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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	STOCK EXCHANGE RELEASE
			November 9, 2005 at 8.30 a.m.


FISKARS CORPORATION INTERIM REPORT JANUARY-SEPTEMBER 2005
(Unaudited, complies with International Accounting Standards IAS 34)

Fiskars' third quarter operative result before non-recurring items
was EUR 8 million. Restructuring of production initiated.

Highlights, July - September 2005
     -    Net sales was EUR 131.9 million (134.7)
     -    Operating loss was EUR -27.6 million (12.5)
     -    Operating profit before non-recurring items was EUR 7.6
          million (12.5) representing a 5.8% operating margin (9.3%)
     -    Non-recurring restructuring expenses EUR 15.8 million
     -    Goodwill impairment EUR 19.4 million

FISKARS CORPORATION IN BRIEF

MEUR                  Q3 2005  Q3 2004  1-9/2005  1-9/2004    2004
Net Sales               131.9    134.7     424.1     439.0   565.6
Operating Profit        -27.6     12.5      -1.5      44.2    52.1
Operating               -20.9%     9.3%     -0.4%     10.1%   9.2%
Margin (%)
Operating Profit          7.6     12.5      33.7      44.2    52.1
before non-recurring
items
Income from               4.8      4.5      16.9      13.8    26.7
participating interests
Realized gain on the                        49.8
sale of Wärtsilä shares
Profit before taxes     -23.7     14.9      60.4      55.1    75.0
EPS (EUR)               -0.33     0.07      0.68      0.47    0.71
Operating cash flow                         44.3      43.7    77.5



CORPORATION

July - September (3 months)
Fiskars' net sales for the third quarter of  EUR 131.9 million
(134.7) was on a consistent level with the prior year. On 17
October the corporation announced rationalization projects that
will be carried out during the next 18 months at Fiskars Brands
Inc. The full cost of the restructuring projects that include
restructuring of production capacity and rationalization of
operations is estimated to be approximately EUR 50 million. The
operating loss of EUR -27.6 million for the quarter included
restructuring costs for Fiskars Brands, Inc. of EUR 35.2 million.
This consists of  an impairment of goodwill, inventory write-off
and non-recurring costs resulting from acceleration of the
depreciation plans for some property, plant and equipment. Third
quarter operating profit before non-recurring items was EUR 7.6
million (12.5) representing a 5.8% (9.3%) operating margin.

January - September (9 months)
Net sales during the first nine months of the year of EUR 424.1
million (439.0) was 3% below prior year. An operating loss of EUR
-1.5 million (44.2) is reported representing a margin of -0.4%
(10.1%). Operating profit before non-recurring items was EUR 33.7
million representing an operating margin of 7.9%.

The net result for this period includes a gain of EUR 49.8 million
on the sale of Wärtsilä B-shares in June.

Net finance costs were EUR 4.9 million (2.9). That includes
investment income of EUR 2.3 million (5.3) as well as foreign
exchange translation gains of EUR 0.7 million (-0.1).

FISKARS BRANDS, INC.

July - September (3 months)
Net sales for Fiskars Brands of EUR 123.9 million (126.3) was
approximately 2% lower than in the previous year. The operating
loss was EUR -28.5 million. The typical slow-down of business in
European markets during the latter part of summer weakened
profitability in the third quarter. Increases in oil-based raw
material costs and the infiltration  of imported products
intensified competition in the US market.  In particular, the
sales of plastic pots and mats dropped and profitability
deteriorated.

At the end of the interim period, Fiskars Brands launched
rationalization projects, whose goal is to develop the
manufacturing structure and to increase sourcing of labour-
intensive products. As a result, restructuring costs of EUR 35.2
million have been incurred. Manufacturing costs were increased by
inventory write-offs of EUR 3.2 million. Accelerated depreciation
on property, plant and equipment of EUR 12.7 million was booked.
In addition, an impairment of goodwill of EUR 19.4 million was
recognized for garden operations.

