Fiskars - Interim report (Q1 and Q3)

Fiskars’ first quarter 2012: A solid performance with improved operating profit

Fiskars Corp.       Interim Report January - March 2012    May 3, 2012 at 8.30
am EET 

First quarter 2012 in brief:

  -- Net sales decreased 1% to EUR 188.3 million (Q1 2011: 189.3)
  -- Comparable sales (at comparable currency rates and adjusted for the Silva
     divestment) increased 1%
  -- Operating profit (EBIT) increased 5% to EUR 17.1 million (16.4)
  -- Earnings per share were EUR 0.24 (1.12, including a non-recurring profit of
     EUR 0.85 per share from the sale of Wärtsilä shares in February 2011)
  -- Cash flow from operating activities was EUR 14.1 million (32.0)
  -- Outlook for 2012 unchanged: full-year net sales and operating profit
     excluding non-recurring items are expected to amount to 2011 levels
  -- On April 24, 2012 Fiskars Group agreed with Investor AB to join interests
     to create a strong long-term owner for Wärtsilä Corporation

Fiskars President and CEO, Kari Kauniskangas:

“Fiskars delivered a good first quarter result, as improved operational
efficiency contributed to improved operating profit. Our core business
performed well, and our reported net sales reached 2011 levels, even though in
the comparison period demand for snow tools was unusually high and Silva was
still a part of the Group. 

Garden categories continued to grow in Europe, and our Garden business is well
positioned for further growth also in the Americas, where retailers were still
working down large inventories from last year in the first quarter. 

I am pleased to note that new product launches in our Home business were well
received, and the business area was able to increase sales despite challenging
market conditions. Our School, Office and Craft business performed strongly,
benefitting from the increasing popularity of handicrafts. 

During the first quarter we took further steps to strengthen our distribution
in key Central European markets. We also made further progress towards
clarifying our roadmap and building the organization to accelerate growth in
EMEA across our businesses. Our path is clear and consistent, and we continue
to evolve towards tomorrow's Fiskars, a world-class company. 

In April we agreed with Investor AB to join interests to create an even
stronger, committed owner for Wärtsilä. The transaction will benefit Fiskars
shareholders and further strengthen the company's financial position, thus
enabling us to accelerate our growth both organically and through
acquisitions.” 

Group key figures

EUR million                                     Q1 2012  Q1 2011  Change   2011
-------------------------------------------------------------------------------
Net sales                                         188.3    189.3     -1%  742.5
-------------------------------------------------------------------------------
Operating profit (EBIT)                            17.1     16.4      5%   52.8
-------------------------------------------------------------------------------
Operating profit excluding non-recurring items     17.1     16.4      5%   62.1
-------------------------------------------------------------------------------
Share of profit from associated company             9.8     11.2    -12%   42.7
-------------------------------------------------------------------------------
Change in the fair value of standing timber        -0.4     -0.6           -1.0
-------------------------------------------------------------------------------
Profit before taxes*                               24.5     94.9    -74%  161.8
-------------------------------------------------------------------------------
Profit for the period*                             20.0     91.8    -78%  156.3
-------------------------------------------------------------------------------
Earnings per share, EUR                            0.24     1.12    -78%   1.91
-------------------------------------------------------------------------------
Equity per share, EUR                              6.38     5.90      8%   6.77
-------------------------------------------------------------------------------
Cash flow from operating activities**              14.1     32.0    -56%  107.4
-------------------------------------------------------------------------------
Equity ratio, %                                     55%      51%            59%
-------------------------------------------------------------------------------
Net gearing, %                                      37%      46%            27%
-------------------------------------------------------------------------------
Capital expenditure                                 4.7      5.1     -8%   24.7
-------------------------------------------------------------------------------
Personnel (FTE), average                          3,377    3,640     -7%  3,545
-------------------------------------------------------------------------------

*Including a non-recurring profit of EUR 69.8 million from the sale of Wärtsilä
shares in Q1 2011 
**Including Wärtsilä dividend of EUR 26.8 million in Q1 2012 (40.9)


Full interim report
The full interim report 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 first quarter results will be held on
May 3, 2012 at 10:00 am at the company's headquarters, Fiskars Campus,
Hämeentie 135 A, Helsinki. Presentation materials 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
  -- Interim CFO Jyri Virrantuomi, tel. +358 204 39 5704


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 743 million in 2011, and employs some 3,400 people in over 20
countries. www.fiskarsgroup.com

Attachments:

Fiskars Q1 2012_eng.pdf