Stock exchange release
December 11, 2008
FISKARS TO CHANGE THE ACCOUNTING ESTIMATE FOR STANDING TIMBER, REDUCING FAIR VALUE BY EUR 3 MILLION
FISKARS TO CHANGE THE ACCOUNTING ESTIMATE FOR STANDING TIMBER, REDUCING FAIR VALUE BY EUR 3 MILLION Fiskars will change the accounting estimate used for valuing its biological assets (i.e. standing timber). Currently, Fiskars uses a one-month average price for measuring the fair value of standing timber. This will be changed to a three-year rolling average price, reflecting the stable nature of the asset. Following the change, the fair value of Fiskars standing timber in 2008 will be reduced by approximately EUR 3 million and the reduction is booked against the result in the last quarter of the year. For further information, please contact: CEO Kari Kauniskangas, tel. +358 9 6188 6222 CFO Teemu Kangas-Kärki, tel. +358 9 6188 6231 FISKARS CORPORATION Kari Kauniskangas President & CEO Founded in 1649, Fiskars is a leading supplier of branded consumer goods. Fiskars business areas are Garden, Homeware, Craft, Outdoor Recreation, Inha Works, and the Real Estate Group. Its major international brands are Fiskars, Iittala, Gerber, Silva, and Buster. The associated company Wärtsilä Corporation is also an important part of the Corporation. Fiskars business segments are the Americas, EMEA, Wärtsilä, and Other. Fiskars shares are quoted on NASDAQ OMX Helsinki Ltd. In 2007, the Fiskars Corporation net sales were EUR 658 million, the operating profit EUR 110 million and the Corporation employed some 4,500 people. www.fiskars.fi