Fiskars Group Q1/2013 Sales and EBIT in Q1 2013 Fiskars Group EBIT by quarter, MEUR 188.3 201.1...
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Fiskars Group Q1/2013 1.1. – 31.3.2013 Helsinki, May 3, 2013
Transcript of Fiskars Group Q1/2013 Sales and EBIT in Q1 2013 Fiskars Group EBIT by quarter, MEUR 188.3 201.1...
Fiskars Group
Q1/2013 1.1. – 31.3.2013 Helsinki, May 3, 2013
Q1: Late spring resulted in a slow start to the year
Net sales 190.4 MEUR,+1 %
EBIT excl. NRI
16.6 MEUR, -3 %
Outlook for 2013 unchanged:
FY sales and EBIT excl. NRI to grow
Cold weather affected Garden
heavily
Fiskars gained share in tough
markets
Growth in many categories:
Living, Royal Copenhagen, SOC, Outdoor Commercial, Boats
Page 2 Fiskars Q1 2013
Net Sales and EBIT in Q1 2013 Fiskars Group
EBIT by quarter, MEUR
188.3 201.1
168.0
190.3 190.4
0%
2%
4%
6%
8%
10%
12%
0
25
50
75
100
125
150
175
200
225
Q1 2012 Q2 2012 Q3 2012 Q4 2012 Q1 2013
Net sales by quarter, MEUR
17.1 19.7
13.2 13.0 16.6
0.8
-2.1
-5
0
5
10
15
20
25
Q1 2012 Q2 2012 Q3 2012 Q4 2012 Q1 2013
EBIT excluding non-recurring items
Non-recurring items EBIT % 9,1 % 9,8 % 7,8 % 6,9 % 8,7 %
+1 %
Cn +1 %
Fiskars Q1 2013 Page 3
EMEA and Americas in Q1
130.6 130.4
108.0
132.9 134.7
0%
4%
8%
12%
16%
20%
0
40
80
120
160
200
Q1 2012 Q2 2012 Q3 2012 Q4 2012 Q1 2013
EMEA Net sales and EBIT % by quarter, MEUR
EBIT % 9.1 % 8.4 % 7.5 % 8.2 % 7.5 %
EMEA
• Net sales +3% to EUR 134.7 million
(130.6) due to Royal Copenhagen
• Comparable net sales -8%
• EBIT excl. NRI 10.1 MEUR (11.9)
thanks to operational efficiency
• EUR 2.1 million NRI related to Fiskars
Sweden’s move to Stockholm
Fiskars Q1 2013 Page 4
58.9 72.3
60.7 58.5 58.0
0%
4%
8%
12%
16%
20%
0
40
80
120
160
200
Q1 2012 Q2 2012 Q3 2012 Q4 2012 Q1 2013
Americas Net sales and EBIT % by quarter, MEUR
EBIT % 13.9 % 17.7 % 13.2 % 8.9 % 15.4 %
Americas
• Net sales -2 % to EUR 58.0 million
(58.9)
• Using comparable currency rates,
sales -1%
• EBIT 9.0 MEUR (8.2) due to favorable
product mix
Q1 Business review
Page 5 Fiskars Q1 2013
Operating environment in Q1
• General operating environment did not improve in EMEA
• Unusually cold weather throughout Europe delayed spring significantly, and Easter sales
period came early and was colder than usual
• General retail market in Fiskars’ key markets, particularly in Finland, was weak
• As a response, retailers were looking for additional ways to decrease their inventory risk
and manage costs
• In North America, sentiment continued to be more positive than in Europe.
• Cold weather cross most of United States resulted in low sell-out in garden retail
• Continuous concerns about the economy and decrease in disposable income brought on
by expiration of tax cuts
• Government funding issues continued to dampen institutional spending
Page 6 Fiskars Q1 2013
Q1 Home
Page 7 Fiskars Q1 2013
Good quarter for Living, Royal Copenhagen and SOC
• Royal Copenhagen part of Home as of January, 2013
• Excluding Royal Copenhagen, homeware sales slightly behind 2012
• Strong novelty launches drove Living sales
• Kitchen sales affected by a decrease in B-2-B campaigns
• Royal Copenhagen maintained positive momentum, increasing sales in Denmark, Japan
and Korea.
