Stock exchange release
August 12, 2005
FISKARS CORPORATION INTERIM REPORT JANUARY?JUNE 2005
FISKARS CORPORATION INTERIM REPORT JANUARYJUNE 2005
(Unaudited)
FISKARS SECOND QUARTER OPERATING PROFIT EUR 17 MILLION,
NET GAIN FROM SALES OF WÄRTSILÄ SHARES EUR 50 MILLION
Highlights of the second quarter, 2005
- Net sales were EUR 160.7 million (163.9), i.e. on the same
level as last year
- Profitability of the industrial operations improved compared
to the years first quarter and operating profits were on last
years level at EUR 18.6 million (19.8)
- Operating profit for the whole corporation was EUR 17.2
million (18.8)
- EUR 104.9 million worth of Wärtsilä shares were sold and the
corporate net gain totaled EUR 49.8 million
- Fiskars holdings of Wärtsilä at the end of the period was
15.8% (20.5) of capital and 27.0% (28.1) of votes
FISKARS CORPORATION IN BRIEF
EUR million Q2/2005 Q2/2004 1-6/2005 1-6/2004 2004
Net sales 160.7 163.9 292.3 304.3 565.6
Operating profit 17.2 18.8 26.2 31.7 52.1
Operating 10.7% 11.5% 9.0% 10.4% 9.2%
profit, %
Share of profits
from
associated 5.9 5.5 12.1 9.3 26.7
company
Profit before 71.1 25.4 84.1 40.2 75.0
taxes
Earnings per
share
, EUR 0.87 0.24 1.01 0.40 0.71
Operational cash 39.3 29.8 21.9 35.4 77.5
flow
This interim report has been prepared in accordance with
International Financial Reporting Standards (IFRS) and IAS 34. As
of January 1, 2005, Fiskars complies with the IAS 39 Financial
Instruments standard. The effects of adopting this standard on the
equity of the opening balance sheet have been presented in a
separate statement of changes in consolidated equity. The adoption
has had minor effects on Fiskars own operations. The fair value
reserve of EUR 0.3 million booked in the opening balance sheet at
adoption no longer exists at the end of the review period.
Previously reported figures and the IFRS-compliant figures for the
second quarter are reconciled in separate appendix.
Some 54% of the net sales of Fiskars wholly-owned industrial
operations during the second quarter were accrued from US
operations (58). The profitability of operations reached nearly the
same level as the year before, with a profit of EUR 18.6 million
(19.8) from industrial operations.
In June, 4.453 million Wärtsilä B shares were sold. The realized
net profit from the sale booked in the corporations consolidated
financial statements is EUR 49.8 million. The corporation bought
Wärtsilä A shares for a sum of EUR 3.2 million in June. After the
purchase, Fiskars holds 15.8% of Wärtsiläs share capital and 27.0%
of voting rights.
Fiskars earnings per share during the second quarter was EUR 0.87
(0.24) and for the review period EUR 1.01 (0.40).
OPERATIONS
FISKARS BRANDS, INC.
AprilJune (3 months)
Fiskars Brands net sales were EUR 148.8 million (152.7), a decrease
of some 3%. The operating profit was EUR 16.9 million (18.4) or
11.4% (12.0) of net sales. Net sales decreased by around 5% in the
US. In Europe sales increased slightly, except in Germany. The
intense price competition in the US has led to the lower sales and
profitability. There were no significant changes in the development
of Fiskars Brands market conditions.
JanuaryJune (6 months)
Fiskars Brands net sales for the first half of the year were EUR
270.0 million (283.6), a decrease of 5%. The operating profit was
EUR 25.4 million (30.7) or 9.4% of net sales (10.8).
In the US, sales decreased by 7%, in Europe there was a 4% decline
against last year due to lower sales in Germany. During the first
six months, profitability was strained by tough competition and the
increased cost of raw materials like plastics and steel. Sourcing
has increased further and the number of personnel coordinating it
in China has been doubled in a year to some 40. The efforts to
develop new products and marketing have also been intensified and
redirected.
- Sales of School, Office and Craft products (FISKARS®) were
influenced by the increase of competing products imported into the
US, and in Europe the success has varied from market to market.
Over the second half of the year, the division is clearly
increasing its emphasis on introducing new products and marketing.
The Gingher scissors operations, acquired early in the year, have
been integrated. In Europe, the product range is being widened and
unified and there is an ongoing search for the optimal distribution
channels in each country.
