FINANCIAL
STATEMENTS
2021
Contents
1 General accounting principles 28
1.1 Basic information 29
1.2 Basis of preparation 29
1.3 Consolidation principles 29
1.4 Translation of foreign currency
items 29
1.5 Use of estimates 30
1.7 New and amended standards
applied in financial year ended 30
1.8 Adoption of new and amended
standards January 1, 2022 31
4 Operative assets and liabilities 54
4.1 Inventories 55
4.2 Trade and other receivables 56
4.3 Trade and other payables 57
4.4 Employee defined benefit
obligations 57
4.5 Provisions 63
Parent company financial statements, FAS 84
Parent company income statement 84
Parent company balance sheet 85
Parent company statement of cash flows 86
Notes to the parent company financial
statements 87
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
BOARD’S PROPOSAL FOR DISTRIBUTION
OF PROFITS AND SIGNATURES 96
AUDITOR’S REPORT 98
OTHER FINANCIAL INFORMATION 105
Items affecting comparability 105
Financial indicators 106
Five years in figures 106
Share related figures 107
Calculation of financial indicators 107
Shares 108
Shareholders 109
FINANCIAL STATEMENTS 23
Consolidated Financial Statements, IFRS 23
Consolidated income statement 23
Consolidated statement of comprehensive
income 23
Consolidated balance sheet 24
Consolidated statement of cash flows 25
Statement of changes in consolidated equity 26
Notes to the consolidated financial
statements 27 2 Financial performance 32
2.1 Segment information 33
2.2 Other operating income 36
2.3 Total expenses 37
2.4 Employee benefits and number of
personnel 38
2.5 Share based payments 39
2.6 Financial income and expenses 41
2.7 Income taxes 41
2.8 Earnings per share 43
3 Intangible and tangible assets 44
3.1 Assets held for sale 45
3.2 Intangible assets 46
3.3 Property, plant and equipment 50
3.4 Right-of-use assets 52
3.5 Biological assets 53
3.6 Investment property 53
5 Capital structure and financial
instruments 64
5.1 Share capital 65
5.2 Financial risk management 66
5.3 Financial assets 68
5.4 Financial liabilities 70
5.5 Lease liabilities 75
5.6 Derivatives 76
6 Other notes 77
6.1 Subsidiaries 78
6.2 Related party transactions 80
6.3 Acquisitions and divestments 83
6.4 Commitments and contingencies 83
6.5 Subsequent events after the
reporting period 83
REPORT BY THE BOARD OF DIRECTORS
FOR THE YEAR 2021 3
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Report by the Board of Directors for the year 2021
We are driven by our common purpose: pioneering
design to make the everyday extraordinary. Fiskars
Group pursues profitable growth with the aim of
becoming the first choice in the garden and outdoors
categories, and in the kitchen and at the table.
To achieve this ambition, Fiskars Group relies on its
deep understanding of the everyday, and combines
its passion for design, innovation and quality with
a firm commitment to sustainability. The company
delivers value by building brands that people love,
driving a business that customers respect and
developing a culture where people can perform at
their best.
The Fiskars Group team is made up of diverse and
creative professionals, serving people around the
world with a portfolio of loved brands. The growth
strategy outlines the fewer, bigger and bolder
strategic choices that will put Fiskars Group on a
healthy path towards organic growth and improved
profitability. The logic behind the strategy is clear –
the company focuses on winning brands, channels
and countries. The brand portfolio is categorized
Copenhagen, Iittala, Moomin by Arabia and Gerber);
Albert and Royal Doulton). In December 2021 Fiskars
Group announced that it would be divesting its North
American Watering business, including the Gilmour
and Nelson brands.
Fiskars Group’s business is based on understanding
and predicting consumer needs, aspirations,
motives, and behavior. A profound insight into and
understanding of the consumer is the starting point
for building the brands, offering, sales and marketing
activities. A culture that puts consumers at the heart
of every discussion, decision and action is enabling
Fiskars Group to build loved and trusted brands.
Consumers’ understanding of global influences like
climate change, resource scarcity and digitalization
is greater than ever. For Fiskars Group, this is an
opportunity to take action towards solving these
global challenges and to create solutions that
support consumers in their journey towards a more
sustainable future.
Fiskars Group is committed to encouraging employee
engagement by creating an inclusive and inspiring
working environment. The company recognizes
the importance of its people in contributing to its
success, and continuously invests in opportunities for
employees to learn and grow. Building a values-based
leadership helps Fiskars Group’s leaders to shape
their skills and engage with people, which is crucial in
creating value for consumers and other stakeholders.
Fiskars Group’s culture is based on strong values,
engaging leadership and clear ways of working that
set us apart from our competitors.
The impacts on employees of
COVID-19
On March 11, 2020, the World Health Organization
acted quickly to ensure the health and wellbeing of
the employees and other people working in our value
chain. Since the start of the pandemic, the number
one concern has been the safety and wellbeing of
employees.
A wide range of measures has been implemented
throughout the pandemic in order to help prevent
and customers. These include continued remote
working for all employees able to do so, keeping
business travel to a minimum, introducing rigid safety
measures in factories and distribution centers as well
as safeguards in our stores.
As a result of the pandemic, the last two years have
been challenging for Fiskars Group’s employees.
Nevertheless, they have successfully served
consumers and customers while making sure that the
company’s financial performance has continued on a
strong track.
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Year 2021 in brief: Record
strong year
Fiskars Group had a strong year, as the company
and its employees were able to successfully serve
consumers and customers in these dynamic times.
Additionally, the financial performance continued on
a strong track. Both net sales and comparable EBITA
reached an all-time high level. Net sales were driven
by all business areas. While the comparable EBITA
was driven by business area Vita, both Terra and
Crea also performed well against an unusually strong
comparison period.
In 2021, there were significant challenges in global
supply chains as well as broad-based cost inflation.
Fiskars Group has successfully mitigated supply
chain constraints and the ability to do so has been
a competitive advantage. The company has also
successfully mitigated the inflationary pressure.
Full-year gross margin increased by 2.5 percentage
points in 2021, supported by price increases and
improved commercial excellence. Within commercial
excellence, the initial actions have been focused on
the value-based pricing as well as the in-store and
online excellence.
During the second half of the year, the company
significantly increased spending to accelerate
growth. This increase was mostly related to digital
operations and consumer excellence. During the
year, Fiskars Group also completed the Restructuring
and Transformation programs. The programs were
launched in October 2018 and December 2019
and combined targeted annual cost savings of
approximately EUR 37 million These benefits were
realized, and a majority were already visible by
the end of 2021. The total costs of both programs
amounted to EUR 42.5 million, clearly below the
original estimate of approximately EUR 70 million.
During 2021, cash flow from operating activities
before financial items and taxes amounted to EUR
Group performance
In 2021, Fiskars Group’s organizational structure
Crea. Fiskars Group’s four primary reporting segments
are Vita, Terra, Crea and Other. In addition, Fiskars
Group reports net sales for three geographical areas:
Europe, Americas and Asia-Pacific.
BA Vita offers premium and luxury products for
the tableware, drinkware and interior categories. It
consists of brands such as Iittala, Royal Copenhagen,
Waterford and Wedgwood. BA Terra consists of the
gardening, watering, and outdoor categories. The
brands include Fiskars and Gerber. BA Crea consists
of the scissors and creating as well as the cooking
categories, mainly with the Fiskars brand. The Other
segment contains the Group’s investment portfolio,
the real estate unit, corporate headquarters and
shared services.
Net sales
EUR million 2021 2020 Change
Comparable
change
Group 1,254.3 1,116.2 12.4% 14.2%
Vita 544.6 456.6 19.3% 19.3%
Terra 535.4 493.8 8.4% 11.6%
Crea 170.6 162.0 5.3% 7.7%
Other 3.8 3.8 1.1% 1.0%
Fiskars Group’s consolidated net sales increased
Comparable net sales increased by 14.2%, supported
by all business areas and nearly all channels. Strong
demand supported the increase in net sales.
Comparable EBITA
EUR million 2021 2020 Change
Group 168.8 136.8 23.4%
Vita 86.7 41.0 111.4%
Terra 57.0 67.5
Crea 38.0 41.1
Other -12.9
Fiskars Group’s comparable EBITA increased by 23.4%
comparable EBITA was driven by the Vita segment,
whereas it decreased in Terra and Crea.
Comparable EBITA was supported by an increase
in net sales, an improvement in gross margin from a
more favorable product and channel mix, as well as
the benefits from the ongoing programs.
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At the Group level, the completed Transformation
and Restructuring programs had a positive impact
on profitability. At the same time, the previous year’s
figures were supported by temporary cost savings.
Increased spending to accelerate growth had a
negative impact during the second half of the year.
Operating environment in 2021
The operating environment remained volatile in
2021, although less so than in 2020. The significant
differences in impact at the category level decreased
in 2021 from the level seen in 2020.
The number of store closures varied throughout the
year. Overall, it was lower than in 2020, but with
regional differences. Despite the decreased impact
on brick-and-mortar stores compared to 2020, the
importance of e-commerce and hybrid models (such
as curbside pickup) is more prominent than before
the pandemic.
Global supply chains have continued to come under
pressure, as the pandemic is still having an impact
on consumer demand and the global economy. The
challenges have included a lack of sufficient logistics
capacity and port congestions. This has resulted
in higher freight costs and longer delivery times.
Additionally, raw material prices have risen rapidly.
Energy prices in many countries were significantly
higher during the second half of the year compared to
the previous year’s level.
Reporting segments and geographies
Vita segment in 2021
EUR million 2021 2020 Change
Net sales 544.6 456.6 19.3%
Comparable EBITA 86.7 41.0 111.4%
Capital expenditure 16.0 16.3
Net sales in the Vita segment increased by 19.3%
net sales increased by 19.3%, rebounding from a
difficult first half of 2020, when the pandemic had
a more significant negative impact on the financial
performance.
Net sales increased for most of the brands and in
nearly all important markets. Growth was strongest
in China, the Americas and the Nordics. On a channel
level, net sales increased most in e-commerce, both
direct and indirect. The entire direct channel posted
growth figures, even though temporary store closures
still had a negative impact on net sales.
Comparable EBITA in the Vita segment increased to
supported by a number of factors. Sales volumes
increased, pricing improved, and the channel mix was
more favorable, driven by a higher share of the direct
channel. The profitability of the English & Crystal
brands has improved. The positive impact from the
completed programs has increasingly supported
profitability. At the same time, the previous year’s
figures were supported by temporary cost savings.
Increased spending to accelerate growth had a
negative impact on comparable EBITA.
Terra segment in 2021
EUR million 2021 2020 Change
Net sales 535.4 493.8 8.4%
Comparable EBITA 57.0 6 7.5
Capital expenditure 12.2 9.9 23.8%
Net sales in the Terra segment increased by 8.4%
sales increased by 11.6%.
Net sales increased in all markets, Central Europe
in particular. Additionally, all categories supported
net sales growth despite a negative impact from
availability challenges during the year.
Comparable EBITA in the Terra segment decreased
net sales supported the comparable EBITA, higher
manufacturing and logistics costs and increased
spending to accelerate growth had a negative impact.
At the same time, the previous year’s figures were
supported by temporary cost savings.
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Crea segment in 2021
EUR million 2021 2020 Change
Net sales 170.6 162.0 5.3%
Comparable EBITA 38.0 41.1
Capital expenditure 3.3 1.8 90.9%
Net sales in the Crea segment increased by 5.3% to
increased by 7.7%.
Net sales growth was driven by the Nordics and
Continental Europe. At the same time, net sales
decreased in the Americas, where the comparison
figures from 2020 were strong. The key driving force
behind the growth was the cooking category, where
the expansion in Europe proceeded well.
Comparable EBITA in the Crea segment decreased
sales and a more favorable product mix supported
the comparable EBITA, higher manufacturing,
logistics costs and increased spending to accelerate
growth had a negative impact. At the same time, the
previous year’s figures were supported by temporary
cost savings.
Other segment in 2021
EUR million 2021 2020 Change
Net sales 3.8 3.8 1.1%
Comparable EBITA -12.9
Capital expenditure 2.8 2.2 30.4%
Net sales in the Other segment amounted to EUR
rental income. The comparable EBITA for the Other
Net sales by geography in 2021
EUR million 2021 2020 Change
Comparable
change
Europe 592.2 495.9 19.4% 18.7%
Americas 475.9 471.6 0.9% 5.4%
Asia-Pacific 187.7 154.1 21.8% 22.6%
Unallocated -1.4
In Europe, net sales increased by 19.4% and
Comparable net sales increased by 18.7%. Growth
was driven by all markets, with a strong performance
in the Nordics and Continental Europe.
Net sales in the Americas were close to the previous
Comparable net sales increased by 5.4%, supported
by the Vita and Terra segments.
Net sales in Asia-Pacific increased by 21.8% to EUR
by 22.6%, driven by nearly all markets, China in
particular.
Research and development
The Group’s research and development expenses
Personnel
The average number of full-time equivalent
2021, personnel costs amounted to EUR 293.7 million
Transformation and Restructuring
programs
Fiskars Group has completed its two programs, the
Transformation and Restructuring programs. The
Transformation program, launched in October 2018,
aimed at increasing efficiency, reducing complexity
and accelerating long-term strategic development
in its former Living segment. The company-wide
Restructuring Program launched in December 2019
aimed at reducing costs in a wide range of areas.
Both programs were completed by the end of 2021.
The Transformation program targeted annual cost
savings of approximately EUR 17 million and the
Restructuring program of approximately EUR 20
million, respectively. These benefits were realized,
and a majority were already visible by the
end of 2021.
The total costs of both programs were originally
expected to be approximately EUR 70 million,
consisting of EUR 40 million from the Transformation
program and EUR 30 million from the Restructuring
program. The total cost of both programs amounted
to EUR 42.5 million, EUR 30 million for the
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Transformation program and EUR 12.5 million for the
Restructuring program. The costs have been recorded
Financial items, net result and
cash ow
In 2021, other financial income and expenses
Foreign exchange differences accounted for EUR 4.2
tax dispute concerning intra-group loans forgiven by
the company in 2003. The Supreme Administrative
Court did not grant Fiskars Corporation a leave to
appeal the case in its decision of March 3, 2021, and
consequently, the income tax, which was already
paid in Q3 2016, was recorded as tax cost in the first
quarter of 2021. Interest of EUR 6.2 million relating to
the tax decision was posted as an interest expense.
the tax dispute had a negative impact of EUR 0.35
per share.
The cash flow from operating activities before
financial items and taxes amounted to EUR 164.2
increase in profit before taxes, while the change in
net working capital had the opposite effect. Cash flow
expenditure on fixed assets. Cash flow from financing
payment of lease liabilities. The comparison figure
of non-current debt, EUR 40 million of proceeds of
Capital expenditure totaled EUR 34.4 million
IT investments. Depreciation, amortization and
including an impairment of EUR 10.4 million of the
Waterford trademark).
Balance sheet and nancing
Fiskars Group’s working capital totaled EUR 164.5
Cash and cash equivalents at the end of the period
leases classified as interest-bearing debt under IFRS
Excluding leasing debt, short-term borrowing totaled
mainly of a term loan maturing in 2022.
In addition to outstanding loans, Fiskars Group had
committed credit facilities and a commercial paper
program of EUR 400 million with Nordic banks.
The impact of the COVID-19
pandemic on Fiskars Group in 2021
Market situation
The market situation has been volatile throughout
the pandemic. It was most challenging in March-
April 2020, after which it improved clearly, and the
situation has stabilized during 2021. Throughout the
pandemic there have been significant differences by
category and market. Overall, consumers have shifted
their focus to e-commerce channels as a result of
lockdowns and store closures, which has impacted
retailers as well.
In the Vita categories demand has improved during
the end of 2020 and 2021. Gifting is an important part
of the business, and this still has not fully recovered
from the hit by social distancing and restrictions
on holding meetings. Additionally, customers in the
hospitality channel (i.e., hotels, cruise lines, airlines)
have largely halted investments.
In the Terra and Crea categories the pandemic had
a different impact. Demand has been strong, as
people have spent more time at home. In particular,
the gardening and watering categories have
seen increased consumer interest. For Crea, the
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demand for scissors and sewing products increased
temporarily as people have spent more time at home.
The growth in demand has levelled for both Terra and
Crea from the second quarter of 2021 onwards.
Temporary cost-cutting measures
At the beginning of the pandemic, proactive steps
were swiftly introduced to lessen the negative
world. As the situation evolved during 2020, a broad
range of cost savings were implemented. Most of
these measures were taken starting in the second
quarter of 2020 and were visible in the financial
performance from the second quarter onward. In
2021, these measures have only had a minor impact
on profitability.
Own stores
The company had to temporarily close stores due to
the pandemic, starting in the Asia-Pacific region as
early as January 2020. The closures and reopenings
varied by country and even by city. The closures
reached a high in April 2020, when a significant
number of the Group’s stores were closed. The
number of store closures has since been at a lower
level. At the end of the fourth quarter of 2021, only a
small number of stores were closed.
Supply chain
The pandemic has impacted most of the company’s
own production units. During the pandemic, some
units have been temporarily closed to adjust to
the decrease in demand, while others increased
production volumes. In all units, new arrangements
were put in place in order to meet regulations
ensuring the health and wellbeing of employees. The
strong demand and challenges in the global logistics
chains have put pressure on the supply chain, during
2021 in particular. Despite these challenges, the
company has successfully served its customers. The
ability to deliver has been a competitive advantage
for Fiskars.
Financial position
The liquidity of Fiskars Group has remained strong
during 2021. Actions to secure liquidity with short
term borrowing were promptly taken during the first
quarter of 2020. Driven by the strong cash flow, the
remainder of these loans were repaid during the
second quarter of 2021.
has intensely followed up on and assessed the
credit risks of trade receivables. The existing bad
debt provision model for expected credit losses
is based on the age of the trade receivables. Bad
debt provision increases in line with the age of the
trade receivables, so as the model is followed, the
increased credit risk in the form of more mature trade
receivables results in a higher bad debt provision. The
model is adjusted for forward-looking information.
Credit losses have remained at a historically normal
level during 2021.
The credit risk of trade receivables and the amount
of bad debt provision was analyzed at the end of
the reporting period, with the conclusion being that
sufficient provisions have been made.
Reporting of non-nancial
information
Sustainability in 2021
In 2021, Fiskars Group continued working towards
its sustainability targets according to the roadmaps
in place.
A strong sustainability approach is the right thing
to do for people and the planet and the prerequisite
to future-proof and grow business. Sustainability
represents an opportunity for Fiskars Group to further
strengthen the reputation and increase brand love.
Sustainability is one of our key enablers for creating
and delivering sustainable growth. Fiskars Group’s
sustainability approach describes our level of
ambition. We are on a mission: for lasting wellbeing of
people and planet.
Fiskars Group has continued its work on its three
long-term sustainability commitments: against
throwaway culture, for a carbon neutral business and
for increased joy.
Fiskars Group is committed to taking climate action,
and has thus joined the UN Business Ambition for
1.5°C and set science-based targets, aligned with the
latest climate science and the most ambitious goals
of the Paris Agreement, to reduce greenhouse gas
emissions by 2030.
These commitments are guided by Fiskars Group’s
sustainability ambition and inspired by the United
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These three commitments will help us achieve
sustainable growth and long-term value and will
support the progress of our mission for the lasting
wellbeing of people and the planet.
Environment
The responsible and reduced use of natural resources
and the careful re-usage and recycling of materials
are central to Fiskars Group’s sustainability approach.
Fiskars Group’s environmental and energy approach is
guided by two main principles: supporting long-term
competitiveness and reducing negative impacts.
New business models based on the circular economy
such as extending material cycles and introducing
service-based solutions provide opportunities to
create value. In addition, Fiskars Group is constantly
looking for new opportunities to increase the use
of recycled or renewable materials in its products.
Fiskars Group is committed to promoting efficiency
and identifying new solutions throughout the
value chain.
POLICIES AND COMMITMENTS
International standards and guidelines such as ISO
14001 create an important foundation for Fiskars
Group’s environmental management. Fiskars
Group’s environmental policy emphasizes common
targets and ways of working within Fiskars Group’s
manufacturing units. Fiskars Group’s Supplier Code
of Conduct outlines expectations regarding suppliers’
energy and emissions management, and every
supplier must sign and commit to it to be able to do
business with Fiskars Group.
TARGETS & ACTIONS
Targets 2030:
• A majority of our net sales comes from circular
products and services*
• Circularity is fully integrated into innovation*
• A global concept in use to take-back and recycle/
reuse/resell our products, covering all our
main brands.
• 100% of our packaging is renewable, preferably
recycled and further recyclable
Target 2022: business model for recycling and
reselling the products in place in select markets.
* Targets were defined in 2021
Creating new business models is essential for staying
relevant in the changing business landscape. The
circular economy provides opportunities to create
value and support Fiskars Group in resource wisdom:
being more efficient and innovating new materials and
technologies to mitigate the use of non-renewable
materials. Fiskars Group aims to have a majority of its
net sales coming from circular products and services,
by 2030. Fiskars Group’s brands’ recycled material
product ranges have been popular, and sales of
recycled products have increased by 78% since 2020.
Our new services are created at BRUK, Fiskars
Group’s own innovation hub. BRUK brings together
people and knowledge from across the entire Fiskars
Group, with the aim of quickly designing, testing, and
scaling new ideas.
Aligned with the 2022 target, the Vintage service,
which provides people with the opportunity to
buy and sell previously-owned Iittala, Arabia and
and expanded within Sweden, now covering all Iittala
stores in both countries. The Vintage service has
been very well received by consumers, and plans are
in place to expand it further to new categories and
markets in 2022.
Vintage products sold during 2021 helped save 116
tons of solid natural resources and 39 tons of CO
2
emissions. The assessment was conducted with
Helsinki Metropolitan Area Reuse Centre Ltd to better
understand the environmental savings that people
can achieve by buying previously-owned tableware
instead of new products.
Targets 2030:
• Greenhouse gas emissions from own operations
2017 base year
• Greenhouse gas emissions from transportation and
base year.
• 60% of our suppliers by spending, covering
purchased goods and services, will have science-
based targets by 2024.
Fiskars Group implemented a number of energy and
emission-saving activities in 2021 that decreased
energy consumption by 430 MWh. Since 2018,
these activities have enabled a decrease in energy
consumption by 12,300 MWh. However, our energy
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consumption increased by 14% in 2021 compared to
the previous year as our total energy consumption
coming from renewable sources. This increase
in energy consumption is a result of increased
production volumes.
In 2021, renewable electricity was taken into use
in Denmark and the U.K. Renewable electricity is
also used in Finland, Slovenia, Poland, Norway,
and Ireland. In 2021, solar panels were installed on
the roof of the distribution hall at the distribution
center in Hämeenlinna, Finland. In addition, solar
panels have been installed at our Royal Copenhagen
manufacturing unit in Thailand, as well as at our
distribution center in Wall, New Jersey, U.S. Fiskars
Group is looking for opportunities to expand these
initiatives to other locations in the future.
ENERGY
GRI 302-1 Energy consumption within the
organization, TJ
2021 2020 2019
Direct energy consumption:
non-renewable
686 606 695
Direct energy consumption:
renewable
12 9 5
Indirect energy
consumption
330 285 323
Total energy consumption 1,029 901 1,023
In 2021, Group-wide greenhouse gas emissions
increased by 11% compared to the previous year due
to increased production volumes. Still, compared
to the 2017 base year, Fiskars Group achieved a
reduction of 38% as a result of energy-saving actions
and investments in renewable energy. In total, 71% of
the electricity purchased in 2021 was from renewable
sources. Even though overall emissions increased,
68 tons of CO
2
equivalents were saved in 2021
through energy and emissions-saving activities in our
manufacturing units and distribution centers.
compared to last year as a direct result of the
travel in 2020 and 2021. Transportation emissions
decreased by 8% compared to 2020. In 2021,
emissions from inbound and outbound transportation
were 23,960 t CO
2
2
e). The main cause
for the decrease is the update of an external logistic
partners’ emission calculation methodology.
EMISSIONS
GRI 305-1 Direct (Scope 1)
GHG emissions, 1,000 t CO
2
2021 2020 2019
Scope 1 emissions 38 34 38
GRI 305-2 Energy indirect (Scope 2)
GHG emissions, 1,000 t CO
2
e
2021 2020 2019
Scope 2 emissions
Market-based 16 15 28
Location-based 31 28 34
GRI 305-3 Other indirect (Scope 3)
GHG emissions
2021 2020 2019
Scope 3 emissions
Business travel 507 770 5,000
Upstream and downstream
transportation
23,960 25,930 26,000
Business travel includes the emissions from business
flights, covering all our main locations. Data is
calculated by collecting GHG emissions data from
our logistic partners. We were able to receive 94.8%
of the emissions from our partners and 5.2% was
extrapolated to cover CO
2
e emissions for the whole
year 2021.
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Target 2030: 100% of waste from our own operations
(manufacturing, retail, offices and DCs) is recovered
or recycled and zero waste goes to landfill
Target 2022: Waste to landfill reduced by 80%
compared to the 2017 base year
To reach the target, Fiskars Group’s manufacturing
units and distribution centers have been mapping,
measuring, and minimizing their waste, as well as
further investigating opportunities for improvement.
The overall reduction of waste to landfill has reached
85% since the base year 2017. This means that the
2022 target has already been reached. The total
amount of waste sent to landfill in 2021 was 595
Various initiatives carried out at the manufacturing
units and distribution centers have made it possible
to achieve these reductions. Manufacturing units,
for example in Billnäs in Finland, Slupsk in Poland,
PT Doulton in Indonesia and the Royal Copenhagen
factory in Thailand have managed to reduce waste
to landfill significantly by recycling waste and
collaborating with external partners. As of the end
of 2021, 7 of 21 manufacturing units and distribution
centers have been able to reach the target of zero
waste to landfill, nine years ahead of the 2030 target.
Social and employee-related matters
Fiskars Group is committed to inspiring and
empowering people to learn and develop as
professionals, and to bring in new ideas, skills
and views. Fiskars Group is building a globally
collaborative culture and needs a diverse team to be
able to serve consumers in the best possible way.
Fiskars Group wants to attract, develop and retain a
diverse team of high-performing people with different
backgrounds and cultures.
One of the key priorities in Fiskars Group’s operations
is to ensure the safety and well-being of employees
and people involved in the value chain. Fiskars Group
promotes a culture of zero harm in order to increase
safety and hazard awareness. A continuing focus on
reducing accidents and near-misses and promoting
the reporting of safety observations are vital in
developing and retaining a team of people engaged
and enabled to do their best.
POLICIES AND COMMITMENTS
Fiskars Group has outlined a set of policies and
guidelines on social and employee matters in order to
guide the leadership, employees, and partners in their
day-to-day work.
Fiskars Group’s Code of Conduct provides a detailed
description of Fiskars Group’s approach to doing
business in an ethical way. Fiskars Group’s Supplier
Code of Conduct outlines the same expectations
for suppliers. Fiskars Group’s Code of Conduct was
updated in 2021.
The Employment Policy aligns important topics
such as diversity and inclusion, employee wellbeing,
freedom of association and employee contracts.
Ensuring the safety and well-being of employees and
the people involved in Fiskars Group’s value chain is a
key priority. Fiskars Group’s Health and Safety Policy
promotes the culture of zero harm and supports safety
priorities. Fiskars Group’s Supplier Code of Conduct
includes health and safety topics, such as workplace
safety, emergency preparedness, and management
and communication on health and safety.
TARGETS & ACTIONS
Fiskars Group organizes regular mandatory training
sessions to help all employees implement the
principles and guidelines outlined in the Code of
Conduct in their everyday work. New employees go
through the training during their onboarding process.
All employees receive training every two years. By the
end of 2021, 91% of our employees had completed
our Code of Conduct e-learning training.
