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Press releases

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.

 

Fiskars Corporation
Interim report
October 31, 2018 at 8:30 a.m. EET

FISKARS INTERIM REPORT JANUARY-SEPTEMBER 2018: Comparable net sales and comparable EBITA decreased, cash flow improved

This release is a summary of the Fiskars Corporation’s third quarter of 2018 and January-September 2018 interim report published today. The complete interim 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 the reports only but should review the complete interim report with tables.

Third quarter 2018 in brief:

  • Net sales decreased by 5.3% to EUR 255.8 million (Q3 2017: 270.1)
  • Comparable net sales1) decreased by 4.2%
  • Comparable2) EBITA decreased by 7.4% to EUR 27.0 million (29.1)
  • EBITA decreased to EUR 26.7 million (30.5)
  • Cash flow from operating activities before financial items and taxes was EUR 41.1 million (24.8)
  • Earnings per share (EPS) were EUR 0.34 (1.20, comparable figure 0.34)3)

January–September 2018 in brief:

  • Net sales decreased by 8.3% to EUR 794.5 million (Q1–Q3 2017: 866.3)
  • Comparable net sales1) decreased by 3.7%
  • Comparable2) EBITA decreased by 13% to EUR 72.9 million (83.5)
  • EBITA decreased to EUR 68.9 million (82.7)
  • Cash flow from operating activities before financial items and taxes was EUR 44.6 million (27.0)
  • Earnings per share (EPS) were EUR 0.67 (2.59, comparable figure 0.77)3)

Outlook for 2018 unchanged:

In 2018, Fiskars expects the Group's comparable net sales1) to be slightly below the previous year. Comparable2) EBITA is expected to increase from 2017. The fourth quarter of the year is significant both in terms of net sales and profitability.

President and CEO, Fiskars, Jaana Tuominen:

“Our performance during the third quarter was mixed. In the Functional business the comparable EBITA increased clearly from the previous year, even though comparable net sales remained at the previous year’s level. In the Living business, however, net sales and comparable EBITA decreased. On a positive note, the Group’s cash flow improved from the previous year.

In the Living business, our performance was negatively impacted by the performance of the English & Crystal Living business in the UK and Australia. In addition, net sales in the hospitality channel decreased from the previous year. Net sales also decreased in the Scandinavian Living business. However, I was pleased to see that net sales increased in Finland, despite a strong comparison period with the Finland 100 anniversary sales last year. Net sales growth in the direct e-commerce channel accelerated in the third quarter. This channel is a priority area for us, and key in responding to the change in consumer behavior and the changing buying patterns.

In the Functional business, the good momentum in comparable EBITA was supported by all businesses, in particular by the Outdoor business that has increased net sales in the U.S.

As shared today, we will start the Transformation program in the Living business, aimed at increasing efficiency, reducing complexity and accelerating long-term strategic development. The proposed changes will involve optimization of global retail, distribution and supply networks as well as the organizational structure, and will focus primarily on the English & Crystal Living business, to improve its profitability. With this program we create a solid platform for long-term profitable growth and better position our brands to thrive and grow in a fast-changing retail environment.

As communicated earlier, for 2018, we expect the comparable net sales to be slightly below the previous year, and the comparable EBITA is expected to increase from last year. The fourth quarter is significant for us, both in terms of net sales and profitability, in particular due to the gifting season in the Living and Outdoor businesses. Together with our team, we are focused on driving sales, leveraging our seasonal campaigns and own sales channels as well as providing great consumer experiences in all the markets in which we operate.” 

1) In 2017, using comparable exchange rates, excluding the net sales reported in 2017 from the divested container gardening busness 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 Q3 2017 and Q1–Q3 2017 have been adjusted accordingly.


Group key figures 

EUR million Q3 2018 Q3 2017 Change Q1‒Q3 2018 Q1‒Q3 2017 Change 2017
Net sales 255.8 270.1 -5.3% 794.5 866.3 -8.3% 1,185.5
Comparable net sales1) 255.8 267.0 -4.2% 794.5 825.3 -3.7% 1,184.0
EBITA 26.7 30.5 -12% 68.9 82.7 -17% 113.2
Items affecting comparability in EBITA2) -0.3 1.3 -4.0 -0.9 -5.8
Comparable EBITA 27.0 29.1 -7% 72.9 83.5 -13%  119.0
Operating profit   (EBIT) 23.3 26.8 -13% 59.1 72.1 -18% 97.9
Profit before taxes 31.0 123.3 73.1 271.5 217.8
Profit for the period 27.7 98.9 55.0 212.9 167.1
Net change in the fair value of investment portfolio -1.3  88.7 -24.3 187.4 107.9
Earnings/share, EUR3) 0.34 0.34 0.67 0.77 0.98
Equity per share, EUR 15.40 16.14 -5% 15.53
Cash flow from operating activities before financial items and taxes 41.1  24.8 66% 44.6 27.0 65% 130.5
Equity ratio, % 69% 69% 69%
Net gearing, % 16% 17% 12%
Capital expenditure 12.2 8.6 42% 32.0 23.4 37% 35.4
Personnel (FTE), average 7,313 7,622 -4% 7,374 7,773 -5% 7,709

1) Using comparable exchange rates, excluding the net sales reported in 2017 from the divested container gardening business in Europe (December 2016)
2) In Q3 2018, items affecting comparability consisted of personnel-related costs and costs related to the Alignment program. In Q3 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 Q3 2017, Q1–Q3 2017 and full year 2017 have been adjusted accordingly.


CHANGES IN FISKARS REPORTING IN 2018

Based on the new IFRS 9 standard that Fiskars 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 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.

More information on reporting changes is provided in the accounting principles section of this interim report.

FISKARS CORPORATION

Jaana Tuominen
President & CEO

Conference call and live web cast
A conference call and live web cast for analysts and investors will be held on October 31, 2018 at 11:30 a.m. (EET). The conference call will be held in English. To participate in the conference call please dial 5-10 minutes prior to the start of the conference. Questions can be asked in English after the presentation. Presentation materials will also be available at www.fiskarsgroup.com.

International dial-in number: +44 (0) 2071 928000
Denmark: 32728042
Finland: 09 42450806
France: 0176700794
Germany: 06924437351
Norway: 23960264
Sweden: 08 50692180
USA: 16315107495

Conference ID: 1665279

The presentation can be followed as a live webcast at: https://engage.vevent.com/rt/fiskars/index.jsp?seid=51 

An on-demand version of the webcast will be available on the company website later the same day. 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, communications@fiskars.com 

Fiskars - Making the everyday extraordinary
Fiskars serves consumers and customers around the world with globally recognized brands including Fiskars, Gerber, Iittala, Royal Copenhagen, Waterford, and Wedgwood. Building on our mission to create a family of iconic lifestyle brands, Fiskars' vision is to create a positive, lasting impact on our quality of life. Please visit www.fiskarsgroup.com for more information.         

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