Search form

SHARE

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 Corp. Financial Statement Release, February 13, 2009, at 08.30 a.m.

FISKARS FULL-YEAR NET SALES UP, EBIT DOWN, AND CASH FLOW UP

Highlights of the 2008 fiscal year:

- Net sales increased by 8% to EUR 697.0 million (647.0)
- Operating profit (EBIT) was EUR 70.9 million (106.9), including
  non-recurring costs of EUR 34.9 million
- EBIT excluding non-recurring items, Wärtsilä, and the change in
  the fair value of standing timber was EUR 41.0 million (51.1)
- Financial position continues to be strong: equity ratio 46% (46%),
  cash flow from operating activities EUR 97.0 million (82.0)
- Earnings per share were EUR 0.64 (1.40)
- The Board proposes a dividend of EUR 0.50 per Series A share and
  EUR 0.48 per Series K share

Highlights of the fourth quarter of 2008:

- Net sales decreased by 9% to EUR 174.9 million (192.2)
- Operating profit (EBIT) was EUR -2.0 million (30.0), including
  non-recurring costs of EUR 31.8 million
- EBIT excluding non-recurring items, Wärtsilä, and the change in
  the fair value of standing timber was EUR 8.3 million (13.7)

The full-year figures stated in this bulletin are audited.


KEY FIGURES

EUR, million                  Q4/2008   Q4/2007 1-12/2008 1-12/2007

Net sales                       174.9     192.2     697.0     647.0
EBIT excl. non-recurring items,
Wärtsilä & standing timber        8.3      13.7      41.0      51.1
Share of profit from
associated company Wärtsilä      24.6      16.7      70.5      43.3
Operating profit (EBIT)          -2.0      30.0      70.9     106.9
Profit before taxes              -8.2      33.3*     51.5     119.8**
Profit for the period            -6.5      31.7*     49.2     108.4**
Earnings per share, EUR         -0.08      0.41      0.64      1.40
cash flow from operating
activities                       17.2      29.8      97.0      82.0

*  Includes a gain of EUR 6.9 million on the sale of Wärtsilä shares
** Includes a gain of EUR 23.7 million on the sale of Wärtsilä shares


THE FOURTH QUARTER OF 2008

Financials

Fiskars Corporation's net sales decreased by 9% to EUR 174.9 million
(192.2) in the fourth quarter. The decrease totaled 9% at comparable
currency rates as well. Cash flow from operating activities was EUR
17.2 million (29.8).

Net sales in EMEA (Europe, Middle East, and Asia-Pacific) were 12%
lower during the quarter at EUR 118.7 million (134.6). Homeware sales
decreased due to lower consumer demand and reduced purchases by
retailers. The Garden business area was impacted by slow sales of snow
and construction tools. Sales of Outdoor products also fell, despite
strong performance in Sweden.

Net sales in the Americas increased 4% to EUR 54.5 million (52.4). In
USD terms, however, sales decreased 5% to USD 71.8 million (75.7). Net
sales in the Garden area were up due to stronger demand than in 2007.
The depressed economic situation had a significant impact on sales of
school, office, and craft (SOC) products. Outdoor Recreation net sales
increased, both in the consumer and military sales areas.

Net sales of Inha Works were down 39% to EUR 5.3 million (8.7). Net
sales of Real Estate were EUR 1.6 million (1.7).

The Corporation's operating profit (EBIT) was EUR -2.0 million (30.0),
and includes non-recurring items of EUR -31.8 million (0.0) related to
write-downs and provisions for restructuring costs.

Share of profit from associated company Wärtsilä was EUR 24.6 million
(16.7), and the change in the fair value of standing timber (i.e.
biological assets) was EUR -3.1 million (-0.4). EBIT excluding non-
recurring items, share of profits from Wärtsilä, and the change in the
fair value of standing timber was EUR 8.3 million (13.7).

In EMEA, the operating profit before non-recurring items was EUR 12.4
million (14.7), and EUR 1.3 million (3.4) in the Americas. The decrease
in profits was mainly due to lower sales volumes in both segments.
Operating profit before non-recurring items was EUR -3.4 million (-0.1)
for Inha Works. Real Estate recorded an operating profit of EUR -2.9
(-0.1), due to a change in the fair value of standing timber.

The total capital expenditure was EUR 6.5 million (16.0), and mainly
consisted of new store openings and investments in logistics facilities
in Homeware business area. Capital expenditure during the fourth
quarter of 2007 included investments in Wärtsilä shares.

Profit before taxes was EUR -8.2 million (33.3). This year the figure
includes non-recurring items of EUR -31.8 million, and the comparison
period includes a gain on the sale of Wärtsilä shares of EUR 6.9
million. Net financial costs were EUR 6.2 million (3.6).

The profit for the fourth quarter of 2008 was EUR -6.5 million (31.7),
and earnings per share were EUR -0.08 (0.41).

Operating highlights

Fiskars continued reorganizing and strengthening its operations during
the fourth quarter of the year. The Garden and Craft businesses in the
Americas were combined into one new business area, Garden & SOC
(School, Office, and Craft). In EMEA, Garden business area management
was moved from Belgium to Finland. Regional administration functions in
both the Americas and EMEA were eliminated. The principles used for
inventory valuation across the Group were also harmonized to meet the
needs of a consumer-driven business model.

The accounting estimate used for valuing biological assets (standing
timber) was changed as from the beginning of December. The new estimate
uses a three-year rolling average price of standing timber.

Personnel redundancies and temporary lay-offs took place in several
units across the organization. In December Fiskars Corporation's
subsidiary Inha Works announced the reduction of 46 people in its
business, and the Iittala Group announced it would start
codetermination negotiations on redundancies and lay-offs in Finland.

REPORT BY THE BOARD OF DIRECTORS 2008

2008 IN BRIEF
Fiskars Corporation's net sales increased by 8% to EUR 697.0
million (647.0), driven by the acquisitions of Iittala Group and
Leborgne in 2007. Cash flow from operations continued at a strong
level, EUR 97.0 million (82.0).

