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
Stock Exchange Release
August 1, 2019 at 8:30 a.m. (EEST) 

HALF-YEAR FINANCIAL REPORT JANUARY-JUNE 2019: Cash flow improved, comparable net sales and comparable EBITA decreased

This release is a summary of the Fiskars Corporation’s January–June 2019 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 2019 in brief:

  • Net sales decreased by 2.8% to EUR 265.1 million (Q2 2018: 272.6)
  • Comparable net sales1 decreased by 4.9% to EUR 265.1 million (278.6)
  • EBITA decreased by 32.8% to EUR 13.6 million (20.2)
  • Comparable2 EBITA decreased by 27.6% to EUR 16.1 million (22.3)
  • Cash flow from operating activities before financial items and taxes increased to EUR 48.1 million (42.7)
  • Earnings per share (EPS) were EUR 0.12 (0.13)  

January–June 2019 in brief:

  • Net sales decreased by 0.9% to EUR 533.7 million (Q1-Q2 2018: 538.7)
  • Comparable net sales1 decreased by 3.3% to EUR 533.7 million (547.7)
  • EBITA decreased by 20.2% to EUR 33.7 million (42.2)
  • Comparable2 EBITA decreased by 8.3% to EUR 42.1 million (45.9)
  • Cash flow from operating activities before financial items and taxes increased to EUR 22.3 million (3.5)
  • Earnings per share (EPS) were EUR 0.33 (0.33) 

Outlook for comparable EBITA 2019 updated (May 17, 2019):

In 2019, Fiskars expects the Group's comparable net sales1 to be at the same level as in 2018 and comparable2 EBITA to be below the previous year’s level.

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 continued material risks relating to changes in the operating environment, e.g. Brexit and potential further increases to 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.

Previous outlook for 2019 (February 7, 2019): 

Previously, Fiskars expected the Group's comparable net sales and comparable 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, Jaana Tuominen: 

“There were significant external factors affecting our business in Q2. For example, the watering category in the Americas was adversely impacted by the unusually wet weather conditions. Likewise, the increased tariffs on imports from China to the U.S. are posing challenges for the Functional business. In May, we lowered our outlook for the comparable EBITA as a result of the increased tariffs and are taking action to mitigate the impact.

Our actions to develop the business are demonstrated in the net sales in the direct e-commerce channel and the Functional business in Europe, both of which increased during Q2. We are also making progress with the Living Transformation program, announced in 2018. I am confident that the changes introduced in the program will reduce complexity, improve efficiency, and most importantly, help create a solid platform for long-term profitable growth.

We are accelerating the implementation of the program, focusing primarily on the English & Crystal Living business. Our target is to execute on both savings and growth opportunities. The net sales and comparable EBITA development in the English & Crystal Living business during Q2 left room for improvement as it takes time to turn the business around. It is also important to note that the second half of the year is typically more meaningful in terms of net sales and EBITA for the Living business.

Our strategic priorities of inspiring people, exciting consumers, growing business and improving performance continue to guide our actions. Delivering growth is a key priority and we will drive this through growing the core in prioritized markets and categories, expanding our presence in China and in direct e-commerce, and exploring opportunities for services and new business models. We are moving steadily forward on our path to develop the business and invest in growth initiatives that can add sustainable value in the long-term.

In June, in effect all of our holdings of Wärtsilä shares were distributed as an extra dividend to our shareholders. With this, Fiskars Group now represents a pure consumer goods company with an extraordinary portfolio of lifestyle brands.”

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1) 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 

Group key figures

EUR million Q2 2019 Q2 2018 Change Q1‒Q2 2019 Q1‒Q2 2018 Change 2018
Net sales  265.1  272.6 -2.8% 533.7 538.7 -0.9% 1,118.5
Comparable net sales1) 265.1 278.6 -4.9% 529.9 547.7 -3.3% 1,118.5
EBITA 13.6 20.2 -32.8% 33.7 42.2 -20.2% 112.5
Items affecting comparability in EBITA2) -2.6 -2.1 -8.4 -3.7 -9.2
Comparable EBITA 16.1 22.3 -27.6% 42.1 45.9 -8.3% 121.7
Operating profit (EBIT) 10.5 16.7 -37.2% 27.4 35.7 -23.3% 91.6
Profit before taxes 11.8 17.0 34.5 42.1 103.0
Profit for the period 9.9 10.8 27.4 27.3 81.7
Net change in the fair value of investment portfolio -36.3 -36.6 -20.3 -23.0 -118.8
Earnings/share, EUR 0.12 0.13 0.33 0.33 1.00
Equity per share, EUR 9.29 15.05 -38.3% 14.80
Cash flow from operating activities before financial items and taxes 48.1 42.7 12.6% 22.3 3.5 136.8
Equity ratio, %3) 56% 68% 70%
Net gearing, %3) 37% 17% 11%
Capital expenditure 10.4 10.8 -3.8% 18.5 19.8 -6.6% 46.2
Personnel (FTE), average 6,709 7,398 -9.3% 6,796 7,404 -8.2% 7,304

1) Using comparable exchange rates and excluding Leborgne divestment
2) In Q2 2019, items affecting comparability consisted mainly of items related to the Living transformation program
3) Figures impacted by the application of the IFRS 16 accounting standard and the distribution of the Wärtsilä share dividend. Excluding these, the equity ratio in Q2 2019 would have been 71% and the net gearing 14%. The IFRS 16 accounting change had a positive impact of EUR 5.9 million on the cash flow from operating activities before financial items and taxes

CHANGES IN FISKARS REPORTING IN 2019

On January 1, 2019, the Group adopted IFRS 16 Leases. All the lessees’ lease agreements are 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 adopted the standard with a cumulative catch-up transition method, without restating prior periods.

For the full year 2019, 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 by about EUR 23 million. Interest expenses will be increased by approximately 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 Half-year Financial 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 combined live webcast and presentation for analysts and media on the second quarter results will be held on August 1, 2019 at 11:00 a.m. at the company’s headquarters. Fiskars Campus. Hämeentie 135 A. Helsinki. Presentation materials will be available at www.fiskarsgroup.com.

The conference call will be held in English and can be followed as a live webcast at: https://fiskars.videosync.fi/2019-q2-results

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:
Corporate Communications. tel. +358 204 39 5031. communications@fiskars.com 

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 www.fiskarsgroup.com for more information. 

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