Fiskars Group half-year financial report January-June 2021

Fiskars Corporation
Half-year Financial Report
July 29, 2021 at 8:30 a.m. (EEST)

Fiskars Group half-year financial report January-June 2021

All-time high comparable EBITA during the first half of the year

This release is a summary of the Fiskars Corporation’s January–June 2021 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 2021 in brief:
•    Net sales increased by 9.7% to EUR 307.2 million (Q2 2020: 280.0)
•    Comparable net sales1) increased by 14.1% to EUR 307.2 million (269.3)
•    EBITA increased to EUR 41.9 million (27.5)
•    Comparable2) EBITA increased by 56.7% to EUR 44.8 million (28.6)
•    Cash flow from operating activities before financial items and taxes decreased to EUR 46.7 million (55.8)
•    Earnings per share (EPS) were EUR 0.38 (0.14)

January-June 2021 in brief:
•    Net sales increased by 13.6% to EUR 609.4 million (Q1-Q2 2020: 536.2)
•    Comparable net sales1) increased by 18.5% to EUR 609.4 million (514.4)
•    EBITA increased to EUR 91.0 million (39.4)
•    Comparable2) EBITA increased by 99.0% to EUR 94.7 million (47.6)
•    Cash flow from operating activities before financial items and taxes increased to EUR 57.4 million (18.3)
•    Earnings per share3) (EPS) were EUR 0.48 (0.20)

Outlook for 2021 upgraded on June 23, 2021:
On June 23, 2021, Fiskars upgraded its outlook for 2021 as the company’s financial performance in the second quarter had been better than previously expected. The company now expects the comparable EBITA for 2021 to be in the range of EUR 140-160 million. According to the previous outlook issued on April 19, 2021, the comparable EBITA in 2021 was expected to be in the range of EUR 130-145 million.

Visibility continues to be low due to the COVID-19 pandemic, which is profoundly impacting consumers’ lives in terms of changes in for example disposable income, purchasing choices and consumer behavior. These may bring challenges as well as opportunities for Fiskars Group. The seasonality of both trade and consumer demand may continue to differ from a typical year. In addition, there have been challenges in global supply chains and increasing raw material price inflation. While the company has managed to mitigate these factors, they continue to have an impact.

The fourth quarter of the year has typically been seasonally the most important one for Fiskars Group, particularly for Business Area Vita. The market conditions are volatile and consumer demand in the fourth quarter impacts sales performance particularly during the gifting season. In previous years approximately one third of full-year sales in BA Vita has been generated through the company’s direct channel, i.e. own stores and direct e-commerce.

President and CEO, Fiskars Group, Nathalie Ahlström:
Fiskars Group continued to perform well during the second quarter, as overall demand remained strong and our own actions yielded results. Consequently, net sales and comparable EBITA increased from the previous year’s level, wrapping up an unforeseen strong start to the year.

Business Area Vita improved clearly from a weak second quarter in 2020. The performance was supported by a good rebound in sales as well as increased benefits from the ongoing Transformation and Restructuring programs. The strong growth in China continued, with net sales doubling from the previous year’s level. The expansion proceeded and during the quarter, we opened new stores, including the first Royal Copenhagen store in the country. Our growth in China is driven by luxury products from the Wedgwood and Royal Copenhagen brands. Overall, our efforts to improve the performance of the English & Crystal Brands are yielding results, in particular for Wedgwood.

I’m also glad to see that comparable net sales in Terra continued to grow, and Crea reached the previous year’s level despite the unusually strong comparison period figures, particularly in the Americas. Both Business Areas have improved their performance in Europe and are in a good position to grow in the long term.

We have progressed well during the first half of the year. When looking at the performance, it’s important to bear in mind that the pandemic has altered consumer habits and needs, shifting the seasonality of both trade and consumer demand. This phenomenon may continue, and create differences compared to a typical year. Looking forward, the second half of the year is up against strong comparison figures from 2020.