The operating profit (EBIT) was EUR 70.9 million (106.9) or 10% of
net sales (17%). Non-recurring items totaling EUR -34.9 million
(+1.4) were booked in 2008, of which EUR 31.8 million (0) were due
to business reorganization. EBIT excluding non-recurring items,
share of profit from associated company Wärtsilä, and changes in
the fair value of standing timber  totaled EUR 41.0 million (51.1)
or 6% of net sales (8%).

Earnings per share for the year were EUR 0.64 (1.40).

REORGANIZATION OF THE BUSINESS
Fiskars is shifting its focus from manufacturing to a consumer-
and brand-driven business. As part of the transformation, several
organizational changes were carried out during 2008.

Mr. Kari Kauniskangas, M.Sc. (Econ.) started as President and CEO
of the company at the beginning of the year. There were changes in
the corporate management team, as new Chief Financial Officer,
Vice President for Operations, and Chief Strategy Officer were
appointed during the year. The new corporate management is taking
an active part in the strategic management of all businesses.

A new organizational structure and new operating segments were
introduced in March 2008. As from the first interim report of
2008, Fiskars has reported its performance using the following
operating segments: Americas, EMEA (Europe, Middle East, and Asia-
Pacific), Wärtsilä (associated company), and Other, which consists
of Inha Works and the Real Estate Group. The corporation's
business areas were during 2008: Garden, Homeware, Outdoor
Recreation, Craft, Real Estate, and Inha Works.

Regional administrative functions were eliminated in November 2008
and the role of business area management was further strengthened.
The Garden and Craft businesses in the Americas were combined into
one new business area, Garden & SOC (School, Office, and Craft).
In EMEA, Garden business area management was relocated from
Belgium to Finland. All business area presidents report to Fiskars
President and CEO.

Following these changes in the organization, Fiskars' business
areas as from the beginning of 2009 are Home, Garden, Outdoor, and
Other. Sales of scissors and other school, office, and craft
products will be reported in the business area Home, together with
all homeware products. The Inha Works business area, which mainly
consists of boat production, will be included in the Outdoor
business area. Real Estate will be moved to the business area
Other.

GROUP FINANCIALS
Fiskars' consolidated net sales in 2008 totaled EUR 697.0 million
(647.0), an increase of 8% compared to 2007. The comparison period
includes Iittala Group's reported figures from September 1, 2007
and Leborgne's from May 1, 2007 onwards. Pro forma net sales in
2007 totaled EUR 767.6 million. Compared with this, net sales in
2008 were down 6% at comparable currency rates.

The Corporation's EBIT was EUR 70.9 million (106.9), and includes
non-recurring items of EUR -34.9 million (+1.4), which were mainly
due to restructuring costs booked in the last quarter of 2008.
Fiskars' share of profit from associated company Wärtsilä was EUR
70.5 million (43.3). The change in the fair value of standing
timber (i.e. biological assets) was EUR -5.6 million (11.1). EBIT
excluding non-recurring items, Wärtsilä, and the change in the
fair value of standing timber was EUR 41.0 million (51.1).

Product development costs of the Corporation totaled EUR 8.4
million (7.4) or 1% of net sales (1%). The increase was mainly due
to the acquisition of Iittala Group.

Net financing costs were EUR 19.4 million (10.7). Interest costs
increased due to the acquisitions made in 2007 that were financed
by debt.

Profit before taxes was EUR 51.5 million (119.8). In 2008, the figure
includes non-recurring items of EUR -34.9 million, whereas the
comparison period includes gains on the sale of Wärtsilä shares of EUR
23.7 million. Taxes for the fiscal year were EUR 2.3 million (11.4).

The profit for the year was EUR 49.2 million (108.4), and earnings per
share EUR 0.64 (1.40).

EMEA
Net sales in EMEA increased by 24% to EUR 454.7 million (365.9) in
2008. Compared with pro forma net sales in 2007, net sales decreased by
6%. Operating profit before non-recurring items was EUR 33.3 million
(36.4).

The operating environment changed significantly during the year.
Consumer confidence and retailer purchasing in particular weakened
towards the end of the year. The market was especially tough
during the fourth quarter, which is of significant importance to
the Homeware business. The decline of the British pound and the
Swedish krona against the Euro also affected net sales.

Lower sales volumes impacted operating profits. As part of the
integration of the operations of Fiskars and the Iittala Group,
sales companies in Norway and Denmark were merged, which brought
synergy-related savings. To enhance profitability and streamline
operations, the ceramics factory at Höganäs in Sweden was closed
during 2008.

Despite the challenging market, direct consumer sales in the
Homeware business area developed satisfactorily. A total of seven
new Iittala stores and three Iittala outlets were opened during
the year, and year-on-year growth continued.

The garden business developed favorably in Eastern Europe and
Russia during the year, whereas performance in Western European
markets did not reach sales levels of 2007. Unfavorable weather
conditions, which reduced sales of both garden tools in the spring
and snow tools in the last quarter of the year, were the main
reason for this.

Net sales of the Outdoor Recreation business area were lower from 2007,
but the new category of wellness products succeeded well in the market.

Capital expenditure during the year totaled EUR 21.8 million
(181.5) and consisted mainly of new store openings and investments
in production and logistics facilities. The comparison period
includes the acquisitions of the Iittala Group and Leborgne.

As of the end of the year, there were 3,042 people (3,228)
employed in EMEA.

AMERICAS
Net sales for the Americas decreased by 14% to EUR 219.6 million
(255.3) in 2008. In USD terms, net sales fell by 7% to USD 323.6
million (348.6). EBIT before non-recurring items was EUR 16.3
million (22.0).

