Fiskars Group Q2 2015 · 16.4 ACT Q214 201.0 14 Fiskars Q2 2015 *Functional including watering...
Transcript of Fiskars Group Q2 2015 · 16.4 ACT Q214 201.0 14 Fiskars Q2 2015 *Functional including watering...
Fiskars Group Q2 2015 1.1.–30.6.2015 Helsinki, July 29, 2015
Fiskars Q2 2015: Steady sales performance, major step
taken in growth strategy execution
Q2 Net Sales
MEUR 253.4, +26% Comparable net sales (CN and
excluding watering business), +2%
Earnings per share
EUR 0.17 (0.26)
EBIT excl. NRI
MEUR 20.8, +8%
Cash flow from
operating activities
MEUR 11.6
Outlook for 2015 updated:
Net sales expected to
increase from 2014 levels
EBIT excl. NRI to be at
2014 levels
Fiskars Q2 2015 2
EUROPE & ASIA-PACIFIC AMERICAS
Fiskars Q2 2015 4
Q2 2015 Europe & Asia-Pacific
Fiskars Q2 2015 5
Europe & Asia-Pacific in Q2 2015
Europe
• Strong performance by Living
Products
• Iittala opens store in Reykjavik,
Iceland and shop-in-shop in
Dubai Mall, United Arab Emirates
• Functional Products had a tough
quarter due to a late spring but
managed to gain market share in
key European markets
Fiskars Q2 2015 6
Europe & Asia-Pacific in Q2 2015
Asia-Pacific
• Living Products performed well
despite Japan being slow
• Six store openings in the region
• Iittala Ruutu launched in Taiwan
• Several successful PR events in
Korea and Japan
Fiskars Q2 2015 7
Q2 2015 Americas
Fiskars Q2 2015 8
Americas in Q2 2015
Fiskars Americas
• Functional Products performed
well, supported by the watering
business and pottery sales as
well as favorable currency rates
• Sales of school, office and craft
products increased compared to
previous year’s levels
Fiskars Q2 2015 9
Americas in Q2 2015
Gerber Americas
• Net sales declined but an
improved product mix started
having a positive impact on
profitability
• New additions to the Freescape
series were well received and the
series was supported by a strong
advertising campaign
Fiskars Q2 2015 10
Q2 2015 Group performance
Fiskars Q2 2015 11
Net sales and EBIT in Q2 2015 Fiskars Group
EBIT by quarter, MEUR
201.0
178.4
203.9
230.0
253.4
0,0%
2,0%
4,0%
6,0%
8,0%
10,0%
12,0%
0
40
80
120
160
200
240
280
Q2 2014 Q3 2014 Q4 2014 Q1 2015 Q2 2015
Net sales by quarter, MEUR
19.4 16.8
10.7
17.0 20.8
-0.9 -3.1
-8.4
-1.3 -1.4
-15
-10
-5
0
5
10
15
20
25
Q2 2014 Q3 2014 Q4 2014 Q1 2015 Q2 2015
EBIT excluding non-recurring items
Non-recurring items
EBIT excl.
NRI % 9.6% 9.4% 5.2% 7.4% 8.2%
26.0% *
Cn 16,6%
*Excl. watering 2015 Q2 net sales 222.8 MEUR,
change +10.8% (CN +2.5 %)
Fiskars Q2 2015 12
Europe & Asia Pacific and Americas in Q2 2015
124.0 117.5
140.6 127.3
122.2
0,0%
4,0%
8,0%
12,0%
16,0%
20,0%
0
40
80
120
160
200
Q2 2014 Q3 2014 Q4 2014 Q1 2015 Q2 2015
Net sales and EBIT%
EBIT % excl. NRI 7.8% 9.9% 9.3% 6.7% 6.4%
Europe & Asia Pacific
• Net sales in Q2 122,2 MEUR, -1.4%,
cn -1.6 %.
• EBIT excl. NRI 7.8 MEUR, -19.3 %
• Net sales growth:
• Living Products net sales increased
• Functional Products net sales decreased
67.5 57.6 59.1
95.0
119.1
0,0%
4,0%
8,0%
12,0%
16,0%
20,0%
0
40
80
120
160
200
Q2 2014 Q3 2014 Q4 2014 Q1 2015 Q2 2015
Net sales and EBIT %
EBIT % excl. NRI 17.2% 11.4% 4.8% 11.4% 14.3%
Americas
• Net sales 119.1 MEUR, 76.3%, cn +42.1%
• Excl. watering 88.5 MEUR, +31.0 %, cn +5.6%
• EBIT excl. NRI 17.0 MEUR,+46.4%
• Solid performance supported by the
watering business.
