STOCKMANN GROUP'S INTERIM REPORT JANUARY
STOCKMANN plc STOCK EXCHANGE BULLETIN August 12, 2003, 11.45 a.m.
STOCKMANN GROUP'S INTERIM REPORT JANUARY 1 - JUNE 30, 2003
The Stockmann Group's sales grew by 8.3 per cent to EUR 801.6 million (EUR 740.3 million in 2002). The Vehicle Division reported especially strong sales growth. Profit before extraordinary items increased by EUR 5.3 million and was EUR 27.8 million (EUR 22.5 million). Other operating income increased by EUR 6.6 million on the same period a year ago. Profit on ordinary operations were down slightly on the previous year. The earnings estimate for 2003 is unchanged.
Sales and result
Stockmann's consolidated sales in the first half of 2003 were EUR 801.6 million, up EUR 61.3 million and 8.3 per cent on same-period sales. Net turnover was EUR 667.0 million, increasing by EUR 50.2 million and 8.1 per cent on the same period a year ago.
The Group's gross operating margin grew by EUR 6.4 million to EUR 203.6 million. The relative gross margin weakened and was 30.5 per cent (32.0 per cent). The main factor behind the trend in the gross margin was the strong growth in the Vehicle Division's sales. Operating costs increased by EUR 9.2 million. Depreciation diminished by EUR 0.3 million. Other operating income increased by EUR 6.6 million on the comparison period and amounted to EUR 15.4 million. Other operating income consisted mainly of a capital gain on the Tapiola department store property in Espoo and goodwill compensation received from the sale of agency sales of magazine and newspaper subscriptions. Operating profit was up EUR 4.1 million on the same period of last year, rising to EUR 23.6 million.
Net financial income increased by EUR 1.2 million from the same period a year earlier and totalled EUR 4.2 million.
Profit before extraordinary items was EUR 27.8 million, up EUR 5.3 million on the figure a year earlier. Profit on ordinary operations before extraordinary items was EUR 12.4 million, down EUR 1.3 million on the comparison period. Direct taxes were EUR 8.1 million, or EUR 1.5 million more than a year earlier. Net profit for the report period was EUR 19.7 million, compared with EUR 16.0 million a year earlier.
Earnings per share were EUR 0.39 (EUR 0.31). Equity per share was EUR 9.71 (EUR 9.56).
Sales and earnings trend by division
The Department Store Division's sales grew by 3 per cent to EUR 382.6 million. The overall uncertainty concerning the economy was reflected to some extent in the sales trend of the department stores in Finland, in addition to which customer traffic into the centre of Helsinki was hampered by the construction works at the Kamppi site. Dollar-denominated sales in Russia increased by about 20 per cent. However, owing to the weakening in the United States dollar - which is the department stores' pricing currency - like-for-like sales in euros were at the previous year's level. International Operations accounted for 15.2 per cent of the division's sales (15.0 per cent). The Department Store Division's operating profit was on a par with the previous year, or EUR 6.1 million (6.1 million). The result was burdened by the pre-opening costs for the Stockmann Beauty and Zara stores that were opened during the report period as well as for the Riga department store. Despite these costs, the division's second-quarter operating profit improved on the previous year. The department stores in Finland reported a positive result.
The lowering in the car tax that came into force from the beginning of January set in motion strong growth in the motor trade, which continued throughout the first part of the year. The Vehicle Division's sales soared 27 per cent and totalled EUR 250.5 million. Unit sales of new vehicles grew by 35 per cent and those of used vehicles by 28 per cent compared with the same period a year ago. Stockmann's market share of the motor trade in the Helsinki metropolitan area grew substantially. The division's operating profit increased by EUR 1.0 million to EUR 3.5 million (2.5 million), improving markedly in the second quarter as well.
Sales by the Hobby Hall Division declined by 2 per cent to EUR 111.3 million. Owing to the change in the sales mix, the growth in the package volume was nevertheless 7 per cent. Towards the end of last year, Hobby Hall launched a streamlining programme aiming at achieving annual cost savings of EUR 6 million. Implementation of the programme has moved ahead according to plans and has had a positive impact on the trend in costs in the second quarter. Nonetheless, the trend in the division's sales and gross margin in the second quarter was clearly weaker than expected. These developments meant that the division's operating result during the report period diminished by EUR 1.8 million and was EUR 1.7 million in the red. Both second-quarter sales and the operating result were smaller than in the same period a year earlier.
