Search form


Press releases

Press and stock exchange releases from Fiskars Corporation, dating from 1997 have been gathered onto this page. Additional financial data related to interim reports and the annual reports stock exchange releases can be retrieved from 2000 onwards.


Fiskars Corporation 	        Interim Report May 8, 2008  8:30 am



- Net sales increased to EUR 174.7 million (149.9)
- Operating profit decreased to EUR 13.7 million (19.8).
- Net cash flow from operating activities in Q1 was EUR -33.9 million
(+7.8). Dividend from Wärtsilä of EUR 67.2 million was received on April
2, impacting the comparable cash flow.
- Full year operating profit, excluding income from associate and change
in the value of standing timber, is expected to remain at a level of the
previous year.

  EUR, million              Q1/2008 Q1/2007     2007

  Net sales                   174.7   149.9    647.0
  Income from associate        13.6     6.9     43.3
  Operating profit (EBIT)      13.7    19.8    109.5
  Pre-tax profit                8.5    18.1    122.5
  Net profit for the            9.5    14.7    110.4

  Earnings / share,            0.12    0.19     1.42
  total, EUR
  Cash from operations        -33.9     7.8     82.0

On March 7, 2008, Fiskars announced a new organization and its related
new structure for segment reporting. From the beginning of 2008, Fiskars
reports the following business segments: Americas, EMEA (Europe, Middle
East, and Asia), Wärtsilä, and Other. The segment Other consists of Inha
Works and the Real Estate Group.

The 2007 financial statements were made according to the previous segment
division.  Fiskars will also present the change in fair value of
biological assets as a separate line in the income statement and hence
the value change will no longer impact net sales.

In a Stock Exchange Release on March 20, 2008, Fiskars published the
comparative figures for 2007 according to the new reporting structure.

The Corporation's business areas are: Garden, Homeware, Outdoor
Recreation, Craft, Real Estate, and Inha Works.

The Corporation's net sales increased by 17% to EUR 175 million (150)
during the first quarter. At constant currency rates the comparable sales
decreased by EUR 6.5 million (-5%)   The combined effect on net sales of
Iittala and Leborgne, both purchased in 2007, was some EUR 40 million.
The effect of currency rates, in particular the weakening of the US
dollar against the euro, was EUR -8.9 million.

The Corporation's operating profit (EBIT) was EUR 13.7 million (19.8),
EUR 6.1 million less than last year. The operating profit includes the
Fiskars share of Wärtsilä's profit, EUR 13.6 million (6.9). The operating
profit from wholly-owned businesses was EUR 0.1 million (12.9). The
decrease in operating profit was largely due to the change in the value
of standing timber, which is reported as a separate item, EUR -4.9
million, versus a gain of EUR 2.1 million previous year. The decrease is
also due to Iittala being included in the 1st quarter numbers for the
first time, while its sales and profits tend to concentrate towards the
end of the year. Iittala integration continues according to plans and
synergies are expected to begin to be realized towards the end of the

Research and Development costs were EUR 2.0 million (1.5) or 1.1% of net

Net financial costs were EUR 5.2 million (1.7). The increase in
interest costs was due mainly to the acquisition of Iittala, which
was financed by debt.
Taxes for continuing operations are based on the calculated average tax

The result for the first quarter of 2008 was EUR 9.5 million (14.7) and
earnings per share EUR 0.12 (0.19).

Net sales for the EMEA segment increased by EUR 37.8 million to EUR 115.3
million. The operating profit (EBIT) was EUR 3.4 million (10.5).

The operating environment was challenging during the first months of the
year. The Garden business is extremely weather dependent. Very mild
weather during January and February had a negative impact on sales of
snow tools. In March, the very late winter delayed the start of the
gardening season across all of our major markets. Also the unusually
early timing of Easter had a negative impact on our Homeware businesses.
In addition, lower consumer confidence resulted in trade being cautious
in their purchasing.

Non-recurring expenses of EUR 1.7 million for closing the factories in
Höganäs, Sweden, and Moss, Norway, reduced the profit during the first
three months.

Net sales for the Americas segment were EUR 52.5 million (64.0); -18% or
USD 79.0 million (83.8), -5.7%. The operating profit (EBIT) improved to
EUR 2.0 million (0.7) or USD 3.1 million (0.9).

Continued slowing down of the US economy, lower consumer confidence and
reduced discretionary spending impacted the business environment in the
US. Our sales decreased in all key business areas, but our profitability
increased driven by the improved efficiencies in the supply chain.

