Financial
statements 2022
Key figures 3
Report by the Board of Directors for the year 2022 4
Financial statements 32
Consolidated Financial Statements, IFRS 32
Consolidated income statement 32
Consolidated statement of comprehensive income 32
Consolidated balance sheet 33
Consolidated statement of cash flows 34
Statement of changes in consolidated equity 35
Notes to the consolidated financial statements 36
Contents
Notes to the consolidated financial statements 4 Operative assets and liabilities 62
4.1 Inventories 63
4.2 Trade and other receivables 64
4.3 Trade and other payables 65
4.4 Employee defined benefit obligations 65
4.5 Provisions 71
5 Capital structure and financial instruments 72
5.1 Share capital 73
5.2 Financial risk management 74
5.3 Financial assets 76
5.4 Financial liabilities 78
5.5 Lease liabilities 83
5.6 Derivatives 84
6 Other notes 85
6.1 Subsidiaries 86
6.2 Related party transactions 88
6.3 Acquisitions and divestments 91
6.4 Commitments and contingencies 92
6.5 Subsequent events after
the reporting period 92
Parent company financial statements, FAS 93
Parent company income statement 93
Parent company balance sheet 94
Parent company statement of cash flows 95
Notes to the parent company financial statements 96
Board’s proposal for distribution
of profits and signatures 105
Auditor’s report 107
Other financial information 114
Items affecting comparability 114
Financial indicators 115
Five years in figures 115
Share related figures 116
Calculation of financial indicators 116
Shares 117
Shareholders 118
1 General accounting principles 37
1.1 Basic information 38
1.2 Basis of preparation 38
1.3 Consolidation principles 38
1.4 Translation of foreign currency items 38
1.5 Use of estimates 39
1.6 New and amended standards
applied in financial year ended 39
1.7 Adoption of new and amended
standards January 1, 2023 39
2 Financial performance 40
2.1 Segment information 41
2.2 Other operating income 44
2.3 Total expenses 45
2.4. Employee benefits and number
of personnel 46
2.5 Share based payments 47
2.6 Financial income and expenses 49
2.7 Income taxes 49
2.8 Earnings per share 51
3 Intangible and tangible assets 52
3.1 Assets held for sale 53
3.2 Intangible assets 54
3.3 Property, plant and equipment 58
3.4 Right-of-use assets 60
3.5 Biological assets 61
3.6 Investment property 61
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Key figures
2019 2020 2021 2022
1,500
1,200
900
600
300
0
1,090.4
1,116.2
1,254,3
1,248.4
Net sales, EUR million
Net sales split by
segment, %
Vita, 45.2%
Terra, 40.6%
Crea, 13.9%
Other, 0.3%
2019 2020 2021 2022
1.0
0.8
0.6
0.4
0.2
0.0
Dividend per share, EUR
* Board's proposal
0.56
0.60
0.76
0.80*
Net sales split by
geography, %
Europe, 47.7%
Americas, 34.6%
Asia-Pacific, 16.8%
Unallocated, 0.9%
EUR million (unless otherwise noted) 2022 2021 Change
Net sales 1,248.4 1,254.3 -0.5%
Comparable net sales
1
1,248.4 1,227.6 1.7%
EBIT 134.7 142.8 -5.7%
Items affecting comparability in EBIT -16.3 -11.5 42.4%
Comparable EBIT
2
151.0 154.2 -2.1%
Comparable EBIT margin 12.1% 12.3%
Profit before taxes 124.1 144.1 -13.9%
Profit for the period 99.1 87.5 13.2%
Earnings per share, EUR 1.21 1.06
3
14.1%
Equity per share, EUR 10.32 9.97 3.5%
Cash flow from operating activities before financial items and taxes -24.9 164.2
Free cash flow -100.7 95.3
Net debt 325.3 145.0
Net debt/EBITDA 1.66 0.71
Equity ratio, % 53% 57%
Net gearing, % 39% 18%
Capital expenditure 48.1 34.4 40.0%
Personnel (FTE), average 6,273 6,081 3.2%
1
Comparable net sales excludes the impact of exchange rates, acquisitions and divestments.
2
EBIT excluding items affecting comparability. Comparable EBIT is not adjusted to exclude the full impact of acquisitions/divestments/disposals.
3
In 2021, earnings per share includes a negative impact of EUR 0.35 per share related to a tax reassessment case from 2014 regarding forgiven
intra company loans from 2003, where the company was obliged to pay EUR 28.3 million in additional tax, interest and punitive increases.
15
10
5
0
200
150
100
50
0
2019 2020 2021 2022
Comparable EBIT and EBIT
margin, EUR million, %
Comparable EBIT margin
Comparable EBIT
7.1%
77.7
9.8%
109.0
12.3%
154.2
12.1%
151.0
Vita Terra Crea
United States
Finland
Denmark
Sweden
Japan
Germany
Australia & New Zealand
Poland
China
U.K. & Ireland
Largest countries by sales,
% of the Group net sales
>30%
>10%
~6%
~6%
~5%
~5%
~4%
~4%
~4%
~4%
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Report by the Board of Directors for the year 2022
Business model and strategy
Fiskars Group is the global home of design-driven
brands for indoor and outdoor living. The company is
driven by its common purpose: Pioneering design to
make the everyday extraordinary.
Fiskars Group has a well-balanced portfolio of
unique brands including Fiskars, Gerber, Iittala,
Royal Copenhagen, Moomin by Arabia, Waterford,
and Wedgwood, as well as several smaller brands.
The company’s brands are present in more than 100
countries in Asia-Pacific, Europe and the Americas.
Fiskars has a strong market position especially in the
Nordics and in the gardening segment in the U.S.
The company serves wholesale customers and B2B
customers as well as consumers directly in its own
stores and ecommerce. Wholesale is Fiskars Group’s
largest channel generating approximately 70% of
the company’s sales. Serving end consumers in the
direct-to-consumer (DTC) channels is a strategic
focus area for Fiskars. In 2022, DTC sales amounted
to 21% of the company’s sales. The company has
approximately 350 own stores around the world, a
majority of them in the Asia-Pacific region.
Fiskars has a diverse team of almost 7,000 employees
based in 29 countries. The company recognizes
the importance of its people in contributing to its
success, and continuously invests in opportunities for
employees to learn and grow. The company promotes
employee engagement by creating an inclusive and
inspiring working environment.
Fiskars combines own manufacturing operations with
those of its carefully selected suppliers. Fiskars has 11
own manufacturing units located in Europe, Asia and
the U.S. Fiskars has approximately 130 finished goods
suppliers and a wide network of suppliers for raw
materials, components, and services. The company
has built a strong supplier network that meets its
business needs, as well as its values and social and
environmental expectations.
Fiskars’ Growth Strategy outlines the strategic
choices that will put the company on a healthy path
of organic growth and profitability improvement.
The strategic logic is clear: the company focuses
on winning brands, winning channels, and winning
countries. The Growth Strategy consist of four
transformation levers; commercial excellence, direct
to consumer, the U.S. and China. These levers will
transform Fiskars Group across brands, channels, and
countries. The strategic growth enablers are people,
digital, innovation & design, and sustainability. These
are at the core of Fiskars Group, and all are critical for
executing the Growth Strategy.
Operating environment in 2022
In 2022, the operating environment was affected
by Russia’s attack on Ukraine in February, which
caused supply chain disruptions and increased raw
material, energy and transportation costs globally.
During the year, inflation accelerated across the world
and consumer confidence dropped to all-time lows
in many regions. Nonetheless, demand in Fiskars
Group’s product categories remained resilient in most
markets in the first half but started to decline in the
third quarter with the exception of China.
In terms of weather conditions, the cold spring
especially in North America and in parts of Northern
Europe delayed the start of the gardening season
and reduced demand for products in this segment.
In the latter part of the year, snowy conditions in the
Nordics supported demand for snow tools.
Especially in the U.S., retailers’ inventories were at
a high level due to precautionary measures taken to
avoid delays from disruptions in the global supply
chains. Softer demand in the gardening season
increased the inventories further. These factors
impacted trade customers’ demand.
Compared to the previous two years, the Covid-19
pandemic impacted the operating environment mainly
in China. In the first and second quarter, lockdowns
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to control the pandemic led to store and distribution
center closures and supply chain disruptions. In the
fourth quarter, the easing of the restrictions caused
a wave of infections resulting in temporary store
closures due to a lack of personnel. Despite the
disruptions related to the pandemic, overall demand
in China remained strong throughout the year.
Year in brief: Solid year in a
challenging operating environment
Year 2022 was volatile due to a challenging operating
environment and significant cost inflation. For Fiskars
Group, the year was twofold: whereas in the first half
of the year the company’s net sales grew by double-
digits, in the second half sales declined due to weaker
demand. Demand was particularly weak in the U.S. in
the fourth quarter due to low consumer confidence
and retailer’s high inventories. For the full year, net
sales amounted EUR 1,248.4 million which is slightly
below previous year’s record level (2021: 1,254.3).
Fiskars’ gross margin improved as a result of actions
taken in line with the company’s strategy as well as
successful mitigation of cost inflation impacts. While
Fiskars managed its cost base prudently throughout
the year, it continued investing in the key strategic
growth drivers, namely digital acceleration and DTC,
to ensure that it remains a top choice for consumers.
These investments increased SG&A expenses,
which offset the positive drivers. Comparable EBIT
amounted to EUR 151 million, which was below the
company’s expectations in the beginning of the year
but still the second-best comparable EBIT in the
company’s history.
Fiskars’ actions to mitigate product availability risk
related to supply chain disturbances combined
with rapidly declined demand led to increased
levels of inventories. Cold spring also increased the
inventories, as demand in the gardening segment
was weaker than anticipated. Higher inventories had
a significant negative effect on the free cash flow,
which was EUR -100.7 million for the full year. In the
fourth quarter, cash flow started to improve thanks to
measures taken by the company.
Fiskars continued the execution of its Growth
Strategy, launched in 2021, with tangible results in
its transformation levers of commercial excellence,
direct to consumer (DTC), U.S. and China. The like-
for-like gross margin, the company’s key performance
indicator for commercial excellence, improved despite
broad-based cost inflation. DTC grew by 8% in 2022
amounting to 21% of the Group’s sales with very good
development especially in e-commerce. In the U.S.,
the year started with strong growth but as demand
weakened significantly in the fourth quarter, sales for
the full-year declined. The company’s China business
continued on a strong growth track with sales
growing 36% during the year despite intermittent
Covid-19 disruptions.
During the year, Fiskars made some structural
changes. In February, the divestment of the
company’s North American watering business was
closed. This transaction had been announced in
December 2021. In March, Fiskars announced that
it decided to withdraw from the Russian market due
to Russia’s attack on Ukraine. The disposal of the
Russian subsidiary was closed in August.
In late 2022, Fiskars updated its environmental, social,
and governance (ESG) strategy. The company’s
ambitious approach and most of the commitments
and targets remain the same, but the strategy was
simplified to ensure focus on the areas in which
Fiskars Group has the biggest impact. The updated
ESG strategy is more closely linked to business and
the company purpose: Pioneering design to make the
everyday extraordinary.
Group performance
In 2022, Fiskars Group’s organizational structure
featured three Business Areas (BA): Vita, Terra and
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.
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Net sales
EUR million 2022 2021 Change
Comparable
change
Group 1,248.4 1,254.3 -0.5% 1.7%
Vita 563.7 544.6 3.5% 1.8%
Terra 507.4 535.4 -5.2% 3.6%
Crea 173.4 170.6 1.6% -4.1%
Other 3.9 3.8 3.3%
Fiskars Group’s consolidated net sales decreased
by 0.5% to EUR 1,248.4 million (2021: 1,254.3).
Comparable net sales increased by 1.7% thanks to
strong sales growth in the first half of the year. In
the second half, sales were negatively impacted by
weaker demand due to low consumer confidence and
retailers’ high inventory levels.
Comparable EBIT
EUR million 2022 2021 Change
Group 151.0 154.2 -2.1%
Vita 85.6 79.2 8.1%
Terra 48.4 51.6 -6.1%
Crea 34.3 36.5 -6.4%
Other -17.2 -13.1 31.4%
Items affecting comparability in EBIT include items such as restructuring
costs, impairment or provisions charges and releases, integration-related
costs, and gains and losses from the sale of businesses.
Fiskars Group’s comparable EBIT declined to
EUR 151.0 million (2021: 154.2). EBIT margin was
12.1% (12.3%). Comparable EBIT increased in Vita but
declined in Terra and Crea. In Terra, the divestment of
the North American Watering business on February 1,
2022 contributed to the decline.
Comparable EBIT was supported by sales volumes
and gross margin, which improved slightly despite
broad-based cost inflation during the year. The
company continued to invest in key strategic building
blocks, digital acceleration and direct-to consumer
growth, thereby increasing SG&A expenses and
offsetting the positive drivers.
Reporting segments and geographies
Vita segment in 2022
EUR million 2022 2021 Change
Net Sales
1
563.7 544.6 3.5%
Comparable EBIT 85.6 79.2 8.1%
Capital Expenditure 20.9 16.0 30.8%
1
Using comparable exchange rates excl. acquisitions and divestments, net
sales increased by 1.8%.
Net sales in the Vita segment increased by 3.5%,
to EUR 563.7 million (2021: 544.6). Comparable net
sales increased by 1.8%.
Sales growth was driven by DTC channels, especially
in China. Royal Copenhagen and Wedgwood were the
best-performing brands and over 50% of their sales is
already generated in DTC channels. During the year,
net sales in DTC channels increased to 42% (41%) of
total Vita net sales.
The U.K., Ireland and Denmark also contributed
positively to sales growth. Net sales in Finland and
Sweden declined with the Iittala brand especially
having sluggish sales.
Comparable EBIT in the Vita segment increased to
EUR 85.6 million (79.2) and was 15.2% of net sales
(14.5%). EBIT increased driven by sales volumes
and an improved gross margin. At the same time,
the company continued to invest in driving DTC
acceleration programs, and building these capabilities
increased costs.
Terra segment in 2022
EUR million 2022 2021 Change
Net Sales
1
507.4 535.4 -5.2%
Comparable EBIT 48.4 51.6 -6.1%
Capital Expenditure 17.5 12.2 43.1%
1
Using comparable exchange rates excl. acquisitions and divestments, net
sales increased by 3.6%.
Net sales in the Terra segment decreased by 5.2%
to EUR 507.4 million (2021: 535.4). Figures from
the comparison period include the North American
Watering business, which was divested on February
1, 2022. The figures from the reporting period only
include the North American Watering business in
January 2022.
Comparable net sales increased by 3.6% driven
by strong performance in the first half of the year.
In terms of geographies, comparable net sales
increased especially thanks to positive development
in Continental Europe.
Comparable EBIT in the Terra segment declined to
EUR 48.4 million (51.6), or 9.5% of net sales (9.6%).
Comparable EBIT is not adjusted to exclude the
impact of acquisitions/divestments such as the
divestment of the North American Watering business
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on February 1, 2022, which affected the decline.
While sales volumes supported EBIT, gross margin
declined driven by high input costs.
Crea segment in 2022
EUR million 2022 2021 Change
Net Sales
1
173.4 170.6 1.6%
Comparable EBIT 34.3 36.5 -6.4%
Capital Expenditure 4.0 3.3 19.4%
1
Using comparable exchange rates excl. acquisitions and divestments, net
sales decreased by 4.1%.
Net sales in the Crea segment increased by 1.6%
to EUR 173.4 million (2021: 170.6). Comparable net
sales decreased by 4.1% as growth in the Scissors
category in the first half of the year was offset by a
more challenging second half in all three categories
(Cooking, Scissors and Creating).
