Fiskars - Interim report (Q1 and Q3)

Fiskars’ second quarter 2013: Strong operating result, regained sales momentum after soft start to the year

 Fiskars Corp.  Interim Report   January 1 - June 30, 2013    August 2, 2013 at
8.30 am EET 

Second quarter 2013 in brief:

  -- Net sales increased by 8% to EUR 217.6 million (Q2 2012: 201.1)
  -- Comparable net sales (currency-neutral and excluding Royal Copenhagen) at
     2012 levels
  -- Operating profit (EBIT) increased by 32% to EUR 26.1 million (19.7)
  -- Operating profit (EBIT) excluding non-recurring items increased by 41% to
     EUR 27.8 million (19.7)
  -- Earnings per share were EUR 0.33 (1.33, including EUR 1.06 per share from
     the sale of Wärtsilä shares)
  -- Cash flow from operating activities was EUR 15.4 million (18.8)
  -- Outlook for 2013 unchanged: full-year net sales and operating profit excl.
     non-recurring items to be above 2012 levels

Fiskars' President and CEO, Kari Kauniskangas:

“I'm proud of Fiskars' performance in the second quarter. We were able to
regain sales momentum in core garden categories after the poor start to the
year and our Home business grew despite difficult market conditions. Royal
Copenhagen has proven to be an excellent strategic fit and continued to perform
well. 

Fiskars' operating profit excluding non-recurring items, EUR 27.8 million,
represented the company's best quarterly performance ever. This is the result
of a combination of strong sales execution, successful inventory management,
improved operational efficiency and a favorable product mix. To continue our
consistent strategic transformation we launched a restructuring program for the
EMEA region to optimize the end-to-end supply chain and sales operations. 

For the full year, we maintain our guidance and expect both sales and operating
profit excluding non-recurring items to grow. During the latter half of the
year, previously announced changes in manufacturing and roll-outs of common
systems and processes will temporarily affect operational efficiency negatively
and increase fixed costs.” 

Group key figures

EUR million                  Q2      Q2  Change    Q1-Q2    Q1-Q2  Change   2012
                           2013    2012             2013     2012               
--------------------------------------------------------------------------------
Net sales                 217.6   201.1      8%    408.0    389.5      5%  747.8
--------------------------------------------------------------------------------
Operating profit           26.1    19.7     32%     40.6     36.8     10%   63.9
 (EBIT)*                                                                        
--------------------------------------------------------------------------------
Operating profit excl.     27.8    19.7     41%     44.4     36.8     21%   63.1
 non-recurring items                                                            
--------------------------------------------------------------------------------
Share of profit from       10.3     8.5     20%     19.6     18.3      7%   47.8
 associated company                                                             
--------------------------------------------------------------------------------
Change in the fair          0.3     0.8    -62%      0.6      0.3     73%    5.6
 value of biological                                                            
 assets                                                                         
--------------------------------------------------------------------------------
Profit before taxes*       35.9   116.0    -69%     60.7    140.6    -57%  200.4
--------------------------------------------------------------------------------
Profit for the period*     27.2   108.7    -75%     48.1    128.7    -63%  178.9
--------------------------------------------------------------------------------
Earnings per share, EUR    0.33    1.33    -75%     0.59     1.57    -63%   2.18
--------------------------------------------------------------------------------
Equity per share, EUR                               7.28     7.74     -6%   7.56
--------------------------------------------------------------------------------
Cash flow from             15.4    18.8    -18%     17.4     32.9    -47%   95.0
 operating activities**                                                         
--------------------------------------------------------------------------------
Equity ratio, %                                      57%      64%            66%
--------------------------------------------------------------------------------
Net gearing, %                                       34%       8%            12%
--------------------------------------------------------------------------------
Capital expenditure        10.2     7.7     33%     20.3     12.4     64%   32.8
--------------------------------------------------------------------------------
Personnel (FTE),          4,126   3,384     22%    4,103    3,381     21%  3,364
 average                                                                        
--------------------------------------------------------------------------------

* Including non-recurring restructuring costs of 2.1 MEUR in Q1 2013 relating
to the re-location of Fiskars Sweden and 1.7 MEUR in Q2 2013 relating to the
restructuring of glass factories and the Home business area, and a
non-recurring profit from the sale of Wärtsilä shares of EUR 87.0 million in Q2
2012 
** Including a Wärtsilä dividend of 25.6 MEUR in Q1 2013 (26.8)


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, 2013 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
  -- 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

Attachments:

Fiskars_Q2_2013_ENG.pdf