Annual Report 1999 - Fiskarsgroup.com

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members Mr. Erik Stadigh and Mr. Robert G. Ehrnroothwere re-elected. Both the ordinary Auditor Mr. EricHaglund (APA) and the deputy Auditor, KPMG Wideri Oy,Corporation of Auditors, were re-elected. The Board ofDirectors was granted authorization for one year to purchaseand transfer not more than 1 380 000 of its ownA-shares and not more than 780 000 of its K-shares.The previous corresponding authorization was cancelled.These authorizations have not been exercised.The Extraordinary Jubilee General Meeting held on 28October 1999 decided to amend the Articles of Associationso that the share capital of the company will henceforthbe denominated in euros and the nominal value will beabolished. The meeting also decided on two bonus issuesby which the share capital was initially increased fromEUR 37 246 514.73 to EUR 44 291 544 following the decisionto express the share capital in euros. The share capitalwas subsequently increased to EUR 55 364 430 by issuingone new A-share against each four old shares of seriesA and K.Fiskars 350 yearsFinland’s oldest industrial company Fiskars celebrated its350th anniversary at Fiskars Village on 31 October 1999.The President of the Republic Mr. Martti Ahtisaari and Mrs.Eeva Ahtisaari honored the occasion with their presencetogether with a large number of other distinguishedguests.Many events and expositions were organized tocelebrate the anniversary, and the company published ajubilee book and minted a commemorative medal.Over the years, the company has renovated andrestored the historical old buildings at Fiskars, subsequentlymade available as venues for numerous activitiesat the village. This has enabled the company to celebrateits jubilee in this unique cultural environment, while atthe same time preserving it for the future generationstogether with the long traditions associated with theconcept of Fiskars.Euro and year 2000At the beginning of 1999, the corporation introduced theeuro as its accounting currency and today also the interimreports and financial statements are published in euros.No problems occurred in the corporation’s informationsystems due to the millennium change.OutlookThe growth rate of the Consumer Products Group is expectedto continue on the previous years’ level supported bythe above-mentioned acquisitions. The Group’s growthstrategies remain unchanged: growth is sought throughproduct innovations and acquisitions of suitable companies.The Consumer Products Group’s long-standing andextensive relations with the distribution channels offer astrong basis for the continued operations. Profitability isexpected to improve thanks to growing sales and the reorganizationof production resources.Today long-term investments represent an importantpart of Fiskars’ operations and are expected to yieldsignificant revenues also this year.26
Net sales by business area 1.1. – 31.12.1999 1.1. – 31.12.1998 changeM€ % M€ % 99/98 %Consumer Products 640 96 538 96 19Inha Works 18 3 20 4 -9Industry total 658 99 558 99 18Corporate operations, real estate, other 10 2 9 2 21Eliminations -3 -4Corporate total 665 100 562 100 18Result by business segmentchangeM€ % M€ % 99/98 %Consumer Products 50 62 57 88 -12Inha Works 3 4 3 5 -24Industry total 52 64 61 93 -13Corporate operations, real estate, other -4 -5 -3 0 0Operating profit 49 60 58 88 -16Income from non-current investments 32 40 8 12Consolidated segmental results 81 100 65 100 24Net sales by market areachangeM€ % M€ % 99/98 %Finland 35 5 35 6 0Scandinavia 56 8 51 9 10Other Europe 110 17 78 14 41North America 450 68 385 68 17Other 15 2 14 3 3Corporate total 665 100 562 100 18Export from Finland 32 30 7Personnel by geographical area 31.12.1999 31.12.1998 change% % 99/98 %Finland 781 14 763 15 2Scandinavia 240 4 243 5 -1Other Europe 681 12 563 11 21North America 3 926 69 3 397 68 16Other 29 1 27 1 7Corporate total 5 657 100 4 993 100 1327
Page 3 and 4: Annual Report 19993 Information to
Page 5 and 6: Information to ShareholdersThe Annu
Page 8 and 9: President’s reviewStig StendahlAy
Page 10 and 11: Board of Directors and AuditorsFrom
Page 12: Consumer Products GroupWayne G. Fet
Page 16: GARDEN PRODUCTSFiskars is a major f
Page 20: Inha WorksPauli LantonenInha Works,
Page 24 and 25: Shareholding in Metra CorporationFi
Page 26 and 27: Report by the Board of DirectorsOpe
Page 31 and 32: Consolidated Balance Sheet31.12.199
Page 33 and 34: Statement of Changes inConsolidated
Page 35 and 36: Notes to the Financial StatementsIn
Page 37 and 38: 9. GoodwillOriginal cost, Jan. 1. 1
Page 39 and 40: ConsolidatedParent Company1999 1998
Page 47 and 48: Domicile Number of % of share % of
Page 49 and 50: Information on Fiskars Shares1999 1
Page 51 and 52: Division of shares on December 31,
Page 53 and 54: Parent Company Statement ofCash Flo
Page 55 and 56: Auditors’s ReportTo the sharehold
Page 57 and 58: Manufacturing and salesSalesDistrib

Annual Report 1999 - Fiskarsgroup.com

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