Annual Report 2002 - Fiskars Corporation

Annual Report 2002

2002ANNUAL REPORT3 Information to Shareholders4 President’s Review6 Board of Directors and Auditor7 Corporate Management8 Fiskars Brands12 Inha Works14 Real Estate16 Long-term Investments17 Financial Statements 200248 Addresses

2Awarded productsHEDGE SHEARiF Design Award 2002Silver AwardIndustrial Forum DesignGermanyRed Dot Award 2002Design Zentrum Nordrhein WestfalenGermanyFennia Prize 2003FinlandGRASS ANDHEDGE SHEARRed Dot Award 2002Design Zentrum Nordrhein WestfalenGermanyiF Design Award 2002Nordrhein WestfalenIndustrial Forum DesignGermanyGood Design Award 2002The Chicago AthenaeumUSAFennia Prize 2003FinlandPOWER LEVER PRUNERGARDEN AND CAMPING SAWiF Product Design Award 1999Award for Excellent DesignIndustrie Forum Design HannoverGermanyGood Design Award 1999The Chicago AthenaeumUSADesign Innovations 1999Red Dot for High Design QualityDesign Zentrum Nordrhein WestfalenGermanyBaden-Württemberg InternationalDesign Award 2002 in SilverDesign Center StuttgartGermanyRed Dot Award 2002Design Zentrum Nordrhein WestfalenGermanyiF Design Award 2002Silver AwardInternational Forum DesignGermanyGood Design Award 2002The Chicago AthenaeumUSAFennia Prize 2003Finland

4President’s ReviewBertelLangenskiöldFiskars is strongand flexibleThe current structure of the companysupports profitable operations both inthe currently prevailing and the varyingfuture conditions.Fiskars Corporation’s cash flow continued to be strong during2002, strengthening the corporate balance sheet andimproving the equity ratio. The measures introduced earlierto adapt operations to the market situation, and focusingon improvement of profitability and cash flow have beensuccessful choices under prevailing circumstances. TodayFiskars has a strong balance sheet; its equity ratio exceeds50 per cent, and the amount of interest-bearing liabilitieshas decreased to 65 per cent of equity. The strong balancesheet gives the company more operating room and betterpossibilities for growth through acquisitions.Fiskars’ sales in the United States remained largelyunchanged from the previous year, although closer focus onprofitability also meant streamlining the product portfolio.In this challenging business environment where the indus-

PRESIDENT’ S REVIEW5trial production levels remained low and consumer confidence,which is critical for economy, declined, Fiskars’ businessactivities developed satisfactorily. The value of theUS dollar began sliding in late spring and by the year-end itwas nearly 20 per cent weaker than in the early part of theyear. This is eroding American consumers’ buying powerbut will in the long run improve Fiskars’ competitiveness,because a significant part of its production is in the UnitedStates. In 2002, however, the impact of the weaker dollarrate was mainly seen as a decrease in euro denominatednet sales.The European markets were stable and sales volumeslargely remained on the level of previous years. It appearsthat the retail sector is rapidly consolidating, and the purchaseorganizations of international retail chains enteringthe European market operate in an increasingly centralizedway. This means higher requirements on suppliers especiallywith regard to shipping volumes and on-time delivery.I believe that our long expertise as a reliable supplier toleading retail organizations will ensure our good competitiveposition when facing these challenges.During the year, Fiskars Brands, Inc. focused on its coreoperations and development of its infrastructure. The introductionof an extensive resource planning system, whichwill ensure the control and follow-up of the future growthand profitability, continues in the US operations. Marketingand customer service received special attention. An extensivebranding study, with consumer focus groups in severalmarkets, was conducted in order to better understand customersand their expectations on Fiskars and its products.The information from this study will be utilized in FiskarsBrands’ strategic planning.The efficiency improvement measures have continued.In the USA production has been consolidated and productrationalization is well under way. In Europe focus has mainlybeen on the UK and Germany. The factory at Bridgend,Wales, was closed down, and in Germany operations wereconsolidated. The discontinued product lines have beenreplaced by other Fiskars products or partly by products fromAsian sub-suppliers.For Inha Works, the year was satisfactory. The demandfor boats saw a moderate growth, and particularly thebiggest Buster models were enthusiastically received in themarketplace. Hinge sales remained unchanged from the previousyear, in spite of the recession in the building sector.Growing export activity and Fiskars patent-protected hingemodels strengthen our position as the leading hinge supplierto the Nordic market.Fiskars real estate assets were managed according tosuccessful long-term plans. Construction of a small hotelin Fiskars Village started in the fall in order to increasethe round-the-year utilization of the facilities availablein the area.Like in previous years, Fiskars’ long-term investmentsmainly consist of the holding in Wärtsilä Corporation, aswell as of placements in several international investmentfunds. These investments continued to yield good returns.Corporate governance has been a current topic throughoutthe world in 2002. Fiskars as a Group and Fiskars Brandshave since long followed the today generally recommendedprinciples of good governance.Although at this writing, the future outlook is veryuncertain I am confident that Fiskars today is a strongand flexible company, capable of responding to the futurechallenges even in highly varying operating conditions.I wish to thank our customers, cooperation partners,personnel and shareholders for the past year.Helsinki, February 2003

8Fiskars BrandsFiskars’ biggest industrial operations consist of consumerproducts organized under a subsidiary called Fiskars Brands,Inc. Fiskars Brands is a global manufacturer of brandedconsumer products serving the needs of volume purchasersworldwide. Headquartered in Madison, Wisconsin, FiskarsBrands is organized in three distinct product categories– School, Office and Craft; Garden; and Leisure products. Theextensive variety of Fiskars branded consumer products aresold worldwide under recognized brand names.Fiskars has for centuries been at the forefront of innovationand engineering, creating award-winning products thatdelight consumers with elegant solutions. Regular advancesin technology, innovation and design, ergonomic and functionalenhancements, line extensions and cost improvementsare some of the ways Fiskars Brands continues to increasecustomer satisfaction and brand loyalty.In today’s global marketplace, Fiskars Brands’ multinationalexperience, global marketing and distribution capabilitiesare a key strategic advantage. With 4000 employees inover 20 countries on three continents, Fiskars Brands maintainsdedicated manufacturing, sales and distribution facilitieson a global basis focusing on specific countries andbranded product lines. Fiskars Brands products are marketedand distributed in North and Central America, Europe andthe Asian Pacific markets. The products, which are manufacturedprimarily in the United States, Finland, UK, Germany,Italy, Norway, Sweden, Poland and Russia are distributedprimarily through nationally and internationally knownretailers.Fiskars continues to focus on development of innovativeconsumer solutions. Globally renowned strengths in branding,customer services, product development and internationalmanufacturing and distribution make Fiskars Brandsone of the leading manufacturers and marketers in theworld.NET SALES BY PRODUCT CATEGORYSchool, Office and Craft 47%Garden 43%Leisure 10%NET SALES BY MARKET AREANorth America 68%Other Europe 18%William J.DentonKEY INDICATORS M€ 2002 2001Net sales 693 731Share of total net sales 96% 96%Operating profit 27 11Personnel 3 899 4 247Scandinavia 8%Finland 3%Other 3%

FISKARS BRANDS9Honest design“Appearance should tell simplyand honestly what an objectis used for, and stress itsquality, functionality, safetyand comfort.”– Olavi Lindén

10FISKARS BRANDSNET SALES OF CONSUMER PRODUCTS 1993–2002M€SCHOOL, OFFICE AND CRAFTFiskars School, Office and Craft is a worldwide leader in cuttingproducts, committed to developing innovative awardwinningproducts for people of all ages. The Group has operationsin the United States, Finland, Mexico and Italy.Fiskars is a household name, long embraced by peoplewho value craftsmanship. Year after year, in schools acrossthe US, teachers specify FISKARS for Kids scissors on theirschool supply lists and download lesson plans from Fiskars

FISKARS BRANDS11website (teachers.fiskars.com). Also included in this Groupare the Power Sentry and Newpoint lines of products thatprotect electronic appliances from unexpected power surges.The extensive housewares offerings include a wide variety ofEuropean made premium cutlery, kitchen aids and otherhome consumer products, which were this year introduced toUS markets.GARDENA global manufacturer and marketer of consumer productsfor lawn and garden activities, the Group maintains operationsin the USA, Finland, UK, Denmark, Germany, Sweden,Norway, Poland and Russia.Based on continued success in the development ofunique innovative products, Fiskars has become the numberone global manufacturer of branded consumer garden products.For years, Fiskars has led the way in developing toolsto help reduce the effort, fatigue and strain associated withgardening. Ergonomic tools are designed for gardeners whowant to pursue their passion with lightweight, high-qualitytools.The Garden Products Group is perhaps best known for itsinnovative award-winning cutting and trimming tools.Fiskars chief designer Olavi Lindén with his team hasreceived many significant awards. In 2002 he was awardedThe Finnish State Prize for Crafts and Design.The offering is complemented by the line of environmentallyfriendly rubber mats from industry pioneer andleader, Royal Floor Mats. Other products include soakerhoses, drip watering systems, landscaping accessories,lightweight pottery for indoor and outdoor plants, andSyroco outdoor resin furniture.LEISUREThe Leisure Group produces tools for hunting, fishing, bikingand camping, as well as professional tools for police, fire,rescue and military applications, with production mainly inthe United States and Finland, and distribution to globalmarkets through Fiskars Brands’ marketing and distributionnetwork.The premium leisure brand is Gerber Legendary Blades,renowned for designing essential gear for outdoor enthusiastsaround the globe. The functionality and reliability ofGerber products is guaranteed even in the most exactingconditions. The best-known products are the multi-tools andaward-winning sporting knife designs. The multibrand/multi-productline strategy portfolio allows Gerber todifferentiate products and effectively respond to specificcustomer and marketplace needs. Other products in theportfolio are the Multi-Pliers multipurpose tools, sportingknives, camping axes, saws, spades and other essentialoutdoor gear that together form the comprehensive Gerberproduct line.

