Fiskars Oyj Abp · OMXHEX:FSKRS
Fiskars Oyj Abp — Q4 2020 Earnings Presentation
26 slides from Fiskars Oyj Abp's earnings presentation, Feb 5, 2021
Slide 1: Financial Statement Release January–December 2020
Financial Statement Release January–December 2020
Slide 2: Disclaimer
Disclaimer This presentation contains forward-looking statements that reflect management’s current views with respect to certain future events and potential financial performance. Although Fiskars Group believes that the expectations reflected in such forward- looking statements are reasonable, no a
Slide 3: Fiskars Group Q4 2020
Fiskars Group Q4 2020 5.2.2020 3
Slide 4: Highlights of the quarter
Highlights of the quarter INCREASE IN OUTLOOK FOR 2021: DIVIDEND NET SALES CASH COMPARABLE EBITA IS GROWTH COMPARABLE FLOW PROPOSAL OF EBITA, DRIVEN BY EXPECTED TO BE EUR 0.60 PER CONTINUED INCREASED LOWER THAN IN ALL BA’S SHARE 2020, BUT ABOVE EUR 110 MILLION Fiskars Group Q4 2020 5.2.2020 4
Slide 5: Fiskars Group comparable net sales in Q4 2020
Fiskars Group comparable net sales in Q4 2020 NET SALES, EUR MILLION NET SALES BRIDGE, EUR MILLION Comparable change* +5.2% 400 Change +1.7% 5.4 -0.3 313.3 324 308 313 308.0 -10.1 7.4 300 280 266 273 269 265 267 256 249 256 2.9 200 0.0 100 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q4 FX Divest- BA BA BA
Slide 6: Fiskars Group comparable EBITA in Q4 2020
Fiskars Group comparable EBITA in Q4 2020 COMPARABLE EBITA, EUR MILLION COMPARABLE EBITA MARGIN Comparable EBITA* +42% 48.8 49.9 50 18% 15.9% 39.3 15.1% 40 16% 14.7% 35.1 14% 30 28.6 11.4% 27.0 25.9 12% 23.6 22.3 10.6% 9.7% 18.9 10% 8.9% 10.2% 20 8.2% 16.1 13.4 8% 6.1% 7.4% 10 6% 5.4% 4% 0 -1.6 -2.1
Slide 7: First observations
First observations Passionate Beloved brands and Growth levers: global team iconic products consumer everyday culture, digitalization and sustainability Fiskars Group Q4 2020 5.2.2020 7
Slide 8: Continuing to execute the strategic priorities
Continuing to execute the strategic priorities Fiskars Group Q4 2020 5.2.2020 8
Slide 9: Update on programs
Update on programs Transformation program, Restructuring program, targeted annual cost savings targeted annual cost savings app. EUR 17 million app. EUR 20 million • Subject to the full implementation of the program • Subject to the full implementation of the program • Targeted cost savings would be
Slide 10: Outlook for 2021
Outlook for 2021 Comparable EBITA is expected to be lower than in 2020, but above EUR 110 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
Slide 11: Long-term financial targets unchanged
Long-term financial targets unchanged GROWTH PROFITABILITY CAPITAL STRUCTURE DIVIDEND The average annual net sales EBITA margin Net gearing* below 100% Fiskars aims to distribute a growth to exceed 5%, through a to reach 12% stable, over time increasing combination of organic growth dividend, to be
Slide 12: Wärtsilä share distribution changed the baseline for dividend growth
Wärtsilä share distribution changed the baseline for dividend growth Wärtsilä share Dividend per share (DPS) history 2009–2020 distribution EUR 5.31 1,60 2.60 1,40 1.30 1,20 1,00 0,80 0.75 0.70 0.71 0.72 0.65 0.67 0.68 0.60 0.62 0.60 0,60 0.54 0.56 0.52 0.36 0.30 0,40 0.27 0.28 0,20 0.35 0.36 0.27 0
Slide 13: Q4
Q4 Fiskars Group Q4 2020 5.2.2020 13
Slide 14: Vita in Q4 2020
