Published on 11 February 2017

Financial Statement Release 2016

Fiskars Group’s consolidated net sales increased by 8.8% to EUR 1,204.6 million (2015: 1,107.1). Comparable net sales increased by 1.6%, driven by the Functional business.

FINANCIAL STATEMENT RELEASE 2016: Significant increase in net sales and operating profit

Fourth quarter 2016 in brief:

- Net sales in line with the previous year at EUR 334.1 million (Q4 2015: 333.8)
- Net sales increased by 5.1% on a comparable basis1)
- Operating profit increased to EUR 24.1 million (13.0)
- Adjusted operating profit2) increased by 96% to EUR 33.0 million (16.8)
- Cash flow from operating activities before financial items and taxes increased to EUR 77.5 million (64.6)
- Earnings per share (EPS) were EUR 0.51 (0.76). Operative earnings per share3) amounted to EUR 0.23 (0.05)

January 1–December 31, 2016 in brief:

- Net sales increased by 8.8% to EUR 1,204.6 million (2015: 1,107.1)
- Net sales increased by 1.6% on a comparable basis4)
- Operating profit increased to EUR 82.7 million (46.5)
- Adjusted operating profit2) increased by 44% to EUR 93.8 million (65.1)
- Cash flow from operating activities before financial items and taxes increased to EUR 120.7 million (50.2)
- Earnings per share (EPS) were EUR 0.78 (1.04). Operative earnings per share3) amounted to EUR 0.56 (0.16)
- Fiskars is transitioning to a biannual dividend distribution policy. The Board of Directors proposes a normal dividend of EUR 0.71 per share be paid in March 2017. To facilitate the transition to the new policy, the Board of Directors proposes a dividend of EUR 0.35 per share be paid in September 2017
- Outlook for 2017: Fiskars expects the Group’s net sales, excl. net sales of businesses divested in 2016 (2016: EUR 1,180 million) and adjusted EBITA (2016: EUR 107 million) to increase from the previous year -
Fiskars has announced its long-term financial targets after the financial reporting period. The targets cover four areas: growth, profitability, capital structure, and dividend

“President and CEO, Fiskars, Kari Kauniskangas: The year 2016 was marked by strong progress on our strategic journey, with all-time high net sales and adjusted operating profit. This was a major achievement, especially as the integration of the watering business and the English & Crystal Living business are both on-going. I’m particularly proud of the performance in the fourth quarter, driven by the Scandinavian Living and Functional businesses. While our team was going through many changes, including the
introduction of a new organizational structure, new leadership teams and plans to increase efficiencies, our net sales was in line with the previous year despite divestments, and the adjusted operating profit nearly doubled, amounting to EUR 33.0 million during the fourth quarter.
The turnaround of the watering business has progressed faster than originally planned and the business contributed positively to our earnings already in 2016. The English & Crystal Living business is being managed with a strong focus on improving working capital and operational efficiency. We continued to strengthen all of the key international brands and increase our consumer focus.
During 2016, we took several steps in developing Fiskars into a world-class consumer goods company with a family of iconic lifestyle brands. Fiskars is focusing on building businesses and brands that have the potential to grow globally, and in line with this target, we have divested businesses that do not fit into our strategy. In addition, we are continuously seeking ways to operate with more efficiency and agility, and we saw our efforts begin to generate results during the year. I am pleased with our performance in 2016, and we will continue our strategic journey in 2017 towards our newly launched long-term financial targets. Our new structure will help us to leverage the full potential of our strong brands, build company-wide capabilities and increase speed and alignment. Above all, our focus will be in meeting and surpassing consumer expectations – making the everyday extraordinary – as we continue to invest in our key brands, Fiskars, Gerber, Iittala, Royal Copenhagen, Waterford, and Wedgwood.”

Source: http://www.fiskarsgroup.com/sites/default/files/Fiskars_Q4_FY_2016_eng.pdf

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