Tornator’s net sales were Euro 112.8 million, up 11%. The growth was due to increases in felling volumes and market prices for wood, as the company said in the press release received by Lesprom Network.
Operating profit at fair value amounted to Euro 116.5 million and profit for the period was Euro 78.9 million. The fair value of biological assets increased in all operating countries, which contributed to the change in operating profit. The change in the fair value of biological assets increased operating profit by Euro 32.6 million, and a negative change in the fair value of financial instruments decreased profit by Euro 1.6 million before deferred taxes.
Comparable net sales, operating profit and net profit increased in all countries: Finland, Estonia and Romania.
CEO Sixten Sunabacka said: “The year 2018 was excellent for Tornator. Net timber sales, comparable operating profit and net profit were record-high. It was the last year of our three-year strategy period. I am glad to say that we accomplished a comfortable two-digit growth and profitability improved further. The sales of silvicultural services aimed at forestry professionals nearly doubled.”
Tornator is a leading company specialised in sustainable forestry in Europe. It owns forests in Finland, Estonia and Romania.
