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Press and stock exchange releases from Fiskars Corporation, dating from 1997 have been gathered onto this page. Additional financial data related to interim reports and the annual reports stock exchange releases can be retrieved from 2000 onwards.

Stock-exchange releases related to transactions of Fiskars shares by the management and closely associated persons as well as Fiskars management’s shareholdings as detailed in EU Market Abuse Regulation No 596/2014, ”MAR”, can be found on the Management’s Transactions page »

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Published:
2015-10-28 07:38:46 CET
Fiskars Corporation
Interim report

Fiskars third quarter 2015: Strong sales growth and solid underlying business performance, updated outlook for the full-year 2015

Fiskars Corporation
Interim Report
O
ctober 28, 2015 at 8.30 a.m. EET

Fiskars third quarter 2015: Strong sales growth and solid underlying business performance, updated outlook for the full-year 2015

This release is a summary of the Fiskars Corporation’s third quarter of 2015 and Interim Report January-September 2015 published today. The complete January–September 2015 report with tables is attached to this release as a pdf-file. It is also available at http://fiskarsgroup.com/investors/reports-presentations/interim-reports and on the company website at www.fiskarsgroup.com. Investors should not rely on summaries of our interim reports only, but should review the complete interim reports with tables.

Quarterly highlights

  • Net sales in Q3 2015 increased by 62% to EUR 288.8 million (Q3 2014: 178.4).
  • Using comparable exchange rates and excluding the acquired watering and WWRD businesses, net sales increased by 4%.
  • Operating profit decreased in Q3 2015 to EUR -1.6 million (13.7), mainly due to non-recurring items.
  • Operating profit excluding non-recurring items decreased in Q3 2015 by 38% to EUR 10.4 million (16.8). WWRD had a net negative impact of EUR 7.8 million, mainly due to purchase price allocation charges and other WWRD acquisition related costs, which impact the result in 2015 only.
  • Operative earnings per share were EUR -0.18 (0.27). Reported earnings per share (EPS), which includes changes in the fair value of the investment portfolio, amounted to EUR -0.83 (0.27).
  • Fiskars completed the acquisition of WWRD on July 1, 2015 and extended its portfolio with iconic luxury home and lifestyle brands.
  • Outlook for 2015 updated: full-year 2015 net sales are expected to increase from 2014 levels and operating profit excluding non-recurring items to be above 2014 levels. Previously, full-year net sales were expected to increase from 2014 levels and operating profit excluding non-recurring items to be at 2014 levels.

Fiskars President and CEO, Kari Kauniskangas:

“Fiskars performed well during the third quarter, with both the Europe & Asia-Pacific and Americas segments demonstrating solid growth. Despite the challenging economic climate in Europe and Asia, particularly in Finland and Japan, Fiskars demonstrated continued growth in net sales in the regions, supported by the recently acquired WWRD business, which performed according to our expectations. Had WWRD been consolidated from January 1, 2015, the consolidated income statement would show pro forma revenue of EUR 929 million during the first nine months of the year. 

Even if our reported results declined due to one-time items, I’m very pleased with our operative performance, given the tough market climate in some countries. As a result of the solid quarter, we updated our full-year outlook for 2015. We increased our expectations for the operating profit excluding non-recurring items and now expect it to be above 2014 levels. 

The results were primarily driven by the strong performance of the Living business in Europe and the Functional business across all regions. Our business also grew in the Asia-Pacific region despite the difficult environment in Japan. As previously communicated, our operating profit was impacted by the amortization of acquisition related items such as inventory revaluation and other transaction costs.

We remain focused on improving our competitiveness and continuously developing the company, while keeping our sales engine running at full speed. The integration planning with WWRD has started well and there are several areas where we have confirmed opportunities and identified new possibilities for value creation. We will focus on developing the brands and embracing their unique strengths, while pursuing common success factors, such as company culture, in-store excellence, omni-channel presence as well as common platforms and processes.” 

Group key figures 

EUR million Q3 2015 Q3 2014 Change Q1–Q3  2015 Q1–Q3  2014 Change 2014
Net sales 288.8 178.4 62% 772.2 563.5 37% 767.5
Operating profit (EBIT) -1.6 13.7   33.5 40.4 -17% 42.7
Non-recurring items1) -12.0 -3.1 291% -14.8 -8.5 73% -17.0
EBIT excl. non-recurring items 10.4 16.8 -38% 48.3 48.9 -1% 59.6
Share of profit from associated company   11.3     30.0   30.0
Net change in the fair value of investment portfolio -67.2     -16.6     27.9
Profit before taxes2) -76.9 26.2   42.4 70.1 -40% 768.7
Profit for the period2) -67.7 21.8   24.1 55.1 -56% 773.3
Operative earnings/share, EUR3) -0.18 0.27   0.31 0.67 -54% 0.76
Earnings/share, EUR4) -0.83 0.27   0.28 0.67 -58% 9.44
Equity per share, EUR       13.74 7.84 75% 14.06
Cash flow from operating activities5) -0.1 26.1   -14.0 39.1   87.0
Equity ratio, %       63% 60%   73%
Net gearing, %       28% 30%   11%
Capital expenditure 12.6 15.7 -19% 24.5 27.7 -11% 35.0
Personnel (FTE), average 7,784 4,199 85% 5,626 4,177 35% 4,243

1) In Q3 2015, mainly goodwill impairment related to the planned rationalization of a non-core product range in Americas and items related to the Supply Chain 2017 program. In 2014, the EMEA 2015 restructuring program costs, write-downs and bargain purchase gain (badwill) related to the acquisition of the watering business.
2)FY 2014 includes a non-recurring gain from the sale and revaluation of Wärtsilä shares of EUR 676.0 million on October 9, 2014.
3)Excluding net change in the fair value of the investment portfolio and dividends received. In FY 2014, excluding also the non-recurring gain from the sale and revaluation of Wärtsilä shares on October 9, 2014.
4)FY 2014 includes EUR 8.25 from the sale and revaluation of Wärtsilä shares on October 9, 2014.
5) Including Wärtsilä dividend of EUR 26.9 million in Q1 2014.

 

Analysts and media conference:
An analysts and media conference will be held at 10 a.m. on October 28, 2015, 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
  • COO and CFO Teemu Kangas-Kärki, tel. +358 204 39 5703
  • Corporate Communications, tel. +358 204 39 5031, communications@fiskars.com


Fiskars – celebrating centuries of pride, passion and design. Every day.
Established in 1649 as an ironworks in a small Finnish village, Fiskars has grown to be a leading consumer goods company with globally recognized brands including Fiskars, Iittala, Gerber, Wedgwood and Waterford. With iconic products, strong brands and global ambitions, Fiskars’ mission is to enrich people’s lives in home, garden and outdoor. Fiskars’ products are available in more than 100 countries and the company employs around 8,600 people in 30 countries. Fiskars is listed on Nasdaq Helsinki. www.fiskarsgroup.com

 

 



Fiskars Q3 2015 ENG.pdf