INTERIM REPORT JANUARY 1 - MARCH 31, 200
STOCKMANN plc STOCK EXCHANGE BULLETIN April 24, 2003, 11.30. a.m.
INTERIM REPORT JANUARY 1 - MARCH 31, 2003
The Stockmann Group's sales grew by 7.5 per cent to EUR 381.4 million (EUR 355.1 million in 2002). Profit before extraordinary items improved by EUR 11.1 million and was EUR 12.5 million (1.4 million). The result of ordinary operations was on a par with last year. Other operating income increased by EUR 11.1 million on the same period a year ago. The earnings estimate for 2003 is unchanged. Stockmann has made agreements on opening two new department stores in Moscow.
Sales and result
Stockmann's consolidated sales in the first quarter of 2003 were EUR 381.4 million, up EUR 26.3 million and 7.5 per cent on same-period sales. Net turnover was EUR 318.7 million, increasing by 7.1 per cent on the comparison period.
The Group's operating gross margin increased by EUR 3.1 million to EUR 93.2 million. The relative gross margin nevertheless weakened somewhat and was 29.2 per cent (30.3 per cent). The main factor behind the weakening in the relative gross margin was the strong growth in the Vehicle Division's sales. Costs increased by EUR 3.1 million. Depreciation diminished by EUR 0.1 million. Other operating income, EUR 12.8 million, comprised a capital gain on the sale of the Tapiola department store property in Espoo. Other operating income in the comparison period was EUR 1.7 million. Operating profit increased by EUR 11.2 million on the same period a year ago and was EUR 10.5 million.
Despite the increase in liquid assets, net financial income was at the previous year's level owing to low interest rates.
Profit before extraordinary items was EUR 12.5 million, up EUR 11.1 million on the result a year earlier. The result of ordinary operations before extraordinary items was at the previous year's level, or EUR 0.3 million negative. Direct taxes were EUR 3.6 million, increasing by EUR 3.2 million on the first quarter of 2002. Net profit for the report period was EUR 8.9 million, compared with EUR 1.0 million a year earlier.
Earnings per share were EUR 0.17 (EUR 0.02). Equity per share was EUR 9.49 (EUR 9.86).
Sales and earnings trend by division
Sales by the Department Store Division were up one per cent to EUR 184.0 million. The overall uncertainty surrounding the world situation and 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, but 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 per cent (15 per cent) of the division's sales. The Department Store Division's operating result diminished by EUR 0.7 million and was EUR 1.8 million negative (1.1 million negative in Jan.-Mar. 2002). The drop in earnings was partially due to the costs of the Stockmann Beauty and Zara stores that have already been opened and are to be opened later this year as well as to the pre-opening costs for the Riga department store.
The motor trade in Finland grew at an exceptionally fast pace in the first part of the year, spurred by the lowering in the car tax. The Vehicle Division's sales soared 25 per cent and totalled EUR 113.2 million. Unit sales of new vehicles grew by 41 per cent and those of used vehicles by 22 per cent compared with the same period a year ago. Stockmann's market share of the motor trade in the Helsinki metropolitan area grew clearly. The order book for new cars and vans is still significantly higher than the level a year ago. The division's operating profit increased by EUR 0.7 million to EUR 1.7 million (1.0 million).
Sales by the Hobby Hall Division grew by one per cent to EUR 57.8 million. The division's operating result was at the previous year's level, or EUR 0.7 million negative, including the costs of entering a new market in Lithuania. The savings measures that were launched towards the end of 2002 will begin to kick in to the full extent during the second quarter.
The Seppälä Division's sales increased by 2 per cent on the first quarter of 2002 and were EUR 26.2 million. Seppälä's operating result improved and was EUR 1.9 million negative (2.0 million negative in Jan.-Mar. 2002).
Financing and capital employed
Liquid assets totalled EUR 59.6 million, compared with EUR 70.5 million at the end of 2002.