The Inha Works net sales were EUR 11.8 million (12.7), a decrease of some
7%. The operating profit (EBIT) weakened and was EUR 0.8 million (1.6).

The demand for boats has continued strong in all key markets, the
development of net sales and operating profit was primarily affected by
delays in delivery of the new Buster boat models.

Hinge business decreased compared to the previous year. On March 6, 2008,
Inha Works started codetermination negotiations to adjust the number of
personnel. The negotiations concern employees involved in the manufacture
of hinges and those in other areas who indirectly support the hinge
operation. The negotiations ended in April and the hinge division will be
closed. The measures are expected to affect 60-80 workers and
administrative staff.

Net sales for the Real Estate Group were EUR 1.0 million (0.6). The
operating income (EBIT) was EUR -4.3 million (2.1). In addition to
leasing real estate to internal and external customers, the Real Estate
Group manages the Corporation's forests. The change in the market value
of biological assets, which is included in EBIT, is reported as a
separate line item. During the first quarter the value of standing timber
decreased by EUR 4.9 million while during the corresponding period
previous year the value increased by EUR 2.1 million.

At the end of the review period, the holdings of Fiskars Corporation in
Wärtsilä totaled 17.1% of shares (16.5%) and 17.1% of votes (32.2%). This
change resulted from the decision of the Annual General Meeting of
Wärtsilä on 19 March 2008 to combine the two share series A and B. Though
the holdings of Fiskars Corporation in Wärtsilä decreased below 20
percent, Fiskars continues to be the largest single stockholder with more
than 17% of the votes. The Chairman of the Board of Fiskars, Mr. Kaj-
Gustaf Bergh, and the President and CEO of Fiskars, Mr. Kari
Kauniskangas, were elected to the Wärtsilä Board of Directors. Fiskars
has assessed that it has a significant influence on Wärtsilä as defined
in IAS 28 and accordingly continues to report Wärtsilä as an associated

Fiskars Corporation's share of Wärtsilä's results for the review period
was EUR 7.7 million (6.9 ). Through a bonus share issue, Fiskars' share
of the Wärtsilä equity increased by EUR 5.8  million, which is included
in the  total amount of Income from associate, EUR 13,6 million. The book
value of Fiskars' investment in Wärtsilä was EUR 226 million (278 at the
beginning of the year). The Wärtsilä Annual General Meeting decided on
dividends in March and the dividends were paid in April. The EUR 67.2
million to be received by Fiskars have decreased the book value of the
associated company. EUR 61.2 million of the book value of the associate
is goodwill (61.2 at the beginning of the year).

The market value of the Wärtsilä shares of Fiskars was EUR 720 million at
the end of the review period (share price EUR 42.75).

The Corporation's net working capital was EUR 197 million (EUR 162
million at the end of the year). The increase is mainly due to the
seasonality of the business. Non-interest-bearing current assets were EUR
79 million (6), including the dividend receivable of EUR 67 million from
Long-term assets totaled EUR 655 million (713). Of this, EUR 134 million
was intangible assets, and EUR 99 million was goodwill.
Net interest-bearing debt amounted to EUR 356 million which, due to the
seasonality of the business, was up EUR 37 million from year-end 2007
Shareholder's Equity totaled EUR 424 million (478) at the end of the
period. The Corporation's equity to assets ratio was 39 (46) and net
gearing 84 (67). The Corporation's financial position continues to be
The Corporation's liquidity position is strong. Cash and deposits at the
end of the period were EUR 43 million (35), in addition to which the
Corporation had EUR 425 million in unused long-term credit facilities,
mainly with major Nordic banks.
Cash flow from operations was EUR -34 million (7.8 Q1/2007). The
comparable figure in 2007 included EUR 27.7 million of Wärtsilä
dividends, which in 2008 were paid in April. Capital expenditure was EUR
5.6 million (3.6).