- Overall, the sales season for Garden and Outdoor Living
products (FISKARS®) was shorter than usual due to the late spring
and unfavorable weather. During the second quarter the sales were
at last year's level. The increased cost of raw materials was
particularly evident in the profitability of these products. The
product lines sold by European sales companies have been unified
and the market coverage has been improved.
- The marketing strategy of Fiskars Brands largest customer in
Outdoor Recreation (GERBER®) products in the US was changed for the
whole product category. Sales improved during the second quarter
after a slow start to the year and US federal organizations also
increased their purchases.
- Consumer Electronics (POWER SENTRY® and NEWPOINT®) sales in
the US market clearly increased over last years levels. New
products have taken over new distribution channels in the markets,
which are typified by intense price competition.
- The new Housewares (FISKARS®) lines in Europe are only now
coming on to the markets and delays in shipment led to slightly
lower sales than planned.
INHA WORKS
Inha Works net sales increased by 12% compared to last years
second quarter and were EUR 10.8 million (9.6). The net sales for
the first six months of the year were EUR 19.4 million (17.3).
The profitability of Inha Works improved and the operating profit
was EUR 1.7 million (1.4) in the second quarter and EUR 2.7 million
(2.4) during the first six months of the year.
The order stock of BUSTER® boats was at an exceptionally high level
at the end of the second quarter and production continued at full
speed throughout July. The increased production capacity has been
used to the full. The increase in capacity has lead to an increase
in personnel, the number of employees growing by 39 from the
beginning of the year to a total of 287.
The hinges and forged products operations were at the same level as
last year.
REAL ESTATE GROUP
Net sales of the Real Estate operations were at the same level as
last year at EUR 4.4 million (4.5). Operating profits totaled EUR
0.6 million (1.4). The decrease in the price for standing timber
from year-end levels had a negative impact on both net sales and
the operating profit. At the end of June the price for standing
timber was 6% less than at the end of the year. The Real Estate
operations book the annual growth of growing stock in the results
in the third quarter. The business of letting real estate has
continued as before.
WÄRTSILÄ
Fiskars shareholding in Wärtsilä is a strategic and long-term
investment. Since January 1, 2004, Wärtsilä has been consolidated
as an associated company. The results of the associated company
Wärtsilä developed favorably and Fiskars share of the Wärtsilä
results during the second quarter was EUR 5.9 million (5.5). The
share of the profits from the first six months of the year was EUR
12.1 million (9.3).
At the end of the second quarter the book value of the shares in
the consolidated balance sheet was EUR 181.2 million (214.6) and
the market value of the shares was EUR 347 million.
After eliminations, the net gain from the sale of Wärtsilä shares
was EUR 49.8 million. The parent company booked a tax-free sales
profit of EUR 52.5 million.
As of January 1, 2005 Wärtsilä has adopted the IAS 39 Financial
Instruments standard. The fair value reserve booked in Wärtsilä's
equity according to IAS 39 bears on Fiskars' equity in proportion
to Fiskars' share in Wärtsilä. The effect on Fiskars' equity as of
January 1, 2005 was EUR 37.8 million and at the end of June
correspondingly EUR 17.9 million.
PERSONNEL
At the end of the second quarter, the total number of corporate
personnel was 3,623. The number of employees has increased by 175
since the beginning of the year. The biggest increase was in
Finland, but production capacity was also increased elsewhere to
meet seasonal demand. The number of employees in Finland increased
from 915 at the end of 2004 to 1,020.
CAPITAL EXPENDITURE
Investments during the second quarter totaled EUR 9.2 million
(27.8). The largest single expenditure, EUR 3.2 million, was the
purchase of Wärtsilä shares. Last year, the corporation bought
Wärtsilä stock for EUR 22.2 million during the corresponding
period. Industrial investments during the second quarter were EUR
5.9 million (5.6) and were related to the maintenance and
rationalization of production capacity as well as to product
development projects.
Capital expenditure during the review period was EUR 21.4 million
(32.5). The largest investment was the acquisition of the Gingher
scissors operations in the US for a purchase price of EUR 8.3
million. Industrial investment in the first six months totaled EUR
18.0 million (9.9).
PROFITS AND TAXES
Profits for continuing operations during the second quarter were
EUR 67.6 million (19.1). The profits for the review period were EUR
77.9 million (31.1).
