
Stock exchange release
December 11, 2008
FISKARS TO CONTINUE STREAMLINING ITS BUSINESS; BOOKS EUR 32 MILLION IN RESTRUCTURING CHARGES
FISKARS TO CONTINUE STREAMLINING ITS BUSINESS; BOOKS EUR 32 MILLION IN RESTRUCTURING CHARGES Fiskars Corporation is reorganizing its business areas and strengthening its operations as part of the shift from a manufacturing focus to a branded consumer goods company. The principles used for inventory valuation across the Group are also being harmonized to meet the needs of a consumer-driven business model. Fiskars will book write-downs as well as provisions for restructuring costs related to changes in the Group's business structure in the last quarter of 2008, totaling EUR 32 million. Of these charges, over 40% will have a non-cash effect. The majority of the charges are related to write-downs of inventories (approx. EUR 10 million) and fixed assets (approx. EUR 10 million). In addition, there will be impairment charges booked against the discontinuation of certain product lines in the Americas, and other restructuring costs (together approx. EUR 6 million). Personnel-related costs are estimated to be approximately EUR 6 million. The changes in business structure are estimated to generate annual savings of EUR 10 million in operating costs, gradually from 2009 onwards. Without non-recurring costs, Fiskars expects full-year 2008 EBIT excluding Wärtsilä and the change in the fair value of standing timber to be below 2007 level. 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