The most important operational risks for Fiskars relate to supply-chain
management, potential structural changes in the retail environment of
various markets, and also in part to the rising costs of raw materials
and energy, and to the ability to foresee changes in demand. As sourcing
is increased in accordance with the corporate strategy, particular
efforts are made to improve supply-chain management and build ties with
suppliers. To mitigate possible problems with supply and logistics, the
Corporation has also increased inventories. Potential structural changes
in distribution channels are seen to represent a risk, and operations are
required to increase both their flexibility and ability to plan ahead.
Changes in the cost of raw materials influence directly the cost of the
Corporation's own manufacturing and indirectly its purchasing costs.
Price increases for energy impact on the cost of the Corporation's own
manufacturing processes, on the cost of logistics, and indirectly on
purchasing costs.
The Corporation has not used raw-material derivative instruments, but
strives to make long-term contracts with key suppliers of raw materials.
The nature of the Corporation's industrial operations is such that they
pose no significant environmental risks. Changes in environmental
regulations and in production capacity or structure may cause additional
costs at some of its older production facilities. The company is
committed to complying with legislation and statutes for the protection
of the environment and strives to develop its production and modes of
operation in ways that minimize their burden on the environment.

Development of the associated company Wärtsilä's profitability has a
significant impact on Fiskars' results, whereby the ability of the
associated company to pay dividends influences Fiskars' cash flow.
The Fiskars Board of Directors regularly reviews the principles for the
management of financial risks and, in accordance with the Corporation's
investment policies, liquid assets are only invested in low-risk
entities. Trade receivables are spread relatively widely, both
geographically and between customers, and major customers generally have
a high credit rating. No significant credit losses have materialized
during the review period.
The increasing share of imports from low-cost countries indirectly
involves a higher risk against the suppliers' currencies, mainly Chinese
Renminbi (CNY). The Corporation has hedged against exchange rate
fluctuations a certain amount of its most significant foreign currency
net investments in its subsidiaries, and as from January 1, 2007, it has
applied hedge accounting in accordance with the IAS 39 standard.

The Board of Directors had an authorization to acquire and convey the
treasury shares until the Annual General Meeting on 25 March 2008
provided that the amount of the acquired shares did not exceed ten
percent (10%) of the total share capital and votes in the company. The
Annual General Meeting on 25 March 2008 authorized the Board to acquire
and convey the treasury shares provided that the total amount of shares
acquired is less than five percent (5%) of the total  amount of shares of
the Corporation. During the review period the Corporation sold at the
market price (EUR 11.20 per share) a total of 15,397 A shares through the
Stock Exchange to the President and CEO. The Corporation recorded a gain
of EUR 0.1 million to equity.

On March 31, 2008, the Corporation had a total of 54,944,492 Series A
shares (71% of shares and 11% of votes) and 22,565,708 Series K shares
(29% and 89% respectively), in total 77,510,200 shares, also representing
the total book counter-value in Euros.

On March 31, 2008 the Company had 112,115 treasury shares of Series A and
420 shares of Series K, corresponding to 0.15% of the Corporations shares
and 0.02% of the votes.

Fiskars Series A and K shares are traded on the Large Cap segment of the
OMX Nordic Exchange Helsinki Oy. At the end of March, the price of one
Fiskars Series A share was EUR 12.50 (Dec 31,2007 EUR 13.30) and the
price of one Series K share EUR 14.00  (14.45). At the end of the review
period the market value of the Corporation's share capital was EUR 1,003

The Annual General Meeting of shareholders approved the financial
statements for 2007 on March 25, 2008. It was decided to pay a dividend
of EUR 0.80 per share for Series A shares, totaling EUR 43,865,901.60,
and EUR 0.78 per share for Series K shares, totaling EUR 17,600,924.64.
The record date for the dividend was March 28, 2008, and a dividend
totaling EUR 61,466,826.24 was paid on April 4, 2008. Members of the
Board and the President were discharged from liability for the 2007
financial year.

It was decided that the number of Board members be nine. Mr. Kaj-Gustaf
Bergh, Mr. Ralf Böer, Mr. Alexander Ehrnrooth, Mr. Paul Ehrnrooth, Ms.
Ilona Ervasti-Vaintola, Mr. Gustaf Gripenberg, Mr. Karl Grotenfelt, Mr.
Karsten Slotte, and Mr. Jukka Suominen were elected. The term of the
Board members will expire at the end of the Annual General Meeting in

KPMG Oy Ab was elected auditor and they nominated Mr. Mauri Palvi as
responsible auditor.

The Annual General Meeting decided to authorize the Board to acquire the
treasury shares, with the Corporation's distributable equity, no more
than 2,747,224 of Series A and no more than 1,128,285 of Series K shares.
The share price will be no higher than the highest price paid for the
shares of Fiskars Corporation in public trading at the time of purchase.
This authorization shall remain in force until the end of the next Annual
General Meeting.