The Seppälä Division's sales declined by 4 per cent on the same period of the previous year and were EUR 56.8 million. Seppälä suffered from the subdued demand that affected the clothing trade as a whole during the second quarter. In addition, Seppälä's largest store in Estonia, which is located in Tallinn's Viru Centre, had to be closed in the spring for refurbishing that will take about a year. The division has succeeded in trimming its stock level, with the result that the relative gross margin weakened only slightly. Operating profit was down EUR 1.5 million to EUR 0.8 million (EUR 2.3 million). Both sales and operating profit decreased in the second quarter.
Financing and invested capital
Liquid assets totalled EUR 71.2 million, compared with EUR 70.5 million at the end of 2002.
Loan repayments during the first part of the year amounted to EUR 1.0 million. In Latvia a LVL 6.0 million (EUR 9.2 million) loan for the department store construction project was drawn down. The amount of long- term loans at the end of June was EUR 44.5 million. The equity ratio grew from 70.7 per cent in the comparison period to 71.3 per cent. The equity ratio at the end of 2002 was 69.7 per cent.
In line with its strategy of freeing up capital, at the end of March Stockmann sold its department store property in Espoo's Tapiola district to a wholly-owned subsidiary of the Dutch real-estate investment company Wereldhave N.V. for a price of just over EUR 36 million. At the same time, Stockmann leased the divested property from the new owner for the Tapiola department store's use under a long-term leaseback agreement.
The return on investment over the past 12 months increased and, lifted by the growth in earnings, was 13.5 per cent (11.7 per cent). The Group's capital employed was at the level of the same period a year ago, or EUR 559,3 million.
Total contingent liabilities diminished by EUR 3.0 million from the end of 2002 and were EUR 65.4 million.
Divestment
Stockmann sold Academic Bookstore's agency sales of magazine and newspaper subscriptions to Suomalainen Kirjakauppa Oy. The business was transferred to the new owner as from June 1, 2003. The deal fits in with the Stockmann Group's strategy, which focuses on the consumer trade. Academic Bookstore will continue acting as an agent for magazine and newspaper subscriptions ordered by Stockmann's Loyal Customers and will still handle order-based book sales to companies and public-sector organizations.
Sales of magazine and newspaper subscriptions through Academic Bookstore amounted to nearly EUR 13 million in 2002. Because the business is very seasonal, divesting it will not affect the Stockmann Group's sales figures before the early months of 2004.
Capital expenditures
Capital expenditures during the report period totalled EUR 15.2 million (EUR 19.6 million).
The Department Store Division's capital expenditures in the report period came to EUR 7.2 million. The division's biggest ongoing capital expenditure is still the Riga department store. During 2003, a total of about EUR 19.0 million will be invested in the site's building and fixturing, and Stockmann's aggregate investment will be about EUR 24.0 million. The department store will be opened in October.
Moscow's first Zara store was opened at the end of February in the Mega Shopping Centre. In April new Zara stores were opened in Finland in Helsinki's Itäkeskus Shopping Centre and in Turku's Hansa Block. Operations of the new stores have got off to a good start. New stores that are part of the Stockmann Beauty cosmetics chain have been opened during the report period in the Forum Shopping Centre in Helsinki and in Tampere's Koskikeskus Shopping Centre.
In April Stockmann and IKEA's Russian subsidiary LLC IKEA MOS entered into a lease agreement on a Stockmann department store with about 10,000 square metres of retail space that will be located in the Mega Shopping Centre on the south side of Moscow. The landlord started construction works on the site in the spring. The department store will be opened in spring 2004. Stockmann's capital expenditures on the project will come to about EUR 20 million. Established by IKEA, Mega is a 150,000 square metre shopping centre where, among other retailers, the first Zara in Russia has been in operation since February.