January - September (9 months)
The year to date net sales of Fiskars Brands decreased by
approximately 4% from  previous year (409.9) to EUR 393.9 million.
Operating profit before non-recurring items was EUR 32.1 million
(41.8) and a loss of EUR -3.1 after the non-recurring items. Net
sales in the US market was EUR 230.1 million (246.3) representing
59% (61%) of total sales. Net sales in the European market was EUR
144.5 million (146.4) representing 37% (35%) of total sales.
Within Europe, the development has been mostly stable and the
demand has followed the development of the general consumer
demand.
Competition in Fiskars Brands' markets has intensified and price
is more often the decisive factor than quality in the US. An
increasing part of the product assortment is produced in low-cost
countries. During the period, raw material price increases and
changes to product mix have also influenced profitability.
As Fiskars Brands has increased its sourcing , the number of
personnel needed to coordinate the activity has grown considerably
in China during the year. At the same time, the product mix has
been renewed and Fiskars Brands has increased and reallocated
resources dedicated to marketing and product development.

INHA WORKS

Net sales for Inha Works was EUR 5.8 million (5.6) during the
third quarter. Profitability improved over the prior year and the
operating profit was EUR 0.6 million (0.4). Year to date net sales
was EUR 25.2 million (22.9) and operating profit was EUR 3.2
million (2.8). Capacity was increased and investments in
production were made and rationalization measures were taken in
response to the growth in the boating market. Investments related
mainly to sheet metal handling were taken into use at the end of
the interim period.

REAL ESTATE OPERATIONS

Net sales and operating profit for real estate operations in the
third quarter were EUR 3.1 million (3.7) and EUR 1.3 million
(2.0), respectively. Year to date net sales and operating profit
were EUR 7.4 million (8.2) and EUR 1.9 million (3.4),
respectively. Among other things, the lower value of biological
assets caused by lower prices for standing timber has affected
operating profit in relation to the prior year.

WÄRTSILÄ

Income from the equity investment in Wärtsilä developed positively
and Fiskars' share of Wärtsilä net income in the third quarter was
EUR 4.8 million (4.5). Year to date the share of Wärtsilä net
income was EUR 16.9 million (13.8).
In June Fiskars sold Wärtsilä B-shares generating a cash flow of
around EUR 100 million.
The company acquired additional Wärtsilä A-shares for EUR 6.0
million in the third quarter. Fiskars' ownership of shares and
share of voting rights in Wärtsilä was 16.0% (20.5% at the
beginning of the year) and 27.8% (28.1%), respectively. The
corporate book value of the investment in the associated company
at the end of the period of EUR 194.6 million included goodwill of
EUR 26.5 million.
The book value of the shares in the parent company was EUR 170.7
million and market value EUR 394 million, respectively.
Wärtsilä has adopted IAS 39 as of 1 January 2005. The IAS 39 fair
value reserve included in the equity of Wärtsilä has been included
in the equity of Fiskars prorated by Fiskars' ownership
percentage.  Based on Fiskars' ownership interest in Wärtsilä, the
effect of this fair value reserve of EUR 37.8 million at 1 January
2005 had been reduced to EUR 20.7 million at the end of September.

EMPLOYEES

The number of employees was 3 357 at the end of the interim
period, which is 91 less than at the beginning of the year. The
number of employees decreased by 191 in the US while the number of
employees moderately increased in Finland and in Europe in total.
Subsequent to the interim period, in October, codetermination
negotiations began at the Billnäs factory in Finland with the
purpose of reducing the workforce by 75-95 employees. The number
of employees at Inha Works has grown by 20 people during the
interim period.

INVESTMENTS

Investments in the third quarter were EUR 11.9 million (3.8). The
EUR 6.0 million acquisition of Wärtsilä A-shares represented the
largest individual investment. Significant industrial investments
were made to automate production and to renew the machinery base
at Inha Works. Construction works of a logistics center commenced
at the Billnäs factory.
Year to date investments were EUR 33.3 million (36.6). Year to
date industrial investments amounted to EUR 23.8 million (13.8).
The single most significant industrial investment was the
acquisition of the Gingher-scissors operations in the US.

