Fiskars Oyj Abp · OMXHEX:FSKRS
Fiskars Oyj Abp — Fiskars Group — Q2 2020 Earnings Presentation
21 slides from Fiskars Oyj Abp's earnings presentation, Jul 30, 2020
Slide 1: Half-year financial report 2020
Half-year financial report 2020 January–June 2020 Highly volatile market situation with demand improving towards the end of the quarter, significant uncertainties remain for the rest of the year Fiskars Group Q2 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: Highlights of the quarter
Highlights of the quarter HIGHLY STRONG DEMAND VITA SUFFERING COMPARABLE SIGNIFICANT VOLATILE FUELING TERRA FROM THE IMPACT EBITA UNCERTAINTIES MARKET AND CREA OF COVID-19 INCREASED, REMAIN FOR THE SITUATION PARTLY REST OF 2020 SUPPORTED BY SAVINGS Fiskars Group Q2 2020 30.7.2020 3
Slide 4: Our new President and CEO
Our new President and CEO Nathalie Ahlström has been appointed by the Board of Directors as the new CEO Will start in the position in January 2021, at the latest. Member of our Board of Directors since March 2020. Joins us from Fazer Group where she has been working since 2018 as EVP, Fazer Confecti
Slide 5: Fiskars Group comparable net sales
Fiskars Group comparable net sales in Q2 2020 NET SALES, EUR MILLION NET SALES BRIDGE, EUR MILLION Comparable change* +5.7% 400 Change +5.6% 6.0 -0.1 280.0 324 308 29.4 300 280 265.1 0.0 -20.3 266 273 269 265 -0.1 256 249 256 200 100 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q2 FX Divest- BA BA BA Other Q2 20
Slide 6: Fiskars Group comparable EBITA
Fiskars Group comparable EBITA in Q2 2020 COMPARABLE EBITA, EUR MILLION COMPARABLE EBITA MARGIN Comparable EBITA* +77% 48.8 EBITA +102% 50 16% 15.1% 40 35.1 14% 28.6 12% 11.4% 30 27.0 25.9 10.6% 10.2% 23.6 9.7% 22.3 10% 8.9% 18.9 8.2% 20 16.1 13.4 8% 6.1% 7.4% 10 6% 5.4% 4% 0 -1.6 -2.1 -0.3 -5.2 -5.
Slide 7: Vita
Vita in Q2 2020 Comparable change* Q1-Q2 Q1-Q2 -20.1% EUR million Q2 2020 Q2 2019 Change Change 2019 2020 2019 Net sales 80.9 101.3 -20.2% 174.5 211.5 -17.5% 500.8 171.6 Comparable EBITA -7.9 -0.5 -11.5 2.5 38.8 117.6 Capital expenditure 3.6 4.8 -24.6% 5.6 8.8 -36.7% 18.3 101.3 93.6 80.9 Comparable
Slide 8: Terra
Terra in Q2 2020 Comparable change* Q1-Q2 Q1-Q2 +23.6% EUR million Q2 2020 Q2 2019 Change Change 2019 2020 2019 Net sales 153.7 124.5 23.4% 283.0 252.1 12.3% 442.9 153.7 Comparable EBITA 27.1 11.4 138.7% 46.5 33.3 39.7% 36.2 124.5 129.3 Capital expenditure 2.2 3.8 -43.5% 4.3 6.7 -35.8% 16.6 95.1 95.
Slide 9: Crea
Crea in Q2 2020 Comparable change* Q1-Q2 Q1-Q2 +15.6% EUR million Q2 2020 Q2 2019 Change Change 2019 2020 2019 Net sales 44.8 38.5 16.3% 77.0 68.4 12.6% 142.9 44.8 38.5 39.5 Comparable EBITA 12.7 9.4 35.9% 18.3 13.7 34.3% 28.0 35.0 32.3 Capital expenditure 0.6 0.2 0.8 0.3 141.5% 0.9 Comparable net s
Slide 10: Net sales by geography
Net sales by geography in Q2 2020 Comparable net sales in Europe decreased EUR million Q2 2020 Q2 2019 Change Comparable 2019 • Increased in Terra, unchanged in Crea and change decreased in Vita Europe 104.0 120.8 -13.8% -12.3% 518.9 Americas 142.4 116.2 22.6% 20.4% 427.5 • Growth in Germany and Nor
Slide 11: Red Dot: Design Team of the Year 2020
The Fiskars design team was awarded one of the highest distinctions of the design industry, the ‘Red Dot: Design Team of the Year 2020’ title. A tribute to sustainable and innovative design, the honorary title is given to only one team each year Fiskars Group Q2 2020 30.7.2020 11
Slide 12: Marketing highlights
Marketing highlights in Q2 2020 Fiskars’ watering nozzles and wands won the “Red Dot: Best of the Best” Design Award. The rollout of new e-commerce sites continued, as the renewed sites for Wedgwood and Royal Doulton were launched. The redefinition of both brands was completed during the first quart
Slide 13: Q2 2020
Q2 2020 Fiskars Group Q2 2020 30.7.2020 13
Slide 14: Consolidated income statement
Consolidated income statement EUR million Q2 2020 Q2 2019 Change, 2019 Gross profit margin decreased % • Decreased volumes in Vita Net sales 280.0 265.1 6 1,090.4 • Mix in Crea Cost of goods sold -173.3 -156.7 11 -643.1 Gross profit 106.7 108.3 -1 447.3 Temporary cost-cutting measures supported Gros
Slide 15: Update on programs
Update on programs Transformation program, targeted annual Restructuring program, targeted annual cost savings app. EUR 17 million cost savings 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 16: Earnings per share
Earnings per share in Q2 2020 0.34 0.33 0.26 0.21 0.14 0.13 0.12 0.06 0.04 Q2 2018 Q3 2018 Q4 2018 Q1 2019 Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Fiskars Group Q2 2020 30.7.2020 16
Slide 17: Cash flow increased from previous year’s level
Cash flow increased from previous year’s level CASH FLOW FROM OPERATING ACTIVITIES BEFORE WORKING CAPITAL, EUR MILLION FINANCIAL ITEMS AND TAXES, EUR MILLION 300 150 258 264 250 242 241 232 226 218 100 197 194 200 150 50 92 85 48 56 100 43 41 0 11 -26 50 -38 -50 0 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q2 Q3 Q4
Slide 18: Balance sheet
Balance sheet EUR million Q2 2020 Q2 2019 2019 Strong June sales visible Goodwill and other intagible assets 500.6 503.1 508.2 • increased trade receivables Other non-current assets 382.5 • decreased inventories 364.4 368.8 Inventories 214.6 240.9 232.1 Production and sourcing accommodated to the Tr
Slide 19: Net debt increased somewhat
Net debt increased somewhat NET DEBT, EUR MILLION EQUITY RATIO AND NET GEARING 350 331 322 317 80% 290 69 % 70 % 300 70% 68 % 278 65 % 261 250 60% 56 % 55 % 56 % 51 % 207 204 49 % 50% 44 % 200 42 % 37 % 38 % 40% 34 % 150 135 30% 26 % 100 17 % 20% 16 % 11 % 50 10% 0 0% Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q2 Q
Slide 20: 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 21: Making the everyday extraordinary
Making the everyday extraordinary Fiskars Group Q2 2020 30.7.2020 21