HEALTH AND SAFETY
Target 2030: zero harm with a zero Lost Time
Target 2022:
In 2021, Fiskars Group Lost Time Accident Frequency
continue our efforts to improve safety performance.
concern has been employees’ health and wellbeing. In
2021, Fiskars Group continued to diligently follow the
guidance of local authorities in the different countries
in which the Group operates and take preventive
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Fiskars Group’s fourth global Safety Week was
celebrated based on the theme: ‘I care: Working
together for safety!’, which focused on employee
wellbeing in particular. Participation was active,
office employees mainly attended activities remotely.
In-person events were organized at manufacturing
units and distribution centers, as most employees
were back at their workplaces. The Safety Week
boosted safety observation reporting, and a total
during 2021. A new safety tool for reporting safety
observations, near-misses, ideas, and accidents was
launched at manufacturing units and distribution
centers in 2021. This has made reporting easier,
which has also likely influenced the number of safety
observations reported. This is an important way for
Fiskars Group to promote safety at work, and all
these observations are recorded and actions taken to
mitigate the hazards.
The safety reporting processes continued to be
developed during 2021. For example, retail in Australia
increased its technical capabilities, and a strong
focus on training employees to report on hazards
has resulted in a significant increase in the number
were reported in the offices and retail stores.
DIVERSITY AND INCLUSION
Focus area 2030
* The target was further defined in 2021
established in 2020 with representatives from
different locations and company functions. In
2021 the working group continued to meet on a
quarterly basis to align, plan, and implement D&I
initiatives and integrate them into Fiskars Group’s
everyday processes. This year, emphasis was placed
on the first focus area: building awareness and
understanding. The first step was to hold a company-
wide event to introduce Fiskars Group’s diversity
and inclusion statement and focus areas, as well as
information about the importance of D&I.
There are actions Fiskars Group still needs to
take and develop to create a truly inclusive, equal
opportunities company where everyone can feel
safe and perform at their best regardless of gender,
age, ethnicity or beliefs. It is not enough to try and
eliminate actual barriers, but Fiskars Group is actively
creating a culture that is truly inclusive and fair.
Our Voice, Fiskars Group’s new employee engagement
program, was launched in April 2021. A key part of the
program is the employee engagement survey, which
was renewed. New targets were also defined based
on the survey, with a new focus on the engagement
score and the percentage of employees agreeing with
the statement “I have good opportunities to learn
and grow at Fiskars Group” in Our Voice. Two Our
Voice surveys were conducted in 2021, the first in
April and the second in November. The engagement
score in the second survey was 75, up by two
points from April’s score. The percentage of our
employees agreeing with the statement “I have good
opportunities to learn and grow at Fiskars Group” in
the Our Voice survey in November was 62%, up by
three points compared to the first survey conducted
in April.
DIVERSITY AND EQUAL OPPORTUNITIES
GRI 405-1 Diversity of governance bodies and
employees
Board of Directors
Age group
Female, % Male, % Total, %
Under 30
Over 50
Total
Leadership Team
Age group
Female, % Male, % Total, %
Under 30
Over 50
Total
Managers with teams
Age group
Female, % Male, % Total, %
Under 30
Over 50
Total
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Human rights, anti-corruption and bribery
Fiskars Group has an important opportunity to
influence people’s lives throughout the value chain.
Fiskars Group respects human rights and recognizes
the equality of people.
Fiskars Group is committed to the highest possible
standards of integrity, accountability and honesty
in all its activities with employees and third parties.
This is in line with the commitment that Fiskars Group
expects of its employees as well as people involved in
the value chain to act impartially and in good faith at
all times.
POLICIES AND COMMITMENTS
Fiskars Group’s commitment to human rights is
deeply ingrained in its values and is articulated in
its company policies and Human Rights Statement.
Fiskars Group’s Code of Conduct provides a detailed
description of Fiskars Group’s approach to doing
business in an ethical and sustainable manner,
including working conditions, labor rights, anti-
corruption, bribery and safety at work. Fiskars
Group’s Human Rights Statement was created by the
Fiskars Group Human Rights project group in close
consultation with Enact, an external human rights
development partner. The Human Rights project
group consists of representatives from our HR, Legal
& Compliance, Finance, Supply Chain, and Consumer
Experience & Communication functions.
Fiskars Group’s Supplier Code of Conduct outlines the
same expectations for the suppliers. Every supplier
must sign and commit to Fiskars Group’s Supplier
Code of Conduct in order to do business with Fiskars.
Fiskars Group is a participant in the United Nations
Global Compact, by which Fiskars Group has
committed to mitigate adverse human rights impacts
and to work against corruption and bribery. To
support Fiskars Group’s commitment, the Fiskars
Group Anti-Corruption and Anti-Bribery Policy
outlines the expectations towards Fiskars Group’s
employees, and all others that we deal with, to act
impartially and in good faith at all times. The policy
covers every individual working in or with Fiskars
Group, at any level or grade and wherever they are
located. Fiskars Group also expects that all of its
business partners should be governed by the same or
similar principles as stipulated in this policy. Fiskars
Group expects all business partners to ensure that
those principles are communicated to their employees
and sub-contractors.
TARGETS AND ACTIONS
Fiskars Group’s approach to human rights and anti-
corruption and bribery is defined in Fiskars Group’s
policies and Human Rights Statement, both of which
also serve as the foundation for the implementation
and targets. Fiskars Group complies with all relevant
labor laws and regulations. We do not allow working
conditions or treatment that contravene basic human
rights. We have zero tolerance for child labor, and
we safeguard vulnerable workers from abuse or
exploitation regardless of their employment contract
or immigration status. Supplier sustainability audits
help us to assess and control human rights topics in
our supply chain.
Fiskars Group is currently assessing the awareness
and commitment to human rights and anti-corruption
and bribery by measuring the percentage of
employees that have participated in Code of Conduct
training. New employees go through the training
during their onboarding process. All employees
receive training every two years. As of the end of
2021, 91% of our employees have completed our
Code of Conduct e-learning training.
A human rights assessment was conducted in 2019
to better understand the gaps, risks, opportunities,
and steps required when developing a human rights
due diligence program. Fiskars Group put people’s
safety and wellbeing first when the business was
in 2020 and continuing into 2021. This limited and
slowed down plans relating to human rights work,
but progress has been made since then, and the
human rights work has continued in alignment with
the action plan created. The target is to develop a
human rights due diligence process, and rather than
creating a separate new process the aim has been to
integrate human rights management more deeply into
our existing processes. We identified an opportunity
to develop our risk management to better cover
human rights aspects, and we have made progress on
this front.
Fiskars Group is committed to conducting its business
in an ethical and responsible manner, tolerating no
violations of the Fiskars Group Code of Conduct.
Our WhistleBlowing Channel, a third-party platform,
is a confidential and anonymous channel for all our
employees to report any workplace-related issues,
complaints, or suspected violations of the Code of
Conduct. The Code of Conduct requires all employees
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or other persons working under Fiskars Group’s
direction to report any suspected violations to their
manager, HR, Legal and Compliance function, or
through the WhistleBlowing Channel.
All suspected violations and occurrences of
misconduct are promptly and thoroughly investigated
with confidentiality by our Legal and Compliance
function. Depending on the case, relevant functions,
such as HR, are engaged to solve the issues. All
reported cases are reported annually to our Board’s
audit committee.
During 2021, there were ten cases reported via our
Ethics and Compliance Helpline (also known as
Whistleblowing channel) and two cases received
via management. The reported cases were related
to human resources, discrimination, bullying,
harassment, and fraud. Six of these cases were
investigated, resolved, and closed during 2021.
Six of the cases are still under investigation or are
being followed up. In 2021, a total of 19 cases were
closed, including related and combined cases from
the previous years. Next year the focus is to ensure
the awareness of the Ethics and Compliance helpline
throughout the organization.
The performance of Fiskars Group’s suppliers is
followed up through regular audits, and Fiskars
Group supports their development through training
sessions and workshops. In addition, Fiskars Group
has organized training sessions on the Supplier Code
of Conduct and the process of managing suppliers’
sustainability in order to raise awareness among
Fiskars Group employees across different functions.
of conduct audits for our suppliers. This included
audits for finished good suppliers, raw material and
component suppliers, and out-licensing partners.
Risks
The overall objective of Fiskars Group’s risk
management is to identify, evaluate and manage risks
that may threaten the achievement of the company’s
business goals. The most material sustainability-
related risks, such as environmental, human rights
and other social aspects, are now included in the
established annual risk management process.
This ensures that risks related to sustainability are
identified and assessed and that control measures
are set. Fiskars Group has put several processes
in place to manage risks, such as supplier risk
management processes and strategic initiatives to
lower emissions and reduce energy consumption.
Climate change, resource scarcity and changing
consumer preferences bring with them many new
strategic, operative and financial risks as well
as opportunities for Fiskars Group. Compliance
with the emerging legislation such as the EU’s
sustainability-related regulations as well as the ability
to comply with it in the short to medium term can be
challenging, but also presents opportunities. The cost
of emissions, non-renewable materials and waste
is expected to increase in the future. Consumers
are increasingly interested in new business and
service models based on the circular economy, such
as renting and take-back concepts. Overall, the
customer and stakeholder focus on environmental
and sustainability aspects is growing. More
information on our climate risk mapping in accordance
with the Task Force on Climate-Related Financial
Sustainability Report 2021.
Human rights, anti-corruption and bribery risks are
mainly seen as financial, compliance and reputational
risks. But Fiskars Group also sees them as an
operative risk. The main risk is the inability to manage
these issues throughout the value chain, by failing to
ensure the protection of human rights and health and
safety within the supply chain.
Retaining employees and attracting talent can
become more challenging as the competition for
skilled workers increases. Fiskars Group believes that
having the widest possible range of perspectives
aboard makes it better, and so continues to solidify
its work on diversity and inclusion to attract, recruit
and retain diverse groups and pools of talent for all
positions.
EU taxonomy
The EU has taken an active role in driving sustainable
growth. Directing investments towards sustainable
projects and activities is necessary in order to meet
the climate targets set by the EU. So far, there has
not been a common language or clear definition of
what qualifies as sustainable. The EU has therefore
been working on a common classification system for
sustainable economic activities, the EU taxonomy.
The EU taxonomy consists of a list of environmentally
sustainable economic activities. The Taxonomy
Regulation establishes six environmental objectives,
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of which two (climate change mitigation and climate
Taxonomy Climate Delegated Act). As of January
2022, large companies in Finland are required to
provide information on their Taxonomy-eligible
economic activities.
Sustainability is an important part of Fiskars Group,
and the company is constantly working to improve
further in this area. Fiskars Group views sustainability
as an opportunity to take action in solving global
challenges and creating solutions that support
consumers in their journey towards a more sustainable
future. Fiskars Group has launched new product
series that use recycled materials and continues
to research and innovate with new and sustainable
materials. Fiskars Group has introduced new business
models based on services in order to keep products
in circulation for as long as possible. The company is
developing its processes to become more circular.
Fiskars Group has assessed its Taxonomy-eligible
economic activities against the Climate Delegated
Act based on 2021 information. Disclosures and
calculations have been compiled according to
the Disclosures Delegated Act, which specifies
disclosure requirements for Article 8 of the Taxonomy
Regulation. Fiskars Group has taken a stringent
approach to assess Taxonomy-eligibility. The
company has thus not included the eligible activities
which are certain not to reach Taxonomy alignment
into the final assessment and calculation process.
Fiskars Group has assessed Taxonomy-eligibility
regarding its revenue, capital and operational
expenditures. Fiskars Group’s main business resides in
manufacturing consumer products, where Taxonomy-
eligible turnover is not generated. The company
has assessed capital and operational expenditure
from manufacturing units, distribution centers and
real estate operations. Fiskars Group has identified
individual Taxonomy-eligible expenditures related to,
for example, the maintenance of renewable energy
technologies and energy-efficiency equipment.
However, these figures are insignificant. Due to the
nature of its business, Fiskars Group does not provide
a substantial contribution to climate change mitigation
or adaptation as defined in the Climate Delegated Act.
Fiskars Group is looking forward to the classifications
under other environmental objectives, especially
regarding the transition to a circular economy. At
this stage, while the remaining four environmental
objectives have not yet been fully defined, the
economic activities in the Climate Delegated Act for
Fiskars Group are insignificant.
Changes in organization and
management
On February 18, 2021, Fiskars Group announced
that the communications function was merged with
the Consumer Experience and Growth function, led
by Tina Andersson. As a result of the change, Chief
Communications Officer Maija Taimi decided to leave
the company.
On March 4, 2021, Fiskars Group appointed Peter
Cabello Holmberg as Chief Digital Officer and a member
of the Fiskars Group Leadership Team. Peter started
in his position on March 15, 2021, and reports to the
President and CEO.
On May 6, 2021, Fiskars Group announced the
appointment of Jussi Siitonen as Chief Financial Officer
and deputy to the CEO. He joined Fiskars Group on
August 16, 2021. The former Chief Financial Officer and
deputy to the CEO, Sari Pohjonen, had decided to leave
the company.
On January 18, 2022, Fiskars Group appointed
Charlene Patten Zappa as Executive Vice President,
Business Area Terra and a member of the Fiskars Group
Leadership Team. Charlene started in her position on
January 18, 2022, and reports to the President and
CEO. As a result, James Brouillard, previous Executive
Vice President, Business Area Terra, decided to leave
the company, effective immediately. Additionally, the
Consumer Experience and Communications function is
planned to be split and merged into the Business Areas
and other functions. Consequently, Chief Consumer
and Communication Officer Tina Andersson will be
leaving the company once the process has been
finalized.
On January 31, 2022, Fiskars Group appointed Anna
the Fiskars Group Leadership Team. She will report to
position on March 1, 2022. Niklas Lindholm, currently
Chief People Officer, has decided to leave the company,
but will continue in his role until the arrival of Anna.
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Other signicant events during the
reporting period
Fiskars Group provided new long-term nancial
targets on November 8, 2021
The Board of Directors of Fiskars Group decided
on new long-term financial targets for the next
four-year period. The new financial targets replaced
the previous financial targets, which were issued in
February 2017 and updated in November 2018.
The new financial targets cover five areas: growth,
profitability, cash flow, balance sheet and dividend:
• Annual, FX neutral organic net sales growth:
approximately 5% (mid-single digit)
• Comparable EBIT margin: approximately 15%
(mid-teen) by the end of 2025
•
At least 80%
•
below 2.5x
• Dividend (unchanged): Aim to distribute a stable,
over time increasing dividend, to be paid biannually
Update on the Transformation and
Restructuring programs provided on October
27, 2021
On October 27, Fiskars Group provided an update
on its ongoing programs, the Transformation and
Restructuring programs. Both programs will be
completed by the end of 2021. The expected benefits
from the programs will be realized, with total annual
cost savings amounting to approximately EUR 37
million. A majority of these benefits were already
visible by the end of 2021.
The total costs of both programs were originally
estimated to be approximately EUR 70 million. Fiskars
Group now expects the total costs of the programs
to be approximately EUR 45 million by the end of
2021. By the end of the third quarter, a total of EUR
34.2 million in costs had been recorded. The costs
have been recorded as items affecting comparability
company’s outlook for 2021.
Outlook for 2021 upgraded on October 13, 2021
On October 13, 2021, Fiskars upgraded its outlook for
2021. The company expects the comparable EBITA
According to the previous outlook issued on June 23,
2021, the comparable EBITA in 2021 was expected to
The upgrade was based on the company’s better
than expected financial performance during the third
quarter, in particular towards the end of the quarter. A
central factor was that Fiskars has so far successfully
mitigated the global supply chain challenges, which
have previously been highlighted as a material risk for
the full-year financial performance.
Record date and payment date of the second
dividend installment
The Board of Directors of Fiskars Corporation has
on September 9, 2021, resolved in accordance
with the resolution of the Annual General Meeting
that the dividend payment date for the second
dividend installment of EUR 0.30 per share was to be
September 20, 2021. The ex-dividend date for the
dividend installment was September 10, 2021, and the
record date September 13, 2021.
Outlook upgraded on June 23, 2021
On June 23, 2021, Fiskars upgraded its outlook for 2021,
as the company’s financial performance in the second
quarter had been better than previously expected. The
company then expected the comparable EBITA for 2021
Outlook upgraded on April 19, 2021
On April 19, 2021, Fiskars upgraded its outlook for
2021. The company then expected the comparable
145 million.
Outlook upgraded on March 24, 2021
On March 24, 2021, Fiskars upgraded its outlook for
2021. The company then expected the comparable
EBITA for 2021 to be lower than in 2020, but above
EUR 120 million.
Fiskars Corporation was not granted a leave to
appeal in relation to the tax re-assessment case
by the Supreme Administrative Court
On March 19, 2021, Fiskars Corporation announced
that the Supreme Administrative Court did not grant
a leave to appeal to Fiskars Corporation in relation
to the decision made by the Administrative Court of
Helsinki in April 2020, which relates to the tax re-
assessment decision from the tax audit carried out in
2014. The decision obliged the company to pay EUR
28.3 million in additional tax, interest and punitive
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increases. The tax re-assessment concerns intra-
group loans forgiven by the company in 2003 and
their tax treatment in subsequent tax years.
Fiskars recorded the EUR 22.1 million in additional
tax, EUR 6.2 million in interest and EUR 0.1 million in
punitive increases as tax and interest costs during
the first quarter of 2021. This did not have a cash
flow effect during the first quarter of 2021, as the
company paid the additional tax, interest and punitive
increases during the third quarter of 2016.
Corporate governance
Fiskars Corporation is a Finnish public limited
company whose duties and responsibilities are
defined in Finnish law. Fiskars Group comprises
the parent company Fiskars Corporation, and its
subsidiaries. The statutory governing bodies of
Fiskars Corporation are the General Meeting of
Shareholders, the Board of Directors, the Managing
Group management supports the statutory governing
bodies of Fiskars Corporation. The company’s
domicile is Raseborg, Finland.
Corporate governance at Fiskars Corporation is
based on the Finnish Limited Liability Companies Act,
the rules and regulations concerning publicly listed
companies, the Company’s Articles of Association, the
charters of the Company’s Board of Directors and its
Committees, and the rules and guidelines of Nasdaq
Helsinki Ltd. Fiskars Corporation is a member of the
Finnish Securities Market Association and complies,
with an exception concerning the Nomination
Committee, with the Finnish Corporate Governance
Code approved by the Securities Market Association,
which came into force on January 1, 2020, and
can be reviewed at www.cgfinland.fi. In terms of
the composition of the Nomination Committee,
the company has departed from Recommendation
15 of the Finnish Corporate Governance Code as
explained in more detail in the Corporate Governance
Statement 2021.
Shares and shareholders
shares carry one vote and equal rights. The number
of shares in the Corporation totals 81,905,242. Fiskars
Corporation held 433,677 of its own shares at the end
of the quarter. The share capital remained unchanged
at EUR 77,510,200.
Fiskars shares are traded in the Large Cap segment
of Nasdaq Helsinki. The volume weighted average
At the end of December, the closing price was EUR
number of shares traded on Nasdaq Helsinki and in
shares. The total number of shareholders was 30,080
Flagging notications
Fiskars was not informed of any significant changes
among its shareholders during the year.
Board authorizations
Authorizing the Board of Directors to decide on
the acquisition of the company’s own shares
The AGM decided to authorize the Board to decide
on the acquisition of a maximum of 4,000,000 own
shares, in one or several installments, using the
unrestricted shareholders’ equity of the company.
The company’s own shares may be acquired in public
trading on Nasdaq Helsinki Ltd at a price formed in
public trading on the date of the acquisition. The
authorization may be used to acquire shares to be
used for the development of the capital structure
of the company, as consideration in corporate
acquisitions or industrial reorganizations and as part
of the company’s incentive system and otherwise
for further transfer, retention or cancellation. The
Board of Directors is authorized to decide on all other
terms and conditions regarding the acquisition of the
company’s own shares. Based on the authorization
the acquisition of the company’s own shares may
be made otherwise than in proportion to the share
ownership of the shareholders (directed acquisition).
The authorization is effective until June 30, 2022, and
cancels the corresponding authorization granted to
the Board by the AGM on March 11, 2020.
Authorizing the Board of Directors to decide on
the transfer of the company’s own shares
The AGM decided to authorize the Board to decide
on the transfer of own shares (share issue) held as
treasury shares of a maximum of 4,000,000 shares, in
one or several installments, either against or without
consideration. The company’s own shares held as
treasury shares may, for example, be transferred as
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consideration in corporate acquisitions or industrial
reorganizations or for the development of the capital
structure of the company, or as part of its incentive
system. The Board of Directors is authorized to
decide on all other terms and conditions regarding
the transfer of own shares held as treasury shares.
The transfer of own shares may also be carried out
in deviation from the shareholders’ pre-emptive
rights to the company’s shares (directed issue). The
authorization is effective until June 30, 2022, and
cancels the corresponding authorization granted to
the Board by the AGM on March 11, 2020.
Board and board committees
The Annual General Meeting decided that the Board
Albert Ehrnrooth, Paul Ehrnrooth, Louise Fromond,
Jyri Luomakoski, Inka Mero, Fabian Månsson, Peter
to the Board of Directors. The term of the Board
members will expire at the end of the AGM in 2022.
Convening after the Annual General Meeting held on
March 11, 2021, the Board of Directors elected Paul
Ehrnrooth as its Chairman and Jyri Luomakoski as
the Vice Chairman. The Board decided to establish a
Nomination Committee and appointed Paul Ehrnrooth
as the members and Alexander Ehrnrooth as an
external member to the Nomination Committee and
further decided to establish an Audit Committee
Ehrnrooth, Louise Fromond and Ritva Sotamaa as
the members of the Audit Committee and a Human
Resources and Compensation Committee and
of the committee.
Risks and business uncertainties
Fiskars Group has identified several uncertainties
that may have an adverse impact on the business and
financial performance of the company. Sustainability-
related uncertainties are described earlier within
the reporting of non-financial information. Risk
management practices are explained in the Corporate
Governance Statement.
CONSUMER BEHAVIOR AND COMPETITION
The development of new technologies and new retail
channels has increased the role of online shopping,
social media advertising and selling, as well as the
use of mobile applications. An increasing emphasis
on sustainability is expected to add demand for new
services and business models. In addition, the fast
pace of change in consumer trends puts pressure
on new product development and speed-to-market
processes.
Failure to respond to changing consumer behavior or
increased competition may weaken the competitive
position and thus lead to a potential loss of net
sales and profit. Fiskars Group’s focus is on growing
in the direct channel, including e-commerce and
own stores, and on sustainability by innovating new
business models to address the needs of the modern
consumer.
pandemic has led to an increased demand for
certain Fiskars Group product categories. Once the
pandemic eases and people spend less time at home,
the demand for those product categories may be
negatively impacted.
CUSTOMERS
Fiskars Group’s products are sold to wholesale and
retail customers, as well as directly to consumers
through the company’s own stores and webstores.
Fiskars Group is exposed to risks from structural
changes in the retail landscape. Consolidation among
retailers and the increasingly centralized purchasing
activity by international retailers may have an impact
on the net sales and profit of Fiskars Group. As a
supplier, Fiskars Group is also exposed to retailers
shifting their strategic focus to their own private label
businesses.
Failure to meet customer demands may result in
Fiskars Group losing customers or listings with
customers. The loss of any of the largest customers,
the loss of significant category listings with key
channels, or a decrease in business volume with key
customers may have a material adverse impact on the
net sales and profit of Fiskars Group.
Fiskars Group maintains excellent relationships
and trade relations with a diverse customer base.
The core competence of Fiskars Group lies in its
strong and desired brands, as well as in constantly
developing its sales organization and supply chain
operations to meet the changes in customer demand.
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SUPPLY CHAIN AND SUPPLIERS
Fiskars Group’s production strategy is based on a
combination of its own manufacturing and carefully
selected supply partners. Own manufacturing takes
place in the United States, Europe and Asia, and most
of the suppliers are located in Asia.
Fiskars Group is exposed to rapid changes in quality,
price and the availability of suppliers’ products. The
company and its suppliers are exposed to changes
in the legal, economic, political and regulatory
landscape in the operating countries.
A strong dependency on a single source of supply,
either a supply partner or own supply, can cause
business interruptions. The inability to trade with
a single-source supplier can result in the lack of a
product supply for several months. Fiskars Group
mitigates this risk by constantly seeking alternative
suppliers and by taking out extensive business
interruption insurance.
Failing to meet consumer expectations with regard to
sustainability requirements or a lack of transparency
in the supply chain may have a negative impact on
reputation and on consumers’ trust in the brands.
Fiskars Group strives to build strong and long-term
relationships with trusted suppliers that live up to
our corporate values and commit to a timely delivery
of products and materials. Suppliers are required to
follow the Fiskars Group Supplier Code of Conduct,
and the company regularly audits its finished goods
suppliers. Currently, transparency is mainly limited to
Fiskars Group’s direct suppliers, and the challenge is
to manage the risks beyond our direct suppliers.
IT SYSTEMS AND CYBER SECURITY
Fiskars Group is increasingly dependent on
centralized information technology systems that hold
critical business information. Breaches, malfunctions,
cyber attacks and fraud attempts may have a
material adverse effect on the net sales, profit and
reputation of Fiskars Group, and may cause business
interruptions on either a regional or global level.
Fiskars Group mitigates IT-related risks by applying
high-quality IT solutions and by maintaining,
developing and testing their function and integrity
with leading service and technology providers.
Training is organized on core competencies which are
required for maintaining the functionality and security
of the IT solutions. Changes to new and existing IT
systems are made according to standard processes
and procedures.
MACROECONOMIC AND POLITICAL RISKS
A prolonged recession and weak consumer
demand, as well as political uncertainty including
trade disputes, sanctions, import restrictions and
geopolitical tensions may have a material adverse
impact on the net sales and profit of Fiskars Group.
A global pandemic which slows down the world
economy may directly impact the operations of the
company. In addition, negative consumer reactions
towards a political situation can be harmful to
business.
These risks are mitigated by diversifying the
commercial footprint, both in terms of geography and
product portfolio. The strong brands and product
categories of Fiskars Group are relatively resilient to a
moderate decline in consumer confidence.
TAXATION
An international tax environment creates uncertainties
related to tax obligations. Increasing tax enforcement
activity may lead to double taxation and additional
costs in the form of penalties and interest. Perceived
non-compliance may have an impact on the
reputation of Fiskars Group.
Changes in tax or import duty liabilities in countries
where Fiskars Group operates may affect the
company’s profit. Uncertainty regarding tariffs may
have an impact on the company’s business, as part of
the product portfolio sold is imported.
Fiskars Group closely monitors changes in tax
regulations and international agreements in order to
proactively manage risks relating to taxes and duties.
Processes and controls are actively developed and
maintained to ensure compliance with any local and
international requirements. Fiskars Group promotes
open dialog with tax authorities and may seek
for advance tax rulings to secure its tax positions
beforehand where deemed necessary.
LEGAL AND REGULATORY COMPLIANCE
A changing legal and regulatory environment may
expose Fiskars Group to compliance and litigation
risks regarding for example competition compliance,
anti-corruption and human rights. Furthermore,
climate change, environment and health and safety-
related legislation and regulations are expected to get
tighter and may affect for example choices regarding
product materials and manufacturing techniques.
There are increasing regulatory requirements for data
security and data protection, as well as accelerating
changes in technology and heightened consumer
1919
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and public expectations. These can lead to a need for
data inventory and personal data processing activities
and third-party audits. There may also be a need for
increased resourcing to comply with new regulations
and new reporting and disclosure requirements.
Compliance with the regulation may add operative
costs and expose the company to the risk of criminal
penalties and civil liabilities. Failure to comply with the
legal and regulatory requirements may have a material
adverse effect on the profit of Fiskars Group.
In order to enhance legal and regulatory compliance,
Fiskars Group has implemented various compliance
programs, policies, processes, and for example a
mandatory Code of Conduct training program for
all employees. All finished goods suppliers need
to comply with Fiskars Group’s Supplier Code of
Conduct requirements.
ACQUISITIONS
Acquisitions are not a central part of the strategy of
Fiskars Group; however, the company may also grow
through acquisitions. Despite a careful due diligence
process, all acquisitions and integrations of acquired
businesses include risks. Acquired businesses may
not perform as expected, key individuals may decide
to leave the company, the costs of the integration
may exceed expectations, and synergy effects may
be lower than expected.
