STOCKMANN'S IFRS COMPLIANT COMPARATIVE QUARTERLY INFORMATION FOR 2004

STOCKMANN plc STOCK EXCHANGE RELEASE April 18, 2005, at 17.30

STOCKMANN'S IFRS COMPLIANT COMPARATIVE QUARTERLY INFORMATION FOR 2004

On 15 February 2005 Stockmann issued a release on comparative annual IFRS information for 2004. The release at hand presents information on the effects of the adoption of IFRS on the consolidated balance sheet, income statement, key ratios and segment information for 2004 on a quarterly basis. From Stockmann's point of view, the most significant effects of the transition to IFRS relate to the treatment of revaluation of assets, the Company's own shares, some vehicle leasing and hire-purchase agreements, the recognition of financial instruments and segment reporting.

GENERAL

Stockmann converted from Finnish Accounting Standards (FAS) to International Financial Reporting Standards (IFRS) on 1 January 2005. The Company has prepared an opening balance sheet as at the date of transition, which is 1 January 2004. The interim financial reports for 2005 will be presented in accordance with IFRS.

The change in accounting standards impacts, amongst others, the following accounting policies:

The measurement and revaluation of property, plant and equipment

Stockmann applies the cost model as defined in IAS 16 (Property, Plant and Equipment) when measuring property, plant and equipment. Contrary to the Company's prior accounting practice, depreciation on the revaluation surplus of buildings is recorded over their useful lives in the IFRS financial statements. An adjustment equivalent to the accumulated depreciation has been done to equity in the IFRS opening balance sheet. Deferred tax liabilities as required by IFRS have been recorded on the revaluations.

Finance lease agreements

Motor vehicles under finance lease agreements, used by Stockmann Auto as courtesy and showroom cars have been recognised in the IFRS financial statements in accordance with IAS 17 (Leases) as assets and liabilities. According to the previous practice, these agreements were disclosed in the notes.

Treasury shares

In accordance with IAS 39 (Financial Instruments: Recognition and Measurement) the Company's own shares held by it have not been recognised in the balance sheet. The elimination of these shares decreases non- current investments and equity when compared to what was reported previously.

Investments in companies listed on the stock exchange

In terms of IFRS, investments in listed companies are measured at fair value at balance sheet date in accordance with IAS 39 (Financial Instruments: Recognition and Measurement). The difference between the market value and book value is recognised in equity. Previously, investments in equity instruments were measured at no higher than cost.

Receivables

Hire-purchase agreements transferred to finance companies when financing customer motor vehicle purchases have been recognised in accordance with IAS 39 (Financial Instruments: Recognition and Measurement). Agreements where all risks, rewards and control have not transferred to the transferee, are recognised in the IFRS balance sheet in receivables and debts. Under the previous reporting, these agreements were disclosed only in the notes to the financial statements. The interest income on these agreements is recognised over the duration of the agreement, whereas previously it was recognised in total at the inception of the agreement. As from 1 January 2004, hire-purchase agreements have been recognised in accordance with IAS 39, in conjunction with the transitional provisions of IFRS 1.

Derivatives and hedge accounting

Derivatives are measured at fair value in accordance with IAS 39. Stockmann uses in its IFRS reporting IAS 39 compliant hedge accounting to hedge forecast foreign currency purchases and sales.

Deferred tax liabilities and assets

A deferred tax liability or asset is recognised for all temporary differences between the carrying amount of an asset or liability and its tax base in accordance with IAS 12 (Income Taxes). The most significant liabilities arise from revaluations included in the carrying amounts of buildings and property and the property, plant and equipment of foreign companies. In terms of the previous accounting practice, no deferred tax assets and liabilities were calculated on these differences.

Translation differences

Cumulative translation differences have been combined with retained earnings at the date of transition to IFRS, as permitted by IFRS 1.

The Finnish pension scheme (TEL)

Under FAS, pension expenses have been recognised in accordance with local regulations. The Finnish pension scheme (TEL) has been accounted for as a defined contribution plan under FAS. Under IFRS, the disability element of TEL is also accounted for as a defined contribution plan. At the date of transition to IFRS, the total TEL disability obligation is estimated at 17.5 million euros.

