ANNUAL REPORT 2012

Financials

16. Investments in associates


EUR million 2012 2011
Net book value, Jan 1 300.8 341.0
Decreases -41.5 -40.0
Share of profit 47.8 42.7
Dividends received -26.8 -40.9
Share of other comprehensive income 0.1 -2.0
Other changes

Net book value, Dec 31 280.4 300.8



Goodwill included in the net book value 46.4 54.0



Share of profit comprises the share of net profit in associate reduced with the EUR 26.8 million (40.9) dividends received. Share of other comprehensive income comprises changes in associated company's equity. In April 2012, Fiskars' wholly owned subsidiary Avlis AB sold 13.8% of its Wärtsilä holding (11.7% in February 2011).


Summary of financial information on the associate

EUR million 2012 2011
WÄRTSILÄ OYJ ABP

Ownership -% 13.0 15.1
Assets 5,038 4,600
Liabilities 3,214 2,934
Equity 1,824 1,666
Net sales 4,725 4,209
Net profit 344 293



Fiskars' most important associate is Wärtsilä Corporation. Fiskars' ownership in Wärtsilä was 13.0% (15.1) of the shares and the votes. The shares are owned by Fiskars' wholly owned subsidiary Avlis AB. Fiskars is the largest single shareholder of Wärtsilä and Fiskars has significant influence through the number of members in the Board of Directors of Wärtsilä. Thus, Fiskars consolidates Wärtsilä as an associated company in accordance with IAS 28.


The market value of Wärtsilä shares owned by Fiskars as at December 31, 2012 amounted to EUR 839.0 million (663.9).