Comparable EBIT in the Crea segment declined to
EUR 34.3 million (36.5), or 19.8% of net sales (21.4%).
EBIT declined primarily due to lower volumes and cost
increases.
Other segment in 2022
EUR million 2022 2021 Change
Net Sales 3.9 3.8 3.3%
Comparable EBIT -17.2 -13.1 31.4%
Capital Expenditure 5.9 2.8
Net sales in the Other segment amounted to EUR
3.9 million (2021: 3.8), consisting of timber sales and
rental income. The comparable EBIT for the Other
segment amounted to EUR -17.2 million (-13.1).
Net sales by geography in 2022
EUR million 2022 2021 Change
Comparable
change
1
Europe 596.0 592.2 0.6% 1.9%
Americas 432.0 475.9 -9.2% -4.1%
Asia-Pacific 209.4 187.7 11.5% 10.6%
Unallocated
2
11.1 -1.4
1
Comparable net sales exclude the impact of exchange rates, acquisitions
and divestments.
2
Geographically unallocated exchange rate differences.
Net sales in Europe increased by 0.6% amounting
to EUR 596.0 million (2021: 592.2). Comparable
net sales increased by 1.9%. Growth was driven by
Continental Europe, the U.K. and Ireland, which offset
the decline in net sales in the Nordics.
Net sales in the Americas decreased by 9.2% to
EUR 432.0 million (475.9) as demand weakened
in the second half after a strong start to the year.
Figures from the comparison period include the North
American Watering business, which was divested
on February 1, 2022. The figures from the reporting
period only include the North American Watering
business in January 2022. Comparable net sales
decreased by 4.1%.
Net sales in Asia-Pacific increased by 11.5% to
EUR 209.4 million (187.7). Comparable net sales
increased by 10.6% with positive development in most
countries in the region. In China, net sales increased
by 36% despite the impact of intermittent Covid-19
disruptions, especially in the second quarter.
Financial items, net result and
cash flow
In 2022, financial income and expenses amounted to
EUR -11.7 million (2021: -0.0). Net interest expenses
from funding, currency hedging and leasing liabilities
amounted to EUR -7.4 million (-3.4). The unrealized
loss from investments in unlisted funds amounted to
EUR -1.4 million (6.4). Foreign exchange differences
accounted for EUR -1.1 million (4.2) of financial items.
Profit before taxes was EUR 124.1 million (144.1).
Income taxes were EUR -25.0 million (-56.5). Earnings
per share were EUR 1.21 (1.06, including the negative
impact of EUR 0.35 per share related to the tax
reassessment case).
Cash flow from operating activities before financial
items and taxes declined to EUR -24.9 million (164.2)
due to increase in net working capital. Cash flow from
financial items and taxes amounted to EUR -36.6
million (-41.3).
Cash flow from investing activities was EUR -7.8
million (-33.7), including EUR 48.1 million of capital
expenditure on fixed assets, EUR 43.9 million of
proceeds from the sale of assets held for sale,
EUR -9.2 from the impact of the disposal of the
Russian subsidiary and EUR 4.3 million of cash flow
from other investments. Cash flow from financing
activities was EUR 149.8 million (-123.3), including
EUR 130.1 million proceeds from non-current
debt, EUR 129.3 million of change in current debt,
EUR -62.9 million of dividends paid, EUR -26.5 million
of payments of lease liabilities, EUR -18.0 million
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purchase of treasury shares and EUR -1.7 million
change in current receivables. The comparison figure
from 2021 included EUR -49.2 million dividends
paid, EUR -60.5 million repayments of non-current
debt, EUR 12.8 million of change in current debt and
EUR -26.4 million of payments of lease liabilities.
Capital expenditure totaled EUR 48.1 million (34.4)
and was mainly related to IT and the supply chain.
Depreciation, amortization and impairment amounted
to EUR 59.4 million (61.6).
Balance sheet and financing
Fiskars Group’s working capital totaled EUR 337.2
million (164.5) at the end of December. The equity
ratio was 53% (57%), and net gearing was 39% (18%).
Cash and cash equivalents at the end of the period
totaled EUR 115.8 million (31.5). Net interest-bearing
debt amounted to EUR 325.3 million (145.0), of which
lease liabilities classified as interest-bearing debt
under IFRS 16 accounted for EUR 115.5 million (111.5).
Excluding lease liabilities, short-term borrowing
totaled EUR 195.2 million (64.4) and long-term
borrowing EUR 130.4 million (0.7). Short-term
borrowing consisted of a revolving facility loan and
of commercial paper maturing in 2023. Long-term
borrowing included bilateral loans from financial
institutions.
Fiskars Group had EUR 250.0 (2021: 280.0) million
of long-term committed credit facilities and
uncommitted overdraft facilities of EUR 47.0 (44.0)
million. A commercial paper program of 400 million
was available with Nordic banks. Of the long-term
committed credit facilities EUR 50.0 million was in
use (0.0), and of the commercial paper program EUR
145.6 (0.0) million was in use.
Research and development
Research and development expenses totaled
EUR 20.8 million (2021: 15.5), equivalent to 1.7% (1.2%)
of net sales.
Personnel
The average number of full-time equivalent
employees (FTE) was 6,273 (2021: 6,081) in 2022.
At the end of the year, the Group employed 6,595
(6,690) employees, of whom 1,172 (1,111) were in
Finland. In 2022, personnel costs amounted to
EUR 289.0 million (293.7), of which wages and
salaries constituted EUR 238.0 million (240.0).
Reporting of non-financial
information
In this section of the Report by the Board of Directors,
we describe the material sustainability topics and
disclosures around Fiskars Group’s commitments,
along with material sustainability topics and KPIs
defined by the Non-Financial Reporting Directive.
Non-financial risks are covered in the section on Risks
and business uncertainties, and the Fiskars Group
business model can be found at the beginning of the
Report by the Board of Directors.
More comprehensive information on Fiskars Group’s
sustainability work and results can be found in the
2022 Sustainability Report, published as part of
Fiskars Group’s Annual Report.
ESG in 2022
Sustainability is one of Fiskars Group’s key enablers
for creating and delivering sustainable growth.
Sustainability represents an opportunity for Fiskars
Group to further strengthen the reputation and
increase brand love.
During 2022, Fiskars Group reviewed and updated
its sustainability strategy. The company’s ambitious
approach and most of the commitments and
targets remain the same, but the strategy was
simplified to ensure focus on the areas in which
Fiskars Group has the biggest impact. The updated
strategy is more closely linked to business and
the company purpose: Pioneering design to make
the everyday extraordinary. The sustainability
strategy is now called the environmental, social and
governance (ESG) strategy. The new terminology
better describes the aspects considered in Fiskars
Group’s sustainability work and their link to business
performance.
Fiskars Group conducted a materiality assessment
in 2022 to update the company’s understanding
of material topics and the main impacts on the
economy, environment, and people throughout its
value chain. In addition to the impact lens, financially
material topics were identified, thus expanding
the assessment to cover the concept of double
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materiality. Double materiality takes into account
how a company affects the environment and society
around it, as well as how ESG factors affect a firm’s
financial value. The materiality analysis was based on
the input from key stakeholders such as consumers,
corporate customers, suppliers, investors, NGOs,
the media, and employees. The results from the
materiality assessment were used in defining and
updating Fiskars Group’s ESG strategy and approach
to sustainability.
In the updated ESG strategy, two commitments and
five key targets have been prioritized which will be
followed and frequently reported on at the Group
level, both internally and externally.
Commitments
• Pioneering design against throwaway culture
• Making the everyday extraordinary
Key targets and progress
All targets set in previous years are not part of the
five key KPIs, but the company continues to monitor
those as a part of the sustainability work. Fiskars
Group’s Business Areas and Global Functions set
their own sub-targets and roadmaps to help achieve
Group-level goals.
During 2022, Fiskars Group focused on scaling
circular services, e.g., the Vintage service and Fiskars
pan care, increasing the use of circular materials,
further developing the company’s approach to
decreasing its carbon footprint and working towards
health and safety, as well as enhancing diversity and
inclusion.
In 2022, Fiskars Group was recognized for its
leadership in corporate transparency and performance
on climate change by the global environmental non-
profit CDP, securing a place on its annual Climate
Change A List. Based on data reported through CDP’s
2022 Climate Change questionnaire, Fiskars Group
was one of less than 300 companies achieving the
A rating out of nearly 15,000 companies scored. In
addition, Fiskars Group achieved a Platinum level
sustainability rating from EcoVadis. The Platinum
EcoVadis Medal places Fiskars Group among the top
1% of companies assessed in our industry.
Environment
The responsible and reduced use of natural resources
and the careful reuse and recycling of materials are
central to Fiskars Group’s sustainability approach.
Fiskars Group’s environmental 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, innovating,
Environmental
Pioneering design against throwaway culture
Social
Making the everyday extraordinary
Our own emissions
GHG (greenhouse gas) emissions
A majority
of our net sales
comes from circular
products and services
by 2030
Circular
economy
Base year
2021
50%
in 2030
2022
5%
1
60% of our suppliers by
spend covering purchased
goods and services will
have science-based targets
by 2024
Our suppliers’
emissions
Target set
2020
60%
in 2024
2022
25%
32
from own
operations
(Scope 1 and 2)
reduced by 60%
by 2030
Base year
2017
-60%
in 2030
2022
-42%
from
transportation
and distribution
(Scope 3) reduced
by 30% by 2030
Base year
2018
-30%
in 2030
2022
-15%
Safe
workplace
1
Zero harm with
zero LTAF (Lost
time accident
frequency)
2022
4.8
Target
0
Inclusive
workplace
2
Enhancing
diversity, equity,
and inclusion
Diversity, Equity,
and Inclusion KPI
under development
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and introducing service-based solutions, provide
opportunities to create value. In addition, Fiskars
Group is constantly seeking new opportunities to
increase the use of recycled or renewable materials in
its products. For example, Fiskars Group is committed
to promoting efficiency in energy and resource
utilization and identifying new solutions to enable
better efficiency across the value chain.
POLICIES AND COMMITMENTS
International standards and guidelines such as
ISO 14001 form an important foundation for Fiskars
Group’s environmental management. The Fiskars
Group 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 if they are to do
business with Fiskars Group.
TARGETS AND ACTIONS
Target for 2030: A majority of our net sales comes
from circular products and services
Creating new business models is essential to staying
relevant in the changing business landscape. The
circular economy provides opportunities to create
value and supports Fiskars Group in resource
wisdom: being more efficient and innovating with
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 have created recycled material product
ranges, and approximately 5% of the Group’s net
sales were generated from these product ranges
during 2022.
Fiskars Group’s Vintage service buys and sells
second-hand Iittala, Arabia, and Rörstrand tableware
in Finland and Sweden. Vintage products sold
through the service during 2022 helped avoid
the consumption of 77 (116) tons of solid natural
resources and saved 26 (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.
Mitigating waste
As part of Fiskars Group’s commitment to fight
against throwaway culture and become more circular,
the company is working on reducing landfill waste
from its own operations. The company aims for
all waste from its own operations (manufacturing,
distribution centers, retail, and offices) to be
recovered or recycled by 2030 so that no waste ends
up in landfills.
To achieve this goal, Fiskars Group is constantly
seeking new opportunities to improve material
efficiency and to increase the use of recycled or
renewable materials. Fiskars Group regularly assesses
performance in this area and manages waste in
accordance with ISO 14001:2015 and applicable
laws and regulations. Factories and distribution
centers have gained an insight into developing new
opportunities for recycling and reusing materials, and
many have already made significant changes to their
waste management processes. These efforts resulted
in a reduction in landfill waste to just 352 tons in
2022, and compared to the previous year, Fiskars
Group was able to reduce the amount of landfill waste
through its own operations by 41%. Compared to
2017, Fiskars Group has been able to reduce landfill
waste by 91%, meaning that the company exceeded
its 2022 interim goal of reducing landfill waste from
manufacturing by 80% compared to 2017.
Targets:
• Greenhouse gas emissions from own operations
(Scopes 1 and 2) reduced by 60% from a 2017
base year by 2030
• Greenhouse gas emissions from transportation and
distribution (Scope 3) reduced by 30% from a 2018
base year by 2030
• 60% of our suppliers by spend covering purchased
goods and services will have science-based
targets by 2024
Fiskars Group’s energy consumption was
approximately on the same level compared to the
previous year. The Group’s total energy consumption
was 1,031 TJ (1,029 TJ), with 229 TJ (236 TJ) of
energy from renewable sources. The company was
able to reduce energy consumption in many places,
although these efforts were insufficient to mitigate
the slight overall increase.
In 2022, Fiskars Group enhanced energy efficiency
by implementing various energy-saving activities that
decreased energy consumption by 265 MWh (430
MWh). Since the 2018 base year, these activities
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have enabled the company to decrease energy
consumption by 12,672 MWh (12,300 MWh). Energy
savings consist of multiple actions in manufacturing
units and distribution centers. For example, we
have continued to replace lighting with LED lighting,
resulting in an energy saving of 66 MWh this year.
Group-wide greenhouse gas emissions decreased by
6% in 2022 compared to the previous year. Compared
to the 2017 base year, Fiskars Group has achieved a
reduction of 42% as a result of energy-saving actions
and investments in renewable energy. In 2022, 38 tons
of CO
2
equivalents were saved through energy and
emissions saving activities in manufacturing units and
distribution centers.
Fiskars Group has continued to invest in renewable
electricity. For example, the Group installed solar
panels at some of its locations, and continues to seek
opportunities to expand these initiatives. In 2022,
Fiskars Group announced an energy investment
of approximately EUR 10 million
1
in the Iittala glass
factory in Hämeenlinna, Finland, where Iittala’s iconic
glass products are manufactured for sale in Finland
and globally. Fiskars Group is replacing the factory’s
existing natural gas powered furnaces with electricity
powered furnaces. These new furnaces incorporate
high technology solutions and will use renewable
energy. The project will be completed during 2026.
With this investment, the glass factory will reduce its
annual carbon dioxide emissions by 74% by the end
1 Approximately 30% of the total investment will be covered by the European
Union’s NextGenerationEU funding granted by the Ministry of Economic
Affairs and Employment of Finland on October 4, 2022. This energy
investment aid to the Iittala glass factory amounts to EUR 2.871 million.
of 2026. In total, Fiskars Group’s Scope 1 emissions
will be reduced by 26% compared to 2021. In addition
to reducing the factory’s carbon dioxide emissions,
the new furnaces will also decrease the energy
consumption of the glass melting furnaces by 67%.
The furnaces are responsible for most of the factory’s
total energy consumption.
ENERGY
GRI 302-1 Energy consumption within the
organization, TJ
2022 2021 2020
Direct energy consumption:
non-renewable
728 686 606
Direct energy consumption:
renewable
11 12 9
Indirect energy consumption 293 330 285
Total energy consumption 1,031 1,029 901
Fiskars Group’s transportation emissions decreased
by 8% from 2021: Emissions from inbound and
outbound transportation were 22,142 tCO
2
e
(23,963 tCO
2
e). The decrease was mostly due to a
divestment during the year that resulted in less road
transportation being used, and from the Group’s
logistics partners transitioning to lower emission
operations. Transportation emissions have been
reduced by 15% from the 2018 target base year.
In addition to transportation emissions, Fiskars Group
annually measures and reports the emissions from
business travel. To keep business travel emissions
as low as possible, the company encourages all
employees to consider alternatives to travel such as
virtual meetings. All business travel must have a valid
business purpose. In 2022, business travel emissions
increased by 179% from the previous year as Covid-19
travel restrictions eased in most locations. Business
travel emissions for 2022 are 72% lower than in 2019,
before the Covid-19 restrictions were introduced.
