017 Change, %
Net sales, € million 52.1 41.8 25%
Operative operating profit, € million 38.2 29.0 32%
Operative operating profit, % 73.3 69.3 6%
Operating profit (IFRS),
€ million
28.7 31.2 -8%
Comparable net profit, € million 21.7 14.9 46%
Profit for the period (IFRS), € million 13.4 36.6 -63%
Comparable return on equity, % 6.7 5.0 35%
Return on equity, % 4.1 12.1 -66%
Comparable return on capital employed, % 6.1 5.1 20%
Return on capital employed, % 4.6 5.5 -16%
Equity ratio, % 42.2 43.3 -3%
Average number of personnel 183 188 -3%
IFRS = International Financial Reporting Standards  


Complete translation of the Half-year Financial Report is attached.


For further information, please contact:

Sixten Sunabacka, Chief Executive Officer, tel. +358 400 366 148
Henrik Nieminen, Chief Financial Officer, tel. +358 40 869 7613

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