PRODUCT LIABILITY
Fiskars Group is committed to offering high-quality
and functional products that are safe to use and fit
for purpose. Failure to meet safety, quality and legal
requirements may lead to a delivery stop or product
recall, reputation loss and indemnities. These costs
can be substantial, and in some jurisdictions may
include punitive elements.
A product recall gives rise to costs that may be
material. Comprehensive insurance cover and a
product recall policy are in place to mitigate the
financial impact of a recall and to precipitate the
process of recalling potentially harmful products from
the markets. The product development process at
Fiskars Group is based on continuous testing and
learning, and the company has invested in product
development and quality assurance resources to
reduce the recall risk at an early stage of product
development.
PEOPLE AND PROCESSES
An inability to attract and retain talented and
committed professionals in the competitive
employee market may have an adverse impact on the
achievement of Fiskars Group’s strategic objectives.
Failure to provide an inspiring and motivating
working environment may lead to a loss of critical
competencies and key employees in strategic
positions. The growing demands of working life can
result in loss of employee engagement, increased
absence rates and high turnover.
People are at the core of Fiskars Group’s strategy
and the most important asset and enabler. Employee
engagement is promoted by providing opportunities
to grow, leadership training and by committing to an
inclusive culture. The “Our voice” employee surveys
are carried out regularly to monitor the engagement
and well-being of the company’s employees.
Fiskars Group has set a Group-level target of
achieving zero lost time incidents, as occupational
health and safety risks may cause severe harm to
employees and endanger the continuity of operations.
Fiskars Group is committed to sustainability, ethical
business practices and to respecting human
rights and anti-corruption activities, which is also
expected of different stakeholders. Failure to keep
these commitments can lead to a decrease in
employee motivation as well as reputational and
financial damage.
Fiskars Group maintains policies and fosters a strong
corporate culture to manage the matters mentioned
above. Furthermore, staff training is organized to
support the corporate culture. Any misconduct can
be reported anonymously through a whistle-blowing
channel, and the company is committed to taking
corrective action when needed.
The risk of human error is prevalent in all business
operations. This is mitigated by designing and
implementing appropriate processes for all business-
critical operations. Risks pertaining to inadequate or
missing process descriptions, process disobedience,
and deficiencies in the implementation and control
of processes may cause inefficiencies and non-
compliance with applicable regulations as well as
otherwise unintended outcomes.
WEATHER AND SEASONALITY
Demand for some of Fiskars Group’s products is
dependent on the weather, particularly garden tools
during the spring and snow tools during the winter.
Unfavorable weather conditions, such as a cold and
rainy spring and summer or no snow in winter may
2020
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have a negative impact on the sale of these products,
whereas favorable conditions may boost their sales.
Extreme weather conditions are expected to increase
in the future due to climate change.
The back-to-school and holiday seasons are
important for the sales performance during the
second half of the year. The last quarter of the
year is the most important season for the sale of
homeware products.
Any challenges related to product availability or
demand during the important seasons for each of
the businesses may affect the full-year net sales
and profit significantly. Fiskars Group’s strategy is
to balance seasonality and the impact of changing
weather conditions by diversifying and developing its
product portfolio.
INTELLECTUAL PROPERTY RIGHTS
The well-known and strong Fiskars Group brands are
exposed to infringement of intellectual property rights
safety risks to consumers and may damage consumer
confidence in Fiskars Group products. Fiskars Group
is also exposed to the risk of unintentionally violating
other parties’ intellectual property rights. Infringement
of IPRs may lead to loss of net sales and profit.
Potential IPR infringements are monitored through
cross-functional processes and through online
monitoring and systems. Fiskars Group has
an enforcement policy in place governing the
enforcement actions that are taken to protect the
exclusivity of Fiskars Group’s IPRs. Fiskars Group has
a good understanding of the competitive landscape
and provides its employees with training in IPRs.
ENVIRONMENT AND CLIMATE CHANGE
The impact of climate change on well-functioning
ecosystems, temperatures and sea levels may cause
unforeseen challenges to Fiskars Group. Regulations
on renewable energy, energy efficiency and
emissions as well as potential new taxes may increase
energy prices. As regulations are tightening and
public awareness and expectations are growing, past
measures to contain the environmental impact may
prove insufficient. The increasing frequency of natural
catastrophes such as floods and typhoons may
interrupt and impact the operations of Fiskars Group.
Fiskars Group is constantly increasing its
sustainability efforts and aims to minimize
environmental risks through systematic risk
management. Fiskars Group is committed to
promoting a circular economy through the value
chain, combating climate change by taking actions
to mitigate emissions, reducing the use of energy
and promoting renewable energy sources. Business
interruptions caused by natural hazards are mitigated
by insurance.
CURRENCY RATES
A significant part of Fiskars Group’s operations is
located outside the eurozone. Changes in foreign
exchange rates may have an adverse impact on the
reported net sales, profit, balance sheet and cash flow
of the company. Changes in foreign exchange rates
may also negatively impact the local competitiveness
of Fiskars Group. Less than 20% of the commercial
cash flows are exposed to fluctuations in foreign
exchange rates. The most significant transaction
risks relate to the appreciation of IDR, THB and
USD and the depreciation of AUD, JPY and SEK.
The most significant translation risks relate to the
depreciation of USD.
Currency risks related to commercial cash flows are
first managed by offsetting cashflows denominated
in the same foreign currency. Purchases of
production inputs and the sales of products are
primarily denominated in the local currencies of
the Fiskars Group companies. The remaining net
exports or imports in foreign currencies is hedged
up to 15 months in advance using currency forwards
and swaps.
RAW MATERIALS, COMPONENTS AND LOGISTICS
Sudden fluctuations in the price or availability of
the most important raw materials, components and
energy can have a negative impact on the profitability
of Fiskars Group. Examples include steel, water, sand,
wood, certain chemicals and renewable raw materials.
Continuous global logistic challenges and increases
in shipping costs can have a negative impact on
profitability. Also, regulatory actions may have a
negative impact on Fiskars Group’s operations.
Water scarcity and resource scarcity related to
exhaustible fossil materials are increasing global
challenges in the long term, leading to an increased
cost of raw materials and risk of production
interruptions. Currently, the challenge is the limited
availability and higher prices of more sustainable raw
materials such as certified wood materials, renewable
plastics and recycled raw materials.
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Multiple source contracts and ongoing research
carried out on alternative sustainable materials are
relied on to manage price and availability risks.
FINANCIAL INVESTMENTS
The financial investment portfolio of Fiskars Group
mainly consists of investments in unlisted private
equity funds. The value of the investments is exposed
to fluctuations in the financial markets, including
changes in interest rates and foreign exchange rates,
and increases in credit risk. The financial investments
are treated at fair value through profit or loss.
Events after the reporting period
Changes in the Fiskars Group Leadership Team
On January 18, 2022, Fiskars Group appointed
Charlene Patten Zappa as Executive Vice President,
Business Area Terra and a member of the Fiskars Group
Leadership Team. Charlene started in her position on
January 18, 2022, and reports to the President and
CEO. As a result, James Brouillard, previous Executive
Vice President, Business Area Terra, decided to leave
the company, effective immediately.
Additionally, the Consumer Experience and
Communications function is planned to be split and
merged into the Business Areas and other functions.
Consequently, Chief Consumer and Communication
Officer Tina Andersson will be leaving the company
once the process has been finalized.
On January 31, 2022, Fiskars Group appointed Anna
the Fiskars Group Leadership Team. She will report to
position on March 1, 2022. Niklas Lindholm, currently
Chief People Officer, has decided to leave the company,
but will continue in his role until the arrival of Anna.
Outlook for 2021
In 2022, Fiskars expects the comparable EBIT to
There are ongoing challenges in global supply chains
as well as raw material and energy price inflation.
While the company has managed to mitigate these
factors, they continue to pose a risk for 2022
performance.
Proposal for distribution of
dividend
Fiskars’ aim is to distribute a stable, over time
increasing dividend, to be paid biannually. According
to the balance sheet of the parent company at the
end of the financial period 2021, the distributable
equity of the parent company was EUR 315.8 million
The Board of Directors proposes to the Annual
General Meeting that a dividend of EUR 0.76 per
share shall be paid for the financial period that ended
on December 31, 2021. The dividend shall be paid
in two installments. The ex-dividend date for the
first installment of EUR 0.38 per share shall be on
March 17, 2022. The first installment shall be paid to
a shareholder who is registered in the shareholders’
register of the company maintained by Euroclear
Finland Oy on the dividend record date March 18,
2022. The payment date proposed by the Board of
Directors for this installment is March 25, 2022.
The second installment of EUR 0.38 per share shall
be paid in September 2022. The second installment
shall be paid to a shareholder who is registered
in the shareholders’ register of the company
maintained by Euroclear Finland Oy on the dividend
record date, which, together with the payment
date, shall be decided by the Board of Directors in
its meeting scheduled for September 7, 2022. The
ex-dividend date for the second installment would
then be September 8, 2022, the dividend record date
September 9, 2022, and the dividend payment date
September 16, 2022, at the latest.
On the date of this financial statement release,
the number of shares entitling their holders to a
dividend was 81,471,565. The proposed distribution
48.9 million). This would leave EUR 253.8 million
parent company.
No material changes have taken place in the financial
position of the company since the end of the financial
period. The financial standing of the company is
good and, according to the Board of Directors’
assessment, distributing the proposed dividend will
not compromise the company’s solvency.
Helsinki, Finland, February 3, 2022
FISKARS CORPORATION
Board of Directors
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Consolidated Financial Statements, IFRS
Consolidated income statement
EUR million Note 2021 2020
Net sales 2.1 1,254.3 1,116.2
Cost of goods sold 2.3 -714.6 -664.1
Gross profit 539.8 43% 452.0 40%
Other operating income 2.2 4.1 6.5
Sales and marketing expenses 2.3 -267.5 -241.5
Administration expenses 2.3 -116.9 -90.4
Research and development expenses 2.3 -15.5 -16.5
Goodwill and trademark impairment 2.3, 3.2 0.0 -11.4
Other operating expenses 2.3 -1.1 -0.8
Operating profit (EBIT) 142.8 11% 98.0 9%
Change in fair value of biological assets 3.5 1.3 0.7
Other financial income and expenses 2.6 -0.0 8.9
Profit before taxes 144.1 11% 89.8 8%
Income taxes 2.7 -56.5 -21.3
Profit for the period 87.5 7% 68.5 6%
Attributable to:
Equity holders of the parent company 86.6 67.6
Non-controlling interest 0.9 0.8
Earnings for equity holders of the parent
company per share, euro (basic and diluted)
2.8 1.06 0.83
EUR million Note 2021 2020
Profit for the period 87.5 68.5
Other comprehensive income for the period:
Items that may be reclassified
subsequently to profit or loss:
Translation differences
Cash flow hedges
-0.1 0.3
Items that will not be reclassified to profit
or loss:
Defined benefit plans, actuarial gains (losses),
net of tax
4.4 0.3 0.2
Other comprehensive income for the period,
net of tax
Total comprehensive income for the period 101.4 43.6
Attributable to:
Equity holders of the parent company 100.6 43.5
Non-controlling interest 0.9 0.1
Total comprehensive income for the
period
Consolidated statement of comprehensive income
Financial Statements
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Consolidated balance sheet
EUR million Note 31.12.2021 31.12.2020
ASSETS
NON-CURRENT ASSETS
Goodwill 3.2 219.1 213.7
Other intangible assets 3.2 270.2 268.2
Property, plant and equipment 3.3 144.9 149.2
Right-of-use assets 3.4 106.8 90.2
Biological assets 3.5 45.4 44.1
Investment property 3.6 3.6 4.0
Financial assets at fair value through profit or
loss
5.3 32.0 24.4
Other investments 5.3 3.7 0.8
Deferred tax assets 2.7 27.5 27.4
Other non-current assets 5.3 6.9 7.3
Non-current assets total 860.0 60% 829.1 62%
CURRENT ASSETS
Inventories 4.1 272.9 207.4
Trade and other receivables 4.2, 5.3 230.0 213.8
Income tax receivables 2.6 29.2
Interest-bearing receivables 0.0 0.0
Cash and cash equivalents 5.3 31.5 62.5
Current assets total 537.0 37% 512.8 38%
Assets held for sale 3.1 38.4 3%
Assets total 1,435.5 100% 1,342.0 100%
EUR million Note 31.12.2021 31.12.2020
EQUITY AND LIABILITIES
EQUITY
Equity attributable to the equity holders of the
parent company
Non-controlling interest 4.2 3.8
Equity total 5.1 816.3 57% 761.6 57%
NON-CURRENT LIABILITIES
Interest-bearing liabilities 5.4 0.7 51.2
Lease liabilities 5.5 88.9 71.8
Other liabilities 6.0 4.5
Deferred tax liabilities 2.7 32.1 31.2
Employee defined benefit obligations 4.4 12.8 13.1
Provisions 4.5 3.4 3.6
Non-current liabilities total 143.9 10% 175.4 13%
CURRENT LIABILITIES
Interest-bearing liabilities 5.4 64.4 61.2
Lease liabilities 5.5 22.6 22.7
Trade and other payables 4.3 370.4 309.8
Income tax liabilities 3.2 5.5
Provisions 4.5 14.7 5.7
Current liabilities total 475.4 33% 404.9 30%
Equity and liabilities total 1,435.5 100% 1,342.0 100%
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Consolidated statement of cash ows
EUR million 2021 2020
Cash flow from operating activities
Profit before taxes 144.1 89.8
Adjustments for
Depreciation, amortization and impairment 61.6 76.1
Gain/loss on sale and loss on scrap of non-current assets -0.9 -0.1
Other financial items -0.2 8.6
Change in fair value of biological assets -1.3 -0.7
Change in provisions and other non-cash items 17.7 3.9
Cash flow before changes in working capital 221.1 177.6
Changes in working capital
Change in current assets, non-interest bearing -7.4 -25.6
Change in inventories -96.0 15.9
Change in current liabilities, non-interest-bearing 46.5 55.8
Cash flow from operating activities before financial items and
taxes
Financial income received and costs paid -5.0 1.8
Taxes paid -36.4 -20.3
Cash flow from operating activities (A) 122.9 201.6
EUR million 2021 2020
Cash flow from investing activities
Investments in financial assets -3.8 -1.9
Capital expenditure on fixed assets -34.4 -30.0
Proceeds from sale of fixed assets 1.8 1.2
Proceeds from sales of subsidiary shares 0.9 0.0
Cash flow from other investments 1.6 1.3
Cash flow from investing activities (B) -33.7 -29.4
Cash flow from financing activities
Purchase of treasury shares -0.3
Change in current receivables 0.0
Proceeds from non-current debt 40.0
Repayments of non-current debt -60.5 -80.0
Change in current debt 12.8 -4.6
Payment of lease liabilities -26.4 -26.4
Cash flow from other financing items 0.0 -1.9
Dividends paid -49.2 -45.7
Cash flow from financing activities (C) -123.3 -118.9
Change in cash and cash equivalents (A+B+C) -34.2 53.3
Cash and cash equivalents at beginning of period 62.5 9.4
Translation differences 3.3 -0.2
Cash and cash equivalents at end of period 31.5 62.5
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Statement of changes in consolidated equity
Equity attributable to shareholders of the parent company
EUR million
Share
capital
Treasury
shares
Cumul.
transl.
di.
Fair
value
reserve
Actuarial
gains and
losses
Financial
assets at
FVTOCI
Retained
earnings
Non-
controlling
interest Total
Opening Balance Jan 1, 2020 77.5 -7.1 20.1 -0.2 -1.9 0.0 672.5 3.6 764.5
Translation differences -24.6 -0.7 -25.3
Cash flow hedges 0.3 0.3
Defined benefit plan, actuarial gains (losses), net of tax 0.2 0.2
Other comprehensive income for the
period, net of tax, total
Profit for the period 67.6 0.8 68.5
Total comprehensive income for the period 0.0 0.0 -24.6 0.3 0.2 0.0 67.6 0.1 43.6
Purchase and issue of treasury shares -0.3 0.0 -0.3
Share-based payments 0.4 0.4
Dividends paid -45.7 -45.7
Other changes 0.3 -1.2 -0.9
Balance at Dec 31, 2020 77.5 -7.2 -4.5 0.1 -1.7 0.0 693.7 3.8 761.6
Opening Balance Jan 1, 2021 77.5 -7.2 -4.5 0.1 -1.7 0.0 693.7 3.8 761.6
Translation differences 13.7 0.1 13.6
Cash flow hedges 0.1 0.1
Defined benefit plan, actuarial gains (losses), net of tax 0.3 0.3
Other comprehensive income for the
period, net of tax, total
Profit for the period 86.6 0.9 87.5
Total comprehensive income for the period 0.0 0.0 13.7 -0.1 0.3 0.0 86.6 0.9 101.4
Purchase and issue of treasury shares 0.0 0.0
Share-based payments 2.4 2.4
Dividends paid -48.9 -0.4 -49.2
Other changes 0.1 0.1
Balance at Dec 31, 2021 77.5 -7.2 9.2 0.0 -1.4 0.0 733.9 4.2 816.3
Dividends
The Board of Directors has proposed a total dividend of EUR 0.76 per share to be paid for the 2021 result. A cash dividend of EUR 0.60 per share was paid for the 2020 result.
The notes are an integral part of these consolidated financial statements.
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1
GENERAL ACCOUNTING PRINCIPLES
1 GENERAL ACCOUNTING PRINCIPLES
1.1 Basic information 29
1.2 Basis of preparation 29
1.3 Consolidation principles 29
1.4 Translation of foreign currency items 29
1.5 Use of estimates 30
1.7 New and amended standards applied in financial year ended 30
1.8 Adoption of new and amended standards January 1, 2022 31
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1.1 Basic information
company”) is a Finnish, public limited liability
company, domiciled in Raseborg . Its registered
address is Hämeentie 135 A, Helsinki , Finland . The
Company’s shares are listed on the Nasdaq Helsinki
Ltd. Fiskars Oyj Abp and its subsidiaries together
form the Fiskars Group (“Fiskars Group” or the
reporting segments are Vita, Terra, Crea and Other.
The Other segment contains the Group’s investment
portfolio, the real estate unit, corporate headquarters
and shared services. Fiskars Group reports group-
level net sales for three geographical areas: Europe,
Americas, and Asia-Pacific. The Group’s international
key brands are Fiskars, Gerber, Iittala, Royal
Copenhagen, Waterford and Wedgwood.
The consolidated financial statements were
authorized for issue by the Board of Directors of
Fiskars Oyj Abp on February 3, 2022. According
to the Finnish Limited Liability Companies’ Act, the
shareholders have a possibility to approve or reject, or
make a decision on altering the financial statements
in the Annual General Meeting.
1.2 Basis of preparation
The consolidated financial statements were prepared
in accordance with International Financial Reporting
observing the standards and interpretations effective
on December 31, 2021.
The consolidated financial statements are prepared
on historical cost basis except for financial assets
and financial liabilities which are presented at fair
value through profit or loss, and biological assets as
well as assets and liabilities related to defined benefit
pension plans that are measured at fair value.
Financial statements figures are presented mainly in
millions of euros with one decimal. Figures presented
are subject to rounding, which may cause that
the sum of individual figures might differ from the
presented aggregated column and row totals.
Where necessary, comparative information has been
reclassified to achieve consistency in disclosure with
current financial year amounts.
1.3 Consolidation principles
The consolidated financial statements include the
parent company, Fiskars Oyj Abp , and the
subsidiaries
in which it holds, directly or indirectly,
over 50% of the voting rights or over which it
otherwise has control. Acquired or established
subsidiaries are included in the consolidated financial
statements from the date control commences until
the date that control ceases.
Subsidiaries are consolidated using the acquisition
method. Inter-company transactions, profit
distribution, receivables, payables and unrealized
gains between group companies are eliminated
in consolidation. The profit or loss for the period
attributable to the owners of the parent company
and non-controlling interest is presented in the
Consolidated Income Statement and the total
comprehensive income for the financial year
attributable to the owners of the parent company
and non-controlling interest is presented in the
Statement of Comprehensive Income. The non-
controlling interest in equity is presented within
equity, separately from the equity of the owners of
the parent company.
Investments in associates in which Fiskars Group has
a significant influence but not control are accounted
for using the equity method. Significant influence
usually exists when the group holds over 20% of
the voting power of the entity or when the group
otherwise has significant influence but not control. At
the moment, there are no investments in associates
with significant influence in the Fiskars Group.
1.4 Translation of foreign currency
items
Translation of nancial statements of foreign
subsidiaries
Items included in the financial statements of each of
the Fiskars Group’s entities are measured using the
currency of the primary economic environment in
which the entity operates (‘the functional currency’).
These consolidated financial statements are
presented in euros, which is the Group’s presentation
currency. In the consolidated financial statements
income statements, statements of comprehensive
income and cash flows of foreign subsidiaries are
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translated into the Group’s presentation currency at
the average exchange rates for the period. Balance
sheet items are translated at exchange rates
prevailing at the end of the reporting period. The
resulting exchange differences are recognized in
other comprehensive income and presented under
cumulative translation differences in equity. The
effective portions of the gains or losses on those
financial instruments hedging net investments in
foreign operations are recognized similarly. When
the group disposes of all, or part of that subsidiary,
the translation differences accumulated in equity are
transferred to profit or loss as part of the gain or loss
on disposal.
Transactions in foreign currencies
Foreign currency transactions are translated using
the exchange rates prevailing at the dates of the
transactions. At the end of the reporting period
monetary assets and liabilities are translated using
the exchange rate prevailing at the end of the
reporting period. Exchange differences arising from
translation are recognized in the income statement
and presented under financial items, except for
exchange rate differences related to trade receivables
and trade payables that are presented within
operating profit. Non-monetary items denominated in
foreign currencies are translated using the exchange
rate at the date of the transaction, except for those
items carried at fair value that are translated using
rates prevailing at the date when the fair value was
determined.
1.5 Use of estimates
The preparation of financial statements in
conformity with IFRS requires the management to
make judgments and assumptions that affect the
recognition and measurement of financial statement
items. These estimates and associated assumptions
are based on historical experience and other justified
assumptions that are believed to be reasonable under
the circumstances at the end of the reporting period.
These estimates form the basis for judgments of the
items in the financial statements. Development of
markets and general economic situation may affect
the variables underlying the estimates and actual
results may differ significantly from these estimates.
Significant accounting policies applied, and critical
accounting estimates and judgments are described
adjacent to each note.
1.6 COVID-19 related matters
Financial position (Note 5.2)
The liquidity of Fiskars Group has remained strong
during 2021. Actions to secure liquidity with short
term borrowing were promptly taken during the first
quarter of 2020. Driven by the strong cash flow, the
remainder of these loans were repaid during the
second quarter of 2021.
Credit risk of trade receivables
(Notes 4.2 and 5.3)
has intensely followed up on and assessed the
credit risks of trade receivables. The existing bad
debt provision model for expected credit losses
is based on the age of the trade receivables. Bad
debt provision increases in line with the age of the
trade receivables, so as the model is followed, the
increased credit risk in the form of more mature trade
receivables results in a higher bad debt provision. The
model is adjusted for forward-looking information.
Credit losses have remained at a historically normal
level during 2021.
The credit risk of trade receivables and the amount
of bad debt provision was analyzed at the end of
the reporting period, with the conclusion being that
sufficient provisions have been made.
1.7 New and amended standards
applied in nancial year ended
Fiskars Group has applied amendments and
interpretations published by IASB that are effective
for the first time for financial reporting periods
commencing on January 1, 2021. These amendments
and interpretations did not have a material impact
on the results, financial position of Fiskars Group, or
presentation of financial statements.
IFRS 16 amendment – COVID-19 Related Rent
Concessions
Rent Concessions amendment to IFRS 16 Leases. The
amendments provide relief to lessees from applying
IFRS 16 guidance on lease modification accounting for
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rent concessions arising as a direct consequence of the
rent concession from a lessor is a lease modification.
A lessee that makes this election accounts for any
related rent concession the same way it would account
for the change under IFRS 16, if the change was not
a lease modification. The amendment was intended
to apply until June 30, 2021, but as the impact of the
IASB extended the period of application of the practical
expedient until June 2022.
Fiskars Group has continued to apply the practical
Concessions – amendment to IFRS 16 Leases for
financial year ended 2021.
1.8 Adoption of new and amended
standards January 1, 2022
Fiskars Group has not identified any new standards,
amendments or interpretations published by IASB that
apply for the first time to financial reporting periods
commencing on January 1, 2022, that are expected
to have a material impact on the results or financial
position of Fiskars Group, or presentation of financial
statements.
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2
FINANCIAL PERFORMANCE
2 FINANCIAL PERFORMANCE
2.1 Segment information 33
2.2 Other operating income 36
2.3 Total expenses 37
2.4 Employee benefits and number of personnel 38
2.5 Share based payments 39
2.6 Financial income and expenses 41
2.7 Income taxes 41
2.8 Earnings per share 43
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2.1 Segment information
Accounting principles
Fiskars Group’s organizational structure features three
four primary reporting segments are Vita, Terra, Crea and
Other. In addition, Fiskars Group reports net sales for three
geographical areas: Europe, Americas and Asia-Pacific.
The performance of the reporting segments is reviewed
regularly by the chief operating decision-maker, Fiskars
Group’s Board of Directors, to assess performance and to
decide on allocation of resources. The operating segments,
BA Vita, Terra and Crea, are reported in a manner consistent
with the internal reporting provided to the chief operating
decision-maker. The performance of the segments is reviewed
principles of the segments are the same as those used in the
preparation of the financial statements. Financial income and
expenses, and income taxes are managed on Group level and
thus, not allocated to operating segments.
OPERATING PROFIT
revenues and other operating income, material purchases
and change of inventories, production for own use, employee
benefits, depreciations, amortizations and possible
impairments and other operating expenses. The operating
profit includes operating results of Fiskars’ primary reporting
segments Vita, Terra, Crea and Other. EBITA is calculated
from EBIT by adding back amortization. Change in fair value
of biological assets is presented as a separate line item below
EBIT in the income statement.
NET SALES AND REVENUE RECOGNITION
In the Consolidated Income Statement, Net sales comprise
the sales of goods and services, adjusted with indirect taxes,
discounts, rebates, fees and penalties as well as the exchange
rate differences of sales denominated in foreign currency. The
share of services of total net sales is not significant. Revenue
from the sale of goods is recognized when performance
obligation is satisfied. Performance obligation is satisfied
when control is transferred to a customer, typically at the
time when a product has been delivered to a customer in
accordance with the terms of delivery.
Operating segments
BA Vita offers premium and luxury products for
the tableware, drinkware and interior categories. It
consists of brands such as Iittala, Royal Copenhagen,
Waterford and Wedgwood.
BA Terra consists of the gardening, watering, and
outdoor categories. The brands include Fiskars
and Gerber.
BA Crea consists of the scissors and creating as
well as the cooking categories, mainly with the
Fiskars brand.
The Other segment contains the Group’s investment
portfolio, the real estate unit, corporate headquarters
and shared services.
Business activities between the segments are not
significant. Inter-segment sales are made on arm’s
lenght basis.
Unallocated items
The unallocated items contain group level income
and expenses, such as goodwill and trademark
amortization and impairment, and financial income
and expenses. Unallocated assets comprise items
related to group administration, tax and loan
receivables, and shares. Unallocated liabilities
comprise non-current and current debt and tax
liabilities. Also part of the restructuring costs are
unallocated.
No single customer of Fiskars Group accounts for
more than 10% share of the Group’s total net sales.
