Tornator Group’s FY 2016 net sales were Euro 97 million, down 14.6%, compared to Euro 113.6 million in 2015. The drop was due to the previous year’s exceptionally large forestland sales in Finland and rearrangement of forest ownership in Estonia, as the company said in the press release received by Lesprom Network.
The total volume of timber deliveries was at a record-high at 3 million cubic metres. Other operating income, Euro 3.1 million, includes Euro 0.6 million in compensation for conservation areas. The remainder of other operating income is mainly land lease revenues and soil resource sales.
Operating profit at fair value amounted to Euro 269.8 million and profit for 2016 was Euro 172.9 million. The change in the fair value of biological assets increased operating profit by Euro 202.6 million, but a negative change in the fair value of financial instruments decreased profit by Euro 32.5 million before deferred taxes.
Operating profit without the change in the fair value of biological assets and net profit without one-off land sales increased in all countries: Finland, Estonia and Romania.
Tornator is a leading company specialised in sustainable forest management in Europe.
