2016-07-07 10:01:36 CEST

2016-07-07 10:01:36 CEST


REGULATED INFORMATION

Fiskars - Company Announcement

Fiskars Corporation has received a tax re-assessment decision from the Large Taxpayer’s office 


The company considers the decision unfounded and will appeal

Helsinki, 2016-07-07 10:00 CEST (GLOBE NEWSWIRE) -- 

Fiskars Corporation
Stock Exchange Release
July 7, 2016 at 11:00 EET





Fiskars Corporation has received a tax re-assessment decision from the Large
Taxpayer’s office - the company considers the decision unfounded and will
appeal 

Fiskars Corporation has received a tax re-assessment decision from the Large
Taxpayers’ Office, which obliges the company to pay EUR 21.7 million additional
tax as a result of a tax audit carried out in 2014. The decision concerns
intra-group loans forgiven by the company in 2003 and their tax treatment in
subsequent tax years. Besides the re-assessed tax, the company is obliged to
pay interest expenses of EUR 6.5 million and punitive tax increases of EUR 0.1
million. 

“We are disappointed and disagree with the decision by the Large Taxpayers’
Office. Fiskars will appeal the decision to the Board of Adjustment in the
Finnish Large Taxpayers' Office. We will continue the appeal process in court,
if necessary”, said Teemu Kangas-Kärki, Chief Operating Officer and Chief
Financial Officer, Fiskars Corporation. 

The reassessment decision has a negative effect of EUR 28.3 million on
Fiskars’s cash flow during the third quarter of 2016. Fiskars and its external
advisors consider the decision unfounded and do not recognize the related taxes
and other costs in the income statement. The company has disclosed the ongoing
tax audit in the risk and uncertainties section of the Annual Report 2015 and
the Interim Reports. 


FISKARS CORPORATION

Kari Kauniskangas
President & CEO

Media and analyst contacts:
Corporate Communications, tel. +358 50 562 5755, communications@fiskars.com




Fiskars – celebrating centuries of pride, passion and design. Every day.
Established in 1649 as an ironworks in a small Finnish village, Fiskars has
grown to be a leading consumer goods company with globally recognized brands
including Fiskars, Gerber, Iittala, Royal Copenhagen, Waterford and Wedgwood.
With iconic products, strong brands and global ambitions, Fiskars’ mission is
to enrich people’s lives in home, garden and outdoor. Fiskars’ products are
available in more than 100 countries and the company employs around 8,700
people in 30 countries. Fiskars is listed on Nasdaq Helsinki.
www.fiskarsgroup.com