Fiskars year 2013: Strong financial result, transformation programs on track

Fiskars Corp. Financial Statement Release   February 7, 2014 at 8.30 am EET

2013 in brief:

  • Net sales increased 7% to EUR 798.6 million (2012: 747.8)
  • Comparable net sales (currency neutral and excluding Royal Copenhagen) decreased 2%
  • Operating profit (EBIT) decreased 4% to EUR 61.0 million (63.9)
  • Operating profit excluding non-recurring items increased 17% to EUR 73.8 million (63.1)
  • Cash flow from operating activities was EUR 81.0 million (95.0)
  • Earnings per share were EUR 1.14 (2.18, incl. EUR 1.06 from the sale of Wärtsilä shares)
  • The Board proposes a dividend of EUR 0.67 per share (0.65)
  • Outlook for 2014: full-year net sales are expected to be at 2013 levels and operating profit excluding non-recurring items to be at, or slightly below 2013 levels due to planned growth initiatives and increased depreciation and amortization

 Fourth quarter 2013 in brief:

  • Net sales increased 12% to EUR 212.6 million (Q4 2012: 190.3)
  • At comparable currency rates and excluding Royal Copenhagen, net sales increased 1%
  • Operating profit (EBIT) decreased 11% to EUR 11.7 million (13.0)
  • Operating profit excluding non-recurring items increased 7% to EUR 14.0 million (13.0)
  • Non-recurring restructuring costs related to the EMEA 2015 program totaled EUR 2.3 million
  • Earnings per share were EUR 0.40 (0.39)
  • Cash flow from operating activities was EUR 40.6 million (38.6)

 Fiskars President and CEO, Kari Kauniskangas:

“In 2013, Fiskars once again delivered a strong financial performance – for the fourth year in a row we recorded the company’s best operating profit excluding non-recurring items – amidst volatile market conditions and while undergoing major structural changes and system implementations. In addition to Royal Copenhagen becoming part of the group, key contributing factors were focused cost management and development of the product offer.

From a sales perspective, our performance was mixed. Consolidated net sales increased, but comparable net sales were a disappointment, due to softness in the Outdoor business and adverse performance in Home categories. Finland, one of our biggest markets, was severely impacted by a weak retail environment and also by a major process and IT system change towards the end of the year. We outperformed and gained share in many markets, however, and I am especially proud of how our Garden business was able to recover after a weak spring selling season.

Fiskars transformation into an integrated consumer goods company is on track, but there is still much that we need to do to achieve our growth ambition. We believe that we have significant distribution gain potential in Central Europe, and our other growth engine will be the fast-growing markets in Eastern Europe and Asia-Pacific. To accelerate growth in these increasingly important markets, we plan to increase spending in the coming years in brand recognition across markets and in sales talent for the Asia-Pacific region. In addition we plan to invest in new category expansion ventures. These initiatives will affect our operating profit in the short term, but they will be key to unleashing the growth potential of our brand portfolio.

In 2014, there is no quick recovery in sight for the Finnish retail environment. Considering our exposure to Finland and the divestment of our UK-based pottery business at the end of 2013, we expect our full-year net sales for 2014 to remain at 2013 levels. Due to the planned growth initiatives and increasing depreciation and amortization related to our five-year investment program, operating profit excluding non-recurring items is expected to be at or slightly below 2013 levels.”

The full-year figures stated in this release are audited.

Group key figures

EUR million Q4 2013 Q4 2012 Change  2013 2012 Change
Net sales 212.6 190.3 12% 798.6 747.8 7%
Operating profit (EBIT) 11.7 13.0 -11% 61.0 63.9 -4%
Non-recurring items* -2.3     -12.8 0.8  
EBIT excl. non-recurring items 14.0 13.0 7% 73.8 63.1 17%
EBIT before depreciation, amortization and impairment (EBITDA) excl. non-recurring items 21.9 19.0 15% 98.1 84.9 15%
Share of profit from associated company 19.1 19.7 -3% 50.8 47.8 6%
Change in the fair value of biological assets 0.1 4.6 -98% 0.7 5.6 -87%
Profit before taxes** 29.8 37.0 -19% 108.3 200.4 -46%
Profit for the period** 32.7 31.9 3% 94.0 178.9 -47%
Earnings per share, EUR*** 0.40 0.39 3% 1.14 2.18 -48%
Equity per share, EUR       7.71 7.56 2%
Cash flow from oper. act.**** 40.6 38.6 5% 81.0 95.0 -15%
Equity ratio, %       61% 66%  
Net gearing, %       24% 12%  
Capital expenditure 8.4 11.6 -28% 37.2 32.8 14%
Personnel (FTE), average 4,092 3,324 23% 4,087 3,364 21%

* In Q4 2013 EMEA 2015 restructuring costs, FY 2013 EMEA 2015 restructuring costs and impairment charges and in 2012 release of a provision related to the sale of Silva in 2011
** Including non-recurring profit from the sale of Wärtsilä shares of EUR 87.0 million in 2012
*** Including EUR 1.06 from the sale of Wärtsilä shares in 2012
**** Including a Wärtsilä dividend of EUR 25.6 million in  2013 and EUR 26.8 million in 2012

Full Financial statement release
The full financial statement release is published as a pdf file attachment to this summary stock exchange release and is available on the company’s Web site at

News conference:
An analyst and press conference on the fourth quarter and full year results will be held on February 7, 2014, at 10:00 am at the company’s headquarters, Fiskars Campus, Hämeentie 135 A, Helsinki. Presentation material will be available at


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 365 – celebrating centuries of pride, passion and design. Every day.

Established in 1649 as an ironworks in a small Finnish village, Fiskars has grown to be a leading global supplier of consumer products for the home, garden and outdoors. Available in more than 60 countries, Fiskars products solve everyday problems, making daily home, garden and outdoor projects easier and more enjoyable through superior performance and design.  Fiskars is listed on NASDAQ OMX Helsinki, and the company’s net sales were 799 million euro in 2013. The Group’s key international brands are Fiskars, Iittala and Gerber.