Fiskars Corporation
Financial Statement Release
February 7, 2019 at 8:30 a.m. EET

FISKARS GROUP FINANCIAL STATEMENT RELEASE 2018: Increased comparable EBITA, improved cash flow and decreased comparable net sales 

This release is a summary of the Fiskars Corporation’s fourth quarter of 2018 and Financial Statement Release 2018 published today. The complete Financial Statement Release 2018 with tables is attached to this release as a pdf-file. It is also available at and on the company website at Investors should not rely on summaries of our financial reports only, but should review the complete Financial Statement Release with tables.

Fourth quarter 2018 in brief:

  • Net sales increased by 1.5% to EUR 324.1 million (Q4 2017: 319.2)
  • Comparable net sales1) increased by 1.1%
  • Comparable2) EBITA increased by 38% to EUR 48.8 million (35.4)
  • EBITA increased to EUR 43.5 million (30.6)
  • Cash flow from operating activities before financial items and taxes was EUR 92.2 million (103.5)
  • Earnings per share (EPS) were EUR 0.33 (-0.56, comparable figure 0.21)3)

January–December 2018 in brief:

  • Net sales decreased by 5.6% to EUR 1,118.5 million (2017: 1,185.5)
  • Comparable net sales1) decreased by 2.4%
  • Comparable2) EBITA increased by 2% to EUR 121.7 million (119.0)
  • EBITA decreased to EUR 112.5 million (113.2)
  • Cash flow from operating activities before financial items and taxes was EUR 136.8 million (130.5)
  • Earnings per share (EPS) were EUR 1.00 (2.04, comparable figure 0.98)3)

Proposal for distribution of dividend

The Board of Directors proposes to the Annual General Meeting 2019 an authorization for the Board of Directors to resolve on the distribution of the shares held by Fiskars in Wärtsilä Corporation as an extra dividend to Fiskars’ shareholders. The Board of Directors currently expects to resolve on the share dividend distribution of all or substantially all of Fiskars’ shares in Wärtsilä, subject to the authorization, in its meeting scheduled for June 6, 2019.

In addition, the Board of Directors proposes to the Annual General Meeting that a cash dividend of up to a total of EUR 0.54 per share shall be paid to the shareholders. According to the proposal, the cash dividend would be divided into two parts, i.e. the Annual General Meeting would resolve on a cash dividend of EUR 0.27 per share paid to shareholders after the Annual General Meeting in March 2019 and, further, the Board of Director proposes that the Annual General Meeting resolves to authorize the Board of Directors to resolve, in its discretion, on the distribution of an additional cash dividend up to EUR 0.27 per share. The Board of Directors expects to resolve on the additional cash dividend of EUR 0.27, subject to the authorization, in its meeting scheduled for September 5, 2019. 

Outlook for 2019:

In 2019, Fiskars Group expects the comparable net sales1) and comparable2) EBITA to be at the same level as in 2018.

The outlook is influenced by the company’s investments in growth initiatives that are expected to add sustainable value in the long-term. In addition, there are material risks relating to changes in the operating environment, e.g. Brexit and the U.S. tariffs. An unfavorable outcome of these risks might have a significant impact on the comparable net sales and comparable EBITA. Furthermore, fluctuations in currency rates might also have a considerable impact on comparable EBITA.

President and CEO, Fiskars Group, Jaana Tuominen: 

“For Fiskars Group, the fourth quarter is important, and I am very pleased that we ended the year 2018 with a strong last quarter. We increased both our comparable net sales and particularly, comparable EBITA during the quarter. This resulted in an increased comparable EBITA for Fiskars Group in full year 2018, despite the decrease in comparable net sales.

This performance reflects our capability to deliver results even in challenging market conditions. We have made good progress in increasing our efficiency through a number of transformation programs and in the execution of our strategic

initiatives. We continue to see potential in further improving our ways of working, acting as one company to leverage our strengths and benefit from our shared skills.

I was particularly pleased with the full-year performance of the Functional segment, where comparable EBITA increased clearly. This is notable, as the comparable net sales remained at the previous year’s level, primarily due to the cold spring during the first quarter. Functional EMEA performed well and the comparable EBITA increased also during the fourth quarter. The Outdoor business has been making excellent progress during the year and the fourth quarter was no exception.

The Living segment ended the year on a positive note as well, as the comparable EBITA increased during this important quarter. The entire year was challenging for both businesses in the Living segment. In October, we launched the Transformation program in the Living segment, focusing primarily on the English & Crystal Living business. With this program, we aim to increase efficiency, reduce complexity and accelerate long-term strategic development during 2018–2021.

In November, we updated our long-term financial targets regarding profitability, and now aim to reach an EBITA margin of 12%. At the same time, we updated our strategic priorities, to further improve our performance. We work to find growth in our core markets and categories and seek opportunities in new areas.

As a result of the increased uncertainty in the trade environment and possible increased tariffs, our earnings will come under some pressure in 2019. We will continue delivering on our strategic priorities and in 2019, we expect comparable net sales and comparable EBITA to be at the same level as in 2018.

Together with the entire Fiskars Group team, we are determined to drive the company forward. We have good potential to improve our business performance and continue to focus on making the everyday extraordinary, for our consumers, customers, employees and shareholders alike.” 