The downturn in the US economy affected consumer confidence and
retailer sales to an even greater extent than in Europe. The
decline in sales seen in the Americas was a result of reduced
purchases by retailers, combined with consumers favoring lower-
priced products.

In addition to lower sales volumes, profits were affected by
increased raw material prices and higher oil costs during the
first half of the year. A weaker US dollar, particularly against
the Chinese RMB, also impacted the cost of goods sold.

Garden sales in the Americas increased, and particularly strong growth
figures were seen in Canada. Economic turbulence had a significant
impact on the school, office and craft (SOC) business, and their sales
dropped. Outdoor Recreation sales were slightly down on year 2007.

Capital expenditure in the Americas was EUR 3.0 million (3.2) in
2008 and was mainly related to investments in production
facilities.

As of the end of the year, 799 people (939) were employed in the
Americas.

INHA WORKS
Fiskars' wholly-owned subsidiary Inha Works mainly produces Buster
aluminum boats. Net sales decreased by 16% to EUR 35.2 million (42.1)
in 2008. Operating profit (EBIT) before non-recurring items was EUR
-3.3 million (3.3).

General economic developments had a significant effect on the boat
market in 2008. New boat registrations dropped in Inha Works'
major markets, although Buster boats increased their market share.

To improve the profitability of the business and meet the
challenge of reduced market demand, the company started
restructuring measures. These led to temporary lay-offs and
reductions in personnel. Inha Works also terminated its hinge
business during the last quarter of 2008.

Capital expenditure totaled EUR 1.9 million (3.6) and was
primarily focused on replacement investments in machinery. As of
the end of the year, Inha Works employed 227 (306) people.

REAL ESTATE
The Real Estate Group manages the Corporation's forests, land and
other real estate, and leases real estate to internal and external
customers.

Net sales for the Real Estate Group were EUR 5.9 million (5.6) in
2008. The operating profit (EBIT) was EUR -4.4 million (11.3). The
change in the fair value of standing timber totaled EUR -5.6
million (11.1) during the year.

The accounting estimate used for valuing biological assets
(standing timber) was changed in 2008, and now uses a three-year
rolling average price, reflecting the stable nature of the asset.

Capital expenditure totaled EUR 1.8 million (1.8). The number of
personnel as of the end of the year was 24 (24).

ASSOCIATED COMPANY WÄRTSILÄ
Wärtsilä Corporation, a leading provider of marine and power
solutions, is an integral part of Fiskars as its associated
company. Fiskars' share of profit from Wärtsilä was EUR 70.5
million (43.3) in 2008. As a result of a bonus share issue in
March 2008, Fiskars' share of Wärtsilä equity increased by EUR 5.8
million and this is included in the share of profits.
Fiskars received a total of EUR 67.2 million (27.7) in dividends
from Wärtsilä during 2008.

As of the end of the year, Fiskars' ownership in Wärtsilä was
17.1% of shares (16.5%) and 17.1% of votes (32.2%). The shares are
owned by Fiskars' wholly owned subsidiary Avlis AB. The Annual
General Meeting of Wärtsilä decided on 19 March 2008 to combine
the two share series A and B. Although the voting rights of
Fiskars in Wärtsilä decreased from 32.2% to below 20%, Fiskars
continues to be the largest single shareholder, with more than 17%
of 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 Wärtsilä's 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 company.

The book value of Fiskars' investment in Wärtsilä was EUR 263.5
million at the end of the year (278.3), and EUR 61.2 million
(61.2) of this book value is goodwill. The market value of
Wärtsilä shares owned by Fiskars was EUR 353.9 million (EUR 833.2)
as of the end of the year with a share price of EUR 21.01.

BALANCE SHEET, CASH FLOW, AND FINANCING
Cash flow from operations during the year was EUR 97.0 million (82.0),
and includes dividends paid by associated company Wärtsilä, which
totaled EUR 67.2 million (27.7). Cash flow from investing activities
was EUR -25.8 million (-183.4) and cash flow after investing activities
was EUR 71.2 million (-101.4).

Fiskars' net working capital was EUR 149.4 million at the end of 2008
(EUR 162.1 million). Non-current assets totaled EUR 680.6 million
(713.1), of which EUR 131.0 million was intangible assets and EUR 99.2
million was goodwill.

The Corporation's financial position continues to be strong.
Shareholder's equity totaled EUR 446.7 million (478.3) at the end of
the period. The Corporation's equity to assets ratio was 46% (46%) and
net gearing 69% (67%).

Cash and deposits at the end of the year were EUR 11.3 million (34.5).
Net interest-bearing debt amounted to EUR 309.9 million, which was down
EUR 9.1 million from year-end 2007. Short-term borrowings totaled EUR
183.7 million (228.9) and long-term borrowings EUR 137.5 million
(124.6). Short-term borrowings are mainly commercial papers issued by
the Corporation.

In addition, the Corporation had EUR 405.0 million (425.0) in unused,
binding long-term credit facilities, mainly with major Nordic banks.
The financial market crisis has not significantly affected the
Corporation's financing.

CAPITAL EXPENDITURE
Total capital expenditure during the year was EUR 29.8 million (220.6),
and mainly comprised replacement investments and new store openings in
the Homeware business area. Capital expenditure also includes EUR 3.1
million paid in the second quarter of 2008 for the minority shares
representing 2.3% of the share capital of the Iittala Group Oy Ab. The
capital expenditure in 2007 included the acquisitions of Iittala and
Leborgne as well as investment in Wärtsilä Series A shares.

PERSONNEL
The company employed 4,119 people (4,515) as of the end of the year:
3,042 (3,228) people in EMEA, 799 (939) in the Americas, and 278 (348)
in Other (Inha Works, Real Estate, and Corporate HQ). The Corporation
employed 1,722 people in Finland (1,853) as of the end of the year.