Taxes for the first six months of the year have been calculated on
the basis of accrued profits and enacted tax rates, also
considering the impact of deferred tax assets. Taxes of EUR 6.2
million (9.1) have been calculated for the first half of the year.
BALANCE SHEET AND FINANCING
The balance sheet total was EUR 794.9 million (683.5, December 31,
2004). Short-term financial investments increased by EUR 74
million. Due to seasonal fluctuations, inventories increased by EUR
22 million from the end of the year, and trade receivables
increased by EUR 34 million.
Cash flow from operations was EUR 21.9 million (35.4) and cash flow
from investing activities was EUR 84.3 million (8.3). The
corporations interest-bearing net debt decreased by EUR 65.8
million from the beginning of the period to a total of EUR 136.2
million (219.6).
The dividend decided by the Annual General Meeting on March 23,
2005, totaling EUR 22.8 million, was paid during the second
quarter.
The company's financial situation and liquidity remain strong. Due
to the deals in Wärtsilä stock, the cash and cash equivalents at
the end of June was some EUR 90 million and in addition to that the
corporation has significant credit facilities available. The equity
ratio improved and was 52% at the end of the review period (49).
The improvement in the balance sheet was particularly visible in
net gearing, which decreased from 60% at the end of the year to
33%. The net financing costs, among which investment income was
also booked last year, were EUR 4.0 million (0.8).
PURCHASE AND TRANSFER OF OWN SHARES
The corporate Board of Directors is authorized to acquire and sell
the company's own shares with the provision that the sum total of
the nominal value of the shares and the voting rights attached to
them do not exceed five per cent (5%) of the companys share
capital and total number of votes. The Board did not exercise this
authority during the second quarter. At June 30, 2005, the company
held a total of 127,512 of its shares of series A and 420 shares of
series K. Share holdings have not changed during the review period
and the companys own shares constitute 0.2% of the share total.
ANNUAL GENERAL MEETING 2005
The Annual General Meeting of Fiskars Corporation held on March 23,
2005 decided on a dividend payment of EUR 0.30 per share for A
shares and EUR 0.28 per share for K shares, in total EUR 22.8
million.
The meeting determined that the number of Board members shall be
seven. Mr. Göran J. Ehrnrooth, Mr. Mikael von Frenckell, Mr. Gustaf
Gripenberg, Mr. Olli Riikkala, Mr. Paul Ehrnrooth, Ms. Ilona
Ervasti-Vaintola and Mr. Alexander Ehrnrooth were elected members
of the Board. Their term of membership will expire at the end of
the Annual General Meeting in 2006. Convening after the Annual
General Meeting, the Board elected Göran J. Ehrnrooth its chairman
and Mikael von Frenckell as vice chairman.
KPMG Oy Ab was elected auditor.
The Annual General Meeting decided to authorize the Board of
Directors to acquire a maximum of 2,619,712 of the company's shares
of series A and a maximum of 1,127,865 shares of series K within
the period of one year from March 23, 2005. Within the same period,
the Board was authorized to sell a maximum of 2,747,224 of the
company's shares of series A and a maximum of 1,128,285 shares of
series K.
SHARE PRICES
The price of Fiskars series A on the Helsinki Exchange at the end
of June was EUR 10.60 per share (EUR 7.90 at the beginning of the
year) and series K EUR 10.44 per share (7.90). The market
capitalization of the company's shares at the end of June was EUR
818 million.
Fiskars shares were placed as of July 1, 2005 in the Helsinki Stock
Exchanges new industry classification Consumer Discretionary.
OUTLOOK
Despite that the corporations profitability improved during the
second quarter and was approaching last years levels, development
during the remaining part of the year is uncertain as intense
competition will continue. The development in the cost of raw
materials and changes in exchange rates will also have an impact on
the profitability for the rest of the year. The corporation will
further increase its efforts in developing and introducing new
products and marketing, which will to some extent further reflect
on the profitability of the second half of the year. The full-year
operating profit for the wholly-owned industrial operations will
not reach last years level.
Corporate profits are furthermore strongly influenced by the
profits of its associated company Wärtsilä.