The Annual General Meeting decided to authorize the Board to decide to
convey the treasury shares to a maximum of 2,747,224 of Series A shares
and a maximum of 1,128,285 of Series K shares. The Board may decide on
the conveyance of the shares otherwise than in proportion to the
shareholders' pre-emptive subscription rights. This authorization shall
remain in force until the end of the next Annual General Meeting.

Convening after the Annual General Meeting, the Board elected Kaj-Gustaf
Bergh to be its Chairman and Alexander Ehrnrooth and Paul Ehrnrooth its
Vice Chairmen. The Board appointed Gustaf Gripenberg to be chairman of
the Audit Committee and its other members to be Ilona Ervasti-Vaintola,
Alexander Ehrnrooth, Paul Ehrnrooth and Karsten Slotte. The Board
appointed Kaj-Gustaf Bergh to be chairman of the Compensation Committee
and its other members to be Ralf Böer, Karl Grotenfelt, and Jukka
Suominen. The Board appointed Kaj-Gustaf Bergh to be chairman of the
Nomination Committee and its other members to be Alexander Ehrnrooth and
Paul Ehrnrooth.

In addition, the Annual General Meeting decided to amend the
Corporation's Articles of Association. The changes in the Articles of
Association were entered into the Trade Register on April 21, 2008.

At the end of the review period, the company employed 4,341 (3,041)
people. At the end of 2007, the number of personnel was 4,515, of which
3,089 are in the EMEA (1,975), and 908 in the Americas (1,037).

Mr. Kari Kauniskangas, M.Sc (Econ), took over as the President and CEO of
Fiskars Corporation at the beginning of 2008.

On March 7, 2008, Hille Korhonen, Lic.Tech. was appointed Vice President,
Operations, and a member of the Corporate Management Team.

Jim Purdin, CEO of Fiskars Brands, Inc., left the Corporation on March
31, 2008. Maija Elenius, Vice President, Corporate Control, left the
Corporation on March 7, 2008.

Teemu Kangas-Kärki, M.Sc.(Econ.) has been appointed CFO of Fiskars
Corporation on April 25, 2008. He will assume his duties no later than
October 2008.

The general market outlook for 2008 continues to be uncertain. Consumer
demand in the United States is weaker than during the previous year and
the European economic climate is also clearly weakening.
Fiskars Corporation net sales are expected to increase during 2008 due to
the effect of the Iittala acquisition, which was closed in the fall of
Full year operating profit, excluding income from associate and change in
the value of standing timber, is expected to remain at a level of the
previous year. Net profit will not be at the same level as last year,
because the 2007 results included a EUR 23.7 million gain from sale of
Wärtsilä shares, and a positive change of the value of standing timber,
EUR 9.8 million.
Financial costs will increase due to the financing of Iittala and
Leborgne acquisitions.
The associated company Wärtsilä will have a big impact on the
Corporation's profit and cash flow.
Further material weakening of the general economic environment, cost
increases and lower consumer spending levels can have a negative impact
on the outlook for 2008.

Kari Kauniskangas
President & CEO
Fiskars Corporation

CONSOLIDATED INCOME STATEMENT             1-3    1-3    chg   1-12
                                         2008   2007      %   2007
                                         MEUR   MEUR          MEUR

NET SALES                               174.7  149.9     17  647.0

Cost of goods sold                     -119.2 -103.6     15 -437.8
GROSS PROFIT                             55.6   46.3     20  209.2

Other operating income                    0.5    0.9    -48    5.8
Change in fair value of biological ass   -4.9    2.1          11.1
Sales and marketing expenses            -33.3  -21.3     56  -99.4
Administration expenses                 -15.4  -13.2     17  -48.8
Research and development costs           -2.0   -1.5     36   -7.4
Other operating expenses                 -0.3   -0.5    -43   -4.2
Income from associate                    13.6    6.9     97   43.3
OPERATING PROFIT (EBIT)                  13.7   19.8    -31  109.5

Gain on sale of Wärtsilä shares                               23.7
Financial income                          0.0    0.7    -95    3.0
Financial expenses                       -5.3   -2.4    120  -13.7
PROFIT BEFORE TAXES                       8.5   18.1    -53  122.5

Income taxes                              1.1   -3.4         -12.1
PROFIT (LOSS) FOR THE PERIOD              9.5   14.7    -35  110.4

Attributable to:
Equity holders of the Parent Company      9.5   14.7    -35  110.0
Minority interest                         0.0    0.0           0.3
                                          9.5   14.7         110.4

Earnings for Equity holders of the Parent Company
per share, euro                          0.12   0.19          1.42

Earnings per share is undiluted. The company has no open option programs or
other earnings diluting financial instruments.