The reduction of personnel in the Americas was due to restructuring
measures within Craft and Outdoor business areas. In EMEA, the closure
of the Höganäs plant and other reorganization measures within Homeware
production units reduced the number of personnel, while the opening of
new Iittala stores and outlets have had an increasing effect on the
personnel. The reduction in personnel in the Other segment was due to
the down-sizing of operations at Inha Works.

Wages, salaries, and benefits totaled EUR 186.8 million (146.1) in
2008.

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

Hille Korhonen, Lic.Tech., was appointed Vice President, Operations of
Fiskars Corporation in March 2008. Teemu Kangas-Kärki, M.Sc. (Econ.)
was appointed CFO in April 2008, and assumed his duties in August 2008.
Max Alfthan, M.Sc. (Econ.) was appointed Chief Strategy Officer in
August 2008, and assumed his duties in November 2008. Korhonen, Kangas-
Kärki, and Alfthan are all members of the Corporate Management Team.

Ingmar Lindberg, Head of Real Estate and Executive Vice President of
Fiskars Corporation, retired at the end of 2008. Tomas Landers, M.Sc.
(Forester) was appointed Vice President, Real Estate as of December 1,
2008, and assumed responsibility for the Real Estate Group at the
beginning of 2009.

Three members of the Corporate Management Team, Maija Elenius (Vice
President, Corporate Control), Juha Rauhala (Vice President, Corporate
Finance), and Leena Kahila-Bergh (Vice President, Communications), left
Fiskars during 2008.

In November 2008, Fiskars appointed Paul Tonnesen President, Garden &
SOC (School, Office & Craft), Americas, and Thomas Enckell President,
Garden, EMEA. Tonnesen was previously responsible for Fiskars' Garden
business in the Americas, and Enckell for the wholesale business of the
Iittala Group.

Jim Purdin (CEO of Fiskars Brands, Inc.), Francis Kint (President,
Garden), Chad Vincent (President, Craft, Americas), Jerome Klein (CFO,
Americas), and Elly Piccart (CFO, EMEA) have left the company.

CORPORATE GOVERANCE
Fiskars complies with the Finnish Corporate Governance Code issued by
the Securities Market Association, which came into force on January 1,
2009.

Fiskars also complies with the insider regulations of NASDAQ OMX
Helsinki adopted on June 2, 2008, and internal insider guidelines
adopted on August 5, 2008.

RISKS AND BUSINESS UNCERTAINTIES
Fiskars produces and sells goods targeted for consumers. The general
market conditions and decline in consumer demand in Fiskars'
significant market areas in Europe and North America could have a
material adverse effect on the Corporation's net sales and
profitability.

Fiskars products are sold to wholesalers and retailers as well as
directly to consumers through its own stores. The loss of some major
customers, financial difficulties of them or a disruption in the
activities of a specialized distribution channel could have an adverse
effect on the Corporation's business and profits. Fiskars largest
customer accounted for about 5% of sales in 2008 (about 6% in 2007).

Fiskars uses increasingly external manufacturers and partners in its
operations. The share of own production has decreased; the
Corporation's dependency in supply chain has increased. This means
management of the supply chain becomes both a management and
availability risk

Sudden fluctuations in raw material and energy prices may have an
impact upon Corporation's result from operations. The most important
raw materials for the Corporation are steel, aluminum, and plastic.

Demand for some product groups can be affected by weather and
seasonality, for example garden tools in the spring season. This means
that weather conditions that do not concur with the statistical seasons
could have a negative impact on sales of these products. The sales of
Corporation's homeware products are heavily geared towards the last
quarter of the year. Possible negative issues in product availability
or demand during the quarter may significantly affect the full-year
result.

Fiskars owns a 17.1% share in an associated company, Wärtsilä
Corporation. Major changes in Wärtsilä's profitability, or ability to
pay a dividend would have a material impact on Fiskars profitability
and cash flow.

ENVIRONMENT
Fiskars does not detail environmental costs, as they are part of on-
going business activities and business development. No significant
environmental investments were made during 2008. Production operations
in the homeware business area are more energy-intensive than other
areas of production.

Most of Fiskars' industrial operations involve no significant
environmental risks. Production facilities have up-to-date
environmental permits that set clear limits on their operations.
Changes in environmental directives can affect existing environmental
permits. Adapting to such directives may require changes in existing
production methods or investments in new equipment, and result in
additional costs.

SHARE
Fiskars Corporation has two series of shares. Series A shares carry one
vote per share, and Series K shares carry 20 votes per share. The
dividend per share paid out on Series A shares shall, according to the
Corporation's Articles of Association, be a minimum of two (2)
percentage points higher than the dividend paid out on Series K share.

The share capital and the number of shares were unchanged during the
year. 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 and 506,258,652 votes.

The book counter-value for both series of shares is EUR 1.00. The share
capital was EUR 77,510,200 as of the end of the year.

A group of shareholders representing more than 5% but less than 10% of
the votes of Fiskars shares approached the company's Board of Directors
in October 2008 and requested that the Board should investigate the
possibility of introducing equal voting rights for the company's listed
share series. Based on the request the Board decided to investigate the
matter.

Purchase and sale of treasury shares

Until the Annual General Meeting held on 25 March 2008, the Board of
Directors had an authorization to acquire and convey treasury shares,
provided that the amount of shares acquired 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 treasury shares provided that the total amount of shares
acquired or conveyed is less than five percent (5%) of the total amount
of shares of the Corporation.

In January 2008 the Corporation sold a total of 15,397 A shares through
the stock exchange to the President and CEO Kauniskangas at the market
price (EUR 11.20 per share). The Corporation recorded a gain of EUR 0.1
million to equity.

Since then, the Corporation has not used its authorization to acquire
or convey treasury shares. As of the end of the year, Fiskars had
112,115 Series A treasury shares and 420 Series K shares, corresponding
to 0.15% of the Corporation's shares and 0.02% of votes.

Share prices

Both series of shares are traded in the Large Cap segment of the NASDAQ
OMX Helsinki Ltd. At the end of December, the price of one Fiskars
Series A share was EUR 6.96 (EUR 13.30) and the price of one Series K
share was EUR 11.15 (14.45).