NET PROFIT AND TAXES

Net profit from continuing operations was EUR -25.3 million (10.2)
in the third quarter. Year to date net profit from continuing
operations was EUR 52.7 million (41.4). Taxes have been calculated
on the basis of the local accumulated income and the enacted tax
rates while taking into consideration the estimated impact of
deferred tax assets. Taxes of EUR 7.7 million (13.7) have been
calculated on year-to-date accumulated profit. Deferred tax assets
have not been increased in connection with the third quarter
impairment losses recognized in the US. The impairment of goodwill
during the interim period is not tax deductible.
Earnings per share for the interim period was EUR 0.68 (0.47).

BALANCE SHEET AND FINANCIAL POSITION

The total assets was EUR 708.5 million (683.5 at the beginning of
the period). A significant factor in the growth of the  asset base
was the strengthening of the US dollar during the interim period.
Non-current assets fell during the period by EUR 39 million. This
was due to the recognized write-downs and the decrease in the
value of the equity investment in Wärtsilä. The level of inventory
and receivables is influenced by the seasonality of the business
operations.

Cash flow from operations was EUR 44.3 million (43.7) and cash
flow from investing activities was EUR 73.1 million (5.2).
Interest-bearing net debt fell from the EUR 202.0 million at the
beginning of the year by EUR 76.4 million to EUR 125,6 million at
the end of the year.

The financial position is strong with good liquidity. In addition
to the liquid asset base, there is considerable unused borrowing
capacity. The end of period  equity to assets ratio was 55% (49%)
and netgearing was 32% (60%). Both improved considerably during
the interim period.

PURCHASE AND DISPOSITION OF TREASURY SHARES

The board of directors is authorized to acquire and sell shares of
the Company not exceeding five percent (5%) of total equity and
voting rights. The Board has not exercised its authority during
the interim period. Treasury shares on 30 September 2005 consisted
of 127 512 A-shares and 420 K-shares.  The amount of treasury
share has not changed during the interim period and the total
amount of shares corresponded to 0.2% of the total number of
Company shares.

ANNUAL GENERAL MEETING 2005

During the Fiskars' annual general meeting held on 23 March 2005,
authorization was extended for the payment of dividends of EUR
22.8 million corresponding to 0.30 EUR/share and 0.28 EUR/share
for A-shares and K-shares, respectively.

It was decided that the Board of Directors consist of seven
members.  Elections to the Board were as follows: Göran J.
Ehrnrooth, Mikael von Frenckell, Gustaf Gripenberg, Olli Riikkala,
Paul Ehrnrooth, Ilona Ervasti-Vaintola and Alexander Ehrnrooth.
The term of office for members of the Board shall end on the date
of the 2006 annual general meeting. In a meeting held subsequent
to the annual general meeting, the Board elected Göran J.
Ehrnrooth as Chairman and Mikael von Frenckell as Vice-Chairman.
KPMG Oy Ab was appointed as auditors.
Within the period of one year from 23 March 2005, the Board was
authorized to purchase no more than 2 619 712 A-shares and
1 127 865 K-shares and to sell no more than 2 747 224 A-shares and
1 128 285 K-shares.

EXTRAORDINARY GENERAL MEETING

In the extraordinary general meeting held on 27 September 2005, it
was decided that the Board of Directors consist of nine members.
New members elected to the Board were Kaj-Gustaf Bergh and Karl
Grotenfelt. The term of office for all the members of the Board
shall end on the date of the 2006 annual general meeting.

SHARE PRICE

The market price of Fiskars A-shares and K-shares were EUR 11.45
(EUR 7.90 at the beginning of year) and EUR 11.35 ( 7.90),
respectively. The market capitalization of the Company was EUR 885
million at the end of September.
On 1 July 2005, Fiskars' shares were reclassified on the Helsinki
Stock Exchange under the activity code Consumer goods and
services.

