Fiskars Oyj Abp · OMXHEX:FSKRS
Fiskars Oyj Abp — Fiskars Group — FY2011 Earnings Presentation
35 slides from Fiskars Oyj Abp's earnings presentation, Feb 9, 2012
Slide 1: Fiskars Group 2011
Fiskars Group 2011 1.1.-31.12.2011 Helsinki, Feb 9, 2012
Slide 2: Agenda
Agenda • Highlights • Business review • Financial position • Outlook for 2012 • Appendixes
Slide 3: Q4 and FY 2011 Highlights
O4 and FY 2011 Highlights FISKARS
Slide 4: Fiskars in 2011
Fiskars in 2011 Production units in Finland Helsinki, Iittala, Nuutajärvi, Billnäs, Sorsakoski, Ähtäri Madison/Garden & Portland SOC Outdoor/Gerber Apopka/Pottery Sourcing office, Bangkok AMERICAS in 2011 net sales EUR 233 million 30% of consolidated net sales EMEA in 2011 565 personnel (FTE) net sa
Slide 5: Full year 2011: Solid development in demanding market conditions
Full year 2011: Solid development in demanding market conditions Net sales Comparable net sales New company record 742.5 MEUR +6 %*, growth in both in EBIT w/o non- EBIT w/o non- segments recurring recurring 62.1 MEUR Good performance in Outlook for full year Garden business 2012: Board proposes div
Slide 6: Q4: Strong performance in the Americas
Q4: Strong performance in the Americas Consumer and business Both sales and EBIT confidence improving in Comparable net sales increased in the the Americas, no +1 %* Americas improvement seen in Europe Net sales EUR 3 million non- Disappointing holiday 187.3 MEUR, -2% recurring cost due to season sa
Slide 7: Q4 Business review
O04 Business review FISKARS
Slide 8: Operating environment in Q4
Operating environment in Q4 • Consumer confidence remained low in Europe and retail trade developed sluggishly in many European markets • Trade tightened further their control on inventory levels and sentiment remained cautious or even negative • In North America, consumer and business confidence sh
Slide 9: HOME: Disappointing holiday sales
Disappointing holiday sales HOME Modern Scandinavian design Q4/2011 products for the kitchen, table, living room and school, office and craft • Disappointing holiday season sales for homeware 92.6 MEUR net sales -3% products, particularly in Finland • Sale of School, Office and Craft products increa
Slide 10: GARDEN: Continued good performance
Continued good performance GARDEN Q4/2011 Ergonomically designed tools for gardening and construction • In Europe, sales remained as high as in 2010 59.2 MEUR net sales, +4% • Strong sales in wood preparation and cutting tools • Snow tools continued positively 31.6% of total sales • In the Americas,
Slide 11: OUTDOOR: Strong growth in the Americas
Strong growth in the Americas OUTDOOR Innovative, essential products for an Q4/2011 active lifestyle and durable leisure boats • Americas maintained strong growth track 34.5 MEUR net sales, • Growth in both commercial and institutional segments -7% (Excl. Silva + 11%) • Institutional sales picked up
Slide 12: Strategy review
2011 Strategy review FISKARS
Slide 13: New Fiskars
Transformation towards an integrated branded consumer products company New Fiskars 2012 → Gearing for 2010 → growth • Focused Powering the • Efficient machine Refining category • Growing 2008-2009 and brand New operating strategies Fixing the model, base focus and Global ambitions New group-wide man
Slide 14: Executing the integrated company strategy
Executing the integrated company strategy FISKARS STRATEGIC ACTIONS IN 2011 AGENDA FOCUS FOCUS Increased focus on international brands, Strong business area focus Silva divested and Bodanova discontinued Specialist premium brand portfolio Continued SKU efficiency Optimized product range for selected
Slide 15: Focusing on and investing in strong international brands
Focusing on and investing in strong international brands 2011: + 10% 2011: + 27% 2011: + 5% 2010: + 25% 2010: + 0% 2010: + 2% Sales vs. previous year
Slide 16: Ensuring future growth through unified offering
Ensuring future growth through unified offering Sales/stock keeping unit +41 % in 2011 Number Sales per of SKU SKU, eur 30 000 75 000 25 000 62 500 20 000 50 000 15 000 37 500 10 000 25 000 5 000 12 500 0 0 1.1.2008 1.1.2009 1.1.2010 1.1.2011 1.1.2012 Number of SKUs Sales per SKU, EUR
Slide 17: Q4 Financials
O04 Financials FISKARS
Slide 18: Net Sales in Q4 2011 by Segment
Net Sales in Q4 2011 by Segment Net sales, MEUR Net sales, MEUR Net sales, MEUR - 2% 250 - 8% 250 250 187,3 200 200 200 +13% 150 131,6 150 150 100 100 100 56,9 50 50 50 0 0 0 Q410 Q111 Q211 Q311 Q411 Q410 Q111 Q211 Q311 Q411 Q410 Q111 Q211 Q311 Q411 Cn - 9% Cn + 12% Cn - 2% Excl. Silva +1 % EMEA Ame
Slide 19: Net Sales in Q4 2011 by Business Area