CURRENCY RATES                            1-3    1-3    chg   1-12
                                         2008   2007      %   2007
USD average rate (I/S)                   1.50   1.31     14   1.37
USD end-of-period (B/S)                  1.58   1.33     19   1.47

CONSOLIDATED BALANCE SHEET               3/08   3/07    chg  12/07
                                         MEUR   MEUR      %   MEUR

Intangible assets                       134.2   18.4    630  134.0
Goodwill                                 99.1   21.9    353   99.8
Tangible assets                         118.7   96.9     22  121.7
Biological assets                        40.0   36.8      9   44.9
Investment property                       8.1    8.6     -6    8.4
Investment in associate                 226.0  219.9      3  278.3
Other shares                              3.0    5.3    -43    3.0
Other investments                         2.6    1.5     74    2.3
Other long-term tax receivables                  5.3           0.3
Deferred tax assets                      22.9   24.7     -7   20.6
NON-CURRENT ASSETS TOTAL                654.7  439.3     49  713.4

Inventories                             177.0  118.1     50  173.7
Trade receivables                       138.3  118.7     17  115.2
Other receivables                        79.4    5.7   1300   10.4
Cash and cash equivalents                43.1   10.0    332   34.5
CURRENT ASSETS TOTAL                    437.8  252.4     73  333.8

ASSETS TOTAL                           1092.5  691.7     58 1047.1


Equity holders of the Parent Company    423.9  390.7      8  477.8
Minority interest                         0.5    0.0           0.5
SHAREHOLDERS' EQUITY TOTAL              424.4  390.7      9  478.3

Interest bearing debt                   160.9  132.9     21  124.6
Non-interest bearing debt                 5.0    3.1     58    4.7
Deferred tax liabilities                 50.4   21.1    138   51.7
Pension liability                         8.8   12.4    -29    9.4
Provisions                                7.0    3.4    107    6.2
NON-CURRENT LIABILITIES TOTAL           232.1  173.0     34  196.7

Interest bearing debt                   237.8   19.5   1117  228.9
Trade payable and
other non-interest bearing debt         193.1  101.6     90  139.4
Income tax payable                        5.2    6.9    -25    3.8
CURRENT LIABILITIES TOTAL               436.0  128.1    240  372.1

SHAREHOLDERS' EQUITY AND LIABILITIES T 1092.5  691.7     58 1047.1

CONSOLIDATED STATEMENT                           1-3    1-3   1-12
OF CASH FLOWS                                   2008   2007   2007
                                                MEUR   MEUR   MEUR
Net profit before taxes                          8.5   18.1  122.5
Adjustments for
  Depreciation                                   6.6    5.2   23.2
  Gain/loss on sale of non-current assets                    -26.1
  Income from associate                        -13.6   -6.9  -43.3
  Investment income                              0.1   -0.3   -3.0
  Interest expense                               5.2    2.0   13.7
  Chg in value of biological assets              4.9   -1.8  -10.0
Cash generated before working capital changes   11.6   16.3   77.0

Change in working capital
  Change in interest free assets               -27.6  -37.2   -9.7
  Change in inventories                         -7.5   -4.2   -1.5
  Change in interest free liabilities           -3.1    8.1   11.4
Cash generated before financing and taxes      -26.7  -17.1   77.2

Dividends from associate                               27.7   27.7
Dividends received, other                        0.0           0.1
Financial costs paid (net)                      -5.0   -1.3  -11.8
Taxes paid                                      -2.2   -1.5  -11.2
NET CASH FROM OPERATING ACTIVITIES A           -33.9    7.8   82.0

Acquisitions                                                -169.2
Net change in shares in associate                             -0.1
Capital expenditure                             -5.9   -3.3  -20.5
Proceeds from sale of fixed assets               0.4    0.1    2.4
Sale of other investments                       -0.1    0.1    4.1
Capital expenditure in other investments        -0.7   -0.1    0.0
NET CASH USED IN INVESTING ACTIVITIES B         -6.3   -3.2 -183.4

