Fiskars Oyj Abp · OMXHEX:FSKRS
Fiskars Oyj Abp — Fiskars — Q1 2010 Earnings Presentation
25 slides from Fiskars Oyj Abp's earnings presentation, May 4, 2010
Slide 1: Fiskars Group
Fiskars Group May 4, 2010 FISKAR
Slide 2: Agenda
Agenda • Fiskars today • Key events in Q1 2010 • Financial performance in Q1 2010 • Outlook for 2010 Page 2 May 4, 2010 Fiskars Q1 2010
Slide 3: Fiskars today
Fiskars today International consumer products company that offers innovative products for the home, garden, and outdoors
Slide 4: Fiskars in brief
Fiskars in brief • Net sales €663 million in 2009 • Over 3,500 employees in more than 20 countries • Products sold in over 60 countries EMEA (Europe, Asia, Australia) 67% of total sales AMERICAS 32% of total sales Page 4 May 4, 2010 Fiskars Q1 2010
Slide 5: Respected brands
Respected brands Page 5 May 4, 2010 Fiskars Q1 2010
Slide 6: Wide sales and customer base
Wide sales and customer base HOME GARDEN OUTDOOR Sales Channel Direct Retailers Direct sales (specialist, hardware and department stores, home and sales garden centers, DIYs, super- and hypermarkets) 75 own Cervera, Kodin1, Auchan, B&Q, Carrefour, AAFES, Bass Pro, Clas stores Magasin, Prisma, Castor
Slide 7: Our vision
Our vision To become the number-one consumer product company for home, garden, and outdoors - through premium brands that leads the field in functionality, innovation, and design. Page 7 May 4, 2010 Fiskars Q1 2010
Slide 8: New Fiskars
Transformation towards an integrated branded consumer products company –2007 2008–2009 2010–2012 Holding Integrated New company company Implementation structure strategy Fiskars • Conglomerate of • New group • Refined, focused business • Focused independent structure & area and brand strategies • Ef
Slide 9: Key events in Q1 2010
Key events in Q1 2010 Strong performance in the quarter; outlook for 2010 updated Page 9 May 4, 2010 Fiskars Q1 2010
Slide 10: Highlights in Q1 2010
Highlights in Q1 2010 • Net sales grew despite of the unpredictable market and divestments • Boosted by record-high snow tool sales • Operating profit increased • Improvements in EMEA, mainly in Home and Garden business areas • EPS decreased • Decline in share of profit from associate Wärtsilä • Out
Slide 11: Business area Home
Business area Home • Products for the home and kitchen; also scissors and craft products • Net sales €63 million in Q1 2010 (Q1 2009: €63 million) • Sales for home products rose • Norway and Sweden developed particularly well • Sales for SOC decreased • Partly due to divestment of craft consumables
Slide 12: Business area Garden
Business area Garden • Garden and construction tools • Net sales €80 million in Q1 2010 (Q1 2009: €69 million) • Sales of garden tools above 2009 levels • Record-high sales of snow tools • Market for construction tools slowly recovering • Investments in marketing & brand continue, main focus on Germ
Slide 13: Business area Outdoor
Business area Outdoor • Outdoor gear and boats • Net sales €26 million in Q1 2010 (Q1 2009: €34 million) • Outdoor sales below 2009 levels • Weak performance in Sweden, France • Brunton divested in the US • Gerber sales below exceptionally strong Q1 2009 • Boat market recovering; sales grew and R&D
Slide 14: New products in Q1 2010
New products in Q1 2010 Page 14 May 4, 2010 Fiskars Q1 2010
Slide 15: Events after the reporting period
Events after the reporting period • The Finnish Competition Authority has proposed to the Market Court that a fine of EUR 4 million should be imposed on Iittala Group Oy Ab due to violation of the Finnish Competition Act by applying resale price maintenance between 2005 and 2007. • The Iittala Group
Slide 16: Financials in Q1 2010
Financials in Q1 2010 Net sales and operating profit up in the quarter Page 16 May 4, 2010 Fiskars Q1 2010
Slide 17: Net sales in Q1 2010
Net sales in Q1 2010 • Net sales increased 2% to €170.0 million (Q1 2009: €166.6 million) Other 1.6 MEUR Outdoor Others -1% 26.1 MEUR 1.0 MEUR Americas 52.5 MEUR -22% Home -10% or 63.0 MEUR cn -7% -1% Garden EMEA 79.8 MEUR 119.8 MEUR 16% 8% or cn+5% * Inter-segment sales 3.9 MEUR (4.4 MEUR) Cn = cur
Slide 18: Quarterly sales and EBIT
Quarterly sales and EBIT • Net sales €170.0 million (166.6); operating profit €12.6 million (8.6) Net sales by quarter, MEUR EBIT by quarter, MEUR 200 25 179,0 180 172,6 170,0 166,6 20 160 142,0 140 15 120 10 100 12,6 80 5 8,6 60 0 40 -5 20 0 -10 Q109 Q209 Q309 Q409 Q110 Q109 Q209 Q309 Q409 Q110 EBI
Slide 19: EMEA in Q1 2010
EMEA in Q1 2010 • Net sales €119.8 million (110.7); +8% or +5% at comparable currency rates Net sales by quarter, MEUR EBIT by quarter, MEUR 140 25 130 125,4 20 119,8 120 115,9 15 110,7 110 10 99,5 100 5 9,2 4,6 90 0 80 -5 70 -10 Q109 Q209 Q309 Q409 Q110 Q109 Q209 Q309 Q409 Q110 EBIT % 4,1 % 4,5 % 5
Slide 20: Americas in Q1 2010
Americas in Q1 2010 • Net sales €52.5 million (58.6); -10 % or -7% at comparable currency rates Net sales by quarter, MEUR EBIT by quarter, MEUR 70 65,9 14 58,6 60 12 52,5 49,9 50 43,7 10 40 8 30 6 20 4 6,5 6,2 10 2 0 0 Q109 Q209 Q309 Q409 Q110 Q109 Q209 Q309 Q409 Q110 EBIT % 11,1 % 16,0 % 10,5 % 4,
Slide 21: Key ratios in Q1 2010
Key ratios in Q1 2010 Page 21 May 4, 2010 Fiskars Q1 2010
Slide 22: Cash flow and debt in Q1 2010
Cash flow and debt in Q1 2010 Cash flow from operating activities, MEUR Net debt, MEUR 400 50,0 350 40,0 300 257,2 30,0 250 20,0 200 10,0 150 0,0 100 -10,0 50 -20,0 -16,1 0 Q1 09 Q2 09 Q3 09 Q4 09 Q1 10 Q1 09 Q2 09 Q3 09 Q4 09 Q1 10 * excluding dividends from Wärtsilä Page 22 May 4, 2010 Fiskars Q1
Slide 23: Operative foreign currency exposure
Operative foreign currency exposure • Net operative currency exposure totals to EUR ~50m • Imports from Asia to USA in USD regarded to be free of FX risk Exports from Finland to Scandinavia, UK, Canada Imports from Asia to Exports from USA to Europe (USD) Canada and Sweden Net operative exposure by
Slide 24: Outlook for 2010 updated
Outlook for 2010 updated • The market situation is expected to remain uncertain • Fiskars’ net sales in 2010 are expected to be above 2009 levels (upgraded) • Full-year operating profit excluding non-recurring items is expected to increase compared to 2009 (unchanged) • Associated company Wärtsilä w
Slide 25: Lasting everyday design, since 1649
Lasting everyday design, since 1649