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Operating segments
2021
EUR million Vita Terra Crea Other
Unallocated and
Eliminations Group total
Net sales 544.6 535.4 170.6 3.8 1,254.3
EBITA excl. Items affecting comparability in operating profit 86.7 57.0 38.0 -12.9 168.8
Items affecting comparability in EBITA
1
-9.8 -0.7 -0.2 -0.7 -11.5
EBITA 76.8 56.3 37.8 -13.6 157.4
Amortization -14.6 -14.6
Impairment
Change in fair value of biological assets 1.3 1.3
Financial income and expenses
Profit before taxes 144.1
Income taxes -56.5 -56.5
Profit for the period 87.5
Capital expenditure 16.0 12.2 3.3 2.8 34.4
Depreciations, amortizations and impairment 34.3 20.4 4.4 2.6 61.6
1
Includes EUR 7.6 million related to the Restructuring program and EUR 3.9 million related to the Transformation program.
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Operating segments
2020
EUR million Vita Terra Crea Other
Unallocated and
Eliminations Group total
Net sales 456.6 493.8 162.0 3.8 1,116.2
EBITA excl. Items affecting comparability in operating profit 41.0 67.5 41.1 136.8
Items affecting comparability in EBITA
1
-11.0
EBITA 34.1 64.3 40.6 125.8
Amortization -16.3
Impairment -11.4
Change in fair value of biological assets 0.7 0.7
Financial income and expenses -8.8
Profit before taxes 89.8
Income taxes -21.3
Profit for the period 68.5
Capital expenditure 16.3 9.9 1.8 2.2 30.0
Depreciations, amortizations and impairment 50.4 17.9 4.4 3.3 76.1
1
Includes EUR 8.1 million related to the Restructuring program, EUR 3.0 million related to the Transformation program, EUR 0.2 million costs related to the divestment of the Leborgne business and as well as some other adjustments.
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Net sales by destination
EUR million 2021 2020
Net sales in Finland 112.3 94.3
Net sales in the U.S. 455.7 455.5
Net sales in other countries 686.4 566.3
Total 1,254.3 1,116.2
Non-current assets by location
(excl. deferred tax assets)
EUR million 2021 2020
Assets in Finland 300.8 262.6
Assets in the U.S. 54.0 61.8
Assets in other countries 47 7.8 477.4
Total 832.6 801.8
2.2 Other operating income
Accounting principles
Fiskars Group reports net sales for three geographical
areas: Europe, Americas, and Asia-Pacific. In the
Americas the Fiskars branded products’ distribution,
logistics and consumer preferences are managed
centrally for the business units. In Europe and Asia-
Pacific, the markets and distribution are more diversified,
however, from the customer point of view the business
units operate in a common environment.
Net sales by geography
EUR million 2021 2020
Europe 592.2 495.9
Americas 475.9 471.6
Asia-Pacific 187.7 154.1
Unallocated
1
-1.4
Total 1,254.3 1,116.2
1
Geographically unallocated exchange rate differences
Accounting principles
Other operating income includes income other than that
associated with the sale of goods or services, such as
gain on disposal or sale of fixed assets, rental income and
other similar income not classified to revenue.
EUR million 2021 2020
Gain on disposal of fixed assets 1.3 0.7
Compensations from insurance
company
0.0 4.6
Rental income 0.3 0.3
Other income 2.5 0.9
Total 4.1 6.5
Net sales by geography
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2.3 Total expenses
Total expenses by nature
EUR million 2021 2020
Materials and supplies 548.9 439.1
Change in inventory -89.1 16.7
External services 74.2 57.5
Employee benefits 293.7 264.4
Depreciation and amortization 61.6 64.7
Impairments 0.0 11.4
Other expenses 226.3 170.9
Total 1,115.6 1,024.7
Other expenses include lease payments on short-
term leases and leases of low-value assets that are
recognized as an expense on a straight-line basis
over the lease term. In 2021, expenses related to
short-term leases amounted to EUR 0.2 million
cash outflows in the Consolidated Income Statement
related concessions. Accounting principles related
to right-of-use assets, lease liabilities and amounts
recognised in income statement relating to these are
described in Notes 3.3 Right-of-use assets and 5.5
Lease liabilities.
Other operating expenses Fees paid to Group auditors
EUR million 2021 2020
Audit fees 1.3 1.3
Tax consultation 0.1 0.1
Other non-audit fees 0.0 0.0
Total 1.4 1.4
Annual General Meeting has selected Ernst & Young
as the Group auditor for the financial year 2021 and
2020. Ernst & Young Oy has provided non-audit
services to the entities of Fiskars Group in total
year 2021.
Accounting principles
Other operating expenses include losses on the disposal
or sale of fixed assets, integration costs and other similar
expenses not classified to other cost items.
EUR million 2021 2020
Loss on sale of fixed assets 0.0 0.0
Loss on scrap of fixed assets 0.5 0.6
Other operating costs 0.6 0.1
Total 1.1 0.8
Depreciation, amortization and impairment by
asset class
EUR million 2021 2020
Buildings, tangible assets 5.2 5.1
Machinery and equipment, tangible
assets
16.9 17.2
Real estate, right-of-use assets 23.0 22.6
Other leases, right-of use assets 2.1 2.0
Intangible assets 14.0 17.3
Investment property 0.4 0.4
Goodwill and trademark impairment 0.0 11.4
Total 61.6 76.1
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2.4 Employee benets and number
of personnel
Employee benets
EUR million 2021 2020
Wages and salaries 240.0 214.2
Other compulsory personnel costs 29.5 27.6
Pension costs, defined contribution
plans
18.0 14.5
Pension costs, defined benefit plans 0.9 1.3
Other post-employment benefits 0.7 1.3
Termination benefits 1.6 4.9
Share-based payments 2.9 0.6
Total 293.7 264.4
Personnel at the end of period
EUR million 2021 2020
Finland 1,111 1,062
Slovenia 792 659
Poland 390 417
UK 306 334
Other Europe 846 781
Indonesia 867 734
U.S. 786 840
Thailand 727 627
Other 865 957
Total 6,690 6,411
Personnel (FTE) in average
EUR million 2021 2020
Direct 2,369 2,213
Indirect 3,712 3,891
Total 6,081 6,104
Fiskars Group has adopted the following definitions for employee reporting:
Personnel, end of period = active employees in payroll at the end of period
according to worked volume during the period
Direct = production staff
Indirect = other employees than production staff
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2.5 Share based payments
Long-term incentive plan 2018–2022,
settled in shares
In February 2018, the Board of Directors approved
the establishment of a Performance Share Plan
performance periods of three calendar years each;
has decided separately for each performance
period the participants and the minimum, target and
maximum rewards for each participant, as well as the
performance criteria and related targets. Targets for
the two latest performance periods are based on total
shareholder return, net sales growth and cumulative
EBITA and net working capital, with EBITA cutter to
the net sales growth criterion.
If the targets are reached, the rewards will be paid
in the company’s shares, after the deduction of
the relevant cash proportion that is required for
covering taxes and tax-related costs due on the basis
of the reward. As a starting point, the net shares
shall be paid by as existing shares of the company
and thus the share plan is not expected to have a
diluting effect on the ownership of the company’s
shareholders.
Long-term incentive plans 2021, settled in shares
and/or cash
In December 2020, the Board of Directors approved
the establishment of two new share-based Long-term
Incentive Plans. The plan includes a Performance
Share Plan and a Restricted Share Plan.
The Performance Share Plan consists of annually
commencing individual performance share plans,
each with a three-year performance period, followed
by the payment of the potential share reward.
The Board of Directors will decide separately the
commencement of each individual plan and their
participants, the minimum, target and maximum
rewards for each participant, as well as the
performance criteria and related targets. The amount
of the reward paid depends on the achievement of
the set targets. No reward will be paid if the targets
performance period the performance targets relate to
the company’s absolute total shareholder return and
Group EBITA.
The Restricted Share Plan consists of annually
commencing individual restricted share plans.
The Board of Directors will decide separately the
commencement of each individual plan. Each plan
comprises an overall three-year retention period
during which the company may grant fixed share
rewards to individually selected key employees. The
company may choose to use a shorter retention
period on a case by case basis within this overall
three-year period. The granted share rewards will be
paid after the retention period. First commenced plan
If the targets are reached, the rewards for both
plans will be paid in the company’s shares, after
the deduction of the proportion that is required for
covering taxes and tax-related costs due on the basis
of the reward. However, the company may decide
to pay the reward fully in cash. As a starting point,
shares to be awarded to key employees based on
Performance Share Plan or Restricted Share Plan will
be paid as existing shares of the company and thus
the plans are not expected to have a diluting effect on
the ownership of the company’s shareholders.
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Amount of share incentives and terms and assumptions in the fair value calculation
Performance share plan 2021 Restricted share plan 2021 Performance share plan 2018–2022
2021–2023
Performance period
2021–2023
Retention period
2020–2022
Performance period
2019–2021
Performance period
Maximum number of shares granted, at the end the year 484,320 63,000 420,080 334,820
Grant date share price, EUR 17.20 17.20 10.28 16.73
Estimated realization of share price after vesting and
restriction period, EUR
23.00
Expense recorded during the financial year, EUR million 2.9
Cumulative expense recorded to equity at the end of the
financial year, EUR million
2.4
Vesting period starts Jan 1, 2021 Jan 1, 2021 Jan 1, 2020 Jan 1, 2019
Vesting period ends Dec 31, 2023 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021
Number of participants 47 30 36 32
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2.6 Financial income and expenses
EUR million 2021 2020
Interest income 0.0 0.0
Net change in fair value of other
investments at fair value through profit
or loss
6.4
Foreign exchange gain on commercial
hedges
3.7
Other foreign exchange gains 0.6 0.0
Financial income total 10.6
Interest expenses on debt at amortized
cost
-1.5
-6.3
Interest cost on lease liabilities at
amortized cost
-1.9
Foreign exchange losses on commercial
hedges
Other foreign exchange losses -0.2
Other financial expenses -0.8
Financial expenses total -10.6
Financial income and expenses total 0.0
2.7 Income taxes Income tax in the income statement
EUR million 2021 2020
Current taxes
1
-54.2
Deferred taxes -2.3 2.9
Total income tax expense -56.5
1
Current taxes excluding the reassessment relating to intra group loan
forgiveness case from 2016 amount to EUR 30.9 million.
INCOME TAX RECONCILIATION
Reconciliation of income taxes at statutory tax rate
Consolidated Income Statement.
EUR million 2021 2020
Profit before taxes 144.1 89.8
Income taxes at Finnish statutory tax
rate
-28.8
Difference between Finnish and foreign
tax rates
-2.7
Effect of deferred taxes not recognized -3.8
Benefit arising from previously
unrecognized deferred tax asset
2.4 0.0
Prior year income taxes
1
-23.1 1.5
Effect of changes of tax rates -0.5
Income taxes on undistributed earnings 1.2 3.6
Other items
2
-1.2
Total income tax expense -56.5
1
Prior year taxes include EUR 22.1 million tax cost relating to intra group loan
2
Other items include EUR 1.2 million tax cost relating to non-tax deductible
interest and punitive increases deriving from the intra group loan forgiveness
Accounting principles
The Group’s tax expense comprises current and deferred
taxes. The current tax charge is calculated using the tax
rate enacted or substantively enacted at the end of the
reporting period.
Deferred tax liabilities and deferred tax assets are
accounted for temporary differences between the
carrying amounts and tax basis of assets and liabilities
using tax rates enacted or substantively enacted at
the end of the reporting period. A deferred tax liability
is recorded to its full amount on taxable temporary
differences. Deferred tax assets are recognized for
deductible temporary differences, unutilized tax losses
and unused tax credits to the extent that it is probable
that taxable profit or taxable temporary differences will
be available against which the deductible temporary
differences, unutilized tax losses and unused tax credits
can be utilized. Deferred tax assets are assessed for
realizability at the end of each reporting period. If it
is no longer probable that sufficient taxable profit will
be available to allow deferred tax asset utilization,
carrying amount of deferred tax asset is reduced.
Correspondingly, if it is probable that sufficient taxable
profit will be available, reduction to deferred tax asset
value is reversed.
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Deferred taxes
Deferred tax assets
EUR million 2021 2020
Intangible assets and property, plant
and equipment
11.0 12.3
Inventories 6.2 3.1
Post-employment liabilities 2.9 2.8
Tax losses recognized 10.0 10.4
Other temporary differences 19.2 16.9
Total 49.3 45.4
Offset against deferred tax liabilities -21.8
Total deferred tax assets 27.5 27.4
Deferred tax liabilities
EUR million 2021 2020
Intangible assets and property, plant
and equipment
39.7 34.9
Investments at fair value 6.6 4.7
Undistributed earnings 2.3 3.6
Other temporary differences 5.3 6.0
Total 53.9 49.2
Offset against deferred tax assets -21.8
Total deferred tax liabilities 32.1
Net deferred tax assets (+) and
liabilities (-)
-4.6
Deferred tax assets and liabilities are offset when
there is a legally enforceable right to offset current
tax assets against current tax liabilities and when the
deferred taxes relate to the same fiscal authority.
Deferred tax liability has been booked fully on
undistributed earnings of subsidiaries.
Movements in the net deferred tax balance
EUR million 2021 2020
Net deferred tax asset (+) / liability (-)
at January 1
-3.8
Recognized in income statement -2.3 2.9
Recognized in other comprehensive
income
-0.2 0.3
Recognized in equity 0.5
Translation differences 1.1
Net deferred tax asset (+) / liability (-)
at December 31
-4.6
Amount of tax losses carried forward, tax credits and
temporary differences for which no deferred tax asset
has been recognized due to uncertainty of utilization:
Tax losses carried forward
EUR million 2021 2020
Expiring within 10 years 3.0 0.4
No expiry 183.9 163.1
Total 186.9 163.6
Tax credits
EUR million 2021 2020
Expiring within 10 years 0.6 0.5
Temporary differences 0.3 0.0
Taxes in other comprehensive income
2021
EUR million Gross Tax Net
Translation differences 13.6 0.0 13.6
Cash flow hedges -0.1 0.0
Defined benefit plans,
actuarial gains (losses)
0.5 0.3
Fair value measurement 0.0 0.0 0.0
Other comprehensive
income for the period, total
14.0 13.9
2020
EUR million Gross Tax Net
Translation differences -25.3 0.0
Cash flow hedges 0.3 0.0 0.3
Defined benefit plans,
actuarial gains (losses)
-0.2 0.3 0.2
Fair value measurement 0.0 0.0 0.0
Other comprehensive
income for the period, total
-25.2 0.3
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2.8 Earnings per share
The basic earnings per share is the annual profit for
the period attributable to equity holders of the parent
company divided by the weighted average number
of shares outstanding during the year. Fiskars Group
does not have any current share option programs or
other diluting financial instruments, so the diluted
earnings per share is the same as basic.
EUR million 2021 2020
Profit for the period attributable
to equity holders of the parent
company, EUR million
86.6 67.6
Number of shares 81,905,242 81,905,242
Weighted average number of shares
outstanding
81,538,066 81,560,233
Earnings per share, EUR
(basic and diluted)
1.06 0.83
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3
INTANGIBLE AND TANGIBLE ASSETS
3 INTANGIBLE AND TANGIBLE ASSETS
3.1 Assets held for sale 45
3.2 Intangible assets 46
3.3 Property, plant and equipment 50
3.4 Right-of-use assets 52
3.5 Biological assets 53
3.6 Investment property 53
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3.1 Assets held for sale On December 21, 2021, Fiskars Oyj Abp announced it
has signed an agreement to sell its North American
Watering business to Lawn & Garden LLC, a holding
company owned by affiliates of Centre Lane Partners
The transaction will be structured as an asset sale.
The agreement covers intellectual property including
the Gilmour and Nelson brands, related trademarks
and patents pertaining to watering equipment
commercialized in North America. As part of the
agreement, the manufacturing plant in Excelsior
Springs, Missouri and the warehouse operations
in Independence, Missouri, as well as employees
working in these two locations, will be included in the
transaction. The business subject to the transaction
had a net sales of approximately EUR 80 million for
the twelve month period ending September 30, 2021.
The transaction was completed on February 1,
2022. The sale is not expected to have a significant
impact on Fiskars Corporation’s EBIT or financial
position in 2022.
Accounting principles
Non-currrent assets, or disposal groups comprising
assets and liabilities, are classified as held-for-sale if it
is highly probable that they will be recovered primarily
through sale rather than through continued use. The
recognition criteria are regarded to be met when a
sale is highly probable, the asset (or a disposal group)
is available for immediate sale in its present condition
subject only to terms that are usual and customary, the
management is committed to the plan to sell the asset
and the sale is expected to take place within one year
from the date of classification.
As from the classification date a non-current asset (or
a disposal group) held for sale is measured at the lower
of its carrying amount and fair value less costs to sell.
Once classified as held-for-sale, intangible assets and
property, plant and equipment are no longer amortized
or depreciated, and any equity-accounted investee is no
longer equity accounted.
Assets directly associated with the sale are classified
as held for sale and presented separately in the
Consolidated Balance Sheet. The carrying amounts of
significant assets are as follows:
EUR million Note 2021
Property, plant and equipment 3.3 5.0
Inventories 4.1 33.4
Assets held for sale 38.4
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Accounting principles
An intangible asset is initially recognized in the balance
sheet at cost if the cost can be measured reliably and it is
probable that the expected future economic benefits that
are attributable to the asset will flow to the group. Residual
values and expected useful lives are reassessed at least at
each financial year-end and, if necessary, are adjusted to
reflect changes in the expected future economic benefits.
Those borrowing costs directly attributable to the acquisition,
construction or production of a qualifying asset are capitalized
as part of the cost of that asset.
GOODWILL
Goodwill represents the Group’s share of difference between
the cost of the acquisition and the fair value of the net
identifiable assets, liabilities, and contingent liabilities
acquired, measured at the acquisition date. Goodwill is stated
at historical cost less any accumulated impairment losses.
Goodwill is not amortized but is tested for impairment at
least annually. For this purpose goodwill has been allocated
company, the goodwill is included within the carrying amount
of the associate in question. The recoverable amount of the
unit is compared annually or more often if there are indications
of impairment, with its carrying amount to determine potential
impairment.
Contingent consideration will be measured at fair value and
subsequently measured through profit or loss. All acquisition-
related costs, such as experts’ fees, will be expensed instead
of capitalization. There is a choice on an acquisition-by-
acquisition basis to measure the non-controlling interest in the
acquiree either at fair value or at the non-controlling interest’s
proportionate share of the acquiree’s net assets.
RESEARCH AND DEVELOPMENT COSTS
Research and development costs are expensed as they
are incurred, except for those development costs that are
capitalized if the criteria in IAS 38 are met. Capitalized
development costs consisting of mainly direct labor costs and
external services are recognized as intangible assets. In 2021,
research and development expenses amounted to EUR 15.5
Intangible assets not yet available for use are tested annually
for impairment. Subsequently capitalized development costs
are measured at cost less accumulated amortization and
accumulated impairment losses. They are amortized on a
straight-line basis over their useful lives, from 3 to 6 years.
OTHER INTANGIBLE ASSETS
Other intangible assets include among other patents,
capitalized development costs, software, as well as
trademarks and customer relationships acquired in business
combinations. Intangible assets are stated at cost less
accumulated amortization and any accumulated impairment.
Intangible assets in this class are amortized on a straight-
line basis over their known or expected useful lives. Residual
values and expected useful lives are reassessed at least at
the end of reporting period, and if necessary, are adjusted to
reflect changes in the expected future economic benefits. The
estimated useful lives are as follows:
•
•
•
Intangible assets with an indefinite useful life such
as trademarks or brand names acquired in business
combinations are not amortized but they are tested at least
annually for impairment.
3.2 Intangible assets
4646
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2021
EUR million Goodwill
Trademarks,
patents and
domain names
Software
Other
intangible assets
Construction
in progress
Total
Historical cost, Jan 1 226.9 246.0 123.8 39.8 8.9 645.4
Translation differences 4.6 2.3 2.2 1.2 0.2 10.5
Additions 0.6 5.3 0.0 7.4 13.4
Decreases 0.0 -0.6 -0.4 0.0 -0.9
Transfers between asset groups 0.0 7.7 0.1 -7.8 0.0
Historical cost, Dec 31 231.4 249.0 138.5 40.7 8.8 668.4
Accumulated amortization and impairment, Jan 1 13.2 22.2 97.4 30.8 163.6
Translation differences -0.9 -0.2 2.2 0.9 2.0
Amortization 0.0 0.8 11.8 1.4 14.0
Impairment 0.0 0.0 0.1 0.1
Decreases 0.0 -0.6 0.1 -0.5
Accumulated amortization and impairment, Dec 31 12.3 22.7 110.8 33.2 179.1
Net book value, Dec 31 219.1 226.2 27.7 7.5 8.8 489.3
4747
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2020
EUR million Goodwill
Trademarks,
patents and
domain names
Software
Other
intangible assets
Construction
in progress
Total
Historical cost, Jan 1 232.1 250.9 103.0 59.2 10.5 655.7
Translation differences
Additions 0.7 10.8 0.0 0.1 11.6
Decreases 0.0
Transfers between asset groups 1.0 0.2
Other changes 12.2
Historical cost, Dec 31 226.9 246.0 123.8 39.8 8.9 645.4
Accumulated amortization and impairment, Jan 1 12.5 12.3 76.9 45.8 0.0 147.6
Translation differences 0.7
Amortization 1.0 11.3 3.9 16.3
Impairment 0.0 11.4 0.0 0.0 11.4
Decreases 0.0 0.0
Other changes 12.2
Accumulated amortization and impairment, Dec 31 13.2 22.2 97.4 30.8 0.0 163.6
Net book value, Dec 31 213.7 223.8 26.4 9.0 8.9 481.9
Goodwill impairment test in cash-generating units
Accounting principles
Fiskars Group’s operations have been divided into cash-
segments. The carrying amounts of the assets relating to
these CGUs are reviewed for impairment indicators annually at
the end of the reporting period. The recoverable amounts of
the following assets are also estimated annually irrespective
of whether there is any indication for impairment: goodwill,
intangible assets with indefinite useful lives and unfinished
intangible assets.
To determine a potential impairment the carrying amount of
the asset, or the carrying amounts of the CGU’s net assets
are compared against the recoverable amount of that asset
or CGU. The recoverable amount is the higher of the present
value of the future cash flows (value in use) and the fair
value less costs to sell. An impairment loss is recognized for
an asset when its carrying amount exceeds its recoverable
amount. An impairment loss previously recognized for items of
property, plant, and equipment as well as for intangible assets
other than goodwill is reversed subsequently only if there
has been a change in the estimates used to determine the
asset’s recoverable amount since the last impairment loss was
recognised. An impairment loss is reversed only to the extent
that the asset’s carrying amount does not exceed the carrying
amount that would have been determined, net of amortization
or depreciation, if no impairment loss had been recognized
for the asset in prior years. An impairment loss recognized for
goodwill is not reversed.
4848
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Goodwill is not amortized but is tested at least
annually for impairment. Goodwill has been allocated
to cash-generating units as at December 31, 2021 and
2020 as follows:
EUR million 2021 2020
Vita 216.6 209.7
Terra
Crea 2.5 4.0
Total 219.1 213.7
The primary reporting segments, which form the
CGUs, are Vita, Terra and Crea. The recoverable
amounts from CGUs are determined with value in
use method, using five-year discounted cash flow
projections, based on strategic plans approved by
cash flows are estimated for two year period before
calculating the terminal value. Cash flows for the
period extending over the five year planning period
are calculated using the terminal value method. The
discount rate is the weighted average post-tax cost
components of the WACC are risk-free rate, market
risk premium, company-specific risk premium,
industry specific equity beta, cost of debt and debt
to equity ratio. As a result of the annual impairment
tests, no impairment was recognized on goodwill in
2021, or in 2020.
Fiskars Group has nine trademarks whose aggregate
Total EUR 106.9 million of trademarks, patents and
domain names was recorded in the Consolidated
Balance Sheet with relation of WWRD acquisition
the benefits from trademarks are indefinite, they
are not amortized but are tested at least annually
for impairment using a royalty relief method. An
exception for this principle is trademark Hackman for
which amortization has begun in 2017 (amortization
period of 20 years). Cash flows attributable to
trademarks are derived by identifying revenues from
sales of products belonging to each trademark.
The value in use of trademarks is determined on a
discounted cash flow method basis, derived from
five-year cash flow projections, based on strategic
plans approved by the management. Cash flows for
the period extending over the planning period are
calculated using the terminal value method. As a
result of the annual impairment tests, no impairment
was recognized on trademarks in 2021. For the
period ended December 31, 2020, on the basis of the
impairment calculations made, Waterford trademark
was impaired with EUR 10.4 million and Gingher
trademark with EUR 1.0 million.
Key parameters applied in impairment testing
2021 2020
% Goodwill Trademarks
1
Goodwill Trademarks
1
Increase in net sales on average 5.3 6.6 3.1 2.5
Steady growth rate in projecting terminal value 1.0 1.0 1.0 1.0
Discount rate, pre-tax, average 7.3 9.1 7.4 9.4
1
Used one percentage point higher risk premium than in goodwill testing
Sensitivity analyses
Sensitivity analyses of goodwill have been carried out
for the valuation of each CGU by making downside
scenarios for key parameters. The management
views that no reasonably possible change in any of
the key parameters would lead to impairment as the
recoverable amounts exceed the carrying amounts.
The recoverable amount exceeds the carrying
amounts after changes in the key parametres.
Sensitivity analyses of trademarks have been
carried out for the valuation of each trademark by
making downside scenarios for key parameters.
The management views that no reasonably possible
change in any of the key parameters would lead to
impairment.
4949
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3.3 Property, plant and equipment
Accounting principles
Property, plant, and equipment are stated at historical cost less
accumulated depreciation and any accumulated impairment
losses, if applicable. Those borrowing costs directly attributable
to the acquisition, construction or production of a qualifying asset
are capitalized as part of the cost of that asset.
Depreciation is charged to the income statement on a straight-
line basis over the estimated useful lives of the assets. Residual
values and expected useful lives are reassessed at least at each
financial year-end and, if necessary, are adjusted to reflect
changes in the expected future economic benefits. The estimated
useful lives are as follows:
•
•
• Land and water No depreciation
Gains and losses on sales and disposals of property, plant, and
equipment are presented in other operating income and other
operating expenses.
2021
EUR million
Land and
water
Buildings
Machinery and
equipment
Construction
in progress
Total
Historical cost, Jan 1 21.0 89.2 111.6 6.8 228.6
Translation differences 0.4 1.9 5.4 0.2 7.8
Additions 2.1 8.2 10.8 21.1
Decreases -0.1 -1.1 -12.0 1.3 -11.8
Transfer to assets held for sale -0.3 -1.6 -9.3 -11.2
Transfers between asset groups 1.4 7.3 -8.8 0.0
Historical cost, Dec 31 21.0 91.9 111.3 10.4 234.6
Accumulated depreciation and
amortization, Jan 1
0.0 27.5 52.7 -0.7 79.5
Translation differences 0.5 4.7 0.0 5.1
Depreciation 5.2 16.9 22.2
Impairment 0.0 0.0
Decreases -0.9 -10.0 -10.9
Transfer to assets held for sale -0.8 -5.4 -6.2
Accumulated depreciation and
impairment, Dec 31
0.0 31.6 58.8 -0.7 89.7
Net book value, Dec 31 21.0 60.4 52.5 11.1 144.9
5050
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2020
EUR million
Land and
water
Buildings
Machinery and
equipment
Construction
in progress
Total
Historical cost, Jan 1 22.4 92.0 125.7 10.7 250.8
Translation differences
Additions 0.8 5.3 12.1 18.3
Decreases
Transfers between asset groups 3.4 9.8
Other changes 3.6 20.2 23.8
Historical cost, Dec 31 21.0 89.2 111.6 6.8 228.6
Accumulated depreciation and
amortization, Jan 1
0.8 26.4 62.7 88.6
Translation differences 0.7
Depreciation 5.1 17.3 22.4
Impairment 0.0 0.0
Decreases
Transfers between asset groups 0.1 0.0
Other changes 3.6 20.2 23.8
Accumulated depreciation and
impairment, Dec 31
0.0 27.5 52.7 79.5
Net book value, Dec 31 21.1 61.7 58.9 7.5 149.2
5151
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3.4 Right-of-use assets
Accounting principles
Fiskars Group assesses at contract inception whether a
contract is, or contains, a lease. That is, if the contract
conveys the right to control the use of an identified asset for
a period of time in exchange for consideration. The Group
applies a single recognition and measurement approach for all
leases, except for short-term leases and leases of low-value
assets. The Group recognizes lease liabilities to make lease
payments and right-of-use assets representing the right to
use the underlying assets.