At the same time, we need to focus on creating organic growth in the longer term. A strong digital business is a pre-requisite for growth and while we have invested in this field, we are committed to doing more. We will continue to develop our capabilities within data, direct-to-consumer and the consumer experience, to support our growth ambitions. To implement this, we will need to make upfront investments starting in the third quarter of 2021. We have also made changes to our current IT operations, which will bring savings in 2022 and onwards. We expect these upfront investments and savings to be broadly cost neutral over time.

There are challenges in supply chains on a global scale which continue to impact our operations as well. Raw materials and logistics costs have risen rapidly and at the same time, there are availability issues in several categories. We expect the challenges posed by inflation and availability issues to persist throughout 2021.

Our ongoing programs are making progress. We expect to close the Vita transformation program by the end of the year, whereas the closing of the Restructuring program might be delayed until the first quarter of 2022. For the Vita transformation program, the costs are estimated to be approximately EUR 5 million lower than previously anticipated and the estimated benefits will be realized. A majority of the benefits will be visible by the end of 2021.

We appointed Jussi Siitonen as new Chief Financial Officer and deputy to the CEO. He starts in his role in mid-August, and the current CFO Sari Pohjonen continues in her role until Jussi joins the company. I would like to thank Sari for her dedication and leadership, as she has ensured that the team generated outstanding results in challenging times. In addition, I would like to express my gratitude towards all our employees. They have worked hard and showed flexibility and resilience, delivering the strong results in the quarter.

1)    Comparable net sales excludes the impact of exchange rates, acquisitions and divestments.
2)    Items affecting comparability in EBITA includes items such as restructuring costs, impairment or provisions charges and releases, integration-related costs, and gain and loss from the sale of businesses.
3)    EPS in Q1 2021 impacted negatively by the unfavorable ruling in the tax dispute (EUR 0.35 per share).


Group key figures


EUR million

Q2 2021 Q2 2020 Change Q1-Q2 2021 Q1-Q2 2020 Change 2020
Net sales 307.2 280.0 9.7% 609.4 536.2 13.6% 1,116.2
Comparable net sales1) 307.2 269.3 14.1% 609.4 514.4 18.5% 1,094.5
EBITA 41.9 27.5 52.4% 91.0 39.4 130.9% 125.8
Items affecting comparability in EBITA2) -2.9 -1.1 168.1% -3.7 -8.2 -55.1% -11.0
Comparable EBITA 44.8 28.6 56.7% 94.7 47.6 99.0% 136.8
Operating profit (EBIT) 38.5 20.8 85.3% 84.3 29.1 189.3% 98.0
Profit before taxes 40.4 16.3 147.9% 82.2 24.8 232.1% 89.8
Profit for the period 31.4 11.1 183.5% 39.5 16.2 144.2% 68.5
Earnings per share, EUR3) 0.38 0.14 182.0% 0.48 0.20 144.8% 0.83
Equity per share, EUR   9.27 9.23 9.30
Cash flow from operating activities before financial items and taxes 46.7 55.8 -16.3% 57.4 18.3 213.5% 223.8
Equity ratio, %   56% 49% 57%
Net gearing, %   19% 38% 19%
Capital expenditure 8.2 6.7 21.7% 14.2 11.7 21.5% 30.0
Personnel (FTE), average 6,033 6,021 0.2% 5,971 6,197 -3.7% 6,104

1)    Comparable net sales excludes the impact of exchange rates, acquisitions and divestments.
2)    In Q2 2021, items affecting comparability consisted of items related to the transformation and restructuring programs.
3)    EPS in Q1 2021 impacted negatively by the unfavorable ruling in the tax dispute (EUR 0.35 per share).



Nathalie Ahlström
President and CEO


A webcast on the second quarter results will be held on July 29, 2021 at 11:00 a.m. 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:
Kristian Tammela, Director, Investor Relations, tel. +358 40 708 1181

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 have a presence 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.