2016-11-02 07:30:03 CET
2016-11-02 07:30:03 CET
REGULATED INFORMATION
Fiskars - Interim report (Q1 and Q3)
FISKARS INTERIM REPORT JANUARY–SEPTEMBER 2016: Improved operating profit and cash flow from operating activities
Fiskars Corporation
Interim report
November 2, 2016 at 8.30 a.m. EET
FISKARS INTERIM REPORT JANUARY–SEPTEMBER 2016: Improved operating profit and
cash flow from operating activities
This release is a summary of the Fiskars Corporation’s third quarter of 2016
and interim report January–September 2016 published today. The complete interim
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 our interim reports only, but should review the complete interim
report with tables.
Third quarter 2016 in brief:
-- Net sales decreased by 3% to EUR 280.8 million (Q3 2015: 289.7)
-- Net sales increased by 0.2% on a comparable basis1)
-- Operating profit increased to EUR 20.1 million (-1.6)
-- Adjusted operating profit2) increased by 107% to EUR 21.6 million (10.4)
-- Costs related to the acquisition of the English & Crystal Living
business impacted the operating profit and the adjusted operating profit in
Q3 2015
-- Cash flow from operating activities before financial items and taxes
increased to EUR 40.3 million (4.9.)
-- Earnings per share (EPS) were EUR 0.52 (-0.83). Operative earnings per
share3) amounted to EUR 0.15 (-0.18).
-- Outlook for 2016 unchanged: Fiskars expects the Group’s 2016 net sales and
adjusted operating profit to increase from the previous year
January 1–September 30, 2016 in brief:
-- Net sales increased by 13% to EUR 870.5 million (Q1–Q3 2015: 773.3)
-- Net sales remained at the same level on a comparable basis4)
-- Operating profit increased to EUR 58.6 million (33.5)
-- Adjusted operating profit2) increased by 26% to EUR 60.8 million (48.3)
-- Cash flow from operating activities before financial items and taxes
increased to EUR 43.2 million (-14.5)
-- Earnings per share (EPS) were EUR 0.27 (0.28). Operative earnings per
share3) amounted to EUR 0.33 (0.12)
1) Using comparable exchange rates, excluding the divested boats business and
the U.S. container gardening business
2) Adjustments include items such as restructuring costs, impairment charges,
integration related costs, and profit impact from the sale of businesses
3)Operative earnings per share do not include net changes in the fair value of
the investment portfolio and dividends received
4) Using comparable exchange rates, excluding the divested boats business and
the U.S. container gardening business and the acquired English
& Crystal Living business in the first half of 2016
President and CEO, Fiskars, Kari Kauniskangas:
“Fiskars improved its operating profit and cash flow from operating activities
during the third quarter of 2016. I was pleased to see the improvements, which
are a result of our focus on core products and brands as well as operational
efficiency.
The sales of the English & Crystal Living business increased, both in the
Americas and Europe & Asia-Pacific segments, which was a solid achievement in a
tough business environment. During the quarter, we introduced a partnership
with Royal Doulton and the world renowned television host and entrepreneur
Ellen DeGeneres. The partnership and the new tableware collection, which will
be launched in select countries during Q4 and globally in Q1 2017, are expected
to support Royal Doulton’s brand awareness and brand positioning.
In the Functional business, we again saw record sales in the School, Office and
Craft category in the Americas segment during the Back to School season. A new
Fiskars-branded Hard Face cookware series was launched in the Nordic countries
during the quarter, with a positive initial response from our customers and
consumers.
We made progress in our transformation into an integrated consumer goods
company with a family of iconic lifestyle brands. With the divestment of two
non-core businesses in Europe and Americas, we further simplify our structure
and increase our focus on core businesses and brands. We will continue the
transformation and are determined to move fast to create value for our
different stakeholders.
We are entering the gifting season during the fourth quarter, which is even
more important for us now since the acquisition of the English & Crystal Living
business. Fiskars is well prepared to succeed in the market place, add value
for our customers, and provide great consumer experiences. Fiskars continues to
place the consumer and our key brands – Fiskars, Gerber, Iittala, Royal
Copenhagen, Waterford, and Wedgwood – firmly at the center of our actions.