12Inha WorksVesaKoivulaInha Works manufactures Buster aluminum boats, hinges tothe door and window industry, special-purpose radiators andrail fasteners. The principal markets are Finland, otherNordic countries and Eastern Europe.The production enhancements and investments implementedduring the previous year were taken into use in2002. This was particularly challenging for the operationsand caused some delays in production.Moderate demand for motorboats continued in the mainmarket areas Finland and Scandinavia. Sales picked uptowards the end of the year in all markets and reached ahigher volume than the year before. Growth was relativelystrongest in Russia and Germany.The Buster range includes seven basic models that providesolutions for leisure boating and professional applications.The new Magnum Buster, introduced in 2001, gainedwide popularity and its sales exceeded all expectations.Inha Works continues its energetic product development andquality improvement program, consolidating the position ofBuster boats as the European market leader.Recession in the domestic construction industry prevailed,and sales of hinges remained flat on the previousyear. The strong export activity slowed down, althoughexports to Estonia, Russia and Poland grew significantly. Therefining level of hinges is being further improved as a resultof product development cooperation with customers.Patented models are growing in importance as competitionfrom countries of low production costs increases. Extensiveexports and patented proprietary hinge brands, togetherwith production rationalization have strengthened our positionas the leading Nordic supplier of hinges.The Formaterm radiator range has been renewed andcontinues to offer practical concepts for heating and dryingof humid rooms. Thanks to their modern design they areideal for demanding interiors.Rail fasteners, which represent the traditional steel processingexpertise of Inha Works, are sold to the Nordic railwaysunder long-term supply agreements.KEY INDICATORS M€ 2002 2001Net sales 23 22- of which outside Finland 43% 41%Share of total net sales 3% 3%Operating profit 2 3Personnel 198 190NET SALES BY MARKET AREAFinland 57%Scandinavia 32%Other 11%

INHA WORKS13Designing for successThe functionality and designof a product alone are nota guarantee of success. Thechoice of materials and themanufacturing technologyare also part of the design.

14Real Estate GroupFiskars Real Estate operations consist of the management of15,000 hectares of real estate properties and related services.The land holdings situated in the Southwest of Finlandrepresent a considerable corporate asset and include morethan 100 lakes and 250 km of shoreline.Most of the land holdings, 11,000 hectares, are in andaround the old Fiskars Village. Traditional forestry andfarming are carried out in this area according to long-termplans, and the forests are harvested in accordance withforest management plans to maintain a balance betweenregeneration and demand based on long-term contracts withexternal parties. An interesting specialty that has emergedin recent years are the deliveries of quality wood forinstance to the furniture industry. The raw material ismainly harvested in the company’s own forests and supplementedby purchases from other sources.The revenues from the real estate operations are partlyused to maintain the historically valuable buildings atFiskars Village and improve the surrounding landscape.The objective is to continue developing the Fiskars region asan attractive place to work and live in and to offer touristsan interesting opportunity to visit this more than 350 yearsold, historically unique and still living industrial community.More than 100,000 people visit Fiskars Village yearly.A new hotel with eleven high-class double rooms currentlybeing built in connection with the Fiskars Inn andscheduled for completion in May 2003 will satisfy demandfor accommodation that has been clearly increasing inrecent years. Especially for FiskarsForum that supplies meetingand conference services, the new hotel is a welcomeaddition.The remaining 4,000 hectares of land holdings of Fiskarsare located on the Hanko peninsula. The real estate companyFerraria has prepared a partial general plan for the areatogether with the neighboring municipalities with theobjective of creating the conditions necessary for futuredevelopment.HankoIngmarLindbergFiskarsPohjaTammisaariKarjaaHelsinki85 km

REAL ESTATE GROUP15Creativity is deeplyrooted in lifeAlready more than 350 years ofideas, innovation, growth andresults – also in forestry and farming.Fiskars continues to keep its roots alive.

16Long-term InvestmentsW Ä RTSILÄWärtsilä is the leading global supplier and a major providerof marine propulsion equipment and decentralized powergeneration systems and supporting services. The Group alsooperates Imatra Steel, a Nordic engineering steel company,and manages substantial assets that support the developmentof the core business.Wärtsilä’s consolidated net sales in 2002 amounted toEUR 2.5 billion, and the Group has 12,500 employees.Fiskars holds 4.1 million Wärtsilä A-shares and 6.3 millionB-shares, in total 17.5% of Wärtsilä Corporation’s sharecapital. With A-shares carrying 10 votes and B-shares onevote each, Fiskars holds 23.9% of the total votes. Fiskars isWärtsilä’s biggest single shareholder.The two companies have no significant mutual traderelations or other common business operations.www.wartsila.comFUNDSThe EQT Equity Funds were established in 1994; their totalassets exceed EUR 3 billion, and investments have beenmade in more than 20 companies. Today EQT ranks amongthe leading top-rated private capital investment funds inNorthern Europe, with offices in Stockholm, Helsinki,Copenhagen and Munich.Fiskars’ investments since 1994 in the various EQT fundstotal approximately EUR 20 million and have yielded goodreturns.www.eqt.seFiskars has also other long-term holdings of approximatelyEUR 7 million in the New York based AEA Fund andin listed securities.

172002FINANCIALSTATEMENTS18 Report by the Board of Directors22 Consolidated Income Statement23 Consolidated Balance Sheet24 Consolidated Statement of Cash Flows25 Statement of Changes in Consolidated Equity26 General Accounting Principles27 Notes to the Financial Statements40 Five Years in Figures41 Information on Fiskars Shares42 Other Information on Shares and Shareholders44 Parent Company Income Statement and Balance Sheet45 Parent Company Statement of Cash Flows46 Proposal by the Board of Directorsto the Annual General Meeting47 Auditors’ Report

18Report by the Board of DirectorsBoth in the United States and Europe the market situationwas strained in the consumer products sector. Corporate netsales declined by 5% from the previous year and totaledEUR 725 million (762). Most of the sales decrease wasattributable to the weakening dollar against the euro.Operating profit from the corporation’s industrial operationsimproved significantly and amounted to EUR 28 million(12). Income from investments increased to EUR 59 million(51). Result after financial items was EUR 72 million (36).Profit for the year was EUR 50 million (23) and earningsper share amounted to EUR 0.90 (0.41).The Board of Directors proposes an increase of dividendto EUR 0.70 (0.31) per share of series A and EUR 0.68(0.29) per share of series K. Thus the dividend distributionwould be EUR 38.4 million (16.8).OPERATIONSFiskars Brands Inc.Net sales from consumer products, which is the Corporation’soverwhelmingly largest industrial operation, decreased by5% to EUR 693 million (731). Dollar denominated salesremained unchanged.Most of the sales of consumer products, i.e. 68% of totalnet sales, were generated in North America; Europe accountedfor 29% of the total figure.In North America, dollar denominated sales of school,office and craft products sold mainly under the FISKARSbrand increased by nearly 6%, which was a good result inthe prevailing difficult market conditions.The sales trend of leisure products, which mainly consistedof Gerber branded products, was also positive while theheterogeneous development of garden products continued.Sales of FISKARS branded hand tools grew as much as 8%supported by innovative new products and it is noteworthythat the production volume in Billnäs plant in Finland grewwith 20%. However, the garden sector’s total sales growthremained negative due to continued weak demand forvolume products such as flower pots, rubber mats, outdoorfurniture and plastics products.In the European marketplace, sales of consumer productsincreased over the previous year to EUR 214 million (206).Fiskars retained its strong position in the Nordic countriesand increased its market share. Sales in the CentralEuropean euro area and UK remained unchanged from theprevious year despite of the particularly difficult marketsituation. Growth in new areas such as Poland and Russiaexceeded 10%; however, for the time being, they representa small share of the total market.The non-recurring costs of programs aimed at improvingprofitability remained high at EUR 20 million (34). The biggestcost items relate to restructuring measures taken in theUK and Germany, where operations were closed and activitieswere focused on the strongest Fiskars Brands products.Amortization of goodwill increased to EUR 14 million (11);the figure includes an extraordinary write-down of EUR 3.2million in connection with the above-mentioned restructuringmeasures. Fiskars Brands’ operating profit was EUR 27million (11).Inha WorksInha Works’ net sales grew by 7% to EUR 23 million (22),mainly thanks to boat sales that increased both in Finlandand export markets. Especially the renewed Buster Magnumgained great popularity. Demand for hinges remained on theprevious years level.Inha Works’ operating profit was EUR 2.5 million (2.6).Result from the Real Estate Operations improved clearlyfrom the previous year and was good.NET SALESM€OPERATING PROFIT M€OPERATING PROFIT IN PERCENT OF SALESBALANCE SHEET, ASSETSM€BALANCE SHEET,LIABILITIES AND EQUITYM€Operating profit M€Operating profitin per cent of salesFinancial assetsStocksFixed assetsCurrent liabilitiesNon-current liabilitiesEquity

