Stock exchange release
March 21, 2005
FISKARS IFRS COMPARATIVE FINANCIAL STATEMENTS 2004
FISKARS IFRS COMPARATIVE FINANCIAL STATEMENTS 2004
Fiskars Corporation has adopted the International Financial Reporting
Standards (IFRS) as of 1.1.2005. Prior to IFRS adoption Fiskars
Corporation reported in accordance with Finnish Accounting Standards
(FAS). Preliminary comparative financial statements prepared in
accordance with FAS and IFRS for 2004 are published with the purpose
of providing information on the material transition impact to the
consolidated balance sheet and statement of income of Fiskars.
Fiskars has adopted the standards as at 31 March 2004 in its reporting
for comparative information for 2004 except for the standards IAS 39
(Financial Instruments: recognition and measurement) and IAS 32
(Financial Instruments: disclosure and presentation). For these the
adoption date is 1. January 2005. In the transition Fiskars has
applied certain exemptions allowed by the First-Time Adoption Standard
(IFRS1). The most significant of these for Fiskars are the exemptions
regarding valuation of tangible assets and reporting for business
combinations at the transition date.
The biggest changes compared with 2004 FAS financial statements come
from:
- including the value of the growing stock in the balance sheet
(IAS 41 Biological Assets)
- adopting more precise rules to reporting for financial leasing
agreements (IAS Leases)
- reporting change for businesses sold classified as discontinued
businesses (IFRS Non-current Assets Held for Sale and Discontinued
Businesses)
- precision and unification of reporting for defined pension benefit
plans (IAS 19 Employee Benefits)
The garden furniture business sold in the autumn 2004 has been
classified as discontinued operations and it affects almost all
captions in the comparative income statement and balance sheet.
Associated company Wärtsilä has adopted IFRS at the same transition
date as Fiskars and the changes in Wärtsiläs net profit and
shareholders equity also affect Fiskars financial statements.
Goodwill related to Wärtsilä was tested for impairment and there was
no need for write-down.
The IFRS income statements and balance sheets are not audited.
Income Statement and Balance Sheet
The adoption of IFRS will have a slightly positive affect on Fiskars
financial statements in the future. Due to IFRS the operating profit
will increase a little as goodwill is not amortized any longer and the
re-classification of leasing agreements changes the way lease costs
are booked. The total value of assets increases as the buildings
leased are included in the tangible assets and the respective
liabilities are included in the long-term liabilities. The value of
the growing stock is included in the balance sheet and this increases
both the assets and the shareholders equity. However, the impact in
Fiskars financial statements and financial position is not material.
IAS 39 and IAS 32 standards were adopted 1 January 2005. Fiskars does
not apply hedge accounting in accordance with IAS 39 and all financial
instruments are booked at fair value at the closing date.
Segments
The primary segments applied by Fiskars in its reporting in accordance
with IFRS are Fiskars Brands, Inha Works, Real Estate and associated
company Wärtsilä. This structure is used in Fiskars internal reporting
and complies with the division of responsibilities within the
corporation. Even if Fiskars Brands markets and manufactures a range
of different consumer products these are mostly sold through same
distribution channels and also production capacity and sourcing are
partly shared.
Goodwill
The goodwill in the opening balance of 32,5 mill. euro at 1.1.2004
refers to Fiskars Brands business only. The goodwill has been tested
for impairment in all cash-generating units in 2003 and 2004. The
impairment tests and recoverable amounts are based on estimated
discounted future cash-flows. Based on testing no impairment losses
were recognized. Major part of the goodwill amount refers to Garden
Outdoor Living business unit.
Key figures for 2004
IFRS FAS
Earnings per Share, euro 0,70 0,58
Operating Profit 52,1 39,0
Net Profit 50,4 44,9
Equity 335,7 318,8
Net debt 202,0 184,3
Total Assets 678,6 635,0
Equity/Assets, % 49% 50%
Net Gearing, % 60% 58%
IFRS comparative information is presented at the annual general
meeting 23 March based on this release.