Repurchase/Sell of treasury shares               0.1
Proceeds from l/t borrowings                    37.5           0.6
Repayment of l/t borrowings                      0.0   -0.1   -0.1
Proceeds from/payment of s/t borrowings         11.8    6.8  137.6
Payment of financial leases liabilities          1.8   -0.7   -1.8
Cash flows from other financing items           -1.4    0.6    0.9
Dividends paid                                        -46.0  -46.0
NET CASH USED IN FINANCING ACTIVITIES C         49.7  -39.4   91.3

CHANGE IN CASH (A+B+C)                           9.5  -34.8  -10.2

Cash at beginning of period                     34.5   44.9   44.9
Translation difference                          -1.0   -0.1   -0.3
Cash at end of period                           43.1   10.0   34.5

STATEMENT OF CHANGES IN        Equity holders of the parent companMinorit  Total
CONSOLIDATED SHAREHOLDERS' EQUITY       Trea-   Fair Cumul.       interest
                                 Share   sury  valuetransl.Retain.
                               capital sharesreserve  diff.  earn.
                                  MEUR   MEUR   MEUR   MEUR   MEUR   MEUR   MEUR
Dec 31, 2006                      77.5   -0.9   21.6   -1.5  325.0    0.0  421.8
Translation differences                                -1.1           0.0   -1.1
Change in fair value reserve, associate          1.3                         1.3
Changes in associate                                    0.2                  0.2
Equity net investment hedges after tax                 -0.1                 -0.1
Other changes                                                         0.0    0.0
NET INCOME RECOGNISED DIRECTLY IN EQUITY         1.3   -1.1    0.0    0.0    0.3
Net profit for the period                                     14.7    0.0   14.7
EXPENSE FOR THE PERIOD                           1.3   -1.1   14.7    0.0   14.9
Dividend distribution                                        -46.0         -46.0
Mar 31, 2007                      77.5   -0.9   22.9   -2.5  293.8    0.0  390.7
Translation differences                                -9.2           0.0   -9.3
Changes in associate                            -1.5   -0.2                 -1.7
Equity net investment hedges after tax                  2.6                  2.6
Other changes                                                         0.1    0.1
NET INCOME RECOGNISED DIRECTLY IN EQUITY        -1.5   -6.8    0.0    0.1   -8.1
Net profit for the period                                     95.4    0.3   95.7
EXPENSE FOR THE PERIOD                          -1.5   -6.8   95.4    0.5   87.6
Dec 31, 2007                      77.5   -0.9   21.4   -9.3  389.1    0.5  478.3
Translation differences                                -6.9           0.0   -6.9
Changes in associate                             2.0                         2.0
Equity net investment hedges after tax                  2.7                  2.7
Other changes                             0.1                                0.1
NET INCOME RECOGNISED DIRECTLY IN EQUI    0.1    2.0   -4.1    0.0    0.0   -2.0
Net profit for the period                                      9.5    0.0    9.5
EXPENSE FOR THE PERIOD                    0.1    2.0   -4.1    9.5    0.0    7.5
Dividend distribution                                        -61.5         -61.5
Mar 31, 2008                      77.5   -0.8   23.4  -13.4  337.2    0.5  424.4

The fair value reserve includes Fiskars share of associate company Wärtsilä's
fair value reserve and its changes.

Equity net investment hedges have been re-classified to translation differences
as of Jan 1, 2008.

KEY FIGURES                       3/08   3/07    chg  12/07
Equity/share, euro                5.48   5.05      9   6.18
Equity ratio                       39%    57%           46%
Net gearing                        84%    36%           67%
Equity, meur                     424.4  390.7      9  478.3
Net interest bear.debt, meur     355.7  142.5    150  319.0
Average number of employees       4378   3018     45   3324
Number of employees eop           4341   3041     43   4515

This interim financial report is prepared in accordance with
IAS 34 (Interim Financial Reporting) using the same accounting policies and
methods of computation as in the annual financial statements for 2007.
All figures in the accounts have been rounded and consequently the sum of
individual figures can deviate from the presented sum figure.
Fiskars Corporation has adopted IFRS 8 (Operating Segments) as of
January 1, 2008. This will impact on disclosure information.