Fiskars Group encourages suppliers to set science-
based targets for at least their Scope 1 and 2
emissions. For example, the company supports
suppliers in their climate work by providing online
training sessions and direct local support. By
collaborating with suppliers, Fiskars Group was
able to make noticeable progress in its target:
By the end of the year, approximately 25% of the
company’s suppliers by spend covering purchased
goods and services set science-based targets.
Fiskars Group started actively engaging with its
suppliers on this topic in 2021, and by the end of that
year, approximately 6% by spend had set science-
based targets.
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EMISSIONS
GRI 305-1 Direct (Scope 1)
GHG emissions, 1,000 t CO
2
2022 2021 2020
Scope 1 emissions 40 38 34
GRI 305-2 Energy indirect (Scope 2)
GHG emissions, 1,000 t CO
2
e
2022 2021 2020
Scope 2 emissions
Market-based 10 16 15
Location-based 27 31 28
GRI 305-3 Other indirect (Scope 3)
GHG emissions
2022 2021 2020
Scope 3 emissions
Business travel
1
1,414 507 770
Upstream and downstream
transportation
2
22,142 23,100 25,930
1
The reported business travel emissions include all business-related
flights from the company’s main locations.
2
In 2022, 94% of Fiskars Group’s transportation emissions inventory was
calculated using either GHG reports received from our logistics partners
or the distance-based method. The remaining 6% was extrapolated by
spend to cover all annual transportation emissions.
Social and employee-related matters
Fiskars Group is committed to inspiring and
empowering people to learn, develop as
professionals, and to bring in new ideas, skills, and
perspectives. Fiskars Group is building a globally
collaborative culture and diverse team so that it
can serve its stakeholders in the best possible way.
Fiskars Group wants to attract, develop, and retain a
diverse team of high-performing people from different
backgrounds and cultures.
One of the key priorities in Fiskars Group’s operations
is to ensure the safety and wellbeing of employees
and people involved in the company’s value chain.
Fiskars Group promotes a culture of zero harm 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 that is
engaged and enabled to do its best.
POLICIES AND COMMITMENTS
Fiskars Group has outlined a set of policies and
guidelines related to social and employee-related
matters to guide its leadership and employees, as well
as its 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 and
the Supplier Code of Conduct were updated in
2022. The update included adding expectations on
several topics and due diligence practices, as well as
Fiskars Group whistleblowing channel, i.e. Ethics &
Compliance Helpline.
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
conduct the training during their onboarding.
In addition to the onboarding, all Fiskars Group
employees must complete the training every
second year. Classroom trainings are held at all
Manufacturing Units and Distribution Centers in local
languages at regular intervals by the local HR. By the
end of 2022, 96% of employees had completed the
Code of Conduct training.
Fiskars Group’s Employment Policy aligns topics
such as diversity and inclusion, employee wellbeing,
freedom of association and employee contracts.
Fiskars Group’s Health and Safety Policy promotes a
culture of zero harm and supports safety priorities.
Health and safety topics such as workplace safety,
emergency preparedness, and management and
communication on health and safety are also covered
in Fiskars Group’s Supplier Code of Conduct.
TARGETS AND ACTIONS
HEALTH AND SAFETY
Target 2030: Zero harm with a zero Lost Time
Accident Frequency (LTAF)
In 2022, Fiskars Group’s Lost Time Accident
Frequency (LTAF) decreased to 4.8 (5.2), and the rate
of recordable work-related injuries was 7.4 (8.7). The
company is driven to improve safety performance.
Contractor LTAF was 0 (3.0).
Fiskars Group’s fifth global Safety Week was
celebrated with the theme “I care: Back to safety
basics.” The focus was on safety basics, and each
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location organized its own location-specific Safety
Week activities. Safety week activities included
familiarizing employees with the safety procedures
specific to their location, conducting safety walks,
reporting on safety observations, and policy training.
Reporting safety hazards, observations, and incidents
is everyone’s responsibility at Fiskars Group. Fiskars
Group emphasizes the importance of having a good
trust culture and encourages transparency and
openness in reporting safety observations, accidents,
and near-miss events. One of Fiskars Group’s
objectives for the Safety Week is to encourage our
employees to submit safety observations and thereby
contribute to safe working environments. The easily
accessible tool for reporting safety observations has
proven very effective and is used widely to manage
safety at most locations. Employees reported almost
1,000 observations during Safety Week.
Diversity, equity, and inclusion
Target: Enhancing diversity, equity, and inclusion
Fiskars Group is committed to creating a diverse,
equal, and inclusive work culture in which employees
can do their best. The fifth key target in Fiskars
Group’s updated ESG strategy is to enhance diversity,
equity and inclusion (DEI) experienced by employees.
The company also wants to actively participate in
promoting DEI topics in society.
During 2022, Fiskars Group continued to be guided
by its DEI statement and focus areas which were
defined in 2021. Fiskars Group’s focus areas are
building awareness and understanding, welcoming
and nurturing diverse talent, and celebrating and
promoting diversity. Together with stakeholders in the
company, DEI initiatives were aligned, planned, and
implemented. The company continued to integrate
DEI into Fiskars Group’s everyday processes.
In 2022, Fiskars Group continued to emphasize
the first focus area: building awareness and
understanding. The company’s commitment to
human rights and diversity and inclusion are firmly
embedded in Fiskars Group’s Code of Conduct.
Fiskars Group is committed to equal opportunity in all
employment practices, policies, and rules, as well as
treating all employees fairly and impartially based on
competence, experience, and performance, without
regard to race, ethnicity, age, disability, gender,
sexual orientation, and/or any other characteristics.
During the year, Fiskars Group piloted the first two
People Networks (also known as Employee Resource
Groups). People Networks are voluntary employee-led
groups whose aim is to foster a diverse and inclusive
workplace. The Networks have their own executive
sponsor(s), and they are open to all employees. The
first Networks are: the Women in Business Network
(focusing on women’s empowerment and equality in
business); and the Pride Network (whose goal is to
connect and support colleagues in LGBTQ+ matters
and to champion and celebrate inclusion within
the company).
Fiskars Group has an employee engagement
survey, Our Voice. Two Our Voice surveys were
conducted in 2022, the first in May as a pulse survey
for office employees, and the second in October
for all employees. The engagement score in the
second survey was 73, down by two points from the
November 2021 comparison score.
Our Voice also tracks two scores especially
related to DEI:
• Belonging score (Question: I feel a sense of
belonging at Fiskars Group): 76 (October 2022)
(73; November 2021)
• Inclusion score (Question: Where I work, diverse
perspectives are valued): 72 (October 2022) (70;
November 2021)
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DIVERSITY AND EQUAL OPPORTUNITIES
GRI 405-1 Diversity of governance bodies and
employees
Board of Directors
Age group
Female, % Male, % Total, %
Under 30 0 (0) 0 (0) 0 (0)
30–50 12.5 (25.0) 25.0 (12.5) 37.5 (37.5)
Over 50 25.0 (12.5) 37.5 (50.0) 62.5 (62.5)
Total 37.5 (37.5) 62.5 (62.5) 100.0 (100.0)
Leadership Team
Age group
Female, % Male, % Total, %
Under 30 0 (0) 0 (0) 0 (0)
30–50 10.0 (9.1) 20.0 (27.3) 30.0 (36.4)
Over 50 30.0 (18.2) 40.0 (45.4) 70.0 (63.6)
Total 40.0 (27.3) 60.0 (72.7) 100.0 (100.0)
Managers with teams
Age group
Female, % Male, % Total, %
Under 30 1.8 (2.2) 0.5 (0.3) 2.3 (2.5)
30–50 27.3 (28.4) 32.5 (35.8) 59.8 (64.2)
Over 50 16.7 (14.8) 21.2 (18.5) 38.0 (33.3)
Total 45.8 (45.4) 54.2 (54.6) 100.0 (100.0)
Human rights, anti-corruption, and bribery
Fiskars Group impacts people’s lives throughout its
global value chain. The company respects human
rights and recognizes the equality of people.
Fiskars Group is committed to full compliance with all
applicable laws and regulations of relevant countries.
All business is conducted according to the law and
with integrity. Fiskars Group does not allow working
conditions or treatment that contravene basic human
rights. All Fiskars Group employees must be aware of
and conduct their activities in accordance with the
Code of Conduct and all supporting Fiskars Group
policies, even when the Code requires a higher
standard of behavior than is required by national laws
and local regulations.
POLICIES AND COMMITMENTS
The Fiskars Group Code of Conduct and related
training provide a detailed description of the
company’s approach to doing business in an ethical
way. Civil and political rights, economic, social,
and cultural rights, labor rights, and the rights of
vulnerable groups are essential for creating a positive,
lasting impact on the quality of life of the people and
the communities Fiskars Group is a part of. Fiskars
Group employees receive regular training on the
Code of Conduct to increase their awareness of and
ability to implement the company’s principles in their
everyday work.
Fiskars Group expects all its business partners,
customers, and their sub-contractors to be governed
by the same or similar principles stipulated in the
Fiskars Group Code of conduct. The Fiskars Group’s
Supplier Code of Conduct communicates Fiskars
Group’s ethical and sustainability expectations to
all our suppliers and cooperation partners. Every
supplier must sign and commit to Fiskars Group’s
Supplier Code of Conduct if they are to do business
with Fiskars.
Fiskars Group is a participant to the United Nations
Global Compact, by which Fiskars Group has
committed to mitigate adverse human rights and
work against corruption and bribery. Fiskars Group’s
commitment to human rights is deeply ingrained in
its values and is articulated in its Code of Conduct,
company policies, and Human Rights Statement. To
support Fiskars Group’s commitment, the Fiskars
Group Anti-Corruption and Anti-Bribery Policy
outlines the expectations towards Fiskars Group’s
employees, as well as all business partners, 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 all its
business partners to be governed by the same or
similar principles, as stipulated in this policy. Fiskars
Group expects all business partners to ensure these
principles are communicated to their employees and
sub-contractors.
In addition to the United Nations Global Compact
principles, Fiskars Group is committed to adhering
to the International Bill of Human Rights, UN Guiding
Principles on Business and Human Rights, the
International Labour Organization’s Declaration on
Fundamental Principles and Rights at Work, and
the OECD Guidelines for Multinational Enterprises.
Fiskars Group supports the values, freedoms, and
fundamental rights promoted in these texts and is
committed to continuously learn about and follow the
evolution of human rights.
TARGETS AND ACTIONS
Fiskars Group does not allow working conditions
or treatment that contravene basic human rights.
Fiskars Group has zero tolerance for child labor,
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and safeguards vulnerable workers from abuse or
exploitation, regardless of their employment contract
or immigration status. Supplier sustainability audits
help assess and control human rights topics in the
Fiskars Group supply chain.
Fiskars Group is currently assessing awareness and
commitment to human rights and anti-corruption and
bribery by measuring the percentage of employees
who have participated in Code of Conduct training.
By the end of 2022, 96% of our employees had
completed our Code of Conduct 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. After the assessment, the
Covid-19 pandemic and changes in Fiskars Group
organization slowed down plans related to the human
rights due diligence program. However, progress
has been made since, and work has been continued
to develop human rights due diligence. Instead of
creating a separate new process, Fiskars Group’s
aim has been to integrate human rights management
more deeply into existing processes, ESG strategy,
and management.
Fiskars Group is committed to conducting its business
in an ethical and responsible manner, tolerating no
violations of the Fiskars Group Code of Conduct.
The Fiskars Group Code of Conduct requires
all employees or other persons working under
Fiskars Group’s direction to report any suspected
violations to their manager, HR, Legal & Compliance
function, through the anonymous written Ethics
and Compliance Helpline, or by calling Ethics and
Compliance Hotline numbers. Fiskars Group has
country-specific numbers for those countries where
there is either a manufacturing unit or distribution
center or significant suppliers. The anonymous
third-party channels are also open to suppliers
and partners.
All suspected violations and occurrences of
misconduct are promptly and thoroughly investigated
with confidentiality by the Legal and Compliance
function. Depending on the case, relevant functions
such as HR are engaged in resolving the issues. All
reported cases are reported quarterly to the Board’s
Audit Committee.
During 2022, Fiskars Group had a total of 30
reported misconduct cases. Eighteen reports
were anonymously made through the Ethics and
Compliance Helpline, four cases were received via
management, six cases were received via HR, and
two were reported via the compliance email address.
The reported cases were related to leadership issues,
the misuse of employee benefits, breaches of policies
and guidelines, discrimination, bullying, harassment,
conflicts of interest, health and safety, fraud, and
privacy. Eighteen of these cases were investigated,
resolved, and closed during 2022. Twelve remain
under investigation or are being followed up.
The performance of Fiskars Group’s suppliers is
followed up through regular audits. In 2022, Fiskars
Group conducted a total of 88 (81) supplier code
of conduct audits on its suppliers. This included
audits for finished good suppliers, raw material and
component suppliers, and out-licensing partners.
Fiskars Group has a professional team of auditors
who perform audits in the Far East and Southeast
Asia. In addition, third-party audit services are used
to complement the company’s own assessments
when required.
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, including environmental, social, and
employee matters, respect for human rights, and
anti-corruption and bribery matters, are 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.
Detailed risk descriptions can be found under the
section on Risks and business uncertainties.
EU Taxonomy
Fiskars Group discloses information according to
Commission Delegated Regulation (EU) 2021/2178
of July 6, 2021, supplementing Regulation (EU)
2020/852 (“EU Taxonomy for sustainable activities”)
of the European Parliament and of the Council.
The EU has taken an active role in driving sustainable
growth. Directing investments towards sustainable
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projects and activities is necessary to meet the
climate targets set by the EU. To support this, the EU
has established a 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,
of which two (climate change mitigation and
climate change adaptation) have been finalized
(EU Taxonomy Climate Delegated Act) thus far. As
of January 2022, large companies in Europe were
required to provide information on their Taxonomy-
eligible activities, and from January 2023, companies
are required to provide information on their
Taxonomy-aligned economic activities in addition
to Taxonomy-eligible activities for the first two
environmental objectives.
At this stage, the economic activities defined in the
Climate Delegated Act are mainly those with the most
significant impact on climate change. These economic
activities have been defined first, as they are the
most crucial for meeting climate change mitigation
and climate change adaptation requirements. Fiskars
Group’s main business is in manufacturing consumer
products for indoor and outdoor living. Fiskars Group’s
industry has not been defined among the most high-
emitting industries, and the company’s interpretation
of the current Taxonomy is therefore that most of
the company’s business is not within the scope of
the Taxonomy. However, in addition to providing
consumer products and services, Fiskars Group’s
activities include museums and cultural activities, real
estate activities, and forest management which have
been specified in the Taxonomy. These represent a
minority of the overall business.
Fiskars Group has reviewed the Minimum Social
Safeguards set out in Regulation (EU) 2020/852
and the Final Report on Minimum Safeguards by the
EU Platform on Sustainable Finance. The minimum
safeguards cover minimum criteria on human rights,
bribery and corruption, taxation, and fair competition.
Fiskars Group has assessed its activities to be aligned
with the established criteria. Fiskars Group has
extensive policies in place for the aforementioned
topics, extending requirements also to the company’s
business partners. The company is committed to
and supports the values, freedoms, and fundamental
rights promoted in internationally recognized labor
and human rights standards, as well as guidelines
on taxation and preventing bribery and corruption.
More information on advancing human rights, anti-
corruption and prevention of bribery can be found in
the section on Reporting of non-financial information
and the 2022 Sustainability Report.
Sustainability is an important part of Fiskars Group’s
strategy, and the company is constantly working
to further improve its performance in this area.