The market value of Fiskars' share capital was EUR 633 million,
excluding treasury shares, as of the end of the year.

The number of shares traded during the year was 5.1 million (12.7).

Changes in ownership

On November 18, 2008, Fiskars Corporation was informed that Virala Oy
Ab had decreased its holdings to less than 1/5 (20%) of the voting
rights in Fiskars Corporation. The new share of votes was 19.87% and
share of shares 10.63%.

The Corporation has not been informed of any other significant change
among the largest shareholders during 2008.

ANNUAL GENERAL MEETING 2008
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 as Board members.
The term of Board members will expire at the end of the Annual General
Meeting in 2009.

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

The Annual General Meeting decided to authorize the Board to acquire
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 shall 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 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.

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.

Constitutive meeting of the Board of Directors

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.

ANNUAL GENERAL MEETING 2009
Fiskars Corporation's Annual General Meeting (AGM) of Shareholders will
be held at the Helsinki Fair Centre on Monday March 16, 2009 at 3.00
p.m.

BOARD'S PROPOSAL FOR THE ANNUAL GENERAL MEETING
The distributable equity of the Parent Company at the end of the 2008
fiscal year was EUR 460.5 million (894.8).

The Board of Directors proposes to the Annual General Meeting of
Shareholders that a dividend of EUR 0.50 per Series A share and EUR
0.48 per Series K share would be paid for 2008.

The number of shares entitling to a dividend totaled 77,397,665, of
which 54,832,377 are Series A shares and 22,565,288 Series K shares.
The proposed distribution of dividend would thus be as follows:

                      Number of     Dividend per         Total, EUR
                         shares       share, EUR
Series A shares      54,832,377             0.50      27,416,188.50
Series K shares      22,565,288             0.48      10,831,338.24
Total                77,397,665                       38,247,526.74

This would leave EUR 422.3 million of unused profit funds at the Parent
Company.

No material changes have taken place in the financial position of the
Company after the end of the fiscal year. The financial standing of the
Company is good and according to the Board of Directors' assessment the
proposed distribution of dividend will not compromise the Company's
solvency.

OUTLOOK FOR 2009
The market situation is expected to remain uncertain in 2009, and both
the North American and European markets are likely to continue facing
severe challenges. Consumer demand is expected to be weaker than in
2008, and this will have an impact on Fiskars' net sales.

The Corporation has restructured its organization and is reducing its
cost base to meet the projected consumer demand for 2009 and ensure
Fiskars' competitiveness. A clear business focus on specialized
business areas and brands, together with new product development will
continue to be key success factors in a challenging market environment.

Fiskars Corporation's full-year net sales in 2009 are expected to be
below the 2008 sales. Operating profit is expected to be lower than in
2008, excluding non-recurring items, share of profit from associated
company Wärtsilä, and the change in the fair value of standing timber.

Associated company Wärtsilä will continue to have a major impact on the
Corporation's profit and cash flow in 2009.


Helsinki, February 12, 2009

FISKARS CORPORATION
Board of Directors


The Fiskars Annual Report 2008, including full financial statements for
2008, will be published during the week starting March 9, 2009 (week 11).


CONSOLIDATED INCOME STATEMENT    10-12  10-12 change   1-12   1-12 change
                                  2008   2007      %   2008   2007      %
                                  MEUR   MEUR          MEUR   MEUR

NET SALES                        174.9  192.2     -9  697.0  647.0      8

Cost of goods sold              -132.1 -128.3      3 -483.5 -439.2     10
GROSS PROFIT                      42.8   63.9    -33  213.5  207.8      3

Other operating income             0.4    2.3    -85    2.9    5.8    -51
Change in fair value of
biological assets                 -3.1   -0.4    614   -5.6   11.1      0
Sales and marketing expenses     -34.3  -35.7     -4 -129.8 -100.2     30
Administration expenses          -12.3  -10.9     13  -54.4  -49.3     10
Research and development costs    -2.9   -2.4     21   -8.4   -7.4     14
Other operating expenses         -17.1   -3.5      0  -17.8   -4.2    319
Share of profit from associate    24.6   16.7     48   70.5   43.3     63
OPERATING PROFIT (EBIT)           -2.0   30.0      0   70.9  106.9    -34

Gain on sale of Wärtsilä shares           6.9                 23.7
Other financial income
and expenses                      -6.2   -3.6    -12  -19.4  -10.7     58
PROFIT BEFORE TAXES               -8.2   33.3      0   51.5  119.8    -57

Income taxes                       1.7   -1.6      0   -2.3  -11.4    -80
PROFIT FOR THE PERIOD             -6.5   31.7      0   49.2  108.4    -55

Attributable to:
Equity holders of the Company     -6.5   31.4      0   49.3  108.0    -54
Minority interest                 -0.1    0.3          -0.1    0.3
                                  -6.5   31.7          49.2  108.4

Earnings for Equity holders of the Company
per share, euro (basic)          -0.08   0.41          0.64   1.40

Earnings per share (diluted)     -0.08   0.41          0.64   1.40


CONSOLIDATED STATEMENT OF                      10-12  10-12   1-12   1-12
RECOGNIZED INCOME AND EXPENSES                  2008   2007   2008   2007
                                                MEUR   MEUR   MEUR   MEUR

Profit for the period                           -6.5   31.7   49.2  108.4

Translation differences                         -2.0   -4.2   -1.9  -10.4
Changes in associate recognized
directly in equity                              -9.1   -1.5  -18.1   -0.2
Equity net investment hedges
after tax                                        1.6   -1.9    0.7    2.5
Defined benefit plan, actuarial
gains (losses), net of tax                      -0.1    0.6   -0.2    2.0
Other changes                                    0.0    0.0    0.2    0.1

