Annual Report 2002 - Fiskars Corporation

More documents

Recommendations

Info

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
Page 1: Annual Report 2002
Page 4: 2Awarded productsHEDGE SHEARiF Desi
Page 7: PRESIDENT’ S REVIEW5trial product
Page 11 and 12: FISKARS BRANDS9Honest design“Appe
Page 13 and 14: FISKARS BRANDS11website (teachers.f
Page 15 and 16: INHA WORKS13Designing for successTh
Page 17 and 18: REAL ESTATE GROUP15Creativity is de
Page 19 and 20: 172002FINANCIALSTATEMENTS18 Report
Page 21 and 22: REPORT BY THE BOARD OF DIRECTORS19I
Page 23 and 24: 21Net sales by business area1.1.-31
Page 25 and 26: Consolidated Balance Sheet23Dec. 31
Page 27 and 28: Statement of Changes in Consolidate
Page 29 and 30: Notes to the Financial Statements27
Page 31 and 32: 29Balance sheet, assets (currency d
Page 33 and 34: 31CONSOLIDATED PARENT COMPANY2002 2
Page 42 and 43: 40Five Years in Figures2002 2001 20
Page 44 and 45: 42Other Information on Shares and S
Page 46 and 47: 44Parent Company Income Statement20
Page 48 and 49: 46Proposal by the Board of Director
Page 50 and 51: 48AddressesManufacturing and SalesC

Annual Report 2002 - Fiskars Corporation

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?