Fiskars
2011: Solid performance in demanding market conditions

Fiskars 

09.02.2012 07:39
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Fiskars Corporation           Financial Statement Release         February 9,
2012 at 8.30 am 

2011 in brief:

  -- Net sales increased 4% to EUR 742.5 million (2010: 715.9)
  -- At comparable currency rates, net sales increased 5% and, adjusted for the
     Silva divestment, 6%
  -- Operating profit excluding non-recurring items increased 3% to EUR 62.1
     million (60.4)
  -- Operating profit (EBIT) increased 8% to EUR 52.8 million (49.1) 
  -- Cash flow from operating activities was EUR 107.4 million (92.6)
  -- Earnings per share were EUR 1.91 (1.15), including a non-recurring profit
     of EUR 0.85 per share from the sale of Wärtsilä shares
  -- The Board proposes a dividend of EUR 0.62 per share (2010: 0.60 plus an
     extraordinary dividend 1.30)
  -- Outlook for 2012: full-year net sales and operating profit excluding
     non-recurring items are expected to amount to 2011 levels

Fourth quarter 2011 in brief:

  -- Net sales decreased 2% to EUR 187.3 million (Q4 2010: 190.6)
  -- At comparable currency rates, net sales decreased 2% and, adjusted for the
     Silva divestment, increased 1%
  -- Operating profit excluding non-recurring items increased 8% to EUR 13.7
     million (12.6)
  -- Operating profit (EBIT) increased to EUR 10.7 million (1.3)
  -- Earnings per share were EUR 0.33 (0.35)
  -- Cash flow from operating activities was EUR 41.9 million (29.6)

Fiskars President and CEO, Kari Kauniskangas:

'Fiskars performed well in 2011 despite the volatile business environment. I am
proud of this achievement during a period characterized by increasing unease
about the economic outlook and cautious retailer purchasing. Our net sales
increased despite the divestment of Silva, and we were able to exceed the
previous year's EBIT excluding non-recurring items, setting a new company
record. 

The Garden business performed well, especially in Europe, and even in the
Americas we were able to strengthen our position despite adverse weather during
the peak gardening season. Our Outdoor business in the Americas had a strong
year thanks to successful product launches that drove gains across categories.
The divestment of Silva will enable us to focus resources on strengthening
Gerber's distribution in key markets outside the Americas in the coming years.
Our Home business, on the other hand, ended the year with disappointing holiday
season sales. 

The market situation remains uncertain, which makes forecasting difficult.
Fiskars will continue to execute its integrated company strategy and the
investment program in EMEA, and we will also continue investments in marketing.
Due to the challenging operating environment, we expect full-year 2012 net
sales and operating profit excluding non-recurring items to be at 2011 levels.' 

The full-year figures stated in this release are audited.

Group key figures


EUR million                             Q4      Q4  Change   2011   2010  Change
                                      2011    2010                              
--------------------------------------------------------------------------------
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            13.7    12.6    8%     62.1   60.4    3%  
 non-recurring items                                                            
--------------------------------------------------------------------------------
Share of profit from associated       13.4    30.1   -55%    42.7   65.9   -35% 
 company                                                                        
--------------------------------------------------------------------------------
Change in the fair value of           -0.2    -0.4           -1.0   -2.2        
 standing timber                                                                
--------------------------------------------------------------------------------
Profit before taxes**                 23.5    30.3   -22%   161.8  106.7   52%  
--------------------------------------------------------------------------------
Profit for the period**               26.7    28.9   -8%    156.3   94.3   66%  
--------------------------------------------------------------------------------
Earnings per share, EUR               0.33    0.35   -8%     1.91   1.15   66%  
--------------------------------------------------------------------------------
Equity per share, EUR                                        6.77   6.76    0%  
--------------------------------------------------------------------------------
Cash flow from operating              41.9    29.6   42%    107.4   92.6   16%  
 activities***                                                                  
--------------------------------------------------------------------------------
Equity ratio, %                                               59%    57%        
--------------------------------------------------------------------------------
Net gearing, %                                                27%    36%        
--------------------------------------------------------------------------------
Capital expenditure                    9.8     7.5   30%     24.7   18.6   33%  
--------------------------------------------------------------------------------
Personnel (FTE), average             3,361   3,664   -8%    3,545  3,612   -2%  
--------------------------------------------------------------------------------

* Including in Q4 2011 a EUR 3.0 million non-recurring expense for a
competition infringement fine, in Q3 2011 a non-recurring loss of EUR 5.3
million related to the sale of Silva and a EUR 1.1 million non-recurring loss
related to product recalls, and in 2010 a EUR 11.3 million non-recurring cost
related to the write-down of goodwill 
** Including a non-recurring profit of EUR 69.8 million from the sale of
Wärtsilä shares in Q1 2011 
*** Including Wärtsilä dividend of EUR 40.9 million in Q1 2011 (29.5)

Full financial statement bulletin
The full statement bulleting is published as a pdf file attachment to this
summary stock exchange release and is available on the company's Web site at
www.fiskarsgroup.com. 

News conference:
An analyst and press conference on the fourth quarter and full year results
will be held on February 9, 2012, at 10:00 am at the company's headquarters,
Fiskars Campus, Hämeentie 135 A, Helsinki. Presentation material will be
available at www.fiskarsgroup.com. 


FISKARS CORPORATION
Board of Directors

Further information:

President and CEO Kari Kauniskangas, tel. +358 204 39 5500
CFO Teemu Kangas-Kärki, tel. +358 204 39 5703


Fiskars is a leading global supplier of consumer products for the home, garden
and outdoors. The group has a strong portfolio of respected international
brands, including Fiskars, Iittala and Gerber. Founded in 1649 and listed on
NASDAQ OMX Helsinki, Fiskars is Finland's oldest company. Fiskars recorded net
sales of EUR 743 million in 2011, and employs some 3,400 people in over 20
countries. www.fiskarsgroup.com
News Source: NASDAQ OMX



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Language:     English
Company:      Fiskars
              
               
              Finland
Phone:        
Fax:          
E-mail:       
Internet:     
ISIN:         FI0009000400
WKN:          
 
End of Announcement                             DGAP News-Service
 
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