Heikki Allonen
President and CEO
Information: Ms. Maija Elenius, Vice President, Corporate Control,
tel. +358 9 61 88 62 50
APPENDIX 1 Figures
CONSOLIDATED INCOME STATEMENT, MEUR
Income statement 1.1.-31.3.2004 FAS Adjustm. IFRS
NET SALES 155.5 -14.9 140.6
Cost of goods sold -109.4 13.2 -96.2
GROSS PROFIT 46.1 -1.7 44.4
Other operating income 0.3 0.0 0.3
Sales and marketing expenses -16.4 0.2 -16.3
Administration expenses -15.2 0.8 -14.4
Other operating expenses -2.4 1.2 -1.2
Restructuring expenses 0.0 0.0 0.0
OPERATING PROFIT 12.4 0.5 12.8
Share of assoc.comp.result 3.2 0.6 3.9
Financial income and expenses -1.6 -0.3 -1.9
PROFIT FROM CONTINUING OPERATIONS 14.0 0.8 14.8
Taxes -2.9 0.1 -2.8
Profit from discontinued operation 0.0 0.5 0.5
PROFIT FOR THE PERIOD 11.1 1.5 12.5
CONSOLIDATED INCOME STATEMENT, MEUR
Income statement 1.1.-30.6.2004 FAS Adjustm. IFRS
NET SALES 335.9 -31.1 304.8
Cost of goods sold -238.2 28.8 -209.3
GROSS PROFIT 97.7 -2.3 95.5
Other operating income 1.1 0.0 1.1
Sales and marketing expenses -33.0 0.4 -32.7
Administration expenses -31.6 1.7 -29.9
Other operating expenses -4.8 2.5 -2.3
Restructuring expenses 0.0 0.0 0.0
OPERATING PROFIT 29.4 2.3 31.7
Share of assoc.comp.result 7.4 1.9 9.3
Financial income and expenses -0.2 -0.6 -0.8
PROFIT FROM CONTINUING OPERATIONS 36.5 3.7 40.2
Taxes -8.8 -0.3 -9.0
Profit from discontinued operation 0.0 0.0 0.0
PROFIT FOR THE PERIOD 27.8 3.4 31.2
CONSOLIDATED INCOME STATEMENT, MEUR
Income statement 1.1.-30.9.2004 FAS Adjustm. IFRS
NET SALES 470.3 -30.7 439.6
Cost of goods sold -331.3 31.2 -300.1
GROSS PROFIT 139.0 0.5 139.5
Other operating income 1.7 0.0 1.7
Sales and marketing expenses -48.8 0.3 -48.5
Administration expenses -47.0 2.4 -44.6
Other operating expenses -7.7 3.7 -4.0
Restructuring expenses -3.9 3.9 0.0
OPERATING PROFIT 33.3 10.8 44.1
Share of assoc.comp.result 11.2 2.5 13.8
Financial income and expenses -2.1 -0.8 -2.9
PROFIT FROM CONTINUING OPERATIONS 42.5 12.5 55.0
Taxes -12.0 -1.7 -13.7
Profit from discontinued operation 0.0 -4.8 -4.8
PROFIT FOR THE PERIOD 30.5 6.0 36.5
CONSOLIDATED INCOME STATEMENT, MEUR
Income statement 1.1.-31.12.2004 FAS Adjustm. IFRS
NET SALES 597.0 -30.7 566.3
Cost of goods sold -420.3 31.5 -388.8
GROSS PROFIT 176.7 0.8 177.5
Other operating income 3.6 0.0 3.6
Sales and marketing expenses -64.5 0.1 -64.4
Administration expenses -60.6 2.7 -58.0
Other operating expenses -12.6 5.6 -7.1
Restructuring expenses -3.5 3.9 0.4
OPERATING PROFIT 39.0 13.0 52.1
Share of assoc.comp.result 20.9 5.8 26.7
Financial income and expenses -3.3 -0.5 -3.8
PROFIT FROM CONTINUING OPERATIONS 56.7 18.3 75.0
Taxes -11.8 -3.4 -15.2
Profit from discontinued operation 0.0 -5.3 -5.3
PROFIT FOR THE PERIOD 44.9 9.6 54.6
CONSOLIDATED BALANCE SHEET, MEUR
Balance Jan.1, 2004 FAS Adjustm. IFRS
ASSETS
Tangible assets 139.1 5.7 144.7
Intangible assets 34.5 2.5 37.0
Biological assets 0.0 28.7 28.7
Shares in associated companies 0.0 191.8 191.8
Other investments 216.6 -191.8 24.8
Deferred tax assets 48.0 1.7 49.7
NON-CURRENT ASSETS TOTAL 438.1 38.5 476.6
Inventories 124.4 -14.9 109.4