Building on our renewed mission to create a family of the most iconic lifestyle
brands, Fiskars’ vision is to create a positive, lasting impact on the quality
of life we live – making the everyday extraordinary.”
Group key figures
EUR million Q3 2016 Q3 2015 Change Q1‒Q3 2016 Q1‒Q3 2015 Change 2015
--------------------------------------------------------------------------------
--------------
Net sales 280.8 289.7 -3% 870.5 773.3 13% 1,107.1
Operating 20.1 -1.6 58.6 33.5 75% 46.5
profit
(EBIT)
Adjustments -1.5 -12.0 -2.2 -14.8 -18.6
to operating
profit1)
Adjusted 21.6 10.4 107% 60.8 48.3 26% 65.1
operating
profit
Adjusted 24.9 13.8 80% 70.8 55.7 27% 75.7
EBITA
Net change in 38.3 -67.2 -22.3 -16.6 56.1
the fair
value of
investment
portfolio
Profit before 55.9 -76.9 37.1 42.4 -12% 125.5
taxes
Profit for 43.0 -67.7 23.7 24.1 -2% 86.4
the period
Operative 0.15 -0.18 0.33 0.12 185% 0.16
earnings/sha
re, EUR2)
Earnings/shar 0.52 -0.83 0.27 0.28 -3% 1.04
e, EUR
Equity per 14.23 13.74 4% 14.54
share, EUR
Cash flow 40.3 4.9 718% 43.2 -14.5 50.2
from
operating
activities
before
financial
items and
taxes
Equity ratio, 68% 63% 65%
%
Net gearing, 18% 28% 21%
%
Capital 9.6 12.6 -24% 28.0 24.5 14% 32.4
expenditure
Personnel 7,943 8,237 -4% 8,022 5,777 39% 6,416
(FTE),
average
--------------------------------------------------------------------------------
1) In Q3 2016, adjustments include a gain from the sale of Spring USA,
provisions related to the divestment of the Ebertsankey container gardening
business, costs related to the Supply Chain 2017 program and integration
activities. In Q3 2015, mainly goodwill impairment related to the planned
rationalization of a non-core product range in America and items related to the
Supply Chain 2017 program.
2) Excluding net change in the fair value of the investment portfolio and
dividends received. The comparison period has been restated to also exclude the
exchange rate gains related to the investment portfolio
IMPACT OF NEW ESMA GUIDELINES
In accordance with the new guidelines on alternative performance measures
issued by the European Securities and Markets Authority (ESMA) Fiskars
Corporation has revised the terminology used in its financial reporting.
Alternative Performance Measures (APM) are used to better reflect the
operational business performance and to facilitate comparisons between
financial periods. APMs should not be considered as a substitute for measures
of performance in accordance with the IFRS. As of Q1 2016, the term
“non-recurring items” (NRI) has been changed to the term “adjustments to
operating profit”, however the definition remains the same. As before,
adjustments are transactions that are not related to recurring business
operations, such as restructuring costs, impairment charges, integration
related costs, and profit impact from the sale of businesses. Correspondingly,
“adjusted EBITA” is calculated from adjusted EBIT by adding back amortization.
The adjustments are listed in a table on page 16 of this interim report.
Fiskars also uses the APM “operative EPS”, which is earnings per share (EPS)
excluding the effects of the dividends from and the change in the fair value of
the investment portfolio.
Analysts and media conference:
An analysts and media conference will be held at 10 a.m. on November 2, 2016,
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
-- COO and CFO Teemu Kangas-Kärki, tel. +358 204 39 5703
-- Corporate Communications, tel. +358 204 39 5031, communications@fiskars.com
Fiskars – Making the everyday extraordinary
Fiskars serves consumers and customers around the world with a brand portfolio
of globally recognized brands including Fiskars, Gerber, Iittala, Royal
Copenhagen, Waterford, and Wedgwood. Building on our mission to create a family
of iconic lifestyle brands, Fiskars’ vision is to create a positive, lasting
impact on our quality of life. Please visit www.fiskarsgroup.com for more
information.
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