Interim Report Q1 2024
SOLID PERFORMANCE IN A CHALLENGING | JANUARY-MARCH 2024 |
OPERATING ENVIRONMENT |
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 assurance can be given that such expectations will prove to have been correct. Accordingly, results could differ materially from those set out in the forward-looking statements as a result of various factors.
Important factors that may cause such a difference for Fiskars Group include, but are not limited to:
- the macroeconomic development and consumer confidence in the key markets,
- change in the competitive climate, (iii) change in the regulatory environment and other government actions, (iv) change in interest rates and foreign exchange rate levels, and (v) internal operating factors.
This presentation does not imply that Fiskars Group has undertaken to revise these forward -looking statements, beyond what is required by applicable law or applicable stock exchange regulations if and when circumstances arise that will lead to changes compared to the date when these statements were provided.
APRIL 25, 2024
Highlights
SOLID
PERFORMANCE
IN A CHALLENGING
MARKET:
COMPARABLE NET
SALES -6%,
REPORTED NET
SALES+3%
TRANSFORMATION
CONTINUED
TO DELIVER:
GM%
E-COM
CHINA
INVESTMENTS
AND CHANGES
PLANNED IN GLASS
PRODUCTION TO
BETTER CATER FOR
PREMIUM AND
LUXURY PRODUCTS
GUIDANCE FOR
2024 INTACT:
COMPARABLE EBIT EXPECTED TO BE SLIGHTLY ABOVE THE 2023 LEVEL
Q1 2024 Group key figures
GROSS MARGIN
%
48.3
Q1/2023: 46.4
REPORTED NET SALES, EURm
+2.9% | ||||||||||
350 | 333 | *-5.8% | ||||||||
302 | ||||||||||
300 | 283 | |||||||||
256 | 275 | |||||||||
250 | ||||||||||
200 | ||||||||||
150 | ||||||||||
100 | ||||||||||
50 | ||||||||||
0 | ||||||||||
Q1 | Q1 | Q1 | Q1 | Q1 | ||||||
2020 | 2021 | 2022 | 2023 | 2024 |
COMPARABLE EBIT (EURm) AND COMPARABLE EBIT MARGIN, %
EURm | % | |||||
60 | 20 | |||||
50 | 46.6 | 51.8 | ||||
15.6% | ||||||
15.4% | ||||||
31.2 | 15 | |||||
40 | ||||||
11.4% | 25.1 | |||||
30 | 10 | |||||
8.9% | ||||||
15.4 | ||||||
20 | 6.0% | |||||
5 | ||||||
10 | ||||||
0 | Q1 | Q1 | Q1 | Q1 | Q1 | 0 |
2020 | 2021 | 2022 | 2023 | 2024 |
FREE CASH FLOW
EURm
-20.1
Q1/2023: 12.9
COMPARABLE EPS
EUR
0.19
Q1/2023: 0.27
CASH EARNINGS PER SHARE EUR
-0.17
*Comparable net sales exclude the impact of exchange rates, acquisitions and divestments
APRIL 25, 2024 | Q1/2023: 0.25 |
BA Vita Q1: Reported net sales increased as a result of the Georg Jensen acquisition, profitability burdened by lower volumes
REPORTED NET SALES, EURm | COMPARABLE EBIT (EURm) AND | |||||||||||
+16.9% | COMPARABLE EBIT MARGIN, % | |||||||||||
EURm | % | |||||||||||
*-5.7% | ||||||||||||
140 | 126 | 12 | 10.6 | 10.7 | 15 | |||||||
10 | ||||||||||||
121 | ||||||||||||
120 | 9.8% | |||||||||||
108 | 108 | 8 | 8.8% | 7.8 | 10 | |||||||
7.2% | ||||||||||||
100 | 94 | 6 | ||||||||||
80 | 4 | 5 | ||||||||||
2 | ||||||||||||
60 | 0.0% | |||||||||||
0 | 0 | |||||||||||
-0.1 | ||||||||||||
40 | -2 | |||||||||||
20 | -4 | -6.5% | -5 | |||||||||
-6 | ||||||||||||
-6.1 | ||||||||||||
0 | -8 | -10 | ||||||||||
Q1 | Q1 | Q1 | Q1 | Q1 | Q1 | Q1 | Q1 | Q1 | Q1 | |||
2020 | 2021 | 2022 | 2023 | 2024 | 2020 | 2021 | 2022 | 2023 | 2024 |
*Comparable net sales exclude the impact of exchange rates, acquisitions and divestments
APRIL 25, 2024
- Reported net sales increased through the acquisition of Georg Jensen
- Comparable net sales decreased due to low consumer confidence
- E-comcontinued to develop positively
- Adjusting glass making production capacity to lower volumes is challenging, burdening profitability
Investments and changes planned in glass production to better cater for premium and luxury products
- Elevating the Group profile more towards premium and luxury - focus on pioneering design and craftmanship