OUTLOOK

As Fiskars Brands continues to face stiff competition, the Company
will implement a comprehensive production capacity restructuring
program. The majority of the program costs will be recognized in
the current financial year with mainly personnel costs recognized
in the next financial year. The restructuring measures will take
effect gradually and will not have a significant effect during the
first half of the next financial year.

The operating income before non-recurring items of the industrial
business activities fully owned by Fiskars will according to
earlier estimates not reach the level of last year.

Fiskars' share of Wärtsilä's net profit has a significant effect
on the corporate profits.


Heikki Allonen
President and CEO



IFRS

This interim report has been prepared in accordance with
International Financial Reporting Standards (IFRS) and
International Accounting Standard 34 (IAS 34) Interim Financial
Reporting.  Fiskars shall adopt IAS 39 Financial Instruments:
Recognition and Measurement from 1 January 2005 and shall
recognize its financial assets at fair value through profit or
loss in accordance with IAS 39. Fiskars does not hold any
financial instruments for which hedge accounting would apply. The
effect of the adoption of this standard on the opening balance of
shareholders' equity is presented in a separate statement of
changes in equity. The effect of adoption on Fiskars' operating
results will be minimal. The fair value reserve of EUR -0.3
million recognized at the IFRS transition date has been released
during the interim report period. A reconciliation between the
reported figures from the corresponding quarter last year and the
IFRS figures from the third quarter are also presented in the
appendices.



CONSOLIDATED                         7-9    7-9    chg    1-9    1-9    chg   1-12
INCOME STATEMENT                    2005   2004      %   2005   2004      %   2004
                                    MEUR   MEUR          MEUR   MEUR          MEUR

NET SALES                          131.9  134.7     -2  424.1  439.0     -3  565.6

Cost of goods sold                 -99.6  -90.7     10 -305.4 -299.5      2 -388.1
GROSS PROFIT                        32.2   44.0    -27  118.8  139.5    -15  177.5

Other income                         0.9    0.7     33    2.1    1.7     20    3.6
Sales and marketing expenses       -17.6  -15.6     13  -52.2  -47.8      9  -63.5
Administration expenses             -9.6  -14.6    -34  -35.5  -44.6    -20  -58.0
Other expenses                     -33.5   -1.9         -34.6   -4.6          -7.5
OPERATING PROFIT                   -27.6   12.5          -1.5   44.2          52.1

Share of assoc.comp.result           4.8    4.5      8   16.9   13.8     23   26.7
Gain on sale of Wärtsilä shares                          49.8
Financial income and expenses       -0.9   -2.1          -4.9   -2.9          -3.8
PROFIT BEFORE TAXES                -23.7   14.9          60.4   55.1     10   75.0

Taxes                               -1.5   -4.7          -7.7  -13.7         -15.2
PROFIT FROM CONTINUING OPERATIONS  -25.3   10.2          52.7   41.4     27   59.8

Profit from discontinued operations        -4.8                 -4.8          -5.3
PROFIT (LOSS) FOR THE PERIOD       -25.3    5.4          52.7   36.6     44   54.6

Earnings per share, euro           -0.33   0.07          0.68   0.47          0.71
   continuing operations           -0.33   0.13          0.68   0.53          0.77
   discontinued operations                -0.06                -0.06         -0.07

Earnings per share is undiluted. The company has no open otion programs.