13 Fiskars Q2 2015
Development from ACT Q2 2014 to ACT Q2 2015
Net sales bridge
MEUR
ACT Q215
253.4
Other
2.6
Outdoor
-2.9
Functional*
31.5
Living
4.8
Exchange rate effect
16.4
ACT Q214
201.0
14 Fiskars Q2 2015
*Functional including watering business
Cash flow and debt Q2 2015, MEUR
121 124
93
179 178
0
20
40
60
80
100
120
140
160
180
200
Working capital
208
195
121
218
-79 -80
-30
20
70
120
170
220
270
Net debt*
6.6
15.7
7.4
5.7 6.2
0,0
2,0
4,0
6,0
8,0
10,0
12,0
14,0
16,0
18,0
Capital expenditure
6
26
48
-14
12
-20
-10
0
10
20
30
40
50
60
Cash flow from operating activities
* 101,2 MEUR investments into short term
interest rate fund not included in net debt ratio
Fiskars Q2 2015 15
Key ratios Q2 2015
7.46 7.84
14.06 14.46
14.56
0,0
2,0
4,0
6,0
8,0
10,0
12,0
14,0
16,0
Equity per share
58 60
73
71
66
0
10
20
30
40
50
60
70
80
Equity ratio, %
34
30
11
18
-7
-10
-5
0
5
10
15
20
25
30
35
40
Gearing, %
0.26 0.27
0.09
0.54
0.08
0,00
0,10
0,20
0,30
0,40
0,50
0,60
EPS*
* EPS from operating activities
Wärtsilä treated as associated company until Q3 2014
Fiskars Q2 2015 16
Other segment in Q2 2015
• During the second quarter the company sold EUR 300.4 million worth of
investments in short term interest rate funds to fund the acquisition of
WWRD.
• At the end of the period, the market value of Fiskars active investments
was EUR 522.6 million, consisting of shares in Wärtsilä (EUR 421.4
million) and investments into short term interest rate funds (EUR 101.2
million)
Fiskars Q2 2015 17
Share of business operations increased Implied value calculated from Market Cap
0
200
400
600
800
1 000
1 200
1 400
1 600
1 800
1 2013 4 2013 7 2013 10 2013 1 2014 4 2014 7 2014 10 2014 1 2015 4 2015 7 2015
Financial investments
Fiskars Operations
Operations / Mkt cap
100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
-
Fiskars Q2 2015 18
Outlook for 2015
• Outlook for 2015 was updated on July 27, 2015
• Full-year net sales are expected to increase from 2014 levels and
operating profit excluding non-recurring items to be at 2014 levels,
despite the increased costs related to investments into growth initiatives.
• (Previously: full-year net sales were expected to increase from 2014
levels and operating profit excluding non-recurring items to be below
2014 levels)
Fiskars Q2 2015 19
Growing Fiskars Living business through acquisitions
2007
Iittala Group Ltd.
2013 Royal Copenhagen A/S
2015 WWRD
Licensing partnerships and
collaborations with leading designers
and world-renowned celebrities
A unique and exhaustive archive
of inspirational patterns and designs
built up over centuries
Brands featured in leading luxury
hotels, restaurants, airlines and
cruise ships around the world
Licensing Partnerships Inspirational Patterns Luxury Hospitality
Fiskars Q2 2015 22
Tabletop Gifting Interior décor
Beautiful and innovatively packaged
luxurious gifts and merchandising
Beautiful assortment of luxury
tabletop series under coveted brands
Exquisite and expressive
Interior décor objects
Fiskars Q2 2015 23
PTD, Indonesia
The world’s leading
high quality ceramic
production facility
Wedgwood
Estate, England
Prestige production
of the highest quality
ceramic in the world
Steklarna
Rogaška,
Slovenia
The world’s largest
production facility
for hand-cut and
blown crystal
House of
Waterford, Ireland
High-end prestige
production of the
highest quality hand cut
crystal in the world
World class crystal and ceramics
Fiskars Q2 2015 24
Fiskars Living – A global leader in premium and luxury tabletop and gifting
Fiskars Q2 2015 25
Waterford and Wedgwood are well positioned among the top 10
premium Living brands
After the WWRD acquisition Fiskars Group is the largest
company within the premium Living category globally*
Today Fiskars is among the top 5 largest companies in total, in
Living category (incl. premium and mass channels) #1
#1
#1
Fiskars Living – A global leader in premium and luxury tabletop and gifting
*Based on Fiskars own estimate
Fiskars Q2 2015 26
Celebrating centuries of pride,
passion and design. Every day.