Fiskars’ second quarter 2013: Strong operating result, regained sales momentum after soft start to the year
Fiskars Corp. Interim Report January 1 - June 30, 2013 August 2, 2013 at 8.30 am EET
Second quarter 2013 in brief:
- Net sales increased by 8% to EUR 217.6 million (Q2 2012: 201.1)
- Comparable net sales (currency-neutral and excluding Royal Copenhagen) at 2012 levels
- Operating profit (EBIT) increased by 32% to EUR 26.1 million (19.7)
- Operating profit (EBIT) excluding non-recurring items increased by 41% to EUR 27.8 million (19.7)
- Earnings per share were EUR 0.33 (1.33, including EUR 1.06 per share from the sale of Wärtsilä shares)
- Cash flow from operating activities was EUR 15.4 million (18.8)
- Outlook for 2013 unchanged: full-year net sales and operating profit excl. non-recurring items to be above 2012 levels
Fiskars’ President and CEO, Kari Kauniskangas:
“I’m proud of Fiskars’ performance in the second quarter. We were able to regain sales momentum in core garden categories after the poor start to the year and our Home business grew despite difficult market conditions. Royal Copenhagen has proven to be an excellent strategic fit and continued to perform well.
Fiskars’ operating profit excluding non-recurring items, EUR 27.8 million, represented the company’s best quarterly performance ever. This is the result of a combination of strong sales execution, successful inventory management, improved operational efficiency and a favorable product mix. To continue our consistent strategic transformation we launched a restructuring program for the EMEA region to optimize the end-to-end supply chain and sales operations.
For the full year, we maintain our guidance and expect both sales and operating profit excluding non-recurring items to grow. During the latter half of the year, previously announced changes in manufacturing and roll-outs of common systems and processes will temporarily affect operational efficiency negatively and increase fixed costs.”
Group key figures
| EUR million | Q2 2013 | Q2 2012 | Change | Q1-Q2 2013 | Q1-Q2 2012 | Change | 2012 |
| Net sales | 217.6 | 201.1 | 8% | 408.0 | 389.5 | 5% | 747.8 |
| Operating profit (EBIT)* | 26.1 | 19.7 | 32% | 40.6 | 36.8 | 10% | 63.9 |
| Operating profit excl. non-recurring items | 27.8 | 19.7 | 41% | 44.4 | 36.8 | 21% | 63.1 |
| Share of profit from associated company | 10.3 | 8.5 | 20% | 19.6 | 18.3 | 7% | 47.8 |
| Change in the fair value of biological assets | 0.3 | 0.8 | -62% | 0.6 | 0.3 | 73% | 5.6 |
| Profit before taxes* | 35.9 | 116.0 | -69% | 60.7 | 140.6 | -57% | 200.4 |
| Profit for the period* | 27.2 | 108.7 | -75% | 48.1 | 128.7 | -63% | 178.9 |
| Earnings per share, EUR | 0.33 | 1.33 | -75% | 0.59 | 1.57 | -63% | 2.18 |
| Equity per share, EUR | 7.28 | 7.74 | -6% | 7.56 | |||
| Cash flow from operating activities** | 15.4 | 18.8 | -18% | 17.4 | 32.9 | -47% | 95.0 |
| Equity ratio, % | 57% | 64% | 66% | ||||
| Net gearing, % | 34% | 8% | 12% | ||||
| Capital expenditure | 10.2 | 7.7 | 33% | 20.3 | 12.4 | 64% | 32.8 |
| Personnel (FTE), average | 4,126 | 3,384 | 22% | 4,103 | 3,381 | 21% | 3,364 |
* Including non-recurring restructuring costs of 2.1 MEUR in Q1 2013 relating to the re-location of Fiskars Sweden and 1.7 MEUR in Q2 2013 relating to the restructuring of glass factories and the Home business area, and a non-recurring profit from the sale of Wärtsilä shares of EUR 87.0 million in Q2 2012
** 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.
News conference:
An analyst and press conference on the second quarter results will be held on August 2, 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.
FISKARS CORPORATION
Kari Kauniskangas
President and CEO
Further information:
- 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