CURRENCY RATES                       7-9    7-9    chg    1-9    1-9    chg   1-12
                                    2005   2004      %   2005   2004      %   2004

USD average rate (I/S)              1.26   1.23      3   1.26   1.23      3   1.24
USD end-of-period (B/S)             1.20   1.24     -3   1.20   1.24     -3   1.36


CONSOLIDATED BALANCE SHEET          9/05   9/04    chg  12/04
                                    MEUR   MEUR      %   MEUR
ASSETS

Tangible assets                    127.3  141.7    -10  133.1
Intangible assets                   24.4   38.9    -37   34.7
Biological assets                   30.3   30.4      0   30.4
Shares in assoc.companies          194.6  219.1    -11  219.1
Other investments                    6.3    6.6     -5    4.4
Deferred tax assets                 47.3   43.5      9   47.3
LONG-TERM TOTAL                    430.2  480.2    -10  469.0

Inventories                        128.8  115.2     12  109.7
Financial assets                   149.6  112.0     34  104.8
CURRENT TOTAL                      278.3  227.2     22  214.5

Assets of a disposal group
held for sale                               0.0
ASSETS TOTAL                       708.5  707.4      0  683.5

EQUITY AND LIABILITIES

Equity                             388.6  374.5      4  335.8

L/t interest bear.debt             130.2  112.2     16  146.5
L/t non-interest bear.debt          20.8   20.1      3   20.0
Deferred tax liabilities            20.8    7.2          20.2
LONG-TERM TOTAL                    171.9  139.6     23  186.7

S/t interest bear.debt              40.6   89.3    -55   71.1
S/t non-interest bear.debt         107.6  104.0      3   90.0
CURRENT TOTAL                      148.1  193.3    -23  161.1

Liabilities of a disposal
group held for sale                         0.0
EQUITY AND LIABILITIES TOTAL       708.5  707.4      0  683.5


KEYFIGURES                          9/05   9/04    chg  12/04
                                                     %
Equity/share, euro                  5.02   4.84      4   4.34
Equity ratio                         55%    53%           49%
Net gearing                          32%    52%           60%
Equity, meur                       388.6  374.5      4  335.8
Net interest bear.debt, meur       125.6  195.0    -36  202.0
Average number of employees         3536   3607     -2   3567


CONSOLIDATED STATEMENT                      1-9    1-9   1-12
OF CASH FLOW                               2005   2004   2004
                                           MEUR   MEUR   MEUR
CASH FLOWS FROM OPERATING ACTIVITIES
Profit before taxes                        60.4   55.1   75.0
Adjustments for
  Depreciation                             50.1   17.9   25.1
  Share of assoc.comp.result              -16.9  -13.8  -26.7
  Investment income (net)                 -52.1   -5.3   -6.3
  Interest expense (net)                    7.1    8.2   10.0
  Chg in value of biological assets         0.1   -1.0   -2.0
Dividends from assoc.comp.                 17.1    8.6   21.3
Dividends received, other                   0.1    0.9    0.9
Financial costs paid (net)                 -7.1   -8.1   -9.7
Taxes paid                                 -4.4  -15.8  -10.7
Change in interest free assets             -5.9  -11.8   -2.6
Change in inventories                     -11.0   -4.6   -3.5
Change in interest free liability           6.7   13.3    6.6
NET CASH FROM OPERATING ACTIVITIES         44.3   43.7   77.5

CASH FLOWS FROM INVESTING ACTIVITIES
Transact. in assoc. comp. shares           95.4  -22.2  -22.2
Capital expenditure                       -24.0  -14.6  -19.7
Proceeds from sale of fixed asset           0.6    0.5    2.6
Sale of other l/t investments               1.4   22.7   25.4
Purchase of other l/t investments          -0.4   -0.5   -1.2
Cash flow from discontinued operations            19.4   16.8
NET CASH USED IN INVESTING ACTIVITIES      73.1    5.2    1.7

CASH FLOWS FROM FINANCING ACTIVITIES
Purchase of own shares                            -0.3   -0.3
New long term loans                         0.0   16.5   45.3
Amortization of l/t loans                 -22.5  -56.7  -51.6
Changes in short term loans               -41.5    4.6    3.2
Financial leases, payments                 -1.3   -2.2   -2.8
Other financing items                       0.6   -1.9    1.0
Dividends paid                            -22.8  -16.8  -71.8
NET CASH FLOW FROM FINANC. ACTIVITIES     -87.4  -56.8  -77.0