Use of estimates

The preparation of the financial statements in accordance with IFRS requires
management to make estimates and assumptions that affect the valuation of the
reported assets and liabilities and other information, such as contingent
liabilities and the recognition of income and expenses in the income statement.
Although the estimates are based on the management's best knowledge of current
events and actions, actual results may differ from the estimates. Amended and
new International Financial Reporting Standards (IFRS) as of 1 January 2008:

 - IFRIC 11 IFRS 2 - Group Treasury Share Transaction
 - IFRIC 12 Service Concession Agreements
 - IFRIC 13 Customer Loyalty Programmes
 - IFRIC 14 IAS 19 - The Limit on Defined Benefit Asset, Minimum Funding
   Requirements and their Interaction

The adoption of the new and revised standards and interpretations does not have
any material effect on the interim financial report.

SEGMENT INFORMATION                1-3    1-3    chg   1-12
NET SALES                         2008   2007      %   2007
                                  MEUR   MEUR          MEUR
EMEA *)                          115.3   77.5     49  365.9
Americas *)                       52.5   64.0    -18  255.3
Other                             13.3   13.5     -2   45.9
Inter-segment sales **)           -6.3   -5.0     26  -20.1
CORPORATE TOTAL                  174.7  149.9     17  647.0

Export from Finland               30.3   20.8     46   78.6

SEGMENT INFORMATION                1-3    1-3          1-12
OPERATING PROFIT (EBIT)           2008   2007          2007
                                  MEUR   MEUR          MEUR
EMEA *)                            3.4   10.5          38.9
Americas *)                        2.0    0.7          22.2
Other                             -3.5    3.7          14.6
Associate Wärtsilä                13.6    6.9          43.3
Unallocated and eliminations      -1.7   -2.0          -9.4
CORPORATE TOTAL                   13.7   19.8         109.5

SEGMENT INFORMATION                1-3    1-3          1-12
DEPRECIATIONS                     2008   2007          2007
                                  MEUR   MEUR          MEUR
EMEA *)                            4.0    2.1          10.8
Americas *)                        1.9    2.4           9.3
Other                              0.7    0.7           2.7
Unallocated and eliminations       0.1    0.1           0.4
CORPORATE TOTAL                    6.6    5.2          23.2

SEGMENT INFORMATION                1-3    1-3          1-12
CAPITAL EXPENDITURE               2008   2007          2007
                                  MEUR   MEUR          MEUR
EMEA *)                            4.1    2.0         181.5
Americas *)                        0.4    0.6           3.2
Other                              1.1    0.9           5.3
Associate Wärtsilä                                     28.9
Unallocated and eliminations       0.1    0.1           1.6
CORPORATE TOTAL                    5.6    3.6         220.6

SEGMENT INFORMATION                1-3    1-3    chg   1-12
NET SALES BY BUSINESS AREAS       2008   2007      %   2007
                                  MEUR   MEUR          MEUR
Garden                            71.1   74.3     -4  251.2
Homeware                          50.2   12.7    295  142.2
Craft                             16.9   24.3    -30   92.1
Outdoor Recreation                23.2   27.2    -14  116.2
Inha Works                        11.8   12.7     -7   42.0
Real Estate                        1.0    0.6     61    3.4
Others                             0.4   -1.9           0.0
CORPORATE TOTAL                  174.7  149.9     17  647.0

*) In a Stock Exchange Release on March 20, 2008, Fiskars published the
comparative figures for 2007 according to the new reporting structure.
Since the publication of the Stock Exchange Release, Australia has
operationally been moved from the Americas to the EMEA segment and the
comparative figures changed accordingly.
**) Inter-segment sales, EMEA 4.1 (3.4), Americas 1.8 (1.2), Other 0.4 (0.4).

Short delivery times are a prerequisite in Fiskars' fields of operations.
Therefore, the backlog of orders and changes in it are not of
significant importance.

CONTINGENCIES AND PLEDGED ASSETS         3/08   3/07  12/07
                                         MEUR   MEUR   MEUR
Guarantees                                  1             1
Lease commitments                          63     18     53
Other contingencies                         7      8      7
TOTAL                                      71     25     62

Real estate mortgages                       2      2      2

Guarantees                                 12     12     13

Iittala Group has long-term lease commitments for several facilities
in Finland and abroad.


Forward exchange contracts                136     98    186
Interest rate swaps                        16            16
Forward interest rate agreements           30            60
Electricity forward agreements              1             1


Forward exchange contracts                 -2      0      0
Interest rate swaps                         0             0
Forward interest rate agreements            0             0
Electricity forward agreements              0             0

Forward exchange contracts have been valued at market in the
financial statements.


Other receivables include dividend receivable EUR 67.2 million from
associated company Wärtsilä.