- Planning for changes at the Rogaska and Iittala glass factories
- Investing EUR 15 million in 2024-2026 to modernize the Rogaska glass factory
- Previously announced Iittala investments on-going
- Planned changes also aim at optimizing production capacity
Waterford Lismore collection | Iittala Play collection |
APRIL 25, 2024
BA Fiskars Q1: Strong profitability despite a decline in net sales
REPORTED NET SALES, EURm
220 | 211 | -6.4% | ||||||||
200 | 193 | *-6.2% | ||||||||
180 | ||||||||||
162 | 167 | 156 | ||||||||
160 | ||||||||||
140 | ||||||||||
120 | ||||||||||
100 | ||||||||||
80 | ||||||||||
60 | ||||||||||
40 | ||||||||||
20 | ||||||||||
0 | ||||||||||
Q1 | Q1 | Q1 | Q1 | Q1 | ||||||
2020 | 2021 | 2022 | 2023 | 2024 |
*Comparable net sales exclude the impact of exchange rates, acquisitions and divestments
APRIL 25, 2024
COMPARABLE EBIT (EURm) AND | ||||||||
COMPARABLE EBIT MARGIN, % | ||||||||
EURm | % | • | Comparable net sales | |||||
50 | 25 | |||||||
43.6 | decreased due to slow sell-out | |||||||
39.3 | ||||||||
40 | 20.4% | 20.6% | 18.9% | 20 | and retailers' cautiousness in | |||
18.4% | taking inventories | |||||||
30 | 14.9% | 30.6 | 29.5 | 15 | • Growth in the Outdoor | |||
24.0 | category driven by new | |||||||
20 | 10 | launches and listings | ||||||
10 | 5 | • Stable EBIT, strong margin - | ||||||
decline in volumes offset by a | ||||||||
0 | 0 | higher gross margin and | ||||||
Q1 | Q1 | Q1 | Q1 | Q1 | prudent cost management | |||
2020 | 2021 | 2022 | 2023 | 2024 |
Our clear Growth Strategy sets the framework for the choices we make - we are increasingly value-driven
LOGIC
TRANSFORMATION
LEVERS
ENABLERS
WE FOCUS ON WINNING:
Brands | Channels | Countries |
Commercial excellence
Direct-to-Consumer
U.S.
China
PEOPLE | DIGITAL | INNOVATION | SUSTAINABILITY |
& DESIGN | |||
Sharpened logic with active portfolio management
Transformation levers that deliver
Simplified way of operating
APRIL 25, 2024
3/4 of transformation levers delivering
Q1 2024
Commercial
excellence
Direct to
consumer
- Gross margin +185 bps demonstrating the power of the brands
- Comparable DTC stable: e-commerce +12%, own retail network -6% mainly due to store closures
- DTC share of net sales 24% and >50% in BA Vita
U.S. | • Comparable net sales -5%, as retailers' cautiousness in taking inventories continued |
to affect demand | |
China
- Comparable net sales +15%, thanks to our scalable model
APRIL 25, 2024
We continued making good progress in our ESG targets
ENVIRONMENTAL
Q1 2024 | Q1 2024 | Q1 2024 | |||||
15% | 50% | -53% | -60% | 49% | 60% | ||
Base year | Base year | Target set | |||||
2021 | in 2030 | 2017 | in 2030 | 2020 | in 2024 | ||
Net sales from | Emissions from | % suppliers by spend | |||||
circular products | |||||||
own operations | have science-based | ||||||
and services | |||||||
(Scope 1 & 2) | targets | ||||||
1-3/2023: 9% | 1-3/2023:-47% | 31.12.2023: 45% |
SOCIAL
Q1 2024 | Target |
1.8 0
Zero harm with
zero LTAF
(Lost time accident
frequency)
1-3/2023: 7.2
Nov Target 2023
70 80
Measured in connection to the employee engagement survey. Latest survey done in Q4*
Inclusion Experience
within the top 10%
of global high-
performing companies
May 2023: 72
The Group also has a target to reduce greenhouse gas emissions from transportation and distribution (Scope 3) by 30% from a 2 018 base year by 2030. Progress in this target is reported once a year. *The score is updated every six months with the latest data and might change depending on how the global benchmark develops. G eorg Jensen employees not yet included in this target.
APRIL 25, 2024
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Fiskars Oyj Abp published this content on 25 April 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 25 April 2024 06:58:09 UTC.