Stock exchange release September 20, 2007
FISKARS UPDATES ITS FINANCIAL OUTLOOK FOR 2007
FISKARS UPDATES ITS FINANCIAL OUTLOOK FOR 2007 Subsequent to the Iittala Group consolidation as of September 1st 2007 Fiskars Corporation net sales are estimated to grow by around 20% in 2007 compared to the previous year. Earnings before interests and tax (EBIT) of the wholly owned businesses in Fiskars are estimated to further increase from last year. Main contributors to the increase are: - Consolidation of the Iittala Group where profits are estimated to be mainly generated during the last months of the year as has been the case during the previous years. - Gradually improving profitability experienced in Fiskars Brands during the first 8 months that is largely a result of the restructuring measures implemented in 2005 - 2006 as well as positive development at Inha Works. - The continued price increases of standing timber. The share of profits from the associated company Wärtsilä is estimated to again form a substantial part of Fiskars' operating profit in 2007. Fiskars net earnings this year will further be enhanced as the company has sold some of it's Wärtsilä B-shares and subsequently acquired a corresponding amount of Wärtsilä A-shares creating a non-recurring capital gain. Fiskars will publish its Interim Report for the period January-September on November 1, 2007. Heikki Allonen President and CEO Founded in 1649, Fiskars (www.fiskars.fi) is an international corporation which includes the subsidiaries Fiskars Brands, Iittala Group, Inha Works, and the Real Estate Group. Fiskars holdings in associated company Wärtsilä is also an important part of Fiskars Corporation. In 2006, the net sales of Fiskars Corporation was EUR 535 million, its operating profit EUR 86 million. The Corporation employed some 3,000 people around the world.