Loan repayments in the first quarter amounted to EUR 1.0 million. No new long-term loans were drawn down. The amount of long-term loans at the end of March was EUR 35.0 million. The equity ratio declined to 63.5 per cent from 68.9 per cent in the comparison period. The decrease was attributable mainly to the fact that the record date for the dividend was in the first quarter. The equity ratio at the end of 2002 was 69.7 per cent.
In line with its strategy of freeing up capital, Stockmann sold its department store property in Espoo's Tapiola district to a wholly-owned subsidiary of the Dutch property company Wereldhave N.V. for a price of just over EUR 36 million under a long-term leaseback from the new owner, whereby the Tapiola department store will be the tenant. Previously, the Tapiola department store has had its so-called household department store in premises leased from Oy Etola Ab. This leasehold, which is of the same length as the lease agreement that was signed on the divested property, will continue unchanged.
The return on capital employed over the past 12 months increased and, lifted by the growth in earnings, was 15.2 per cent (9.5 per cent). The Group's capital employed diminished as a consequence of the disposals of real-estate property that were carried out during the year, and at the end of the report period it totalled EUR 538.5 million (576.8 million).
Total contingent liabilities diminished by EUR 1.9 million from the end of 2002 and were EUR 66.5 million.
Capital expenditures
Capital expenditures during the report period totalled EUR 6.0 million (EUR 7.4 million).
The Department Store Division's capital expenditures in the report period came to EUR 3.4 million. The Riga department store remains the division's most important capital expenditure. During 2003, about EUR 19.0 million will be invested in the site and Stockmann's total investment will be about EUR 24.0 million. The department store will be opened on schedule in the autumn. Moscow's first Zara store was opened at the end of February in the Mega Shopping Centre. Its operations have got off to a very good start. One of the new Zara stores in Finland was opened in Helsinki's Itäkeskus Shopping Centre on April 15, and another will be opened in the Hansa block in Turku at the end of April. The newest store in the Stockmann Beauty cosmetics chain was opened in the Forum Shopping Centre in Helsinki on April 16. The next Stockmann Beauty store will be opened in Tampere's Koskikeskus Shopping Centre in May.
The Hobby Hall Division's capital expenditures in the report period totalled EUR 0.2 million. They went for development of 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 1.6 million, of which EUR 0.9 million was for the Riga department store.
Other capital expenditures in the report period amounted to EUR 0.8 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 the projected new section of the Jumbo Shopping Centre in Vantaa. According to plans, the department store will be completed in 2005. Similarly, Stockmann has signed a preliminary agreement on opening a full-sized department store with about 8 000 square metres of floor space in rented premises in the centre of St Petersburg in 2005.
A large-scale plan for enlargement and modification works on the department store in the centre of Helsinki has been launched. 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 servicing 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 project has a total cost estimate of about EUR 90 million. According to a preliminary estimate, the works are scheduled for completion in 2007. Carrying out the project calls for a town-plan modification, which has already been initiated.
Stockmann and IKEA's Russian subsidiary LLC IKEA MOS have entered into a lease agreement on a Stockmann department store of about 10 000 square metres of retail space that will be located in the Mega Shopping Centre on the south side of Moscow. This department store will open to the public in spring 2004. Established by IKEA, Mega is a 195 000 square metre shopping centre where, among other retailers, the first Zara store in Russia has been in operation since February.
Furthermore, during the summer IKEA will be taking a decision on establishing another similar shopping centre with about 200 000 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. Both new department stores are estimated to have annual sales of about EUR 50 million, and Stockmann's capital expenditures on each of the sites will come to about 20 million euros.
In autumn 2003 Seppälä will open its first stores in Latvia, one of which will operate in Stockmann's department store premises.
Annual General Meeting
The Annual General Meeting held on March 25 passed a resolution on the payment of a dividend of EUR 0.70 per share for the 2002 financial year as well as a bonus dividend of EUR 0.20 in honour of the company's 140th jubilee year, or a total of EUR 0.90 per share.
The members of the Board of Directors whose term of office was due to expire were Lasse Koivu, managing director, Eva Liljeblom, professor, and Christoffer Taxell, LL.M. All were re-elected to seats on the Board of Directors for the next three-year term.