Financial assets 115.9 -4.8 111.1
CURRENT TOTAL 240.3 -19.8 220.5
Assets of a disposal group 0.0 28.2 28.2
TOTAL 678.4 46.9 725.3
CONSOLIDATED BALANCE SHEET, MEUR
Balance Jan.1, 2004 FAS Adjustm. IFRS
EQUITY AND LIABILITIES
Equity 348.3 6.3 354.6
Provisions 8.9 5.0 13.8
Long-term interest bearing debt 114.6 21.0 135.7
Deferred tax liabilities 2.4 15.2 17.5
Other l/t non-interest bear.debt 6.4 -1.4 5.0
Short-term interest bearing debt 100.9 -0.3 100.6
S/t non-interest bearing debt 96.9 -3.3 93.6
Liabilities of a disposal group 0.0 4.4 4.4
TOTAL 678.4 46.9 725.3
CONSOLIDATED BALANCE SHEET, MEUR
Balance Mar.31, 2004 FAS Adjustm. IFRS
ASSETS
Tangible assets 139.4 5.7 145.1
Intangible assets 50.8 -12.0 38.8
Biological assets 0.0 28.9 28.9
Shares in associated companies 170.9 16.8 187.6
Other investments 24.5 0.0 24.5
Deferred tax assets 44.0 0.8 44.8
NON-CURRENT ASSETS TOTAL 429.5 40.1 469.6
Inventories 124.4 -11.1 113.3
Financial assets 151.7 -32.6 119.1
CURRENT TOTAL 276.1 -43.7 232.4
Assets of a disposal group 0.0 33.5 33.5
TOTAL 705.5 29.9 735.4
CONSOLIDATED BALANCE SHEET, MEUR
Balance Mar.31, 2004 FAS Adjustm. IFRS
EQUITY AND LIABILITIES
Equity 343.8 6.7 350.5
Provisions 7.4 9.3 16.7
Long-term interest bearing debt 123.6 21.0 144.6
Deferred tax liabilities 2.4 15.4 17.8
Other l/t non-interest bear.debt 4.9 -1.7 3.2
Short-term interest bearing debt 117.5 -20.2 97.3
S/t non-interest bearing debt 106.0 -5.2 100.8
Liabilities of a disposal group 0.0 4.6 4.6
TOTAL 705.5 29.9 735.4
CONSOLIDATED BALANCE SHEET, MEUR
Balance Jun.30, 2004 FAS Adjustm. IFRS
ASSETS
Tangible assets 140.2 5.3 145.5
Intangible assets 59.8 -20.9 38.8
Biological assets 0.0 28.8 28.8
Shares in associated companies 186.7 27.9 214.6
Other investments 6.5 0.0 6.5
Deferred tax assets 45.4 -4.3 41.1
NON-CURRENT ASSETS TOTAL 438.6 36.8 475.4
Inventories 115.3 -5.2 110.1
Financial assets 156.6 -31.2 125.4
CURRENT TOTAL 271.9 -36.3 235.5
Assets of a disposal group 0.0 26.3 26.3
TOTAL 710.5 26.7 737.2
CONSOLIDATED BALANCE SHEET, MEUR
Balance Jun.30, 2004 FAS Adjustm. IFRS
EQUITY AND LIABILITIES
Equity 360.2 9.5 369.7
Provisions 7.3 9.4 16.7
Long-term interest bearing debt 93.5 20.7 114.2
Deferred tax liabilities 2.2 9.6 11.8
Other l/t non-interest bear.debt 5.1 -1.9 3.1
Short-term interest bearing debt 125.7 -19.8 105.9
S/t non-interest bearing debt 116.6 -3.9 112.7
Liabilities of a disposal group 0.0 3.1 3.1
TOTAL 710.5 26.7 737.2
CONSOLIDATED BALANCE SHEET, MEUR
Balance Sep.30, 2004 FAS Adjustm. IFRS
ASSETS
Tangible assets 131.1 10.6 141.7
Intangible assets 54.1 -15.2 38.9
Biological assets 0.0 30.4 30.4
Shares in associated companies 194.0 25.1 219.1
Other investments 6.6 0.0 6.6
Deferred tax assets 42.0 1.6 43.5
NON-CURRENT ASSETS TOTAL 427.7 52.5 480.2
Inventories 116.8 -1.6 115.2
Financial assets 114.7 -7.3 107.4
CURRENT TOTAL 231.5 -8.9 222.6
Assets of a disposal group 0.0 0.0 0.0
TOTAL 659.2 43.6 702.8
CONSOLIDATED BALANCE SHEET, MEUR
Balance Sep.30, 2004 FAS Adjustm. IFRS
EQUITY AND LIABILITIES
Equity 360.8 13.7 374.5
Provisions 4.2 12.8 17.0
Long-term interest bearing debt 92.4 19.8 112.2
