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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 »

Stock-exchange releases related to the buyback of Fiskars shares by Fiskars Corporation can be found on the Share buyback page »



Source: Fiskars Oyj Abp

HALF-YEAR FINANCIAL REPORT JANUARY-JUNE 2018: Comparable net sales and comparable EBITA decreased, full-year outlook for comparable EBITA unchanged

Fiskars Corporation
Stock Exchange Release              
August 1, 2018 at 8:30 a.m. EEST

HALF-YEAR FINANCIAL REPORT JANUARY-JUNE 2018: Comparable net sales and comparable EBITA decreased, full-year outlook for comparable EBITA unchanged

This release is a summary of the Fiskars Corporation's January–June 2018 half-year financial report published today. The complete half-year financial 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 half-year report with tables.

Second quarter 2018 in brief:

-     Net sales decreased by 6.0% to EUR 272.6 million (Q2 2017: 290.0)
-     Comparable net sales1) decreased by 0.8%
-     Comparable2) EBITA remained at last year’s level at EUR 22.3 million (22.4)
-     EBITA decreased to EUR 20.2 million (21.3)
-     Cash flow from operating activities before financial items and taxes was EUR 42.7 million (48.6)
-     Earnings per share (EPS) were EUR 0.13 (0.31, comparable figure 0.14)3)

January–June 2018 in brief:

-     Net sales decreased by 9.6% to EUR 538.7 million (Q1–Q2 2017: 596.1)
-     Comparable net sales1) decreased by 3.5%
-     Comparable2) EBITA decreased by 16% to EUR 45.9 million (54.4)
-     EBITA decreased to EUR 42.2 million (52.2)
-     Cash flow from operating activities before financial items and taxes was EUR 3.5 million (2.2)
-     Earnings per share (EPS) were EUR 0.33 (1.39, comparable figure 0.43)3)

Outlook for comparable net sales 2018 updated (July 18, 2018):

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.

Previous outlook for 2018 (February 7, 2018):

Previously, Fiskars expected the Group's comparable net sales1) and comparable2) EBITA to increase from 2017.

President and CEO, Fiskars, Jaana Tuominen:

”We have made good progress in improving our operational efficiency during the second quarter. We are working in a more disciplined manner to leverage the opportunities available to our strong brands. We focus in building a unified company with capabilities to deliver growth and solid stakeholder value.

The delayed spring season in the first quarter shifted gardening deliveries to the second quarter, and the Functional Americas business recovered well from the slow start to the year as weather conditions improved. Gardening sales also increased in the Nordic countries, however this increase did not offset the soft development in other European countries.

Comparable net sales decreased in the Living segment. Lower traffic to stores in some markets and a continued transformation of the retail sector impacted demand. We aim to fuel growth and continue to develop our channel strategy, including direct e-commerce, where the net sales continued to increase. We are making progress in terms of operational efficiency in the English & Crystal Living business, however the topline development remains a challenge. The Scandinavian Living business is progressing according to our expectations.

I was pleased to see that despite the decrease in net sales, comparable EBITA improved in the Functional segment, driven by the Functional EMEA and the Outdoor businesses, where our actions to increase efficiency are gaining ground.

Fiskars Group lowered its guidance for comparable net sales for the full year 2018. We now expect comparable net sales to be slightly below the previous year. We continue to expect that in 2018, the comparable EBITA will increase from 2017.

We are taking determined action to address the issues that are impacting our business. We are focusing on driving sales, as especially the fourth quarter is important for the Living segment, both in terms of net sales and profitability. In addition, we continue to manage our costs prudently. 

Fiskars will organize a Capital Markets Day in November 2018, where we will discuss our strategy and its execution in further detail.” 

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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 Q2 2017 and Q1–Q2 2017 have been adjusted accordingly.


Group key figures

EUR million     Q2 2018 Q2 2017 Change Q1‒Q2 2018 Q1‒Q2
2017
Change 2017
Net sales 272.6 290.0 -6.0% 538.7 596.1 -9.6% 1,185.5
Comparable net sales1) 272.6 274.7 -0.8% 538.7 558.3 -3.5% 1,184.0
EBITA 20.2 21.3 -5% 42.2 52.2 -19% 113.2
Items affecting comparability in EBITA2) -2.1 -1.1   -3.7 -2.2   -5.8
Comparable EBITA 22.3 22.4 0% 45.9 54.4 -16% 119.0
Operating profit (EBIT) 16.7 17.8 -6% 35.7 45.2 -21% 97.9
Profit before taxes 17.0 33.9   42.1 148.2   217.8
Profit for the period 10.8 25.8   27.3 114.0   167.1
Net change in the fair value of investment portfolio -36.6 17.4   -23.0 98.7   107.9
Earnings/share, EUR3) 0.13 0.14   0.33 0.43   0.98
Equity per share, EUR       15.05 15.02 0% 15.53
Cash flow from operating activities before financial items and taxes 42.7 48.6 -12% 3.5 2.2 62% 130.5
Equity ratio, %       68% 67%   69%
Net gearing, %       17% 19%   12%
Capital expenditure 10.8 7.3 48% 19.8 14.8 34% 35.4
Personnel (FTE), average 7,398 7,863 -6% 7,404 7,849 -6% 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 Q2 2018, items affecting comparability consisted of personnel-related costs and costs related to the Alignment program. In Q2 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 Q2 2017, Q1–Q2 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 half-year report.

FISKARS CORPORATION
 
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, communications@fiskars.com


Analyst and media conference
A presentation for analysts and media on the first quarter results will be held on August 1, 2018 at 10:00 a.m. at the company's headquarters, Fiskars Campus, Hämeentie 135 A, Helsinki. Presentation materials will be available at www.fiskarsgroup.com.

A conference call and live web cast for analysts and investors will be held on the same day at 11:30 a.m. (EEST). 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.

International dial-in number: +44 (0) 2071 928000
Denmark: +45 32 728042
Finland: +358 9 42450806
France: +33 (0) 176700794
Germany: +49 (0) 6924437351
Norway: +47 23960264
Sweden: +46 (0) 8 50692180
USA: +1 6315107495

Conference ID: 2157409

The presentation can be followed as a live webcast at: https://engage.vevent.com/rt/fiskars/index.jsp?seid=47

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 people around the world with globally recognized brands including Fiskars, Gerber, Iittala, Royal Copenhagen, Waterford, and Wedgwood. We are building a family of iconic lifestyle brands with the vision to create a positive, lasting impact on our quality of life. Please visit www.fiskarsgroup.com for more information.

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