Fiskars Group half-year financial report January-June 2020

Fiskars Corporation
Stock Exchange Release
July 30, 2020 at 8:30 a.m. (EEST)

Fiskars Group half-year financial report January-June 2020

Highly volatile market situation with demand improving towards the end of the second quarter, significant uncertainties remain for the rest of the year

This release is a summary of the Fiskars Corporation’s January–June 2020 half-year financial report published today. The complete report with tables is attached to this release as a pdf-file. It is also available at and on the company website at Investors should not rely on summaries of the interim reports only, but should review the complete interim reports with tables.

Second quarter 2020 in brief:
•    Net sales increased by 5.6% to EUR 280.0 million (Q2 2019: 265.1)
•    Comparable net sales1) increased by 5.7% to EUR 280.0 million (265.0)
•    EBITA increased by 102.3% to EUR 27.5 million (13.6)
•    Comparable2) EBITA increased by 77.3% to EUR 28.6 million (16.1)
•    Cash flow from operating activities before financial items and taxes increased to EUR 55.8 million (48.1)
•    Earnings per share (EPS) were EUR 0.14 (0.12)

January-June 2020 in brief:
•    Net sales increased by 0.5% to EUR 536.2 million (Q1-Q2 2019: 533.7)
•    Comparable net sales1) increased by 0.4% to EUR 536.2 million (533.9)
•    EBITA increased by 16.9% to EUR 39.4 million (33.7)
•    Comparable2) EBITA increased by 13.0% to EUR 47.6 million (42.1)
•    Cash flow from operating activities before financial items and taxes decreased to EUR 18.3 million (22.3)
•    Earnings per share (EPS) were EUR 0.20 (0.33)

Outlook for 2020 withdrawn on March 19, 2020:
Fiskars Corporation has withdrawn its guidance on the outlook for 2020, which was issued on February 5, 2020. Due to the COVID-19 outbreak, the comparable EBITA is unlikely to increase in 2020. The situation continues to evolve rapidly, at this time it is not possible to make reasoned estimates on the potential impact for the full year. Fiskars expects to guide the outlook for the full year 2020, once a more reliable estimate can be made. More detailed discussion on potential risks and uncertainties, in particular related to the COVID-19 situation, can be found in the Risks and business uncertainties -section of this half-year financial report.

Interim CEO, Fiskars Group, Sari Pohjonen:
The performance during the second quarter was highly mixed, in terms of categories and channels as well as regions and brands. The COVID-19 pandemic continued to hit our business hard in the beginning of the quarter, reducing visibility and increasing uncertainty with stores closing and traffic decreasing. Despite the challenging business environment, we managed to increase our comparable net sales and comparable EBITA during the second quarter. The comparable EBITA improved clearly, largely due to our quick and decisive actions to handle the situation, as we reduced spending and implemented other temporary cost saving measures.

Following a difficult April with a significant decrease in net sales and comparable EBITA, the situation improved clearly towards the end of the quarter. The Business Areas Terra and Crea posted robust figures driven by strong demand especially in the Americas and Germany. For Terra, the second quarter is typically the most important one with the gardening season hitting its peak. The favorable weather in the Americas contributed to the good performance in the gardening and watering categories. While these BA’s performed well, Vita’s net sales suffered significantly from the impact of COVID-19, due to lockdowns and store closures.

We saw growth in the wholesale and direct e-commerce channels, with the latter channel more than doubling sales from the previous year’s level. The growth was driven by the changes in consumer behavior due to COVID-19, as well as the renewal and expansion of our own e-commerce sites. Due to lockdowns and temporary store closures, net sales in the entire direct channel decreased during the second quarter. In April, a significant amount of our own stores were closed, and only gradually started to open in May and a few remained closed at the end of June.

The achievements during the second quarter have required a lot from the entire team. I extend my sincere thanks to our employees who have worked under difficult conditions during the pandemic, midst furloughs and other savings measures, and who have delivered such positive results.