The Hobby Hall Division's capital expenditures in the report period totalled EUR 0.8 million. They went for developing the information systems and starting up mail order sales in Lithuania. Sales in Lithuania have started up in line with plans.
Investments in real-estate property in the report period amounted to EUR 5.7 million, of which EUR 3.3 million was for the Riga department store.
Other capital expenditures in the report period amounted to EUR 1.5 million.
Current projects
Stockmann has signed a Letter of Intent on opening a department store with about 11,000 square metres of retail space in leased premises in the projected enlargement of the Jumbo Shopping Centre in Vantaa. According to plans, the department store will be completed in 2005. The preliminary agreement that was signed with ZAO Znamenskaya concerning a department store in St Petersburg has lapsed for the time being because the owner of the property has not managed to arrange the financing required for implementing the shopping centre by the deadline specified in the agreement. During the autumn Stockmann will explore the feasibility of continuing the validity of the agreement or opening a department store in some alternative location in St Petersburg.
A large-scale project for enlargement and modification works on the department store in the centre of Helsinki is pending. According to the plan, the department store's commercial premises will be expanded by about 10,000 square metres by converting existing premises to commercial use and by building new retail space. In addition, completely new goods handling and maintenance areas will be built for the department store as well as access passages to the new customer car park. After the enlargement the Helsinki department store will have about 50,000 square metres of retail sales space. The works will be completed stage by stage by the end of 2007, according to a preliminary estimate. Implementation of the project will call for modifying the town plan, which has already been initiated.
During the late summer IKEA will be taking a decision on building a shopping centre with about 100,000 square metres of floor space on Moscow's north side. IKEA and Stockmann have signed a Letter of Intent on establishing a Stockmann department store with about 10,000 square metres of retail space in rented premises in this shopping centre, which is to be opened to the public at the end of 2004. This would be Stockmann's third full-sized department store in Moscow. The department store's annual sales are estimated at about EUR 50 million. Stockmann's capital expenditure for the site will come to about EUR 20 million.
In autumn 2003 Seppälä will open its first stores in Latvia, one of which will operate in Stockmann's department store premises.
Shares and shareholders
At its meeting held on May 20, 2003, Stockmann's Board of Directors approved a shareholder's request to convert 40,000 of the company's shares from Series A into Series B shares in accordance with Article 3 of the Articles of Association. The share conversions were entered in the Trade Register on June 6, 2003.
A total of 5,580 Stockmann plc Series B shares with a nominal value of 2 euros were subscribed for with Stockmann Loyal Customer share options during the subscription period from May 2, 2003 to May 31, 2003. The shares were entered in the Trade Register on June 30, 2003 and they became available for public trading, together with the existing shares, on Helsinki Exchanges on July 1, 2003.
As a consequence of the subscriptions, the share capital was increased by EUR 11,160. Following the increase the share capital is 102,779,282 euros. The total number of Series A shares is 24,828,893 and the total number of Series B shares is 26,560,748.
1,382,524 Stockmann plc Loyal Customer share options were subscribed for in spring 2000. On the basis of the unexercised Loyal Customer share options, a further total of 1,375,860 new Series B shares with a nominal value of 2 euros can be subscribed for in disapplication of shareholders' pre-emptive right to subscribe for shares. On the basis of the subscriptions the company's share capital can rise by a further maximum of 2,751,720 euros to a maximum of 105,531,002 euros. The subscription price is EUR 15.70 less the amount of the per-share dividend distributed after April 1, 1999. This year the subscription price was EUR 12.16 per share. The remaining subscription periods with the Loyal Customer share options are May 2, 2004 - May 31, 2004 and May 2, 2005 - May 31, 2005.
The company's market capitalization at the end of June was EUR 788.4 million. At the end of 2002 the market capitalization was EUR 710.1 million.
Stockmann's shares outperformed both the HEX General Index and the HEX Portfolio Index during the report period. At the end of June the stock exchange price of the Series A share was EUR 15.28, compared with EUR 13.84 at the end of 2002, and the Series B share was selling at EUR 15.40, as against EUR 13.80 at the end of 2002.