Fiskars Group views sustainability as an opportunity
to take action in solving global challenges and to
create solutions that support consumers in their
journey toward a more sustainable future. Fiskars
Group designs products of timeless, purposeful, and
functional beauty, driving innovation and sustainable
growth, and has launched new product series which
use recycled materials. The company continues to
research and innovate with new and sustainable
materials. Fiskars Group has also introduced new
business models based on services (for example, the
Vintage service and Fiskars pan care service) to keep
products in circulation for as long as possible. The
company has set ambitious science-based targets
to reduce emissions, and the company invests in its
operations to constantly improve efficiency and to
become more circular. More information about Fiskars
Group’s environmental sustainability can be found in
the Reporting of non-financial information section
of this report and the 2022 Sustainability Report,
published as a part of the Annual Report.
Fiskars Group has taken a stringent approach to
assessing Taxonomy-eligibility and alignment.
The company has assessed turnover, capital, and
operational expenditure for its forestry, cultural,
and real estate operations, as well as its operational
activities. Individual Taxonomy-eligible activities have
been identified. In terms of Taxonomy-alignment,
Fiskars Group has not identified any activities from
the currently defined economic activities.
Fiskars Group expects the share of eligibility and
alignment to increase as the classifications under
the remaining four environmental objectives are
published. At this stage, while the remaining
environmental objectives have yet to be fully defined,
the share of turnover, capital (CapEx), and operational
expenditure (OpEx) substantially contributing to the
economic activities in the Climate Delegated Act for
Fiskars Group remains low. The share of turnover,
CapEx, and OpEx figures are accounted for from the
relevant separate IFRS reported account groups, and
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no items have therefore been double counted for the
numerator.
The figures are presented in the tables at the end of
this section.
Taxonomy-eligible turnover
The proportion of turnover has been calculated as
the part of the net turnover derived from products
or services, including intangibles, associated with
Taxonomy-eligible economic activities (numerator),
divided by the net turnover (denominator) of
Fiskars Group.
In addition to providing consumer products and
services, Fiskars Group’s activities include museums
and cultural activities, real estate activities, and forest
management. However, these represent a minority
of the overall business. Fiskars Group identified
certain activities as Taxonomy-eligible, according to
the economic activities 1.3 Forest management, 7.7
Acquisition and ownership of buildings, 13.1 Creative,
arts and entertainment activities, and 13.2 Libraries,
archives, museums and cultural activities in Annex I of
Regulation (EU) 2021/2139.
1.3 FOREST MANAGEMENT
Fiskars Group owns around 14,000 hectares of FSC™-
certified (FSC C109750) and PEFC-certified (PEFC /
02-21-18) forests around the area of the company-
owned Fiskars Village and elsewhere in Finland.
Fiskars Group actively manages these forests and
generates income from selling wood (logging).
The carbon stock of the forests is significant.
According to an assessment conducted with the
Natural Resources Institute Finland, the current
carbon stock of trees is 2.2 million tons of CO
2
equivalent, with the total combined carbon stock
of trees, other biomass, and soils is 5.7 million tons
of CO
2
equivalent. The current annual carbon sink
of the forest is 17,000 tons of CO
2
equivalent. The
Substantial Contribution Criteria set out in Annex I of
Regulation (EU) 2021/2139 for this economic activity
are vast. Forest management meets and in many
parts exceeds the criteria set by Finnish law. Forest
management is also continuously audited through
the FSC certification requirements, for example.
However, some criteria are not fulfilled in order to be
fully aligned.
This economic activity has been assessed as
Taxonomy-eligible but not aligned.
7.7 ACQUISITION AND OWNERSHIP OF BUILDINGS
Fiskars Group owns real estate and gathers income
from tenants renting the buildings in question.
However, the majority of the rental properties are in
protected buildings, for which Energy Performance
Certificates (EPCs) have not been acquired. Protected
buildings are not required to have EPCs. Energy
Performance measures have not been thoroughly
assessed, so Fiskars Group has assessed this activity
as Taxonomy-eligible but not aligned.
13.1 CREATIVE, ARTS AND ENTERTAINMENT
ACTIVITIES
Fiskars Group’s brands have a strong heritage, and
historical and cultural connections are maintained by
offering creative experiences, for example. Fiskars
Group generates some income from these activities.
Design museum Iittala in Finland offers glass vase
mouth blowing for visitors. The World of Wedgwood
in the UK offers creative experiences in the form of
clay studios, pottery painting, and other activities and
workshops. Iittala & Arabia Design Centre in Helsinki
invites visitors to explore their own creativity through
workshops, lectures, and events, for example.
These activities are solely Taxonomy-eligible and
not aligned, as they are not linked to climate change
adaptation.
13.2 LIBRARIES, ARCHIVES, MUSEUMS AND
CULTURAL ACTIVITIES
Fiskars Group collaborates with museums and
institutions, including Design Museum Helsinki,
generating some income from ticket sales and tours.
Visits and guided tours are also arranged e.g., at
Fiskars Group’s factories in Ireland (The House of
Waterford), the U.K. (the World of Wedgwood), and
Slovenia (Rogaška).
These activities are solely Taxonomy-eligible and
not aligned, as they are not linked to climate change
adaptation.
Fiskars Group has identified 0.4% of Taxonomy-
eligible turnover for 2022 from the economic activities
listed above. Fiskars Group has not identified any
Taxonomy-aligned turnover.
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Taxonomy-eligible CapEx
The proportion of Taxonomy-eligible CapEx has been
calculated as part of the total CapEx related to assets
or processes that are associated with Taxonomy-
eligible economic activities. In addition, the numerator
includes individual measures enabling target activities
to become low-carbon or to lead to greenhouse
gas reductions, notably, activity 7.3 Installation,
maintenance and repair of energy efficient equipment.
The denominator has been compiled in accordance
with the application of international financial reporting
standards (IFRS) as adopted by Regulation (EC) No.
1126/2008.
Fiskars Group has set ambitious science-based
targets to reduce emissions. In line with these targets,
Fiskars Group is investing in ways to improve energy
efficiency and cut greenhouse gas emissions. To
distinguish the investments with the most significant
impacts on Fiskars Group’s operative outcome and
to ensure they represent a meaningful share of the
company’s overall CapEx, Fiskars Group decided
to mainly gather CapEx information for activities
exceeding EUR 100,000.
With the monetary threshold and examining
Taxonomy-eligible expenditures, Fiskars Group
identified three economic activities, under which
certain projects were found eligible: 7.2 Renovation
of existing buildings, 7.3 Installation, maintenance
and repair of energy efficiency equipment, and 7.6
Installation, maintenance and repair of renewable
energy technologies, in Annex I of Regulation (EU)
2021/2139.
7.2 RENOVATION OF EXISTING BUILDINGS
In 2022, Fiskars Group renovated the roof of one
of its manufacturing sites and a building. The latter
included changing the windows and adding new
insulation. These were both interpreted as Taxonomy-
eligible projects. However, as energy efficiency
improvements have not been quantified, these
projects have been assessed as Taxonomy-eligible
but not aligned.
7.3 INSTALLATION, MAINTENANCE AND REPAIR OF
ENERGY EFFICIENCY EQUIPMENT
Under Installation, maintenance and repair of energy
efficiency equipment, Fiskars Group has identified
equipment and lighting related expenditures
which improve energy efficiency and/or reduce
emissions in manufacturing operations. In 2022,
Fiskars Group invested in a robot coating line
which increases energy efficiency. In addition,
Fiskars Group announced an energy investment
of approximately EUR 10 million
1
in the Iittala glass
factory in Hämeenlinna, Finland, where the company
is replacing the factory’s existing natural gas powered
furnaces with electricity powered furnaces. With this
investment, the glass factory will reduce its annual
carbon dioxide emissions by 74% by the end of 2026.
In 2022, the company initiated investments for two
new furnaces, which will be run with renewable
electricity instead of natural gas.
1
Approximately 30% of the total investment will be covered by the European
Union’s NextGenerationEU funding granted by the Ministry of Economic
Affairs and Employment of Finland on October 4, 2022. This energy
investment aid to the Iittala glass factory is EUR 2.871 million.
However, as this economic activity is listed under
Construction and real estate in the EU Taxonomy,
the technical criteria listed are related to the energy
efficiency of buildings. The criteria are not relevant
regarding the investments Fiskars Group has
considered under this activity. The company has
therefore assessed this activity as Taxonomy-eligible
but not aligned.
7.6 INSTALLATION, MAINTENANCE AND REPAIR OF
RENEWABLE ENERGY TECHNOLOGIES
During 2022, Fiskars Group invested in solar
photovoltaic systems at one of its manufacturing
units. The project has been assessed as Taxonomy-
eligible solely because of not meeting the Do No
Significant Harm criteria regarding climate change
adaptation. The company has not performed a
robust climate risk and vulnerability assessment for
this specific activity. The company has therefore
assessed this activity as Taxonomy-eligible but
not aligned.
Of the economic activities listed above, Fiskars Group
has identified 4.4% of Taxonomy-eligible CapEx for
2022. Fiskars Group has not identified any Taxonomy-
aligned CapEx.
Taxonomy-eligible OpEx
The OpEx denominator covers direct non-capitalized
costs related to research and development, building
renovation measures, short-term leases, maintenance
and repair, and other direct expenditure related to
the day-to-day servicing of assets of property, plant,
and equipment by Fiskars Group or a third party to
whom activities are outsourced that are necessary
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to ensure the continued and effective functioning of
such assets.
The OpEx numerator equals to the part of the
operating expenditure included in the denominator
that is related to assets or processes associated
with Taxonomy-eligible economic activities, including
training and other human resources adaptation needs
and direct non-capitalized costs that represent
research and development.
Fiskars Group has identified relevant operational
expenditures related to Taxonomy-eligible
turnover from 1.3 Forest management, as well as
7.7 Acquisition and ownership of buildings. These
operational expenditures include personnel, IT, rents
and leases, and other running expenses. For forest
management, these also include expenses from
planting new trees.
Of the economic activities listed above, Fiskars Group
has identified 6.2% of Taxonomy-eligible OpEx for
2022. Fiskars Group has not identified any Taxonomy-
aligned OpEx.
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Turnover
Substantial contribution criteria DNSH criteria
Economic Activities
Code(s)
Absolute turnover
Proportion of turnover
Climate change
mitigation
Climate change
adaptation
Water and marine
resources
Circular economy
Pollution
Biodiversity and
ecosystems
Climate change
mitigation
Climate change
adaptation
Water and marine
resources
Circular economy
Pollution
Biodiversity and
ecosystems
Minimum safeguards
Taxonomy-aligned
proportion of turnover,
year 2022
Taxonomy-aligned
proportion of turnover,
year 2021
Category (enabling
activity)
Category (transitional
activity)
MEUR % % % % % % % Y/N Y/N Y/N Y/N Y/N Y/N Y/N % % E T
A. Taxonomy-eligible activities
A.1. Environmentally sustainable
activities (Taxonomy-aligned)
Turnover of environmentally sustainable
activities (Taxonomy-aligned) (A.1)
A.2. Taxonomy-Eligible but not
environmentally sustainable activities
(not Taxonomy-aligned activities)
Libraries, archives, museums and
cultural activities
91 0.7 0.1%
Acquisition and ownership of buildings 68 1.7 0.1%
Creative, arts and entertainment
activities
90 0.2 0.01%
Forest management 02.20 2.1 0.2%
Turnover of Taxonomy-Eligible but not
environmentally sustainable activities
(not-Taxonomy-aligned activities)
(A.2)
4.6 0.4%
Total (A.1 + A.2) 4.6 0.4%
B. Taxonomy-non-eligible activities
Turnover of Taxonomy-non-eligible
activities (B)
1,243.4 99.6%
Total (A + B) 1,248.0 100%
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CapEx
Substantial contribution criteria DNSH criteria
Economic Activities
Code(s)
Absolute CapEx
Proportion of CapEx
Climate change
mitigation
Climate change
adaptation
Water and marine
resources
Circular economy
Pollution
Biodiversity and
ecosystems
Climate change
mitigation
Climate change
adaptation
Water and marine
resources
Circular economy
Pollution
Biodiversity and
ecosystems
Minimum safeguards
Taxonomy-aligned
proportion of CapEx,
year 2022
Taxonomy-aligned
proportion of CapEx,
year 2021
Category (enabling
activity)
Category (transitional
activity)
MEUR % % % % % % % Y/N Y/N Y/N Y/N Y/N Y/N Y/N % % E T
A. Taxonomy-eligible activities
A.1. Environmentally sustainable
activities (Taxonomy-aligned)
CapEx of environmentally sustainable
activities (Taxonomy-aligned) (A.1)
A.2. Taxonomy-Eligible but not
environmentally sustainable activities
(not Taxonomy-aligned activities)
Installation, maintenance and repair of
energy efficiency equipment
23, 25 3.0 3.9%
Renovation of existing buildings 43 0.3 0.4%
Installation, maintenance and repair of
renewable energy technologies
43 0.5 0.1%
CapEx of Taxonomy-Eligible but not
environmentally sustainable activities
(not-Taxonomy-aligned activities) (A.2)
3.4 4.4%
Total (A.1 + A.2) 3.4 4.4%
B. Taxonomy-non-eligible activities
CapEx of Taxonomy-non-eligible
activities (B)
73.6 95.6%
Total (A + B) 77.0 100%
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OpEx
Substantial contribution criteria DNSH criteria
Economic Activities
Code(s)
Absolute OpEx
Proportion of OpEx
Climate change
mitigation
Climate change
adaptation
Water and marine
resources
Circular economy
Pollution
Biodiversity and
ecosystems
Climate change
mitigation
Climate change
adaptation
Water and marine
resources
Circular economy
Pollution
Biodiversity and
ecosystems
Minimum safeguards
Taxonomy-aligned
proportion of OpEx,
year 2022
Taxonomy-aligned
proportion of OpEx,
year 2021
Category (enabling
activity)
Category (transitional
activity)
MEUR % % % % % % % Y/N Y/N Y/N Y/N Y/N Y/N Y/N % % E T
A. Taxonomy-eligible activities
A.1. Environmentally sustainable
activities (Taxonomy-aligned)
OpEx of environmentally sustainable
activities (Taxonomy-aligned) (A.1)
A.2. Taxonomy-Eligible but not
environmentally sustainable activities
(not Taxonomy-aligned activities)
Acquisition and ownership of buildings 68 1.8 5.0%
Forest management 02.20 0.4 1.2%
OpEx of Taxonomy-Eligible but not
environmentally sustainable activities
(not-Taxonomy-aligned activities) (A.2)
2.3 6.2%
Total (A.1 + A.2) 2.3 6.2%
B. Taxonomy-non-eligible activities
OpEx of Taxonomy-non-eligible
activities (B)
34.2 93.8%
Total (A + B) 36.5 100%
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Changes in organization and
management
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. James Brouillard, previously
Executive Vice President, Business Area Terra,
decided to leave the company. Additionally, the
Consumer Experience and Communications function
was merged into the Business Areas and other
functions. Consequently, Chief Consumer and
Communication Officer Tina Andersson decided to
leave the company.
On January 31, 2022, Fiskars Group appointed Anna
Mindelöf as Chief People Officer and a member of
the Fiskars Group Leadership Team. Anna started
in her position on March 1, 2022 and reports to the
President and CEO. Niklas Lindholm, Chief People
Officer, decided to leave the company.