1)      In 2017, using comparable exchange rates, excluding the net sales reported in 2017 from the divested container gardening business in Europe (December 2016). In the outlook for 2018, comparable net sales excludes the impact of exchange rates, acquisitions and divestments. 
2)      Items affecting comparability in EBITA include items such as restructuring costs, impairment or provisions charges and releases, integration-related costs, and gain and loss from the sale of businesses.
3)      Earnings per share does not include net changes in the fair value of the investment portfolio. The comparable figures for Q4 2017 and 2017 have been adjusted accordingly.

Group key figures

EUR million Q4 2018 Q4 2017 Change 2018 2017 Change
Net sales 324.1 319.2 1.5% 1,118.5 1,185.5 -5.6%
Comparable net sales1) 324.1 320.5 1.1% 1,118.5 1,145.8 -2.4%
EBITA 43.5 30.6 43% 112.5 113.2 -1%
Items affecting comparability in EBITA2) -5.2 -4.9 -9.2 -5.8
Comparable EBITA 48.8 35.4 38% 121.7 119.0 2%
Operating profit (EBIT) 32.5 25.8 26% 91.6 97.9 -6%
Profit before taxes 29.9 -53.6 103.0 217.8
Profit for the period 26.7 -45.8 81.7 167.1
Net change in the fair value of investment   portfolio -1.3 -79.4 -118.8 107.9
Earnings/share, EUR3) 0.33 0.21 1.00 0.98
Equity per share, EUR 14.80 15.53 -5%
Cash flow from operating activities before   financial items and taxes 92.2 103.5 -11% 136.8 130.5 5%
Equity ratio, % 70% 69%
Net gearing, % 11% 12%
Capital expenditure 14.2 12.0 19% 46.2 35.4 31%
Personnel (FTE), average 7,094 7,519 -6% 7,304 7,709 -5%

1) Using comparable exchange rates, excluding the net sales reported in 2017 from the divested container gardening business in Europe (December 2016) 
2) In Q4 2018, items affecting comparability consisted of personnel-related costs and costs related to the Alignment program. In Q4 2017, items affecting comparability consisted of net costs related to the Alignment program. More information on the Alignment program is available in the Financial Statement Release published on February 7, 2018.
3) Earnings per share do not include net changes in the fair value of the investment portfolio. The comparable figures for Q4 2017 and full year 2017 have been adjusted accordingly.


Based on the new IFRS 9 standard that Fiskars Group adopted on January 1, 2018, Fiskars Group records the change in fair value of the Wärtsilä holding in other comprehensive income instead of recognizing fair value changes in the income statement.

Compared to the previous reporting principle, this has transferred the change in fair value of such investments from the income statement to other comprehensive income including deferred taxes. The change has not impacted the treatment of those items' balance sheet classification or dividends in the income statement.

From Q1 2018 onwards, Fiskars Group has not separately reported the operative earnings per share, which previously excluded the net change in the fair value of the investment portfolio and dividends received. Earnings per share (EPS) figures for 2017 have been adjusted accordingly.

On January 1, 2019, the Group will adopt IFRS 16 Leases. All the lessees’ lease agreements will be booked as right-of-use assets and liabilities in the balance sheet. Exceptions are short-term contracts with a duration of less than 12 months and lease contracts for which the underlying asset has a low value. The Group will adopt the standard with a cumulative catch-up transition method, without restating prior periods. The impact of the standard change to the balance sheet at January 1, 2019 will be about EUR 123 million. The positive impact to EBIT/EBITA will be approximately EUR 1 million, resulting from the decrease of lease expenses and increase of depreciation from the right-of-use assets. EBITDA is affected in addition with the amount of depreciation, increasing about EUR 23 million. Interest expenses will be increased approximately by EUR 2 million. Total estimated impact to the profit for the period is EUR -1 million.

More information on reporting changes is provided in the accounting principles section of this Financial Statement Release.  


Jaana Tuominen
President and CEO

Further information:

  • President and CEO Jaana Tuominen, tel. +358 204 39 5500
  • CFO Sari Pohjonen, tel. +358 204 39 5773
  • Corporate Communications, tel. +358 204 39 5031,

Analyst and media conference
A presentation for analysts and media on the fourth quarter and full year results will be held on February 7, 2019 at 10:00 a.m. at the company’s headquarters, Fiskars Campus, Hämeentie 135 A, Helsinki. Presentation materials will be available at

A conference call and live webcast for analysts and investors will be held on the same day at 11:30 a.m. (EET). The conference call will be held in English. To participate in the conference call please dial in 5-10 minutes prior to the start of the conference. Questions can be asked in English after the presentation.

International dial-in number: +44 (0) 2071 928000
Denmark: +45 32 728 042
Finland: +358 9 424 508 06
France: +33 (0)
176 700 794
Germany: +49 (0)
692 443 7351
Norway: +47 239 602 64

Sweden: +46 (0) 850 692 180
USA: +1 631 510 7495

Conference ID: 2468608

The presentation can be followed as a live webcast at:

An on-demand version of the webcast will be available on the company website. Personal details gathered during the event will not be used for any other purpose.

Media and investor contacts: 
VP, Corporate Communications and Sustainability Maija Taimi, tel. +358 204 39 5031, 

Making the everyday extraordinary  
Fiskars Group’s purpose is to make the everyday extraordinary. With our family of lifestyle brands including Fiskars, Gerber, Iittala, Royal Copenhagen, Waterford, and Wedgwood, we want to create a positive, lasting impact on our quality of life. Our products are available in more than 100 countries and we employ around 7,900 people in over 30 countries. Please visit us at for more information.