RIGHT-OF-USE ASSETS
Fiskars Group recognizes right-of-use assets at the
commencement date of the lease (i.e., the date the underlying
asset is available for use). Right-of-use assets are initially
measured at cost, including the initial measurement of lease
liabilities, any initial direct costs incurred, and lease payments
made at or before the commencement date less any lease
incentives received. Subsequently right-of-use asset is
measured at cost less any accumulated depreciation and
impairment losses, adjusted for any remeasurement of lease
liabilities.
Right-of-use assets are depreciated on a straight-line basis
over the lease term, generally as follows:
•
•
SHORT-TERM LEASES AND LEASES OF LOW-VALUE
ASSETS
The Group applies the short-term lease recognition exemption
to its short-term leases i.e., those leases that have a lease
term of 12 months or less from the commencement date and
do not contain a purchase option. It also applies the lease of
low-value assets recognition exemption to leases that are
considered to be low value. Lease payments on short-term
leases and leases of low value assets are recognized as
expense on a straight-line basis over the lease term.
Fiskars Group has lease contracts for real estate,
machinery, vehicles and other equipment used in
its operations. Real estate leases generally have
lease terms between 3 and 15 years, while other
assets generally have lease terms between 3 and 5
years. Several lease contracts include extension and
termination options and variable lease payments.
The Group also has certain leases of machinery with
lease terms of 12 months or less and leases of office
equipment with low value. Expenses arising from
short-term leases and leases of low values assets
can be found from Note 2.3 Total Expenses. Lease
liabilities are described in Note 5.5 Lease liabilities.
2021
EUR million
Real
estate
Other Total
Book value, Jan 1 86.9 3.3 90.2
Translation differences 2.0 0.1 2.1
Additions 42.2 1.8 44.0
Depreciations -23.0 -2.1 -25.1
Decreases -4.1 -0.2 -4.3
Book value, Dec 31 103.9 2.9 106.8
2020
EUR million
Real
estate
Other Total
Book value, Jan 1 104.7 4.0 108.6
Translation differences
Additions 17.1 1.6 18.7
Depreciations
Decreases
Book value, Dec 31 86.9 3.3 90.2
5252
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3.5 Biological assets
EUR million 2021 2020
Fair value, Jan 1 44.1 43.4
Increase due to growth 1.9 2.1
Decrease due to harvested timber -1.1
Change in fair value 0.5 0.3
Fair value, Dec 31 45.4 44.1
Accounting principles
Biological assets are measured at their fair value less
costs to sell them. Biological assets consist of growing
stock of Group’s forest assets in Finland. The change
in fair value resulting from both growth and change in
the market value of standing timber is presented as a
separate line item in the Consolidated Income Statement
standing timber is presented in the Consolidated Income
Statement within the operating profit.
There are no existing active markets for forest assets.
Therefore, the biological asset valuation is made by
using the discounted future cash flows. Cash flows are
based on a forest management plan taking into account
forestry costs and harvesting incomes from one growth
cycle. For valuing harvesting incomes, Fiskars applies
a three-year rolling average price of standing timber,
based on the statistics provided by the Natural Resources
Institute Finland, adjusted with company specific price
components.
The fair value measurements of biological assets are
categorized within level 3 of the fair value hierarchy.
Fiskars Group has around 11,000 hectares of
productive forest land in Finland. Biological assets
consist of growing stock. The harvested amount in
2021 was approximately 37.000 m
3
3
).
3.6 Investment property
Accounting principles
The properties that are not used in the Goup’s operations
or which are held to earn rental income or increase
in value are classified as investment property. These
properties are measured at cost less accumulated
depreciation and impairment. Investment properties are
Land is not depreciated.
EUR million 2021 2020
Historical cost, Jan 1 11.7 11.1
Translation differences 0.0 0.0
Additions 0.0 0.1
Decreases 0.0
Transfers from tangible assets 0.7
Historical cost, Dec 31 11.7 11.7
Accumulated depreciation, Jan 1 7.8 7.5
Translation differences 0.0 0.0
Depreciation and impairment 0.4 0.4
Decreases 0.0
Accumulated depreciation and
impairment, Dec 31
8.1 7.8
Net book value, Dec 31 3.6 4.0
Investment Property comprises the parent company’s
buildings and zoned and unbuilt lots for detached
houses in Fiskars Village, Finland.
Fair value
Properties in Fiskars Village are unique in their
cultural and historical values. Therefore, it is not
possible to determine a comparable market value on
those properties. The book value of these properties,
located in Finland, were EUR 3.6 million in 2021
5353
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4
OPERATIVE ASSETS AND LIABILITIES
4 OPERATIVE ASSETS AND LIABILITIES
4.1 Inventories 55
4.2 Trade and other receivables 56
4.3 Trade and other payables 57
4.4 Employee defined benefit obligations 57
4.5 Provisions 63
5454
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4.1 Inventories
Accounting principles
Inventories are carried at the lower of cost and net
realizable value. Cost is determined using the first-in first-
in-progress comprise direct purchase and manufacturing
costs, other direct costs and a proportion of the related
production overheads based on normal operating
capacity. Net realizable value is the estimated amount
that can be realized from the sale in normal course of
business less the estimated costs of completion and the
estimated costs necessary to make the sale. Inventories
are presented net of write-down recognized for obsolete
and slow-moving inventories.
EUR million 2021 2020
Raw materials and consumables 31.8 24.3
Work in progress 18.2 15.6
Finished goods 286.0 189.4
Advance payments 0.3 0.1
Transfer to assets held for sale -35.0
Gross value of inventories 301.3 229.4
The amount of write-down of
inventories
-29.9
Transfer to assets held for sale 1.6
Total, Dec 31 272.9 207.4
Change in write-down for obsolete and slow-
recognised during financial period.
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Trade receivables are widely spread geographically.
The biggest customers are major retailers with solid
credit ratings. Credit loss risks are estimated to be
moderate. The maximum exposure to credit risk is the
carrying amount of the trade receivables. The credit
risk is described in more detailed in Note 5.2.
Allowance for expected credit losses
EUR million 2021 2020
Allowance for expected credit losses,
Jan 1
-5.5
Additions -3.2
Deductions 2.7 1.6
Recognised impairment losses 0.2 0.3
Recovery of doubtful receivables -0.1
Allowance for expected credit losses,
Dec 31
-5.9
4.2 Trade and other receivables Aging of trade receivables
EUR million 2021 2020
Not fallen due 179.0 158.0
17.3 20.4
5.7 3.1
2.4 1.9
1.3 1.4
Over 120 days past due 6.5 4.4
Allowance for expected credit losses,
Dec 31
-5.9
Total, Dec 31 206.3 183.7
Trade receivables’ payment terms vary, but average
is 45 days.
Trade receivables in currencies
EUR million 2021 2020
86.8 72.5
34.8 32.8
24.8 22.9
10.4 12.8
8.2 7.6
7.7 5.9
7.2 5.8
5.8 8.8
Other currencies 20.6 14.8
Total, Dec 31 206.3 183.7
Accounting principles
According to the simplified impairment model under IFRS
9, an allowance amounting to lifetime expected credit
losses is recognized at first reporting date. To measure
the lifetime expected credit losses, trade receivables
have been grouped based on aging categories. An
allowance for doubtful receivables is measured based on
historical loss rates adjusted by forward looking estimates
and individual assessment. The inputs used in the model
are updated on a regular basis. Impairment is recognized
as an expense in Other operating expenses. If an amount
previously recognized to Consolidated Income Statement
is subsequently settled, it is recognized as a reduction to
Other operating expenses.
EUR million 2021 2020
Trade receivables 206.3 183.7
Derivatives 0.6 0.0
Other receivables 4.0 6.9
Prepaid expenses and accrued income 19.0 23.2
Total, Dec 31 230.0 213.8
5656
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4.3 Trade and other payables
EUR million 2021 2020
Trade payables 139.3 100.2
Other non-interest-bearing payables 31.0 38.2
Accrued expenses and deferred income
Interests 0.9 1.9
Wages, salaries and social costs 48.3 48.0
Contract liabilities 72.8 62.1
Other 78.2 59.4
Total, Dec 31 370.4 309.8
Contract liabilities includes for example accrued
discounts, rebates, customer program credits and
other revenue related adjustments. Other accrued
expenses includes accrued materials and supplies,
amongst other.
4.4 Employee dened benet
obligations
Accounting principles
Group companies have various pension plans in
accordance with local conditions and practices in the
countries in which they operate. The plans are classified
as either defined contribution plans or defined benefit
plans. Under a defined contribution plan the group pays
fixed contributions into a separate entity. If the entity
does not hold sufficient assets to pay all employees
the benefits in question, the Group will have no legal or
constructive obligation to pay further contributions. All
other plans not meeting the criteria above are classified
as defined benefit plans. Most of the plans that group
companies have are classified as defined contribution
plans and related contributions are charged to the income
statement in the year in which the payment obligation has
arisen.
The costs for defined benefit pension plans are calculated
and recognized under the terms of the plan based on
actuarial calculations. Pension costs are recognized
as expenses over the employees’ service period. The
pension obligation is measured as the present value of
the estimated future contributions deducted by the fair
value of plan assets at the end of the reporting period.
Changes in the estimates in the actuarial calculations may
influence the reported pension obligations and pension
costs. Actuarial gains and losses are recognized in other
Most of Fiskars Group’s pension plans are defined
contribution plans. Vita business area has defined
benefit plans in Indonesia, Japan and Slovenia. The
defined benefit plans in the U.S., UK and Germany are
closed plans, and future pay increases will not impact
the valuation. The Group also has supplementary
pension plans in Finland which are classified as
defined benefit plans. Each plan is operated in
accordance with local conditions and practices of
the respective country. Authorized actuaries have
performed the actuarial calculations for the defined
benefit plans.
The main unfunded plans are in the U.S., Germany,
Indonesia, Japan and Slovenia. Plan in Finland is taken
care of by local pension insurance company. The
Group estimates its contributions to the plans during
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Characteristics of the dened benet plans and risks associated with them
Net liability
EUR million 2021 2020 Description and risks
Finland 0.1 0.1 There are 28 eligible members in the Finnish pension plans. The plans are either funded insured pension plans, which are closed, or unfunded
pension promises. Benefits of the plans are old age pension, disability pension, family pension and funeral grant. Pension increases are based
on either insurance companies' own indexes or TyEL index. Main risks are changes in bond yields, increase in life expectancy and inflation risk.
Germany 1.0 1.0 There are 73 eligible members in the German pension plans. The plans are either unfunded individual pension promises, or unfunded pension
plans, which are closed. Benefits of the plans are old age pension, disability pension and widow's/widower's pension. Pension increases, if any,
are based on inflation. Main risks are changes in bond yields, increase in life expectancy and inflation risk.
Thailand 1.0 0.9 There are 699 eligible members in the Thai pension plan, which is a retirement benefit plan. Benefit of the plan is severance pay. There are no
pension increases. Main risks are changes in bond yields and inflation risk.
UK There are 173 eligible members in the British pension plan, which is a closed pension fund. The plan has surplus (asset) of GBP 2.3 million at
pension, widow's/widower's pension and death benefit. Pension increases are based on inflation. Main risks are volatility of equity instruments,
changes in bond yields, increase in life expectancy and inflation risk.
UK legislation requires the board to carry out actuarial valuations at least every three years and to target full funding against a basis that
prudently reflects the fund’s risk exposure, including the strength of the covenant offered to the fund by Fiskars UK Limited. The most recent
actuarial valuation was carried out as at March 31, 2017. From July 31, 2017 the Company has agreed with the Trustee of the scheme a
revised schedule of contributions for the scheme to reduce the annual contributions payable to GBP nil per annum. On December 5, 2017 the
Company completed a buy-in of GBP 14.5 million of UK Scheme liabilities underwritten by the purchase of the annuity contract. The buy-in
policy provides cash flows to match the benefits of the members covered, and is valued at higher than the present value of the defined benefit
obligation for those members.
The Fund administration costs at the end of 2017 has been recognized as an expense in the company’s income statement, and under rules of
IAS 19 applicable to the scheme, has been offset with recognition of other comprehensive income to generate nil impact on company reserves
for in the period.
U.S. 5.0 4.9 There is one eligible member in the American pension plan, which is an unfunded pension obligation. Benefits of the plan are old age pension
and widow's/widower's pension. There are no pension increases. Main risks are changes in bond yields and increase in life expectancy.
Indonesia 3.5 3.8 There are 716 eligible members in the Indonesian pension plan, which is an unfunded retirement benefit plan. Benefits of the plan are severance
pay, death benefit and disability benefit. There are no pension increases. Main risks are changes in bond yields and inflation risk.
Japan 0.7 0.8 There are 77 eligible members in the Japanese pension plan, which is a funded and insured pension and retirement allowance plan. Benefits of
the plan are old-age pension, death benefit and retirement allowance. There are no pension increases. Main risks are changes in bond yields,
increase in life expectancy and inflation risk.
Slovenia 1.5 1.6 There are 845 eligible members in the Slovenian pension plans, which are unfunded retirement benefit plans. Benefit of the plan is severance
pay. There are no pension increases. Main risks are changes in bond yields and inflation risk.
Total net liability 12.8 13.1
5858
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Changes in net dened benet liability
EUR million
Present value of
obligation
Fair value of plan
assets
Total
Additional liablity
and eect of asset
ceiling
Total
Jan 1, 2021 31.1 -21.0 10.1 3.0 13.1
Current service cost 0.8 0.8 0.8
Interest expense (+) or income (-) 0.7 -0.3 0.4 0.0 0.4
Administration expenses 0.5 0.5 0.5
Past service cost and gains and losses from settlements -0.8 -0.8 -0.8
0.7 0.2 0.9 0.0 0.9
Return on plan assets, excluding amounts included in interest, (gain -)
and (loss +)
0.5 0.5 0.5
Actuarial gains (-) and losses (+) arising from changes in demographic
assumptions
-0.6 -0.6 -0.6
Actuarial gains (-) and losses (+) arising from changes in financial
assumptions
0.3 0.3 0.3
Experience adjustment gains (-) and losses (+) -0.3 -0.3 -0.3
Changes in asset ceiling, excluding amounts included in interest 0.0 -0.5 -0.5
Remeasurement gains (-) and losses (+) included in OCI -0.6 0.5 -0.1 -0.5 -0.6
Translation differences 1.6 -1.1 0.4 0.2 0.6
Employer contributions -1.2 -1.2 -1.2
Benefits paid -2.0 2.0 0.0 0.0
Other changes 0.0 0.0
Dec 31, 2021 30.7 -20.6 10.0 2.7 12.8
5959
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Changes in net dened benet liability
EUR million
Present value of
obligation
Fair value of plan
assets
Total
Additional liablity
and eect of asset
ceiling
Total
Jan 1, 2020 31.8 9.8 3.4 13.2
Current service cost 0.7 0.7 0.7
Interest expense (+) or income (-) 0.7 0.4 0.1
Administration expenses 0.2 0.2 0.2
Past service cost and gains and losses from settlements 0.0 0.0 0.0
1.3 1.3 0.9
Return on plan assets, excluding amounts included in interest, (gain -)
and (loss +)
Actuarial gains (-) and losses (+) arising from changes in demographic
assumptions
0.0 0.0 0.0
Actuarial gains (-) and losses (+) arising from changes in financial
assumptions
1.3 1.3 1.3
Experience adjustment gains (-) and losses (+) 0.3 0.3 0.3
Changes in asset ceiling, excluding amounts included in interest
Remeasurement gains (-) and losses (+) included in OCI 1.5 0.6 0.4
Translation differences 1.1 0.2
Employer contributions
Benefits paid 1.8
Other changes 0.0 0.0 0.0 0.0
Dec 31, 2020 31.1 10.1 3.0 13.1
6060
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Plan assets by asset category
2021 2020
EUR million Quoted Unquoted Quoted Unquoted
Equity instruments
Bonds 0.7 0.7
Property
Insurance contracts 17.5 17.7
Cash and cash equivalents 2.4 2.7
Total 3.1 17.5 3.3 17.7
Principal actuarial assumptions at the balance sheet date
% 2021 2020
Discount rate
UK 1.80 1.65
U.S. 2.20 1.90
Indonesia 6.70 7.02
Slovenia 0.90 0.80
Other countries 0.30–2.15
Future salary increases
UK n/a n/a
U.S. n/a n/a
Indonesia 5.00 5.00
Slovenia 3.35 2.50
Other countries n/a / 0.0–4.0
Future pension increases
UK 3.25 2.9
U.S. 0.0 0.0
Indonesia 5.0 5.0
Slovenia 0.00 n/a
Other countries n/a / 0.0–2.35
6161
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Sensitivity analysis
The sensitivity analyses below have been determined
based on reasonably changes of the respective
assumptions occurring at the end of the reporting
period and may not be representative of the actual
change. It is based on a change in the key assumption
while holding all other assumptions constant. A linear
extrapolation of these amounts based on alternative
changes in the assumptions as well as an addition
of combined changes in the individual assumptions
is not possible. There are no changes in the way the
sensitivity analyses were performed compared to the
previous years.
2021 2020
Dened benet obligation Dened benet obligation
EUR million Increase Decrease Increase Decrease
UK
-1.0 1.2 1.2
n/a n/a n/a n/a
0.1 -0.1 0.1
Other Group companies, total
-0.7 0.7 0.7
0.4 -0.4 0.5
0.0 -0.0 0.0
Although the analysis does not take account of the full distribution of cash flows expected under the plan, it does
provide an approximation of the sensitivity of the assumptions shown.
6262
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4.5 Provisions
Accounting principles
A provision is recognized when the Group as a result of a
past event has a present legal or constructive obligation, it
is probable that the obligation will be realized and a reliable
estimate can be made of the amount of the obligation. A
provision for restructuring is recognized when a detailed
formal plan has been prepared and when there is a valid
expectation relating to those affected that the plan will be
carried out. The amount recognized as a provision is the best
estimate of the expenditure required to settle the present
obligation at the end of the reporting period. If it is possible to
receive compensation for a part of the obligation from a third
party, the compensation is recognized as a separate asset, but
only when a receipt of the compensation is virtually certain.
Fiskars Group may be a party to lawsuits and legal processes
concerning the Group’s business operations. A related
provision is recognized in the financial statements when the
amount of the expenditure can be estimated reliably and it is
more likely than not that they will be realized. Otherwise these
contingent liabilities are disclosed in the notes.
Warranty provisions relate to products sold and
are reviewed and adjusted regularly to reflect the
estimated cash outflows to settle the warranty claims.
Other provisions include, among others, provisions for
legal expenses and estimated costs for refurnishment
of premises.
2021
Non-current provisions
EUR million
Warranty
provision
Restructuring
provision
Onerous
contracts and
other provisions
Total
Provisions, Jan 1 0.5 0.1 3.0 3.6
Translation differences 0.0 -0.0 -0.1 -0.1
Additions 0.0 0.0
Used provisions -0.0 -0.0
Change in estimates -0.0 0.0 0.0
Reversals -0.1 -0.1
Provisions, Dec 31 0.5 0.1 2.8 3.4
Current provisions
EUR million
Warranty
provision
Restructuring
provision
Onerous
contracts and
other provisions
Total
Provisions, Jan 1 2.2 0.6 2.9 5.7
Translation differences 0.1 0.0 0.1 0.2
Additions -0.0 0.7 8.5 9.2
Used provisions -0.0 -0.3 -0.0 -0.3
Change in estimates -0.0 -0.0 -0.0
Reversals -0.0 -0.0
Provisions, Dec 31 2.3 1.0 11.4 14.7
2020
Non-current provisions
EUR million
Warranty
provision
Restructuring
provision
Onerous
contracts and
other provisions
Total
Provisions, Jan 1 0.4 0.1 3.7 4.1
Translation differences 0.0
Additions 0.2 0.0 0.2
Used provisions
Change in estimates 0.0 0.0
Reversals
Provisions, Dec 31 0.5 0.1 3.0 3.6
Current provisions
EUR million
Warranty
provision
Restructuring
provision
Onerous
contracts and
other provisions
Total
Provisions, Jan 1 2.5 0.0 1.7 4.1
Translation differences
Additions 0.0 0.6 1.6 2.2
Used provisions
Change in estimates 0.0 0.2 0.2
Reversals
Provisions, Dec 31 2.2 0.6 2.9 5.7
6363
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5
CAPITAL STRUCTURE AND
FINANCIAL INSTRUMENTS
5 CAPITAL STRUCTURE AND FINANCIAL INSTRUMENTS
5.1 Share capital 65
5.2 Financial risk management 66
5.3 Financial assets 68
5.4 Financial liabilities 70
5.5 Lease liabilities 75
5.6 Derivatives 76
6464
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5.1 Share capital
EUR million
2021
pcs 1,000
2020
pcs 1,000
2021
EUR million
2020
EUR million
Share capital
Jan 1 81,905.2 81,905.2 7 7.5 7 7.5
Share capital, Dec 31 81,905.2 81,905.2 7 7.5 77.5
Treasury shares
Jan 1 433.7 408.7 7.2 6.9
Change 25.0 0.3
Treasury shares, Dec 31 433.7 433.7 7.2 7.2
Number of shares and votes
Dec 31, 2021 Dec 31, 2020
Number of
shares
Number of
votes
Share capital
EUR
Number of
shares
Number of
votes
Share capital
EUR
81,905,242 81,905,242 77,510,200 81,905,242 81,905,242 77,510,200
Total 81,905,242 81,905,242 77,510,200 81,905,242 81,905,242 77,510,200
Fiskars Corporation has a single class of shares. Shares have no nominal value.
6565
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5.2 Financial risk management
Financial risks are managed by the Group Treasury
in accordance with the risk management principles
approved by the Board of Directors.
Currency risk
Currency risk refers to changes in the value of result,
cash flow, balance sheet and competitiveness of
Fiskars Group due to changes in exchange rates.
Fiskars Group’s transaction and translation positions
are managed separately.
Transaction risk
Transaction risk arises from foreign currency
denominated cash flows, and is measured as net of
commercial and financial receivables and payables
denominated in foreign currencies. The objective of
managing the transaction risk is to reduce the impact
of changes in exchange rates on the profit and cash
flow of the Group. Group companies are responsible
for managing the currency risks associated with their
commercial cash flows and to hedge their exposure
using currency forwards entered into with the Group
Treasury. The net position is hedged with currency
derivatives in accordance with the Treasury policy
approved by the Board of Directors.
Less than 20% of Fiskars Group’s commercial cash
flows are exposed to fluctuations in foreign exchange
rates. The most significant risks relate to appreciation
of IDR, THB and USD, and to depreciation of AUD,
JPY, and SEK. Fiskars Group is exposed to rate
changes in the local currencies of its suppliers, of
which the most important is CNY.
Fiskars Group does not apply hedge accounting on
foreign exchange derivatives as defined in IFRS 9. All
gains and losses resulting from currency derivatives
are booked in the income statement. Had hedge
accounting been applied on currency derivatives,
Fiskars Group’s consolidated profit before tax for 2021
Translation risk
Translation risk refers to the impact of changes
in exchange rates on the consolidated income
statement, consolidated statement of cash flows
and consolidated balance sheet. These changes can
also impact key indicators, such as equity ratio and
gearing. Translation risk is not hedged.
Interest rate risk
Exposure of the values of cash flows, assets and
liabilities to interest rate fluctuations gives rise to
interest rate risk. In Fiskars Group it is measured by
the average interest rate reset period of financial
liabilities excluding lease liabilities. The average
reset period reflects the time it takes on average for
the change in interest rates to impact the interest
costs of the debt portfolio. The risk is quantified in
monetary terms as the change in interest costs during
the observation period caused by a permanent one
percentage point rise in interest rates. The shorter
the average reset period, the more unpredictable are
the interest costs.
Derivatives may be used in the management of
interest rate risks, and hedge accounting on interest
derivatives is applied. The objective is to maintain
the average reset period within the limits of 6 to
48 months as set out in the Treasury policy. As of
December 31, 2021 the Group did not have any
million). The Group’s interest-bearing net debt (excl.
lease liabilities) as of December 31, 2021 was EUR
was linked to variable interest rates. The average
interest rate reset period of interest-bearing debt was
Sensitivity of interest expenses on changes in market
rates has been calculated by assuming permanent
one percentage point increase in market rates and
assuming no change in net debt during the year. The
calculated impact on the consolidated result before
Liquidity and renancing risk
Liquidity risk refers to the risk of the Group’s financial
assets and sources of funding proving insufficient
to fund its business operations or the risk of a
situation where arranging such funding would result in
substantial additional costs. The objective of liquidity
risk management is to maintain an optimal amount of
liquidity to fund the business operations of the Group
at all times while minimizing interest costs. Liquidity
is considered to be the sum of cash and cash
equivalents and available committed credit lines.
Refinancing risk refers to exposure to unavailability or
prohibitively expensive price of financing at the time
6666
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of maturity of expiring financing lines. The objective
of refinancing risk management is to minimize the risk
by diversifying the maturity structure of the debt and
loan facility portfolio.
The Group has extensive unused credit facilities
at its disposal to guarantee its liquidity. As of the
end of the year, the unutilized committed revolving
addition, the Group has a commercial paper program
amounting to EUR 400 million, of which none was
utilized as of the end of the year.
Commodity risk
Fiskars may use derivatives to hedge its exposure to
commodity price fluctuations where appropriate. At
the end of the year, the Group held no outstanding
commodity derivative contracts.
Credit risk
Group Treasury is responsible for evaluating and
monitoring financial counterparty risk. The Group
minimizes this risk by limiting its counterparties to
creditworthy banks and financial institutions and by
working within defined counterparty limits. Sales
function is responsible for monitoring customer
credit risks. The Group’s clientele is extensive and
even the largest customers represent less than 10%
of the outstanding receivables. As of the end of the
year, the Group’s trade receivables totaled EUR 206.3
provisions for bad debt related to trade receivables
Management of capital
Fiskars is not subject to any externally imposed
capital requirements (other than possible local
company law requirements effective in the
jurisdictions where Fiskars Group companies
are active).
The Group’s objectives when managing capital are:
• to safeguard the Group’s capacity to fund its
operations and take care of its obligations
• to maintain a balanced business and investment
portfolio that provides return both on short and
long term to its shareholders
• to maintain possibilities to act on potential
investment opportunities
• to maintain an equity ratio that exceeds 40%
6767
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5.3 Financial assets
Accounting principles
FINANCIAL ASSETS
Fiskars Group classifies its financial assets in the following
categories: financial assets at fair value through profit or loss,
financial assets at fair value through other comprehensive
income, and financial assets at amortised cost. Financial
assets are classified at initial recognition based on their
purpose of use. For assets not at fair value through profit or
loss, the directly attributable transaction costs are included in
the original costs of the financial assets. All purchases or sales
of financial assets are recognized or derecognized using trade
date accounting. The Group derecognizes financial assets
when it has lost its right to receive the cash flows or when it
has transferred substantially all the risks and rewards to an
external party. Fair value categories of financial instruments
are explained in Note 5.4.
FINANCIAL ASSETS AT FAIR VALUE THROUGH
PROFIT OR LOSS AND VIA OTHER COMPREHENSIVE
INCOME
Financial assets at fair value through profit or loss include
financial assets that are held for trading or are designated
as financial assets at fair value through profit or loss upon
initial recognition (the fair value option). In Fiskars Group this
category comprises derivative instruments for which hedge
accounting is not applied, and investments in listed securities.
Financial assets at fair value through profit or loss are
measured at fair value both at initial recognition and
subsequently. The fair values of the listed securities are
based on quoted rates at the end of the reporting period, and
both realized and unrealized gains and losses are recognized
in the income statement under financial items. The fair
value measurement principles of derivative instruments are
described in Note 5.6.
