Fiskars’ first quarter 2013: Late spring resulted in a slow start to the year
Fiskars Corp. Interim Report January 1 - March 31, 2013 May 3, 2013 at 8.30 am EET
First quarter 2013 in brief:
- Net sales increased 1% to EUR 190.4 million (Q1 2012: 188.3)
- At comparable currency rates and adjusted for the Royal Copenhagen acquisition, sales decreased 7%
- Operating profit (EBIT) decreased 15% to EUR 14.6 million (17.1)
- Operating profit excluding non-recurring items decreased 3% to EUR 16.6 million
- Earnings per share were EUR 0.25 (0.24)
- Cash flow from operating activities fell to EUR 2.1 million (14.1)
- Outlook for 2013 unchanged: full-year 2013 net sales and operating profit excluding non-recurring items to be above 2012 levels.
Fiskars President and CEO, Kari Kauniskangas:
”In many of our main markets, traffic in stores was weak and consumer demand low during the first quarter. Abnormally cold weather delayed spring in both Europe and North America, which affected the Garden business area heavily and resulted in a disappointing start to the year with regards to sales.
Compared to the overall garden retail market, however, Fiskars performed well and strengthened its position. We will now focus on making the most of the shorter than usual spring selling season and securing garden sales for the rest of the year.
Taking into consideration the challenging retail environment, I am particularly pleased that our business focus and operational efficiency helped us deliver a solid operating profit for the quarter. I am also glad to note that many of our brands gained market share and increased their sales in a tough market. Recently acquired Royal Copenhagen performed well and according to our expectations. Following the acquisition, the weight of the fourth quarter increases both in full-year sales and profit due to seasonality typical to homeware products.
We are keeping our outlook for 2013 unchanged and expect full-year net sales and operating profit excluding non-recurring items to grow.”
Group key figures
|EUR million||Q1 2013||Q1 2012||Change||2012|
|Operating profit (EBIT)*||14.6||17.1||-15%||63.9|
|Operating profit excluding non-recurring items||16.6||17.1||-3%||63.1|
|Share of profit from associated company||9.4||9.8||-5%||47.8|
|Change in the fair value of standing timber||0.3||-0.4||5.6|
|Profit before taxes*||24.9||24.5||1%||200.4|
|Profit for the period*||20.9||20.0||4%||178.9|
|Earnings per share, EUR||0.25||0.24||4%||2.18|
|Equity per share, EUR||7.06||6.38||11%||7.56|
|Cash flow from operating activities**||2.1||14.1||-85%||95.0|
|Equity ratio, %||55%||55%||66%|
|Net gearing, %||36%||37%||12%|
|Personnel (FTE), average||4,081||3,377||21%||3,364|
* Including non-recurring restructuring costs of 2.1 MEUR in Q1 2013 relating to the re-location of Fiskars Sweden
** Including a Wärtsilä dividend of 25.6 MEUR in Q1 2013 (26.8)
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.
An analyst and press conference on the first quarter results will be held on May 3, 2013 at 10:00 am at the company’s headquarters, Fiskars Campus, Hämeentie 135 A, Helsinki. Presentation materials will be available at www.fiskarsgroup.com.
President and CEO
- President and CEO Kari Kauniskangas, tel. +358 204 39 5500
- CFO Ilkka Pitkänen, tel. +358 204 39 5054
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 748 million in 2012, and employs some 4,100 people in over 20 countries. www.fiskarsgroup.com