Associated company: Wärtsilä

Wärtsilä Corporation represents part of Fiskars' portfolio as an associated company. Fiskars continues to be the company's largest single shareholder with 15.1% of Wärtsilä's shares and votes.

Wärtsilä forms one of Fiskars' reported operating segments and is treated as an associated company, as Fiskars considers that it has a significant holding in the company under the provisions of IAS 28. Wärtsilä's performance has a major impact on Fiskars' result and cash flow from operating activities. The share of profit is reported as a separate item below the consolidated operating profit of Fiskars.

Wärtsilä Corporation is a global supplier of marine and energy systems, solutions, and services, and is listed on the NASDAQ OMX Helsinki (HEX: WRT 1V).

2010:

• net sales 4,533 million euros (2009: 5,260)
• operating profit 412 million euros (592)
• earnings per share 3.91 euros (3.94)
• employees 17,258 (18,541)