Interim report
Solid performance in a challenging operating environment
This release is a summary of
January-
- Comparable net sales1 decreased by 5.8% to
EUR 255.5 million (Q1 2023: 271.2). Reported net sales increased by 2.9% toEUR 282.9 million (274.9). -
Comparable EBIT2 decreased to
EUR 25.1 million (31.2), or 8.9% (11.4%) of net sales. EBIT decreased toEUR 6.4 million (28.9). -
Cash flow from operating activities before financial items and taxes decreased to
EUR -5.5 million (22.1). -
Free cash flow decreased to
EUR -20.1 million (12.9). -
Comparable earnings per share were
EUR 0.19 (0.27). Earnings per share (EPS) wereEUR 0.03 (0.25).
1) Comparable net sales exclude the impact of exchange rates, acquisitions and divestments.
2) Items affecting comparability in EBIT include items such as restructuring costs, impairment or provisions charges and releases, acquisition related costs, and gains and losses from the sale of businesses. Comparable EBIT is not adjusted to exclude the EBIT contribution of acquisitions/divestments/disposals.
Guidance for 2024 (unchanged):
Assumptions behind the guidance:
The operating environment is expected to remain challenging and impact demand in 2024. Visibility toward the end of the year remains limited, as uncertainties in the global economy persist.
The savings from the completed organizational changes are expected to support EBIT, although they will be partially offset by wage inflation.
As a result of the
President and CEO,
"Our first quarter performance was solid, considering the challenging operating environment. Comparable net sales decreased by 6%, while reported net sales, which include
Savings from last year's organizational changes supported comparable EBIT, but due to lower volumes, it decreased to
Free cash flow declined in the first quarter, following its historical quarterly pattern.
We remain focused on our Growth Strategy and its four transformation levers: commercial excellence; direct-to-consumer (DTC); the
In March, we took an important step forward in sustainability by setting a long-term net-zero emissions target. Our plan is to reduce greenhouse gas emissions in our operations and the whole value chain to net zero by 2049. Our climate work and transparent reporting was externally recognized in the first quarter, when we achieved the Leadership level in CDP's assessment. CDP also recognized
Another external recognition we were honored to receive was the prestigious Red Dot "Best of the Best" product design distinction, which was awarded to two Fiskars brand products. This marked the 16th consecutive year for Fiskars winning a Red Dot award, and the 5th consecutive year of winning the "Best of the Best" Product Design Award. Pioneering design is at the core of
With one quarter of the year now behind us, we reiterate our guidance for 2024 and expect comparable EBIT to be slightly above last year's
We continue to strengthen our foundation. I am confident that we are well positioned as a result of all the transformative actions we are taking, and this will be more visible once market conditions improve."
Group key figures
EUR million (unless otherwise noted) | Q1 2024 | Q1 2023 | Change | 2023 |
Net sales | 282.9 | 274.9 | 2.9% | 1,129.8 |
Comparable net sales1) | 255.5 | 271.2 | -5.8% | 1,071.5 |
EBIT | 6.4 | 28.9 | -78.0% | 98.9 |
Items affecting comparability in EBIT2) | 18.7 | 2.3 | 11.4 | |
Comparable EBIT3) | 25.1 | 31.2 | -19.7% | 110.3 |
Comparable EBIT margin | 8.9% | 11.4% | 9.8% | |
EBITDA | 26.4 | 44.0 | -40.0% | 164.9 |
Comparable EBITDA4) | 44.9 | 46.0 | -2.3% | 175.8 |
Profit before taxes | 3.6 | 26.3 | -86.4% | 79.7 |
Profit for the period | 2.4 | 20.5 | -88.1% | 70.0 |
Earnings per share, EUR | 0.03 | 0.25 | -88.2% | 0.86 |
Comparable earnings per share, EUR | 0.19 | 0.27 | -31.6% | 0.99 |
Cash earnings per share (CEPS), EUR | -0.17 | 0.25 | 2.68 | |
Equity per share, EUR | 9.34 | 9.56 | -2.3% | 10.15 |
Cash flow from operating activities before financial items and taxes | -5.5 | 22.1 | 247.5 | |
Free cash flow | -20.1 | 12.9 | 184.9 | |
Free cash flow/comparable net profit (LTM), % | 208.1% | -19.1% | 231.0% | |
Net debt | 510.0 | 369.8 | 37.9% | 446.7 |
Net debt/comparable EBITDA (LTM), ratio | 2.92 | 1.95 | 49.6% | 2.54 |
Equity ratio, % | 45% | 49% | 47% | |
Net gearing, % | 67% | 48% | 54% | |
Capital expenditure | 10.8 | 10.1 | 7.1% | 50.8 |
Personnel (FTE), average | 6,535 | 6,026 | 8.5% | 6,133 |
1) Comparable net sales exclude the impact of exchange rates, acquisitions and divestments.
2) In Q1 2024, items affecting comparability were mainly related to the acquisition of
3) EBIT excluding items affecting comparability. Comparable EBIT is not adjusted to exclude the EBIT contribution of acquisitions/divestments/disposals.
4) EBITDA excluding items affecting comparability. Comparable EBITDA is not adjusted to exclude the EBIT contribution of acquisitions/divestments/disposals.
Nathalie Ahlström
President and CEO
Webcast
A webcast on the first quarter results will be held on
Presentation materials will be available at www.fiskarsgroup.com.
An on-demand version of the webcast will be available on the company website. Personal details gathered during the event will not be used for any other purpose.
Media and investor contacts:
We are driven by our common purpose: Pioneering design to make the everyday extraordinary. In 2024, we are celebrating our 375th anniversary. Since 1649, we have designed products of timeless, purposeful, and functional beauty, while driving innovation and sustainable growth.
Read more: fiskarsgroup.com
https://news.cision.com/fiskars-corporation/r/fiskars-corporation-interim-report-for-january-march-2024,c3967611
https://mb.cision.com/Main/17472/3967611/2759077.pdf
(c) 2024 Cision. All rights reserved., source