Financial assets at fair value through other comprehensive
income include listed shares. These assets are measured at
fair value at initial recognition and subsequently. Changes in
fair value are recognized in other comprehensive income.
FINANCIAL ASSETS AT AMORTISED COST
Financial assets at amortised cost are non-derivative financial
assets with fixed or determinable payments that are not
quoted in an active market. They are not held for trading or
designated as available for sale upon initial recognition. This
category comprises trade receivables and other receivables.
It also includes deposits to guarantee leases and other similar
items presented under Other non-current assets in the
Consolidated Balance Sheet. Trade and other receivables are
described in more detail in Note 4.2.
Loans and other receivables are measured at amortized cost.
The allowance for expected credit losses is based on the risks
of the individual items. Carrying amounts of receivables are
adjusted to their probable value as a result of this assessment.
Loans and receivables are included in current or non-current
assets based on their term to maturity. Amounts expected to
be recovered or settled in no more than 12 months after the
end of the reporting period are included in current assets.
CASH AND CASH EQUIVALENTS
The balance sheet item Cash and cash equivalents includes
cash, i.e. cash in hand and deposits held at call with banks,
and cash equivalents. Cash equivalents comprise highly liquid
investments that are readily convertible to a known amount of
cash and subject to an insignificant risk of changes in value.
The items included in cash equivalents have original maturities
of maximum three months from the date of acquisition. Bank
overdrafts are included in current interest-bearing financial
liabilities. Cash and cash equivalents are measured at
amortized cost.
6868
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Financial assets at fair value through
prot or loss
Level 3
EUR million 2021 2020
Book value, Jan 1 24.4 28.9
Additions 0.3 1.9
Decreases -1.5
Change in fair value 8.8
Book value, Dec 31 32.0 24.4
Investments at fair value through profit or loss
comprise unlisted funds. The fair value of unlisted
funds is based on the market value reported by
recognized in the income statement.
Other investments and other non-current assets
Level 1 Level 3
EUR million 2021 2020 2021 2020
Book value, Jan 1 0.2 0.3 7.9 7.6
Addition 2.9
Decreases -0.4
Change in fair
value
0.1 0.0 0.3
Book value, Dec 31 0.2 0.2 10.4 7.9
Other investments include listed and unlisted shares
as well as non-current receivables. Listed shares have
been recognized at their fair value based on quotation
shares and other investments are measured at fair
acquisition value.
Cash and cash equivalents
EUR million 2021 2020
Cash and cash equivalents 31.5 62.5
Other current investments 0.0 0.0
Total, Dec 31 31.5 62.5
6969
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5.4 Financial liabilities
Accounting principles
FINANCIAL LIABILITIES AND BORROWING
COSTS
Fiskars Group classifies its financial liabilities in the
following categories: financial liabilities at fair value
through profit or loss (includes derivative liabilities)
and financial liabilities measured at amortized cost.
A financial liability is initially recognized at fair value,
and subsequently carried at amortized cost. Derivative
liabilities are measured at fair value. Financial liabilities
are classified as non-current or current; the latter group
comprises all those financial liabilities for which the Group
does not have an unconditional right to defer settlement
of the liability for at least 12 months after the end of the
reporting period. The Group removes a financial liability
(or a part of it) from its balance sheet only when it is
extinguished, i.e. when the obligation specified in the
contract is discharged or cancelled or expires.
Arrangement fees related to loan commitments are
treated as transaction costs to the extent it is likely that
the loans will not be drawn down. Remaining arrangement
fees are amortized over the expected loan term.
Non-current interest-bearing debt
2021 2020
EUR million
Fair
value
Carrying
amount
Fair
value
Carrying
amount
Loans
from credit
institutions
50.0 50.0
Other non-
current debt
0.7 0.7 1.2 1.2
Total, Dec 31 0.7 0.7 51.2 51.2
Interest-bearing debts are valued at amortized cost.
The fair values of interest-bearing debts have been
calculated by discounting the cash flow of the debt
by the market rate at the end of reporting period (fair
Current interest-bearing debt
2021 2020
EUR million
Fair
value
Carrying
amount
Fair
value
Carrying
amount
Bank overdrafts 14.2 14.2 0.9 0.9
Loans
from credit
institutions
50.0 50.0 60.0 60.0
Other 0.2 0.2 0.3 0.3
Total, Dec 31 64.4 64.4 61.2 61.2
Reconciliation of net debt
EUR million 2021 2020
Loans from credit institutions 65.1 112.4
Lease liabilities 111.5 94.5
Cash and cash equivalents 31.5 62.5
Other interest-bearing receivables 0.6 0.7
Net debt 144.4 143.7
7070
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Changes in liabilities arising from nancing activities
2021
EUR million Jan 1 Lease changes Cash ows Fx dierence Other Dec 31
Non-current loans and borrowings 51.2 -0.5 0.0 -50.0 0.7
71.8 0.0 0.0 1.5 15.5 88.9
Current loans and borrowings 61.2 -47.2 0.4 50.0 64.4
22.7 39.3 -26.4 0.5 -13.6 22.6
Total 206.9 39.3 -74.1 2.5 1.9 176.6
2020
EUR million Jan 1 Lease changes Cash ows Fx dierence Other Dec 31
Non-current loans and borrowings 51.4 39.9 51.2
88.4 0.0 0.0 71.8
Current loans and borrowings 108.7 40.0 61.2
22.9 10.2 16.5 22.7
Total 271.4 10.2 2.1 206.9
7171
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Maturity of liabilities
guarantee its liquidity. The average maturity of the credit limit agreements as of December 31, 2021 was 3.9
Non-compliance with the covenant leads to a premature expiry of the agreements. Breach of covenant requires
material deterioration of the solidity from the current.
2021
EUR million 2022 2023 2024 2025 2026 Later years Total
Bank overdrafts 14.2 14.2
Other debt 0.2 0.2 0.2 0.2 0.9
Loans from credit institutions 50.0 50.0
interests 0.3 0.3
20.8 16.4 12.3 10.7 9.7 33.6 103.5
interests 1.8 1.4 1.1 0.9 0.8 1.9 8.0
Trade payables 139.1 139.1
Derivative liabilities 0.0
Total, Dec 31 226.3 18.0 13.6 11.9 10.5 35.5 315.9
2020
EUR million 2022 2023 2024 2025 2026 Later years Total
Bank overdrafts 0.9 0.9
Other debt 0.3 0.4 0.4 0.4 1.5
Loans from credit institutions 60.0 50.0 110.0
interests 0.9 0.3 1.2
21.0 16.7 12.8 7.7 7.3 21.6 87.1
interests 1.8 1.4 1.1 0.8 0.7 1.7 7.4
Trade payables 100.2 100.2
Derivative liabilities 0.4 0.4
Total, Dec 31 185.4 68.8 14.2 8.9 8.0 23.3 308.7
7272
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Sensitivity analysis of currency exposure
The exchange rate sensitivity analysis in accordance with IFRS 7 indicates how the profit before taxes or
consolidated Group equity would be impacted by a 10% depreciation of a currency. The impact of a 10%
appreciation of a currency would be approximately the opposite. The analysis of impact on profit includes internal
and external foreign currency denominated financial items of the parent company in the selected currencies.
Estimated commercial cash flows of the Group companies consist of net purchases and sales in foreign
currencies during the subsequent year. Derivatives include transactions to hedge the estimated commercial
flows. Other financial items include foreign currency denominated loans, deposits and investments. The selected
currencies represent approximately 90% of the commercial net foreign currency flows. The sensitivity analysis on
the consolidated Group equity illustrates translation risk related to the foreign currency denominated equity.
2021 2020
Impact on result before taxes Impact on result before taxes
EUR million
Estimated
commercial
cash ows
Derivatives
Other
nancial
items
Impact
on group
equity
Estimated
commercial
cash ows
Derivatives
Other
nancial
items
Impact
on group
equity
AUD -1.9 2.2 -0.3 -1.7 0.8 0.4
CAD -1.3 1.3 0.0 -1.0 0.9 0.1
GBP -0.9 6.3 -5.4 -3.6 6.7
IDR 1.2 -1.2 0.0 0.0 1.1 0.0
JPY -1.4 2.1 -0.7 -2.1 2.3
SEK -2.3 1.1 1.2 -0.6 1.1 0.9
THB 3.2 -2.4 -0.8 -1.5 3.3
USD 2.8 8.8 -11.6 -14.5 2.4
7373
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Average interest rates and sensitivity analysis of interest expenses
The sensitivity of interest expenses on changes in interest rates has been
presented by simulating a permanent one percentage unit raise in interest rates
at the end of the reporting year. The Group’s net interest bearing debt excluding
change in the amount of the net debt.
The table below shows the Group’s net interest bearing debt, currency derivatives,
average interest rates on loans and interest rate sensitivity by major currencies.
2021
EUR million EUR USD GBP PLN Other Total
Loans and deposits 55.4 4.1 -0.2 -0.1 -26.3 32.9
Currency derivatives -147.8 87.9 63.1 -35.5 31.8 -0.5
Net debt and currency derivatives -92.4 92.0 62.8 -35.5 5.5 32.4
Average interest rate on loans (p.a.) 0.7%
Interest rate sensitivity -1.5 0.9 0.6 -0.4 0.3 0.0
2020
EUR million EUR USD GBP PLN Other Total
Loans and deposits 84.1 -9.2 1.1 -2.7 -23.7 49.6
Currency derivatives -53.2 -16.3 66.7 -27.4 30.6 0.4
Net debt and currency derivatives 30.9 -25.5 67.9 -30.2 6.9 49.9
Average interest rate on loans (p.a.) 0.9%
Interest rate sensitivity -0.2 -0.3 0.7 -0.3 0.1 0.0
Fair value of nancial instruments
Accounting principles
FAIR VALUE CATEGORIES
Hierarchy level 1 includes financial assets and liabilities that are publicly quoted in an active
market. This category includes listed shares. Level 2 includes financial assets and liabilities
measured using directly observable market inputs. All interest bearing debts and derivatives
fall within this category. Level 3 includes financial assets and liabilities measured using non-
market observable inputs. The asset classes in this category are unlisted equity investments
and funds.
2021
EUR million Level 1 Level 2 Level 3 Total
Investments at fair value through profit or loss 32.0 32.0
Other investments 0.2 3.5 3.7
Derivative assets 0.6 0.6
Total assets 0.2 0.6 35.5 36.3
Derivative liabilities
Total liabilities
2020
EUR million Level 1 Level 2 Level 3 Total
Investments at fair value through profit or loss 24.4 24.4
Other investments 0.2 7.9 8.1
Derivative assets
Total assets 0.2 32.2 32.4
Derivative liabilities 0.4 0.4
Total liabilities 0.4 0.4
7474
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5.5 Lease liabilities
Accounting principles
Fiskars Group assesses at contract inception whether a
contract is, or contains, a lease. That is, if the contract
conveys the right to control the use of an identified asset for
a period of time in exchange for consideration. The Group
applies a single recognition and measurement approach for all
leases, except for short-term leases and leases of low-value
assets. The Group recognizes lease liabilities to make lease
payments and right-of-use assets representing the right to
use the underlying assets.
LEASE LIABILITIES
At the commencement date of the lease, Fiskars Group
recognizes lease liabilities measured at the present value of
future updaid lease payments. The lease payments include
fixed payments (including in-substance fixed payments) less
any lease incentives, variable lease payments that depend on
an index or a rate, and amounts expected to be paid under
residual value guarantees. The lease payments also include
the exercise price of a purchase option reasonably certain
to be exercised by the Group, and payments of penalties for
terminating the lease, if the lease term reflects the Group
exercising the option to terminate. Variable lease payments
that do not depend on an index or a rate are recognized as
expenses in the period in which the event or condition that
triggers the payment occurs.
In calculating the present value of lease payments, the
Group uses its incremental borrowing rate at the lease
commencement date as typically the interest rate implicit in
the lease is not readily available. Subsequently lease liability
is measured using the effective interest rate method, and
the carrying amount of lease liability is increased with the
interest on the lease liability, reduced with the amount of lease
payments made, and adjusted to reflect any reassessments
or lease modifications made. The carrying amount of lease
liabilities is remeasured if there is a modification, a change in
the lease term, a change in the lease payments (e.g., changes
to future payments resulting from a change in an index or rate
used to determine such lease payments) or a change in the
assessment of an option to purchase the underlying asset.
Fiskars Group has lease contracts for various items of
real estate, machinery, vehicles and other equipment
used in its operations. Right-of-use assets are
presented in Note 3.3. Right-of-use assets. Amounts
recognised in Consolidated Income Statement are
presented in Note 2.3 Total expenses and in Note 2.6.
Financial income and expenses.
EUR million 2021 2020
Book value, Jan 1 94.5 111.3
Translation differences 2.2
Additions 44.0 19.7
Accretion of interest 1.9 2.4
Payments -26.7
Decreases -4.5
Book value, Dec 31 111.5 94.5
Current lease liabilities 22.6 22.7
Non-current lease liabilities 88.9 71.8
Maturity of lease liabilities
EUR million 2021 2020
Less than one year 24.4 24.5
Between one and five years 65.6 60.0
More than five years 29.5 17.4
Minimum lease payments, total 119.4 101.9
7575
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5.6 Derivatives Nominal amounts of derivatives
EUR million 2021 2020
Derivatives, hedge accounting not
applied:
Foreign exchange forwards and
swaps
338.3 223.6
Fair value of derivatives
EUR million 2021 2020
Derivatives, hedge accounting not
applied:
Foreign exchange forwards and
swaps
0.6
Derivative agreements the Group enters into are
governed by International Swaps and Derivatives
corresponding local agreements. In case of a credit
event as defined by the ISDA the other agreement
party may demand early termination and set-off.
Gross amounts of derivative assets and liabilities
subject to early termination and set-off are presented
in the following table.
EUR million 2021 2020
Foreign exchange forwards and swaps
Assets 0.7 0.6
Liabilities -0.2
Net 0.6
Maturity of derivatives
2021
EUR million 2022 2023
Later
years
Total
Foreign
exchange
forwards and
swaps
338.3 338.3
Total, Dec 31 338.3 338.3
2020
EUR million 2022 2023
Later
years
Total
Foreign
exchange
forwards and
swaps
223.6 223.6
Total, Dec 31 223.6 223.6
Accounting principles
DERIVATIVES AND HEDGE ACCOUNTING
Derivatives not designated as hedging instruments
are recognized at fair value through profit and loss.
Derivatives are initially valued at cost and subsequently at
fair value determined at the end of each reporting period.
The fair value of derivatives is based on prevailing market
rates or rates derived from the prevailing market rates
at the end of the reporting period (fair value hierarchy
items.
Fiskars Group applies hedge accounting to changes
in the fair value of derivatives designated, qualifying
and effective as cash flow hedges. There were no such
derivatives outstanding on balance sheet date.
7676
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6
OTHER NOTES
6 OTHER NOTES
6.1 Subsidiaries 78
6.2 Related party transactions 80
6.3 Acquisitions and divestments 83
6.4 Commitments and contingencies 83
6.5 Subsequent events after the reporting period 83
7777
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6.1 Subsidiaries
Domicile
% of
share
capital
% of
voting
power
Nature
of main
activities
Fiskars Americas Holding Oy Ab Raseborg FI 100.0 100.0 H
Fiskars Brands, Inc. Madison, WI US 100.0 100.0 P
Fiskars Canada, Inc.
Toronto CA 100.0 100.0 S
Consumer Brands (Hong Kong) Co.,
Limited
Hong Kong HK 1.0 1.0 H
Fiskars Europe Holding Oy Ab Raseborg FI 100.0 100.0 H
Limited
Hong Kong HK 99.0 99.0 H
Fiskars (Thailand) Co.,Limited
Bangkok TH 98.0 98.0 H
Fiskars Trading (Shanghai) Co., Ltd
Shanghai CN 100.0 100.0 H
Fiskars Finland Oy Ab Helsinki FI 100.0 100.0 P
Fiskars Brands Rus JSC
St. Petersburg RU 100.0 100.0 P
Fiskars (Thailand) Co., Limited
Bangkok TH 1.0 1.0 H
Fiskars Sweden AB
SE 100.0 100.0 S
Fiskars Estonia AS
Tallinn EE 100.0 100.0 S
Fiskars Benelux B.V.
Oosterhout NL 100.0 100.0 S
Iittala BV
Antwerpen BE 0.5 0.5 S
Iittala BV
Antwerpen BE 99.5 99.5 S
Fiskars Denmark A/S Glostrup DK 100.0 100.0 P
Royal Copenhagen GmbH
Cologne DE 100.0 100.0 S
Fiskars Japan Co., Ltd
Tokyo JP 100.0 100.0 S
Royal Copenhagen Korea Co., Ltd
Seoul KR 100.0 100.0 S
Fiskars Taiwan Limited
Taipei TW 100.0 100.0 S
Royal Copenhagen Thailand Ltd
Saraburi TH 60.0 60.0 P
RC Heritage Center Ltd
Saraburi TH 99.0 99.0 D
Fiskars Hong Kong Limited
Hong Kong HK 100.0 100.0 S
Domicile
% of
share
capital
% of
voting
power
Nature
of main
activities
Fiskars Deutschland GmbH Herford DE 100.0 100.0 D
Fiskars France S.A.S. Ivry sur Seine FR 100.0 100.0 P
Fiskars France Sucursal en España
Madrid ES 100.0 100.0 S
Fiskars Germany GmbH Herford DE 100.0 100.0 S
Iittala GmbH
Solingen DE 100.0 100.0 S
Fiskars Italy S.r.l. Premana IT 100.0 100.0 S
Fiskars Norway AS Oslo NO 100.0 100.0 P
Fiskars Polska Sp. z o.o. Slupsk PL 100.0 100.0 P
Fiskars Polska Sp. z.o.o., Magyarországi
Fióktelepe
Budapest HU 100.0 100.0 S
Fiskars Polska Sp. z.o.o., odštěpný závod
Prague CZ 100.0 100.0 S
Fiskars Form Limited Bridgend GB 100.0 100.0 D
Shanghai CN 100.0 100.0 S
UAB Fiskars Lithuania Vilnius LT 100.0 100.0 S
Fiskars Latvia SIA Riga LV 100.0 100.0 S
Fiskars Living Canada, Inc New Brunswick CA 100.0 100.0 S
WWRD UK/Ireland, Ltd. Stoke-on-Trent GB 100.0 100.0 D
WWRD Ireland IPCo LLC Wilmingtom, DE US 100.0 100.0 D
WWRD IPCo. LLC Wilmingtom, DE US 100.0 100.0 D
Wedgwood/Doulton USA Acqco 1 Inc. Wilmingtom, DE US 100.0 100.0 H
Wedgwood/Doulton USA Acqco 2 Inc.
Wilmingtom, DE US 100.0 100.0 H
Fiskars Living US, LLC
Wilmingtom, DE US 100.0 100.0 S
Fiskars UK Limited Stoke-on-Trent GB 100.0 100.0 P
WWRD Ireland Limited Waterford IE 100.0 100.0 P
Steklarna Rogaška d.o.o. Rogaška Slatina SI 100.0 100.0 P
Steklarski HRAM d.o.o.
Rogaška Slatina SI 100.0 100.0 S
Rogaška Kristal d.o.o.
Zagreb HR 100.0 100.0 D
7878
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Domicile
% of
share
capital
% of
voting
power
Nature
of main
activities
Fiskars Australia Pty Ltd Sydney AU 100.0 100.0 S
Fiskars Australia Pty Ltd - New Zealand
Branch
Auckland NZ 100.0 100.0 S
A.C.N. 083 550 681 Pty Ltd
Melbourne AU 100.0 100.0 D
Josiah Wedgwood & Sons Pty Ltd
Sydney AU 100.0 100.0 D
Waterford Wedgwood Australia
Limited
Stoke-on-Trent GB 100.0 100.0 D
Fiskars Online Oy Ab Helsinki FI 100.0 100.0 S
WWRD Netherlands MidCo B.V. Amsterdam NL 100.0 100.0 H
Waterford Wedgwood Trading Singapore
Pte Limited
Singapore SG 100.0 100.0 H
PT Doulton
Tangerang ID 96.2 96.2 P
Turku FI 100.0 100.0 D
Bangkok TH 1.0 1.0 H
Holding, management or services H
Production and sales P
Sales S
Dormant D
7979
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6.2 Related party transactions
Fiskars Group’s related parties are members of
the Fiskars Group Board of Directors and Fiskars
Group Leadership Team, other key management
persons, and individual shareholders with control
or significant influence over the company, as well
as entities controlled or significantly influenced by
them. In addition, associated companies of Fiskars
and members of the family of the above-mentioned
individuals are also regarded as related parties.
Fiskars Finland Oy Ab rents real estate from its
associated company Koy Iittalan Lasimäki and has
granted a capital loan to the company at inception.
Fiskars Group had no significant transactions,
liabilities or receivables with related parties
during 2021.
EUR million 2021 2020
Rent 0.2 0.2
Capital loan 0.2 0.2
8080
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Shareholdings of the Board and key management, December 31
Includes holding of corporations under controlling power together with a family member.
2021 2020
EUR million
Own
holdings
Holdings of
controlled
corporations
Total
Own
holdings
Holdings of
controlled
corporations
Total
Ehrnrooth Paul 11,430,961 11,430,961 10,930,961 10,930,961
Fromond Louise 601,135 10,567,417 11,168,552 601,135 10,567,417 11,168,552
Luomakoski Jyri 3,000 3,000 1,500 1,500
Mero Inka 700 700 700 700
Månsson Fabian 3,000 3,000 2,000 2,000
Sotamaa Ritva 3,000 3,000 3,000 3,000
Ehrnrooth Albert 855,372 13,051,880 13,907,252 855,372 13,051,880 13,907,252
1
14,000 14,000 5000 5000
Andersson Tina
2
Bachler Christian
Brouillard James
3
Gaggl Risto
Hedberg, Johan
Holmberg Peter
4
Hyyryläinen Tuomas
Lindholm Niklas
Siitonen Jussi
5
15,000 15,000
Timonen Päivi
Pohjonen Sari
6
170 170
Taimi Maija
7
400 400
Tuominen Jaana
8
The Directors and the CEO do not have any debts to
the company; nor has the company given pledges
or taken on other responsibilities in their names. The
shareholdings of the Board and key management
represent in total 44.0% of the outstanding shares of
the company.
The President & CEO of the company has been Jaana
Tuominen until April 21,2020, interim President & CEO
Sari Pohjonen as of April 21, 2020, to November 29,
November 30, 2020.
1
Member of the Board of Directors as of March 11, 2020 until November 29,
2020. Member of the Fiskars Group Leadership team as of November 30,
2020.
2
Member of the Fiskars Group Leadership Team as of March 17, 2020
3
Member of the Fiskars Group Leadership Team as of April 20, 2020
4
Member of the Fiskars Group Leadership Team as of March 15, 2021
5
Member of the Fiskars Group Leadership Team as of August 16, 2021
6
Member of the Fiskars Group Leadership Team until August 13, 2021
7
Member of the Fiskars Group Leadership Team until February 28, 2021
8
Member of the Fiskars Group Leadership Team until April 21, 2020
8181
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Remuneration of the Board and key management
2021 2020
EUR thousand Salaries and fees Statutory pension Supplementary pension Salaries and fees Statutory pension Supplementary pension
Ehrnrooth Paul 123.0 138.8
Luomakoski Jyri 86.0 89.1
Fromond Louise 62.3 65.0
Mero Inka 57.0 66.4
Månsson Fabian 61.8 80.6
63.3 83.3
Sotamaa Ritva 5 7.3 83.7
Ehrnrooth Albert 57.3 65.0
Ehrnrooth Alexander 5.3 3.0
1
45.5
1
1,251.2 213.1 104.1 41.3 10.0
Tuominen Jaana
2
0.0 0.0 0.0 394.4 95.4 84.3
Pohjonen Sari
3
0.0 0.0 0.0 565.8 136.9 45.9
Fiskars Group Leadership Team,
excluding CEO and President
5,607.9 596.9 217.4 3,400.5 414.3 183.0
Total 7,432.1 810.0 321.5 5,122.1 656.6 313.2
1
Member of the Board of Directors as of March 11, 2020, until November 29, 2020. President and CEO of Fiskars Group as of November 30, 2020.
2
The President & CEO of the company until April 21, 2020.
3
Interim President & CEO as of April 21, 2020, to November 29, 2020.
The key management consists of the Board of
Directors, the President & CEO and the members
Leadership Team). The figures are presented on an
accrual basis.
Fiskars Group Leadership Team belongs to share-
based long-term incentive plans to which participants
are selected by the Board of Directors annually. In
which includes two on-going performance periods
based Long-term incentive plan with one on-going
Directors confirms the targets separately for each
performance period and they are based on the
company’s total shareholder return, net sales and
cumulative comparable EBITA (performance period
be paid if targets are not met or if the participant’s
employment ends before reward payment. The
expense recorded during the financial year for the
corporate management team is included in the
salaries and fees figures above.
Fiskars Group Leadership Team members based in
Finland have a collective supplementary pension
insurance, which includes an old-age pension at the
8282
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retirement age, vested rights under certain conditions
and indemnity payable at death. The amount of
pension income is based on the insurance savings.
The employer’s contribution to the insurance plan
is 20% of the preceding year’s income, excluding
year’s income, excluding bonuses, for Fiskars Group
Leadership Team excl. CEO.
The President and CEO’s compensation consists
of base salary, an annual short-term incentive plan
and a share-based long-term incentive plan. The
President and CEO participates on a pro rata basis
(according to time) in the ongoing performance
the long-term incentive plan. The President and
CEO’s employment contract will end by the time of
the statutory retirement age. The President and CEO
and the Company have a notice period of six months.
Remuneration upon dismissal by the Company equals
annual base salary, in addition to the salary for the
six-month notice period.
6.3 Acquisitions and divestments
2021
On December 21, 2021, Fiskars Oyj Abp announced
that it has signed an agreement to sell Fiskars’ North
American Watering business to Lawn & Garden LLC, a
holding company owned by affiliates of Centre Lane
February 1, 2022. The sale is not expected to have
a significant impact on Fiskars Corporation’s EBIT or
financial position in 2022.
The sale of watering assembly plant and related
Garden Industry Co. Ltd) was closed on January
22, 2021. The divestment did not have a significant
impact on Fiskars Group’s financial position or
result in 2021.
2020
There were no acquisitions or divestments in 2020.
6.4 Commitments and contingencies
EUR million 2021 2020
Guarantees 6.7 11.5
Commitments on intangible and
tangible assets
3.2 2.2
Other contingencies
1
2.4 1.9
Total, Dec 31 12.3 15.5
1
invest in private equity funds.
Litigation
Fiskars is involved in a number of legal actions, claims
and other proceedings. The final outcome of these
matters cannot be predicted. Taking into account
all available information to date the outcome is not
expected to have material impact on the financial
position of the Group.
Fiskars Group entities are subject to tax audits in
certain countries. It is possible that tax audits may
lead to reassessment of taxes. In 2016 the Finnish
Large Taxpayers’ office raised a tax reassessment
claim, which obliged the company to pay a total of
EUR 28.3 million in additional tax, interest expenses
and punitive tax increases. The administrative court
of Helsinki upheld the Large Taxpayers’ Offices
decision and Fiskars sought to continue the appeal
process in the Supreme Administrative Court. The
Supreme Administrative Court did not grant a leave
to appeal and, therefore, Fiskars recorded the EUR
28.3 million in additional tax, interests and punitive
increases as costs during the first quarter of 2021.
The dispute concerned intra-group loans forgiven
by the company in 2003 and their tax treatment in
subsequent tax years.
6.5 Subsequent events after the
reporting period
There have been no subsequent events after
the reporting period that required recognition or
disclosure.
