Fiskars’ first quarter 2012: A solid performance with improved operating profit
Fiskars Corp. Interim Report January – March 2012 May 3, 2012 at 8.30 am EET
First quarter 2012 in brief:
- Net sales decreased 1% to EUR 188.3 million (Q1 2011: 189.3)
- Comparable sales (at comparable currency rates and adjusted for the Silva divestment) increased 1%
- Operating profit (EBIT) increased 5% to EUR 17.1 million (16.4)
- Earnings per share were EUR 0.24 (1.12, including a non-recurring profit of EUR 0.85 per share from the sale of Wärtsilä shares in February 2011)
- Cash flow from operating activities was EUR 14.1 million (32.0)
- Outlook for 2012 unchanged: full-year net sales and operating profit excluding non-recurring items are expected to amount to 2011 levels
- On April 24, 2012 Fiskars Group agreed with Investor AB to join interests to create a strong long-term owner for Wärtsilä Corporation
Fiskars President and CEO, Kari Kauniskangas:
“Fiskars delivered a good first quarter result, as improved operational efficiency contributed to improved operating profit. Our core business performed well, and our reported net sales reached 2011 levels, even though in the comparison period demand for snow tools was unusually high and Silva was still a part of the Group.
Garden categories continued to grow in Europe, and our Garden business is well positioned for further growth also in the Americas, where retailers were still working down large inventories from last year in the first quarter.
I am pleased to note that new product launches in our Home business were well received, and the business area was able to increase sales despite challenging market conditions. Our School, Office and Craft business performed strongly, benefitting from the increasing popularity of handicrafts.
During the first quarter we took further steps to strengthen our distribution in key Central European markets. We also made further progress towards clarifying our roadmap and building the organization to accelerate growth in EMEA across our businesses. Our path is clear and consistent, and we continue to evolve towards tomorrow’s Fiskars, a world-class company.
In April we agreed with Investor AB to join interests to create an even stronger, committed owner for Wärtsilä. The transaction will benefit Fiskars shareholders and further strengthen the company’s financial position, thus enabling us to accelerate our growth both organically and through acquisitions.”
Group key figures
| EUR million | Q1 2012 | Q1 2011 | Change | 2011 |
| Net sales | 188.3 | 189.3 | -1% | 742.5 |
| Operating profit (EBIT) | 17.1 | 16.4 | 5% | 52.8 |
| Operating profit excluding non-recurring items | 17.1 | 16.4 | 5% | 62.1 |
| Share of profit from associated company | 9.8 | 11.2 | -12% | 42.7 |
| Change in the fair value of standing timber | -0.4 | -0.6 | -1.0 | |
| Profit before taxes* | 24.5 | 94.9 | -74% | 161.8 |
| Profit for the period* | 20.0 | 91.8 | -78% | 156.3 |
| Earnings per share, EUR | 0.24 | 1.12 | -78% | 1.91 |
| Equity per share, EUR | 6.38 | 5.90 | 8% | 6.77 |
| Cash flow from operating activities** | 14.1 | 32.0 | -56% | 107.4 |
| Equity ratio, % | 55% | 51% | 59% | |
| Net gearing, % | 37% | 46% | 27% | |
| Capital expenditure | 4.7 | 5.1 | -8% | 24.7 |
| Personnel (FTE), average | 3,377 | 3,640 | -7% | 3,545 |
*Including a non-recurring profit of EUR 69.8 million from the sale of Wärtsilä shares in Q1 2011
**Including Wärtsilä dividend of EUR 26.8 million in Q1 2012 (40.9)
Full interim report
The full interim report is published as a pdf file attachment to this summary stock exchange release and is available on the company's Web site at www.fiskarsgroup.com.
News conference:
An analyst and press conference on the first quarter results will be held on May 3, 2012 at 10:00 am at the company’s headquarters, Fiskars Campus, Hämeentie 135 A, Helsinki. Presentation materials will be available at www.fiskarsgroup.com.
FISKARS CORPORATION
Kari Kauniskangas
President and CEO
Further information:
- President and CEO Kari Kauniskangas, tel. +358 204 39 5500
- Interim CFO Jyri Virrantuomi, tel. +358 204 39 5704
Fiskars is a leading global supplier of consumer products for the home, garden and outdoors. The group has a strong portfolio of respected international brands, including Fiskars, Iittala and Gerber. Founded in 1649 and listed on NASDAQ OMX Helsinki, Fiskars is Finland's oldest company. Fiskars recorded net sales of EUR 743 million in 2011, and employs some 3,400 people in over 20 countries. www.fiskarsgroup.com