Heikki Allonen
President and CEO
Appendix:
1. Figures for the Interim Report
APPENDIX 1
CONSOLIDATED 4-6 4-6 chg 1-6 1-6 chg 1-12
INCOME STATEMENT 2005 2004 % 2005 2004 % 2004
MEUR MEUR MEUR MEUR MEUR
NET SALES 160.7 163.9 -2 292.3 304.3 -4 565.6
Cost of goods sold -114.0 -112.9 1 -205.7 -208.8 -1 -388.1
GROSS PROFIT 46.8 51.0 -8 86.6 95.5 -9 177.5
Other income 1.1 0.8 48 1.2 1.1 13 3.6
Sales and marketing expenses -18.0 -16.2 11 -34.6 -32.2 7 -63.5
Administration expenses -13.0 -15.5 -16 -25.9 -29.9 -14 -58.0
Other expenses 0.4 -1.3 129 -1.1 -2.7 -60 -7.5
OPERATING PROFIT 17.2 18.8 -8 26.2 31.7 -17 52.1
Share of assoc.comp.result 5.9 5.5 8 12.1 9.3 30 26.7
Gain on sale of Wärtsilä shares 49.8 49.8
Financial income and expenses -1.9 1.1 -4.0 -0.8 -3.8
PROFIT BEFORE TAXES 71.1 25.4 180 84.1 40.2 109 75.0
Taxes -3.6 -6.3 -43 -6.2 -9.1 -31 -15.2
PROFIT FROM CONTINUING OPERATIONS 67.6 19.1 254 77.9 31.1 150 59.8
Profit from discontinued operations -0.5 0.0 -5.3
PROFIT FOR THE PERIOD 67.6 18.6 263 77.9 31.2 150 54.6
Earnings per share, euro 0.87 0.24 1.01 0.40 0.71
continuing operations 0.87 0.25 1.01 0.40 0.77
discontinued operations -0.01 0.00 -0.07
Earnings per share is undiluted. The company has no open otion programs.
CURRENCY RATES 4-6 4-6 chg 1-6 1-6 chg 1-12
2005 2004 % 2005 2004 % 2004
USD average rate (I/S) 1.29 1.23 5 1.29 1.23 5 1.24
USD end-of-period (B/S) 1.21 1.22 -1 1.21 1.22 -1 1.36
CONSOLIDATED BALANCE SHEET 6/05 6/04 chg 12/04
MEUR MEUR % MEUR
ASSETS
Tangible assets 141.7 145.5 -3 133.1
Intangible assets 44.0 38.8 13 34.7
Biological assets 29.8 28.8 3 30.4
Shares in assoc.companies 181.2 214.6 -16 219.1
Other investments 5.9 6.5 -9 4.4
Deferred tax assets 47.8 41.1 16 47.3
LONG-TERM TOTAL 450.3 475.4 -5 469.0
Inventories 132.1 110.1 20 109.7
Financial assets 212.5 145.2 46 104.8
CURRENT TOTAL 344.6 255.3 35 214.5
Assets of a disposal group
held for sale 26.3
ASSETS TOTAL 794.9 757.0 5 683.5
EQUITY AND LIABILITIES
Equity 412.8 369.7 12 335.7
L/t interest bear.debt 149.4 114.2 31 146.5
Deferred tax liabilities 21.0 11.8 78 20.2
Other l/t non-int.bear.debt 20.8 19.8 5 20.0
LONG-TERM TOTAL 191.3 145.8 31 186.7
S/t interest bear.debt 76.6 125.7 -39 71.1
S/t non-interest bear.debt 114.2 112.7 1 90.0
CURRENT TOTAL 190.8 238.4 -20 161.1
Liabilities of a disposal
group held for sale 3.1
EQUITY AND LIABILITIES TOTAL 794.9 757.0 5 683.5
KEYFIGURES 6/05 6/04 chg 12/04
%
Equity/share, euro 5.33 4.78 12 4.34
Equity ratio 52% 49% 49%
Net gearing 33% 59% 60%
Equity, meur 412.8 369.7 12 335.7
Net interest-bear.debt, meur 136.2 219.6 -38 202.0
Average number of employees 3580 3632 -1 3567
CONSOLIDATED STATEMENT 1-6 1-6 1-12
OF CASH FLOW 2005 2004 2004
MEUR MEUR MEUR
CASH FLOWS FROM OPERATING ACTIV.