At the end of June 2003 Stockmann still held 163,000 of its own Series A shares and 250,000 of its own Series B shares. The nominal value of these shares is a total of EUR 826,000, and they represent 0.8 per cent of all the shares outstanding as well as 0.7 per cent of the total votes. The shares were bought back at a total price of EUR 6.2 million.
The company's Board of Directors does not have valid authorizations to increase the share capital or to float issues of convertible bonds or bonds with warrants or to buy back its own shares.
Personnel strength
During the report period the Stockmann Group had an average payroll of 8,446 employees, or 284 more than in the comparison period. The growth in staff was due mainly to the Department Store Divison's new Zara and Stockmann Beauty stores. Converted to full-time staff, the average number of employees increased by 166 and was 6,755.
At the end of June 2003 the number of staff working abroad was 1,463 people. At the end of June of last year Stockmann had 1,234 people working abroad.
Full-year outlook
Despite the uncertain economic situation, the retail trade net of car sales is estimated to grow further in Finland. Sales of new cars will continue to grow faster than the rest of the retail trade. The economies of Russia and the Baltic countries too are anticipated to continue growing at a faster rate than Finland. The Stockmann Group's sales growth is estimated to outpace the overall market growth. Sales in 2003 are estimated to top EUR 1.7 billion.
The Group's third-quarter earnings are estimated to improve on the result reported for the same period of 2002. The Department Store Division's full- year operating profit is expected to be at the previous year's level. Thanks to the good sales trend, the Vehicle Division's full-year operating profit is estimated to exceed the record level reported last year. In spite of the unsatisfactory trend in the first part of the year, Hobby Hall's full-year operating profit is still targeted to be at least at the previous year's level. Seppälä's full-year operating profit is estimated to be at the previous year's level. The Stockmann Group's previously stated earnings estimate for 2003 is unchanged. The estimate is that profit before extraordinary items in 2003 will be higher than the figure reported for 2002.
Helsinki, August 12, 2003
STOCKMANN plc
Profit and loss account, Group EUR millions
1-6/03 1-6/02 Change % 1-12/02
| Net turnover | 667.0 | 616.8 | 8 | 1.315.3 |
| Other operating income | 15.4 | 8.8 | 75 | 8.8 |
| Raw materials and services | 463.4 | 419.6 | 10 | 876.4 |
| Staff expenses | 94.9 | 89.1 | 6 | 184.9 |
| Depreciation | 14.2 | 14.5 | -2 | 28.9 |
| Other operating expenses | 86.4 | 82.9 | 4 | 172.0 |
| Operating profit | 23.6 | 19.5 | 21 | 61.9 |
| Financial income and expenses, | 4.2 | 3.0 | 38 | 6.7 |
