Annual Report 2015
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ANNUAL REPORT 2 015 Contents Fiskars Annual Review 2015 ...................................................................................................................................... 1 President’s review ...................................................................................................................................................... 2 Facts and Figures ...................................................................................................................................................... 4 Fiskars’ Strategy ........................................................................................................................................................ 6 Family of Powerful Brands ......................................................................................................................................... 8 Functional Products ................................................................................................................................................. 10 Living Products ........................................................................................................................................................ 12 Outdoor Products .................................................................................................................................................... 14 Europe ..................................................................................................................................................................... 16 Americas ................................................................................................................................................................. 18 Asia-Pacific .............................................................................................................................................................. 20 Other ........................................................................................................................................................................ 22 Premium Shopping Experience ............................................................................................................................... 23 Renewing Fiskars’ Culture ....................................................................................................................................... 24 Sustainability ........................................................................................................................................................... 26 Board of Directors ................................................................................................................................................... 28 Executive Board ...................................................................................................................................................... 29 Fiskars Corporate Governance Statement for 2015 .............................................................................................. 30 Fiskars Remuneration Statement for 2015 ............................................................................................................. 49 Financial statements................................................................................................................................................ 52 Report by the Board of Directors............................................................................................................................ 52 Consolidated Financial Statements, IFRS .................................................................................................................. 59 Consolidated income statement .............................................................................................................................. 59 Statement of comprehensive income ...................................................................................................................... 60 Consolidated balance sheet ................................................................................................................................... 61 Consolidated statement of cash flows .................................................................................................................... 62 Statement of changes in consolidated equity ......................................................................................................... 63 Notes to the consolidated financial statements ...................................................................................................... 64 Financial indicators .................................................................................................................................................. 106 Five years in figures .............................................................................................................................................. 106 Share related figures ............................................................................................................................................. 107 Calculation of financial indicators ......................................................................................................................... 108 Shares ................................................................................................................................................................... 109 Shareholders ......................................................................................................................................................... 110 Parent Company Financial Statements, FAS ...........................................................................................................112 Parent company income statement ....................................................................................................................... 112 Parent company balance sheet ............................................................................................................................ 113 Parent company statement of cash flows ............................................................................................................. 115 Notes to the parent company financial statements ............................................................................................... 116 Board’s Proposal for distribution of profits and signatures ......................................................................................128 Auditor’s Report .......................................................................................................................................................129 PRESIDENT’S REVIEW 2015 was a landmark year for Fiskars. The company continued its transformation towards a leading consumer goods company with its three businesses, each a leader in their field. The past years represent a period of fundamental during the years. In 2015 we strengthened our po- change for Fiskars. As I look back at the company sition significantly by acquiring WWRD, now known where I started in 2008, we have come a long way. as the English & Crystal Living business, which is We started the journey as a holding company with recognized for luxury home and lifestyle products, a range of businesses around the world, with each and expanded our portfolio with iconic brands, such country operating independently. We had already at as Waterford and Wedgwood. The acquisition also that time set our ambition to be an integrated, world strengthened our presence in the U.S., and further leading branded consumer goods company. enhanced the company’s market position in Europe and the Asia-Pacific region. We have been consistent in our approach, taking major steps to achieve our goal and have grown During the year, we increased focus in our three both organically and through selective acquisitions businesses: Functional Products, Living Products and 2 FISKARS 2015 IN 2016, WE ARE EXCITED ABOUT OUR OPPORTUNITIES, MOTIVATED BY OUR STRONG BRANDS AND PRODUCTS, AND READY TO PROVIDE GREAT EXPERIENCES TO OUR CONSUMERS. Outdoor Products. Through the WWRD acquisition, well as designer collaboration. We want to ensure we became the global leader in the premium living that Arabia-branded products continue to have an products category. Building on this strong position, important place in many homes also in the future. we aim to develop our business and lead the catego- ry by improving the shopping experience in the table As part of our strategy to operate as an integrated setting, giftware and interior décor categories. consumer goods company, we announced the agreement to sell our boats business in November Fiskars’ Functional Products continued to expand 2015, allowing us to better focus on our three core from the garden to the kitchen and strengthened the businesses. position of the Fiskars brand in many markets. We completed the acquisition of the watering brands The integration of English & Crystal Living pro- Nelson and Gilmour at the end of 2014 and the gressed well during the year. We have leveraged our integration and turnaround of the watering business experience from previous integrations, confirmed started in the beginning of 2015. The Outdoor Prod- opportunities and identified new possibilities for ucts business unit continued to optimize its opera- value creation. We will invest in building our brands tions by simplifying business processes and focus- based on their unique characteristics and develop