Net income and expense
recognized directly in equity                   -9.6   -7.1  -19.3   -5.9

Total recognized income and
expense for the period                         -16.1   24.6   29.9  102.5

Attributable to:
Equity holders of the Company                  -16.0   24.3   30.0  102.2
Minority interest                               -0.1    0.3   -0.1    0.3
                                               -16.1   24.6   29.9  102.5


CONSOLIDATED BALANCE SHEET                          12/200812/2007 change
                                                       MEUR   MEUR      %
ASSETS

NON-CURRENT ASSETS
Intangible assets                                     131.0  134.0     -2
Goodwill                                               99.2   99.8     -1
Property, plant & equipment                           113.2  121.7     -7
Biological assets                                      39.3   44.9    -13
Investment property                                     7.7    8.4     -8
Investments in associates                             263.5  278.3     -5
Financial assets
  Shares at fair value through profit and loss          2.9    3.0     -1
  Other investments                                     2.2    2.3     -6
Deferred tax assets                                    21.7   20.6      5
NON-CURRENT ASSETS TOTAL                              680.6  713.1     -5

CURRENT ASSETS TOTAL
Inventories                                           159.8  173.7     -8
Trade and other receivables                           109.6  119.8     -9
Income tax receivables                                  8.4    6.0     39
Cash and cash equivalents                              11.3   34.5    -67
CURRENT ASSETS TOTAL                                  289.0  334.1    -13

ASSETS TOTAL                                          969.7 1047.1     -7

EQUITY AND LIABILITIES

Equity attributable to the
equity holders of the Company                         446.7  477.8     -7
Minority interest                                       0.0    0.5
EQUITY TOTAL                                          446.7  478.3     -7

NON-CURRENT LIABILITIES
Interest bearing debt                                 137.5  124.6     10
Other liabilities                                       1.4    4.7    -69
Deferred tax liabilities                               49.3   51.7     -5
Pension liability                                       9.2    9.4     -2
Provisions                                             13.4    6.2    117
NON-CURRENT LIABILITIES TOTAL                         210.8  196.7      7

CURRENT LIABILITIES
Interest bearing debt                                 183.7  228.9    -20
Trade and other payables                              121.9  139.4    -13
Income tax payable                                      6.6    3.8     74
CURRENT LIABILITIES TOTAL                             312.2  372.1    -16

EQUITY AND LIABILITIES TOTAL                          969.7 1047.1     -7


CONSOLIDATED STATEMENT                         10-12  10-12   1-12   1-12
OF CASH FLOWS                                   2008   2007   2008   2007
                                                MEUR   MEUR   MEUR   MEUR
CASH FLOW FROM OPERATING ACTIVITIES
Net profit before taxes                         -8.2   33.3   51.5  119.8
Adjustments for
  Depreciation                                  12.8    7.0   32.9   23.2
  Gain on sale of non-current assets             0.0  -26.1    0.0  -26.1
  Share of profit from associate               -24.6  -16.7  -70.5  -43.3
  Investment income                             -1.1   15.4   -1.0   -3.0
  Interest expense                               7.4    4.9   20.4   13.7
  Change in value of biological assets           3.1    0.7    5.6  -10.0
  Other non-cash items                           0.0    0.8    0.0    2.7
Cash flow before changes in working capital    -10.6   19.3   39.0   77.0

Changes in working capital
  Change in current assets,
  non-interest bearing                          14.5    2.4   10.9   -9.7
  Change in inventories                         15.5   14.1   10.6   -1.5
  Change in current liabilities,
  non-interest bearing                           1.5    4.5   -7.5   11.4
Cash flow from operating activities
before financial items and taxes                20.8   40.2   53.0   77.2

Dividends from associate                         0.0    0.0   67.2   27.7
Financial costs paid (net)                      -4.3   -5.7  -18.0  -11.8
Taxes paid                                       0.6   -4.7   -5.2  -11.2
CASH FLOW FROM OPERATING ACTIVITIES (A)         17.2   29.8   97.0   82.0

CASH FLOW FROM INVESTING ACTIVITIES
Acquisitions                                     0.0    0.0   -3.1 -169.3
Capital expedinture on fixed assets             -5.5   -7.7  -25.4  -20.5
Proceeds from sale of fixed assets               1.9    3.1    4.1    6.5
Cash flow from other investments                -1.7    0.0   -1.4    0.0
CASH FLOW FROM INVESTING ACTIVITIES (B)         -5.3   -4.7  -25.8 -183.4

CASH FLOW FROM FINANCING ACTIVITIES
Sell of treasury shares                          0.0    0.0    0.2    0.0
Borrowings of non-current debt                  21.5    0.6   62.2    0.6
Repayment of non-current debt                    0.0    0.4   -0.1   -0.1
Change in current debt                         -30.2   -0.4  -85.6  137.6
Payment of financial leases liabilities         -0.8    0.4   -3.4   -1.8
Cash flow from other financing items            -3.0    2.1   -3.5    0.9
Dividends paid                                   0.0    0.0  -61.5  -46.0
CASH FLOW FROM FINANCING ACTIVITIES (C)        -12.5    3.0  -91.7   91.3

CHANGE IN CASH (A+B+C)                          -0.6   28.2  -20.5  -10.2

Cash at beginning of period                     11.9    9.4   34.5   44.9
Translation difference                           0.0   -3.2   -2.8   -0.3
Cash at end of period                           11.3   34.5   11.3   34.5


STATEMENT OF CHANGES IN        Equity attributable to shareholders  Mino-  Total
CONSOLIDATED EQUITY            of the company:                       rity
                                        Trea-   Fair Cumul.       interest
                                 Share   sury  valuetransl.Retain.
                               capital shares   res.  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                               -10.4           0.0  -10.4
Changes in associates                           -0.2                        -0.2
Equity net investment hedges
after tax                                               2.5                  2.5
Defined benefit plan, actuarial
gains (losses), net of tax                                     2.0           2.0
Other changes                                                         0.1    0.1
NET INCOME AND EXPENSE
RECOGNIZED DIRECTLY IN EQUITY                   -0.2   -7.8    2.0    0.1   -5.9
Profit for the period                                        108.0    0.3  108.4
TOTAL RECOGNIZED INCOME AND
EXPENSE FOR THE PERIOD                          -0.2   -7.8  110.0    0.5  102.5
Dividends paid                                               -46.0         -46.0

