Fiskars' Interim Report January 1 - March 31, 2011
Fiskars Corp. Interim Report May 5, 2011 at 8.30 am EET
First quarter 2011 in brief:
- Net sales increased 11% to EUR 189.3 million (Q1 2010: 170.0)
- Operating profit (EBIT) increased 30% to EUR 16.4 million (12.6)
- Earnings per share were EUR 1.12 (0.16), including a non-recurring profit of EUR 0.85 per share from the sale of Wärtsilä shares
- Cash flow from operating activities was EUR 32.0 million (13.4)
- Outlook for 2011 updated with additional guidance on increase in operating profit: Full-year net sales and operating profit excluding non-recurring items are expected to increase compared to 2010. (Previous outlook: Net sales to be above 2010 levels and full-year operating profit excluding non-recurring items to remain at a similar level as in 2010)
Fiskars President and CEO, Kari Kauniskangas:
”Fiskars had yet another strong quarter, and our business focus and increased efficiency resulted in continued growth in terms of both net sales and operating profit. Our Garden business in particular performed well during the quarter, and continued investments in brands, marketing, and new product development. I am also pleased about the significant performance improvement made by our Boat business, which enjoyed a clear recovery.
Good performance during the first quarter was mainly driven by sell-in to the trade. Performance over the next few quarters will depend on consumer demand and sell-through. Based on our strong start to the year, we have updated our full-year operating profit outlook.”
Group key figures
| EUR million | Q1 2011 | Q1 2010 | Change, % | 2010 |
| Net sales | 189.3 | 170.0 | 11% | 715.9 |
| Operating profit (EBIT) | 16.4 | 12.6 | 30% | 49.1 |
| Share of profit from associated company | 11.2 | 5.5 | 104% | 65.9 |
| Change in the fair value of biological assets | -0.6 | -0.6 | -2.2 | |
| Profit before taxes* | 94.9 | 15.7 | 503% | 106.7 |
| Profit for the period* | 91.8 | 12.9 | 613% | 94.3 |
| Earnings per share, EUR | 1.12 | 0.16 | 1.15 | |
| Equity per share, EUR | 5.90 | 5.93 | 6.76 | |
| Cash flow from operating activities** | 32.0 | 13.4 | 92.6 | |
| Equity ratio, % | 51% | 51% | 57% | |
| Net gearing, % | 46% | 53% | 36% | |
| Capital expenditure | 5.1 | 2.5 | 102% | 18.6 |
| Personnel (FTE), average | 3,640 | 3,558 | 2% | 3,612 |
*Including a non-recurring profit of EUR 69.8 from the sale of Wärtsilä shares in Q1 2011
**Including Wärtsilä dividend of EUR 40.9 million in Q1 2011 (29.5)
News conference:
An analyst and press conference on the first quarter results will be held on May 5, 2011, at 10:00 am at the company’s headquarters, Fiskars Campus, Hämeentie 135 A, Helsinki. Presentation materials will be available at www.fiskarsgroup.com.
New disclosure procedure
Fiskars has adopted a new disclosure procedure, as enabled by Standard 5.2b published by the Finnish Financial Supervision Authority, and publishes its interim report as an attachment to this summary. The full report is attached as a pdf file to this stock exchange release and is available on the company’s Web site at www.fiskarsgroup.com.
FISKARS CORPORATION
Kari Kauniskangas
President & CEO
Further Information:
President and CEO Kari Kauniskangas, tel. +358 204 39 5500
CFO Teemu Kangas-Kärki, tel. +358 204 39 5703
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 716 million in 2010, and employs some 3,600 people in over 20 countries. www.fiskarsgroup.com