| Profit before extraordinary items | 27.8 | 22.5 | 23 | 68.6 |
| Extraordinary items | 0.0 | 0.0 | 0.0 | |
| Profit before taxes | 27.8 | 22.5 | 23 | 68.6 |
| Direct taxes (corresponding to | 8.1 | 6.5 | 23 | 18.9 |
| Minority interest | 0.0 | 0.0 | 0.0 | |
| Profit for the period | 19.7 | 16.0 | 23 | 49.7 |
| Earnings per share, EUR | 0.39 | 0.31 | 26 | 0.97 |
| Earnings per share, diluted, EUR | 0.39 | 0.31 | 26 | 0.97 |
| Equity per share, EUR | 9.71 | 9.56 | 2 | 10.21 |
| Return on equity, %, | 10.8 | 8.7 | 9.6 |
Sales by division, EUR millions
1-6/03 1-6/02 Change % 1-12/02
| Department Store Division | 382.6 | 369.8 | 3 | 811.1 |
| Vehicle Division | 250.5 | 197.0 | 27 | 398.9 |
| Hobby Hall | 111.3 | 113.3 | -2 | 237.1 |
| Seppälä | 56.8 | 59.5 | -4 | 132.7 |
| Real Estate | 10.1 | 13.2 | -23 | 23.9 |
| Eliminations | -9.6 | -12.5 | -21.3 | |
| Total | 801.6 | 740.3 | 8 | 1 582.3 |
1-6/03 1-6/02 Change % 1-12/02
| Department Store Division | 321.5 | 310.8 | 3 | 679.3 |
| Vehicle Division | 205.7 | 162.0 | 27 | 328.3 |
| Hobby Hall | 92.9 | 94.7 | -2 | 198.1 |
| Seppälä | 46.8 | 49.0 | -4 | 109.2 |
| Real Estate | 10.8 | 12.8 | -16 | 24.2 |
| Eliminations | -10.6 | -12.4 | -23.7 | |
| Total | 667.0 | 616.8 | 8 | 1 315.3 |
1-6/03 1-6/02 Change % 1-12/02
| Department Store Division | 6.1 | 6.1 | 0 | 39.7 |
| Vehicle Division | 3.5 | 2.5 | 41 | 5.4 |
| Hobby Hall | -1.7 | 0.1 | 0.5 | |
| Seppälä | 0.8 | 2.3 | -67 | 10.4 |
| Real Estate | 7.8 | 8.9 | -12 | 16.4 |
| Other operating income | 15.4 | 8.8 | 75 | 8.8 |
| Eliminations | -8.3 | -9.2 | -19.3 | |
| Total | 23.6 | 19.5 | 21 | 61.9 |
1-6/03 1-6/02 Change % 1-12/02
| Department Store Division | 7.2 | 7.1 | 2 | 10.1 |
| Vehicle Division | 0.9 | 0.1 | 1 123 | 0.6 |
| Vehicle Division's leasing assets | -0.4 | 3.0 | -114 | -0.8 |
| Hobby Hall | 0.8 | 2.0 | -57 | 3.2 |
| Seppälä | 0.4 | 0.2 | 123 | 0.6 |
| Real Estate | 5.7 | 6.9 | -18 | 10.9 |
| Others | 0.6 | 0.5 | 26 | 1.2 |
| Total | 15.2 | 19.6 | -23 | 25.8 |
1-6/03 1-6/02 1-12/02 Cash flow from operations 18.2 22.4 70.2 Cash flow into and from investments
| Capital expenditures | -15.9 | -17.1 | -27.0 | |
| Cash from non-current assets | 36.6 | 32.3 | 50.5 | |
| Cash flow into and from investments, total | 20.7 | 15.2 | 23.5 | |
| Financial cash flow | ||||
| Subscriptions with options | 0.1 | 0.0 | 0.0 | |
| Dividend paid | -45.8 | -30.6 | -30.6 | |
| Change in long-term loans | 8.5 | -0.1 | -7.9 | |
| Change in short-term loans | -0.8 | -2.7 | -10.3 | |
| Financial cash flow, total | -38.1 | -33.5 | -48.9 | |
| Change in cash funds | 0.7 | 4.1 | 44.8 | |
| Cash funds at start of the period | 70.5 | 25.6 | 25.6 | |
| Cash funds at end of the period | 71.2 | 29.7 | 70.5 |
30.6.03 30.6.02 31.12.02 Non-current assets
| Intangible assets | 36.6 | 38.7 | 36.3 | |