On November 15, 2022, Fiskars Group announced
several changes to its Leadership team as of January
1, 2023. The company announced that it would add
a new role of Executive Vice President, Direct to
Consumer, to the Leadership Team. This position will
be filled later. In addition, the leadership of Fiskars
Group’s wholesale sales organization was split into
two regional roles, one for the Americas and one for
Europe and Asia-Pacific (excluding China). It was
announced that Johan Hedberg, previously Fiskars
Group’s Chief Sales Officer and President, Americas
and member of the Leadership Team since December
2019, would continue to lead sales for the Americas
region as Chief Sales Officer, Americas and President,
Americas. Gennady Jilinski was appointed Chief Sales
Officer, Europe and APAC (excl. China). Risto Gaggl,
Chief Supply Chain Officer, decided to leave Fiskars
Group at the end of 2022 and Bengt Erlandsson was
appointed Chief Supply Chain Officer on an interim
basis until the new Chief Supply Chain Officer is
appointed. Furthermore, the position of Chief Legal
Officer, held by Päivi Timonen, will not be part of the
Leadership Team as of January 1, 2023.
Other significant events during
the year
Outlook lowered on December 14, 2022
On December 14, 2022, Fiskars Group lowered
its outlook for 2022 as a result of weaker than
anticipated demand in the fourth quarter. Based on
the new outlook, the company expected comparable
EBIT to be approximately EUR 150 million (2021: EUR
154.2 million). Previously the company expected
comparable EBIT to increase from 2021. The rationale
for lowering the outlook was that low consumer
confidence together with retailers’ elevated inventory
levels had reduced customers’ new orders and
replenishments more than anticipated, especially
in the U.S.
Cancellation of treasury shares announced on
October 28, 2022 and registered on November 2,
2022 – total number of shares changed
On October 28, 2022, Fiskars Group announced that
the Board of Directors of Fiskars Corporation had
decided to cancel a total of 905,242 Fiskars shares
owned by the Company. On November 2, 2022,
Fiskars Group announced that the cancellation of
the treasury shares had been registered with the
Trade Register maintained by the Finnish Patent and
Registration Office. After the cancellation, the total
number of shares in Fiskars Group is 81,000,000,
the total number of votes attached to the shares
is 81,000,000 and Fiskars holds a total of 419,484
treasury shares. The cancellation of the shares had
no effect on the share capital of Fiskars.
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
Director (President and CEO), and the Auditor. Other
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
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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 2022.
Resolutions of Annual general
meeting 2022 and Board’s
constitutive meeting
The Annual General Meeting (“AGM”) of shareholders
of Fiskars Corporation was held at Itämerentori 2,
Helsinki, on March 16, 2022. To prevent the spread
of Covid-19, the AGM was held without shareholders
and their proxy representatives present at the
meeting venue. The shareholders of the company
participated in the meeting and exercised their
shareholders’ rights by voting in advance or through
a proxy representative designated by the company.
A total of 163 shareholders, representing 47.6 million
shares and votes, was represented at the meeting.
The AGM supported all the proposals by the Board of
Directors with at least 96 percent of the votes cast.
The AGM approved the financial statements for 2021
and discharged the members of the Board and the
President and CEO from liability.
The AGM decided in accordance with the proposal by
the Board of Directors to pay a dividend of EUR 0.76
per share for the financial period ending on December
31, 2021. The dividend was paid in two instalments.
The ex-dividend date for the first instalment of
EUR 0.38 per share was on March 17, 2022. The
first instalment was paid to shareholders who
were registered in the shareholders’ register of the
company maintained by Euroclear Finland Ltd on the
dividend record date, March 18, 2022. The payment
date for this instalment was March 25, 2022.
On September 7, 2022 The Board of Directors
resolved in accordance with the resolution of the
Annual General Meeting the record date and the
payment date of the second instalment of EUR 0.38
per share. The ex-dividend date for the second
instalment was September 8, 2022 and the dividend
record September 9, 2022. The payment date for the
second dividend instalment was September 16, 2022.
The AGM decided to adopt the adjusted
Remuneration Policy for the governing bodies.
The AGM decided that the Board of Directors should
consist of eight (8) members. Albert Ehrnrooth,
Paul Ehrnrooth, Louise Fromond, Jyri Luomakoski,
and Ritva Sotamaa were re-elected to the Board of
Directors. Julia Goldin, Carl-Martin Lindahl, and Volker
Lixfeld were elected as new members of the Board of
Directors. The term of the Board members will expire
at the end of the AGM in 2023.
Ernst & Young, the Authorized Public Accountants
firm, was re-elected as auditor for the term, which
will expire at the end of the AGM in 2023. Ernst &
Young has announced that the responsible auditor
will be Kristina Sandin, APA. The AGM decided
that the auditors’ fees would be paid according
to a reasonable invoice approved by the Board of
Directors.
Convening after the AGM held on March 16, 2022,
the Board of Directors elected Paul Ehrnrooth as its
Chairman and Jyri Luomakoski as its Vice Chairman.
The Board decided to establish a Nomination
Committee and appointed Paul Ehrnrooth (Chairman),
Louise Fromond and Jyri Luomakoski as members,
and Alexander Ehrnrooth as an external member
to the Nomination Committee. It further decided to
establish an Audit Committee and appointed Jyri
Luomakoski (Chairman), Albert Ehrnrooth, Louise
Fromond, and Ritva Sotamaa as the members of the
Audit Committee. The Board also decided to establish
a Human Resources and Compensation Committee
and appointed Paul Ehrnrooth (Chairman), Jyri
Luomakoski, Carl-Martin Lindahl, and Volker Lixfeld as
members of the committee.
Board authorizations
Authorizing the Board of Directors to decide on
the acquisition of the company’s own shares
The Annual General Meeting 2022 decided to
authorize the Board to decide on the acquisition of a
maximum of 4,000,000 of the company’s own shares,
in one or several instalments, 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
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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, 2023,
and it did not cancel the corresponding authorization
granted to the Board by the AGM on March 11, 2021.
PURCHASES OF THE COMPANY’S OWN SHARES IN 2022
In 2022, the company acquired 1,000,000 of its own
shares for EUR 18 million. The average price of the
acquired shares was EUR 18.01 per share, the highest
price being EUR 20.95 per share, and the lowest price
EUR 14.24 per share.
The share acquisition commenced based on the
authorization given by the Annual General Meeting
2021 and has continued based on the authorization
given by the Annual General Meeting 2022.
Authorizing the Board of Directors to decide on
the transfer of the company’s own shares
The Annual General Meeting 2022 decided to
authorize the Board to decide on the transfer of the
company’s own shares (share issue) held as treasury
shares of a maximum of 4,000,000 shares, in one
or several instalments, either against or without
consideration. For example, the company’s own
shares held as treasury shares may be transferred as
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
the company’s own shares held as treasury shares.
The transfer of the company’s 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, 2023 and
cancelled the corresponding authorization granted to
the Board by the AGM on March 11, 2021.
TRANSFERS OF THE COMPANY’S OWN SHARES IN 2022
In 2022, the company transferred 108,951 of its own
shares in two directed issues. Both of the issues were
related to rewards based on the company’s incentive
plans to key employees. The first directed issue was
based on authorization given by the Annual General
Meeting 2021 and the second issue was based on
authorization given by Annual General Meeting 2022.
Shares and shareholders
Fiskars Corporation has one share series (FSKRS).
All shares carry one vote and equal rights. In 2022,
Fiskars Corporation cancelled 905,242 treasury
shares after which the number of shares in the
Corporation was reduced to 81,000,000. Fiskars
Corporation held 419,484 of its own shares at the end
of the year. 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
share price was EUR 18.61 in 2022 (2021: 18.13). At
the end of December, the closing price was EUR
15.38 (EUR 23.00) per share and Fiskars had a market
capitalization of EUR 1,239.3 million (1,873.8). The
number of shares traded on Nasdaq Helsinki and in
alternative marketplaces in 2022 was 9.7 million (8.0),
which represents 12.1% (9.8%) of the total number of
shares. The total number of shareholders was 32,602
(30,080) at the end of 2022.
Flagging notifications
Fiskars was not informed of any significant changes
among its shareholders during the year.
Risks and business uncertainties
Fiskars Group has identified the following
uncertainties that may have an adverse impact on the
business and financial performance of the company.
Sustainability related uncertainties are reviewed as
a part of Fiskars Group’s annual risk management
process and as such also described below. Risk
management practices are explained in a separate
Corporate Governance Statement.
Macroeconomic and political
A prolonged recession and weak consumer
demand, as well as political uncertainty including
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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 slowing down the world economy, as
witnessed with Covid-19, may impact the operations of
the company. In addition, negative consumer reactions
towards a situation created by geopolitical tensions,
can be harmful to business. In the long-term, these
risks are mitigated by having a diversified commercial
footprint, both in terms of geography and product
portfolio.
The current changes in geopolitical environment have
increased the political and country risks substantially.
There is a political risk to sanctions or import
restrictions, especially with China. The realization of
this risk would have a negative impact on the Group’s
net sales and profit as China is both a key supplier
market and one of the strategic focus countries.
Supply chain and suppliers
Fluctuations in the price, availability or quality of the
most important raw materials, energy, components
and finished products from suppliers can have a
negative impact on the profitability of Fiskars Group.
Furthermore, global supply chain disturbances,
increases in shipping costs and regulatory actions,
such as tariff increases, and emission trading systems
can affect profitability negatively. Dependency on
any single source of supply can cause business
interruptions and result in lack of product supply for
several months.
Fiskars Group manages the price, availability and
quality risks inherent in contracts with multiple
suppliers and by continuously seeking alternative
sustainable materials. The company also mitigates
the dependency on any single source of supply by
mapping possible suppliers and by maintaining an
extensive business interruption insurance. In addition,
to secure product availability, the company may also
prepare for potential disruptions with safety stocks.
Fiskars Group’s production strategy is based on a
combination of its own manufacturing and carefully
selected supply partners. Own manufacturing takes
place in Europe, Asia and the United States, and most
of the suppliers are located in Asia. The company’s
suppliers are exposed to changes in the legal,
economic, political and regulatory landscape in the
operating countries.
Consumers have increasing expectations regarding
sustainability requirements. Failure to meet these
expectations or a lack of transparency in the supply
chain may have a negative impact on the Group’s
employer or brand 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 which sets the non-negotiable minimum
standards regarding topics such as health and safety,
environmental protection, and human and labor rights.
The company conducts audits on its finished good
suppliers. Currently, transparency is mainly limited to
Fiskars Group’s direct suppliers, and the challenge is
to manage the risks beyond direct suppliers.
Consumer behavior
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 that support
circularity and extend the lifecycle of products.
Related to this, Fiskars Group has also identified the
risk of decreasing demand for traditional products. In
addition, the fast pace of change in consumer trends
puts pressure on new product development and
speed-to-market processes.
Failure or slowness to respond to changing consumer
behavior, changing preferences 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, as
well as on sustainability by innovating circular designs
and new business models to address the needs of the
modern consumer.
The geopolitical tensions, broad-based inflation
and rising interest rates witnessed in 2022 in
many markets have reduced consumer confidence
and can further weaken the demand for Fiskars
Group’s products.
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 e-commerce.
Fiskars Group is exposed to risks from structural
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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. As an outcome retailers may lower
the level of the Group’s products in their own stock,
decrease the level of shelf space reserved for the
Group’s products or even discontinue selling the
Group’s products.
Failure to meet customer demands may result in
Fiskars Group losing customers or category 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.
There is also a risk of customer bankruptcy due to the
challenging economic environment.
Fiskars Group maintains relationships and trade
relations with a diverse customer base and no single
customer represents more than 5% of the Group’s
revenue. Fiskars Group is constantly developing its
sales organization and supply chain operations to
meet the changes in customer demand.
People
People are at the core of Fiskars Group’s strategy as
the most important asset and enabler. The execution
of the Growth Strategy is heavily reliant on employing
the right people in the right positions.
An inability to attract and retain talented and
committed professionals with the needed capabilities
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. Employee engagement is promoted notably
by providing opportunities for professional growth
through leadership training and skills development
and by committing to a diverse and inclusive culture.
The “Our Voice” employee surveys are carried out
regularly to monitor the engagement and well-being
of the company’s employees.
Occupational health and safety risks may cause
severe harm to employees and endanger the
continuity of operations. Fiskars Group has set
a Group-level target of achieving zero lost time
accident frequency. The company is committed to
ethical and responsible business practices and to
respecting human rights, anti-corruption and anti-
bribery activities. The same is also expected of the
Group’s suppliers. Failure to keep these commitments
can lead to a decrease in employee motivation and
well-being as well as reputational and financial
damage to the company. 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.
IT systems and cyber security
Fiskars Group is increasingly dependent on
centralized information technology systems and
suppliers that hold and process critical business
information. Breaches, malfunctions, cyber-attacks
and fraud attempts towards Fiskars Group or its
suppliers may cause interruptions in the company’s
operations on either a regional or global level. Such
interruption may have a material adverse effect on the
net sales, profit and reputation of the Group.
Risks related to major system implementations, such
as conflicting or missing data, budget overspend and
delay of the project may affect business negatively.
Operating against IT best practices, such as following
poor lifecycle management, may leave systems
vulnerable and cause compromised security. The
risk applies both to own and suppliers’ or other third
parties’ IT environment.
Fiskars Group mitigates IT-related risks by deploying
high-quality IT solutions and by maintaining,
developing and testing their function and integrity
according to internal IT control framework and
industry best practices. Critical service and
technology providers are required to have continuity
and recovery plans for their services in the event of
disruptions. Changes to new and existing IT systems
are made according to standard processes and
procedures.
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Fiskars Group’s information and cyber security
governance works towards integrating risks into
corporate decision-making. Security posture and
capabilities are ensured with different security
technologies including network, endpoint and cloud
detection and response, firewalls, threat intelligence
and security operations. Security awareness program
develops and promotes cyber security and data
privacy mindset for all Group’s employees.
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
aiming to decrease dependency on fossil fuels and
to reduce emissions, including the introduction of
new tax policies, 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, and loss of biodiversity may
interrupt and impact the operations of Fiskars Group.
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.
Fiskars Group needs to enhance climate change
resilience by adapting to changing weather patterns
and shifting customer expectations. The 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. Also, the expectation to acquire green and
sustainability linked funding is increasing, and a
demand for showing performance in ESG matters
is growing. Financial implications of business
interruptions caused by natural hazards are mitigated
by insurance.
Multiple source contracts and ongoing research
carried out on alternative sustainable materials are
relied on to manage price and availability risks.
Seasonality
For the gardening category in the Terra segment,
the second quarter of the year is seasonally the
most important. The back-to-school and holiday
seasons are important for the sales performance of
Crea during the second half of the year. For the Vita
segment, the fourth quarter of the year is the most
important.
Any negative developments related to product
availability, demand or increased costs in
manufacturing or logistics during the important
seasons can significantly affect the full-year net
sales and profit. The seasonality of demand can differ
from a typical year due to current volatile market
conditions. Fiskars Group’s strategy is to balance
seasonality by diversifying and developing its product
portfolio according to customer needs.
Weather
Demand for some of Fiskars Group’s products
depends on the weather conditions, especially for
garden tools during the spring and snow tools during
the winter. Unfavorable weather conditions, such as
a cold and rainy spring and summer and snowless
winter can have a negative impact on the sale of
these products, whereas favorable conditions can
boost their sales. The company seeks to balance the
impact of changing weather conditions by having
a broad and diverse product portfolio and broad
geographical footprint. Extreme weather conditions,
for example storms and wildfires, are expected to
increase in the future due to climate change and may
also have local impact on business operations.
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,
environmental, social and governance (ESG) 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 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
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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 and brand reputation 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.
Intellectual property rights
The well-known and strong Fiskars Group’s brands
are exposed to infringement of intellectual property
rights (IPR). There is a risk that the company, its
agents or suppliers can be harmed by employees,
agents or third parties using company trade secrets
or intellectual property to the Group’s detriment.
Counterfeit products may present quality and safety
risks to consumers and may damage consumer
confidence in the Group’s 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.