We are now sharpening our focus on two areas, the Vita transformation and the development of digital capabilities. The execution of the ongoing Vita Transformation program has helped us improve our efficiency and continues as planned. We have made good progress in renewing and expanding our e-commerce reach and capabilities, and we see considerable opportunities to improve further in the digital space, as the world around us is changing rapidly. To support both focus areas, we will also review our brand strategy, including the positioning and markets for each brand as well as the allocation of resources between brands.

Due to the pandemic, significant risks in our operating environment prevail and visibility is weaker than normal. The fourth quarter of the year is seasonally important for the company, and for BA Vita in particular. We continue to vigorously manage our spending and we are focusing our presence on the channels in which the consumers are present.

1) Comparable net sales excludes the impact of exchange rates, acquisitions and divestments
2) Items affecting comparability in EBITA include items such as restructuring costs, impairment or provisions charges and releases, integration-related costs, and gain and loss from the sale of businesses


Group key figures

EUR million

Q2 2020 Q2 2019 Change Q1-Q2 2020 Q1-Q2 2019 Change 2019
Net sales 280.0 265.1 5.6% 536.2 533.7 0.5% 1,090.4
Comparable net sales1) 280.0 265.0 5.7% 536.2 533.9 0.4% 1,083.7
EBITA 27.5 13.6 102.3% 39.4 33.7 16.9% 72.9
Items affecting comparability in EBITA2) -1.1 -2.6 -55.5% -8.2 -8.4 2.6% -17.7
Comparable EBITA 28.6 16.1 77.3% 47.6 42.1 13.0% 90.6
Operating profit (EBIT) 20.8 10.5 97.4% 29.1 27.4 6.4% 60.1
Profit before taxes 16.3 11.8 38.0% 24.8 34.5 -28.2% 63.2
Profit for the period 11.1 9.9 12.3% 16.2 27.4 -41.0% 52.4
Net change in the fair value of investment portfolio   -36.3   -20.3 -20.4
Earnings/share, EUR 0.14 0.12 14.0% 0.20 0.33 -40.8% 0.63
Equity per share, EUR   9.23 9.29 9.34
Cash flow from operating activities before financial items and taxes 55.8 48.1 16.1% 18.3 22.3 -17.8% 117.5
Equity ratio, %   49 % 56 % 56 %
Net gearing, %   38 % 37 % 34 %
Capital expenditure 6.7 10.4 -35.7% 11.7 18.5 -36.5% 40.0
Personnel (FTE), average 6,021 6,927 -13.1% 6,197 6,980 -11.2% 6,840

1)     Using comparable exchange rates and excluding the Leborgne divestment.
2)      In Q2 2020, items affecting comparability consisted mainly of items related to the transformation and restructuring programs.



Sari Pohjonen
Interim CEO and CFO


Further information:
•    Interim CEO and CFO Sari Pohjonen. tel. +358 204 39 5773
•    Corporate Communications. tel. +358 204 39 5031,

A webcast on the second quarter results will be held on July 30, 2020 at 11:00 a.m. (EEST). It will be held in English and can be followed at:

Presentation materials will be available at An on-demand version of the webcast will be available on the company website. Personal details gathered during the event will not be used for any other purpose.

Media and investor contacts:
Corporate Communications, tel. +358 204 39 5031,

Making the everyday extraordinary
Fiskars Group’s vision is to create a positive, lasting impact on our quality of life. Our brands Fiskars, Gerber, Iittala, Royal Copenhagen, Waterford, and Wedgwood are present in people’s everyday lives – at home, in the garden, and outdoors. This gives us an opportunity to make the everyday extraordinary today, and for future generations. We employ approximately 7,000 people in 30 countries, and our products are available in more than 100 countries. Our shares are listed on the Nasdaq Helsinki (FSKRS). Please visit us at for more information and follow us on Twitter @fiskarsgroup.