| Tangible assets | 213.2 | 242.7 | 236.4 | |
| Investments | 28.7 | 40.3 | 28.7 | |
| Current assets | ||||
| Stocks | 184.4 | 175.0 | 188.9 | |
| Debtors | 165.6 | 168.1 | 191.8 | |
| Liquid funds | 71.2 | 29.7 | 70.5 | |
| Assets | 699.7 | 694.5 | 752.7 | |
| Capital and reserves | 498.8 | 491.2 | 524.8 | |
| Minority interest | 0.0 | 0.1 | 0.0 | |
| Provisions | 0.2 | |||
| Deferred tax liability | 23.3 | 25.9 | 23.3 | |
| Non-current creditors | 44.5 | 43.6 | 35.8 | |
| Current creditors | ||||
| Interest-bearing | 16.1 | 25.1 | 16.9 | |
| Non-interest bearing | 117.1 | 108.5 | 151.9 | |
| Liabilities | 699.7 | 694.5 | 752.7 | |
| Equity ratio, % | 71.3 | 70.7 | 69.7 | |
| Gearing, % | -2.1 | 7.9 | -3.4 | |
| Cash flow from operations per share, EUR | 0.36 | 0.44 | 1.38 | |
| Interest-bearing net debt, EUR mill. | -117.8 | -63.6 | -128.1 | |
| Number of shares at June 30, 2003, thousands | 51 390 | 51 384 | 51 384 | |
| Weighted average number of shares, thousands | 50 971 | 50 970 | 50 971 |
30.6.03 30.6.02 31.12.02
| Mortgages on land and buildings | 1.7 | 3.4 | 3.4 |
| Pledges | 0.1 | 0.1 | 0.1 |
| Guarantees | 0.5 | ||
| Other commitments | 63.6 | 65.4 | 64.9 |
| Total | 65.4 | 69.4 | 68.4 |
Derivative instruments
30.6.03 30.6.02 31.12.02 Nominal value
| Foreign exchange derivatives | 11.8 | 38.3 | 11.4 |
| Interest rate derivatives | 70.0 | 77.0 | 80.0 |
| Fair value | |||
| Foreign exchange derivatives | -0.1 | 0.8 | 0.0 |
| Interest rate derivatives | -1.3 | 0.4 | -0.8 |
Profit and loss account, Group quarterly, EUR millions
Q2/03 Q1/03 Q4/02 Q3/02
| Net turnover | 348.3 | 318.7 | 391.8 | 306.7 |
| Other operating income | 2.6 | 12.8 | 0.0 | 0.0 |
| Raw materials and services | 237.9 | 225.5 | 249.2 | 207.6 |
| Staff expenses | 48.9 | 46.0 | 55.1 | 40.7 |
| Depreciation | 7.1 | 7.1 | 7.3 | 7.1 |
| Other operating expenses | 44.0 | 42.4 | 47.6 | 41.5 |
| Operating profit | 13.1 | 10.5 | 32.7 | 9.7 |
| Financial income and expenses, | 2.2 | 2.0 | 2.2 | 1.5 |
| Profit before extraordinary items | 15.3 | 12.5 | 34.8 | 11.2 |
| Extraordinary items | 0.0 | 0.0 | 0.0 | 0.0 |
| Profit before taxes | 15.3 | 12.5 | 34.8 | 11.2 |
| Direct taxes (corresponding to | 4.4 | 3.6 | 9.1 | 3.3 |
| Minority interest | 0.0 | 0.0 | 0.0 | 0.0 |
| Profit for the period | 10.8 | 8.9 | 25.7 | 7.9 |
| Earnings per share, EUR | 0.22 | 0.17 | 0.49 | 0.16 |
Q2/02 Q1/02 Q4/01 Q3/01
| Net turnover | 319.2 | 297.6 | 371.6 | 290.6 |
| Other operating income | 7.1 | 1.7 | 0.4 | 0.2 |
| Raw materials and services | 212.1 | 207.5 | 235.1 | 198.5 |
| Staff expenses | 45.4 | 43.7 | 53.0 | 40.1 |
| Depreciation | 7.3 | 7.2 | 7.6 | 7.0 |
| Other operating expenses | 41.3 | 41.6 | 47.9 | 37.3 |
| Operating profit | 20.2 | -0.7 | 28.4 | 8.0 |
| Financial income and expenses, | 1.0 | 2.0 | 2.2 | 0.4 |