Dec 31, 2007                      77.5   -0.9   21.4   -9.3  389.1    0.5  478.3

Translation differences                                -1.9           0.0   -1.9
Changes in associates                          -12.8   -5.9    0.7         -18.1
Equity net investment hedges
after tax                                               0.7                  0.7
Defined benefit plan, actuarial
gains (losses), net of tax                                    -0.2          -0.2
Other changes                             0.1                  0.5   -0.5    0.2
NET INCOME AND EXPENSE
RECOGNIZED DIRECTLY IN EQUITY             0.1  -12.8   -7.1    1.0   -0.4  -19.3
Profit for the period                                         49.3   -0.1   49.2
TOTAL RECOGNIZED INCOME AND
EXPENSE FOR THE PERIOD                    0.1  -12.8   -7.1   50.3   -0.5   29.9
Dividends paid                                               -61.5         -61.5

Dec 31, 2008                      77.5   -0.8    8.5  -16.5  377.9    0.0  446.7

The fair value reserve includes Fiskars share of associate 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                                         12/2008  12/2007 change
                                                                          %
Equity/share, euro                                     5.77     6.18     -7
Equity ratio                                            46%      46%
Net gearing                                             69%      67%
Equity, EUR million                                   446.7    478.3     -7
Net interest bearing debt, EUR million                309.9    319.0     -3
Average number of employees                           4 325    3 517     23
Number of employees, end of period                    4 119    4 515     -9
Number of shares outstanding end of period,
in thousands
A shares                                             54 832   54 817
K shares                                             22 565   22 565


CURRENCY RATES                                         1-12     1-12 change
                                                       2008     2007      %
USD average rate                                       1.47     1.37      7
USD end-of-period                                      1.39     1.47     -5


NOTES TO THE FINANCIAL STATEMENT BULLETIN

This financial statement bulletin 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.
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.

Until the end of third quarter of 2008 Fiskars has applied full recognition of
actuarial gains and losses through Profit & Loss (P&L). In the fourth quarter of
2008, Fiskars changed the accounting for defined benefit pension liabilities to
apply the amendment of IAS 19 allowing for immediate recognition of actuarial
gains and losses in the equity. The previous periods' data has been restated
accordingly. Due the change, EUR -2.7 million adjustment to the previous
periods' operating profit (EBIT) and EUR -0.8 million to the last quarter have
taken place.

In the fourth quarter of 2008 Fiskars changed the accounting estimate used for
valuing its biological assets (i.e. standing timber). Earlier Fiskars has used a
one-month average price for measuring the fair value of standing timber. This
was changed to a three-year rolling average price, reflecting the stable nature
of the asset.

Fiskars announced restructuring measures in December 2008 for reorganizing
its business areas and strengthening its operations. The principles
used for inventory valuation were also harmonized. The restructuring costs
included in operating profit (EBIT) totaled EUR 31.8 million in 2008 (0.0).
All restructuring costs were recorded during Q4 of 2008. The restructuring costs
recorded in cost of goods sold amounted to EUR 13.7 million, whereof EUR 12.6
million resulted from the change in the inventory valuation policy.
The rest of the restructuring costs were recorded to sales and
marketing expenses, administration expenses and other operating expenses.

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.

From 2009 and 2010, the Group will implement the following new or amended
IASB standards and interpretations:
 - IFRS 1 and IAS 27 (amended) Cost of an Investment in a Subsidiary,
   Jointly Controlled Entity or Associate
 - IAS 1 (revised) Presentation of Financial Statements
 - IFRS 2 (amended) Share based Payments
 - IFRS 3 (revised) Business combinations
 - IAS 23 (revised) Borrowing costs
 - IAS 27 (revised) Consolidated and separate financial statements
 - IAS 32 and IAS 1 (amended) Amendments to IAS 32 Financial Instruments:
   Presentation and IAS 1 Presentation of Financial Statements - Puttable
   Financial Instruments and Obligations Arising on Liquidation
 - IAS 39 (amended) Eligible Hedged Items
 - IFRIC 13 Customer Loyalty Programmes
 - IFRIC 15 Agreements for the Construction of Real Estate
 - IFRIC 16 Hedges of a Net Investment in a Foreign Operation
 - Improvements to International Financial Reporting Standards 2008

Corporation estimates that the amendment to IAS 1 influences the presentation
of the Consolidated Income Statement and Statement of Changes in Consolidated
Equity. Following the change in accounting policy for defined pension benefits,
Fiskars has presented Consolidated Statement of Recognized Income and Expenses.
Considering the other amendments and interpretations, the Corporation estimates
that the changes will not impact its Consolidated Financial Statements
significantly.


