Fiskars in 2012: Record operating profit and strong progress in strategy implementation

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multilang-release

Fiskars Corp. Financial Statement Release January – December 2012   February 7, 2013 at 8:30 am EET

2012 in brief:

  • Net sales increased 1% to EUR 747.8 million (2011: 742.5)
  • At comparable currency rates, and adjusted for the Silva divestment, net sales decreased by 1%
  • Operating profit excluding non-recurring items increased 2% to EUR 63.1 million (62.1)
  • Operating profit (EBIT) increased 21% to EUR 63.9 million (52.8)
  • Cash flow from operating activities was EUR 95.0 million (107.4)
  • Earnings per share were EUR 2.18 (1.91), including a non-recurring profit of EUR 1.06 (0.85) per share from the sale of Wärtsilä shares
  • The Board proposes a dividend of EUR 0.65 per share (2011: 0.62 plus an extra dividend of 0.75)
  • Outlook for 2013: full-year net sales and operating profit excl. non-recurring items to be above 2012 levels

Fourth quarter 2012 in brief:

  • Net sales increased 2% to EUR 190.3 million (Q4 2011: 187.3)
  • At comparable currency rates, net sales decreased 1%
  • Operating profit excluding non-recurring items decreased 5% to EUR 13.0 million (13.7)
  • Operating profit (EBIT) increased 22% to EUR 13.0 million (10.7)
  • Earnings per share were EUR 0.39 (0.33)
  • Cash flow from operating activities was EUR 38.6 million (41.9)

Fiskars President and CEO, Kari Kauniskangas:

“Against the background of a volatile business environment and weakening economic climate in Europe in 2012, Fiskars’ business performed steadily. I am proud that we were able to match last year’s sales and to deliver a record operating profit for the third year in a row while carrying significantly increased costs related to our transformation programs in both structures and platforms in EMEA. This achievement builds on both the strength of our key international brands and improved operational efficiency in Europe.

During the last quarter of the year, our Home business outperformed the market, with the Living category benefiting from strong launches and increased distribution, and the School, Office, and Craft business maintaining its growth.

The company’s financial position is even stronger than before, and it provides us with resources for future growth. The acquisition of Royal Copenhagen complements our dining offering and strengthens our position in Asia, which is one of our expansion markets. We expect our full-year net sales and EBIT excluding non-recurring items in 2013 to exceed 2012 levels.”

The full-year figures stated in this release are audited.

Group key figures

EUR million Q4 2012 Q4 2011 Change  2012 2011 Change
Net sales 190.3 187.3 2% 747.8 742.5 1%
Operating profit (EBIT)* 13.0 10.7 22% 63.9 52.8 21%
Operating profit excl. non-recurring items 13.0 13.7 -5% 63.1 62.1 2%
Share of profit from associated company 19.7 13.4 47% 47.8 42.7 12%
Change in the fair value of biological assets 4.6 -0.2   5.6 -1.0  
Profit before taxes** 37.0 23.5 57% 200.4 161.8 24%
Profit for the period** 31.9 26.7 20% 178.9 156.3 14%
Earnings per share, EUR*** 0.39 0.33 18% 2.18 1.91 14%
Equity per share, EUR       7.56 6.77 12%
Cash flow from oper. act.**** 38.6 41.9 -8% 95,0 107,4 -12%
Equity ratio, %       66% 59%  
Net gearing, %       12% 27%  
Capital expenditure 11.6 9.8 18% 32.8 24.7 33%
Personnel (FTE), average 3,324 3,361 -1% 3,364 3,545 -5%

* Incl. non-recurring  items: in Q3 2012 income of EUR 0.8 million from the release of a provision related to the sale of Silva, in Q4 2011 a fine of EUR 3 million, in Q3 2011 losses of EUR 5.3 million from the sale of Silva and EUR 1.1 million from product recalls
** Including non-recurring profit from the sale of Wärtsilä shares of EUR 87.0 million in Q2 2012 and EUR 69.8 million in Q1 2011
*** Including EUR 1.06 from the sale of Wärtsilä shares in Q2 2012 and EUR 0.85 in Q1 2011
**** Including a Wärtsilä dividend of EUR 26.8 million in Q1 2012 (40.9)


Full financial statement release
The full financial statement release is published as a pdf file attachment to this summary stock exchange release and is available on the company's web site at www.fiskarsgroup.com.

News conference:
An analyst and press conference on the fourth quarter and full year results will be held on February 7, 2013, at 10:00 am 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
  • CFO Ilkka Pitkänen, tel. +358 204 39 5054

Fiskars is a leading global supplier of consumer products for the home, garden and outdoors. The group has a strong portfolio of respected international brands, including Fiskars, Iittala and Gerber. Founded in 1649 and listed on NASDAQ OMX Helsinki, Fiskars is Finland's oldest company. Fiskars recorded net sales of EUR 748 million in 2012, and employs some 4,100 people in over 20 countries. www.fiskarsgroup.com