At its organization meeting on March 25, 2003, the Board of Directors re- elected Lasse Koivu as its chairman and Erkki Etola, managing director, as its vice chairman.
Elected as regular auditors were Wilhelm Holmberg, Authorized Public Accountant, who was re-elected, and Henrik Holmblom, Authorized Public Accountant, who was newly elected. KPMG Wideri Oy Ab will continue to act as the deputy auditor.
Shares and shareholders
The company's market capitalization at the end of March was EUR 705.2 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 March the stock exchange price of the Series A share was EUR 13.75, compared with EUR 13.84 at the end of 2002, and the Series B share was selling at EUR 13.70, as against EUR 13.80 at the end of 2002.
At the end of March 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 8 190 employees, or 199 more than in the comparison period. The growth in staff was due mainly to the Department Store Division's new Zara and Stockmann Beauty stores. Converted to a full-time basis, the average number of personnel increased by 91 employees and was 6 626.
At the end of March 2003, Stockmann had 1 434 employees working abroad. At the end of March 2002, Stockmann had 1 225 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. Unit sales of new cars are expected to grow significantly. The economies of Russia and the Baltic countries are anticipated to continue growing at a faster rate than Finland. The Stockmann Group's sales are estimated to outpace the overall market growth. Sales in 2003 are estimated to top EUR 1.7 billion.
The Group's second-quarter earnings are estimated to be smaller than last year because the second quarter result for 2002 included EUR 7.1 million of other operating income. The earnings estimate for 2003, which was stated in the Annual Report, is unchanged. The estimate is that profit before extraordinary items in 2003 will be higher than the figure reported for 2002.
Helsinki, April 24, 2003
STOCKMANN plc
Profit and loss account, Group EUR millions
1-3/03 1-3/02 Change % 1-12/02
| Net turnover | 318.7 | 297.6 | 7 | 1 315.3 |
| Other operating income | 12.8 | 1.7 | 651 | 8.8 |
| Raw materials and services | 225.5 | 207.5 | 9 | 876.4 |
| Staff expenses | 46.0 | 43.7 | 5 | 184.9 |
| Depreciation | 7.1 | 7.2 | -1 | 28.9 |
| Other operating expenses | 42.4 | 41.6 | 2 | 172.0 |
| Operating profit | 10.5 | -0.7 | 61.9 | |
| Financial income and expenses, | 2.0 | 2.0 | 0 | 6.7 |
| Profit before extraordinary items | 12.5 | 1.4 | 823 | 68.6 |
| Extraordinary items | 0.0 | 0.0 | 0.0 | |
| Profit before taxes | 12.5 | 1.4 | 823 | 68.6 |
| Direct taxes (corresponding to | 3.6 | 0.4 | 826 | 18.9 |