• School, Office and Craft sales grew led by sewing and office tools
Fiskars Q1 2013 Page 8
62.6 62.8 65.1
64.0
71.6 73.1 75.2 77.5 76.4 79.3
94.9 91.3 99.9
14.0
0
20
40
60
80
100
120
Q1 2010
Q1 2011
Q1 2012
Q1 2013
- Q2 2010
Q2 2011
Q2 2012
Q2 2013
_ Q3 2010
Q3 2011
Q3 2012
Q3 2013
_- Q4 2010
Q4 2011
Q4 2012
Q4 2013
Net sales, MEUR
Home Net Sales, MEUR Royal Copenhagen, MEUR
Q1 Garden
Page 9 Fiskars Q1 2013
Garden season delayed due to cold weather
• In Europe, Garden business was heavily affected by unusually cold weather and
delay of spring season
– Fiskars continued to increase its market share
• In the Americas, Garden sales came close to previous year despite poor weather
– Garden tool sales grew thanks to increased placement and market share gain
Fiskars Q1 2013 Page 10
80.2
93.2 91.2 82.5
88.3 84.1
87.9
51.2 59.3 57.7 57.5 60.5
54.1
0
20
40
60
80
100
Q1 2010
Q1 2011
Q1 2012
Q1 2013
- Q2 2010
Q2 2011
Q2 2012
Q2 2013
_ Q3 2010
Q3 2011
Q3 2012
Q3 2013
_- Q4 2010
Q4 2011
Q4 2012
Q4 2013
Net sales, MEUR
Q1 Outdoor
Page 11 Fiskars Q1 2013
Outdoor sales weighed by institutional spending
cuts
• In the Americas, commercial sales were boosted by strong programs with key
customers
• Institutional spending was dampened by continued budget uncertainties.
• In EMEA, timing of shipments decreased outdoor product sales
• Boat sales developed positively
Fiskars Q1 2013 Page 12
26.1 32.1 30.6 28.9
35.4
42.6 37.3
29.5 28.6 30.1
37.2 34.5 35.3
0
10
20
30
40
50
Q1 2010
Q1 2011
Q1 2012
Q1 2013
- Q2 2010
Q2 2011
Q2 2012
Q2 2013
_ Q3 2010
Q3 2011
Q3 2012
Q3 2013
_- Q4 2010
Q4 2011
Q4 2012
Q4 2013
Net sales, MEUR
Q1 Financials
Page 13 Fiskars Q1 2013
Cash flow and debt Q1 2013, MEUR
14
19
24
39
2
0
5
10
15
20
25
30
35
40
45
CF from Operating Activities
109 109
96
71
118
0
20
40
60
80
100
120
140
Working Capital
194
51
100
72
206
0
50
100
150
200
250
Net Debt
Fiskars Q1 2013 Page 14
4.7
7.3
9.0
11.7
10.1
0
2
4
6
8
10
12
14
Capital Expenditure
Key ratios Q1 2013
6.38
7.74
7.21 7.56
7.06
0
1
2
3
4
5
6
7
8
9
Equity per Share
55
64 64 66
55
0
10
20
30
40
50
60
70
Equity Ratio, %
37
8
17
12
36
0
5
10
15
20
25
30
35
40
Gearing, %
Gain of Wärtsilä sales
Excl. Wärtsilä sales
Fiskars Q1 2013 Page 15
0.24 0.26 0.22
0.39
0.25
1.06
0,00
0,20
0,40
0,60
0,80
1,00
1,20
1,40
EPS*
Outlook for 2013 • General operating environment did not improve during the first quarter
• Further adverse weather conditions in key markets during the rest of the peak garden season or
negative issues related to demand for Home products during the last quarter could affect the full-year
results
• The acquisition of Royal Copenhagen increased the weight of the fourth quarter in full year sales and
profit
• Royal Copenhagen is expected to have a positive effect on the Group’s operating profit, but in 2013 the
level is dependent on post-acquisition costs.
• We expect the Group’s full-year 2013 net sales and operating profit excluding non-recurring items to be
above 2012 levels.
•
•
• Helsinki, Finland, May 3, 2013
Page 16 Fiskars Q1 2013
TOMORROW’S FISKARS
World Class Branded
Consumer Goods
Company
Page 17 Fiskars Q1 2013
