annual report 2009 - Fiskars Corporation

60 FISKARS Financial statements 2009
2.2 Net sales by business area
M€ 2009 2008
Home 299.9 316.8
Garden 230.9 231.2
Outdoor 128.4 145.2
Other 3.7 3.9
Total 662.9 697.0
2.3 Information about geographical areas
M€ 2009 2008
Net sales from Finland 141.6 151.5
Net sales from foreign countries 521.4 545.5
Total 662.9 697.0
Assets in Finland * ) 535.4 513.9
Assets in foreign countries * ) 157.8 145.0
Total 693.2 659.0
* ) Non-current assets other than financial instruments, deferred
tax assets and post-employment benefit assets.
3. Non-recurring and Restructuring Costs
2009
Fiskars has continued restructuring measures to improve the
profitability of the business in 2009. However, there were no material
restructuring costs in 2009. The restructuring provisions recorded
in 2008 were utilized according to the plan. Other non-recurring
costs recorded in 2009 amounted to €0.5 million.
2008
In 2008 the restructuring costs totaled €31.8 million. The restructuring
costs recorded in cost of goods sold amounted to €13.7
million, whereof €12.6 million resulted from the change in the inventory
valuation policy. The rest of the restructuring costs was
recorded in sales and marketing, administration and other operating
expenses. Other non-recurring costs recorded in 2008
amounted to €3.1 million.
4. Acquisitions and Divestments
2009
• Acquisition of Silva Far East
Fiskars acquired a 30% minority share of Silva Far East Ltd in
June 2009. The holding was acquired from Kasinda Holding
Limited for €0.2 million. After the minority share acquisition, the
manufacturing company in China became a wholly owned subsidiary
of Silva Sweden AB.
Brunton’s net sales in 2009 were €8.8 million, the operating
loss was €2.1 million and the cash flow from operations was
€0.4 million.
The portion of the disposal consideration that is cash and cash
equivalents is reported in the Consolidated Statement of Cash
Flows on line "Cash flow from other investments".
• Divestment of craft consumables
Fiskars divested its craft consumables product lines and the related
brands Heidi Grace and Cloud9 to Colorbök, Inc in the U.S.
in July 2009. Net sales of the business for January–June 2009
amounted to €2.4 million.
2008
• Acquisition of Iittala Group's minority share
Fiskars acquired a 2.3% minority share of Iittala Group on June
30, 2008. Purchase price of the minority share was €3.1 million
and was paid fully in cash. The price of the purchase has been
allocated to assets, liabilities and contingent liabilities already
at the 2007 acquisition. After minority share acquisition Fiskars
owns all shares of Iittala Group.
5. Notes to the Income Statement
5.1 Other operating income
M€ 2009 2008
Net gain on disposal of fixed assets 0.4
Rental income 0.4 0.4
Other 1.4 2.0
Total 1.8 2.9
5.2 Total expenses by nature
M€ 2009 2008
Materials and supplies 334.1 300.7
Change in inventory 40.7 13.0
Employee benefits 165.3 186.8
Depreciation and amortization 28.1 32.9
External services 25.7 21.4
Other 31.4 139.1
Total 625.2 693.9
5.3 Other operating expenses
M€ 2009 2008
Impairment of property,
plant and equipment 1.2 5.6
Other 0.7 12.2
Total 1.9 17.8
• Divestment of Brunton
Fiskars sold the Brunton business in Wyoming, USA in December
2009 to Fenix Outdoor AB (publ) of Sweden. The transaction
did not have a material impact on Fiskars’ net sales or operating
profit 2009. Brunton was reported as a part of Fiskars’ Outdoor
business.