Profit before taxes 84.1 40.2 75.0
Adjustments for
Depreciation 11.8 12.0 25.1
Share of assoc.comp.result -12.1 -9.3 -26.7
Investment income (net) -51.0 -5.1 -6.3
Interest expense (net) 5.1 5.9 10.0
Chg in value of biological ass. 0.7 0.5 -2.0
Dividends from assoc.comp. 17.1 8.6 21.3
Dividends received, other 0.1 0.9 0.9
Financial costs paid (net) -5.0 -5.5 -9.7
Taxes paid -3.5 -3.4 -10.7
Change in interest free assets -24.9 -30.1 -2.6
Change in inventories -14.7 1.5 -3.5
Change in interest free liab. 14.2 19.2 6.6
NET CASH FROM OPERATING ACTIVIT. 21.9 35.4 77.5
CASH FLOWS FROM INVESTING ACTIV.
Transact. in assoc. comp. shares 101.8 -22.2 -22.2
Capital expenditure -18.1 -10.6 -19.7
Proceeds from sale of fixed asset 0.3 0.9 2.6
Sale of other l/t investments 0.7 22.5 25.4
Purchase of other l/t investments -0.3 -0.4 -1.2
Cash flow from discontinued oper. 0.0 1.5 16.8
NET CASH USED IN INVESTING ACTIV. 84.3 -8.3 1.7
CASH FLOWS FROM FINANCING ACTIV.
Purchase of own shares 0.0 -0.3 -0.3
New long term loans 5.0 0.1 45.3
Amortization of l/t loans -12.4 -16.5 -51.6
Changes in short term loans -1.7 15.8 3.2
Financial leases, payments -1.6 -1.5 -2.8
Other financing items 0.2 -1.9 1.0
Dividends paid -22.8 -16.8 -71.8
NET CASH FLOW FROM FINANC. ACTIV. -33.2 -21.2 -77.0
Translation difference 1.2 -2.4 -3.4
CHANGE IN CASH 74.2 3.5 -1.2
Cash at beginning of period 15.6 16.8 16.8
CASH AT END OF PERIOD 89.8 20.3 15.6
STATEMENT OF CHANGES IN Share Other
CONSOLIDATED EQUITY Sharepremium Own reser-Transl.Retain.
capitalaccount shares vesadjustm earn. Total
MEUR MEUR MEUR MEUR MEUR MEUR MEUR
Jan.01,2004 55.4 21.3 -0.6 0.0 0.0 278.6 354.6
Translation differences 1.1 1.1
Dividends -16.8 -16.8
Own shares, change -0.3 -0.3
Other changes -0.1 -0.1
Net profit for the period 31.2 31.2
Jun.30,2004 55.4 21.3 -0.9 0.0 1.0 293.0 369.7
Dec.31,2004 77.5 0.0 -0.9 0.0 -10.4 269.5 335.7
Adoption of IAS 39
Fiskars Corporation -0.3 0.4 0.1
Associated company Wärtsilä 37.8 37.8
Jan.01,2005 77.5 0.0 -0.9 37.5 -10.4 270.0 373.7
Translation differences 2.4 2.4
Dividend distribution -22.8 -22.8
Change in fair value reserve 0.3 0.3
Chg in share in assoc. company* -6.9 -6.9
Other changes in assoc. company -13.0 0.8 0.3 -11.9
Net profit for the period 77.9 77.9
Jun.30,2005 77.5 0.0 -0.9 17.9 -7.2 325.5 412.8
* Fair value reserve effect from the sale of shares booked in the income statement
SEGMENTINFORMATION 4-6 4-6 chg 1-6 1-6 chg 1-12
NET SALES 2005 2004 % 2005 2004 % 2004
MEUR MEUR MEUR MEUR MEUR
Fiskars Brands 148.8 152.7 -3 270.0 283.6 -5 528.0
Inha Works 10.8 9.6 12 19.4 17.3 12 29.2
Real Estate 1.8 2.1 -13 4.4 4.5 -3 11.0
Eliminations -0.8 -0.6 40 -1.5 -1.0 40 -2.6
CORPORATE TOTAL 160.7 163.9 -2 292.3 304.3 -4 565.6
Export from Finland 15.3 13.1 17 34.2 30.9 11 56.2
SEGMENTINFORMATION 4-6 4-6 1-6 1-6 1-12