8383
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Parent company nancial statements, FAS
Parent company income statement
EUR Note 2021 2020
Net sales 2 84,197,538.87 77,675,276.92
Cost of goods sold 4 -2,628,604.92
Gross profit 81,568,933.95 97% 74,881,223.07 96%
Administration expenses 4, 6 -81,137,229.26
Other operating income 3 1,239,544.85 650,506.58
Other operating expenses 4 -94,764.86
Operating profit (loss) 1,576,484.68 2% 17,305,658.72 22%
Financial income and expenses 7 -6,959,675.83 563,983.45
Profit (loss) before appropriations and taxes -5,383,191.15 17,869,642.17
Change in appropriations 8 -88,175.33
Group contribution 3,049,090.97
Income taxes 9 -22,327,432.79
Profit for the period -24,749,708.30 6,731,138.08
8484
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Parent company balance sheet
EUR Note Dec 31, 2021 Dec 31, 2020
ASSETS
Intangible assets 10 36,089,537.39 35,119,455.24
Tangible assets 11
Land and water 35,822,984.23 35,856,295.59
Buildings 13,968,732.38 14,377,181.38
Machinery and equipment 2,073,697.49 2,374,287.71
Construction in progress 2,709,000.93 1,175,757.55
Tangible assets total 54,574,415.03 53,783,522.23
Investments 12
Holdings in subsidiaries 640,174,887.25 639,943,547.27
Other shares 24,415,184.28 22,117,604.35
Investments total 664,590,071.53 662,061,151.62
Non-current assets total 755,254,023.95 71% 750,964,129.09 74%
CURRENT ASSETS
Non-current loan receivables 33,438.66 38,706.18
Current receivables
Trade receivables 50,882.89 4,561.76
Receivables from subsidiaries 13 301,786,028.71 207,180,197.19
Other receivables 1,792,511.84 28,585,784.03
Prepayments and accrued income 14 3,801,729.55 6,327,498.49
Current receivables total 307,431,152.99 242,098,041.47
Cash and cash equivalents 15 4,616,853.14 27,929,098.03
Current assets total 312,081,444.79 29% 270,065,845.68 26%
Assets total 1,067,335,468.74 100% 1,021,029,974.77 100%
EUR Note Dec 31, 2021 Dec 31, 2020
SHAREHOLDERS' EQUITY AND
LIABILITIES
SHAREHOLDERS' EQUITY 16
Share capital 77,510,200.00 77,510,200.00
Revaluation reserve 3,731,821.72 3,737,397.19
Treasury shares -7,181,414.46
Other reserves 3,204,313.18 3,204,313.18
Retained earnings 347,698,899.91 389,823,227.03
Profit for the period -24,749,708.30 6,731,138.08
Shareholders' equity total 400,214,112.05 37% 473,824,861.02 46%
Appropriations 88,175.33
LIABILITIES
Non-current liabilities 17
Loans from credit institutions 334,375.53 50,685,342.45
Liabilities to subsidiaries 2,398.36 2,398.36
Non-current liabilities total 336,773.89 50,687,740.81
Current liabilities
Loans from credit institutions 63,423,888.80 60,868,395.10
Trade payables 17,557,260.90 5,692,686.95
Liabilities to subsidiaries 18 562,953,729.64 404,796,108.26
Income tax payable 1,881,183.48
Other payables 12,147,074.12 14,482,674.45
Accruals and deferred income 19 10,614,454.01 8,796,324.70
Current liabilities total 666,696,407.47 496,517,372.94
Liabilities total 667,033,181.36 62% 547,205,113.75 54%
Shareholders' equity and
liabilities total
1,067,335,468.74 100% 1,021,029,974.77 100%
8585
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Parent company statement of cash ows
EUR million 2021 2020
CASH FLOW FROM OPERATING ACTIVITIES
Profit before appropriations and taxes -2,334,100.18 8,722,483.17
Adjustments for
Depreciation, amortization and impairment 13,489,359.41 14,218,651.79
Investment income -1,109,422.79
Interest income and dividends -3,584,547.24
Unrealized exchange gains and losses 2,497,047.14 1,040,591.93
Interest expenses and other financial costs 8,047,175.93 4,256,086.86
Group contributions -3,049,090.97 9,147,159.00
Change in provisions and other non-cash items -34,345.64 189,790.08
Cash flow before changes in working capital 13,922,075.66 31,262,780.21
Changes in working capital
Change in current assets, non-interest bearing -38,968,310.24
Change in current liabilities, non-interest bearing 12,668,711.52 4,308,009.47
Cash flow from operating activities before financial items and
taxes
-12,377,523.06 19,231,175.00
Financial income received 4,660,955.66 5,851,805.46
Financial expenses paid -1,822,080.54
Taxes paid -3,859,354.35
Cash flow from operating activities (A) -13,398,002.29 18,031,340.85
EUR million 2021 2020
CASH FLOW FROM INVESTING ACTIVITIES
Investments in other subsidiaries -231,339.98
Liquidation loss from subsidiaries 0.00
Investments in financial assets -3,807,852.16
Investments in intangible assets and property, plant &
equipment
-15,439,188.66
Proceeds from sale of property, plant & equipment and other
investments
1,358,818.34 632,143.21
Sale of other holdings 1,528,494.77 1,129,157.15
Change in non-current loan receivables 0.00
Cash flow from investing activities (B) -16,591,067.69
CASH FLOW FROM FINANCING ACTIVITIES
Purchase of treasury shares 0.00
Change of non-current debt -50,431,359.89 140,002.30
Change in current debt 166,569,294.02 58,661,852.39
Change in current receivables -51,458,484.84 17,155,412.78
Dividends paid -48,855,465.20
Group contribution received/paid -9,147,159.00
Cash flow from financing activities (C) 6,676,825.09 22,734,073.52
Change in cash and cash equivalents (A+B+C) -23,312,244.89 27,756,326.90
Cash and cash equivalents at beginning of period 27,929,098.03 172,771.13
Cash and cash equivalents at end of period 4,616,853.14 27,929,098.03
8686
OTHER FINANCIAL
INFORMATION
BOARD’S
PROPOSAL
AUDITOR’S
REPORT
REPORT BY THE
BOARD OF DIRECTORS
FINANCIAL
STATEMENTS
1. Parent company accounting
principles, FAS
The financial statements of Fiskars Corporation
have been prepared in accordance with the Finnish
Accounting Act and Ordinance and other statutes
regulating the preparation of financial statements
statements are presented in euro.
The preparation of financial statements in conformity
with regulations in force and generally accepted
accounting principles requires management to make
estimates and assumptions that affect the valuation
of assets and liabilities and reported amounts of
revenues and expenses. Actual results could differ
from those estimates.
Transactions in foreign currencies
Transactions in foreign currencies are recorded
at the rates of exchange prevailing at the date of
the transaction. At the end of the reporting period
balances in foreign currencies are translated using the
exchange rate prevailing at the end of the reporting
period. Foreign exchange derivatives are recognized
at market values and changes in market values are
recognized in the Income Statement.
Net sales
Net sales are defined as invoiced amount less indirect
taxes, rebates and exchange rate differences related
to sales. Revenue is recognized when all significant
risks and rewards of ownership have been transferred
to the buyer, i.e. when a product has been delivered
to the client in accordance with the terms of delivery.
Royalty income from trademarks held by Fiskars
Corporation is recorded as Net sales. Revenue
from the sale of securities, dividends and other
corresponding income from securities classified as
inventories and other income such as service revenue
are also recorded as Net sales.
Leasing arrangements
Lease payments are expensed as incurred. Future
leasing payment obligations are reported as
contingent liabilities. Rent income, when the company
acts as a lessor, is recorded as net sales.
Pension benet plans
The statutory and possible supplementary pension
plans for the Finnish companies’ employees are
funded through payments to independent pension
insurance companies.
Income taxes
Income taxes consist of the aggregate current
tax expense based on the Finnish tax rules and
adjustments to prior year taxes. The parent company
does not account for deferred taxes as a stand-
alone entity.
Derivatives and hedge accounting
Derivatives not designated as hedging instruments
are recognized at fair value through profit and
loss. Derivatives are initially valued at cost and
subsequently at fair value determined at the end of
each reporting period. The fair value of derivatives
is based on prevailing market rates or rates derived
from the prevailing market rates at the end of the
reporting period. Fair value changes are recognized in
financial items.
Tangible and Intangible assets and other long-
term investments
Tangible and Intangible assets are stated at cost less
accumulated depreciation according to plan. Certain
land holdings have been revalued.
Revaluations are based on market values at time of
the revaluation. Revaluation reserves are adjusted
for decreases in the market value of land holdings.
When revalued real estate is sold, the respective
share in the revaluation reserve is transferred to
retained earnings.
Tangible and Intangible assets are depreciated and
amortized over their expected useful lives. The
following expected useful lives are applied:
•
•
• Vehicles 4 years
•
• Land and water Not depreciated
Investments in subsidiaries are stated in the Balance
Sheet at cost or at net realizable value if the net
realizable value is significantly and permanently
impaired. An impairment loss may be reversed until
the original acquisition cost, when the value of the
investment has been restored.
8888
OTHER FINANCIAL
INFORMATION
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PROPOSAL
AUDITOR’S
REPORT
REPORT BY THE
BOARD OF DIRECTORS
FINANCIAL
STATEMENTS
Inventories
Inventories are stated at the lower of cost and net
realizable value. Cost includes both direct and
indirect costs. Cost is determined on a first-in first-
selling price in the ordinary course of business less
the estimated costs of completion and the estimated
costs necessary to make the sale. Financial assets
in inventories are stated at the lower of cost and
fair value.
Receivables
Receivables are valued at the lower of book value and
recoverable value.
Provisions
Provisions are recognised when the group has a
present legal or constructive obligation as a result
of past events, it is probable that an outflow of
resources will be required to settle the obligation and
a reliable estimate of the amount of the obligation
can be made. These are booked as Provisions in
Balance Sheet and as corresponding items in Income
Statement.
Appropriations
Appropriations in the parent company balance sheet
consist of depreciation in excess of plan and possible
given or received group contributions.
2. Net sales
EUR 2021 2020
Inter-company service fee 52,965,600.76 47,001,882.92
Royalties 25,565,906.30 24,925,625.80
Lease income 1,909,094.52 1,894,521.72
Other 3,756,937.29 3,853,246.48
Total 84,197,538.87 77,675,276.92
3. Other operating income
EUR 2021 2020
Gain on sale of property,
plant and equipment
1,204,187.65 538,767.84
Other income 35,357.20 111,738.74
Total 1,239,544.85 650,506.58
4. Total expenses
Total expenses by nature
EUR 2021 2020
Materials and supplies -5,906.70
Employee benefits -18,193,156.05
Depreciation, amortization
and impairment
-15,100,188.74
IT expenses -23,403,297.72
Consulting fees -20,659,731.87
External services -1,750,748.62
Other -4,652,804.48
Total -83,765,834.18
Other operating expenses
EUR 2021 2020
Scrapping of fixed assets -94,764.86
Liquidation of subsidiary
shares
Total -94,764.86
5. Fees paid to company’s auditors
EUR 2021 2020
Audit fees -222,300.00
Other -14,687.00
Total -236,987.00
8989
OTHER FINANCIAL
INFORMATION
BOARD’S
PROPOSAL
AUDITOR’S
REPORT
REPORT BY THE
BOARD OF DIRECTORS
FINANCIAL
STATEMENTS
6. Personnel costs and number of
employees
Personnel costs
EUR 2021 2020
Wages and salaries -15,297,133.16
Pension costs -2,379,234.77
Other personnel costs -516,788.12
Total -18,193,156.05
Remuneration to management
EUR thousand 2021 2020
Chief Executive Officer 1,568.4 1,374.1
Members of the Board 573.0 720.2
Total 2,141.4 2,094.3
Number of employees
2021 2020
164 170
End of period 156 171
7. Financial income and expenses
EUR 2021 2020
Interest and financial
income from non-current
investments
From group companies 2,222,184.43 3,024,801.32
Interest and financial
income from non-current
investments, total
2,222,184.43 3,024,801.32
Other interest and financial
income
From third parties 1,362,362.81 6,658,140.06
Other interest and financial
income, total
1,362,362.81 6,658,140.06
Interest and financial
income, total
3,584,547.24 9,682,941.38
Interest and other financial
expenses
To subsidiaries
Interest expenses
-93,435.49
Loss on disposal of
financial assets
Interest and other
financial expenses to
other parties
-10,450,787.58
Interest and other financial
expenses, total
-10,544,223.07
Total financial income and
expenses
-6,959,675.83 563,983.45
Net exchange gains and
losses included in financial
items
2,497,047.14 1,040,591.93
8. Appropriations
EUR 2021 2020
Change in cumulative
accelerated depreciation
-88,175.33
Group contribution received 3,049,090.97
Group contribution paid
Total 2,960,915.64
9. Income taxes
EUR 2021 2020
Current year taxes for profit
before appropriations
-196,489.23
Income tax for previous
periods
-22,130,943.56
Income taxes in Income
Statement
-22,327,432.79
10. Intangible assets
EUR 2021 2020
Historical cost, Jan 1 108,916,461.17 98,660,218.04
Additions 12,667,983.54 10,620,035.31
Decrease -22,179.07
Transfers -17,300.00
Historical cost, Dec 31 121,544,965.64 108,916,461.17
Accumulated amortization
according to plan, Jan 1
73,797,005.93 61,435,043.32
Amortization for the period 11,679,161.39 12,361,962.61
Decrease -20,739.07
Accumulated amortization
and impairment, Dec 31
85,455,428.25 73,797,005.93
Net book value, Dec 31 36,089,537.39 35,119,455.24
9090
OTHER FINANCIAL
INFORMATION
BOARD’S
PROPOSAL
AUDITOR’S
REPORT
REPORT BY THE
BOARD OF DIRECTORS
FINANCIAL
STATEMENTS
11. Tangible assets
2021
EUR Land and water Buildings
Machinery and
equipment
Construction
in progress
Total
Historical cost, Jan 1 26,192,159.40 38,952,466.41 7,814,982.16 1,175,757.55 74,135,365.52
Additions 154,245.91 234,191.79 2,382,767.42 2,771,205.12
Decreases -27,735.89 -203,210.93 -861,012.33 -1,091,959.15
Transfers 849,524.04 17,300.00 -849,524.04 17,300.00
Historical cost, Dec 31 26,164,423.51 39,753,025.43 7,205,461.62 2,709,000.93 75,831,911.49
Accumulated depreciation and impairment, Jan 1 24,575,285.03 5,440,694.45 30,015,979.48
Depreciation for the period 1,336,687.72 473,510.30 1,810,198.02
Decreases -127,679.70 -782,440.62 -910,120.32
Accumulated depreciation and impairment, Dec 31 25,784,293.05 5,131,764.13 30,916,057.18
Revaluation, Jan 1 9,664,136.19 9,664,136.19
Decreases -5,575.47 -5,575.47
Revaluation, Dec 31 9,658,560.72 9,658,560.72
Book value Dec 31 35,822,984.23 13,968,732.38 2,073,697.49 2,709,000.93 54,574,415.03
9191
OTHER FINANCIAL
INFORMATION
BOARD’S
PROPOSAL
AUDITOR’S
REPORT
REPORT BY THE
BOARD OF DIRECTORS
FINANCIAL
STATEMENTS
2020
EUR Land and water Buildings
Machinery and
equipment
Construction
in progress
Total
Historical cost, Jan 1 26,216,240.57 35,047,058.44 7,379,267.65 3,528,612.06 72,171,178.72
Additions 624,124.53 386,862.18 1,099,913.89 2,110,900.60
Decreases
Transfers 3,317,948.40 498,612.18 363,792.18
Historical cost, Dec 31 26,192,159.40 38,952,466.41 7,814,982.16 1,175,757.55 74,135,365.52
Accumulated depreciation and impairment, Jan 1 23,312,767.34 5,229,687.69 28,542,455.03
Depreciation for the period 1,299,182.65 557,506.53 1,856,689.18
Decreases
Accumulated depreciation and impairment, Dec 31 24,575,285.03 5,440,694.45 30,015,979.48
Revaluation, Jan 1 9,665,246.26 9,665,246.26
Decreases
Revaluation, Dec 31 9,664,136.19 9,664,136.19
Book value Dec 31 35,856,295.59 14,377,181.38 2,374,287.71 1,175,757.55 53,783,522.23
9292
OTHER FINANCIAL
INFORMATION
BOARD’S
PROPOSAL
AUDITOR’S
REPORT
REPORT BY THE
BOARD OF DIRECTORS
FINANCIAL
STATEMENTS
12. Investments
2021
EUR Holdings in subsidiaries Receivables from subsidiaries Other shares Total
Historical cost, Jan 1 820,943,547.27 22,922,325.81 843,865,873.08
Additions 231,339.98 3,807,852.16 4,039,192.14
Decreases -1,510,272.23 -1,510,272.23
Historical cost, Dec 31 821,174,887.25 25,219,905.74 846,394,792.99
Write-downs, Jan 1 -181,000,000.00 -804,721.46 -181,804,721.46
Decreases
Write-downs, Dec 31 -181,000,000.00 -804,721.46 -181,804,721.46
Book value Dec 31 640,174,887.25 24,415,184.28 664,590,071.53
2020
EUR Holdings in subsidiaries Receivables from subsidiaries Other shares Total
Historical cost, Jan 1 913,794,066.93 22,157,965.70 935,952,032.63
Additions 1,893,517.26 1,893,517.26
Decreases
Historical cost, Dec 31 820,943,547.27 22,922,325.81 843,865,873.08
Write-downs, Jan 1
Reversal 92,800,000.00
Write-downs, Dec 31
Book value Dec 31 639,943,547.27 22,117,604.35 662,061,151.62
9393
OTHER FINANCIAL
INFORMATION
BOARD’S
PROPOSAL
AUDITOR’S
REPORT
REPORT BY THE
BOARD OF DIRECTORS
FINANCIAL
STATEMENTS
Shares in subsidiaries
Number of shares Domicile % of share capital % of voting power Book value
Fiskars Americas Holding Oy Ab 1,000 Raseborg FI 100.0 100.0 110,071,862.76
Fiskars Europe Holding Oy Ab 11,000 Raseborg FI 100.0 100.0 530,098,092.55
100 Bangkok TH 1.0 1.0 2,409.12
150 Turku FI 100.0 100.0 2,522.82
Total Dec 31, 2021 640,174,887.25
13. Receivables from subsidiaries
EUR 2021 2020
Trade receivables 81,672,972.45 41,831,293.82
Loan receivables 87,725,444.12 107,768,321.69
Other receivables 128,866,393.73 53,673,223.48
Prepayments and accrued
income
3,521,218.41 3,907,358.20
Total, Dec 31 301,786,028.71 207,180,197.19
14. Prepayments and accrued
income
EUR 2021 2020
Prepaid and accrued
interest
908,931.28 1,905,102.16
Other prepayments and
accruals
2,892,798.27 4,422,396.33
Total, Dec 31 3,801,729.55 6,327,498.49
15. Cash and cash equivalents
EUR 2021 2020
Cash and cash equivalents 4,616,853.14 27,929,098.03
Total, Dec 31 4,616,853.14 27,929,098.03
9494
OTHER FINANCIAL
INFORMATION
BOARD’S
PROPOSAL
AUDITOR’S
REPORT
REPORT BY THE
BOARD OF DIRECTORS
FINANCIAL
STATEMENTS
16. Shareholders’ equity
EUR 2021 2020
Share capital
Jan 1 77,510,200.00 77,510,200.00
Share capital, Dec 31 77,510,200.00 77,510,200.00
Revaluation reserve
Jan 1 3,737,397.19 3,738,507.26
Decrease -5,575.47
Revaluation reserve, Dec 31 3,731,821.72 3,737,397.19
Fair value reserve
Jan 1
Decrease 285,017.25
Fair value reserve, Dec 31 0.00
Treasury shares
Jan 1 -7,181,414.46
Increase
Treasury shares, Dec 31 -7,181,414.46
Other reserves
Jan 1 3,204,313.18 3,204,313.18
Other reserves, Dec 31 3,204,313.18 3,204,313.18
Retained earnings
Jan 1 396,554,365.11 435,475,077.14
Dividends -48,855,465.20
Net profit -24,749,708.30 6,731,138.08
Retained earnings, Dec 31 322,949,191.61 396,554,365.11
Distributable earnings,
Dec 31
315,767,777.15 389,372,950.65
Shareholders' equity total,
Dec 31
400,214,112.05 473,824,861.02
17. Non-current liabilities
EUR 2021 2020
Loans from credit
institutions payable
between one and five
years
334,375.53 50,685,342.45
Loans from credit
institutions, total
334,375.53 50,685,342.45
Liabilities to subsidiaries
between one and five
years
2,398.36 2,398.36
Liabilities to subsidiaries,
total
2,398.36 2,398.36
Non-current liabilities, total 336,773.89 50,687,740.81
18. Liabilities to subsidiaries
EUR 2021 2020
Trade payables 99,058.22
Other liabilities 562,296,819.60 405,013,524.11
Accruals and deferred
income
557,851.82 3,183.20
Total, Dec 31 562,953,729.64 404,796,108.26
19. Accruals and deferred income
EUR 2021 2020
Interests 692,960.60 662,481.22
Wages, salaries and social
costs
5,816,138.26 5,646,113.41
Other 4,105,355.15 2,487,730.07
Total, Dec 31 10,614,454.01 8,796,324.70
20. Lease obligations
EUR 2021 2020
Payments next year 2,867,053.99 1,917,097.00
Payments later 28,018,283.37 30,355,509.00
Total, Dec 31 30,885,337.36 32,272,606.00
21. Contingencies and pledged assets
EUR 2021 2020
As security for own
commitments
1,471,194.00 1,358,000.00
Guarantees as security for
subsidiaries' commitments
6,718,000.00 11,516,000.00
Total, Dec 31 8,189,194.00 12,874,000.00
VAT liability for real estate investments
The company is obligated to review the VAT
deductions made on real estate investments
property has changed during the review period.
EUR 2021 2020
Obligation, Dec 31 2,174,582.00 2,258,285.00
22. Derivative contracts
Nominal value, EUR 2021 2020
Foreign exchange forwards
and swaps
512,634,844.10 388,659,837.70
Total, Dec 31 512,634,844.10 388,659,837.70
Fair value, EUR 2021 2020
Foreign exchange forwards
and swaps
-329,807.65 745,738.81
Total, Dec 31 -329,807.65 745,738.81
9595
OTHER FINANCIAL
INFORMATION
BOARD’S
PROPOSAL
AUDITOR’S
REPORT
REPORT BY THE
BOARD OF DIRECTORS
FINANCIAL
STATEMENTS
Board’s proposal for distribution of prots
and signatures
Proposal on the use of the prot shown on the
balance sheet and the payment of dividend in the
form of cash
Fiskars’ aim is to distribute a stable, over time
increasing dividend, to be paid biannually. According
to the balance sheet of the parent company at the
end of the financial period 2021, the distributable
equity of the parent company was EUR 315.8 million
The Board of Directors proposes to the Annual
General Meeting that a dividend of EUR 0.76 per
share shall be paid for the financial period that ended
on December 31, 2021. The dividend shall be paid
in two installments. The ex-dividend date for the
first installment of EUR 0.38 per share shall be on
March 17, 2022. The first installment shall be paid to
a shareholder who is registered in the shareholder
register of the company maintained by Euroclear
Finland Oy on the dividend record date March 18,
2022. The payment date proposed by the Board of
Directors for this installment is March 25, 2022.
The second installment of EUR 0.38 per share shall
be paid in September 2022. The second installment
shall be paid to a shareholder who is registered
in the shareholders’ register of the company
maintained by Euroclear Finland Oy on the dividend
record date, which, together with the payment
date, shall be decided by the Board of Directors in
its meeting scheduled for September 7, 2022. The
ex-dividend date for the second installment would
then be September 8, 2022, the dividend record date
September 9, 2022 and the dividend payment date
September 16, 2022, at the latest.
On the date of this financial statement release,
the number of shares entitling their holders to a
dividend was 81,471,565. The proposed distribution
EUR 48,9 million). This would leave EUR 253.8 million
the parent company.
No material changes have taken place in the financial
position of the company since the end of the financial
period. The financial standing of the company is
good and, according to the Board of Directors’
assessment, distributing the proposed dividend will
not compromise the company’s solvency.
9696
OTHER FINANCIAL
INFORMATION
FINANCIAL
STATEMENTS
AUDITOR’S
REPORT
REPORT BY THE
BOARD OF DIRECTORS
BOARD’S
PROPOSAL
Signatures to the Financial Statements and the Board of Directors’ Report
Helsinki, February 3, 2022
Albert Ehrnrooth Paul Ehrnrooth
Louise Fromond Jyri Luomakoski
Inka Mero Fabian Månsson
President and CEO
The Auditor’s Note
Our auditor’s report has been issued today.
Helsinki, February 3, 2022
Ernst & Young Oy
Kristina Sandin
Authorized Public Accountant, KHT
9797
OTHER FINANCIAL
INFORMATION
FINANCIAL
STATEMENTS
AUDITOR’S
REPORT
REPORT BY THE
BOARD OF DIRECTORS
BOARD’S
PROPOSAL
Auditor’s Report
To the Annual General Meeting of Fiskars Oyj Abp
Report on the Audit of Financial
Statements
Opinion
We have audited the financial statements of Fiskars
the year ended 31 December, 2021. The financial
statements comprise the consolidated balance sheet,
income statement, statement of comprehensive
income, statement of changes in equity, statement
of cash flows and notes, including a summary
of significant accounting policies, as well as the
parent company’s balance sheet, income statement,
statement of cash flows and notes.
In our opinion
• the consolidated financial statements give a true
and fair view of the group’s financial position as
well as its financial performance and its cash
flows in accordance with International Financial
• the financial statements give a true and fair view
of the parent company’s financial performance and
financial position in accordance with the laws and
regulations governing the preparation of financial
statements in Finland and comply with statutory
requirements.
Our opinion is consistent with the additional report
submitted to the Audit Committee.
Basis for Opinion
We conducted our audit in accordance with good
auditing practice in Finland. Our responsibilities under
good auditing practice are further described in the
Auditor’s Responsibilities for the Audit of Financial
Statements section of our report.
We are independent of the parent company and of
the group companies in accordance with the ethical
requirements that are applicable in Finland and are
relevant to our audit, and we have fulfilled our other
ethical responsibilities in accordance with these
requirements.
In our best knowledge and understanding, the non-
audit services that we have provided to the parent
company and group companies are in compliance
with laws and regulations applicable in Finland
regarding these services, and we have not provided
any prohibited non-audit services referred to in Article
services that we have provided have been disclosed
in note 2.3 to the consolidated financial statements.
We believe that the audit evidence we have obtained
is sufficient and appropriate to provide a basis for
our opinion.
Key Audit Matters
Key audit matters are those matters that, in our
professional judgment, were of most significance in
our audit of the financial statements of the current
period. These matters were addressed in the context
of our audit of the financial statements as a whole,
and in forming our opinion thereon, and we do not
provide a separate opinion on these matters.
We have fulfilled the responsibilities described in the
Auditor’s responsibilities for the audit of the financial
statements section of our report, including in relation
to these matters. Accordingly, our audit included the
performance of procedures designed to respond to
our assessment of the risks of material misstatement
of the financial statements. The results of our audit
procedures, including the procedures performed
to address the matters below, provide the basis for
our audit opinion on the accompanying financial
statements.
We have also addressed the risk of management
override of internal controls. This includes
consideration of whether there was evidence of
management bias that represented a risk of material
misstatement due to fraud.
9898
OTHER FINANCIAL
INFORMATION
FINANCIAL
STATEMENTS
BOARD’S
PROPOSAL
REPORT BY THE
BOARD OF DIRECTORS
AUDITOR’S
REPORT
Key Audit Matter
How our audit addressed the
Key Audit Matter
Revenue recognition
Refer to note 2.1 of the consolidated financial
statements.
According to the Group’s accounting policies
revenue is recognized when control of the
good or service is transferred to the customer.
Customer discounts and credits are considered
when determining the revenue.
Assessing subsequent discounts and credits
require management judgment both at the time
of revenue recognition as well as at the end of
each reporting period. Due to the multitude and
variety of contractual terms across the group’s
markets management judgment is needed to
account for the revenue, and therefore, revenue
could be subject to misstatement, whether
due to fraud or error. Based on above revenue
recognition was a key audit matter.