Segment reporting

The introduction of IFRS will result in a change in the current segment reporting structure. A property unit whose income consists mainly of intragroup rentals, will fall away. In the IFRS reporting, property held by the Group has been allocated to segments with business operations by including it in the assets of each segment. In the segment income statements, depreciation and other costs relating to the buildings will be reported instead of the previous internal rentals. Under IFRS, other operating income has been allocated to the segments, whereas under FAS they were reported at Group level.

The identification of segments is based on the Group structure and internal reporting. The primary or business segments are the Department Store Division, Stockmann Auto, Hobby Hall and Seppälä. The secondary or geographical segments are Finland, the Baltic states and Russia.

Financial statement presentation

Instead of being disclosed in finance income, as was the case under FAS, interest received on interest-bearing receivables is included in operating profit and disclosed in other income below gross margin in the Group's income statement. This change was made after the release issued on 15 February. The change increases the Group's operating profit and decreases finance income respectively. For the segments, interest received on interest-bearing receivables were already included in operating profit under FAS.

Share-based payments

IFRS 2 (Share-based Payment), published in February 2004, was adopted at the beginning of 2005. The adoption of the standard does not have a significant impact on Stockmann's result.

Cash flow statements

IFRS reporting does not result in material changes to Stockmann's cash flow statements.

BALANCE SHEETS

Balance Sheet, IFRS 1 January 2004, Ref. FAS Adjustments IFRS Group, EUR mill. ASSETS Non-current assets

Intangible assets30,530,5
Property, plant and equipment1230,06,3236,3
Long-term investments228,7-21,67,0
Long-term receivables0,90,9
Deferred tax assets40,80,31,2
Total non-current assets290,9-14,9275,8
Current assets
Inventories191,3191,3
Interest-bearing receivables110,5110,5
Non interest-bearing receivables86,886,8
Available-for-sale investments61,01,0
Securities held in current assets101,8101,8
Cash and cash equivalents19,519,5
Total current assets509,91,0511,0
Total assets800,8-14,0786,8
EQUITY AND LIABILITIES
Equity547,1-25,0522,0
Minority interest0,00,0
Total equity7547,1-25,0522,0
Long-term borrowings848,62,350,9
Deferred tax liabilities1026,07,833,9
Current liabilities
Interest-bearing short-term debt16,316,3
Non interest-bearing short-term debt9162,70,9163,8
Total current liabilities179,00,9180,1
Total equity and liabilities800,8-14,0786,8
Balance Sheet, IFRS 31 March 2004,Ref.FAS AdjustmentsIFRS
Group, EUR mill. ASSETS Non-current assets
Intangible assets40,940,9
Property, plant and equipment1229,96,2236,1
Long-term investments228,7-21,67,1
Long-term receivables30,71,82,5
Deferred tax assets40,80,51,4
Total non-current assets301,0-13,1288,0
Current assets
Inventories217,3217,3
Interest-bearing receivables3108,9108,9
Non interest-bearing receivables585,81,487,2
Available-for-sale investments61,11,1
Securities held in current assets71,371,3
Cash and cash equivalents17,417,4
Total current assets500,72,4503,1
Total assets801,7-10,6791,1
EQUITY AND LIABILITIES
Equity480,4-25,6454,7
Minority interest0,00,0
Total equity7480,4-25,6454,8
Long-term borrowings849,22,351,5
Deferred tax liabilities1025,97,733,6
Current liabilities
Interest-bearing short-term debt16,316,3
Non interest-bearing short-term debt9229,85,1234,9
Total current liabilities246,15,1251,2
Total equity and liabilities801,7-10,6791,1
Balance Sheet, IFRS 30 June 2004, Group, Ref.FAS AdjustmentsIFRS
EUR mill. ASSETS Non-current assets
Intangible assets30,530,5
Property, plant and equipment1242,76,0248,7
Long-term investments228,6-21,57,1
Long-term receivables30,93,74,5
Deferred tax assets40,80,21,1
Total non-current assets303,5-11,6291,9
Current assets
Inventories185,6185,6
Interest-bearing receivables398,898,8
Non interest-bearing receivables580,92,883,7
Available-for-sale investments61,21,2
Securities held in current assets29,829,8
Cash and cash equivalents15,915,9
Total current assets411,03,9414,9
Total assets714,5-7,7706,9
EQUITY AND LIABILITIES
Equity502,2-24,2478,0
Minority interest0,00,0
Total equity7502,2-24,2478,0
Long-term borrowings848,92,251,1
Deferred tax liabilities1023,46,930,3
Current liabilities
Interest-bearing short-term debt16,816,8
Non interest-bearing short-term debt9123,27,4130,6
Total current liabilities140,07,4147,4
Total equity and liabilities714,5-7,7706,9