SEGMENT INFORMATION              10-12  10-12 change   1-12   1-12 change
NET SALES                         2008   2007      %   2008   2007      %
                                  MEUR   MEUR          MEUR   MEUR
EMEA *)                          118.7  134.6    -12  454.7  365.9     24
Americas *)                       54.5   52.4      4  219.6  255.3    -14
Other                              6.4   10.0    -36   40.4   45.9    -12
Inter-segment sales
   EMEA                           -3.1   -3.0         -11.9  -10.3
   Americas                       -1.1   -1.7          -5.1   -8.5
   Other                          -0.4   -0.1          -0.7   -1.2
NET SALES TOTAL                  174.9  192.2     -9  697.0  647.0      8


SEGMENT INFORMATION              10-12  10-12          1-12   1-12
OPERATING PROFIT (EBIT)           2008   2007          2008   2007
                                  MEUR   MEUR          MEUR   MEUR
EMEA *)                            5.2   14.7          25.1   36.4
Americas *)                      -17.9    3.4          -3.9   22.0
Other                             -6.7   -0.1          -8.0   14.6
Associate Wärtsilä                24.6   16.7          70.5   43.3
Unallocated and eliminations      -7.2   -4.7         -12.7   -9.4
OPERATING PROFIT TOTAL            -2.0   30.0          70.9  106.9


SEGMENT INFORMATION              10-12                 1-12
OPERATING PROFIT (EBIT) BEFORE    2008                 2008
RESTRUCTURING COSTS AND CHANGE    MEUR                 MEUR
IN FAIR VALUE OF BIOLOGICAL ASSETS
EMEA *)                           12.4                 32.1
Americas *)                        1.3                 15.4
Other                             -3.2                 -2.0
Associate Wärtsilä                24.6                 70.5
Unallocated and eliminations      -2.2                 -7.7
OPERATING PROFIT TOTAL            32.8                108.3


SEGMENT INFORMATION              10-12  10-12          1-12   1-12
DEPRECIATIONS                     2008   2007          2008   2007
                                  MEUR   MEUR          MEUR   MEUR
EMEA *)                            3.5    3.8          15.9   10.8
Americas *)                        7.6    2.3          12.8    9.3
Other                              1.6    0.6           3.9    2.7
Unallocated and eliminations       0.1    0.2           0.3    0.4
DEPRECIATIONS TOTAL               12.8    7.0          32.9   23.2


SEGMENT INFORMATION              10-12  10-12          1-12   1-12
CAPITAL EXPENDITURE               2008   2007          2008   2007
                                  MEUR   MEUR          MEUR   MEUR
EMEA *)                            4.3    5.0          21.8  181.5
Americas *)                        0.4    0.9           3.0    3.2
Other                              0.5    1.4           3.7    5.3
Associate Wärtsilä                        8.3                 28.9
Unallocated and eliminations       1.3    0.4           1.3    1.6
CAPITAL EXPENDITURE TOTAL          6.5   16.0          29.8  220.6

*) 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.

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.


SEGMENT INFORMATION              10-12  10-12 change   1-12   1-12 change
NET SALES BY BUSINESS AREAS       2008   2007      %   2008   2007      %
                                  MEUR   MEUR          MEUR   MEUR
Garden                            38.3   41.5     -8  231.2  240.3     -4
Homeware                          78.2   87.1    -10  242.6  142.2     71
Craft                             16.2   19.7    -18   74.1   97.5    -24
Outdoor Recreation                35.9   33.3      8  110.0  122.4    -10
Inha Works                         5.3    8.7    -39   35.2   42.1    -16
Real Estate                        1.6    1.7     -6    5.9    5.6      5
Others                             0.0    0.0           0.3    0.0
Inter-segment sales               -0.6    0.2          -2.3   -3.1
NET SALES TOTAL                  174.9  192.2     -9  697.0  647.0      8


INTANGIBLE ASSETS AND GOODWILL                             12/200812/2007
                                                              MEUR   MEUR
Book value, Jan. 1                                           233.8   41.6
Currency translation adjustment                                2.8   -4.4
Acquisitions                                                        197.3
Additions                                                      1.4    1.9
Amortization                                                  -6.0   -4.2
Decreases and transfers                                       -1.9    1.7
BOOK VALUE AT END OF PERIOD                                  230.2  233.8


TANGIBLE ASSETS AND INVESTMENT PROPERTY                    12/200812/2007
                                                              MEUR   MEUR
Book value, Jan. 1                                           130.2  107.4
Currency translation adjustment                               -1.2   -4.2
Acquisitions                                                         27.5
Additions                                                     24.0   18.6
Depreciation and impairment                                  -26.5  -19.0
Decreases and transfers                                       -5.5    0.0
BOOK VALUE AT END OF PERIOD                                  120.9  130.2


CONTINGENCIES AND PLEDGED ASSETS                           12/200812/2007
                                                              MEUR   MEUR
AS SECURITY FOR OWN COMMITMENTS
Guarantees                                                       1      1
Lease commitments                                               64     53
Other contingencies                                              5      7
TOTAL                                                           71     62

GUARANTEES AS SECURITY FOR THIRD-PARTY COMMITMENTS
Real estate mortgages                                            2      2

AS SECURITY FOR SUBSIDIARIES' COMMITMENTS
Guarantees                                                      16     13

TOTAL CONTINGENCIES AND PLEDGED ASSETS                          89     76


NOMINAL AMOUNTS OF DERIVATIVES

Forward exchange contracts                                     171    186
Interest rate swaps                                             16     16
Forward interest rate agreements                                       60
Electricity forward agreements                                   2      1

MARKET VALUE VS. NOMINAL AMOUNTS OF DERIVATIVES

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

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


RELATED PARTY TRANSACTIONS

The dividend from Wärtsilä EUR 67.2 million is reported as Dividends from
associate in the Consolidated Statement of Cash Flows.
The dividend was received in Q2/2008.


FISKARS CORPORATION
Kari Kauniskangas

Further information:
President and CEO Kari Kauniskangas, tel. +358 9 6188 6222
CFO Teemu Kangas-Kärki, tel. +358 9 6188 6231

Fiskars is a leading global supplier of consumer products for the home,
garden and outdoors. The group has a strong portfolio of trusted
international brands including Fiskars, Iittala, Gerber, Silva, and
Buster. Associated company, Wärtsilä Corporation, is also an important
part of the group, and forms one of Fiskars' operating segments,
together with the Americas, EMEA, and Other.

Founded in 1649 and listed on NASDAQ OMX Helsinki, Fiskars is Finland's
oldest company. Fiskars recorded net sales of 697 million in 2008, and
employs some 4,100 people.

www.fiskars.fi