Tornator’s 1H 2021 net sales increased by 15% to Euro 58.7 million, compared to Euro 51.2million in 1H 2020. The reported IFRS operating profit was Euro 42.7 million. Adjusted operating profit improved by 17% to Euro 40.9 million thanks to increase in land sales and sales of silvicultural services.
The group’s net financial expenses in January–June 2021 were Euro +28.6 million. Interest-bearing liabilities totalled Euro 748.4 million (Euro 688.5 on 31 December 2020), of which Euro 748.4 million (Euro 673.5 on 31 December 2020) were long-term and Euro 0.0 million were short-term.
CEO Henrik Nieminen said: “Tornator continued to perform well in a favourable market environment; the first half of the year was the best in the company’s history. General uncertainty caused by the Covid-19 pandemic did not affect the timber market, and a global increase in the demand for timber products reflected rather positively on the entire forest sector. Tornator’s net sales increased by 15% and its operative operating profit by 17% from the comparison period. Timber delivery planning and implementation were extremely successful thanks to the suitably cold winter. Expansion of our silviculture services got off to a good start, and the plot market continued on a positive path. There was increased interest in leasing land areas needed for wind power development.”
Wood deliveries were as planned, totalling approximately 1.5 million m3, that is, Euro 49.8 million. Thanks to a frosty winter, timber harvesting went smoothly, and a global increase in demand for timber products ensured that the wood processing industry had an interest in buying timber.
Tornator is a leading company specialised in sustainable forestry in Europe. It owns forests in Finland, Estonia and Romania.
