English

Third quarter: Net sales and operating profit up

Report this content

Fiskars Corp.   Interim Report January – September 2011   October 27, 2011 at 8.30 am EET

Third quarter 2011 in brief:

  • Net sales increased 4% to EUR 165.3 million (Q3 2010: 159.5)
  • At comparable currency rates, net sales increased 6%, and, excluding Silva in Q3 2010, 9 %
  • Operating profit excluding non-recurring items increased 2% to EUR 13.1 million (12.9)
  • Operating profit (EBIT) decreased 47% to EUR 6.8 million (12.9), mainly due to the non-recurring sales loss related to the divestment of Silva
  • Earnings per share were EUR 0.17 (0.29)
  • Cash flow from operating activities was EUR 25.3 million (18.3)
  • 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:

“Fiskars’ net sales continued to grow during the third quarter, and many of our businesses strengthened their position. Given the challenging market conditions and the divestment of Silva in July, I am very pleased with our sales performance. Our business has so far been relatively resilient to the economic downturn, thanks to our strong brands and products that cater to both consumers’ needs and passions.

Our operating profit excluding non-recurring items remained at last year’s level, despite increases in raw material costs and the weakening of the US dollar.

Moving into the important holiday season, our focus is on securing sales in an uncertain economic environment.  We are keeping our full-year guidance unchanged and expect full-year net sales and operating profit excluding non-recurring items to be above 2010 levels.”

Group key figures

EUR million Q3 2011 Q3 2010 Change Q1-Q3 2011 Q1-Q3 2010 Change 2010
Net sales 165.3 159.5 4% 555.2 525.3 6% 715.9
Operating profit (EBIT)* 6.8 12.9 -47% 42.1 47.7 -12% 49.1
Operating profit excluding non-recurring items 13.1 12.9 2% 48.4 47.7 1% 60.4
Share of profit from associated company 7.5 17.3 -56% 29.3 35.9 -18% 65.9
Change in the fair value of standing timber -0.1 -0.6   -0.9 -1.8   -2.2
Profit before taxes** 14.8 26.6 -44% 138.3 76.3 81% 106.7
Profit for the period** 13.6 24.1 -43% 129.7 65.4 98% 94.3
Earnings per share, EUR 0.17 0.29   1.58 0.80   1.15
Equity per share, EUR       6.37 6.57 -3% 6.76
Cash flow from operating activities*** 25.3 18.3 38% 65.5 63.0 4% 92.6
Equity ratio, %       57% 55%   57%
Net gearing, %       36% 41%   36%
Capital expenditure 4.6 3.5 33% 14.9 11.0 35% 18.6
Personnel (FTE), average 3,463 3,631 -5% 3,606 3,594 0% 3,612

* Including a non-recurring loss of EUR 5.3 million related to the sale of Silva and a EUR 1.1 million non-recurring loss related to product recalls in Q3 2011

** 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 third quarter results will be held on October 27, 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

Subscribe

Documents & Links