Translation difference                     -0.3   -2.2   -3.4
CHANGE IN CASH                             29.6  -10.2   -1.2

Cash at beginning of period                15.6   16.8   16.8
CASH AT END OF PERIOD                      45.2    6.6   15.6


STATEMENT OF CHANGES IN                   Share         Other
CONSOLIDATED EQUITY                Sharepremium    Own reser-Transl.Retain.
                                 capitalaccount shares    vesadjustm  earn.  Total
                                    MEUR   MEUR   MEUR   MEUR   MEUR   MEUR   MEUR
Jan.01,2004                         55.4   21.3   -0.6    0.0    0.0  278.6  354.6
Own shares, change                                -0.3                        -0.3
Dividend distribution                                                 -16.8  -16.8
Translation differences                                          0.3           0.3
Other changes                                                    0.0           0.0
Net profit for the period                                              36.6   36.6
Sep.30,2004                         55.4   21.3   -0.9    0.0    0.3  298.4  374.4

Dec.31,2003 FAS                     55.4   21.3   -0.6    7.2  -11.0  276.0  348.3
IFRS change                                              -7.2   11.0    2.6    6.3
Jan.01,2004                         55.4   21.3   -0.6    0.0    0.0  278.6  354.6
Bonus issue                         22.1  -21.3                        -0.9    0.0
Own shares, change                                -0.3                        -0.3
Dividend distribution                                                 -71.8  -71.8
Translation differences                                         -1.4          -1.4
Other changes                                                    0.0           0.0
Net profit for the period                                              54.6   54.6
Dec.31,2004                         77.5    0.0   -0.9    0.0   -1.4  260.5  335.8

Dec.31,2004                         77.5    0.0   -0.9    0.0   -1.4  260.5  335.8
Adoption of IAS 39
   Fiskars Corporation                                   -0.4           0.4    0.1
   Associated company Wärtsilä                           37.8                 37.8
Jan.01,2005                         77.5    0.0   -0.9   37.5   -1.4  261.0  373.7
Dividend distribution                                                 -22.8  -22.8
Translation differences                                          1.2           1.2
Change in fair value reserve                              0.4                  0.4
Chg in share in assoc. company*                          -6.9                 -6.9
Other changes in assoc. company                         -10.3    0.6          -9.7
Net profit for the period                                              52.7   52.7
Sep.30,2005                         77.5    0.0   -0.9   20.7    0.4  290.9  388.6

* Fair value reserve effect from the sale of shares booked in the income statement


SEGMENTINFORMATION                   7-9    7-9    chg    1-9    1-9    chg   1-12
NET SALES                           2005   2004      %   2005   2004      %   2004
                                    MEUR   MEUR          MEUR   MEUR          MEUR
Fiskars Brands                     123.9  126.3     -2  393.9  409.9     -4  528.0
Inha Works                           5.8    5.6      3   25.2   22.9     10   29.2
Real Estate                          3.1    3.7    -17    7.4    8.2     -9   11.0
Eliminations                        -0.9   -0.9      2   -2.3   -1.9     23   -2.6
CORPORATE TOTAL                    131.9  134.7     -2  424.1  439.0     -3  565.6

Export from Finland                  9.0   10.8    -17   43.1   41.7      3   56.2


SEGMENTINFORMATION                   7-9    7-9           1-9    1-9          1-12
RESULT                              2005   2004          2005   2004          2004
                                    MEUR   MEUR          MEUR   MEUR          MEUR
Fiskars Brands                     -28.5   11.1          -3.1   41.8          48.5
Inha Works                           0.6    0.4           3.2    2.8           3.6
Real Estate                          1.3    2.0           1.9    3.4           5.2
Eliminations and other oper.        -1.1   -1.0          -3.5   -3.8          -5.2
OPERATING PROFIT                   -27.6   12.5          -1.5   44.2          52.1
Associated company Wärtsilä          4.8    4.5          16.9   13.8          26.7
Gain on sale of Wärtsilä shares                          49.8
Financial cost net                  -0.9   -2.1          -4.9   -2.9          -3.8
RESULT AFTER FINANCIAL ITEMS       -23.7   14.9          60.4   55.1          75.0