| Minority interest | 0.0 | 0.0 | 0.0 | |
| Profit for the period | 8.9 | 1.0 | 826 | 49.7 |
| Earnings per share, EUR | 0.17 | 0.02 | 822 | 0.97 |
| Earnings per share, diluted, EUR | 0.17 | 0.02 | 803 | 0.97 |
| Equity per share, EUR | 9.49 | 9.86 | -4 | 10.21 |
| Return on equity, %, | 11.6 | 6.9 | 9.6 |
Sales by division, EUR millions
1-3/03 1-3/02 Change % 1-12/02
| Department Store Division | 184.0 | 181.7 | 1 | 811.1 |
| Vehicle Division | 113.2 | 90.5 | 25 | 398.9 |
| Hobby Hall | 57.8 | 57.1 | 1 | 237.1 |
| Seppälä | 26.2 | 25.7 | 2 | 132.7 |
| Real Estate | 5.2 | 6.4 | -19 | 23.9 |
| Eliminations | -5.0 | -6.3 | -21.3 | |
| Total | 381.4 | 355.1 | 7 | 1 582.3 |
1-3/03 1-3/02 Change % 1-12/02
| Department Store Division | 155.4 | 153.8 | 1 | 679.3 |
| Vehicle Division | 93.1 | 74.6 | 25 | 328.3 |
| Hobby Hall | 48.3 | 47.8 | 1 | 198.1 |
| Seppälä | 21.6 | 21.1 | 2 | 109.2 |
| Real Estate | 5.7 | 6.3 | -9 | 24.2 |
| Eliminations | -5.4 | -6.0 | -23.7 | |
| Total | 318.7 | 297.6 | 7 | 1 315.3 |
1-3/03 1-3/02 Change % 1-12/02
| Department Store Division | -1.8 | -1.1 | 61 | 39.7 |
| Vehicle Division | 1.7 | 1.0 | 65 | 5.4 |
| Hobby Hall | -0.7 | -0.7 | -1 | 0.5 |
| Seppälä | -1.9 | -2.0 | -8 | 10.4 |
| Real Estate | 4.2 | 4.5 | -6 | 16.4 |
| Other operating income | 12.8 | 1.7 | 651 | 8.8 |
| Eliminations | -3.9 | -4.0 | -19.3 | |
| Total | 10.5 | -0.7 | 61.9 |
1-3/03 1-3/02 Change % 1-12/02
| Department Store Division | 3.4 | 3.5 | -3 | 10.1 |
| Vehicle Division | 0.6 | 0.1 | 798 | 0.6 |
| Vehicle Division's leasing assets | -0.3 | -0.2 | 58 | -0.8 |
| Hobby Hall | 0.2 | 0.7 | -65 | 3.2 |
| Seppälä | 0.2 | 0.1 | 267 | 0.6 |
| Real Estate | 1.6 | 3.1 | -50 | 10.9 |
| Others | 0.3 | 0.1 | 103 | 1.2 |
| Total | 6.0 | 7.4 | -19 | 25.8 |
1-3/03 1-3/02 1-12/02
| Cash flow from operations | -3.9 | 1.5 | 70.2 |
| Cash flow into and from investments | -4.8 | -4.3 | 23.5 |
| Financial cash flow | |||
| Dividend paid | 0.0 | 0.0 | -30.6 |
| Change in long-term loans | -1.0 | -0.1 | -7.9 |
| Change in short-term loans | -1.2 | -3.0 | -10.3 |
| Financial cash flow, total | -2.2 | -3.1 | -48.9 |
| Change in cash funds | -10.9 | -5.9 | 44.8 |
| Cash funds at start of the period | 70.5 | 25.6 | 25.6 |
| Cash funds at end of the period | 59.6 | 19.7 | 70.5 |
31.3.03 31.3.02 31.12.02 Non-current assets
| Intangible assets | 36.1 | 38.0 | 36.3 | |
| Tangible assets | 212.0 | 265.9 | 236.4 | |
| Investments | 28.7 | 40.5 | 28.7 | |
| Current assets | ||||
| Stocks | 222.2 | 197.5 | 188.9 | |
| Debtors | 210.3 | 174.6 | 191.8 | |
| Liquid funds | 59.6 | 19.7 | 70.5 | |
| Assets | 768.7 | 736.1 | 752.7 | |