Product safety and liability
Fiskars Group is committed to offering high-quality
and functional products that are safe to use and fit for
purpose. As a manufacturer and seller of an extensive
portfolio (including sharp cutting tools, food contact
items, children’s products) with a broad distribution,
the Group carries a risk of product liability. Failure
to meet safety, quality and legal requirements due
to for example inadequate supplier selection, quality
assurance or manufacturing process control may
lead to a delivery stop or product recall, reputation
loss, indemnities and lost sales. These costs can be
substantial, and in some jurisdictions may include
punitive elements.
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.
Currency rates
With a significant part of the business in the U.S.
and in other countries outside the eurozone, Fiskars
Group is exposed to fluctuations in foreign currency
rates. A change in the exchange rate may have a
material impact on the reported financial figures. A
change in the exchange rate may also negatively
impact the local competitiveness of a Fiskars
Group company. The most significant transaction
risks relate to the appreciation of IDR, THB and
USD and the depreciation of AUD, CAD 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 cash flows 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.
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.
Taxation
Fiskars Group entities are subject to tax audits in
several countries. It is possible that tax audits may
lead to reassessment of taxes as the international
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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. Eventual
reassessments 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 dialogue with tax authorities and may seek
for advance tax rulings to secure its tax positions
beforehand where deemed necessary.
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
Jan 13, 2023: Preliminary key figures for Q4 and
full year 2022
Fiskars Group published preliminary key figures on
its financial performance in the fourth quarter and
the full year 2022, as 2022 was volatile due to the
challenging operating environment. In the release,
the company published unaudited Q4 and full-year
sales on a comparable and reported basis as well as
comparable EBIT for Q4 and the full year 2022. The
figures provided in the release did not change after
publication.
Jan 20, 2023: Proposals of the Nomination
Committee of the Board of Directors to Fiskars’
Annual General Meeting 2023
The Nomination Committee of the Board of Directors
proposes to the Annual General Meeting that the
following individuals shall be re-elected to the Board
of Directors: Albert Ehrnrooth, Paul Ehrnrooth, Louise
Fromond, Julia Goldin, Carl-Martin Lindahl, Volker
Lixfeld, Jyri Luomakoski and Ritva Sotamaa. The
Nomination Committee proposes that the annual
fees of the members of the Board of Directors shall
be EUR 70,000, the annual fee of the Vice Chairman
EUR 105,000 and the annual fee of the Chairman
EUR 140,000.
Jan 23, 2023: Plans for targeted organizational
changes to accelerate strategy execution
Fiskars Group announced that it is planning changes
mainly in the organizational structure of its three
business areas to further accelerate the execution
of its Growth Strategy. The planned organizational
changes are expected to lead to a net reduction
of approximately 100 roles globally and to result in
total annual cost savings of approximately EUR 30
million, out of which approximately half would be
realized in the second half of 2023. At the same time,
the company will continue to invest in key strategic
building blocks, especially direct-to-consumer
and digital. One-off costs related to the planned
organizational changes are expected to amount to a
total of approximately EUR 5 million, and they will be
recorded as items affecting comparability (IAC) in the
first quarter of 2023.
Outlook for 2023
Fiskars expects comparable EBIT to be slightly below
the 2022 level (2022: EUR 151.0 million).
The company expects that key negative factors
impacting its performance in 2023 will be the
continued volatility of the market environment and
weaker demand especially in the first half of the year.
The company has announced plans for organizational
changes, which are expected to result in savings
supporting the company’s EBIT from the second half
onwards. At the same time, the company will continue
to invest in key strategic building blocks.
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Proposal for the 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 2022, the distributable
equity of the parent company was EUR 231.9 million
(2021: EUR 315.8 million).
The Board of Directors proposes to the Annual
General Meeting that a dividend of EUR 0.80 per
share shall be paid for the financial period that ended
on December 31, 2022. The dividend shall be paid
in two installments. The ex-dividend date for the
first installment of EUR 0.40 per share shall be on
March 16, 2023. 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 17,
2023. The payment date proposed by the Board of
Directors for this installment is March 24, 2023.
The second installment of EUR 0.40 per share shall
be paid in September 2023. 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, 2023. The dividend is
intented to be paid during the week commencing on
September 18, 2023.
On the date of the financial statement release,
the number of shares entitling their holders to a
dividend was 80,580,516. The proposed distribution
of dividends would thus be EUR 64.5 million (EUR
61.9 million). This would leave EUR 167.4 million
(EUR 253.8) of distributable earnings in 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.
Espoo, Finland, February 6, 2023
FISKARS CORPORATION
Board of Directors
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Consolidated Financial Statements, IFRS
Consolidated income statement
EUR million Note 2022 2021
Net sales 2.1 1,248.4 1,254.3
Cost of goods sold 2.3 -692.5 -714.6
Gross profit 555.9 45% 539.8 43%
Other operating income 2.2 5.6 4.1
Sales and marketing expenses 2.3 -276.1 -267.5
Administration expenses 2.3 -120.9 -116.9
Research and development expenses 2.3 -20.8 -15.5
Goodwill and trademark impairment 2.3, 3.2 0.0 0.0
Other operating expenses 2.3 -8.9 -1.1
Operating profit (EBIT) 134.7 11% 142.8 11%
Change in fair value of biological assets 3.5 1.1 1.3
Other financial income and expenses 2.6 -11.7 0.0
Profit before taxes 124.1 10% 144.1 11%
Income taxes 2.7 -25.0 -56.5
Profit for the period 99.1 8% 87.5 7%
Attributable to:
Equity holders of the parent company 98.2 86.6
Non-controlling interest 0.9 0.9
Profit for the period 99.1 87.5
Earnings for equity holders of the parent
company per share, euro (basic and diluted)
2.8 1.21 1.06
EUR million Note 2022 2021
Profit for the period 99.1 87.5
Other comprehensive income for the period:
Items that may be reclassified subsequently
to profit or loss:
Translation differences 3.6 13.6
Cash flow hedges 0.1 -0.1
Items that will not be reclassified to profit
or loss:
Defined benefit plans, actuarial gains
(losses), net of tax
4.4 1.3 0.3
Other comprehensive income for the period,
net of tax
Total comprehensive income for the period 104.2 101.4
Attributable to:
Equity holders of the parent company 103.2 100.6
Non-controlling interest 1.0 0.9
Total comprehensive income for the period 104.2 101.4
Consolidated statement of comprehensive income
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FINANCIAL
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Financial statements
Consolidated balance sheet
EUR million Note 31.12.2022 31.12.2021
ASSETS
NON-CURRENT ASSETS
Goodwill 3.2 221.2 219.1
Other intangible assets 3.2 278.6 270.2
Property, plant & equipment 3.3 146.3 144.9
Right-of-use assets 3.4 110.6 106.8
Biological assets 3.5 46.5 45.4
Investment property 3.6 5.8 3.6
Financial assets at fair value through profit or loss 5.3 29.0 32.0
Other investments 5.3 3.5 3.7
Deferred tax assets 2.7 29.0 27.5
Other non-current assets 5.3 6.4 6.9
Non-current assets total 876.7 55% 860.0 60%
CURRENT ASSETS
Inventories 4.1 364.7 272.9
Trade receivables 4.2 170.5 206.3
Other current receivables 4.2, 5.3 48.8 23.6
Income tax receivables 7.2 2.6
Interest-bearing receivables 1.7 0.0
Cash and cash equivalents 5.3 115.8 31.5
Current assets total 708.6 45% 537.0 37%
Assets held for sale 3.1 38.4 3%
Assets total 1,585.4 100% 1,435.5 100%
EUR million Note 31.12.2022 31.12.2021
EQUITY AND LIABILITIES
EQUITY
Equity attributable to the equity holders of the
parent company
Non-controlling interest 4.1 4.2
Equity total 5.1 835.6 53% 816.3 57%
NON-CURRENT LIABILITIES
Interest-bearing liabilities 5.4 130.4 0.7
Lease liabilities 5.5 92.9 88.9
Deferred tax liabilities 2.7 34.5 32.1
Employee benefit obligations 4.4 10.8 12.8
Provisions 4.5 2.4 3.4
Other non-current liabilities 4.0 6.0
Non-current liabilities total 275.1 17% 143.9 10%
CURRENT LIABILITIES
Interest-bearing liabilities 5.4 195.2 64.4
Lease liabilities 5.5 22.5 22.6
Trade payables 4.3 69.2 139.3
Other current payables 4.3 180.9 231.2
Income tax liabilities 2.1 3.2
Provisions 4.5 4.8 14.7
Current liabilities total 474.6 30% 475.4 33%
Equity and liabilities total 1,585.4 100% 1,435.5 100%
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FINANCIAL
STATEMENTS
Consolidated statement of cash flows
EUR million 2022 2021
Cash flow from operating activities
Profit before taxes 124.1 144.1
Adjustments for
Depreciation, amortization and impairment 59.4 61.6
Gain/loss on sale and loss on scrap of non-current assets 0.6 -0.9
Other financial items 12.3 -0.2
Change in fair value of biological assets -1.1 -1.3
Change in provisions and other non-cash items -11.2 17.7
Cash flow before changes in working capital 184.0 221.1
Changes in working capital
Change in current assets, non-interest bearing 14.9 -7.4
Change in inventories -89.7 -96.0
Change in current liabilities, non-interest-bearing -134.1 46.5
Cash flow from operating activities before financial items and
taxes
-24.9 164.2
Financial income received and costs paid -7.4 -5.0
Taxes paid -29.2 -36.4
Cash flow from operating activities (A) -61.4 122.9
EUR million 2022 2021
Cash flow from investing activities
Investments in financial assets -0.4 -3.8
Capital expenditure on fixed assets -48.1 -34.4
Proceeds from sale of fixed assets 1.5 1.8
Proceeds from sale of assets held for sale 43.9
Disposal of subsidiary, net of cash disposed of -9.2 0.9
Other dividends received 0.2
Cash flow from other investments 4.3 1.6
Cash flow from investing activities (B) -7.8 -33.7
Cash flow from financing activities
Purchase of treasury shares -18.0
Change in current receivables -1.7
Proceeds from non-current debt 130.1
Repayments of non-current debt -0.3 -60.5
Change in current debt 129.3 12.8
Payment of lease liabilities -26.5 -26.4
Cash flow from other financing items 0.0
Dividends paid -62.9 -49.2
Cash flow from financing activities (C) 149.8 -123.3
Change in cash and cash equivalents (A+B+C) 80.5 -34.2
Cash and cash equivalents at beginning of period 31.5 62.5
Translation differences 3.7 3.3
Cash and cash equivalents at end of period 115.8 31.5
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FINANCIAL
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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. diff.
Fair value
reserve
Actuarial
gains and
losses
Financial
assets at
FVTOCI
Retained
earnings
Non-
controlling
interest Total
Opening Balance Jan 1, 2021
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 0.0 0.0 13.7 -0.1 0.3 0.0 0.0 -0.1 13.9
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
Opening Balance Jan 1, 2022 77.5 -7.2 9.2 0.0 -1.4 0.0 733.9 4.2 816.3
Translation differences 3.6 0.1 3.6
Cash flow hedges 0.1 0.1
Defined benefit plan, actuarial gains (losses), net of tax 1.3 1.3
Other comprehensive income for the period, net of tax, total 0.0 0.0 3.6 0.1 1.3 0.0 0.0 0.1 5.1
Profit for the period 98.2 0.9 99.1
Total comprehensive income for the period 0.0 0.0 3.6 0.1 1.3 0.0 98.2 1.0 104.2
Purchase and issue of treasury shares -18.0 -18.0
Share-based payments, shares issued 1.8 -2.9 -1.1
Share-based payments, costs -1.6 -1.6
Cancellation of treasury shares 16.6 -16.6 0.0
Dividends paid -61.7 -1.1 -62.8
Other changes 5.4 -6.6 -1.3
Balance at Dec 31, 2022 77.5 -6.7 18.1 0.1 -0.1 0.0 742.7 4.1 835.6
Dividends
The Board of Directors has proposed a total dividend of EUR 0.80 per share to be paid for the 2022 result. A cash dividend of EUR 0.76 per share was paid for the 2021 result.
The notes are an integral part of these consolidated financial statements.
