Correction: Fiskars financial statement release 2021

Report this content

Fiskars Corporation
Financial Statement Release
February 4, 2022 at 9:25 a.m. (EET)

Correction: Fiskars financial statement release 2021
Good finish to a record-strong year

This is a correction to the Financial Statement Release, published at 8:30 EET. The headers in the Group key figures table were incorrect.

This release is a summary of the Fiskars Corporation’s fourth quarter of 2021 and Financial Statement Release 2021 published today. The complete Financial Statement Release with tables is attached to this release as a pdf-file. It is also available at and on the company website at Investors should not rely on summaries of our financial reports only, but should review the complete Financial Statement Release with tables.

Fourth quarter 2021 in brief:

  • Net sales increased by 12.7% to EUR 353.2 million (Q4 2020: 313.3)
  • Comparable net sales1) increased by 10.9% to EUR 353.2 million (318.4)
  • EBITA decreased by 41.2% to EUR 27.8 million (47.2)
  • Comparable2) EBITA decreased by 27.7% to EUR 36.1 million (49.9)
  • EBIT decreased by 28.5% to EUR 23.8 million (33.3)
  • Comparable2) EBIT decreased by 10.7% to EUR 32.2 million (36.0)
  • Cash flow from operating activities before financial items and taxes decreased to EUR 54.9 million (89.8)
  • Earnings per share (EPS) were EUR 0.22 (0.30)

January-December 2021 in brief:

  • Net sales increased by 12.4% to EUR 1,254.3 million (Q1-Q4 2020: 1,116.2)
  • Comparable net sales1) increased by 14.2% to EUR 1,254.3 million (1,098.2)
  • EBITA increased by 25.1% to EUR 157.4 million (125.8)
  • Comparable2) EBITA increased by 23.4% to EUR 168.8 million (136.8)
  • EBIT increased by 45.7% to EUR 142.8 million (98.0)
  • Comparable2) EBIT increased by 41.5% to EUR 154.2 million (109.0)
  • Cash flow from operating activities before financial items and taxes decreased to EUR 164.2 million (223.8)
  • Earnings per share3) (EPS) were EUR 1.06 (0.83)

Proposal for distribution of dividend:
The Board of Directors proposes to the Annual General Meeting that a dividend of EUR 0.76 per share shall be paid for the financial period that ended on December 31, 2021. The dividend shall be paid in two instalments of EUR 0.38 per share each.

Outlook for 2022:
In 2022, Fiskars expects the comparable2) EBIT to increase from 2021 (2021: EUR 154.2 million).

There are ongoing challenges in global supply chains as well as raw material and energy price inflation. While the company has managed to mitigate these factors, they continue to pose a risk for 2022 performance.

President and CEO, Fiskars Group, Nathalie Ahlström:
We had a strong finish to the year, as the fourth quarter marked the seventh consecutive quarter of net sales growth. Comparable EBITA increased by 23% in 2021, making it by far the strongest year in the company’s history. While the full-year performance was driven by business area Vita, both Terra and Crea also performed well against an exceptionally strong comparison period.

The fourth quarter developed mostly as we expected. Our net sales growth continued, and our gross margin improved. Comparable EBITA decreased as expected due to the previously communicated increased spending to accelerate growth.

In November, we launched our growth strategy and published new long-term financial targets at our capital markets day. The updated strategy is built around winning brands, channels and countries, underlining the importance of a clear prioritization and allocation of resources. We have identified four transformation levers, all of which are expected to contribute significantly to our long-term targets. The levers are commercial excellence, direct to consumer, the U.S. and China.

Within commercial excellence, our initial actions are focused on value-based pricing as well as in-store and online excellence. In 2022, commercial excellence is the most impactful and fastest lever for improving gross margin, as it is expected to contribute to the performance of all our business areas. Our gross margin increased by 2.5 percentage points in 2021, supported by price increases and our improved commercial excellence. We have successfully mitigated supply chain constraints as well as the significant and broad-based cost inflation, and continued to do so in the fourth quarter.

Our initial actions concerning direct to consumer relate to improving our capabilities as part of the wider uplift within digital. We have invested in the digital field during the second half of the year, for example by numerous recruitments, and this increased spending to accelerate growth will continue in 2022.