| Profit before extraordinary items | 21.2 | 1.4 | 30.6 | 8.4 |
| Extraordinary items | 0.0 | 0.0 | 0.0 | 0.0 |
| Profit before taxes | 21.2 | 1.4 | 30.6 | 8.4 |
| Direct taxes (corresponding to | 6.1 | 0.4 | 10.4 | 2.4 |
| Minority interest | 0.0 | 0.0 | 0.0 | 0.0 |
| Profit for the period | 15.0 | 1.0 | 20.2 | 6.0 |
| Earnings per share, EUR | 0.30 | 0.02 | 0.40 | 0.12 |
Q2/03 Q1/03 Q4/02 Q3/02
| Department Store Division | 198.6 | 184.0 | 258.0 | 183.4 |
| Vehicle Division | 137.2 | 113.2 | 103.4 | 98.5 |
| Hobby Hall | 53.5 | 57.8 | 70.2 | 53.5 |
| Seppälä | 30.6 | 26.2 | 39.9 | 33.3 |
| Real Estate | 4.9 | 5.2 | 4.7 | 6.0 |
| Eliminations | -4.7 | -5.0 | -3.4 | -5.4 |
| Total | 420.2 | 381.4 | 472.7 | 369.3 |
Q2/02 Q1/02 Q4/01 Q3/01
| Department Store Division | 188.1 | 181.7 | 241.2 | 173.0 |
| Vehicle Division | 106.4 | 90.5 | 92.8 | 93.2 |
| Hobby Hall | 56.2 | 57.1 | 66.9 | 50.2 |
| Seppälä | 33.8 | 25.7 | 40.8 | 33.6 |
| Real Estate | 6.8 | 6.4 | 5.9 | 6.0 |
| Eliminations | -6.2 | -6.3 | -5.8 | -5.8 |
| Total | 385.2 | 355.1 | 441.9 | 350.2 |
Q2/03 Q1/03 Q4/02 Q3/02
| Department Store Division | 166.0 | 155.4 | 214.7 | 153.7 |
| Vehicle Division | 112.6 | 93.1 | 85.1 | 81.2 |
| Hobby Hall | 44.6 | 48.3 | 58.7 | 44.7 |
| Seppälä | 25.2 | 21.6 | 32.8 | 27.4 |
| Real Estate | 5.1 | 5.7 | 5.1 | 6.3 |
| Eliminations | -5.2 | -5.4 | -4.6 | -6.6 |
| Total | 348.3 | 318.7 | 391.8 | 306.7 |
Q2/02 Q1/02 Q4/01 Q3/01
| Department Store Division | 157.1 | 153.8 | 201.7 | 144.9 |
| Vehicle Division | 87.4 | 74.6 | 76.3 | 76.8 |
| Hobby Hall | 46.9 | 47.8 | 59.2 | 41.6 |
| Seppälä | 27.8 | 21.1 | 33.5 | 27.6 |
| Real Estate | 6.6 | 6.3 | 6.1 | 5.9 |
| Eliminations | -6.4 | -6.0 | -5.1 | -6.2 |
| Total | 319.2 | 297.6 | 371.6 | 290.6 |
Q2/03 Q1/03 Q4/02 Q3/02
| Department Store Division | 7.9 | -1.8 | 27.7 | 6.0 |
| Vehicle Division | 1.8 | 1.7 | 1.0 | 1.9 |
| Hobby Hall | -1.0 | -0.7 | 1.0 | -0.7 |
| Seppälä | 2.7 | -1.9 | 6.0 | 2.0 |
| Real Estate | 3.6 | 4.2 | 3.6 | 4.0 |
| Other operating income | 2.6 | 12.8 | 0.0 | 0.0 |
| Eliminations | -4.4 | -3.9 | -6.6 | -3.6 |
| Total | 13.1 | 10.5 | 32.7 | 9.7 |
Q2/02 Q1/02 Q4/01 Q3/01
| Department Store Division | 7.2 | -1.1 | 21.8 | 4.7 |
| Vehicle Division | 1.4 | 1.0 | 0.1 | 1.3 |
| Hobby Hall | 0.9 | -0.7 | 6.7 | 0.3 |
| Seppälä | 4.4 | -2.0 | 3.6 | 1.0 |
| Real Estate | 4.4 | 4.5 | 3.8 | 3.7 |
| Other operating income | 7.1 | 1.7 | 0.4 | 0.2 |
| Eliminations | -5.2 | -4.0 | -8.0 | -3.4 |
| Total | 20.2 | -0.7 | 28.4 | 8.0 |
This Interim Report is unaudited.
Helsinki, August 12, 2003
STOCKMANN plc
Hannu Penttilä Managing Director
DISTRIBUTION Helsinki Exchanges Principal media
A press and analyst conference will be held today, August 12, 2003, at 14.15 p.m. at the World Trade Center, Aleksanterinkatu 17, Helsinki.
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