This matter is also a significant risk of material
misstatement as defined by EU Regulation No
Our audit procedures to address the risk of
material misstatement in respect of correct timing
of revenue recognition included among others:
• Assessment of the compliance of the group’s
accounting policies over revenue recognition,
including those relating to discounts and
credits, with applicable accounting standards.
• Assessment of the revenue recognition
process and testing controls relating to timing
of revenue recognition, and calculation of
discounts and credits.
• Testing the accuracy of cut-off with analytical
procedures and test of details on a transaction
level on either side of the balance sheet date
• Analyzing credit notes issued after the
balance sheet date.
• Assessment of the Group’s disclosures in
respect of revenues.
Key Audit Matter
How our audit addressed the
Key Audit Matter
Valuation of goodwill
Refer to note 3.2 of the consolidated financial
statements.
The value of goodwill at the date of the financial
statements 31.12.2021 amounted to 219,1 million
euro representing 15 % of total assets and 27 %
of equity.
Valuation of goodwill was a key audit matter
because the assessment process is complex and
is based on numerous judgmental estimates and
because the amount of goodwill is significant to
the financial statements.
Valuation of goodwill is based on management’s
estimate about the value in use calculations of
the cash generating units. There are a number of
underlying assumptions used to determine the
value in use, including development of revenue
and profitability and the discount rate applied on
cash flows.
Estimated value in use of the cash generating
units may vary significantly when the underlying
assumptions are changed. Changes in above-
mentioned individual assumptions may result in
an impairment of goodwill.
Valuation of goodwill is also a significant risk
of material misstatement as defined by EU
Regulation No 537/2014, point (c) of Article
Our audit procedures to address the risk of
material misstatement in respect of valuation of
goodwill included among others:
• Involvement of EY valuation specialists
to assist us in evaluating methodologies,
impairment calculations and underlying
assumptions applied by the management in
impairment testing.
• Testing of the mathematical accuracy of the
impairment calculations.
• Comparing the key assumptions applied by
management in impairment tests to approved
strategic plans and forecasts, information
available in external sources and our
independently calculated industry averages
such as weighted average cost of capital used
in discounting the cashflows. In addition, we
compared the outcome of the impairment test
with Fiskars’ market capitalization.
• Assessment of the Group’s disclosures in
respect of impairment testing.
9999
OTHER FINANCIAL
INFORMATION
FINANCIAL
STATEMENTS
BOARD’S
PROPOSAL
REPORT BY THE
BOARD OF DIRECTORS
AUDITOR’S
REPORT
Key Audit Matter
How our audit addressed the
Key Audit Matter
Valuation of trademarks
Refer to note 3.2 of the consolidated financial
statements.
The Group has 9 trademarks, for which the value
at the date of the financial statements 31.12.2021
amounted to 203,7 million euro representing 14 %
of total assets and 25 % of equity.
Trademarks with indefinite useful life are tested
for impairment at least annually.
Valuation of trademarks is based on
management’s estimate about the value in use
calculations of the trademarks. Management
prepares the impairment tests of trademarks
based on the “relief from royalty” -method.
There are a number of underlying assumptions
used to determine the value in use, including
development of revenue for individual
trademarks and the discount rate applied on
cash flows.
Valuation of trademarks was a key audit matter
because the assessment process is complex and
is based on numerous judgmental estimates and
because the amount of trademarks is significant
to the financial statements.
Estimated value in use of the trademarks
may vary significantly when the underlying
assumptions are changed. Changes in above-
mentioned individual assumptions may result in
an impairment of trademarks.
Valuation of trademarks is also a significant
risk of material misstatement as defined by EU
Regulation No 537/2014, point (c) of Article
Our audit procedures to address the risk of
material misstatement in respect of valuation of
trademarks included among others:
• Involvement of EY valuation specialists
to assist us in evaluating methodologies,
impairment calculations and underlying
assumptions applied by the management in
impairment testing.
• Testing of the mathematical accuracy of the
impairment calculations.
• Comparing the key assumptions applied by
management in impairment tests to approved
strategic plans and forecasts, information
available in external sources and our
independently calculated industry averages
such as weighted average cost of capital used
in discounting the cashflows. In addition, we
compared the outcome of the impairment test
with Fiskars’ market capitalization.
• Assessment of the Group’s disclosures in
respect of impairment testing.
Key Audit Matter
How our audit addressed the
Key Audit Matter
Valuation of inventories
Inventories are valued at the lower of cost or net
realizable value. Inventories are presented net of
an impairment loss recognized for obsolete and
slow-moving inventories. At the balance sheet
date, the total value of inventory and related
provision for obsolete goods amounted to 302,8
million euro and 29,9 million euro, respectively
(net 272,9 million euro).
Valuation of inventories was a key audit matter
because the carrying value of inventories and
related provisions are material to the financial
statements, and because valuation of inventories
requires management judgment relating to future
sales and the level of provision for obsolete
goods.
Our audit procedures included among others:
• Assessment of the Group’s accounting policies
over inventory valuation from the perspective
of applicable accounting standards
• Evaluation of the analyses and calculations
made by management with respect to slow
moving and obsolete stock and the expected
demand and net realizable value related to the
inventoried items
• Assessment of the Group’s disclosures in
respect of valuation policies and balance
sheet date value of inventories.
100100
OTHER FINANCIAL
INFORMATION
FINANCIAL
STATEMENTS
BOARD’S
PROPOSAL
REPORT BY THE
BOARD OF DIRECTORS
AUDITOR’S
REPORT
Responsibilities of the Board
of Directors and the Managing
Director for the Financial
Statements
The Board of Directors and the Managing Director
are responsible for the preparation of consolidated
financial statements that give a true and fair view in
accordance with International Financial Reporting
financial statements that give a true and fair view in
accordance with the laws and regulations governing
the preparation of financial statements in Finland
and comply with statutory requirements. The
Board of Directors and the Managing Director are
also responsible for such internal control as they
determine is necessary to enable the preparation
of financial statements that are free from material
misstatement, whether due to fraud or error.
In preparing the financial statements, the Board of
Directors and the Managing Director are responsible
for assessing the parent company’s and the group’s
ability to continue as going concern, disclosing, as
applicable, matters relating to going concern and
using the going concern basis of accounting. The
financial statements are prepared using the going
concern basis of accounting unless there is an
intention to liquidate the parent company or the group
or cease operations, or there is no realistic alternative
but to do so.
Auditor’s Responsibilities for the
Audit of Financial Statements
Our objectives are to obtain reasonable assurance
on whether the financial statements as a whole are
free from material misstatement, whether due to
fraud or error, and to issue an auditor’s report that
includes our opinion. Reasonable assurance is a high
level of assurance, but is not a guarantee that an
audit conducted in accordance with good auditing
practice will always detect a material misstatement
when it exists. Misstatements can arise from fraud
or error and are considered material if, individually or
in aggregate, they could reasonably be expected to
influence the economic decisions of users taken on
the basis of the financial statements.
As part of an audit in accordance with good auditing
practice, we exercise professional judgment and
maintain professional skepticism throughout the
audit. We also:
• Identify and assess the risks of material
misstatement of the financial statements, whether
due to fraud or error, design and perform audit
procedures responsive to those risks, and obtain
audit evidence that is sufficient and appropriate
to provide a basis for our opinion. The risk of not
detecting a material misstatement resulting from
fraud is higher than for one resulting from error,
as fraud may involve collusion, forgery, intentional
omissions, misrepresentations, or the override of
internal control.
• Obtain an understanding of internal control
relevant to the audit in order to design
audit procedures that are appropriate in the
circumstances, but not for the purpose of
expressing an opinion on the effectiveness of the
parent company’s or the group’s internal control.
• Evaluate the appropriateness of accounting
policies used and the reasonableness of
accounting estimates and related disclosures
made by management.
• Conclude on the appropriateness of the Board
of Directors’ and the Managing Director’s use
of the going concern basis of accounting and
based on the audit evidence obtained, whether
a material uncertainty exists related to events
or conditions that may cast significant doubt on
the parent company’s or the group’s ability to
continue as a going concern. If we conclude that
a material uncertainty exists, we are required to
draw attention in our auditor’s report to the related
disclosures in the financial statements or, if such
disclosures are inadequate, to modify our opinion.
Our conclusions are based on the audit evidence
obtained up to the date of our auditor’s report.
However, future events or conditions may cause
the parent company or the group to cease to
continue as a going concern.
• Evaluate the overall presentation, structure and
content of the financial statements, including the
disclosures, and whether the financial statements
represent the underlying transactions and events so
that the financial statements give a true and fair view.
101101
OTHER FINANCIAL
INFORMATION
FINANCIAL
STATEMENTS
BOARD’S
PROPOSAL
REPORT BY THE
BOARD OF DIRECTORS
AUDITOR’S
REPORT
• Obtain sufficient appropriate audit evidence
regarding the financial information of the entities or
business activities within the group to express an
opinion on the consolidated financial statements.
We are responsible for the direction, supervision
and performance of the group audit. We remain
solely responsible for our audit opinion.
We communicate with those charged with
governance regarding, among other matters, the
planned scope and timing of the audit and significant
audit findings, including any significant deficiencies in
internal control that we identify during our audit.
We also provide those charged with governance with
a statement that we have complied with relevant
ethical requirements regarding independence, and
communicate with them all relationships and other
matters that may reasonably be thought to bear on
our independence, and where applicable, related
safeguards.
From the matters communicated with those charged
with governance, we determine those matters that
were of most significance in the audit of the financial
statements of the current period and are therefore
the key audit matters. We describe these matters in
our auditor’s report unless law or regulation precludes
public disclosure about the matter or when, in
extremely rare circumstances, we determine that a
matter should not be communicated in our report
because the adverse consequences of doing so
would reasonably be expected to outweigh the public
interest benefits of such communication.
Other Reporting Requirements
Information on our audit engagement
We were first appointed as auditors by the
Annual General Meeting on March 13, 2019 and
our appointment represents a total period of
uninterrupted engagement of three years.
Other information
The Board of Directors and the Managing Director
are responsible for the other information. The other
information comprises the report of the Board of
Directors and the information included in the Annual
Report but does not include the financial statements
and our auditor’s report thereon. We have obtained
the report of the Board of Directors prior to the date
of this auditor’s report, and the Annual Report is
expected to be made available to us after that date.
Our opinion on the financial statements does not
cover the other information.
In connection with our audit of the financial
statements, our responsibility is to read the other
information identified above and, in doing so,
consider whether the other information is materially
inconsistent with the financial statements or our
knowledge obtained in the audit, or otherwise
appears to be materially misstated. With respect to
report of the Board of Directors, our responsibility
also includes considering whether the report of the
Board of Directors has been prepared in accordance
with the applicable laws and regulations.
In our opinion, the information in the report of the
Board of Directors is consistent with the information
in the financial statements and the report of the
Board of Directors has been prepared in accordance
with the applicable laws and regulations.
If, based on the work we have performed on the other
information that we obtained prior to the date of this
auditor’s report, we conclude that there is a material
misstatement of this other information, we are
required to report that fact. We have nothing to report
in this regard.
Helsinki, February 3, 2022
Ernst & Young Oy
Authorized Public Accountant Firm
Kristina Sandin
Authorized Public Accountant
102102
OTHER FINANCIAL
INFORMATION
FINANCIAL
STATEMENTS
BOARD’S
PROPOSAL
REPORT BY THE
BOARD OF DIRECTORS
AUDITOR’S
REPORT
Independent Auditor’s Report on Fiskars Oyj’s ESEF
Consolidated Financial Statements
To the Board of Directors of Fiskars Oyj
We have performed a reasonable assurance
engagement on the iXBRL tagging of the consolidated
financial statements included in the digital files Fiskars-
are tagged with iXBRL mark ups in accordance with the
requirements of Article 4 of EU Commission Delegated
Responsibilities of the Board of
Directors and Managing Director
The Board of Directors and Managing Director are
responsible for the preparation of the Report of Board
statements) that comply with the ESEF RTS. This
responsibility includes:
• preparation of ESEF financial statements in
accordance with Article 3 of ESEF RTS
• Tagging the consolidated financial statements
included within the ESEF financial statements by
using the iXBRL mark ups in accordance with Article
4 of ESEF RTS
• Ensuring consistency between ESEF financial
statements and audited financial statements
The Board of Directors and Managing Director are
also responsible for such internal control as they
determine is necessary to enable the preparation
of ESEF financial statements in accordance the
requirements of ESEF RTS.
Auditor’s Independence and Quality
Control
We are independent of the company in accordance
with the ethical requirements that are applicable
in Finland and are relevant to the engagement we
have performed, and we have fulfilled our other
ethical responsibilities in accordance with these
requirements.
The auditor applies International Standard on
a comprehensive quality control system including
documented policies and procedures regarding
compliance with ethical requirements, professional
standards and applicable legal and regulatory
requirements.
Auditor’s Responsibilities
In accordance with the Engagement Letter we will
express an opinion on whether the electronic tagging
of the consolidated financial statements complies
in all material respects with the Article 4 of ESEF
RTS. We have conducted a reasonable assurance
engagement in accordance with International
Standard on Assurance Engagements ISAE 3000.
The engagement includes procedures to obtain
evidence on:
• whether the tagging of the primary financial
statements in the consolidated financial
statements complies in all material respects with
Article 4 of the ESEF RTS
• whether the ESEF financial statements are
consistent with the audited financial statements
The nature, timing and extent of the procedures
selected depend on the auditor’s judgement including
the assessment of risk of material departures from
requirements sets out in the ESEF RTS, whether due
to fraud or error.
103103
OTHER FINANCIAL
INFORMATION
FINANCIAL
STATEMENTS
BOARD’S
PROPOSAL
REPORT BY THE
BOARD OF DIRECTORS
AUDITOR’S
REPORT
We believe that the evidence we have obtained is
sufficient and appropriate to provide a basis for our
statement.
Opinion
In our opinion the tagging of the consolidated financial
statement included in the ESEF financial statements
of Fiskars Oyj for the year ended 31.12.2021 complies
in all material respects with the requirements
of ESEF RTS.
Our audit opinion on the consolidated financial
statements of Fiskars Oyj for the year ended
31.12.2021 is included in our Independent Auditor’s
Report 3.2.2022. In this report, we do not express
an audit opinion or any other assurance on the
consolidated financial statements.
Helsinki 21.02.2022
Ernst & Young Oy
Authorized Public Accountant Firm
Kristina Sandin
Authorized Public Accountant
104104
OTHER FINANCIAL
INFORMATION
FINANCIAL
STATEMENTS
BOARD’S
PROPOSAL
REPORT BY THE
BOARD OF DIRECTORS
AUDITOR’S
REPORT
Other nancial information
Items aecting comparability
Exceptional and material transactions outside the
ordinary course of business are treated as items
affecting comparability. These include items such as
gains and losses on disposal of business operations,
impairments, costs of discontinued significant
business operations, restructuring costs and costs
of integrating acquired businesses, major product
recalls, and fines and penalties. Gains and losses are
presented in the Consolidated Income Statement
as an income or expense on the relevant line item
and function. Impairments have been presented in
the Consolidated Income Statement in depreciation,
amortization and impairment of the relevant function
or in Goodwill and trademark impairment when the
impairment concerns goodwill or trademarks. Write-
downs are presented in other operating expenses.
Transformation and Restructuring programs
Fiskars Group has completed its two programs, the
Transformation and Restructuring programs. The
Transformation program, launched in October 2018,
aimed at increasing efficiency, reducing complexity
and accelerating long-term strategic development
in its former Living segment. The company-wide
Restructuring Program launched in December 2019
aimed at reducing costs in a wide range of areas.
Both programs were completed by the end of 2021.
The Transformation program targeted annual cost
savings of approximately EUR 17 million and the
Restructuring program of approximately EUR 20
million, respectively. These benefits were realized,
and a majority were already visible by the
end of 2021.
The total costs of both programs were originally
expected to be approximately EUR 70 million,
consisting of EUR 40 million from the Transformation
program and EUR 30 million from the Restructuring
program. The total cost of both programs amounted
to EUR 42.5 million, EUR 30 million for the
Transformation program and EUR 12.5 million for the
Restructuring program. The costs have been recorded
Other items aecting comparability in 2021
Other adjustments to operating profit totaled EUR 0,0
EUR million 2021 2020
142.8 98.0
Amortization -14.6
EBITA 157.4 125.8
Items affecting comparability in EBITA
Restructuring Program 7.6 8.1
Transformation program 3.9 3.0
Leborgne divestment 0.2
Other adjustments to operating
profit
0.0
Total items affecting comparability in
EBITA
11.5 11.0
Comparable EBITA 168.8 136.8
Amortization -14.6
Comparable EBIT 154.2 109.0
105105
FINANCIAL
STATEMENTS
BOARD’S
PROPOSAL
AUDITOR’S
REPORT
REPORT BY THE
BOARD OF DIRECTORS
OTHER FINANCIAL
INFORMATION
Financial indicators
Five years in gures
2021 2020 2019 2018 2017
Net sales EUR million 1,254.3 1,116.2 1,090.4 1,118.5 1,185.5
of which outside Finland EUR million 1,142.0 1,021.9 977.5 1,006.6 1,073.1
% of net sales % 91.0 91.5 89.6 90.0 90.5
export from Finland EUR million 24.2 20.1 20.2 19.5 22.8
Change in net sales, % % 12.4 2.4
Gross profit EUR million 539.8 452.0 447.3 485.1 512.2
% of net sales % 43.0 40.5 41.0 43.4 43.2
EBITA EUR million 157.4 125.8 72.9 112.5 113.2
% of net sales % 12.5 11.3 6.7 10.1 9.5
Comparable EBITA EUR million 168.8 136.8 90.6 121.7 119.0
Change in fair value of biological assets EUR million 1.3 0.7 2.0 0.7
Financial items net EUR million 0.0 3.4 9.4 119.3
% of net sales % 0.0 0.3 0.8 10.1
Profit before taxes EUR million 144.1 89.8 63.2 103.0 217.8
% of net sales % 11.5 8.0 5.8 9.2 18.4
Income taxes EUR million -56.5
Profit for the period attributable to the
equity holders of the parent company
EUR million 86.6 67.6 51.7 81.6 166.4
% of net sales % 6.9 6.1 4.7 7.3 14.0
Non-controlling interest EUR million 0.9 0.8 0.7 0.2 0.7
Employee benefits EUR million 293.7 262.9 311.9 3 07.9 315.3
Depreciation, amortization and
impairment
EUR million 61.6 76.1 59.6 43.8 38.8
% of net sales % 4.9 6.8 5.5 3.9 3.3
2021 2020 2019 2018 2017
Cash flow from operating activities EUR million 122.9 199.2 96.5 105.9 103.8
Capital expenditure EUR million 34.4 30.0 40.0 46.2 32.8
% of net sales % 2.7 2.7 3.7 4.1 2.8
Research and development expenses in
income statement
EUR million 15.5 16.5 18.4 18.4 18.8
% of net sales % 1.2 1.5 1.7 1.6 1.6
Capitalized development costs EUR million 0.0 0.0 0.0 0.0 0.0
Equity attributable to equity holders of
the parent company
EUR million 812.1 75 7.8 760.9 1,207.0 1,269.4
Non-controlling interest EUR million 4.2 3.8 3.6 2.7 2.8
Equity total EUR million 816.3 761.6 764.5 1,209.7 1,272.1
Net interest-bearing debt EUR million 144.4 143.7 261.1 135.4 147.7
Working capital EUR million 164.5 134.2 194.4 197.0 195.9
Balance sheet total EUR million 1,435.5 1,342.0 1,364.3 1,719.2 1,837.9
Return on investment % 15.3 9.9 6.0 7.9 15.4
Return on equity % 11.1 9.0 5.3 6.6 13.4
Equity ratio % 56.9 56.8 56.0 70.4 69.2
Net gearing % 17.7 18.9 34.2 11.2 11.6
6,081 6,104 6,840 7,219 7,709
Personnel, end of period 6,690 6,411 6,984 7,615 7,932
of which outside Finland 5,579 5,348 5,852 6,581 6,806
106106
FINANCIAL
STATEMENTS
BOARD’S
PROPOSAL
AUDITOR’S
REPORT
REPORT BY THE
BOARD OF DIRECTORS
OTHER FINANCIAL
INFORMATION
Share related gures
2021 2020 2019 2018 2017
Share capital EUR million 7 7.5 77.5 7 7.5 77.5 7 7.5
Earnings per share (basic
and diluted)
EUR/share 1.06 0.83 0.63 1.00 2,04
1
Dividend per share EUR/share 0,76
2
0.60 0.56
3
0.72
Dividend EUR million 61,9
2
48.9 45.6 44.0 58.8
Equity per share € 9.97 9.30 9.34 14.80 15.53
Average price EUR/share 18.55 11.47 15.40 19.37 20.84
Lowest price per share EUR/share 14.46 7.80 11.16 14.48 17.67
Highest price per share EUR/share 23.40 15.02 20.60 25.00 24.00
Price per share, Dec 31 EUR/share 23.00 14.98 11.26 15.04 23.96
Market value of shares EUR million 1,873.8 1,220.4 917.7 1,226.9 1,954.5
Number of shares, 1,000 pcs 81,905.2 81,905.2 81,905.2 81,905.2 81,905.2
Number of treasury shares,
1,000 pcs
433.7 433.7 408.7 332.6 191.5
Number of shares traded,
1,000 pcs
8,016.4 11,112.7 9,148.1 3,149.5 5,217.9
Price per earnings 21.7 18.1 17.8 15.1 11.7
Dividend per earnings in
percent
% 71,5
2
72.3 88.4 54.1 35.4
Dividend yield in percent % 3,3
2
4.0 5.0 3.6 3.0
Number of shareholders,
Dec 31
30,080 25,968 23,495 20,013 19,536
1
Reported earnings per share figures for fiscal year 2017 include net changes in the fair value of the investment
portfolio.
2
Board’s proposal.
3
Wärtsilä shares distributed as dividends.
Basic and diluted earnings per share are equal, as the company has no potential
ordinary shares.
Calculation of nancial indicators
Profit for the period + income taxes + interest and other
financial expenses
x 100
Equity, total + interest-bearing liabilities
(average of beginning and end of year amounts)
Profit for the period
x 100
Equity, total (average of beginning and end of year amounts)
Equity, total
x 100
Balance sheet total
Interest-bearing debt - cash and cash equivalents
x 100
Equity, total
Earnings per share =
Profit for the period attributable to equity holders of the
parent company
Weighted average number of shares outstanding, end of
period
Equity per share =
Equity attributable to equity holders of the parent company
Number of outstanding shares, end of period
Adjusted average share price =
Value of shares traded during the period
Number of shares traded during the period,
adjusted for emissions
Market capitalization =
Number of outstanding shares, end of period x market
quotation, end of period
Market quotation per share, end of period
Earnings per share
Dividend paid
x 100
Profit attributable to equity holders of the parent company
Dividend per share =
Dividend paid
Number of outstanding shares, end of period
Dividend per share
x 100
Market quotation, adjusted for emissions, end of period
107107
FINANCIAL
STATEMENTS
BOARD’S
PROPOSAL
AUDITOR’S
REPORT
REPORT BY THE
BOARD OF DIRECTORS
OTHER FINANCIAL
INFORMATION
Shares
Number of shares, votes and share capital
Fiskars Corporation’s shares are traded in the Large
Cap segment of Nasdaq Helsinki. The Company has
one series of shares FSKRS. All shares carry one vote
each and have equal rights.
The total number of shares at the end of 2021
remained unchanged in 2021 at EUR 77,510,200.
Share details
Market Nasdaq Helsinki
ISIN FI0009000400
Trading code FSKRS
Segment Large Cap
Industry 3000 Consumer Goods
Supersector 3700 Personal & Household Goods
Shares as of Dec 31, 2021 81,905,242
Wärtsilä shares distributed as extra dividend in June 2019. The value of the
share dividend was EUR 5.31 per Fiskars share.
Treasury shares
As of the end of the year, Fiskars owned 433,677
treasury shares, corresponding to 0.5% of the
Corporation’s shares and votes. The Company
has acquired the shares at the Nasdaq Helsinki in
accordance with the authorizations of the general
meetings of the shareholders.
Board authorizations
The Annual General Meeting for 2021 decided
to authorize the Board to acquire and convey a
maximum 4,000,000 of Fiskars’ own shares.
Changes in the number of shares, 2017–2021
Total
Total shares, Dec 31, 2017 81,905,242
Total shares, Dec 31, 2018 81,905,242
Total shares, Dec 31, 2019 81,905,242
Total shares, Dec 31, 2020 81,905,242
Total shares, Dec 31, 2021 81,905,242
Treasury shares Dec 31, 2021 433,677
20192018 20212020
30
20
10
0
Euro
Fiskars share price development
EUR, Jan 1, 2018–Dec 31, 2021
108108
FINANCIAL
STATEMENTS
BOARD’S
PROPOSAL
AUDITOR’S
REPORT
REPORT BY THE
BOARD OF DIRECTORS
OTHER FINANCIAL
INFORMATION
Shareholders
shareholders as of the end of the year. Approximately
nominee-registered shareholders.
Management shareholding
On December 31 2021, the Board members, the
President & CEO and the CFO and their controlled
entities and their managed entities together with a
Company did not have any share option programs.
Share ownership, December 31, 2021
Number of
shareholders
%
Number of
Shares and
Votes
%
Financial and
insurance
institutions
44 0.15 14,620,386 17.85
Households 28,930 96.18 27,057,739 33.04
Private
companies
724 2.41 28,373,256 34.64
Non-profit
organizations
216 0.72 5,815,827 7.1 0
General
government
7 0.02 4,059,117 4.96
Rest of the world 159 0.53 1,978,917 2.42
Total 30,080 100.00 81,905,242 100.00
Of which nominee
registered
11 0.04 4,059,748 4.96
Distribution of shares, December 31, 2021
Number of shares Number of shareholders % Number of shares and votes %
16,553 55.03 683,363 0.83
9,182 30.53 2,350,537 2.87
2,123 7.06 1,621,893 1.98
1,979 6.58 5,260,435 6.42
182 0.61 5,096,358 6.22
51 0.17 18,438,008 22.51
10 0.03 48,454,648 59.16
Total 30,080 100.00 81,905,242 100.00
Major shareholders, December 31, 2021
Total shares % of shares and votes
1 Virala Oy Ab 12,650,000 15.44
2 Turret Oy Ab 10,885,961 13.29
3 Holdix Oy Ab 10,165,537 12.41
4 Sophie Von Julins Stiftelse 2,556,000 3.12
5 Julius Tallberg Corp. 2,554,350 3.12
6 Gripenberg Gerda Margareta Lindsay Db 1,982,000 2.42
7 Ilmarinen Mutual Pension Insurance Company 1,747,400 2.13
8 Varma Mutual Pension Insurance Company 1,719,326 2.10
9 The estate of Greta Von Julin 1,560,000 1.90
10 855,372 1.04
11 Lindsay von Julin & Co Ab 750,000 0.92
12 Hartwall Peter Johan 748,450 0.91
13 Therman Anna Maria Elisabeth 722,436 0.88
14 Åberg Karin Margareta Albertina 700,880 0.86
15 Fromond Lilli Sophie Louise 601,135 0.73
16 Fromond Anna Gabriell 600,518 0.73
17 von Limburg Stirum Mariana 596,298 0.73
18 Elo Mutual Pension Insurance Company 575,591 0.70
19 Nordea Nordic Small Cap Fund 547,130 0.67
20 Savox SA 545,000 0.67
20 major shareholders 53,063,384 64.79
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Making the everyday extraordinary
Fiskars Group’s vision is to create a positive, lasting impact on our quality of life.
Our brands Fiskars, Gerber, Iittala, Royal Copenhagen, Waterford, and Wedgwood are
present in people’s everyday lives – at home, in the garden, and outdoors. This gives us
an opportunity to make the everyday extraordinary today, and for future generations.
We have a presence in 30 countries, and our products are available in more than 100 countries.
for more information and follow us on Twitter, @fiskarsgroup