REPORT BY THE BOARD OF DIRECTORS19Income from Long-term Investments totaled EUR 59million (51) and mainly consisted of extra dividends fromWärtsilä.PERSONNELIn North America, the number of personnel decreased by342 and in Europe by 12. The total number of corporatepersonnel decreased by 8% from the previous year and was4,206 at the year-end (4,556).CAPITAL EXPENDITURE ANDINVESTMENT OPERATIONSInvestments in industrial operations amounted to EUR 31million (31). The most significant single capital expenditureitem was the resource planning system (ERP), currentlybeing installed in the United States; implementation of thesystem will continue in 2003.Investments made in capital investment funds totaledEUR 4 million (5).BALANCE SHEET; FINANCINGMeasures aimed at improving management of workingcapital continued during the year, and EUR 21 million (56)was released from working capital.Fiskars Corporation’s cash flow was good at EUR 130million (100). Thanks to the strong cash flow and weakerdollar rates, the corporation’s interest-bearing liabilitiesdecreased to EUR 266 million (400).The balance sheet total decreased by 13%; the decreasein working capital was attributable to the positive cash flowand the weaker dollar rates. Fixed assets, expressed ineuros, decreased correspondingly. Like in previous years,long-term investments in fixed assets, mainly Wärtsiläshares, are shown at cost.Solvency was good, and the corporation had significantunused available credit limits as well as liquid assets totalingEUR 20 million.Finance net decreased considerably, thanks to loweraverage interest rates and a significantly lower amount ofinterest-bearing capital, and totaled EUR 15 million (28).Gearing improved to 57% (96). Equity ratio increased to53% (44) of the balance sheet total.MANAGEMENTIn January, Fiskars Corporation’s President and CEO, Mr. BertelLangenskiöld, announced his resignation in order to join anothercompany during the spring of 2003. Mr. Vesa Koivula, InhaWorks’ President, will join another company in May 2003.Fiskars Brands’ Management Team led by CEO Mr. WilliamJ. Denton has during the year successfully restructured thebusiness and the organization of the consumer productsoperations.CORPORATE GOVERNANCEResponsibilities of the Board of DirectorsThe duties and responsibilities of the Board of Directorsare governed by the Finnish Companies Act and the Corporation’sArticles of Association. The Board of Directors isresponsible for the corporate administration and properorganization of the affairs of the corporation. The Boardalso appoints the President and a sufficient number of othermanagers and determines their remuneration.The Board of Directors convened eleven times during 2002.Composition of the Board of DirectorsThe Board of Directors comprised six ordinary members andtwo deputy members. None of the ordinary or deputy membersare employed in the company.CAPITAL EXPENDITUREM€EQUITY RATIO%EARNINGS PER SHARDIVIDEND PER SHARE€AcquisitionsOther capital expenditureEarnings per shareDividend per share

20REPORT BY THE BOARD OF DIRECTORSRemuneration of the Board membersThe Annual General Meeting determines the remuneration ofthe Board of Directors. The fees paid to the Board Chairmanin 2002 totaled EUR 45,420 and the fees paid to the ViceChairman EUR 34,065; fees of ordinary members were EUR22,710 and those of deputy members EUR 11,355 during theyear. In addition, Board members and deputy members arepaid an attendance fee of EUR 510 per meeting, and receivecompensation for their travel expenses and other expensesincurred due to their activities in the interest of the company.Board committeesThe Board of Directors has appointed three committeesamong its members: Audit Committee, CompensationCommittee and Planning Committee.1. The Audit Committee supervises and controls corporateincome reporting and auditing. The members ofthe Audit Committee were Mr. Göran J. Ehrnrooth,Mr. Thomas Tallberg, Mr. Gustaf Gripenberg andMr. Paul Ehrnrooth.2. The Compensation Committee prepares mattersconnected with corporate remuneration and awardsystems. Its members were Mr. Göran J. Ehrnrooth,Mr. Mikael von Frenckell and Mr. Olli Riikkala.3. The Planning Committee prepares matters associatedwith the future operations and strategy of the corporation.Its members were Mr. Göran J. Ehrnrooth,Mr. Mikael von Frenckell and Mr. Robert G. Ehrnrooth.Insiders of the corporationFiskars has been applied the insider regulations approved bythe Helsinki Exchanges since 1 January 2000. On the basisof the Finnish Securities Markets Act, the permanent insidersinclude the Board members, the corporate President andCEO, Executive Vice President and the auditors. In addition,the extended insiders include the Vice President, CorporateControl; the Vice President, Corporate Finance; the VicePresident, Legal Councel; the Vice President, CorporateCommunications; the members of the Board of FiskarsBrands, Inc., The President and SEO of Fiskars Brands, Inc.and the members of the Corporate Board of Management.Fiskars maintains a list of its insiders in the SIRE system ofthe Finnish Central Securities Depository Ltd.AuditThe corporate auditor is KPMG Wideri Oy Ab, Corporation ofAuthorized Public Accountants, with Mr. Sixten Nyman, APA,as auditor with main responsibility. Fiskars Brands, Inc.’sauditor is PriceWaterhouseCoopers, with Mr. DouglasC. Calvin as auditor with main responsibility.ANNUAL GENERAL MEETING 2002Fiskars Corporation’s Annual General Meeting held on14 March 2002 decided to distribute a dividend of EUR 0.31per share of series A and EUR 0.29 per share of series K,in total EUR 16.8 million.The resigning Board members Mr. Robert G. Ehrnroothand Mr. Mikael von Frenckell were reelected for a term expiringin 2005. Board members Mr. Stig Stendahl and Mr. JuhaToivola announced their desire to resign as Board members.Mr. Olli Riikkala was elected as a new member for a termexpiring in 2004.KPMG Wideri Oy Ab was reelected auditor of the corporation.The Board of Directors was granted authorization topurchase and convey not more than 1,962,303 A-sharesand not more than 805,918 K-shares of the corporation.The previous corresponding authorizations were canceled.The granted authorization has not been used.SHARE PRICESThe price of Fiskars A-share at the year-end was EUR 7.80(8.50) and the price of K-share EUR 8.10 (8.00). The marketvalue of Fiskars shares decreased by 5.6% from the previousyear and was EUR 436.7 million (462.5).A total number of 3.9 million A-shares and 1.3 millionK-shares were traded for a total value of EUR 45 million(10) during the year. This represented 9.5% of the entireshare capital (2.4).OUTLOOKThe profitability improvement measures implemented in thecorporation in recent years will enhance the possibilities toimprove operating profit also this year. In the uncertainmarket situation the efforts continue to be focused on profitability.Net sales is expected to be lower than in 2002 dueto the weakening of the US dollar. The global uncertanitymakes it difficult to estimate the result reliably.Significant income from investments is anticipated alsothis year in the form of extra dividends from Wärtsilä.The financial structure of the corporation will remainstable.

21Net sales by business area1.1.–31.12.2002M€ %1.1.–31.12.2001 changeM€ % 02/01%Fiskars BrandsInha WorksIndustry totalCorporate operations, real estate, otherEliminationsCorporate total693 9623 3717 9912 2–3725 100731 96 –522 3 7753 99 –512 2–3762 100 –5Result by business segmentM€ %changeM€ % 02/01%Fiskars BrandsInha WorksIndustry totalCorporate operations, real estate, otherOperating profitIncome from non-current investmentsConsolidated segmental result27.3 312.5 329.8 34–1.9 –227.9 3259.0 6886.9 10011.0 17 1482.6 4 –413.6 22 119–1.5 –212.1 19 13051.1 81 1663.2 100 37Net sales by market areaM€ %changeM€ % 02/01%FinlandScandinaviaOther EuropeNorth AmericaOtherCorporate total37 563 9130 18473 6523 3725 10036 5 262 8 1132 17 –1508 67 –723 3 –2762 100 –5Export from Finland51 740 5 27Personnel by geographical areaDec. 31, 2002%Dec. 31, 2001 change% 02/01%FinlandScandinaviaOther EuropeNorth AmericaOtherCorporate total908 22190 5730 172 330 5548 14 206 100825 18 10207 5 –8808 18 –102 672 59 –1344 1 94 556 100 –8

22Consolidated Income Statement2002 2001M€ M€Net salesCost of salesGross profit725.5 100.0%–501.5224.0 30.9%762.3 100.0%–538.1224.2 29.4%Sales and marketing expensesAdministration expensesOther operating incomeOther operating expensesRestructuring expensesOperating profit–98.8–61.83.0–19.1–19.527.9 3.8%–109.6–54.94.3–18.2–33.612.1 1.6%Income from participating interestsFinancial income and expenses (6)Profit before taxes0.044.272.1 9.9%0.023.635.7 4.7%Income taxes (8)–22.5–13.1Profit for the financial year49.6 6.8%22.6 3.0%

Consolidated Balance Sheet23Dec. 31, 2002 Dec. 31, 2001M€ M€ASSETSFixed assets and other non-current investmentsIntangible assets (9)Goodwill (10)Tangible assets (11)Investments (13)Stocks and financial assetsStocks (14)Non-current debtors (15)Deferred tax assets (16)Current debtors (17)Cash in hand and at bank1.0102.2176.9211.4491.5 60.7%160.21.424.1112.619.5317.8 39.3%1.4133.8199.8208.7543.7 58.5%214.30.733.1127.39.5385.0 41.5%809.3 100.0%928.7 100.0%LIABILITIESCapital and reserves (19)Share capitalShare premium accountRevaluation reserveOther reservesRetained earningsProfit for the financial year55.421.33.90.7298.249.6429.0 53.0%55.421.33.94.8298.822.6406.8 43.8%Provisions (21)5.5 0.7%3.8 0.4%CreditorsDeferred tax liabilities (22)Non-current creditors (23)Current creditors (24)14.7168.8191.3374.8 46.3%19.1255.3243.6518.0 55.8%809.3 100.0%928.7 100.0%

24Consolidated Statement of Cash Flows2002 2001M€ M€Cash flows from operating activitiesNet profit before taxation72.135.7DepreciationReversal of itemsrecorded on an accrual basis (32)42.8–30.242.1–22.3Cash generated before working capital changes84.755.5Change in current receivablesChange in stocksChange in current non-interest bearing debt5.321.48.012.556.3–16.6Cash generated from operations119.5107.7Financial income items receivedDividends receivedFinancial expense items paidTaxes paid0.641.6–19.6–12.02.126.5–34.8–1.6Net cash flow from operating activities130.099.9Cash flows from investing activitiesInvestmentsPurchase of tangible and intangible assetsProceeds from disposal of investmentsProceeds from sale of equipment–4.2–31.00.94.7–8.3–31.467.22.5Net cash flow from investments–29.630.1Cash flow after investments100.4130.0Cash flows from financing activitiesChange in non-current debtChange in current interest bearing debtChange in non-current receivablesDividends paid–9.4–63.60.2–16.8–134.019.51.5–16.8Net cash flows from financing activitiesChange in cash–89.610.9–129.90.1Cash at beginning of yearEffect of exchange rate changes9.5–0.89.30.1Cash at end of year19.59.5

