Second quarter: Good performance in mixed market conditions
Fiskars Corp. Interim Report January – June 2011 August 5, 2011 at 8.30 am EET
Second quarter 2011 in brief:
- Net sales increased 2% to EUR 200.6 million (Q2 2010: 195.9)
- At comparable currency rates, net sales increased 6 %
- Operating profit (EBIT) decreased 15% to EUR 19.0 million (22.2)
- Earnings per share were EUR 0.30 (0.35)
- Cash flow from operating activities was EUR 8.2 million (31.4), including a EUR 13 million negative impact related to withheld tax on dividend
- Outlook for 2011 unchanged: full-year net sales and operating profit excluding non-recurring items are expected to increase compared to 2010
Fiskars President and CEO, Kari Kauniskangas:
”Overall, Fiskars had a good quarter, with many businesses performing above market and increasing their sales. Across our portfolio and segments, however, performance varied from weak to strong. Even within business areas, consumer demand developed unevenly between different geographical segments. At Group level, the weaker US dollar affected Fiskars’ consolidated net sales and operating profit. Profit was also negatively impacted by temporary production inefficiencies in EMEA, which were partly related to increased production volumes.
After a strong first-quarter sell-in, consumer demand has developed unevenly from month to month. Given the worries about the economic outlook, consumers are likely to continue weighing their spending decisions carefully. Increasing raw material prices pressure us to increase our sales prices towards the end of the year.”
Group key figures
| EUR million | Q2 2011 | Q2 2010 | Change | Q1-Q2 2011 | Q1-Q2 2010 | Change | 2010 |
| Net sales | 200.6 | 195.9 | 2% | 389.9 | 365.9 | 7% | 715.9 |
| Operating profit (EBIT) | 19.0 | 22.2 | -15% | 35.3 | 34.8 | 1% | 49.1 |
| Share of profit from associated company | 10.6 | 13.2 | -20% | 21.7 | 18.6 | 17% | 65.9 |
| Change in the fair value of standing timber | -0.2 | -0.6 | -0.7 | -1.2 | -2.2 | ||
| Profit before taxes* | 28.6 | 34.0 | -16% | 123.5 | 49.7 | 148% | 106.7 |
| Profit for the period* | 24.2 | 28.4 | -15% | 116.1 | 41.3 | 181% | 94.3 |
| Earnings per share, EUR | 0.30 | 0.35 | 1.42 | 0.50 | 1.15 | ||
| Equity per share, EUR | 6.16 | 6.41 | -4% | 6.76 | |||
| Cash flow from operating activities** | 8.2 | 31.4 | -74% | 40.2 | 44.8 | -10% | 92.6 |
| Equity ratio, % | 53% | 53% | 57% | ||||
| Net gearing, % | 43% | 44% | 36% | ||||
| Capital expenditure | 5.1 | 5.0 | 2% | 10.3 | 7.6 | 36% | 18.6 |
| Personnel (FTE), average | 3,714 | 3,594 | 3% | 3,677 | 3,576 | 3% | 3,612 |
*Including a non-recurring profit of EUR 69.8 million from the sale of Wärtsilä shares in Q1 2011
**Including Wärtsilä dividend of EUR 40.9 million in Q1 2011 (29.5)
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 5, 2011, at 10:00 am at the company’s headquarters, Fiskars Campus, Hämeentie 135 A, Helsinki. Presentation material will be available at www.fiskarsgroup.com.
FISKARS CORPORATION
Kari Kauniskangas
President & CEO
Further Information:
President and CEO Kari Kauniskangas, tel. +358 204 39 5500
CFO Teemu Kangas-Kärki, tel. +358 204 39 5703
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 716 million in 2010, and employs some 3,600 people in over 20 countries. www.fiskarsgroup.com