RESULT 2005 2004 2005 2004 2004
MEUR MEUR MEUR MEUR MEUR
Fiskars Brands 16.9 18.4 25.4 30.7 48.5
Inha Works 1.7 1.4 2.7 2.4 3.6
Real Estate -0.1 0.7 0.6 1.4 5.2
Eliminations and other oper. -1.3 -1.7 -2.5 -2.8 -5.2
OPERATING PROFIT 17.2 18.8 26.2 31.7 52.1
Associated company Wärtsilä 5.9 5.5 12.1 9.3 26.7
Gain on sale of Wärtsilä shares 49.8 49.8
Financial cost net -1.9 1.1 -4.0 -0.8 -3.8
RESULT AFTER FINANCIAL ITEMS 71.1 25.4 84.1 40.2 75.0
SEGMENTINFORMATION 4-6 4-6 chg 1-6 1-6 chg 1-12
DEPRECIATION AND AMORTIZATION 2005 2004 % 2005 2004 % 2004
ACCORDING TO PLAN MEUR MEUR MEUR MEUR MEUR
Fiskars Brands 5.5 5.5 0 10.6 10.9 -2 22.7
Inha Works 0.2 0.2 15 0.5 0.4 12 0.8
Real Estate 0.3 0.3 13 0.6 0.6 11 1.3
Eliminations and other oper. 0.1 0.1 -15 0.1 0.1 -8 0.4
CORPORATE TOTAL 6.1 6.1 1 11.8 12.0 -1 25.1
SEGMENTINFORMATION 4-6 4-6 chg 1-6 1-6 chg 1-12
INVESTMENTS 2005 2004 % 2005 2004 % 2004
MEUR MEUR MEUR MEUR MEUR
Fiskars Brands 4.3 4.2 2 14.7 7.5 95 15.8
Inha Works 1.2 0.6 107 1.9 1.0 100 1.3
Real Estate 0.5 0.8 -39 1.3 1.4 -5 1.9
Assoc.comp.Wärtsilä 3.2 22.2 -86 3.2 22.2 -86 22.2
Other 0.0 0.1 -43 0.4 0.4 -15 0.6
CORPORATE TOTAL 9.2 27.8 -67 21.4 32.5 -34 41.8
Short delivery times are a prerequisite in Fiskars' fields of operations.
Therefore, the backlog of orders and changes in it are not of
significant importance.
CONTINGENCIES 6/05 6/04 12/04
MEUR MEUR MEUR
FOR THE COMPANY'S OWN
COMMITMENTS
Real estate mortgages 0 0
Pledged assets 0 1
Bills of exchange 0 1 0
Lease contingencies 20 40 33
Other contingencies 2 6 4
TOTAL CONTINGENCIES 22 46 38
NOMINAL VALUES OF DERIVATIVE
INSTRUMENTS
Forward exch. contracts 170 107 114
Interest rate swaps 17 82 22
FRA's 58 16 29
Nominal values also include closed contracts.
RECONCILIATION OF NET PROFIT 1-6 1-12
2004 2004
MEUR MEUR
NET PROFIT ACCORDING TO FAS 27.8 44.9
Change in biological assets 0.1 2.0
Revenue recognition -0.8 -0.2
Inventory valuation 0.2 -0.1
Employee benefits -0.3 3.1
Development costs 0.0 0.1
Goodwill amortization and 2.1 2.5
impairment 0.3 -0.5
Finance leases 0.0 0.0
Deferred tax effect -0.1 -2.8
Assoc. comp. Wärtsilä 1.9 5.8
Other adjustments 0.1 -0.2
NET PROFIT ACCORDING TO IFRS 31.2 54.6
RECONCILIATION OF EQUITY 1.1. 30.6. 31.12.
2004 2004 2004
MEUR MEUR MEUR
EQUITY ACCORDING TO FAS 348.3 360.2 318.8
Biological assets 28.7 28.8 30.4
Cancellation of revaluations -9.8 -9.8 -9.8
Re-valuation of real estate 1.1 1.0 0.9
Revenue recognition -0.8 -1.6 -0.8
Inventory valuation -2.6 -2.9 -2.4
Employee benefits -9.7 -10.0 -6.6
Development costs 2.5 2.6 2.5
Goodwill amortization and
impairment 0.0 3.1 3.5
Financial leasing 0.0 -0.3 -0.4
Deferred tax -2.9 -3.0 -6.0
Assoc. company Wärtsilä 0.0 1.3 5.3
Other adjustments 0.0 0.3 0.3
TOTAL IFRS RESTATEMENT 6.3 9.5 16.9
EQUITY ACCORDING TO IFRS 354.6 369.7 335.7