Statement of Changes in Consolidated Equity25Share Share premium Revaluation Other Retained TotalM€ capital account reserve reserves earningsDec. 31, 2000 55.4 21.3 3.9 7.4 308.9 396.8Translation adjustment –2.6 6.8 4.2Transfer from revaluation reservefollowing sale of landholdings 0.0 0.0 0.0Dividends –16.8 –16.8Net profit 22.6 22.6Dec. 31, 2001 55.4 21.3 3.9 4.8 321.5 406.8Translation adjustment –4.1 –6.5 –10.6Transfer from revaluation reservefollowing sale of landholdings 0.0 0.0 0.0Dividends –16.8 –16.8Net profit 49.6 49.6Dec. 31, 2002 55.4 21.3 3.9 0.7 347.8 429.0

26General Accounting PrinciplesThe financial statements have been prepared in accordance withregulations in force in Finland. These regulations are in conformitywith the directives of the European Community.The financial information is presented in euro.The preparation of financial statements in conformity with regulationsin force and generally accepted accounting principles requiresmanagement to make estimates and assumptions that affect the valuationof assets and liabilities and reported amounts of revenuesand expenses. Actual results could differ from those estimates.Scope of the Consolidated Financial Statements The consolidatedfinancial statements include the accounts of all companies whereFiskars directly or indirectly holds more than 50% of the votes.Acquired or established subsidiaries and investments in participatinginterests are included in the consolidated financial statements fromthe date of acquisition or establishment to the date of divestment.Intercompany transactions, dividends, receivables and liabilitiesas well as unrealized intercompany profits have been eliminated.The purchase method of accounting is used in elimination ofintercompany shareholdings. Tax liability on the acquired company’suntaxed reserves is included in deferred tax liabilities. The remainderis included in shareholders’ equity. Where appropriate, the excess ofacquisition cost over the value of acquired net assets is allocated tovarious balance sheet items. The residual is accounted for as goodwilland amortized over ten to twenty years. The amortization periodis dependent on estimates concerning the useful economic life ofacquired brands.Investments in participating interests (20%–50% of votes, morethan 20% of shares) are included in the financial statements byapplying the equity method of accounting. A proportional share ofnet income is included in financial items. Goodwill is amortized andany unrealized internal profit is eliminated. In the balance sheet theinvestment is valued at cost adjusted for the corporation’s share ofnet assets accumulated after the date of acquisition.Investments in other companies are stated in the balance sheetat cost or at net realizable value.Transactions in foreign currencies Foreign currency denominatedincome statements are translated into euro at the average exchangerate for the financial period. Balance sheets are translated at theend of period exchange rate. Consequently, net income according tothe income statement will differ from net income according to thebalance sheet. The difference is included in retained earnings.Currency translation adjustments on foreign subsidiaries’ openingretained earnings are included in consolidated retained earnings.Currency translation adjustments on other reserves are included inconsolidated other reserves. Transactions in foreign currencies arerecorded at the rates of exchange ruling at the date of the transaction.Unsettled balances in foreign currencies are translated at therates prevailing on the balance sheet date, except for advance paymentsreceived or paid which are translated at the exchange rateson the payment date. Open hedging instruments pertaining to foreigncurrency items are valued at the market value, including interestcomponents. Both realized and unrealized exchange gains andlosses have been included in the financial items in the incomestatement.Net sales Net sales is defined as invoiced amount less indirecttaxes, rebates and exchange rate adjustments on foreign currencydenominated sales.Research and development costs Research and development costsare expensed when incurred.Retirement benefit plans In the consolidated accounts the retirementbenefit plans have been accounted for in accordance with IAS.The retirement plans for the Finnish companies’ employees arefunded through payments to independent insurance companies.A small part of already retired employees receives their benefitsfrom a trustee-administered fund. Any change in the deficit in thetrustee-administered fund is included in net income of the parentcompany. The net deficit of the fund, which is almost fully covered,is taken up as a liability in the balance sheet.Extraordinary income and expense Income and expense of significantsize and not a part of continuing operations, e.g. sale or discontinuationof a separate line of business, are taken up as extraordinaryitems, net of tax.Fixed assets and other long-term investments Fixed assets arestated at cost less accumulated depreciation according to plan.Certain land holdings have been revalued.Revaluations are based on market values. If the market values fallbelow book value, the revaluation is reversed correspondingly.Fixed assets are depreciated and amortized over their expecteduseful lives. Typically, the following expected useful lives areapplied:• goodwill10–20 years• other long-term expense3–10 years• buildings25–40 years• vehicles4 years• machinery and equipment3–10 yearsRevaluation amounts of land and water holdings are not depreciated.Gains and losses on disposal of fixed assets are included in operatingprofit.Inventories and financial assets Inventories are stated at thelower of cost or net realizable value. Cost includes both direct andindirect costs. Cost is determined on a first-in-first-out (FIFO) basis.Net realizable value is the amount that can be realized from the saleof the asset less any related sales cost.Leasing Operating leases are expensed. Objects leased under financiallease agreements are recorded as assets, and the correspondingliability is recorded as debt.Provisions Provisions consist of reserves for future costs to whichthe corporation has committed itself or of losses that are deemedprobable and do not generate a corresponding income.Appropriations Appropriations in the parent company balance sheetconsist of untaxed reserves and depreciation in excess of plan. Inthe consolidated balance sheet appropriations are taken up as equityand deferred tax liability. The change in appropriations is split intonet income and increase or decrease in deferred tax cost.Income taxes Income taxes consist of the aggregate current taxexpense in the group companies, prior year taxes and deferred taxes.Taxes related to extraordinary items are shown in connection withthese items.Deferred tax assets and liabilities are calculated at the current taxrate or, if a future tax rate has been announced, at that announcedtax rate. Deferred tax liabilities are recognized in full whereasdeferred tax assets are recognized only to the extent it is consideredprobable that the tax asset will realize future tax savings.Dividends The dividend proposed by the Board of Directors has notbeen included as liability in the financial statements. Dividends tobe paid are taken up as a liability following the decision of theAnnual General Meeting.

Notes to the Financial Statements27CONSOLIDATED PARENT COMPANY2002 2001 2002 2001M€ M€ M€ M€Income statement (foreign currency denominated income statements translated at average rate of exchange)1. Personnel costsWages and salaries, for time workedPension costsOther personnel costsTotal108.610.031.7150.3134.010.132.5176.72.50.40.63.52.30.40.63.32. Wages and salaries paidSalaries to managing directors and boardsWages and salaries to other personnelTotal3.6118.5122.13.9134.3138.20.52.22.70.52.12.63. Average number of employeesFinlandScandinaviaOther EuropeNorth AmericaOtherTotal8461937512 260454 0957942348382 584394 489474750504. Number of employees, end-of-periodWorkersSalariedTotal2 9321 2744 2063 2021 3544 5561031411141525. Depreciation and amortization according to plan by function (at average rate of exchange)Manufacturing and procurement24.9Sales and marketing0.9Administration3.3Other operating expenses (intangible assets and goodwill)13.8Total42.826.81.12.811.442.11.00.21.21.00.20.01.2

28NOTES TO THE FINANCIAL STATEMENTSCONSOLIDATED PARENT COMPANY2002 2001 2002 2001M€ M€ M€ M€6. Financial income and expenseIncome from investments held as non-currents assetsDividend incomeFrom group undertakingsFrom other investmentsOther interest and financial incomeFrom group undertakingsFrom other investmentsIncome from investments held as non-current investments, total58.60.459.037.416.754.10.758.613.60.473.33.937.417.116.775.0Other interest and financial íncomeFrom group undertakingsFrom other parties1.51.17.91.326.00.5Write down of investments held as non-current assets–3.0–0.4–2.9Interest and other financial expenseTo group undertakingsTo other partiesTotal financial income and expense–16.344.2–28.623.6–0.1–14.967.2–10.3–27.760.6Net exchange gains and losses included in financial items0.90.31.00.27. Extraordinary itemsWrite down of receivables from group undertakingsLoss recorded upon dissolution of a subsidiaryTotal extraordinary income and expense0.0–18.7–18.7–0.9–0.98. Income taxesCurrent taxesChange in deferred taxIncome taxes per income statement–22.3–0.2–22.5–24.411.3–13.1–21.9–21.9–24.5–24.5

29Balance sheet, assets (currency denominated balance sheets translated at closing rate of exchange)Movements in fixed assetsCONSOLIDATED PARENT COMPANY2002 2001 2002 2001M€ M€ M€ M€9. Intangible assetsOriginal cost, Jan. 1.Currency translation adjustmentOriginal cost, at the beginning of the yearCapital expenditureDecreaseTransfersGross value, Dec. 31.14.1–0.513.60.2–0.20.113.815.90.316.10.0–2.00.014.10.70.70.10.00.80.70.70.00.00.7Accumulated amortization according to plan, Jan. 1.Currency translation adjustmentAccumulated amortization, at the beginning of the yearAmortization according to planDecreaseAccumulated amortization according to plan, Dec. 31.12.7–0.512.20.7–0.212.813.40.213.70.9–1.912.70.50.50.00.00.60.50.50.10.00.5Net book value, Dec. 31.1.01.40.20.210. GoodwillOriginal cost, Jan. 1.Currency translation adjustmentOriginal cost, at the beginning of the yearCapital expenditureTransfersGross value, Dec. 31.188.3–27.2161.10.3161.3182.84.2187.01.4188.3Accumulated amortization according to plan, Jan. 1.Currency translation adjustmentAccumulated amortization, at the beginning of the yearAmortization according to planTransfersAccumulated amortization according to plan, Dec. 31.54.4–8.046.412.30.459.046.5–2.743.810.754.4Net book value, Dec. 31.102.2133.811. Tangible assets11.1 Land and waterOriginal cost, Jan. 1.Revaluation, Jan. 1.Currency translation adjustmentOriginal cost, at the beginning of the yearCapital expenditureTransfers16.99.9–0.626.20.0–0.416.69.90.226.80.00.04.49.914.40.00.04.49.914.40.00.0Book value, Dec. 31.25.926.914.414.4