Deferred tax liabilities 2.3 4.9 7.2
Other l/t non-interest bear.debt 5.2 -2.1 3.1
Short-term interest bearing debt 89.3 -4.6 84.7
S/t non-interest bearing debt 105.0 -0.9 104.0
Liabilities of a disposal group 0.0 0.0 0.0
TOTAL 659.2 43.6 702.8
CONSOLIDATED BALANCE SHEET, MEUR
Balance Dec.31, 2004 FAS Adjustm. IFRS
ASSETS
Tangible assets 124.7 8.4 133.1
Intangible assets 50.2 -15.5 34.7
Biological assets 0.0 30.4 30.4
Shares in associated companies 192.2 26.9 219.1
Other investments 4.4 0.0 4.4
Deferred tax assets 40.6 6.6 47.3
NON-CURRENT ASSETS TOTAL 412.2 56.8 469.0
Inventories 110.9 -1.2 109.7
Financial assets 111.9 -7.0 104.8
CURRENT TOTAL 222.8 -8.3 214.5
Assets of a disposal group 0.0 0.0 0.0
TOTAL 635.0 48.5 683.5
CONSOLIDATED BALANCE SHEET, MEUR
Balance Dec.31, 2004 FAS Adjustm. IFRS
EQUITY AND LIABILITIES
Equity 318.8 16.9 335.7
Provisions 7.3 7.4 14.7
Long-term interest bearing debt 128.8 17.7 146.5
Deferred tax liabilities 9.3 10.9 20.2
Other l/t non-interest bear.debt 5.3 0.0 5.3
Short-term interest bearing debt 71.1 0.0 71.1
S/t non-interest bearing debt 94.4 -4.4 90.0
Liabilities of a disposal group 0.0 0.0 0.0
TOTAL 635.0 48.5 683.5
SEGMENT INFORMATION, MEUR
1.1.-31.3.2004 FAS Adjustm. IFRS
NET SALES
Fiskars Brands 146.2 -15.3 130.8
Inha Works 7.6 0.0 7.6
Real Estate 2.2 0.4 2.7
Associated company, Wärtsilä 0.0 0.0 0.0
Inter-segment sales of RE -0.5 0.0 -0.5
CORPORATE TOTAL 155.5 -14.9 140.6
SEGMENT INFORMATION, MEUR
1.1.-31.3.2004 FAS Adjustm. IFRS
RESULT
Fiskars Brands 12.0 0.3 12.3
Inha Works 1.0 0.0 1.0
Real Estate 0.5 0.1 0.7
Eliminations and other oper. -1.1 0.0 -1.1
OPERATING PROFIT 12.4 0.5 12.8
Share of net profit in Wärtsilä 3.2 0.6 3.9
Financial cost net -1.6 -0.3 -1.9
CORP.PROFIT AFTER FINANCIAL ITEMS 14.0 0.8 14.8
SEGMENT INFORMATION, MEUR
1.1.-30.6.2004 FAS Adjustm. IFRS
NET SALES
Fiskars Brands 315.3 -31.7 283.6
Inha Works 17.3 0.0 17.3
Real Estate 4.4 0.6 5.0
Associated company, Wärtsilä 0.0 0.0 0.0
Inter-segment sales of RE -1.0 0.0 -1.0
CORPORATE TOTAL 335.9 -31.1 304.8
SEGMENT INFORMATION, MEUR
1.1.-30.6.2004 FAS Adjustm. IFRS
RESULT
Fiskars Brands 28.6 2.1 30.7
Inha Works 2.3 0.0 2.4
Real Estate 1.3 0.1 1.4
Eliminations and other oper. -2.8 0.0 -2.8
OPERATING PROFIT 29.4 2.3 31.7
Share of net profit in Wärtsilä 7.4 1.9 9.3
Financial cost net -0.2 -0.6 -0.8
CORP.PROFIT AFTER FINANCIAL ITEMS 36.5 3.7 40.2
SEGMENT INFORMATION, MEUR
1.1.-30.9.2004 FAS Adjustm. IFRS
NET SALES
Fiskars Brands 442.8 -33.0 409.9
Inha Works 22.9 0.0 22.9
Real Estate 6.5 2.3 8.8
Associated company, Wärtsilä 0.0 0.0 0.0
Inter-segment sales of RE -1.9 0.0 -1.9
CORPORATE TOTAL 470.3 -30.7 439.6
SEGMENT INFORMATION, MEUR
1.1.-30.9.2004 FAS Adjustm. IFRS
RESULT
Fiskars Brands 32.7 9.1 41.8
Inha Works 2.7 0.0 2.8
Real Estate 1.8 1.6 3.4
Eliminations and other oper. -3.9 0.0 -3.9
OPERATING PROFIT 33.3 10.8 44.1
Share of net profit in Wärtsilä 11.2 2.5 13.8
Financial cost net -2.1 -0.8 -2.9
CORP.PROFIT AFTER FINANCIAL ITEMS 42.5 12.5 55.0
SEGMENT INFORMATION, MEUR
1.1.-31.12.2004 FAS Adjustm. IFRS
NET SALES
Fiskars Brands 561.4 -33.4 528.0
