Fiskars Corp. Interim Report January - September 2012 November 1, 2012
at 8:30 am EET
Third quarter 2012 in brief:
-- Net sales increased by 2% to EUR 168.0 million (Q3 2011: 165.3)
-- At comparable currency rates, net sales decreased by 4%
-- Operating profit (EBIT) was EUR 14.0 million (6.8)
-- Operating profit (EBIT) excluding non-recurring items increased by 1% to
EUR 13.2 million (13.1)
-- Earnings per share were EUR 0.22 (0.17)
-- Cash flow from operating activities was EUR 23.5 million (25.3)
-- Outlook for 2012 unchanged: full-year net sales and operating profit excl.
non-recurring items are expected to be at 2011 levels
Fiskars President and CEO, Kari Kauniskangas:
“Fiskars' business continues to develop steadily despite challenging market
conditions, particularly in Europe. Our American businesses showed their
strength, and we continued to increase operational efficiency in EMEA. This
enabled us to deliver a solid operating profit while the costs related to our
five-year platform investment program in EMEA increased as anticipated. The
program progressed according to plan.
Our key international brands perform well even during turbulent economic
conditions and function as our engine of growth when entering new categories
and markets. During the third quarter this could be seen in the promising
commercial launch by our crafting business and in the headway made by the
Outdoor business in building a strong international distribution network for
Gerber's growth.
Further erosion of consumer or trade confidence could negatively impact sales
in the holiday season, which is especially important for our Home products. It
is also good to remember that during the last two winters the demand for snow
tools has been exceptionally high.”
Group key figures
EUR million Q3 Q3 Change Q1-Q3 Q1-Q3 Change 2011
2012 2011 2012 2011
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Net sales 168.0 165.3 2% 557.5 555.2 0% 742.5
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Operating profit 14.0 6.8 106% 50.8 42.1 21% 52.8
(EBIT)*
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Operating profit 13.2 13.1 1% 50.0 48.4 3% 62.1
excluding
non-recurring items
--------------------------------------------------------------------------------
Share of profit from 9.8 7.5 29% 28.1 29.3 -4% 42.7
associated company
--------------------------------------------------------------------------------
Change in the fair 0.7 -0.1 1.0 -0.9 -1.0
value of standing
timber
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Profit before taxes** 22.8 14.8 54% 163.4 138.3 18% 161.8
--------------------------------------------------------------------------------
Profit for the period** 18.4 13.6 35% 147.1 129.7 13% 156.3
--------------------------------------------------------------------------------
Earnings per share, 0.22 0.17 35% 1.79 1.58 13% 1.91
EUR***
--------------------------------------------------------------------------------
Equity per share, EUR 7.21 6.37 13% 6.77
--------------------------------------------------------------------------------
Cash flow from 23.5 25.3 -7% 56.4 65.5 -14% 107.4
operating
activities****
--------------------------------------------------------------------------------
Equity ratio, % 64% 57% 59%
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Net gearing, % 17% 36% 27%
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Capital expenditure 8.8 4.6 90% 21.2 14.9 42% 24.7
--------------------------------------------------------------------------------
Personnel (FTE), 3,371 3,463 -3% 3,377 3,606 -6% 3,545
average
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*Incl. non-recurring items: in Q3 2012 income of EUR 0.8 million from the
release of a provision related to the sale of Silva, in Q4 2011 a fine of EUR 3
million, in Q3 2011 losses of EUR 5.3 million from the sale of Silva and EUR
1.1 million form product recalls
**Including non-recurring profit from the sale of Wärtsilä shares of EUR 87.0
million in Q2 2012 and EUR 69.8 million in Q1 2011
***Including EUR 1.06 from the sale of Wärtsilä shares in Q2 2012 and EUR 0.85
in Q1 2011
****Including a 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 third quarter results will be held on
November 1, 2012, 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 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 743 million in 2011, and employs some 3,400 people in over 20
countries. www.fiskarsgroup.com