30NOTES TO THE FINANCIAL STATEMENTSCONSOLIDATED PARENT COMPANY2002 2001 2002 2001M€ M€ M€ M€11.2 BuildingsOriginal cost, Jan. 1.Currency translation adjustmentOriginal cost, at the beginning of the yearCapital expenditureDecreaseTransfersGross value, Dec. 31.92.4–7.085.42.0–3.50.984.881.11.983.17.9–0.51.992.423.923.90.7–0.124.523.223.20.623.9Accumulated depreciation according to plan, Jan. 1.Currency translation adjustmentAccumulated depreciation, at the beginning of the yearDepreciation according to planDecreaseTransfersAccumulated depreciation according to plan, Dec. 31.27.1–1.325.83.5–0.60.729.423.70.424.13.6–0.4–0.227.110.310.30.80.011.19.59.50.810.3Net book value, Dec. 31.55.565.313.413.511.3 Machinery and equipmentOriginal cost, Jan. 1.Currency translation adjustmentOriginal cost, at the beginning of the yearCapital expenditureDecreaseTransfersGross value, Dec. 31.257.2–29.3227.928.4–10.9–2.0243.4233.911.1245.022.7–7.2–3.3257.24.24.20.5–0.24.54.04.00.3–0.14.2Accumulated depreciation according to plan, Jan. 1.Currency translation adjustmentAccumulated depreciation, at the beginning of the yearDepreciation according to planDecreaseTransfersAccumulated depreciation according to plan, Dec. 31.149.6–15.9133.723.3–7.0–2.1147.8123.76.3130.026.5–5.7–1.2149.62.62.60.3–0.22.72.32.30.30.02.6Net book value, Dec. 31.95.6107.61.81.7

31CONSOLIDATED PARENT COMPANY2002 2001 2002 2001M€ M€ M€ M€11.4 Total tangible assetsOriginal cost, Jan. 1.Revaluation, Jan. 1.Currency translation adjustmentOriginal cost, at the beginning of the yearCapital expenditureDecreaseTransfersGross value, Dec. 31.366.49.9–36.9339.430.4–14.8–1.1354.0331.79.913.2354.830.7–7.7–1.4376.432.59.942.51.1–0.343.431.79.941.61.0–0.10.042.5Accumulated depreciation according to plan, Jan. 1.Currency translation adjustmentAccumulated depreciation, at the beginning of the yearDepreciation according to planDecreaseTransfersAccumulated depreciation according to plan, Dec. 31.176.7–17.2159.426.7–7.6–1.4177.2147.46.7154.130.1–6.1–1.4176.712.912.91.1–0.213.811.811.81.10.00.012.9Net book value, Dec. 31.176.9199.829.629.612. Net book value of production machinery and equipment Dec. 31.58.278.813. Investments13.1 Holdings in group undertakingsOriginal cost, Jan. 1.Capital expenditureDecrease61.620.265.70.0–4.1Book value, Dec. 31.81.761.613.2 Participating interestsValue Jan. 1.Write down of interestsValue Dec. 31.0.00.00.00.00.4–0.40.00.40.413.3 Other shares and similar rights of ownershipOriginal cost, Jan. 1.Capital expenditureDecreaseTransfersGross value, Dec. 31.209.44.2–0.5213.1213.93.1–45.838.2209.4208.94.2–0.5212.7213.43.1–45.838.2208.9Write downs, Jan. 1.–3.0–3.0–2.9–2.9Net book value, Dec. 31.210.1206.4209.7206.0

32NOTES TO THE FINANCIAL STATEMENTSCONSOLIDATED PARENT COMPANY2002 2001 2002 2001M€ M€ M€ M€13.4 Receivables from group undertakingsOriginal cost, Jan. 1.Exchange differenceCapital expenditureDecreaseBook value, Dec. 31.285.4–32.13.9–18.6238.6267.211.37.0285.413.5 Other receivablesOriginal cost, Jan. 1.Currency translation adjustmentOriginal cost, at the beginning of the yearIncreaseDecreaseTransfers2.3–0.41.90.1–0.739.40.339.75.1–4.3–38.20.00.00.134.934.95.1–1.8–38.2Book value, Dec. 31.1.22.30.10.013.6 Total investmentsOriginal cost, Jan. 1.Currency translation adjustmentOriginal cost, at the beginning of the yearExchange differenceCapital expenditureDecreaseTransfersGross value, Dec. 31.211.7–0.4211.34.3–1.3214.4253.30.3253.58.2–50.10.0211.7556.3556.3–32.128.4–19.1533.5581.6581.611.315.2–51.70.0556.3Write downs, Jan. 1.IncreaseWrite downs, Dec. 31.–3.0–3.0–3.0–3.0–2.9–0.4–3.3–2.9–2.9Net book value, Dec. 31.211.4208.7530.2553.414. StocksRaw materials and consumablesWork in progressFinished products / GoodsOther stocksAdvance paymentsTotal stocks, Dec. 31.30.920.9106.41.30.7160.239.530.6140.62.41.2214.30.00.00.10.00.10.115. Non-currents debtorsTrade debtorsLoan receivablesOther debtorsTotal, Dec. 31.0.11.31.40.00.30.40.70.11.11.20.20.20.4

33CONSOLIDATED PARENT COMPANY2002 2001 2002 2001M€ M€ M€ M€16. Deferred tax assetsNet operating lossesTiming differencesTotal, Dec. 31.9.614.524.110.422.733.117. Current debtorsTrade debtors, external94.2114.038.10.2Amounts owed by group undertakingsTrade debtorsLoan receivablesOther debtorsPrepayments and accrued incomeOther external debtorsLoan receivablesOther debtorsPrepayments and accrued income0.33.514.618.40.05.47.813.30.2128.824.58.4161.90.00.20.60.80.3248.833.05.5287.60.00.20.40.6Total, Dec. 31.112.6127.3200.8288.418. Prepayments and accrued incomePrepaid and accrued interestPrepaid income taxOther prepayments and accrualsTotal, Dec. 31.0.15.09.514.60.10.96.87.80.10.20.30.60.10.30.4

34NOTES TO THE FINANCIAL STATEMENTSCONSOLIDATED PARENT COMPANY2002 2001 2002 2001M€ M€ M€ M€Balance sheet, liabilities19. Capital and reservesShare capitalA-sharesJan. 1.Dec. 31.K-sharesJan. 1.Dec. 31.Share capital, Dec. 31.39.239.216.216.255.439.239.216.216.255.439.239.216.216.255.439.239.216.216.255.4Share premium accountJan. 1.Share premium account, Dec. 31.21.321.321.321.321.321.321.321.3Revaluation reserveJan. 1.Transfer to retained earningsRevaluation reserve, Dec. 31.3.90.03.93.90.03.93.90.03.93.90.03.9Other reservesJan. 1.Currency translation adjustmentOther reserves, Dec. 31.4.8–4.10.77.4–2.64.83.23.23.23.2Retained earningsJan. 1.Currency translation adjustmentDividendsCurrency translation adjustment on Net profit in foreign currency denominatedincome statements (average rate) vs. balance sheets (end of period rate)Transfer from revaluation reserveNet profitRetained earnings, Dec. 31.-less eguity part of untaxed reservesDistributable earnings, Dec. 31.321.5–7.2–16.80.70.049.6347.8–3.1344.7308.97.2–16.8–0.40.022.6321.5–3.0318.4354.3–16.80.052.6390.0390.0308.6–16.80.062.6354.3354.320. Appropriations (Untaxed reserves)Depreciation in excess of plan, Jan. 1.Changes during the yearDepreciation in excess of plan, Dec. 31.2.80.23.02.50.32.81.90.01.91.90.11.9Other untaxed reserves, Jan. 1.Changes during the yearOther untaxed reserves, Dec. 31.1.6–0.11.50.70.91.60.00.0Untaxed reserves total, Dec. 31.Less deferred tax liabilityEquity part of untaxed reserves, Dec. 31.4.4–1.33.14.3–1.33.01.91.9

35CONSOLIDATED PARENT COMPANY2002 2001 2002 2001M€ M€ M€ M€21. ProvisionsRetirement benefitsRestructuring provisionOther provisions for liabilities and chargesTotal, Dec. 31.1.34.00.35.51.31.61.03.80.10.10.10.1Retirement benefits in consolidated accounts are stated in accordance with International Accounting Standards (IAS)Actuarial present value of benefitsPlan assets at fair valueFunded StatusUnrecognised net gain/lossRetirement benefits, Dec. 31.16.111.05.1-3.81.316.313.42.9-1.61.3Most retirement benefits are classified either as state plans or defined contribution plans.22. Deferred tax liabilitiesDeferred tax liability on untaxed reservesTiming differencesDeferred tax liability on consolidating entriesTotal, Dec. 31.1.313.40.014.71.317.20.619.1Parent Company deferred tax liabilities 0.6 M€ (0.6) are only included in consolidated accounts.23. Non-current creditorsLoans from credit institutionsPension loansAmounts owed to group undertakingsOther creditorsTotal, Dec. 31.157.41.110.3168.8236.17.511.6255.3154.41.10.0155.5231.97.50.0239.524. Current creditorsLoans from credit institutionsPension loansAdvances receivedTrade creditors97.90.132.4130.3143.20.50.426.9171.097.90.10.798.7143.20.50.30.2144.2Amounts owed to group undertakingsTrade creditorsOther creditorsAccruals and deferred income0.133.70.234.00.121.60.221.9Other creditorsAccruals and deferred incomeTotal, Dec. 31.7.453.5191.38.164.5243.64.010.6147.43.626.1195.8

