Fiskars Oyj Abp · OMXHEX:FSKRS
Fiskars Oyj Abp — Fiskars Group — Q4 2013 Earnings Presentation
29 slides from Fiskars Oyj Abp's earnings presentation, Feb 7, 2014
Slide 1: Fiskars Group Q4/2013
Fiskars Group Q4/2013 1.1. – 31.12.2013 Helsinki, February 7, 2014
Slide 2: Fiskars at a glance
Fiskars at a glance Office Production Distribution center Key figures 2013 •Net sales 798.6 MEUR Net sales by sales region •EBIT excl. NRI 73.8 MEUR North 38 % • 4,100 employees in over 20 countries Central 22 % Asia-Pacific 8 % •Market Cap 1,601 MEUR Americas 33 % Fiskars is a leading global suppli
Slide 3: Q4 and FY 2013
Q4 and FY 2013: Q4 Net sales 212.6 MEUR,+12% FY Net sales FY EBIT excl. NRI Q4 EBIT excl. NRI 798.6, MEUR +7 % 73.8 MEUR, +17 % 14.0 MEUR, +7% Outlook for 2014: Board of Directors Extra spending FY sales at 2013 proposes a dividend planned on initiatives levels, EBIT excl. NRI of EUR 0.67 to acceler
Slide 4: Net Sales and EBIT in Q4 2013
Net Sales and EBIT in Q4 2013 Fiskars Group Net sales by quarter, MEUR EBIT by quarter, MEUR +12 % 225 217,6 212,6 14,0% 25 200 190,3 190,4 177,9 12,0% 20 175 10,0% 15 150 27,8 125 8,0% 10 16,6 15,4 13,0 14,0 100 6,0% 5 75 4,0% 0 0,0 50 -2,1 -1,7 -2,3 -6,6 2,0% -5 25 0 0,0% -10 Q4 2012 Q1 2013 Q2 20
Slide 5: EMEA and Americas in Q4 2013
EMEA and Americas in Q4 2013 EMEA Net sales and EBIT % by quarter, MEUR 200 20,0% EMEA 160 132,9 134,7 149,6 160,1 16,0% 119,8 • Net sales in Q4 160.1 MEUR, +20 % 120 12,0% • Comparable net sales, cn, excl. Royal 80 8,0% Copenhagen, +3 % 40 4,0% • Strong Garden sales 0 0,0% • EBIT excl. NRI 14.2 MEU
Slide 6: Past five years: Improving profitability, 5% topline growth
Past five 5 years: Improving profitability, 5 % topline growth Sales and profitability development MEUR, % MEUR 1200 50% +4.8% 40.7% 1000 36.7% 40% 35.4% 34.9% 33.5% 799 800 743 748 716 663 30% 600 20% 400 8.4% 8.2% 8.4% 9.2% 10% 200 6.0% 0 0% 2009 2010 2011 2012 2013 Page 6 Gross profit EBIT Sales
Slide 7: Development by geographic segment
Development by geographic segment Sales and profitability EBIT excl. NRI MEUR, % Sales EMEA Americas 600 +12,3% 16% 600 16% 564 502 517 502 13,1% 13,7% 12,8% 14% 12,6% 14% 500 500 452 12% 11,0% 12% 400 9,3% 400 10% 10% 8,5% +2,9% 300 8% 300 8% 6,6% 6,5% 250 245 5,9% 218 223 233 6% 6% 200 200 4% 4% 1
Slide 8: Q4 & FY: Home
Q4 & FY Home Page 8 Fiskars Q4 2013
Slide 9: Home, Quarterly View
Home, Quarterly View • FY net sales 386.2 MEUR, + 21 % • Q4 net sales 124.7 MEUR, +25 %, comparable sales were flat • In EMEA, successful addition of Royal Copenhagen boosted net sales – Kitchen expanded in sales region Central, sales in Asia increased – Weak demand in Finland – Affected by streamli
Slide 10: Q4 & FY: Garden
Q4 & FY Garden Page 10 Fiskars Q4 2013
Slide 11: Garden Quarterly View
Garden Quarterly View • FY net sales 284.5, - 2 %, cn. -1 % • Q4 net sales 54.3 MEUR, +0 %, cn. +4% • In EMEA, strong year-end sales driven by B-2-B and campaigns • In Americas, sales were behind previous year level due to less promotional activity Net Sales, MEUR 100,0 80,0 60,0 40,0 82,5 87,3 60,3
Slide 12: Q4 & FY: Outdoor
Q4 & FY Outdoor Page 12 Fiskars Q4 2013
Slide 13: Outdoor Quarterly View
Outdoor Quarterly View • FY net sales 123.7 MEUR, -7 %, cn. -5 % • Net sales 32.4 MEUR, -8 %, cn -4 % • In EMEA, Gerber sales boosted by market expansion and B-2-B campaigns • Boats sales slightly up in declining markets • In Americas, Outdoor sales down due to decreases in both commercial and insti
Slide 14: Q4 Spotlight: EMEA transformation programs
Q4 Spotlight: EMEA transformation programs Page 14 Fiskars Q4 2013
Slide 15: Two programs to build a solid platform for growth
Two programs to build a solid platform for growth 5 year platform program EMEA 2015 restructuring program • Implementation now halfway • EUR 8.2 million of total EUR 25- • Largest single implementation in 30 million restructuring costs September recorded in 2013 • Some temporary effects on sales • R
Slide 16: Q4 Strategy Review