Inha Works 29.2 0.0 29.2
Real Estate 9.0 2.7 11.7
Associated company, Wärtsilä 0.0 0.0 0.0
Inter-segment sales of RE -2.6 0.0 -2.6
CORPORATE TOTAL 597.0 -30.7 566.3
SEGMENT INFORMATION, MEUR
1.1.-31.12.2004 FAS Adjustm. IFRS
RESULT
Fiskars Brands 37.5 11.0 48.5
Inha Works 3.3 0.3 3.6
Real Estate 3.5 1.7 5.2
Eliminations and other oper. -5.2 0.0 -5.3
OPERATING PROFIT 39.0 13.0 52.1
Share of net profit in Wärtsilä 20.9 5.8 26.7
Financial cost net -3.3 -0.5 -3.8
CORP.PROFIT AFTER FINANCIAL ITEMS 56.7 18.3 75.0
RECONCILIATION OF NET PROFIT, MEUR 1-3 1-6 1-9 1-12
2004 2004 2004 2004
Net profit according to FAS 11.1 27.8 30.5 44.9
Change in biological assets (1) 0.1 0.1 1.7 2.0
Revenue recognition (3) -0.2 -0.8 -0.3 -0.2
Inventory valuation (4) -0.3 0.2 -0.2 -0.1
Employee benefits (5) -0.1 -0.3 -0.4 3.1
Development costs (6) 0.0 0.0 0.1 0.1
Goodwill amortiz.and impairm.(7) 1.0 2.1 3.1 2.5
Finance leases (8) 0.1 0.3 0.5 -0.5
Deferred tax effect (9) 0.1 -0.1 -0.9 -2.8
Assoc. comp. Wärtsilä (10) 0.6 1.9 2.5 5.8
Other adjustments (11) 0.0 0.1 0.0 -0.2
Net profit according to IFRS 12.5 31.2 36.5 54.6
RECONCILIATION OF EQUITY, MEUR
1.1.04 31.3.04 30.6.04 30.9.04 31.12.04
Equity according to FAS 348.3 343.8 360.2 360.8 318.8
Biological assets (1) 28.7 28.9 28.8 30.4 30.4
Cancellation of revaluations (2) -9.8 -9.8 -9.8 -9.8 -9.8
Re-valuation of real estate (2) 1.1 1.0 1.0 0.9 0.9
Revenue recognition (3) -0.8 -0.9 -1.6 -1.0 -0.8
Inventory valuation(4) -2.6 -3.4 -2.9 -3.2 -2.4
Employee benefits (5) -9.7 -10.0 -10.0 -9.7 -6.6
Development costs (6) 2.5 2.5 2.6 2.6 2.5
Goodwill amortiz.and impairm.(7) 0.0 1.0 3.1 3.8 3.5
Financial leasing (8) 0.0 -0.1 -0.3 -0.4 -0.4
Deferred tax (9) -2.9 -3.7 -3.0 -3.8 -6.0
Assoc. company Wärtsilä (10) 0.0 1.2 1.3 3.6 5.3
Other adjustments (11) 0.0 0.1 0.3 0.4 0.3
Total IFRS restatement 6.3 6.7 9.5 13.7 16.9
Equity according to IFRS 354.6 350.5 369.7 374.5 335.7
KEYFIGURES 1.1.04 31.3.04 30.6.04
FAS IFRS FAS IFRS FAS IFRS
Earnings per share, euro 0.14 0.16 0.36 0.40
Equity per share, euro 4.49 4.58 4.44 4.52 4.65 4.77
Equity ratio 51.3% 48.9% 48.7% 47.6% 50.7% 50.1%
Net gearing 57.0% 61.9% 65.6% 70.4% 55.2% 59.4%
Equity, meur 348.3 354.6 343.8 350.5 360.2 369.7
Net interest bearing debt, meur 198.6 219.5 225.4 246.6 198.7 219.6
KEYFIGURES 30.9.04 31.12.04
FAS IFRS FAS IFRS
Earnings per share, euro 0.39 0.47 0.58 0.70
Equity per share, euro 4.65 4.83 4.11 4.33
Equity ratio 54.7% 53.3% 50.2% 49.1%
Net gearing 48.5% 52.1% 57.8% 60.2%
Equity, meur 360.8 374.5 318.8 335.7
Net interest bearing debt, meur 175.2 195.0 184.3 202.0
APPENDIX 2 Additional information
1. Biological assets are included at fair value less estimated point-
of-sale costs. Fiskars owns forests in Finland and the valuation
is based on the prevailing price-level at closing date, the data
of amounts and quality in the long-term plans for forestry and the
actual point-of-sale costs.
2. Revaluations on land according to FAS have been reversed. Fiskars
has elected in accordance with IFRS 1 exemptions to use fair value
of some land areas as deemed cost at the transition date: the