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1
General accounting principles
1.1 Basic information 38
1.2 Basis of preparation 38
1.3 Consolidation principles 38
1.4 Translation of foreign currency items 38
1.5 Use of estimates 39
1.6 New and amended standards applied in
financial year ended 39
1.7 Adoption of new and amended standards
January 1, 2023 39
37
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1 General accounting principles
38
OTHER FINANCIAL
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39
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2
Financial performance
2.1 Segment information 41
2.2 Other operating income 44
2.3 Total expenses 45
2.4. Employee benefits and number of personnel 46
2.5 Share based payments 47
2.6 Financial income and expenses 49
2.7 Income taxes 49
2.8 Earnings per share 51
40
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2 Financial performance
41
OTHER FINANCIAL
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42
OTHER FINANCIAL
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43
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44
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45
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46
OTHER FINANCIAL
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47
OTHER FINANCIAL
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48
OTHER FINANCIAL
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BOARD’S
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BOARD OF DIRECTORS
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49
OTHER FINANCIAL
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BOARD’S
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50
OTHER FINANCIAL
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51
OTHER FINANCIAL
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STATEMENTS
3
Intangible and tangible assets
3.1 Assets held for sale 53
3.2 Intangible assets 54
3.3 Property, plant and equipment 58
3.4 Right-of-use assets 60
3.5 Biological assets 61
3.6 Investment property 61
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3 Intangible and tangible assets
53
OTHER FINANCIAL
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• Software 3–10 years
• Customer relationships 5–15 years
• Other 3–10 years
54
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55
OTHER FINANCIAL
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56
OTHER FINANCIAL
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57
OTHER FINANCIAL
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BOARD’S
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58
OTHER FINANCIAL
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BOARD’S
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REPORT
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59
OTHER FINANCIAL
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BOARD’S
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STATEMENTS
• Real estate 3–15 years
• Other assets 3–5 years
60
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61
OTHER FINANCIAL
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4
Operative assets and liabilities
4.1 Inventories 63
4.2 Trade and other receivables 64
4.3 Trade and other payables 65
4.4 Employee defined benefit obligations 65
4.5 Provisions 71
62
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4 Operative assets and liabilities
63
OTHER FINANCIAL
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64
OTHER FINANCIAL
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65
OTHER FINANCIAL
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66
OTHER FINANCIAL
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REPORT
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67
OTHER FINANCIAL
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BOARD’S
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REPORT
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68
OTHER FINANCIAL
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BOARD’S
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REPORT
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STATEMENTS
69
OTHER FINANCIAL
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BOARD’S
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REPORT
REPORT BY THE
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70
OTHER FINANCIAL
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REPORT
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71
OTHER FINANCIAL
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FINANCIAL
STATEMENTS
5
Capital structure and financial instruments
5.1 Share capital 73
5.2 Financial risk management 74
5.3 Financial assets 76
5.4 Financial liabilities 78
5.5 Lease liabilities 83
5.6 Derivatives 84
72
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5 Capital structure and financial instruments
73
OTHER FINANCIAL
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74
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REPORT BY THE
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FINANCIAL
STATEMENTS
• to safeguard the Group’s capacity to fund its
• to maintain a balanced business and investment
• to maintain possibilities to act on potential
• to maintain an equity ratio that exceeds 40%
• to maintain a net debt to last 12 months’ EBITDA
75
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76
OTHER FINANCIAL
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77
OTHER FINANCIAL
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FINANCIAL
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78
OTHER FINANCIAL
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BOARD’S
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REPORT
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FINANCIAL
STATEMENTS
79
OTHER FINANCIAL
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REPORT
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FINANCIAL
STATEMENTS
80
OTHER FINANCIAL
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81
OTHER FINANCIAL
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82
OTHER FINANCIAL
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83
OTHER FINANCIAL
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84
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FINANCIAL
STATEMENTS
6
Other notes
6.1 Subsidiaries 86
6.2 Related party transactions 88
6.3 Acquisitions and divestments 91
6.4 Commitments and contingencies 92
6.5 Subsequent events after the reporting period 92
85
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6 Other notes
86
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87
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88
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89
OTHER FINANCIAL
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90
OTHER FINANCIAL
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91
OTHER FINANCIAL
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92
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FINANCIAL
STATEMENTS
Parent company financial statements, FAS
Parent company income statement
EUR Note 2022 2021
Net sales 2 98,010,908.96 84,197,538.87
Cost of goods sold 4 -2,788,437.64 -2,628,604.92
Gross profit 95,222,471.32 97% 81,568,933.95 97%
Administration expenses 4,6 -87,247,903.15 -81,137,229.26
Other operating income 3 3,573,427.37 1,239,544.85
Other operating expenses 4 -94,764.86
Operating profit (loss) 11,547,995.54 12% 1,576,484.68 2%
Financial income and expenses 7 -9,695,219.63 -6,959,675.83
Profit (loss) before appropriations and taxes 1,852,775.91 -5,383,191.15
Change in appropriations 8 -647,606.92 -88,175.33
Group contribution 973,476.35 3,049,090.97
Income taxes 9 -333,116.56 -22,327,432.79
Profit for the period 1,845,528.78 -24,749,708.30
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Parent company balance sheet
EUR Note Dec 31, 2022 Dec 31, 2021
ASSETS
NON-CURRENT ASSETS
Intangible assets 10 47,690,102.97 36,089,537.39
Tangible assets 11
Land and water 35,587,738.52 35,822,984.23
Buildings 15,369,798.53 13,968,732.38
Machinery and equipment 2,548,387.42 2,073,697.49
Construction in progress 984,207.35 2,709,000.93
Tangible assets total 54,490,131.82 54,574,415.03
Investments 12
Holdings in subsidiaries 640,174,887.25 640,174,887.25
Other shares 19,018,741.49 24,415,184.28
Investments total 659,193,628.74 664,590,071.53
Non-current assets total 761,373,863.53 58% 755,254,023.95 71%
CURRENT ASSETS
Non-current loan receivables 28,171.14 33,438.66
Current receivables
Trade receivables 49,591.81 50,882.89
Receivables from subsidiaries 13 438,137,441.69 301,786,028.71
Other receivables 8,492,793.62 1,792,511.84
Prepayments and accrued income 14 7,636,758.68 3,801,729.55
Current receivables total 454,316,585.80 307,431,152.99
Cash and cash equivalents 15 86,959,841.00 4,616,853.14
Current assets total 541,304,597.94 42% 312,081,444.79 29%
Assets total 1,302,678,461.47 100% 1,067,335,468.74 100%
EUR Note Dec 31, 2022 Dec 31, 2021
SHAREHOLDERS' EQUITY AND
LIABILITIES
SHAREHOLDERS' EQUITY 16
Share capital 77,510,200.00 77,510,200.00
Revaluation reserve 9,570,932.94 3,731,821.72
Fair value reserve 107,401.67
Treasury shares -6,740,357.32 -7,181,414.46
Other reserves 3,204,313.18 3,204,313.18
Retained earnings 236,840,122.81 347,698,899.91
Profit for the period 1,845,528.78 -24,749,708.30
Shareholders’ equity total 322,338,142.06 25% 400,214,112.05 37%
Appropriations 735,782.25 88,175.33
LIABILITIES
Non-current liabilities 17
Loans from credit institutions 130,236,962.94 334,375.53
Liabilities to subsidiaries 2,398.36 2,398.36
Non-current liabilities total 130,239,361.30 336,773.89
Current liabilities
Loans from credit institutions 196,799,373.46 63,423,888.80
Trade payables 8,409,930.20 17,557,260.90
Liabilities to subsidiaries 18 610,992,704.29 562,953,729.64
Other payables 23,608,433.61 12,147,074.12
Accruals and deferred income 19 9,554,734.30 10,614,454.01
Current liabilities total 849,365,175.86 666,696,407.47
Liabilities total 979,604,537.16 75% 667,033,181.36 62%
Shareholders' equity and liabilities
total
1,302,678,461.47 100% 1,067,335,468.74 100%
94
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Parent company statement of cash flows
EUR million 2022 2021
CASH FLOW FROM OPERATING ACTIVITIES
Profit before appropriations and taxes 2,826,252.30 -2,334,100.18
Adjustments for
Depreciation, amortization and impairment 12,884,111.82 13,489,359.41
Investment income -1,582,166.45 -1,109,422.79
Interest income and dividends -7,034,407.54 -3,584,547.24
Unrealized exchange gains and losses 4,451,375.13 2,497,047.14
Interest expenses and other financial costs 12,475,317.29 8,047,175.93
Impairment of shares in and receivables from
subsidiaries
135,664.72
Group contributions -973,476.35 -3,049,090.97
Change in provisions and other non-cash items 10,148.07 -34,345.64
Cash flow before changes in working capital 23,192,818.99 13,922,075.66
Changes in working capital
Change in current assets, non-interest bearing 2,078,765.96 -38,968,310.24
Change in current liabilities, non-interest bearing -1,917,801.24 12,668,711.52
Cash flow from operating activities before financial items
and taxes
23,353,783.71 -12,377,523.06
Financial income received 6,323,510.72 4,660,955.66
Financial expenses paid -7,744,997.86 -1,822,080.54
Taxes paid 582,882.99 -3,859,354.35
Cash flow from operating activities (A) 22,515,179.56 -13,398,002.29
EUR million 2022 2021
CASH FLOW FROM INVESTING ACTIVITIES
Investments in other subsidiaries -231,339.98
Investments in financial assets -392,488.24 -3,807,852.16
Investments in intangible assets and property, plant &
equipment
-24,638,724.84 -15,439,188.66
Proceeds from sale of property, plant & equipment and other
investments
1,820,497.10 1,358,818.34
Sale of other holdings 4,189,427.28 1,528,494.77
Other dividends received 157,839.02
Cash flow from investing activities (B) -18,863,449.68 -16,591,067.69
CASH FLOW FROM FINANCING ACTIVITIES
Purchase of treasury shares -18,041,187.66
Change of non-current debt 129,890,895.24 -50,431,359.89
Change in current debt 176,455,159.26 166,569,294.02
Change in current receivables -150,980,403.92 -51,458,484.84
Dividends paid -61,682,295.91 -48,855,465.20
Group contribution received/paid 3,049,090.97 -9,147,159.00
Cash flow from financing activities (C) 78,691,257.98 6,676,825.09
Change in cash and cash equivalents (A+B+C) 82,342,987.86 -23,312,244.89
Cash and cash equivalents at beginning of period 4,616,853.14 27,929,098.03
Cash and cash equivalents at end of period 86,959,841.00 4,616,853.14
95
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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
(Finnish Accounting Standards, FAS). The financial
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 benefit 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:
• Intangible assets 3–10 years
• Buildings 20–40 years
• Vehicles 4 years
• Machinery and equipment 3–10 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.
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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-
out (FIFO) basis. Net realizable value is the estimated
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 2022 2021
Inter-company service fee 64,730,662.86 52,965,600.76
Royalties 27,200,880.41 25,565,906.30
Rental income 3,618,900.50 3,413,897.87
Other 2,460,465.19 2,252,133.94
Total 98,010,908.96 84,197,538.87
3. Other operating income
EUR 2022 2021
Gain on sale of property,
plant and equipment
1,551,868.45 1,204,187.65
Compensations from
insurance companies
332,078.91
Other income 1,689,480.01 35,357.20
Total 3,573,427.37 1,239,544.85
4. Total expenses
Total expenses by nature
EUR 2022 2021
Materials and supplies -1,936.25 -5,906.70
Employee benefits -19,910,230.97 -18,193,156.05
Depreciation, amortization
and impairment
-12,884,111.82 -13,489,359.41
IT expenses -29,586,148.96 -23,403,297.72
Consulting fees -17,121,721.51 -20,659,731.87
External services -2,531,316.15 -1,750,748.62
Other -8,000,875.13 -6,263,633.81
Total -90,036,340.79 -83,765,834.18
Other operating expenses
EUR 2022 2021
Loss on disposal of fixed
assets
-94,764.86
Total -94,764.86
5. Fees paid to company’s auditors
EUR 2022 2021
Audit fees -363,802.00 -222,300.00
Tax consultation -18,502.16
Other -23,780.00 -14,687.00
Total -406,084.16 -236,987.00
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FINANCIAL
STATEMENTS
6. Employee benefits and number of
personnel
Employee benefits
EUR 2022 2021
Wages and salaries -17,091,444.83 -15,297,133.16
Pension costs -2,299,458.86 -2,379,234.77
Other personnel costs -519,327.28 -516,788.12
Total -19,910,230.97 -18,193,156.05
Remuneration to management
EUR thousand 2022 2021
Chief Executive Officer 1,071.2 1,568.4
Members of the Board 763.6 573.0
Total 1,834.8 2,141.4
Number of personnel
2022 2021
Average (FTE) 173 164
End of period 175 156
7. Financial income and expenses
EUR 2022 2021
Financial income
Gain on disposal of
financial assets
30,298.00
Financial income from
group companies
Dividend income 157,839.02
Interest income 4,213,869.64 2,222,184.43
Financial income from
third parties
Interest income 2,662,698.88 1,362,362.81
Financial income, total 7,064,705.54 3,584,547.24
Financial expenses
Loss on disposal of
financial assets
-135,664.72
Exchange gain/loss -4,451,375.13 -2,497,047.14
Financial expenses to
group companies
Interest expenses -1,533,499.59 -93,435.49
Financial expenses to
third parties
Interest expenses -7,997,621.64 -7,815,255.60
Other financial
expenses
-2,641,764.09 -138,484.84
Financial expenses, total -16,759,925.17 -10,544,223.07
Total financial income
and expenses
-9,695,219.63 -6,959,675.83
8. Appropriations
EUR 2022 2021
Difference between
depreciation according to
plan and tax depreciation
-647,606.92 -88,175.33
Group contribution
received
973,476.35 3,049,090.97
Total 325,869.43 2,960,915.64
9. Income taxes
EUR 2022 2021
Income tax, current year -369,290.16 -196,489.23
Income tax, previous
periods
36,173.60 -22,130,943.56
Total -333,116.56 -22,327,432.79
10. Intangible assets
EUR 2022 2021
Historical cost, Jan 1 121,544,965.64 108,916,461.17
Additions 21,435,546.02 12,667,983.54
Decrease -45,900,728.37 -22,179.07
Transfers between asset
groups
1,256,659.15 -17,300.00
Historical cost, Dec 31 98,336,442.44 121,544,965.64
Accumulated amortization
and impairment, Jan 1
85,455,428.25 73,797,005.93
Amortization for the
period
11,091,639.59 11,679,161.39
Decrease -45,900,728.37 -20,739.07
Accumulated amortization
and impairment, Dec 31
50,646,339.47 85,455,428.25
Net book value, Dec 31 47,690,102.97 36,089,537.39
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FINANCIAL
STATEMENTS
11. Tangible assets
2022
EUR Land and water Buildings
Machinery and
equipment
Construction in
progress
Total
Historical cost, Jan 1 26,164,423.51 39,753,025.43 7,205,461.62 2,709,000.93 75,831,911.49
Additions 1,921,512.44 708,353.75 573,312.63 3,203,178.82
Decreases -147,617.93 -15,095.64 -813,562.39 -976,275.96
Transfers between asset groups 850,945.02 190,502.04 -2,298,106.21 -1,256,659.15
Historical cost, Dec 31 26,016,805.58 42,510,387.25 7,290,755.02 984,207.35 76,802,155.20
Accumulated depreciation and impairment, Jan 1 25,784,293.05 5,131,764.13 30,916,057.18
Depreciation for the period 1,371,391.31 421,080.92 1,792,472.23
Decreases -15,095.64 -810,477.45 -825,573.09
Accumulated depreciation and impairment, Dec 31 27,140,588.72 4,742,367.60 31,882,956.32
Revaluation, Jan 1 9,658,560.72 9,658,560.72
Decreases -87,627.78 -87,627.78
Revaluation, Dec 31 9,570,932.94 9,570,932.94
Book value Dec 31 35,587,738.52 15,369,798.53 2,548,387.42 984,207.35 54,490,131.82
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FINANCIAL
STATEMENTS
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 between asset groups 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
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FINANCIAL
STATEMENTS
12. Investments
2022
EUR Holdings in subsidiaries Receivables from subsidiaries Other shares Total
Historical cost, Jan 1 821,174,887.25 25,219,905.74 846,394,792.99
Additions
Decreases -6,257,220.95 -6,257,220.95
Currency valuations 819,450.98 819,450.98
Historical cost, Dec 31 821,174,887.25 19,783,135.77 840,958,023.02
Write-downs, Jan 1 -181,000,000.00 -804,721.46 -181,804,721.46
Decreases 40,327.18 40,327.18
Write-downs, Dec 31 -181,000,000.00 -764,394.28 -181,764,394.28
Book value Dec 31 640,174,887.25 19,018,741.49 659,193,628.74
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
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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 2,250 Raseborg FI 100.0 100.0 530,098,092.55
Fiskars (Thailand) Co., Ltd. 100 Bangkok TH 1.0 1.0 2,409.12
Ab Åbo Båtvarf - Turun Veneveistämö Oy 150 Turku FI 100.0 100.0 2,522.82
Total Dec 31, 2022 640,174,887.3
13. Receivables from subsidiaries
EUR 2022 2021
Trade receivables 67,281,902.88 81,672,972.45
Loan receivables 108,763,262.04 87,725,444.12
Cash pool receivables 223,186,908.17 95,122,670.20
Group contribution
receivables
973,476.35 3,049,090.97
Prepayments and accrued
income
4,350,520.40 3,521,218.41
Other receivables 33,581,371.85 30,694,632.56
Total, Dec 31 438,137,441.69 301,786,028.71
14. Prepayments and accrued income
EUR 2022 2021
Prepaid and accrued
interest
1,297,438.01 908,931.28
Other prepayments and
accruals
6,339,320.67 2,892,798.27
Total, Dec 31 7,636,758.68 3,801,729.55
15. Cash and cash equivalents
EUR 2022 2021
Cash and cash
equivalents
86,959,841.00 4,616,853.14
Total, Dec 31 86,959,841.00 4,616,853.14
16. Shareholders’ equity
EUR 2022 2021
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 3,731,821.72 3,737,397.19
Decrease -104,883.00 -5,575.47
Reclassification
1
5,943,994.22
Revaluation reserve,
Dec 31
9,570,932.94 3,731,821.72
Fair value reserve
Jan 1 0.00
Increase 107,401.67
Fair value reserve, Dec 31 107,401.67
EUR 2022 2021
Treasury shares
Jan 1 -7,181,414.46 -7,181,414.46
Increase -18,041,187.66
Share based incentives 1,834,407.85
Cancellation of treasury
shares
16,647,836.95
Treasury shares, Dec 31 -6,740,357.32 -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 1 322,949,191.61 396,554,365.11
Dividends -61,682,295.91 -48,855,465.20
Share based incentives -1,834,407.85
Cancellation of treasury
shares
-16,647,836.95
Revaluation fund
reclassification
1
-5,944,528.09
Net profit 1,845,528.78 -24,749,708.30
Retained earnings, Dec 31 238,685,651.59 322,949,191.61
Distributable earnings,
Dec 31
231,945,294.27 315,767,777.15
Shareholders' equity total,
Dec 31
322,338,142.06 400,214,112.05
1
In retained earnings booked revaluation for land and water reclassification
to revaluation reserve
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FINANCIAL
STATEMENTS
17. Non-current liabilities
EUR 2022 2021
Loans from credit
institutions payable
between one and five
years
80,236,962.94 334,375.53
in more than five years 50,000,000.00
Loans from credit
institutions, total
130,236,962.94 334,375.53
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
130,239,361.30 336,773.89
18. Liabilities to subsidiaries
EUR 2022 2021
Trade payables 42,394.94 99,058.22
Cash pool payables 579,941,568.31 504,951,534.49
Accruals and deferred
income
12,249.24 557,851.82
Other liabilities 30,996,491.80 57,345,285.11
Total, Dec 31 610,992,704.29 562,953,729.64
19. Accruals and deferred income
EUR 2022 2021
Interests 2,698,856.54 692,960.60
Wages, salaries and social
costs
3,272,199.28 5,816,138.26
Other 3,583,678.48 4,105,355.15
Total, Dec 31 9,554,734.30 10,614,454.01
20. Lease obligations
EUR 2022 2021
Payments next year 2,539,788.50 2,867,053.99
Payments later 28,328,677.71 28,018,283.37
Total, Dec 31 30,868,466.21 30,885,337.36
21. Contingencies and pledged assets
EUR 2022 2021
As security for own
commitments
1,562,000.00 1,471,194.00
Guarantees as security
for subsidiaries'
commitments
6,684,000.00 6,718,000.00
Total, Dec 31 8,246,000.00 8,189,194.00
VAT liability for real estate investments
The company is obligated to review the VAT
deductions made on real estate investments
completed during 2013–2022 if the taxable use of the
property has changed during the review period.
