Slide 1: Half-year financial report January–June 2019
Half-year financial report January–June 2019
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 as
Slide 3: Key takeaways for Q2 2019
Key takeaways for Q2 2019 • Comparable EBITA and comparable net sales decreased • Cash flow excluding IFRS 16-change at previous year’s level • Net sales in the direct e-commerce channel and the Functional business in Europe increased, wet weather in the Americas had a negative impact on watering ca
Slide 4: Fiskars Group comparable net sales
Fiskars Group comparable net sales in Q2 2019 Net sales, EUR million Net sales bridge, EUR million Comparable change* -4.9% 400 Change -2.8% 8.8 -2.8 -0.2 -13.2 319 324 272.6 300 290 273 0.1 265.1 270 266 269 265 256 200 100 0 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q2 FX Divest- SBU SBU Other Q2 2017 2017 2017
Slide 5: Fiskars Group comparable EBITA
Fiskars Group comparable EBITA in Q2 2019 Comparable EBITA, EUR million Comparable EBITA margin Comparable EBITA* -27.6% EBITA -32.8% 48.8 50 16% 15.1% 40 15% 35.4 14% 29.1 30 27.0 13% 25.9 22.4 23.6 22.3 12% 11.1% 10.6% 20 16.1 10.8% 11% 9.7% 10% 10 9% 8% 8.9% 0 -1.1 1.3 -4.9 -1.6 -2.1 -0.3 -5.2 -5
Slide 6: Functional marketing highlights
Functional marketing highlights in Q2 2019 Fiskars has started a collaboration with the Finnish fashion and textile designer Maria Korkeila, to launch a limited- edition one-off capsule collection of modern gardening workwear Fiskars DIY Home Décor Tools were recognized for design excellence in Core
Slide 7: Living marketing highlights
Living marketing highlights in Q2 2019 Finland's first Wedgwood, Waterford and Royal Doulton brand shop opened in the Fiskars Village at the beginning of June Fiskars Group’s sustainability efforts continued with the launch of Iittala’s recycled glass products. The new Raami tableware series was ext
Slide 8: Fiskars Group strategic priorities
Fiskars Group strategic priorities Growing business • Growing the core Exciting • Expanding in China and e-commerce consumers • Exploring services Inspiring Improving people performance Q2 2019 8
Slide 9: Q2 2019
Q2 2019 Q2 2019 9
Slide 10: Functional in Q2 2019
Functional in Q2 2019 Comparable change* Q1-Q2 Q1-Q2 -0.1% EUR million Q2 2019 Q2 2018 Change Change 2019 2018 Net sales 163.0 159.4 2.3% 320.2 312.2 2.6% 166 159 157 163 153 Comparable EBITA 20.7 23.2 -10.9% 46.7 47.3 -1.2% 135 130 135 138 Capital expenditure 4.0 3.9 2.9% 7.0 7.2 -1.7% • Comparable
Slide 11: Living in Q2 2019
Living in Q2 2019 Comparable change* Q1-Q2 Q1-Q2 -11.6% EUR million Q2 2019 Q2 2018 Change Change 2019 2018 188 185 Net sales 101.3 112.4 -9.9% 211.8 224.8 -5.8% Comparable EBITA -0.5 2.4 2.7 5.7 -52.4% 134 123 120 112 112 111 Capital expenditure 4.8 6.0 -19.5% 8.8 11.1 -20.6% 101 • Comparable net s
Slide 12: Update on the Transformation program in the Living business
Update on the Transformation program in the Living business The Transformation program focuses primarily on: Targeted annual cost savings app. EUR 17 million • The English & Crystal Living business, to improve its • Subject to the full implementation of the program profitability • Targeted cost savi
Slide 13: Net sales by geography
Net sales by geography in Q2 2019 Comparable Comparable EUR million Q2 2019 Q2 2018 Change Q1-Q2 2019 Q1-Q2 2018 Change change* change* Europe 120.8 123.9 -2.5% -0.1% 250.9 249.7 0.5% 2.0% Americas 116.2 118.0 -1.5% -8.0% 220.6 228.2 -3.3% -9.4% Asia-Pacific 28.6 32.4 -11.7% -13.7% 62.1 63.9 -2.8% -
Slide 14: Earnings per share
Earnings per share in Q2 2019 0.34 0.34 0.33 0.21 0.21 0.20 0.14 0.13 0.12 Q2 2017 Q3 2017 Q4 2017 Q1 2018 Q2 2018 Q3 2018 Q4 2018 Q1 2019 Q2 2019 EPS Op. EPS EPS (for Q2- Q4 2017 restated to current accounting practice) Operative EPS (reported until Q4 2017) Q2 2019 14
Slide 15: Cash flow at previous year's level excluding impact from IFRS 16
Cash flow at previous year’s level excluding impact from IFRS 16 Cash flow from operating activities before Working capital, EUR million financial items and taxes, EUR million 300 150 258 252 250 232 232 227 226 218 100 196 197 200 150 50 104 92 Impact from 49 43 41 48 IFRS 16 : 100 25 EUR +5.9 mill
Slide 16: Net debt decreased excluding the impact from IFRS 16
Net debt decreased excluding the impact from IFRS 16 Net debt, EUR million Equity ratio and net gearing 350 80% 322 69% 69% 69% 70% 71% excluding 70% 67% 68% 68% 300 278 65% impact from IFRS 16 –impact 60% 56% and Wärtsilä 250 228 226 226 Impact from share dividend 207 IFRS 16 (yoy): 204 50% EUR 104
Slide 17: Outlook for 2019 updated (May 17, 2019)
Outlook for 2019 updated (May 17, 2019): In 2019, Fiskars expects the Group's comparable net sales to be at the same level as in 2018 and comparable EBITA to be below the previous year’s level. The outlook is influenced by the company’s investments in growth initiatives that are expected to add sust
Slide 18: Long-term financial targets unchanged
Long-term financial targets unchanged Growth Profitability Capital Dividend The average annual net sales EBITA margin structure Fiskars aims to distribute a growth to exceed 5%, through a to reach 12% stable, over time increasing combination of organic growth and Net gearing* below 100% dividend, to
Slide 19: Dividend track
Dividend track 5.31 (Wärtsilä share 2.60 dividend) 1,60 1,40 1.30 1,20 1,00 0,80 0.75 0,71 0,72 0,67 0,68 0,70 0,62 0,65 0,60 0,60 0,52 0,54 0.36 0,40 0.27 0,20 0.35 0.36 0.27 0,00 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Base Dividend First dividend Extra Dividend Second dividend Q2 2019 1
Slide 20: Making the everyday extraordinary
Making the everyday extraordinary