Balance Sheet, IFRS 30 September 2004, Ref. FAS Adjustments IFRS Group, EUR mill. ASSETS Non-current assets

Intangible assets36,336,3
Property, plant and equipment1241,55,8247,3
Long-term investments228,6-21,57,1
Long-term receivables30,85,56,3
Deferred tax assets40,80,21,1
Total non-current assets308,0-9,9298,0
Current assets
Inventories237,1237,1
Interest-bearing receivables397,897,8
Non interest-bearing receivables571,34,575,7
Available-for-sale investments61,31,3
Securities held in current assets39,739,7
Cash and cash equivalents13,513,5
Total current assets459,35,7465,1
Total assets767,3-4,2763,1
EQUITY AND LIABILITIES
Equity512,2-23,7488,5
Minority interest0,00,0
Total equity7512,2-23,7488,5
Long-term borrowings848,72,250,9
Deferred tax liabilities1023,46,830,3
Current liabilities
Interest-bearing short-term debt16,916,9
Non interest-bearing short-term debt9166,110,5176,5
Total current liabilities183,010,5193,5
Total equity and liabilities767,3-4,2763,1
Balance Sheet, IFRS 31 December 2004,Ref.FASAdjustmentsIFRS
Group, EUR mill. ASSETS Non-current assets
Intangible assets24,424,4
Property, plant and equipment1262,75,7268,4
Long-term investments228,0-21,07,1
Long-term receivables31,17,48,5
Deferred tax assets41,80,32,0
Total non-current assets318,1-7,7310,3
Current assets
Inventories195,0195,0
Interest-bearing receivables3102,3102,3
Non interest-bearing receivables593,76,3100,1
Available-for-sale investments60,00,0
Securities held in current assets28,728,7
Cash and cash equivalents12,712,7
Total current assets432,46,4438,7
Total assets750,4-1,3749,0
EQUITY AND LIABILITIES
Equity491,7-23,8467,9
Minority interest0,00,0
Total equity7491,7-23,8467,9
Long-term borrowings813,12,215,3
Deferred tax liabilities1022,66,629,2
Current liabilities
Interest-bearing short-term debt52,752,7
Non interest-bearing short-term debt9170,313,6183,8
Total current liabilities223,013,6236,6
Total equity and liabilities750,4-1,5749,0

1. According to the former accounting practice, no depreciation has been provided on the revaluation of buildings. At the end of 2003, accumulated depreciation of 10.8 million euros was deducted from the value of property, plant and equipment in the financial statements prepared under the previous accounting standards. The Company's share of property, plant and equipment in mutual real-estate companies relative to the Company's share of equity in these companies was added to property, plant and equipment in accordance with IFRS standards. The increase was 15.1 million euros at the end of 2003. The shares in mutual real-estate companies were included in long-term investments under the former accounting standards. At the end of 2003, courtesy and showroom cars to the value of 2.0 million euros used by Stockmann Auto and acquired by way of finance lease have been included in property, plant and equipment. The corresponding adjustments to the 2004 quarterly FAS balance sheets are 10.9 million euros for revaluations in the first quarter, 11.1 million euros in the second quarter, 11.2 million euros in the third quarter and 11.3 million euros at the end of the year, and 15.1 million euros for mutual real- estate companies in all the quarters. The value of vehicles acquired by way of finance lease was 1.9 million euros at the end of 2004.

