In 2013 Fiskars once again delivered a strong financial performance – for the fourth year in a row we recorded the company’s best operating profit –amidst volatile market conditions and while undergoing major structural changes and system implementations.

From the sales perspective, our performance was mixed. Consolidated net sales increased by 7 %, but comparable net sales decreased by 2 % due to softness in the Outdoor business and adverse performance in Home categories. We outperformed and gained share in many markets.

The Fiskars organization

Fiskars has a matrix organization built on operational segments - the Americas, Europe and Asia-Pacifc, Wärtsilä, and a fourth for Other activities - and business areas named Home, Garden, and Outdoor. The three business areas are managed under the two geographical segments: Americas and Europe and Asia-Pacific. Following the establishment of the Asia-Pacific sales region as of January, 2014, Fiskars EMEA segment has been renamed “Europe and Asia Pacific” and it consists of three sales regions: North, Central, and Asia-Pacific.

Fiskars corporate management in Finland is responsible for strategy, financial goal setting and business development, as well as steering of common processes.

Fiskars Real Estate

Fiskars Other segment contains the corporate headquarters, Real Estate unit and shared services. The Real Estate business unit is in charge of managing and developing property used by the group for manufacturing or commercial purposes and the group’s other real estate assets, including the forests owned by the group. Fiskars Real estate also manages and develops the birthplace of the company, the Fiskars Village. The unit’s income mainly consists of timber sales and rental income. Fiskars real estate strategy is based on the principles of long-term and sustainable development and properties are mainly leased out within selected residential planning areas.

Associated company Wärtsilä forms one of Fiskars reported operating segments and is treated as an associated company, as Fiskars has a significant influence over Wärtsilä. Wärtsilä’s performance has a major impact on Fiskars result and cash flow from operating activities. The share of profit is reported as a separate item below the consolidated operating profit of Fiskars. Fiskars Group has an agreement with Investor AB to combine their interests to create a strong long-term owner for Wärtsilä. Fiskars Group and Investor AB’s joint venture, Avlis AB, and its subsidiary, Avlis Invest AB, holding in Wärtsilä totaled 21.8% of Wärtsilä’s shares and votes at the end of 2013.


Net sales


Operating profit excl. NRI


Earnings per share


Cash flow from operating activities


Equity to assets ratio


Personnel (FTE average)


Group Key figures

EUR million 2013 2012 Change
Net sales 798.6 747.8 7%
Operating profit (EBIT)  61.0 63.9 -4%
Non-recurring items* -12.8 0.8  
EBIT excl. non-recurring items 73.8 63.1 17%
EBIT before depreciation, amortization and impairment
(EBITDA) excl. non-recurring items
98.1 84.9 15%
Share of profit from associated company 50.8 47.8 6%
Change in the fair value of biological assets 0.7 5.6 -87%
Profit before taxes** 108.3 200.4 -46%
Profit for the period** 94.0 178.9 -47%
Earnings per share, EUR*** 1.14 2.18 -48%
Equity per share, EUR 7.71 7.56 2%
Cash flow from oper. act.**** 81.0 95.0 -15%
Equity ratio, % 61% 66%  
Net gearing, % 24% 12%  
Capital expenditure 37.2 32.8 14%
Personnel (FTE), average 4,087 3,364 21%
* In FY 2013 EMEA 2015 restructuring costs and impairment charges and in 2012 release of a provision related to the sale of Silva in 2011
** Including non-recurring profit from the sale of Wärtsilä shares of EUR 87.0 million in 2012
*** Including EUR 1.06 from the sale of Wärtsilä shares in 2012
**** Including Wärtsilä dividends of EUR 25.6 million in 2013 and EUR 26.8 million 2012