ANNUAL REPORT 2012

Financials

2. Segment information


Fiskars' operating segments are EMEA (Europe, Middle East, and Asia-Pacific), Americas, the associated company Wärtsilä and Other. The operating segments are indentified on the basis of management reporting, which is organized by geographical areas. The operations are further divided to business areas.


Operating segments

EMEA: The revenues comprise of sales of Home, Garden and Outdoor products to retailers in Europe, Middle-East and Asia-Pacific. In addition, homeware products are sold directly to consumers via own stores and outlets.


Americas: The revenues comprise of sales of Home, Garden and Outdoor products to retailers in USA, Canada and Latin America.


Other: The revenues consist mainly of rental income from Real Estate and timber sales in Finland. Other covers Real Estate and corporate headquarter functions.


Associate Wärtsilä: Income from the associate is reported as one operating segment.


Business activities between the segments are not significant. Inter-segment sales are made on arms length basis. Real Estate owns real estates in Finland and leases them to subsidiaries in Finland e.g. for use as production facilities.


Management monitors the operating results of the segments separately for the purpose of making decisions. Segment assets and liabilities are based on geographical location of the assets. Financial income and costs and income taxes are managed on group basis and accordingly not allocated to operating segments.


In the Americas the Fiskars branded products' distribution, logistics and consumer preferences are managed centrally for the business areas. In the EMEA area the markets and distribution are more diversified, but from the customer point of view the business areas operate in a common environment.


Business areas

Business areas are Home, Garden and Outdoor. Net sales for the business areas are reported based on the nature of the sales of the products sold to customers. Sales between the business areas are insignificant.


Unallocated items

The unallocated items of the Income Statement contain corporate level costs and income. Unallocated assets comprise items related to corporate administration, tax receivables, loan receivables and equity instruments. Unallocated liabilities comprise non-current and current debt and tax liabilities. Also part of the restructuring costs are unallocated.


No single customer of Fiskars accounts for more than 10% share of the Group's total net sales.

Operating segments

2012





Unallocated




Associate and Group
EUR million EMEA Americas Other Wärtsilä eliminations total
Net sales, external 495.0 248.7 4.1

747.8
Net sales, inter-segment 6.9 1.7 2.2
-10.8 0.0
Net sales 501.9 250.4 6.3
-10.8 747.8
Operating profit excl. non-recurring items 41.8 34.2 -12.9

63.1
Non-recurring items* 0.8



0.8
Operating profit 42.6 34.2 -12.9

63.9
Change in fair value of biological assets

5.6

5.6
Share of profit from associate


47.8
47.8
Gain on sale of Wärtsilä shares



87.0 87.0
Financial income and expenses



-3.8 -3.8
Profit before taxes




200.4
Income taxes



-21.5 -21.5
Profit for the period




178.9







Assets 494.0 110.9 577.7 280.4 -527.6 935.4
Liabilities 286.0 70.0 191.1
-230.6 316.5
Capital expenditure 8.4 4.4 20.0

32.8
Depreciations, amortizations and impairment 14.3 4.8 2.7

21.9







* Includes a non-recurring income of EUR 0.8 million from the release of a provision related to the sale of Silva.
2011





Unallocated




Associate and Group
EUR million EMEA Americas Other Wärtsilä eliminations total
Net sales, external 509.8 228.7 4.1

742.5
Net sales, inter-segment 7.0 3.8 2.1
-12.9 0.0
Net sales 516.8 232.5 6.2
-12.9 742.5
Operating profit excl. non-recurring items 42.0 31.6 -11.4

62.1
Non-recurring items* -8.3 -1.1


-9.3
Operating profit 33.7 30.5 -11.4

52.8
Change in fair value of biological assets

-1.0

-1.0
Share of profit from associate


42.7
42.7
Gain on sale of Wärtsilä shares



69.8 69.8
Financial income and expenses



-2.4 -2.4
Profit before taxes




161.8
Income taxes



-5.5 -5.5
Profit for the period




156.3







Assets 512.5 216.3 306.3 300.8 -395.6 940.2
Liabilities 332.5 74.5 366.1
-387.2 385.9
Capital expenditure 13.4 3.9 7.5

24.7
Depreciations, amortizations and impairment 15.1 4.5 1.9

21.5







* Includes a non-recurring loss of EUR 5.3 million related to sale of Silva, EUR 3.0 million non-recurring expense for the competition infringement fine and EUR 1.1 million non-recurring loss related to product recalls.

Net sales by business areas

EUR million 2012 2011
Home 322.8 306.3
Garden 287.6 294.3
Outdoor 133.3 137.8
Other 4.1 4.1
Total 747.8 742.5







Information about geographical areas

EUR million 2012 2011
Net sales from Finland 168.7 174.0
Net sales from the USA 221.5 205.0
Net sales from other countries 357.6 363.6
Total 747.8 742.5







EUR million 2012 2011
Assets in Finland*,** 442.2 466.1
Assets in other countries* 214.6 194.9
Total 656.9 660.9







* Non-current assets other than deferred tax assets.

** Assets in Finland include also the associated company Wärtsilä.