VANTAA, Finland - Tikkurila Oyj reported that revenue for 2010 was EUR 588.6 million, an increase of 11 percent compared to the previous year. Operating profit (EBIT) excluding non-recurring items was EUR 59.7 million, 10.1 percent of revenue, and cash flow after capital expenditure was EUR 51.4 million.
The company reported that revenue for the last quarter of 2010 increased by 15.1 percent in comparison to the previous year and was EUR 113.3 million.
President and CEO Erkki Järvinen commented, "I am happy with the year 2010. Our revenue grew thanks to higher sales volumes and exchange rate fluctuations. Taking into account the cost pressures related to raw materials, I consider our improved profitability to be our biggest achievement of the year. In line with our medium-term target, 2010's operating profit margin increased to 10 percent.”
In 2011, Tikkurila expects revenue growth to exceed the average GDP growth in Tikkurila's main market areas. In spite of rising raw material prices, Tikkurila expects EBIT margin as a percentage of revenue to stay at the same level as in 2010. These estimates are based on the assumption that foreign exchange rates will stay close to the end-of-2010 level and that the gradual economic recovery of Tikkurila's key markets will continue.
Tikkurila Releases 2010 Results
February 20, 2011