Our work to grow in the U.S. and China continues. For net sales in the U.S., 2021 was somewhat challenging. Full-year net sales remained at the previous year’s level, as the comparison figures from 2020 were unusually strong for BA Terra and Crea. Net sales in China continued on a strong growth path, almost doubling from 2020.

During the year, we launched our new sustainability ambition, approach and updated commitments, and are now integrating these into our daily operations. In 2021, we have for example reduced waste to landfill by 28% compared to 2020, and by 85% from the base year 2017. We also made good progress in developing circular products and services, the sales of which increased by 78%. While we still have much to do to reach our ambition, we are making good progress.

In late December, we announced the sale of our North American watering business. Our growth strategy builds on leveraging the strengths of the company. The Gilmour and Nelson brands included in the sale did not form the core of our portfolio, and the business has not supported our profitability. Hence, we did not believe that we were the best owners for this business.

I would like to thank our people for their hard work in these dynamic times. Not only have we been able to successfully serve consumers and customers, our financial performance has continued on a strong track.

In January 2022 we announced changes to the Group leadership team. We now have our building blocks in place when it comes to our team and strategy, and we are ready to deliver on our financial targets, including our growth ambition and profitability improvement. We are off to a good start in executing the strategy, and expect our comparable EBIT to increase in 2022.

1)    Comparable net sales excludes the impact of exchange rates, acquisitions and divestments.
2)    Items affecting comparability in EBITA / EBIT includes items such as restructuring costs, impairment or provision charges and releases, integration-related costs, and gain and loss from the sale of businesses.
3)    EPS in Q1 2021 impacted negatively by the unfavorable ruling in the tax dispute (EUR 0.35 per share).

Group key figures

EUR million Q4 2021 Q4 2020 Change 2021 2020 Change
Net sales 353.2 313.3 12.7% 1,254.3 1,116.2 12.4%
Comparable net sales1) 353.2 318.4 10.9% 1,254.3 1,098.2 14.2%
EBITA 27.8 47.2 -41.2% 157.4 125.8 25.1%
Items affecting comparability in EBITA2) -8.3 -2.7 -11.5 -11.0 4.1%
Comparable EBITA 36.1 49.9 -27.7% 168.8 136.8 23.4%
Operating profit (EBIT) 23.8 33.3 -28.5% 142.8 98.0 45.7%
Comparable EBIT 32.2 36.0 -10.7% 154.2 109.0 41.5%
Profit before taxes 24.1 30.4 -20.8% 144.1 89.8 60.5%
Profit for the period 18.2 25.2 -27.8% 87.5 68.5 27.9%
Earnings/share, EUR 0.22 0.30 -27.5% 1.06 0.83 28.1%
Equity per share, EUR 9.97 9.30
Cash flow from operating activities before financial items and taxes 54.9 89.8 -38.8% 164.2 223.8 -26.6%
Equity ratio, % 57% 57%
Net gearing, % 18% 19%
Capital expenditure 12.8 9.6 33.8% 34.4 30.0 14.3%
Personnel (FTE), average 6,224 5,993 3.9% 6,081 6,104 -0.4%

1)    Comparable net sales excludes the impact of exchange rates, acquisitions and divestments.
2)    In Q4 2021, items affecting comparability consisted of items related to the transformation and restructuring programs.
3)    EPS in Q1 2021 impacted negatively by the unfavorable ruling in the tax dispute (EUR 0.35 per share).

Nathalie Ahlström
President and CEO

A webcast on the fourth quarter and full year results will be held on February 4, 2022 at 11:00 a.m. It will be held in English and can be followed at:

Presentation materials will be available at

An on-demand version of the webcast will be available on the company website. Personal details gathered during the event will not be used for any other purpose.

Media and investor contacts:
Kristian Tammela, Director, Investor Relations, tel. +358 40 708 1181

Making the everyday extraordinary
Fiskars Group’s vision is to create a positive, lasting impact on our quality of life. Our brands Fiskars, Gerber, Iittala, Royal Copenhagen, Waterford, and Wedgwood are present in people’s everyday lives – at home, in the garden, and outdoors. This gives us an opportunity to make the everyday extraordinary today, and for future generations. We have a presence in 30 countries, and our products are available in more than 100 countries. Our shares are listed on the Nasdaq Helsinki (FSKRS). Please visit us at for more information and follow us on Twitter @fiskarsgroup.


Documents & Links