| Capital and reserves | 487.9 | 506.8 | 524.8 | |
| Minority interest | 0.0 | 0.2 | 0.0 | |
| Provisions | 1.4 | |||
| Deferred tax liability | 23.3 | 25.9 | 23.3 | |
| Non-current creditors | 35.0 | 43.6 | 35.8 | |
| Current creditors | ||||
| Interest-bearing | 15.7 | 24.9 | 16.9 | |
| Non-interest bearing | 206.9 | 133.4 | 151.9 | |
| Liabilities | 768.7 | 736.1 | 752.7 | |
| Equity ratio, % | 63.5 | 68.9 | 69.7 | |
| Gearing, % | -1.8 | 9.6 | -3.4 | |
| Cash flow from operations per share, EUR | -0.08 | 0.03 | 1.38 | |
| Interest-bearing net debt, EUR mill. | -120.6 | -27.8 | -128.1 | |
| Number of shares at March 31, 2003, | 51 384 | 51 383 | 51 384 |
Contingent liabilities, Group EUR millions
31.3.03 31.3.02 31.12.02
| Mortgages on land and buildings | 3.4 | 3.4 | 3.4 |
| Pledges | 0.1 | 0.1 | 0.1 |
| Guarantees | 0.5 | ||
| Other commitments | 63.0 | 62.5 | 64.9 |
| Total | 66.5 | 66.5 | 68.4 |
31.3.03 31.3.02 31.12.02 Nominal value
| Foreign exchange derivatives | 9.9 | 27.4 | 11.4 |
| Interest rate derivatives | 70.0 | 70.0 | 80.0 |
| Fair value | |||
| Foreign exchange derivatives | 0.0 | -0.5 | 0.0 |
| Interest rate derivatives | -1.3 | 0.0 | -0.8 |
Profit and loss account, Group quarterly, EUR millions
Q1/03 Q4/02 Q3/02 Q2/02
| Net turnover | 318.7 | 391.8 | 306.7 | 319.2 |
| Other operating income | 12.8 | 0.0 | 0.0 | 7.1 |
| Raw materials and services | 225.5 | 249.2 | 207.6 | 212.1 |
| Staff expenses | 46.0 | 55.1 | 40.7 | 45.4 |
| Depreciation | 7.1 | 7.3 | 7.1 | 7.3 |
| Other operating expenses | 42.4 | 47.6 | 41.5 | 41.3 |
| Operating profit | 10.5 | 32.7 | 9.7 | 20.2 |
| Financial income and expenses, | 2.0 | 2.2 | 1.5 | 1.0 |
| Profit before extraordinary items | 12.5 | 34.8 | 11.2 | 21.2 |
| Extraordinary items | 0.0 | 0.0 | 0.0 | 0.0 |
| Profit before taxes | 12.5 | 34.8 | 11.2 | 21.2 |
| Direct taxes (corresponding to | 3.6 | 9.1 | 3.3 | 6.1 |
| Minority interest | 0.0 | 0.0 | 0.0 | 0.0 |
| Profit for the period | 8.9 | 25.7 | 7.9 | 15.0 |
| Earnings per share, EUR | 0.17 | 0.49 | 0.16 | 0.30 |
Q1/02 Q4/01 Q3/01 Q2/01
| Net turnover | 297.6 | 371.6 | 290.6 | 319.1 |
| Other operating income | 1.7 | 0.4 | 0.2 | 0.0 |
| Raw materials and services | 207.5 | 235.1 | 198.5 | 219.0 |
| Staff expenses | 43.7 | 53.0 | 40.1 | 43.7 |
| Depreciation | 7.2 | 7.6 | 7.0 | 7.1 |
| Other operating expenses | 41.6 | 47.9 | 37.3 | 39.7 |
| Operating profit | -0.7 | 28.4 | 8.0 | 9.7 |
| Financial income and expenses, | 2.0 | 2.2 | 0.4 | 1.5 |
| Profit before extraordinary items | 1.4 | 30.6 | 8.4 | 11.2 |
| Extraordinary items | 0.0 | 0.0 | 0.0 | 0.0 |
| Profit before taxes | 1.4 | 30.6 | 8.4 | 11.2 |