36NOTES TO THE FINANCIAL STATEMENTSCONSOLIDATED PARENT COMPANY2002 2001 2002 2001M€ M€ M€ M€25. Accruals and deferred incomeIncome taxes payableInterest payableWages, salaries and social costsPurchases and other similar itemsTotal, Dec. 31.5.93.712.231.853.58.86.512.237.164.56.43.60.50.110.618.66.40.30.826.126. Repayments of non-current debt2003 2004 2005 2006 Later years TotalLoans from credit institutions 57.4 42.9 36.4 23.8 54.2 214.9Pension loans 0.0 0.0 0.0 0.0 1.1 1.1Other non-current debt 0.2 2.7 0.4 0.4 6.9 10.6Total, Dec. 31. 57.6 45.6 36.9 24.2 62.2 226.625.4% 20.1% 16.3% 10.7% 27.5% 100.0%CONSOLIDATED PARENT COMPANY2002 2001 2002 2001M€ M€ M€ M€27. Lease obligationsOperating leases, payments next yearOperating leases, payments laterTotal operating leases, Dec. 31.11.957.969.813.378.892.10.40.00.40.40.00.4Financial leases, payments next yearFinancial leases, payments laterTotal financial leases, Dec. 31.0.78.79.50.710.511.2The present value of financial lease agreements has been recorded under liabilities in the balance sheet.28. Contingencies and pledged assetsAs security for own commitmentsReal estate mortgagesOther pledged assetsDiscounted bills of exchangeLease commitmentsOther contingenciesTotal0.60.30.669.80.872.13.232.50.492.10.0128.20.60.30.40.82.10.632.50.40.033.5Guarantees as security for group undertakings' commitments9.617.0Guarantees as security for other parties' commitments0.50.5Total pledged assets and contingencies, Dec. 31.72.1128.711.751.1

38NOTES TO THE FINANCIAL STATEMENTSFINANCIAL RISK MANAGEMENTFinancing and financial risks are managed centrally from theCorporate Head Office in Helsinki.Foreign exchange risksTwo thirds of the corporation’s business is in North America andthe rest is mainly in Europe. The revenue and expense of theNorth American business is mainly US dollar denominated whileEuropean business is mainly in various European currencies.The corporation does not use derivative financial instrumentsspeculatively. Open contracts pertain mostly to hedging offinancing transactions, and have been valued at market.Interest rate riskApproximately 90 per cent of the corporation’s funding need isUS dollar denominated. All loans are floating interest rateloans.Long-term interest swap agreements with a total value of110 million US dollars reduce the corporation’s exposure to fluctuationsin short-term interest rates. Forward rate agreementswith a total value of 30 million US dollars reduce the interestrate exposure in 2003.Liquidity riskThe group has considerable unutilized credit lines. In Finlandthe Parent Company has Commercial paper programs amountingto 200 million euros with its main banks.

39% of share capital % of voting power Book Market valueDomicile Parent Consoli- Parent Consoli- value Dec. 31,dated dated 2002Shares and participations (€ 1000) (€ 1000)Shares in group undertakingsUS Fiskars Brands, Inc. Wisconsin 86.8 100.0 86.8 100.0 36 256AU Fiskars (Australia) Pty Limited Melbourne 100.0 100.0 100.0 100.0BE Fiskars Consumer Products Europe SPRL Bryssel 100.0 100.0 100.0 100.0CA Fiskars Canada, Inc. Toronto 100.0 100.0 100.0 100.0DE Fiskars Deutschland GmbH Solingen 100.0 100.0 100.0 100.0DE Fiskars Europe Holding GmbH Hilden 100.0 100.0 100.0 100.0DE Fiskars GmbH & Co. KG Herford 100.0 100.0 100.0 100.0DE Werga-Tools GmbH Hilden 100.0 100.0 100.0 100.0DK Fiskars Consumer Europe ApS Silkeborg 100.0 100.0 100.0 100.0DK Fiskars Danmark A/S Silkeborg 100.0 100.0 100.0 100.0FI Fiskars Consumer Oy Ab Pohja 100.0 100.0 100.0 100.0FR Fiskars France S.A.R.L. Wissous 100.0 100.0 100.0 100.0GB Fiskars UK Limited Bridgend 100.0 100.0 100.0 100.0GB Richard Sankey & Son Limited Nottingham 100.0 100.0 100.0 100.0GB Vikingate Limited Nottingham 100.0 100.0 100.0 100.0HU Fiskars Hungary Ltd. Budapest 100.0 100.0 100.0 100.0IT Fiskars Montana S.r.l. Premana 100.0 100.0 100.0 100.0MX Fiskars de Mexico, S.A. de C.V. Mexico City 100.0 100.0 100.0 100.0MX Fiskars Servicios, S.A. de C.V. Mexico City 100.0 100.0 100.0 100.0MX Puntomex International, S.A. de C.V. Tijuana 100.0 100.0 100.0 100.0NO Fiskars Consumer Holding AS Oslo 100.0 100.0 100.0 100.0NO Fiskars Norge AS Oslo 100.0 100.0 100.0 100.0PL Fiskars Poland Ltd Slupsk 100.0 100.0 100.0 100.0RU ZAO Baltic Tool St. Petersburg 100.0 100.0 100.0 100.0SE Fiskars Consumer Holding AB Motala 100.0 100.0 100.0 100.0SE Fiskars Sverige AB Motala 100.0 100.0 100.0 100.0US Alterra Holdings Corporation Delaware 100.0 100.0 100.0 100.0US Alterra Management Services Corporation Delaware 100.0 100.0 100.0 100.0US Aquapore Moisture Systems, Inc. Delaware 100.0 100.0 100.0 100.0US EnviroWorks, Inc. Delaware 100.0 100.0 100.0 100.0US Royal Rubber & Manufacturing Co. California 100.0 100.0 100.0 100.0FI Ferraria Oy Ab Pohja 100.0 100.0 100.0 100.0 17 660FI Hangon Sähkö Oy Hanko 93.2 93.2 93.2 93.2FI Inha Works Ltd. Ähtäri 100.0 100.0 100.0 100.0 399DE Fiskars Consumer Holding GmbH Solingen 100.0 100.0 100.0 100.0 16 150US Fiskars Brands, Inc. Wisconsin 13.2 100.0 13.2 100.0SE Fiskars AB Motala 100.0 100.0 100.0 100.0 10 758Shares in other group undertakings 507Shares in participating interests owned by the parent companyIN Fiskars India Limited Mumbai 29.9 29.9 29.9 29.9 21– equity 0.0 M€IN Finlandia Cutlery Pvt. Ltd. Mumbai 24.0 24.0 24.0 24.0 2– equity 0.0 M€Other shares owned by the parent companytFI Wärtsilä Corporation, A Helsinki 26.6 26.6 26.6 26.6 76 074 52 447FI Wärtsilä Corporation, B 14.3 14.3 14.3 14.3 105 276 75 611Wärtsilä total 17.5 17.5 23.9 23.9 181 350 128 058FI Menire Corporation 2.7 2.7 2.7 2.7 236 120FI Rautaruukki Corporation x x x x 143 251FI Julius Tallberg-Kiinteistöt Oyj x x x x 172 94Other shares in fixed assets 27 816

40Five Years in Figures2002 2001 2000 1999 1998Net sales M€ 725 762 824 665 562of which outside Finland M€ 688 726 785 630 528in per cent of net sales % 94.9 95.2 95.3 94.8 93.9Percentage change of net sales % –4.8 –7.5 23.9 18.2 17.7Profit before depreciation and amortization M€ 71 54 70 81 84in per cent of net sales % 9.7 7.1 8.4 12.2 14.9Operating profit M€ 28 12 28 49 58in per cent of net sales % 3.8 1.6 3.4 7.3 10.3Financial net M€ 44 24 11 12 –9in per cent of net sales % 6.1 3.1 1.3 1.8 1.6Profit before taxes M€ 72 36 39 61 49in per cent of net sales % 9.9 4.7 4.7 9.1 8.7Taxes M€ 23 13 13 21 19Profit for the financial year M€ 50 23 26 40 30in per cent of net sales % 6.8 3.0 3.2 6.0 5.4Capital expenditure (incl. acquisitions) M€ 35 40 104 173 46in per cent of net sales % 4.9 5.2 12.6 26.1 8.2Research and development costs M€ 5 6 9 7 6in per cent of net sales % 0.7 0.8 1.0 1.1 1.1Equity M€ 429 407 397 383 347Interest bearing debt M€ 266 400 492 383 219Non-interest bearing debt M€ 115 122 128 114 84Balance sheet total M€ 809 929 1 016 879 649Return on investment % 12 8 9 12 12Return on equity % 12 6 7 11 9Equity ratio % 53 44 39 44 53Persons employed, average 4 095 4 489 5 340 5 621 4 854Persons employed, Dec. 31 4 206 4 556 5 337 5 657 4 993of which outside Finland 3 298 3 731 4 501 4 876 4 230FORMULAS FOR CALCULATION OF RATIOSReturn on investment in per cent =Return on equity in per cent =Equity ratio in per cent =Earnings per share =Dividend per earnings in per cent =Dividend per share =Price per earnings =Equity per share =Dividend yield in per cent =Adjusted average share price =Earnings before extraordinary items + interest and other financial expenseBalance sheet total - non-interest bearing debt(average of beginning and end of year amounts)Earnings before extraordinaryl items - taxesx 100Equity + minority shareholders’ equity(average of beginning and end of year amounts)Equity + minority shareholders’ equityx 100Balance sheet totalEarnings before extraordinary items - minority interest - taxesAdjusted average number of sharesDividend paidx 100Earnings (calculated as in Earnings per share)Dividend paidAdjusted number of shares Dec. 31Adjusted market quotation Dec. 31Earnings per shareEquityAdjusted number of shares Dec. 31Dividend per sharex 100Adjusted quotation Dec. 31Value of shares traded during the periodAdjusted number of shares traded during the periodx 100