2. At the end of 2003, treasury shares of 6.2 million euros were removed from long-term investments and shares in mutual real-estate companies of 14.8 million euros were transferred to property, plant and equipment in accordance with IFRS. Listed shares held by the Company have been classified in accordance with IAS 39 as assets available for sale and transferred from non-current assets to current assets. The carrying amount of these shares was 0.5 million euros at the end of 2003. The corresponding reclassifications to the 2004 FAS balance sheet are 6.2 million euros for treasury shares in the first and second quarters and 6.1 million euros for the end of the year and 14.8 million euros for mutual real-estate companies for all the quarters and 0.5 million euros for listed shares in the first, second and third quarters and 0.0 million euros at the end of the year.

3. In accordance with IAS 39 and IFRS 1, hire-purchase contracts that have been transferred to financing companies of 1.8 million euros in the first quarter, 3.7 million euros in the second quarter, 5.5 million euros in the third quarter and 7.4 million euros at the end of the year have been added to long-term receivables in the 2004 FAS financial statements. 1.4 million euros have been added to short-term receivables in the first quarter, 2.8 million euros in the second quarter, 4.1 million euros in the third quarter and 5.5 million euros at the end of the year.

4. In accordance with IFRS, deferred tax assets relating to the measurement of financial instruments and timing differences have been included in deferred tax assets.

5. Accrued income relating to the measurement of derivatives has been added to current non interest-bearing receivables.

6. Listed shares, with a carrying amount of 0.5 million euros, are included in available-for-sale financial assets in the IFRS balance sheet at the end of 2003. In the FAS balance sheet these shares are disclosed in non-current assets. Under IFRS, these shares are measured at their fair values. Most of these shares were sold in the last quarter of 2004.

7. STATEMENT OF CHANGES IN EQUITY

Statement of changes in equity Share Treasur Legal Other premium y share

Group, EUR mill.Equityfundfund reservefunds*
Equity 31 December 2003105,3147,16,20,243,7
Translation differences
Deferred tax liabilities/assets
Depreciation
Own shares-6,2
Financial instruments0,3
Adjusted equity 1 January 2004105,3147,10,00,244,1
Options exercised0,00,2
Transfer to other funds0,1
Cash flow hedges-0,9
Financial instruments0,4
Dividends
Translation differences
Profit for the period
Equity 31 March 2004105,3147,30,00,243,6
Options exercised1,25,3
Transfer to other funds-0,20,0
Cash flow hedges0,1
Financial instruments0,5
Translation differences
Profit for the period
Euity 30 June 2004106,5152,40,00,244,2
Options exercised0,00,0
Transfer to other funds0,0
Cash flow hedges-0,1
Financial instruments0,5
Share bonus
Translation differences Profit for the period
Equity 30 September 2004106,5152,40,00,244,6
Options exercised0,42,3
Transfer to other funds0,00,0
Cash flow hedges0,3
Financial instruments-0,5
Dividends
Translation differences
Profit for the period
Equity 31 December 2004 106,8 154,8 0,0 0,2 44,4 *excluding deferred tax liability

Statement of changes in equity Minority Translatio Retained n

Group, EUR mill.interestreserveearningsTotal
Equity 31 December 20030,0-0,1244,7547,1
Translation differences0,1-0,10,0
Deferred tax-7,5-7,5
liabilities/assets
Depreciation-10,8-10,8
Own shares-6,2
Financial instruments-0,9-0,6
Adjusted equity 1 January0,00,0225,4522,0
2004
Options exercised0,3
Transfer to other funds-0,10,0
Cash flow hedges-0,9
Financial instruments0,4
Dividends-70,5-70,5
Translation differences0,10,1
Profit for the period0,03,23,2
Equity 31 March 20040,00,1158,2454,8
Options exercised6,5
Transfer to other funds0,1-0,1
Cash flow hedges0,1
Financial instruments0,5
Translation differences0,00,0
Profit for the period0,016,416,4
Euity 30 June 20040,00,1174,6478,0
Options exercised0,0
Transfer to other funds0,0
Cash flow hedges0,10,0
Financial instruments0,5
Share bonus0,0
Translation differences0,00,0
Profit for the period0,010,010,0
Equity 30 September 20040,00,0184,7488,5
Options exercised2,7
Transfer to other funds0,0
Cash flow hedges0,20,5
Financial instruments-0,5
Dividends-52,8-52,8
Translation differences0,20,2
Profit for the period0,029,729,7
Equity 31 December 20040,0-0,1161,9467,9
8. A liability, representing finance lease agreements for courtesy and showroom cars, was added to non-current liabilities in the FAS financial statements. The liability was 2.0 million euros at the end of 2003 and 1.9 million euros at the end of 2004. A share of the liabilities of mutual real-estate companies, corresponding to the Company's share of equity in these companies, was also added to non-current liabilities. This share of liabilities amounted to 0.3 million euros in all the quarters.