| Direct taxes (corresponding to | 0.4 | 10.4 | 2.4 | 3.2 |
| Minority interest | 0.0 | 0.0 | 0.0 | 0.0 |
| Profit for the period | 1.0 | 20.2 | 6.0 | 7.9 |
| Earnings per share, EUR | 0.02 | 0.40 | 0.12 | 0.16 |
Q1/03 Q4/02 Q3/02 Q2/02
| Department Store Division | 184.0 | 258.0 | 183.4 | 188.1 |
| Vehicle Division | 113.2 | 103.4 | 98.5 | 106.4 |
| Hobby Hall | 57.8 | 70.2 | 53.5 | 56.2 |
| Seppälä | 26.2 | 39.9 | 33.3 | 33.8 |
| Real Estate | 5.2 | 4.7 | 6.0 | 6.8 |
| Eliminations | -5.0 | -3.4 | -5.4 | -6.2 |
| Total | 381.4 | 472.7 | 369.3 | 385.2 |
Q1/02 Q4/01 Q3/01 Q2/01
| Department Store Division | 181.7 | 241.2 | 173.0 | 174.5 |
| Vehicle Division | 90.5 | 92.8 | 93.2 | 119.6 |
| Hobby Hall | 57.1 | 66.9 | 50.2 | 56.7 |
| Seppälä | 25.7 | 40.8 | 33.6 | 34.0 |
| Real Estate | 6.4 | 5.9 | 6.0 | 6.1 |
| Eliminations | -6.3 | -5.8 | -5.8 | -6.3 |
| Total | 355.1 | 441.9 | 350.2 | 384.8 |
Q1/03 Q4/02 Q3/02 Q2/02
| Department Store Division | 155.4 | 214.7 | 153.7 | 157.1 |
| Vehicle Division | 93.1 | 85.1 | 81.2 | 87.4 |
| Hobby Hall | 48.3 | 58.7 | 44.7 | 46.9 |
| Seppälä | 21.6 | 32.8 | 27.4 | 27.8 |
| Real Estate | 5.7 | 5.1 | 6.3 | 6.6 |
| Eliminations | -5.4 | -4.6 | -6.6 | -6.4 |
| Total | 318.7 | 391.8 | 306.7 | 319.2 |
Q1/02 Q4/01 Q3/01 Q2/01
| Department Store Division | 153.8 | 201.7 | 144.9 | 145.3 |
| Vehicle Division | 74.6 | 76.3 | 76.8 | 98.8 |
| Hobby Hall | 47.8 | 59.2 | 41.6 | 47.1 |
| Seppälä | 21.1 | 33.5 | 27.6 | 27.9 |
| Real Estate | 6.3 | 6.1 | 5.9 | 6.1 |
| Eliminations | -6.0 | -5.1 | -6.2 | -6.2 |
| Total | 297.6 | 371.6 | 290.6 | 319.1 |
Q1/03 Q4/02 Q3/02 Q2/02
| Department Store Division | -1.8 | 27.7 | 6.0 | 7.2 |
| Vehicle Division | 1.7 | 1.0 | 1.9 | 1.4 |
| Hobby Hall | -0.7 | 1.0 | -0.7 | 0.9 |
| Seppälä | -1.9 | 6.0 | 2.0 | 4.4 |
| Real Estate | 4.2 | 3.6 | 4.0 | 4.4 |
| Other operating income | 12.8 | 0.0 | 0.0 | 7.1 |
| Eliminations | -3.9 | -6.6 | -3.6 | -5.2 |
| Total | 10.5 | 32.7 | 9.7 | 20.2 |
Q1/02 Q4/01 Q3/01 Q2/01
| Department Store Division | -1.1 | 21.8 | 4.7 | 8.1 |
| Vehicle Division | 1.0 | 0.1 | 1.3 | 0.9 |
| Hobby Hall | -0.7 | 6.7 | 0.3 | -1.4 |
| Seppälä | -2.0 | 3.6 | 1.0 | 2.1 |
| Real Estate | 4.5 | 3.8 | 3.7 | 4.4 |
| Other operating income | 1.7 | 0.4 | 0.2 | 0.0 |
| Eliminations | -4.0 | -8.0 | -3.4 | -4.4 |
| Total | -0.7 | 28.4 | 8.0 | 9.7 |
This Interim Report is unaudited.
Helsinki, April 24, 2003
STOCKMANN plc
Hannu Penttilä Managing Director
DISTRIBUTION Helsinki Exchanges Principal media
A press and analyst conference will be held today, April 24, 2003, at 14.00 p.m. at the World Trade Center, Aleksanterinkatu 17, Helsinki.
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