Fiskars Oyj Abp · OMXHEX:FSKRS
Fiskars Oyj Abp — Q1 2018 Earnings Presentation
20 slides from Fiskars Oyj Abp's earnings presentation, April 2018
Slide 1: Interim Report January–March 2018
Interim Report January–March 2018 Fiskars, Gerber, Iittala, Royal Copenhagen, Waterford, Wedgwood, Arabia, Gilmour, Royal Albert, Royal Doulton, Rörstrand
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 believes that the expectations reflected in such forward-looking statements are reasonable, no assura
Slide 3: Key takeaways for Q1 2018
Key takeaways for Q1 2018 1 2 3 4 A tough start to the year, Decreased comparable Decreased comparable Full year 2018 due to adverse weather net sales and net sales and guidance unchanged conditions and comparable EBITA in comparable EBITA in differences in timing the Living segment, the Functional
Slide 4: Q1 2018 key figures
Q1 2018 Net sales Comparable EBITA** Cash flow from operating activities*** Earnings per share EUR million (Q1 2017: 306.2) EUR million (32.0) EUR million (-46.4) EUR (0.28)**** 266.1 23.6 -39.2 0.20 YoY -13.1% YoY -26% Comparable* change -6.2% *Using comparable exchange rates, excluding the net sal
Slide 5: Fiskars Group in Q1 2018
Fiskars Group in Q1 2018 Net sales and comparable EBITA % Comparable EBITA EUR million EUR million -6.2% Comparable change -13.1% -26% 334 36.3 35.4 319 296 306 32.0 294 290 29.1 281 270 266 25.0 24.9 23.6 20.9 22.4 10.9 10.5 10.8 11.1 8.4 8.9 8.9 7.1 7.7 1.8 -1.1 -1.1 1.3 -2.5 -1.5 -1.6 -4.9 -8.2 Q
Slide 6: Net sales bridge Q1 2018
Net sales bridge Q1 2018 Net sales Comparable EUR million change -6.2% 310.0 -20.9 306.2 300.0 290.0 -1.7 -8.1 280.0 -9.4 270.0 0.0 266.1 260.0 250.0 Q1 2017 FX rate Divestments SBU Functional SBU Living Other Q1 2018 6 Fiskars Q1 2018
Slide 7: Living marketing Q1 highlights
Living marketing Q1 highlights • Iittala participated in the Stockholm Design Week, which is an important fair for showcasing Scandinavian design • Both Iittala and Royal Doulton were present at the International Home + Housewares Show in Chicago, where Royal Doulton presented the new Coffee Studio
Slide 8: Functional marketing Q1 highlights
Functional marketing Q1 highlights • Fiskars launched its annual product recycling campaign in Finland, and in addition to the cooking category it was also piloted for the gardening category • Fiskars’ new cooking range Norden was introduced at the Ambiente trade fair in Frankfurt. The Norden range
Slide 9: Fiskars Village won the EDEN award
Fiskars Village won the EDEN award • In January 2018, Fiskars Village won the Culture EDEN in Finland -award • The award is for travel destinations, that combine culture and travel, and is an European Commission initiative that awards and promotes sustainable tourism development models across the EU
Slide 10: Fiskars Q1 2018
Fiskars Q1 2018 10 Fiskars Q1 2018
Slide 11: Living in Q1 2018
Living in Q1 2018 EUR million Q1 2018 Q1 2017 Change 2017 Comparable Q1 2018: -7.7% Net sales 112.4 129.2 -13.0% 573.9 change* Comparable EBITA 3.4 7.2 -53% 70.7 -13.0% Capital expenditure 5.1 2.6 97% 14.0 188 • Comparable net sales in the Living segment decreased year-on-year 129 134 20.4% • Net sa
Slide 12: Functional in Q1 2018
Functional in Q1 2018 EUR million Q1 2018 Q1 2017 Change 2017 Comparable Q1 2018: -5.1% Net sales 152.8 176.0 -13.2% 607.8 change* Comparable EBITA 24.0 26.8 -10% 59.7 -13.2% Capital expenditure 3.3 5.1 -36% 19.4 176 166 • Comparable net sales in the Functional segment decreased year-on-year 153 135
Slide 13: Net sales by geography in Q1 2018
Net sales by geography in Q1 2018 EUR million Q1 2018 Q1 2017 Change Comparable change* 2017 Europe 125.8 139.2 -9.6% -7.6% 568.5 Americas 110.3 129.7 -15.0% -2.5% 463.0 Asia-Pacific 31.4 35.8 -12.2% -4.4% 152.8 Unallocated** -1.5 1.5 1.2 *Using comparable exchange rates, excluding the divested cont
Slide 14: Other segment
Other segment • The Other segment contains the Group’s investment portfolio, the real estate unit, corporate headquarters and shared services • Based on the new IFRS 9 standard that Fiskars adopted from January 1, 2018, Fiskars Group records the change in fair value of investments in other comprehen
Slide 15: Earnings per share
Earnings per share EPS • Prior to Q1 2018, Fiskars has reported earnings per EUR per share 0.34 share (EPS) and operative earnings per share 0.28 • In accordance with the IFRS 9 accounting principles, 0.26 the change in fair value of investments has been moved 0.23 0.21 0.25 0.20 to other comprehens
Slide 16: Improved cash flow in Q1 2018
Improved cash flow in Q1 2018 Cash flow from operating activities before Working capital financial items and taxes EUR million EUR million 104 258 252 239 233 242 232 227 78 218 196 49 39 40 25 -36 -39 -46 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2016 2016 2016 2016 2017 2017 2017 2017
Slide 17: Net debt decreased in Q1 2018
Net debt decreased in Q1 2018 Net debt Equity ratio and net gearing EUR million 307 68 69 67 69 69 68 64 66 66 257 227 228 226 226 211 152 148 27 20 21 19 18 17 18 12 12 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2016 2016 2016 2016 2017 2017 2017 2017 2018 2016 2016 2016 2016 2017 2017 2
Slide 18: Outlook for 2018 unchanged
Outlook for 2018 unchanged In 2018, Fiskars expects the Group’s comparable net sales and comparable EBITA to increase from 2017 • The comparable net sales excludes the impact of exchange rates, acquisitions and divestments • Items affecting comparability in EBITA excludes restructuring costs, impair
Slide 19: Long-term financial targets
Long-term financial targets Q1 2018 2017 GROWTH -13.1% YoY -1.6% YoY The average annual net sales growth to exceed 5%, through a combination of organic growth and targeted acquisitions PROFITABILITY 8.3% 9.5% EBITA margin to exceed 10% CAPITAL STRUCTURE 18% 12% Net gearing* below 100% DIVIDEND A tot
Slide 20: Making the everyday extraordinary
Making the everyday extraordinary