9. In accordance with IFRS, non interest-bearing current liabilities include an accrual relating to the measurement of derivatives. A liability, relating to car hire purchase agreements transferred, is also included in non interest-bearing current liabilities. This liability was 3.2 million euros in the first quarter of 2004, 6.4 million euros in the second quarter, 9.6 million euros in the third quarter and 12.9 million euros at the end of the year.

10. Tax liabilities arising from revaluations, from differences between the carrying amounts and tax bases of property, plant and equipment in foreign subsidiaries and from the measurement of financial instruments were added to deferred tax liabilities. At the end of 2004, these tax liabilities were as follows: 5.5 million euros relating to revaluations, 0.9 million euros relating to property, plant and equipment in foreign subsidiaries and 0.2 million euros relating to financial instruments.

INCOME STATEMENTS

Income statement, Group, EUR mill.

1 January-31 March 2004Ref.FASAdjustmentsIFRS
Revenue336,00,0336,0
Other operating income110,00,00,0
Materials and consumables-232,90,0-232,9
Salaries and employee benefits-47,80,0-47,8
Depreciation12-7,3-0,1-7,5
Other operating expenses13-46,32,5-43,9
Operating profit1,62,34,0
Finance income and costs143,1-2,60,5
Profit before tax4,8-0,34,5
Income taxes15-1,40,1-1,2
Profit for the period3,4-0,23,2
Minority interest0,00,00,0
Net profit for the period3,4-0,23,2
Income statement, Group, EUR mill.
1 January-30 June 2004Ref.FASAdjustmentsIFRS
Revenue684,80,0684,8
Other operating income112,30,02,3
Materials and consumables-463,10,0-463,1
Salaries and employee benefits-99,00,0-99,0
Depreciation12-14,9-0,3-15,2
Other operating expenses13-92,45,3-87,2
Operating profit17,65,022,6
Finance income and costs145,1-5,00,1
Profit before tax22,70,022,7
Income taxes15-4,00,9-3,1
Profit for the period18,70,819,6
Minority interest0,00,00,0
Net profit for the period18,70,819,6
Income statement, Group, EUR mill.
1 January-30 September 2004Ref.FASAdjustmentsIFRS
Revenue1 015,40,0 1 015,4
Other operating income112,30,02,3
Materials and consumables-684,90,0-684,9
Salaries and employee benefits-143,20,0-143,2
Depreciation12-22,5-0,4-22,9
Other operating expenses13-136,77,5-129,3
Operating profit30,37,137,4
Finance income and costs146,4-7,2-0,7
Profit before tax36,7-0,136,6
Income taxes15-8,01,0-7,0
Profit for the period28,70,929,6
Minority interest0,00,00,0
Net profit for the period28,70,929,6
Income statement, Group, EUR mill.
1 January-31 December 2004Ref.FASAdjustmentsIFRS
Revenue1 445,00,0 1 445,0
Other operating income113,1-0,72,4
Materials and consumables-951,50,0-951,5
Salaries and employee benefits-202,20,0-202,2
Depreciation12-30,2-0,5-30,7
Other operating expenses13-192,99,6-183,3
Operating profit71,48,479,8
Finance income and costs147,8-8,6-0,9
Profit before tax79,1-0,378,9
Income taxes15-20,91,4-19,6
Profit for the period58,21,159,3
Minority interest0,00,00,0
Net profit for the period58,21,159,3
11. Other operating income

A profit of 0.7 million euros in the last quarter of the year was calculated on the sale of shares now to be valued at fair value, in accordance with the previous accounting standards. This profit has been transferred from other operating income to finance income in the IFRS financial statements.