Net Sales in Q4 2011by Business Area -3% Net sales, MEUR Net sales, MEUR Net sales, MEUR 92,6 + 4% 100 100 100 80 80 80 - 7% 59,2 60 60 60 40 40 40 34,5 20 20 20 0 0 0 Q410 Q111 Q211 Q311 Q411 Q410 Q111 Q211 Q311 Q411 Q410 Q111 Q211 Q311 Q411 Cn -4% Cn +4% Cn - 8% Excl. Silva + 11% Home Garden Outdo
Slide 20: Net Sales and EBIT in Q4 2011
Net Sales and EBIT in Q4 2011 Fiskars Group Net sales by quarter, MEUR EBIT by quarter, MEUR - 2% 225 25 200,6 200 190,6 189,3 187,3 20 175 165,3 15 150 10 19,0 125 16,4 12,6 13,1 13,7 5 100 0 75 -3,0 -6,3 50 -5 -11,3 25 -10 0 -15 Q410 Q111 Q211 Q311 Q411 Q410 Q111 Q211 Q311 Q411 Cn -2% Excl. Silva
Slide 21: Net Sales and EBIT in Q4 2011: EMEA segment
Net Sales and EBIT in Q4 2011 EMEA segment Net sales by quarter, MEUR 160 • Net sales EUR 131.6 million (143.4), 140 143,4 134,0 137,5 131,6 -8%, comparable sales excluding 120 113,7 100 Silva -3% 80 • EBIT excluding non-recurring items 60 of EUR 11.3 million (11.1), +2% 40 20 0 Q410 Q111 Q211 Q311
Slide 22: Net Sales and EBIT in Q4 2011: Americas segment
Net Sales and EBIT in Q4 2011 Americas segment Net sales by quarter, MEUR 70 65,4 • Net sales EUR 56.9 million (50.4), 60 58,1 56,9 50,4 52,0 +13% or currency neutral + 12%. 50 • EBIT EUR 6.7 million (5.3), +28% 40 30 20 • Good development across all 10 businesses, especially Outdoor. 0 Q410 Q111 Q2
Slide 23: FY2011 Group financial performance
FY2011 Group financial performance • Net sales 742.5 MEUR (715.9); + 4% or 5 % at comparable currency rates • Operating profit excluding non-recurring items 62.1 MEUR (60.4) • Operating profit 52.8 MEUR (49.1) Net sales, MEUR EBIT excl. non-recurring items, MEUR 780 70 60,4 62,1 742,5 740 60 715,9 5
Slide 24: FY2011 EMEA and Americas segments
FY2011 EMEA and Americas segments • EMEA Net sales 517 MEUR (502); + 3% or 2 % at comparable currency rates • Americas Net sales 233 MEUR (223); + 4% or 10 % at comparable currency rates Net sales, MEUR EBIT excl. non-recurring items, MEUR 800 80 700 223 233 70 600 218 60 28,1 31,6 500 50 400 40 23,
Slide 25: FY2011 financial performance per share
FY2011 financial performance per share • Earnings per share EUR 1.91 (1.15) • Board’s dividend proposal EUR 0.62 per share Earnings per share, EUR Dividend per share, EUR 2,00 1,80 2,00 1,60 1,80 1,40 1,60 0,85 1,30 1,40 1,20 1,20 1,00 1,00 0,80 0,80 0,60 0,60 1,15 1,05 1,06 0,40 0,40 0,60 0,62 0,52
Slide 26: Cash flow and debt full year 2011, MEUR
Cash flow and debt full year 2011, MEUR CF from operating Working Capital Capital Net debt activities expenditure 140 120 30,0 250 236 121 103 101 120 100 25,0 24,4 200 107 200 83 100 93 80 20,0 18,5 151 150 80 60 14,5 15,0 60 100 40 10,0 40 50 20 5,0 20 0 0 0,0 0 2009 2010 2011 2009 2010 2011 2009
Slide 27: Key ratios in full year 2011
Key ratios in full year 2011 EPS* Equity per Share Equity ratio, % Gearing, % 2,00 8,0 70 50 47 1,80 6,76 6,77 7,0 59 60 57 6,16 1,60 40 52 36 0,85 6,0 1,40 50 5,0 30 1,20 27 40 1,00 4,0 30 20 0,80 3,0 0,60 1,15 1,05 20 2,0 10 1,06 0,40 1,0 10 0,20 0 0,00 0,0 0 2009 2010 2011 2009 2010 2011 2009 201
Slide 28: Outlook for 2012
O04 Outlook for 2012 FISKARS
Slide 29: Outlook for 2012
Outlook for 2012 • The general market situation remains uncertain and volatile, which makes forecasting difficult • In Europe, operating environment has worsened, in North America some signs of recovery seen • We expect retailers to continue focusing on working capital, and purchasing to remain caut
Slide 30: In a nutshell
O04 In a nutshell FISKARS
Slide 31: Key figures 2011
Key figures 2011 EUR million Q4 2011 Q4 2010 Change 2011 2010 Change Net sales 187.3 190.6 -2% 742.5 715.9 4% Operating profit (EBIT)* 10.7 1.3 52.8 49.1 8% Operating profit excluding non-recurring 13.7 12.6 8% 62.1 60.4 3% items Share of profit from associated company 13.4 30.1 -55% 42.7 65.9 -35%
Slide 32: Fiskars IR Calendar and Contact Information
Fiskars IR Calendar and Contact Information • Q1 Interim Report May 3, 2012 • Fiskars Corporation • Q2 Interim Report August 2, 2012 Hämeentie 135 A • Q3 Interim Report November 1, 2012 P.O. Box 130 FI-00561 Helsinki, Finland Tel. +358 204 3910 Fax +358 9 604 053 communications@fiskars.com • IR Cont
Slide 33: Analyst coverage
Analyst coverage • To the best of our knowledge, the following persons follow the Fiskars share. They do so on their own initiative, and Fiskars takes no responsibility for the opinions expressed. • Carnegie Investment Bank Tommy Ilmoni, +358 9 618 71 235 tommy.ilmoni@carnegie.fi • Evli Bank Mika Ka
Slide 34: Disclaimer
Disclaimer The content of this presentation contains time-sensitive information that is accurate as of the time hereof. A number of forward-looking statements will be made during this presentation. Forward-looking statements are any statements that are not historical facts. These statements are base
Slide 35: Thank you!
Thank you! FISKARS