Q4 Strategy Review Page 16 Fiskars Q4 2013
Slide 17: A portfolio of clearly defined brands
A portfolio of clearly defined brands Key international brands Leading global brand for scissors, Leading Scandinavian design A global leader in personal, kitchen utensils and garden tools brand for interior and dining outdoor, tactical and industrial gear Leading regional brands The best loved tabl
Slide 18: Focusing on key international brands
Focusing on key international brands 2013 net sales by brand • Key international brands account for 73 % of Group sales • Net sales of Fiskars branded products 381 MEUR in 2013 • + 50 % since 2008 Fiskars 49 % Iittala 12 % Gerber 12 % Other 27 % Page 18 Fiskars Q4 2013
Slide 19: Strategy for growth
Strategy for growth Growth drivers Priorities Target Organic Acquisitions growth Invest in brands and increase market share in Central Gain market share in Europe current business and Expand to new categories in markets the Nordic countries and North Outperforming America market growth Enter new cat
Slide 20: Nordic countries and North America: Potential for category expansion
Nordic countries and North America: Potential for category expansion North America Nordic countries • Strong position in core categories • Strong position in core categories • Extensive trade relationships • High brand awareness and loyalty • Extensive trade relationships • Priorities: • Priorities:
Slide 21: Central and Eastern Europe: Significant market share gain potential
Central and Eastern Europe: Significant market share gain potential Central Europe Eastern Europe • Established a strong position as • Established market leader position in leading garden hand tools brand garden hand tools • Introduced kitchen tools and branded • Introduced kitchen tools to the mark
Slide 22: New sales region Asia-Pacific: Building a second growth engine
New sales region Asia-Pacific: Building a second growth engine Investing in growth Priorities • The fastest growing market in • Strengthen sales organization many Fiskars categories • Expand Living through branded • New sales region established to retail accelerate growth • Expand Outdoor • Agility
Slide 23: Q4 Financials
Q4 Financials Page 23 Fiskars Q4 2013
Slide 24: Cash flow and debt Q4 2013, MEUR
Cash flow and debt Q4 2013, MEUR Cash flow from Working Capital Capital Net debt operating activities expenditure 45 140 14,0 250 123 40 39 39 118 120 12,0 11,7 206 110 201 35 200 10,1 10,3 186 100 10,0 30 88 8,6 8,5 153 80 150 25 8,0 23 71 20 60 6,0 100 15 72 15 40 4,0 10 50 20 2,0 5 2 0 0 0,0 0 Pa
Slide 25: Key ratios Q4 2013
Key ratios Q4 2013 EPS* Equity per Share Equity ratio, % Gearing, % 0,70 9,0 70 66 40 7,56 7,71 61 36 8,0 58 59 33 35 0,60 0,59 7,28 7,39 7,42 60 55 31 0,40 7,0 0,39 30 0,50 50 6,0 25 24 0,40 40 5,0 0,25 20 0,30 4,0 30 15 0,16 3,0 12 0,20 20 2,0 10 0,10 10 1,0 5 0,00 0,0 0 0 Page 25 Fiskars Q4 2013
Slide 26: Cash flow and debt full year 2013, MEUR
Cash flow and debt full year 2013, MEUR CF from operating Working Capital Capital Net debt activities expenditure 120 100 40,0 180 37,5 107 88 151 90 160 153 83 35,0 32,7 100 95 80 140 71 30,0 81 70 80 120 24,4 25,0 60 100 60 50 20,0 80 72 40 15,0 40 60 30 10,0 40 20 20 5,0 20 10 0 0 0,0 0 2011 2012
Slide 27: Key ratios in full year 2013
Key ratios in full year 2013 EPS* Equity per Share Equity ratio, % Gearing, % 2,50 8,0 7,71 70 66 30 7,56 27 6,77 61 7,0 59 60 24 2,00 6,0 50 1,06 20 5,0 1,50 0,85 40 4,0 30 12 1,00 3,0 10 20 1,12 2,0 1,06 0,50 1,14 1,0 10 0,00 0,0 0 0 2011 2012 2013 2011 2012 2013 2011 2012 2013 2011 2012 2013 Gain
Slide 28: Outlook for 2014
Outlook for 2014 • Consumer and trade behavior is expected to remain cautious both in Europe and North America • The retail environment in Finland is poor • At the end of 2013 Fiskars divested local pottery business in the UK • Depreciation and amortization related to the 5 year investment program i
Slide 29: Tomorrow's Fiskars
TOMORROW’S FISKARS World Class Branded Consumer Goods Company Page 29 Fiskars Q4 2013