forest areas are booked at the ground- value and plots or sites on
planned areas have been re-valued based on unified principles and
earlier fair value estimates.
3. Revenue recognition has been adjusted to comply with the more
precise criteria in IAS 18 Revenue.
4. Inventory valuation in the corporation has been made more
consistent and precise in accordance with IAS 2 Inventory.
5. All accumulated actuarial gains and losses from defined benefit
plans are recognized in the opening balance sheet at 1.1.2004. The
disability element of the Finnish pension scheme (TEL) is
calculated as defined benefit plan in the Finnish Group companies
and has been included as a liability in the opening balance sheet
and it has been reversed to income in the last quarter of 2004.
The pension liabilities are included in provisions.
6. Development costs have been recognized in the balance sheet when
they have met the recognition criteria in accordance with IAS 38
Intangible Assets.
7. Goodwill is not amortized but tested for impairment in accordance
with IFRS. Goodwill in acquisitions from December 2003 onwards has
been recognized in accordance with IFRS 3. Based on the estimated
recoverable amount of Garden Outdoor Living unit compared with its
carrying amount, an impairment at the same amount as the goodwill
amortization booked in the closing accounts of 2004 (FAS) was
recognized.
8. Classification of leases has been made more consistent and some
lease agreements that have previously been classified according to
FAS as operative lease agreements have been reclassified as
financial lease agreements.
9. Deferred tax adjustment is due to the impact from IFRS-
adjustments.
10. Ownership in Wärtsilä is classified as associated company in the
comparative opening balance sheet. The exemption allowed by IFRS 1
has been utilized and the purchase accounting is based on the
opening balance sheet of Wärtsilä prepared in accordance with
IFRS. The differences in recognition criteria between the
standards according to IFRS and FAS are the reason why the share
of associated companys profit in Fiskars comparative figures
increases even though the IFRS-adjustments have had a negative
effect on Wärtsiläs net profit.
11. Other changes result mainly from differences in gains on sale of
real estate due to new deemed cost under IFRS.
Other additional information
The Syroco garden furniture business has been classified to
discontinued operations as from 31 December 2003.
The Capital Loan (in accordance with Finnish legislation) is included
in long-term interest-bearing loans in the balance sheet according to
IFRS.
The fair value of cash flow hedge derivatives is included in the
balance sheet and the changes in the fair values are recognized
through profit and loss beginning 1 January 2005.
Fiskars owns real estate that are classified as investment property.
Investment property is valued at cost less accumulated depreciation.
The real estate in Fiskars Village is deemed to be one-of-its-kind and
therefore alternative reliable estimates of fair value are not
available.