Information on Fiskars Shares412002 2001 2000 1999 1998Share capital M€ 55.4 55.4 55.4 55.4 37.1Earnings per share € 0.90 0.41 0.46 0.73 0.55– incl. extraordinary income € 0.90 0.41 0.46 0.73 0.55Nominal dividend per share €/A-share 0.70 0.31 0.31 0.31 0.39€/K-share 0.68 0.29 0.29 0.29 0.37Dividend, million M€ 38.4*) 16.8 16.8 16.8 16.8Adjusted dividend per share €/A-share 0.70 0.31 0.31 0.31 0.31€/K-share 0.68 0.29 0.29 0.29 0.29Equity per share € 7.75 7.35 7.17 6.92 6.28Adjusted average price per share €/A-share 8.61 7.71 9.32 11.38 15.85€/K-share 8.23 7.93 9.31 10.95 16.31Adjusted lowest price per share €/A-share 6.90 6.13 6.90 9.50 12.24€/K-share 7.51 6.20 7.01 10.00 12.93Adjusted highest price per share €/A-share 9.60 9.00 13.00 16.00 18.97€/K-share 9.65 9.50 13.49 16.65 18.51Adjusted price per share, Dec. 31 €/A-share 7.80 8.50 7.40 13.00 13.86€/K-share 8.10 8.00 7.50 13.00 14.70Market value of shares M€ A-shares 306.1 333.6 290.4 510.2 541.5M€ K-shares 130.6 128.9 120.9 209.5 236.9Total, M€ 436.7 462.5 411.3 719.7 778.5Number of shares (unadjusted), 1000 A-shares 39 246.1 39 246.1 39 246.1 39 246.1 28 037.2K-shares 16 118.4 16 118.4 16 118.4 16 118.4 16 118.4Total 55 364.4 55 364.4 55 364.4 55 364.4 44 155.6Adjusted number of shares, 1000 A-shares 39 246.1 39 246.1 39 246.1 39 246.1 39 076.1K-shares 16 118.4 16 118.4 16 118.4 16 118.4 16 118.4Total 55 364.4 55 364.4 55 364.4 55 364.4 55 194.5Adjusted average number of shares, 1000 A-shares 39 246.1 39 246.1 39 246.1 39 097.5 38 990.9K-shares 16 118.4 16 118.4 16 118.4 16 118.4 16 118.4Total 55 364.4 55 364.4 55 364.4 55 215.9 55 109.3Number of shares traded, 1000 A-share 3 942.5 1 263.3 3 830.6 3 866.7 4 457.5in % of total 10.0 3.2 9.8 9.9 11.4K-share 1 303.2 46.9 501.9 2 414.6 1 268.8in % of total 8.1 0.3 3.1 15.0 7.9Price per earnings A-share 9 21 16 18 25K-share 9 20 16 18 26Dividend per earnings in per cent 77.4 74.4 65.6 42.2 55.2Dividend yield in per cent A-share 9.0 3.6 4.2 2.4 2.2K-share 8.4 3.6 3.9 2.2 2.0Number of shareholders 3 948 3 402 3 353 3 020 2 476*) Board proposal

42Other Information on Shares and ShareholdersNumber of shares, votes and share capitalDec. 31, 2002 Dec. 31, 2001Number of Number of Number of Number ofshares votes € shares votes €A-shares(1 vote/share) 39 246 066 39 246 066 39 246 066 39 246 066 39 246 066 39 246 066K-shares(20 votes/share) 16 118 364 322 367 280 16 118 364 16 118 364 322 367 280 16 118 364Total 55 364 430 361 613 346 55 364 430 55 364 430 361 613 346 55 364 430If the Annual General Meeting declares a distribution of dividends, shares of series A are entitled to a dividend of at least two percentagepoints higher than shares of series K. The calculatory nominal value of one A-share or K-share is one euro.Minimum och maximum number of shares and share capital according to the Articles of AssociationDec. 31, 2002 Dec. 31, 2001minimum maximum minimum maximumnumber; € number; € number; € number; €Total of shares of series A and series K 35 000 000 140 000 000 35 000 000 140 000 000Taxation values of the shares in Finland2002 2001Series € €Series A share 5.32 5.74Series K share 5.85 5.74Turnover of shares at the Helsinki Exchanges2002 2001Series M€ Number of shares M€ Number of sharesA-share 33.9 3 942 473 9.7 1 263 271K-share 10.7 1 303 240 0.4 46 916Total 44.6 5 245 713 10.1 1 310 187Shareholders by owner groups December 31, 2002Number of Number of Number ofOwnership structure shareholders % shares % votes %Private corporations 240 6.08 15 444 478 27.90 109 969 136 30.41Financial institutions and insurance companies 26 0.66 1 884 252 3.40 17 526 249 4.85Public entities 23 0.58 4 492 357 8.11 26 487 612 7.32Non-profit organizations 101 2.56 8 312 363 15.01 54 880 622 15.18Private individuals 3 502 88.70 15 363 288 27.75 104 114 758 28.79Foreigners 55 1.39 9 825 752 17.75 48 425 905 13.39Others 1 0,03 41 940 0.08 209 064 0.06Total 3 948 100.00 55 364 430 100.00 361 613 346 100.00

43Distribution of shares on December 31, 2002Number Number of Number of Number ofof shares shareholders % shares % votes %1–100 739 18.71 88 839 0.16 397 798 0.11101–500 1 370 34.70 397 168 0.72 1 415 226 0.39501–1 000 605 15.33 464 691 0.84 1 790 625 0.491 001–10 000 989 25.05 2 987 534 5.40 15 098 989 4.1810 001–100 000 176 4.46 5 372 295 9.70 28 057 440 7.76100 001– 69 1.75 46 053 903 83.18 314 853 268 87.07Total 3 948 100.00 55 364 430 100.00 361 613 346 100.00Major shareholders according to the shareholder register on December 31, 2002Shares of Shares of Percentage of Percentage ofseries A series A Total votes sharesVirala Oy Ab 2 121 483 1 656 036 3 777 519 9.7 6.8Oy Holdix Ab 2 206 516 1 233 996 3 440 512 7.4 6.2Duba AB 3 731 197 1 012 800 4 743 997 6.6 8.6Varma-Sampo Mutual Pension Insurance Company 1 429 750 932 770 2 362 520 5.6 4.3Hambo Oy Ab 996 231 897 345 1 893 576 5.2 3.4Agrofin Oy Ab 3 260 556 741 546 4 002 102 5.0 7.2Oy Julius Tallberg Ab 491 471 792 938 1 284 409 4.5 2.3Sampo Group 96 450 815 948 912 398 4.5 1.6I.A. von Julin’s Trust 878 272 733 530 1 611 802 4.3 2.9Sophie von Julin’s Foundation 1 144 260 482 040 1 626 300 3.0 2.9Tapiola Mutual Pension Insurance Company 1 110 022 217 565 1 327 587 1.5 2.4Share option programThe holders of warrants connected to the option program of 1998 are entitled to a maximum of 525 000 shares of series A corresponding toapprox. 0.9% of the shares and approx. 0.1% of the votes. The warrants can be exercised as follows:Subscription period Number of shares of series A Subscription price/share, €Series C May 15 to June 15, 2003 maximum 525,000 10.10Management’s shareholdingOn December 31, 2002, the Board members, the Deputy Members, the President and the Corporate Vice President controlled a total of14,521,285 shares corresponding to 26.2% of the Corporation’s shares and 30.4% of the votes. By exercising the warrants connected to theoption program of 1998 the President and the Corporate Vice President are entitled to a total of 52,500 shares of series A corresponding to0.09% of the shares and 0.01% of the votes.Shareholders’ AgreementIn December 1992 a group of private investors and companies entered into an agreement on pre-emptive rights between the parties in caseof sales of shares. The agreement is still in force. The group owns 26,096,943 shares corresponding to 47% of the Corporation’s shares and57% of the votes (Dec. 31, 2002).Insider GuidelinesThe Board of Directors has decided that as of January 1, 2000 the Corporation applies the Guidelines for Insiders approved by the HelsinkiExchanges.The Board of Directors’ AuthorizationsThe Board of Directors holds authorizations to acquire and convery a maximum of 1,962,303 shares of series A and a maximum of 805,918shares of series K. The Board has not exercized these Authorizations. The Board has no other issue authorizations.

44Parent Company Income Statement2002 2001M€ M€Net salesCost of salesGross profitAdministration expensesOther operating incomeOther operating expensesOperating profitFinancial income and expenses (6)Profit before extraordinary itemsExtraordinary items (7)Profit after extraordinary itemsIncrease (-) or decrease (+) in depreciation reserveGroup contribution receivedIncome taxes (8)Profit for the financial year31.0 100.0%–2.228.8 93.0%–6.42.3–0.124.6 79.4%67.291.7 296.2%–18.773.0 235.8%0.01.4–21.952.6 169.7%32.4 100.0%–2.130.3 93.5%–4.91.0–0.326.0 80.3%60.686.7 267.1%–0.985.7 264.2%–0.11.4–24.562.6 192.9%Parent Company Balance SheetDec. 31, 2002 Dec. 31, 2001M€ M€Dec. 31, 2002 Dec. 31, 2001M€ M€ASSETSFixed assets and other non-current investmentsIntangible assetsassets (9) 0.2 0.2Tangibleassets (11) 29.6 29.6Investments (13) 530.2 553.4559.9 71.9% 583.2 66.6%Stocks and financial assetsStocks (14) 0.1 0.1Non-current debtors (15) 1.2 0.4Current debtors (17) 200.8 288.4Cash in hand and at bank 16.7 3.3218.7 28.1% 292.2 33.4%778.7 100.0% 875.3 100.0%LIABILITIESCapital and reserves (19)Share capital 55.4 55.4Share premium account 21.3 21.3Revaluation reserve 3.9 3.9Other reserves 3.2 3.2Retained earnings 337.5 291.7Profit for the financial year 52.6 62.6473.8 60.8% 438.1 50.0%Appropriations (20) 1.9 0.2% 1.9 0.2%Provisions (21) 0.1 0.0% 0.1 0.0%CreditorsNon-current (23) 155.5 239.5Current (24) 147.4 195.8302.9 38.9% 435.3 49.7%778.7 100.0% 875.3 100.0%

