Annual Report 1999 - Fiskarsgroup.com

Shareholding in Metra CorporationFiskars’ holding in Metra Corporation’s share capitalis 16 %, giving entitlement to 23 % of the votes.Fiskars has been a shareholder in Metra since itsestablishment in 1991.Metra’s corporate structure changed in 1999 as itsbathroom division Sanitec was listed on the HelsinkiExchanges. As a result, Metra’s core business today isWärtsilä NSD. Another industrial division is Imatra Steel.Metra’s principal holdings are Sanitec and Abloy.Metra’s consolidated net sales totaled EUR 2.7 billion(2.6) in 1999. The result before extraordinary itemsimproved to EUR 237 million (45). The result includes significantnon-recurring items.Metra’s core division Wärtsilä NSD is a global engineeringgroup offering its customers complete solutionsfor power generation and marine propulsion. Its coreactivity consists of design, manufacture, licensing, marketingand service of Wärtsilä and Sulzer engines in the 500– 66.000 kW range. Although clearly improved, WärtsiläNSD’s result remained a loss. The business focus is shiftingincreasingly toward supply of total systems along withoperations and maintenance services. Wärtsilä NSD’s netsales amounted to EUR 1.9 billion and it’s result beforeextraordinary items was EUR -46 million (-129).Imatra Steel produces special steels and steel productsfor the automotive and engineering industries. ImatraSteel’s net sales decreased by 11 % from the previous yearand totaled EUR 173 million. Profit before extraordinaryitems was EUR 7 million (19). The result was satisfactoryin prevailing market situation.Sanitec’s listing was carried out as a combined publicoffering and sale of shares. In November Metra decided todistribute an extraordinary dividend to its shareholder inthe form of Sanitec’s shares; after the transaction, Metra’sholding in Sanitec decreased to 64.2 %. Metra hasannounced its intention to further reduce its holding inSanitec to below 50 %. Sanitec ranks among the leadingEuropean companies in bathroom products, with operationsalso in the Middle East and Southeast Asia.Sanitec’s net sales increased by 10 % in 1999 to EUR630 million. Sanitec´s result before extraordinary itemsremained good and was EUR 71 million (66). Half of thenet sales growth was attributable to acquisitions. Themost significant of these was the acquisition of the Dutchbased N.V. Koninklijke Sphinx Gustavsberg finalized inDecember.Metra’s structureMETRAWärtsilä NSDSanitecImatra SteelAssa Abloy22