Vita in Q4 2020 Comparable change* EUR million Q4 2020 Q4 2019 Change 2020 2019 Change 1.7% Net sales 171.1 171.6 -0.3% 456.6 500.8 -8.8% 171.6 171.1 Comparable EBITA 37.8 27.0 39.9% 41.0 38.8 5.5% Capital expenditure 5.6 5.8 -4.5% 16.3 18.3 -11.3% 111.0 93.6 80.9 Comparable net sales increased • In
Slide 15: Terra in Q4 2020
Terra in Q4 2020 Comparable change* EUR million Q4 2020 Q4 2019 Change 2020 2019 Change 8.2% Net sales 97.8 95.7 2.2% 493.8 442.9 11.5% Comparable EBITA 7.7 2.8 172.6% 67.5 36.2 86.5% 153.7 129.3 Capital expenditure 2.8 5.5 -48.5% 9.9 16.6 -40.4% 113.1 95.7 97.8 Comparable net sales increased • Incr
Slide 16: Crea in Q4 2020
Crea in Q4 2020 Comparable change* EUR million Q4 2020 Q4 2019 Change 2020 2019 Change 14.1% Net sales 43.5 39.5 10.2% 162.0 142.9 13.4% 44.8 43.5 Comparable EBITA 8.5 8.1 5.9% 41.1 28.0 46.6% 39.5 41.5 Capital expenditure 0.6 0.2 170.6% 1.8 0.9 87.4% 32.3 Comparable net sales increased • Increased
Slide 17: Net sales by geography in Q4 2020
Net sales by geography in Q4 2020 Q4 Q4 Comparable Comparable EUR million Change 2020 2019 Change 2020 2019 change* change* Europe 151.5 153.7 -1.5% -0.3% 495.9 518.9 -4.4% -3.6% Americas 108.3 106.6 1.6% 9.0% 471.6 427.5 10.3% 11.8% Asia-Pacific 54.6 47.7 14.3% 16.9% 154.1 143.6 7.3% 8.2% Unallocat
Slide 18: Consolidated income statement
Consolidated income statement EUR million Q4 Q4 Change 2020 2019 Change Gross profit decreased 2020 2019 % % • Net sales growth offset by Net sales 313.3 308.0 2 1,116.2 1,090.4 2 decreased margin Cost of goods sold -182.2 -174.9 -4 -664.1 -643.1 -3 Gross profit 131.1 133.1 -2 452.0 447.3 1 Cost-cut
Slide 19: SKU reduction ongoing with potential remaining
SKU reduction ongoing with potential remaining Number of Stock Sales / SKU, EUR Keeping Units (SKU) 45 000 90 000 40 000 80 000 Targeting to reach the previous high in sales / SKU 35 000 70 000 30 000 60 000 25 000 50 000 20 000 40 000 15 000 30 000 10 000 20 000 5 000 10 000 0 0 2007 2008 2009 2010
Slide 20: Earnings per share in Q4 2020 (EUR)
Earnings per share in Q4 2020 (EUR) 0.33 0.33 0.30 0.26 0.21 0.14 0.12 0.06 0.04 Q4 2018 Q1 2019 Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020 Fiskars Group Q4 2020 5.2.2020 20
Slide 21: Cash flow improved from previous year's level
Cash flow improved from previous year’s level CASH FLOW FROM OPERATING ACTIVITIES BEFORE WORKING CAPITAL, EUR MILLION FINANCIAL ITEMS AND TAXES, EUR MILLION 250 300 258 264 200 250 242 241 226 197 194 150 200 172 100 150 134 50 116 92 85 90 100 48 56 0 11 50 -26 -38 -50 0 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
Slide 22: Balance sheet
Balance sheet EUR million 2020 2019 Impairment of Waterford part of the change in goodwill and other intangible assets Goodwill and other intagible assets 481.9 508.2 Other non-current assets 347.2 382.5 Inventories decreased Inventories 207.4 232.1 Trade and other receivables 213.8 203.2 Strong cas
Slide 23: Net debt decreased
Net debt decreased NET DEBT, EUR MILLION EQUITY RATIO AND NET GEARING 350 331 322 317 80% 70 % 300 290 70% 278 65 % 261 60% 56 % 56 % 57 % 250 55 % 214 51 % 51 % 49 % 50% 44 % 200 42 % 37 % 38 % 40% 34 % 144 150 135 29 % 30% 26 % 100 19 % 20% 11 % 50 10% 0 0% Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q4 Q1 Q2 Q3 Q
Slide 24: Q&A
Q&A Fiskars Group Q4 2020 5.2.2020 24
Slide 25: Closing remarks
Closing remarks Fiskars Group Q4 2020 5.2.2020 25
Slide 26: Making the everyday extraordinary
Making the everyday extraordinary Fiskars Group Q4 2020 5.2.2020 26