Parent Company Statement of Cash Flows452002 2001M€ M€Cash flows from operating activitiesNet profit before taxationDepreciationReversal of items recorded on anaccrual basis (32)Cash generated before working capital changesChange in current receivablesChange in stocksChange in current non-interest bearing debtCash generated from operationsFinancial income items receivedDividends receivedFinancial expense items paidTaxes paidGroup contributionsNet cash flow from operating activities91.71.2–67.125.8–41.10.0–0.3–15.621.742.1–16.3–17.11.416.186.71.2–60.627.219.90.00.047.248.730.2–40.9–10.71.475.8Cash flows from investing activitiesInvestmentsPurchase of tangible and intangible assetsProceeds from disposal of investmentsProceeds from sale of equipmentNet cash flow from investmentsCash flow after investments–24.5–1.20.90.0–24.7–8.6–15.2–1.063.90.047.8123.6Cash flows from financing activitiesChange in non-current debtChange in current interest bearing debtChange in current receivablesChange in non-current receivablesDividends paidNet cash flows from financing activitiesChange in cashCash at beginning of yearCash at end of year–39.6–77.6128.827.3–16.822.013.43.316.7–138.3–22.552.70.0–16.8–124.9–1.34.53.3

46Proposal by the Board of Directorsto the Annual General MeetingAt the end of the financial year the distributable consolidated equity amounted to 344.7 million euro (318.4 million euro).The distributable equity of the Parent Company is 390.0 million euro (354.3 million euro).For the financial year 2001 a dividend of 16.8 million euro was paid.For 2002 the Board of Directors proposes a dividend of 0.70 euro per share of series A (0.31 euro) and0.68 euro per share of series K (0.29 euro). Thus the dividend distribution would be:on 39 246 066 shares of series A 0.70 euro/ share, in totalon 16 118 364 shares of series K 0.68 euro/share, in totalTotal dividend distribution27 472 246.20 euro10 960 487.52 euro38 432 733.72 euroHelsinki, 13 February 2003Göran J. EhrnroothMikael von FrenckellRobert G. EhrnroothThomas TallbergGustaf GripenbergOlli RiikkalaBertel LangenskiöldPresident and CEO

Auditors’ Report47To the shareholders of Fiskars CorporationWe have audited the accounting records and the financial statements,as well as the administration by the Board of Directorsand the Managing Director of Fiskars Corporation for the yearended 31 December 2002. The financial statements prepared bythe Board of Directors and the Managing Director include thereport of Board of Directors, consolidated and parent companyincome statements, balance sheets, cash flow statements andnotes to the financial statements. Based on our audit weexpress an opinion on these financial statements and the parentcompany’s administration.We have conducted our audit in accordance with FinnishGenerally Accepted Auditing Standards. Those standards requirethat we plan and perform the audit in order to obtain reasonableassurance about whether the financial statements are freeof material misstatement. The audit includes examining, on atest basis, evidence supporting the amounts and disclosures inthe financial statements, assessing the accounting principlesused and significant estimates made by the management, aswell as evaluating the overall financial statement presentation.The purpose of our audit of the administration has been toexamine that the Board of Directors and the Managing Directorhave complied with the rules of the Companies Act.In our opinion, the financial statements have been preparedin accordance with the Accounting Act and other rules and regulationsgoverning the preparation of financial statements inFinland. The financial statements give a true and fair view, asdefined in the Accounting Act, of both the consolidated andparent company result of operations for the year, as well as ofthe financial position at the year-end. The financial statementscan be adopted and the members of the Board of Directors andthe Managing Director of the parent company can be dischargedfrom liability for the period audited. The proposed dividend isin compliance with the Companies Act.Helsinki, 13 February 2003KPMG WIDERI OY ABSixten NymanAuthorized Public Accountant

48AddressesManufacturing and SalesCORPORATE HEAD OFFICEFiskars CorporationP.O.Box 235(Mannerheimintie 14 A)FIN-00101 Helsinki, FinlandTel +358 9 618 861Fax +358 9 604 053firstname.lastname@fiskars.fiwww.fiskars.fiSalesDistributorVAT FI0214036-5FISKARS BRANDSFiskars Brands, Inc.2537 Daniels StreetMadison, Wisconsin 53718, USATel. +1 608 259 1649Fax +1 608 259 4790www.fiskarsbrands.comEUROPE DIVISIONFiskars Consumer ProductsEurope SprlHippokrateslaan 16B-1932 Zaventem, Brussels, BelgiumTel. +32 2 709 8580Fax +32 2 709 8588www.fiskarsbrands.comFiskars Consumer Oy AbFIN-10330 Billnäs, FinlandTel. +358 19 277 721Fax +358 19 230 986info@fiskarsco.fiSales in FinlandFiskars Consumer Oy AbItälahdenkatu 22 a CFIN-00210 Helsinki, FinlandTel. +358 9 350 9000Fax +358 9 3509 0090info@fiskarsco.fiFiskars Sverige ABBox 34(Ringtrastvägen 4)S-591 21 Motala, SverigeTel. +46 141 480 00Fax +46 141 542 31www.fiskars.seFiskars Danmark A/SPostbox 360(Vestre Ringvej 45)DK-8600 Silkeborg, DenmarkTel. +45 87 201 100Fax +45 86 815 968www.fiskars.dkFiskars Norge ASPostboks 4215, Nydalen(Nydalsveien 32 B)N-0401 Oslo, NorwayTel. +47 23 006 440Fax +47 23 006 450www.fiskars.noFiskars UK Ltd.Brackla Industrial EstateBridgend, Mid-GlamorganWales CF31 3XJ, United KingdomTel. +44 1656 655 595Fax +44 1656 655 425Richard Sankey & Son Ltd.Bennerley Road, BullwellNottingham NG6 8PEUnited KingdomTel. +44 115 927 7335Fax +44 115 977 0197www.rsankey.co.ukFiskars GmbH & Co. KGOststrasse 23D-32051 Herford, GermanyTel. +49 210 358 900Fax +49 522 193 5216www.fiskars.deFiskars Montana S.r.l.Via Provinciale 15I-23862 Civate (Lecco), ItalyTel. +39 0341 215 111Fax +39 0341 551 654www.fiskars.itFiskars France S.A.R.L.21-23 Boulevard AragoF-91325 Wissous Cedex, FranceTel. +33 1 697 515 15Fax +33 1 697 515 19Fiskars Poland Sp.Zo.oBiuro HandloweUl. Marywilska 22PL 03-228 Warszawa, PolandTel. +48 22 676 0400Fax +48 22 676 0404Fiskars Hungary Ltd.Angol st. 32H-1149 Budapest, HungaryTel. +36 1 252 4274Fax +36 1 469 0114www.fiskars.huFiskars Russia, ZAO Baltic ToolOffice 5/1, Build. 93AObvodniy CanalSt. Petersburg, RussiaTel. +7 812 320 4323Fax +7 812 320 4323

49USA, GARDENFiskars Garden Tools780 Carolina StreetSauk City, Wisconsin 53583, USATel. +1 608 643 2380Fax +1 608 643 4812www.fiskarsbrands.comAmerican Designer Pottery404 Fox Run AvenueOpelika, Alabama 36801, USATel. +1 800 621 4253Fax +1 407 889 4757www.fiskarsbrands.comFiskars Garden Tools610 South 80th AvenueTolleson, Arizona 85353, USATel. +1 608 643 2380Fax +1 608 643 4812www.fiskarsbrands.comFiskars Home Leisure Division3000 West Orange Ave.Apopka, Florida 32703, USATel. +1 407 889 5533Fax +1 407 889 3063www.fiskarsbrands.comSyroco Resin Products7528 State Fair BoulevardBaldwinsville, NY 13027, USATel. +1 315 635 9911Fax +1 315 635 1085www.fiskarsbrands.comUSA, SCHOOL, OFFICEAND CRAFTFiskars School, Office and Craft7811 West Stewart AvenueWausau, Wisconsin 54401, USATel. +1 715 842 2091Fax +1 715 845 5001www.fiskarsbrands.comRoyal Floor Mats197 Royal DriveCalhoun, GA 30701, USATel. +1 407 889 5533Fax +1 407 889 3063www.fiskarsbrands.comPower Sentry17300 Medina Road, Ste 800Plymouth, Minnesota 55447, USATel. +1 763 557 8889Fax +1 763 557 8868www.fiskarsbrands.comUSA, LEISUREGerber Legendary Blades Division14200 S.W. 72nd AvenuePortland, Oregon 97224, USATel. +1 503 639 6161Fax +1 503 620 3446www.fiskarsbrands.comOTHERSFiskars Canada Inc.275 Renfrew Drive, Suite 208Markham, Ont, L3R OC8CanadaTel. +1 905 940 8460Fax +1 905 940 8469www.fiskars.comFiskars de México S.A. de C.V.Prol. Paseo de la Reforma # 61Col. Paseo de las LomasSanta Fe C.P. 01330. Mexico D.F:Tel. +525 55 258 5667Fax +525 55 258 5666www.fiskars.com.mxFiskars (Australia) Pty Limited1799 Hume HighwayCampbellfield, Victoria 3061AustraliaTel. +61 393 087 356Fax +61 393 086 677www.fiskars.comINHA WORKSInha Works Ltd.Saarikyläntie 21FIN-63700 Ähtäri, FinlandTel. +358 6 535 5111Fax +358 6 533 4125www.inha.fiREAL ESTATEFiskars CorporationReal EstateFIN-10470 Fiskars, FinlandTel. +358 19 2771Fax +358 19 277 230www.fiskars.fiFerraria Oy AbFIN-10470 Fiskars, FinlandTel. +358 19 2771Fax +358 19 277 230