EUR 2022 2021
Obligation, Dec 31 3,006,052.00 2,174,582.00
22. Derivative contracts
Nominal value, EUR 2022 2021
Foreign exchange
forwards and swaps
306,195,896.63 512,634,844.10
Interest rate swaps 50,000,000.00
Total, Dec 31 356,195,896.63 512,634,844.10
Fair value, EUR 2022 2021
Foreign exchange
forwards and swaps
3,134,792.62 -329,807.65
Interest rate swaps 107,401.67
Total, Dec 31 3,242,194.29 -329,807.65
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FINANCIAL
STATEMENTS
Board’s proposal for distribution
of profits and signatures
Proposal on the use of the profit 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 2022, the distributable
equity of the parent company was EUR 231.9 million
(2021: EUR 315.8 million).
The Board of Directors proposes to the Annual
General Meeting that a dividend of EUR 0.80 per
share shall be paid for the financial period that ended
on December 31, 2022. The dividend shall be paid
in two installments. The ex-dividend date for the
first installment of EUR 0.40 per share shall be on
March 16, 2023. 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 17,
2023. The payment date proposed by the Board of
Directors for this installment is March 24, 2023.
The second installment of EUR 0.40 per share shall
be paid in September 2023. 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, 2023. The dividend is
intended to be paid during the week commencing on
September 18, 2023.
On the date of this financial statement release,
the number of shares entitling their holders to a
dividend was 80,580,516. The proposed distribution
of dividends would thus be EUR 64.5 million
(EUR 61.9 million). This would leave EUR 167.4 million
(EUR 253.8) of distributable earnings in 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.
105
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BOARD’S
PROPOSAL
Signatures to the Financial Statements and the Board of Directors’ Report
Espoo, February 6, 2023
Albert Ehrnrooth Paul Ehrnrooth
Louise Fromond Jyri Luomakoski
Julia Goldin Carl-Martin Lindahl
Volker Lixfeld Ritva Sotamaa
Nathalie Ahlström
President and CEO
The Auditor’s Note
Our auditor’s report has been issued today.
Espoo, February 6, 2023
Ernst & Young Oy
Kristina Sandin
Authorized Public Accountant, KHT
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REPORT BY THE
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BOARD’S
PROPOSAL
Auditor’s report
(Translation of the Finnish original)
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
Oyj Abp (business identity code 0214036-5) for
the year ended 31 December, 2022. 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
Reporting Standards (IFRS) as adopted by the EU.
• 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
5 (1) of regulation (EU) 537/2014. The non-audit
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.
107
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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
537/2014, point (c) of Article 10(2).
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 especially 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 31.12.2022 amounted to 221,2 million
euro representing 26 % of total assets and 14 %
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
10(2).
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.
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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 31.12.2022
amounted to 207,7 million euro representing 25 %
of total assets and 13 % 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
10(2).
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
Refer to note 4.1 of the consolidated financial
statements.
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 393,7
million euro and 29,0 million euro, respectively
(net 364,7 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.
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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
Standards (IFRS) as adopted by the EU, and of
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.
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• 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 four 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.
Espoo, February 6, 2023 Ernst & Young Oy
Authorized Public Accountant Firm
Kristina Sandin
Authorized Public Accountant
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REPORT BY THE
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AUDITOR’S
REPORT
Independent Auditor’s Report on Fiskars Oyj Abp’s
ESEF-Consolidated Financial Statements
(Translation of the Finnish original)
To the Board of Directors
of Fiskars Oyj Abp
We have performed a reasonable assurance
engagement on the iXBRL tagging of the consolidated
financial statements included in the digital files
Fiskars-2022-12-31-fi.zip of Fiskars Oyj Abp for
the financial year 1.1.–31.12.2022 to ensure that the
financial statements are marked/tagged with iXBRL
in accordance with the requirements of Article 4 of
EU Commission Delegated Regulation (EU) 2018/815
(ESEF RTS).
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
of Directors and financial statements (ESEF financial
statements) that comply with the ESESF 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
Quality Control (ISQC) 1 and therefore maintains
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 tagging of the notes to the financial
statements and the entity identifier information 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.
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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
statement of Fiskars Oyj Abp for the year ended
31.12.2022 complies in all material respects with the
requirements of ESEF RTS.
Our audit opinion on the consolidated financial
statements of Fiskars Oyj Abp for the year ended
31.12.2022 is included in our Independent Auditor’s
Report dated 6.2.2023. In this report, we do not
express an audit opinion any other assurance on the
consolidated financial statements.
Helsinki 17.2.2023
Ernst & Young Oy
Authorized Public Accountant Firm
Kristina Sandin
Authorized Public Accountant
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2022
In 2022, items affecting comparability included one-
time impact of the sale of subsidiary in Russia, sale
of North American Watering business and changes
in Leadership team. More detailed information of
disposals can be found from Note 6.3.
2021
TRANSFORMATION AND RESTRUCTURING PROGRAMS
The Transformation program was launched in October
2018, and aimed at increasing efficiency, reducing
complexity and accelerating long-term strategic
development in its former Living segment. The
company-wide Restructuring Program was launched
in December 2019, aimed at reducing costs in a wide
range of areas.
Both programs were completed at 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. These benefits were realized, and a majority
are already being 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 42.5 million, EUR 30 million for the Transformation
program and EUR 12.5 million for the Restructuring
program. The costs have been recorded as items
affecting comparability (IAC).
EUR million 2022 2021
EBIT 134.7 142.8
Items affecting comparability in EBIT
Sale of subsidiary in Russia 11.9
Sale of Watering business 3.3
Changes in Group Leadership Team 1.1
Restructuring Program 7.6
Transformation program 3.9
Other adjustments to operating
profit
0.0
Total items affecting comparability in
EBIT
16.3 11.5
Comparable EBIT 151.0 154.2
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Financial indicators
Five years in figures
2022 2021 2020 2019 2018
Net sales EUR million 1,248.4 1,254.3 1,116.2 1,090.4 1,118.5
of which outside Finland EUR million 1,136.0 1,142.0 1,021.9 97 7.5 1,006.6
% of net sales % 91.0 91.0 91.5 89.6 90.0
export from Finland EUR million 20.4 24.2 20.1 20.2 19.5
Change in net sales, % % -0.5 12.4 2.4 -2.5 -5.6
Gross profit EUR million 555.9 539.8 452.0 447.3 485.1
% of net sales % 44.5 43.0 40.5 41.0 43.4
EBIT EUR million 134.7 142.8 98.0 60.1 91.6
% of net sales % 10.8% 11.4 8.8 5.5 8.2
Comparable EBIT EUR million 151.0 154.2 109.0 77.8 100.8
Change in fair value of biological assets EUR million 1.1 1.3 0.7 -0.2 2.0
Financial items net EUR million -11.7 0.0 -8.9 3.4 9.4
% of net sales % -0.9 0.0 -0.8 0.3 0.8
Profit before taxes EUR million 124.1 144.1 89.8 63.2 103.0
% of net sales % 9.9 11.5 8.0 5.8 9.2
Income tax EUR million -25.0 -56.5 -21.3 -10.8 -21.1
Profit for the period attributable to the
equity holders of the parent company
EUR million 98.2 86.6 67.6 51.7 81.6
% of net sales % 7. 9 6.9 6.1 4.7 7.3
Non-controlling interest EUR million 0.9 0.9 0.8 0.7 0.2
Employee benefits EUR million 289.0 293.7 262.9 311.9 307.9
Depreciation, amortization and
impairment
EUR million 59.4 61.6 76.1 59.6 43.8
% of net sales % 4.8 4.9 6.8 5.5 3.9
2022 2021 2020 2019 2018
Cash flow from operating activities EUR million -61.4 122.9 199.2 96.5 105.9
Capital expenditure EUR million 48.1 34.4 30.0 40.0 46.2
% of net sales % 3.9 2.7 2.7 3.7 4.1
Research and development expenses in
income statement
EUR million 20.8 15.5 16.5 18.4 18.4
% of net sales % 1.7 1.2 1.5 1.7 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 831.6 812.1 757.8 760.9 1,207.0
Non-controlling interest EUR million 4.1 4.2 3.8 3.6 2.7
Equity total EUR million 835.6 816.3 761.6 764.5 1,209.7
Net interest-bearing debt EUR million 325.3 145.0 143.7 261.1 135.4
Working capital EUR million 337.2 164.5 134.2 194.4 197.0
Balance sheet total EUR million 1,585.4 1,435.5 1,342.0 1,364.3 1,719.2
Return on investment % 12.1 15.3 9.9 6.0 7.9
Return on equity % 12.0 11.1 9.0 5.3 6.6
Equity ratio % 52.7 56.9 56.8 56.0 70.4
Net gearing % 38.9 17.7 18.9 34.2 11.2
Personnel (FTE), average 6,273 6,081 6,104 6,840 7,219
Personnel, end of period 6,595 6,690 6,411 6,984 7,615
of which outside Finland 5,423 5,579 5,348 5,852 6,581
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INFORMATION
Calculation of financial indicators
EBIT = Operating profit
Comparable EBIT = Operating profit (EBIT) +/– items affecting comparability
Return on investment, % =
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)
Return on equity, % =
Profit for the period
x 100
Equity, total (average of beginning and end of year amounts)
Equity ratio, % =
Equity, total
x 100
Balance sheet total
Net gearing, % =
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
Price per earnings (P/E) =
Market quotation per share, end of period
Earnings per share
Dividend per earnings, % =
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 yield, % =
Dividend per share
x 100
Market quotation, adjusted for emissions, end of period
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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
2022 81,000,000 (2021: 81,905,242). The share
capital was in 2022 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, 2022 81,000,000
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 419,484
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 2022 decided to
authorize the Board to acquire a maximum 4,000,000
of Fiskars’ own shares. In addition, the Annual General
Meeting decided to authorize the Board to decide
on the transfer of the company’s own shares (share
issue) held as treasury shares of a maximum of
4,000,000 shares.
Changes in the number of shares, 2018–2022
Total
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
Total shares, Dec 31, 2022 81,000,000
Treasury shares Dec 31, 2022 419,484
20202019 20222021
25
20
15
10
5
0
Euro
Fiskars share price development
EUR, Jan 1, 2019 – Dec 31, 2022
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INFORMATION
Shareholders
Fiskars Corporation had 32,602 (2021: 30,080)
shareholders as of the end of the year. Approximately
1.6% (2021: 2.4) of the share capital was owned by
shareholders outside Finland and 3,4% (2021: 5.0) by
nominee-registered shareholders.
Management shareholding
On December 31 2022, the Board members, the
President & CEO and the CFO and their controlled
entities and their managed entities together with
a family member, owned a total of 37,010,393
(2021: 36,045,465) shares corresponding to 45.7%
(2021: 44.0) of the Company’s shares and votes. The
Company did not have any share option programs.
Share ownership, December 31, 2022
Number of
shareholders
%
Number of
shares and
votes
%
Financial and
insurance
institutions
46 0.14 13,346,449 16.48
Households 31,359 96.19 26,989,694 33.32
Private companies 802 2.46 29,446,284 36.35
Non-profit
organizations
224 0.69 5,861,302 7. 24
General
government
8 0.03 4,058,406 5.01
Rest of the world 163 0.50 1,297,865 1.60
Total 32,602 100.00 81,000,000 100.00
Of which nominee
registered
11 0.03 2,771,561 3.42
Distribution of shares, December 31, 2022
Number of shares Number of shareholders % Number of shares and votes %
1–100 18,675 57.28 742,537 0.92
101–500 9,479 29.08 2,415,395 2.98
501–1,000 2,162 6.63 1,645,249 2.03
1,001–10,000 1,816 5.57 3,874,342 4.78
10,001–100,000 214 0.66 1,508,865 1.86
100,001–1,000,000 172 0.53 3,656,042 4.51
1,000,001– 24 0.07 56,961,305 70.32
Total 32,602 100.00 81,000,000 100.00
Major shareholders, December 31, 2022
Total shares % of shares and votes
1 Virala Oy Ab 12,740,000 15.73
2 Turret Oy Ab 11,430,961 14.11
3 Holdix Oy Ab 10,165,537 12.55
4 Sophie Von Julins Stiftelse 2,556,000 3.16
5 Julius Tallberg Corp. 2,554,350 3.15
6 Gripenberg Gerda Margareta Lindsay Db 1,982,000 2.45
7 Varma Mutual Pension Insurance Company 1,659,326 2.05
8 Ilmarinen Mutual Pension Insurance Company 1,594,155 1.97
9 The estate of Greta Von Julin 1,560,000 1.93
10 Ehrnrooth Albert Carl Göran 855,372 1.06
11 Elo Mutual Pension Insurance Company 788,000 0.97
12 Lindsay von Julin & Co Ab 750,000 0.93
13 Hartwall Peter Johan 748,450 0.92
14 Therman Anna Maria Elisabeth 722,436 0.89
15 Åberg Karin Margareta Albertina 638,500 0.79
16 Fromond Lilli Sophie Louise 601,135 0.74
17 Fromond Anna Gabriell 600,518 0.74
18 von Limburg Stirum Mariana 596,298 0.74
19 Hisinger-Jägerskiöld Barbara Maria 544,117 0.67
20 Ehrnrooth Jacob 526,929 0.65
20 major shareholders 53,614,084 66.19
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INFORMATION
Fiskars Group (FSKRS, Nasdaq Helsinki) is the global home of design-driven brands for indoor and outdoor living.
Our brands include Fiskars, Gerber, Iittala, Royal Copenhagen, Moomin by Arabia, Waterford, and Wedgwood. Our brands
are present in more than 100 countries and we have approximately 350 own stores. We have close to 7,000 employees
and our global net sales in 2022 were EUR 1.2 billion.
We are driven by our common purpose: Pioneering design to make the everyday extraordinary. Since 1649, we have
designed products of timeless, purposeful, and functional beauty, while driving innovation and sustainable growth.
Please visit us at www.fiskarsgroup.com for more information and follow us on Twitter @fiskarsgroup.
Pioneering design to make the
everyday extraordinary.