Fiskars - Interim report (Q1 and Q3)

Fiskars’ second quarter 2012: Consistent performance and steady progress in the execution of strategy

Fiskars Corp.       Interim Report January - June 2012   August 2, 2012 at 8.30
am EET 

Second quarter 2012 in brief:

  -- Net sales were steady at EUR 201.1 million (Q2 2011: 200.6)
  -- Comparable net sales (currency neutral and excluding Silva) decreased by 1%
  -- Operating profit (EBIT) increased by 4% to EUR 19.7 million (19.0)
  -- Earnings per share were EUR 1.33 (0.30), including EUR 1.06 per share from
     the sale of Wärtsilä shares
  -- Cash flow from operating activities was EUR 18.8 million (8.2, incl. a EUR
     8.2 million larger negative impact from withheld tax on dividend)
  -- Outlook for 2012 unchanged: full-year net sales and operating profit
     excluding non-recurring items are expected to be at 2011 levels

Fiskars President and CEO, Kari Kauniskangas:

”I am pleased that our business portfolio is holding up against the softening
economic and market conditions. It is clear that the risks related to both the
financial uncertainty and market development have increased after the first
quarter, and in Europe garden retail has also suffered from poor weather. Yet
our business performed steadily and we delivered a solid result for the second
quarter. 

Fiskars continues on its journey of strategic change with consistency. During
the reporting period, the implementation of our five-year investment program
progressed according to plan and we took several other important steps in the
execution of our strategy. These included, among other things, the
establishment of a common regional financial service center and a new,
strengthened sales organization for the EMEA region.” 

Group key figures

EUR million                  Q2      Q2  Change    Q1-Q2    Q1-Q2  Change   2011
                           2012    2011             2012     2011               
--------------------------------------------------------------------------------
Net sales                 201.1   200.6      0%    389.5    389.9      0%  742.5
--------------------------------------------------------------------------------
Operating profit (EBIT)    19.7    19.0      4%     36.8     35.3      4%   52.8
--------------------------------------------------------------------------------
Share of profit from        8.5    10.6    -19%     18.3     21.7    -16%   42.7
 associated company                                                             
--------------------------------------------------------------------------------
Change in the fair          0.8    -0.2              0.3     -0.7           -1.0
 value of standing                                                              
 timber                                                                         
--------------------------------------------------------------------------------
Profit before taxes*      116.0    28.6    306%    140.6    123.5     14%  161.8
--------------------------------------------------------------------------------
Profit for the period*    108.7    24.2    349%    128.7    116.1     11%  156.3
--------------------------------------------------------------------------------
Earnings per share,        1.33    0.30    349%     1.57     1.42     11%   1.91
 EUR**                                                                          
--------------------------------------------------------------------------------
Equity per share, EUR                               7.74     6.16     26%   6.77
--------------------------------------------------------------------------------
Cash flow from             18.8     8.2    129%     32.9     40.2    -18%  107.4
 operating                                                                      
 activities***                                                                  
--------------------------------------------------------------------------------
Equity ratio, %                                      64%      53%            59%
--------------------------------------------------------------------------------
Net gearing, %                                        8%      43%            27%
--------------------------------------------------------------------------------
Capital expenditure         7.7     5.1     50%     12.4     10.3     21%   24.7
--------------------------------------------------------------------------------
Personnel (FTE),          3,384   3,714     -9%    3,381    3,677     -8%  3,545
 average                                                                        
--------------------------------------------------------------------------------

* Including a non-recurring profit of around EUR 87.0 million from the sale of
Wärtsilä shares in Q2 2012, and a non-recurring profit of EUR 69.8 million from
the sale of Wärtsilä shares in Q1 2011 
** Including EUR 1.06 from the sale of Wärtsilä shares in Q2 2012 and 0.85 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 second quarter results will be held on
August 2, 2012, 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
  -- 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 Q2 2012_Interim Report_Eng.pdf