12. Depreciation

Depreciation on the revaluations of 0.1 million euros for each quarter was added to the depreciation calculated according to former accounting standards.

13. Other operating expenses

Share issue costs of 0.2 million euros, formerly included in other operating expenses, were deducted in accordance with IFRS from the share premium in the second quarter. Interest income on interest-bearing receivables has been transferred from finance income to decrease other operating expenses. This interest income amounted to 2.4 million euros in the first quarter, 2.6 million euros in the second quarter, 2.1 million euros in the third quarter and 2.1 million euros in the last quarter of the year.

14. Finance income

Profit from sale of shares of 0.7 million euros, formerly included in other operating income, was transferred to finance income in the last quarter of the year. Income relating to the measurement of financial instrument was also added to finance income. This income was 0.4 million euros. Interest income from transferred Stockmann Auto leasing contracts of 0.3 million euros was deducted from finance income. This interest income will be recognized during the remaining contract period in the IFRS financial statements. Interest income on interest-bearing receivables has also been transferred from finance income to decrease other operating expenses. This interest income amounted to 2.4 million euros in the first quarter, 2.6 million euros in the second quarter, 2.1 million euros in the third quarter and 2.1 million euros in the last quarter of the year.

15. Taxes

Taxes are reduced by the decrease in deferred tax liabilities and assets arising from the IFRS adjustments, mainly due to a change in the Finnish tax rate.

SEGMENT INFORMATION

Segments

Sales, EUR mill. 1 January-31 March 2004FAS AdjustmentsIFRS
Department Store Division199,60,0199,6
Stockmann Auto117,90,0117,9
Hobby Hall56,60,056,6
Seppälä28,60,028,6
Eliminations0,20,00,2
Group402,90,0402,9
Revenue, EUR mill.FAS AdjustmentsIFRS
Department Store Division167,80,0167,8
Stockmann Auto96,80,096,8
Hobby Hall47,30,047,3
Seppälä23,60,023,6
Eliminations0,50,00,5
Group336,00,0336,0
Operating profit, EUR mill.FAS AdjustmentsIFRS
Department Store Division0,72,83,4
Stockmann Auto1,90,22,1
Hobby Hall-0,70,0-0,7
Seppälä-0,80,2-0,6
Eliminations-2,12,60,5
Shared2,7-3,5-0,8
Group1,62,34,0
Investments, gross, EUR mill.FAS AdjustmentsIFRS
Department Store Division13,12,015,1
Stockmann Auto0,20,81,0
Hobby Hall0,40,00,4
Seppälä0,20,00,2
Shared3,6-2,80,8
Group17,60,017,6
Market areas
Sales, EUR mill.FAS AdjustmentsIFRS
Finland 1)354,10,0354,1
Baltic states 2)27,10,027,1
Russia 3)21,70,021,7
Group402,90,0402,9
Revenue, EUR mill.FAS AdjustmentsIFRS
Finland 1)294,00,0294,0
Baltic states 2)23,30,023,3
Russia 3)18,60,018,6
Group336,00,0336,0
Operating profit, EUR mill.FAS AdjustmentsIFRS
Finland 1)4,12,16,1
Baltic states 2)-2,20,3-2,0
Russia 3)-0,20,0-0,2
Group1,62,34,0
1) Department Store Division, Stockmann Auto, Hobby Hall and Seppälä 2) Department Store Division, Hobby Hall and Seppälä 3) Department Store Division and Seppälä

