ANNUAL REPORT 2013

FINANCIALS

15. Investments in associates


Investments in associates

EUR million 2013 2012
Net book value, Jan 1 280.4 300.8
Decreases
-41.5
Share of profit 50.8 47.8
Dividends received -25.6 -26.8
Share of other comprehensive income -19.5 0.1
Net book value, Dec 31 286.1 280.4



Goodwill included in the net book value 46.4 46.4



Share of profit comprises the share of net profit in associate reduced with the EUR 25.6 million (26.8) dividends received. Share of other comprehensive income comprises changes in associated company's equity. In April 2012, Fiskars' then wholly owned subsidiary Avlis AB sold 13.8% of its Wärtsilä holding. Fiskars Group recorded a profit of around EUR 87.0 million in its 2012 results from the transaction.


Summary of financial information on the associate



restated
EUR million 2013 2012
WÄRTSILÄ OYJ ABP

Ownership -% 13.0 13.0
Assets 5,209 5,036
Liabilities 3,325 3,245
Equity 1,884 1,791
Net sales 4,654 4,725
Net profit 393 344



Fiskars' most important associate is Wärtsilä Corporation. Fiskars' ownership in Wärtsilä was 13.0% (13.0) of the shares and the votes. The shares are owned by Avlis AB of which 59.7% is owned by Fiskars. The rest of the shares in Avlis AB are owned by Investor AB, with which Fiskars Group agreed in February 2012 to join interests to create a strong long-term owner for Wärtsilä.


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, 2013 amounted to EUR 917.2 million (839.0).