14. Biological assets

EUR million 2012 2011
Fair value, Jan 1 35.6 36.7
Increase due to growth 1.0 1.4
Change in fair value less estimated point-of-sale costs 1.0 -1.0
Harvested timber -0.8 -1.5
Stocktaking* 4.4
Fair value, Dec 31 41.2 35.6

Fiskars has some 15,000 hectares of real estate and forests in Finland, including the key landholding at Fiskars Village. For valuing biological assets Fiskars applies a three year rolling average price of standing timber, based on the statistics provided by the Finnish Forest Research Institute, and multiplied by the estimated volume of standing timber, taking into account the costs and risks relating to sales.

* Resulting from the stocktaking, both the total amount of standing timber and the proportional amounts of different types of timber changed.