Segments

Sales, EUR mill. 1 January-30 June 2004FAS AdjustmentsIFRS
Department Store Division412,10,0412,1
Stockmann Auto244,30,0244,3
Hobby Hall103,60,0103,6
Seppälä62,10,062,1
Eliminations0,50,00,5
Group822,50,0822,5
Revenue, EUR mill.FAS AdjustmentsIFRS
Department Store Division346,20,0346,2
Stockmann Auto200,30,0200,3
Hobby Hall86,30,086,3
Seppälä51,20,051,2
Eliminations0,90,00,9
Group684,80,0684,8
Operating profit, EUR mill.FAS AdjustmentsIFRS
Department Store Division9,45,414,9
Stockmann Auto3,12,65,7
Hobby Hall-1,70,1-1,6
Seppälä3,50,43,9
Eliminations-2,13,11,0
Shared5,4-6,6-1,2
Group17,65,022,6
Investments, gross, EUR mill.
Department Store Division19,13,522,6
Stockmann Auto0,52,02,6
Hobby Hall0,70,00,7
Seppälä0,60,00,6
Shared6,9-5,51,4
Group27,90,027,9
Market areas
Sales, EUR mill.FAS AdjustmentsIFRS
Finland 1)720,80,0720,8
Baltic states 2)53,30,053,3
Russia 3)48,40,048,4
Group822,50,0822,5
Revenue, EUR mill.FAS AdjustmentsIFRS
Finland 1)597,60,0597,6
Baltic states 2)45,70,045,7
Russia 3)41,50,041,5
Group684,80,0684,8
Operating profit, EUR mill.FAS AdjustmentsIFRS
Finland 1)20,74,425,1
Baltic states 2)-2,80,6-2,2
Russia 3)-0,30,0-0,3
Group17,65,022,6
1) Department Store Division, Stockmann Auto, Hobby Hall and Seppälä 2) Department Store Division, Hobby Hall and Seppälä 3) Department Store Division and Seppälä

Segments

Sales, EUR mill. 1 January-30 September 2004FAS AdjustmentsIFRS
Department Store Division628,70,0628,7
Stockmann Auto339,80,0339,8
Hobby Hall149,80,0149,8
Seppälä100,20,0100,2
Eliminations0,70,00,7
Group1 219,20,0 1 219,2
Revenue, EUR mill.FAS AdjustmentsIFRS
Department Store Division528,50,0528,5
Stockmann Auto278,40,0278,4
Hobby Hall124,50,0124,5
Seppälä82,60,082,6
Eliminations1,30,01,3
Group1 015,40,0 1 015,4
Operating profit, EUR mill.FAS AdjustmentsIFRS
Department Store Division18,58,126,6
Stockmann Auto3,92,76,6
Hobby Hall-4,50,2-4,3
Seppälä8,50,69,1
Eliminations-4,65,30,7
Shared8,5-9,8-1,3
Group30,37,137,4
Investments, gross, EUR mill.FAS AdjustmentsIFRS
Department Store Division28,05,233,1
Stockmann Auto1,12,43,5
Hobby Hall0,90,00,9
Seppälä1,00,01,0
Shared9,4-7,51,9
Group40,40,040,4
Market areas
Sales, EUR mill.FAS AdjustmentsIFRS
Finland 1)1 058,20,0 1 058,2
Baltic states 2)82,00,082,0
Russia 3)79,00,079,0
Group1 219,20,0 1 219,2
Revenue, EUR mill.FAS AdjustmentsIFRS
Finland 1)877,70,0877,7
Baltic states 2)70,00,070,0
Russia 3)67,80,067,8
Group1 015,40,0 1 015,4
Operating profit, EUR mill.FAS AdjustmentsIFRS
Finland 1)33,86,139,9
Baltic states 2)-3,61,0-2,6
Russia 3)0,10,00,1
Group30,37,137,4
1) Department Store Division, Stockmann Auto, Hobby Hall and Seppälä 2) Department Store Division, Hobby Hall and Seppälä 3) Department Store Division and Seppälä