SEGMENTINFORMATION                   7-9    7-9           1-9    1-9          1-12
DEPRECIATION AND AMORTIZATION       2005   2004          2005   2004          2004
ACCORDING TO PLAN                   MEUR   MEUR          MEUR   MEUR          MEUR

Fiskars Brands                      37.7    5.4          48.3   16.3          22.7
Inha Works                           0.2    0.2           0.7    0.6           0.8
Real Estate                          0.3    0.3           0.9    0.8           1.3
Eliminations and other oper.         0.1    0.1           0.2    0.2           0.4
CORPORATE TOTAL                     38.3    5.9          50.1   17.9          25.1


SEGMENTINFORMATION                   7-9    7-9           1-9    1-9          1-12
INVESTMENTS                         2005   2004          2005   2004          2004
                                    MEUR   MEUR          MEUR   MEUR          MEUR
Fiskars Brands                       4.6    3.3          19.2   11.1          15.8
Inha Works                           0.9    0.1           2.9    1.1           1.3
Real Estate                          0.3    0.3           1.6    1.6           1.9
Assoc.comp.Wärtsilä                  6.0                  9.2   22.2          22.2
Other                                0.1    0.1           0.4    0.6           0.6
CORPORATE TOTAL                     11.9    3.8          33.3   36.6          41.8

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                       9/05   9/04  12/04
                                    MEUR   MEUR   MEUR
FOR THE COMPANY'S OWN
COMMITMENTS
Real estate mortgages                         0      0
Pledged assets                                1      1
Bills of exchange                      0      0      0
Lease contingencies                   23     36     33
Other contingencies                    1      6      4
TOTAL CONTINGENCIES                   24     43     38

NOMINAL VALUES OF DERIVATIVE
INSTRUMENTS

Forward exch. contracts              140    105    114
Interest rate swaps                   17     40     22
FRA's                                 66     32     29
Currency options                       4

Nominal values also include closed contracts.


RECONCILIATION OF NET PROFIT                       1-9   1-12
                                                  2004   2004
                                                  MEUR   MEUR
NET PROFIT ACCORDING TO FAS                       30.5   44.9
Change in biological assets                        1.7    2.0
Revenue recognition                               -0.3   -0.2
Inventory valuation                               -0.2   -0.1
Employee benefits                                 -0.4    3.1
Development costs                                  0.1    0.1
Goodwill amortization and impairment               3.1    2.5
Finance leases                                     0.5   -0.5
Deferred tax effect                               -0.9   -2.8
Assoc. comp. Wärtsilä                              2.5    5.8
Other adjustments                                  0.0   -0.2
NET PROFIT ACCORDING TO IFRS                      36.6   54.6


RECONCILIATION OF EQUITY                   1.1.  30.9. 31.12.
                                           2004   2004   2004
                                           MEUR   MEUR   MEUR
EQUITY ACCORDING TO FAS                   348.3  360.8  318.8
Biological assets                          28.7   30.4   30.4
Cancellation of revaluations               -9.8   -9.8   -9.8
Re-valuation of real estate                 1.1    0.9    0.9
Revenue recognition                        -0.8   -1.0   -0.8
Inventory valuation                        -2.6   -3.2   -2.4
Employee benefits                          -9.7   -9.7   -6.6
Development costs                           2.5    2.6    2.5
Goodwill amortization and impairment        0.0    3.8    3.5
Financial leasing                           0.0   -0.4   -0.4
Deferred tax                               -2.9   -3.8   -6.0
Assoc. company Wärtsilä                     0.0    3.6    5.3
Other adjustments                           0.0    0.4    0.3
TOTAL IFRS RESTATEMENT                      6.3   13.7   16.9
EQUITY ACCORDING TO IFRS                  354.6  374.5  335.8