Segments

Sales, EUR mill. 1 January-31 December 2004FAS AdjustmentsIFRS
Department Store Division938,80,0938,8
Stockmann Auto437,10,0437,1
Hobby Hall214,40,0214,4
Seppälä143,70,0143,7
Eliminations0,90,00,9
Group1 735,00,0 1 735,0
Revenue, EUR mill.FAS AdjustmentsIFRS
Department Store Division789,30,0789,3
Stockmann Auto358,00,0358,0
Hobby Hall177,90,0177,9
Seppälä118,40,0118,4
Eliminations1,50,01,5
Group1 445,00,0 1 445,0
Operating profit, EUR mill.FAS AdjustmentsIFRS
Department Store Division53,010,863,7
Stockmann Auto4,22,97,0
Hobby Hall-3,10,3-2,9
Seppälä16,40,817,1
Eliminations-7,66,1-1,4
Shared8,6-12,4-3,8
Group71,48,479,8
Investments, gross, EUR mill.FAS AdjustmentsIFRS
Department Store Division39,69,248,8
Stockmann Auto2,22,24,4
Hobby Hall1,20,01,2
Seppälä1,20,01,2
Shared14,7-11,43,3
Group58,90,058,9
Market areas
Sales, EUR mill.FAS AdjustmentsIFRS
Finland 1)1 492,90,0 1 492,9
Baltic states 2)119,50,0119,5
Russia 3)122,50,0122,5
Group1 735,00,0 1 735,0
Revenue, EUR mill.FAS AdjustmentsIFRS
Finland 1)1 237,90,0 1 237,9
Baltic states 2)102,00,0102,0
Russia 3)105,10,0105,1
Group1 445,00,0 1 445,0
Operating profit, EUR mill.FAS AdjustmentsIFRS
Finland 1)69,97,076,9
Baltic states 2)-1,21,40,2
Russia 3)2,70,02,7
Group71,48,479,8
1) Department Store Division, Stockmann Auto, Hobby Hall and Seppälä 2) Department Store Division, Hobby Hall and Seppälä 3) Department Store Division and Seppälä

CONTINGENT LIABILITIES

Contingent liabilities, Group, EUR 31.3.2004 FAS Adjustments IFRS mill.

Mortgages on land and buildings1,70,01,7
Pledges0,20,00,2
Other commitments56,7-5,251,5
Total58,6-5,253,4
Contingent liabilities, Group, EUR30.6.2004FASAdjustmentsIFRS
mill.
Mortgages on land and buildings1,70,01,7
Pledges0,20,00,2
Other commitments52,5-8,444,1
Total54,4-8,446,0
Contingent liabilities, Group, EUR30.9.2004FASAdjustmentsIFRS
mill.
Mortgages on land and buildings1,70,01,7
Pledges0,20,00,2
Other commitments52,2-11,640,6
Total54,1-11,642,5
Contingent liabilities, Group, EUR 31.12.2004FASAdjustmentsIFRS
mill.
Mortgages on land and buildings1,70,01,7
Pledges0,20,00,2
Other commitments39,2-14,824,4
Total41,1-14,826,3
QUARTERLY COMPARATIVE INFORMATION

FASIFRSFASIFRS
Profit and loss account, GroupQ4Q4Q3Q3
quarterly, EUR mill.2004200420042004
Net turnover429,7429,7330,6330,6
Other operating income0,80,10,00,0
Raw materials and services-266,6 -266,6-221,8-221,8
Staff expenses-58,9-58,9-44,2-44,2
Depreciation-7,7-7,8-7,6-7,7
Other operating expenses-56,2-54,0-44,3-42,1
Operating profit41,142,412,714,8
Financial income and expenses, total1,3-0,11,3-0,8
Profit before taxes42,442,214,013,9
Income taxes-12,9-12,6-4,1-3,9
Profit for the period29,529,710,010,0
Minority interest0,00,00,00,0
Netprofit for the period29,529,710,010,0
Key figures
Earnings per share, basic0,560,580,190,18
Earnings per share, diluted0,570,560,190,19
Total, balance sheet750,4749,0767,3763,1
Return on equity, per cent65,562,566,864,0
Segments
Sales by division, EUR mill.
Department Store Division310,2310,2216,6216,6
Stockmann Auto97,397,395,595,5
Hobby Hall64,664,646,246,2
Seppälä43,543,538,138,1
Eliminations0,20,20,20,2
Group515,8515,8396,7396,7
Net turnover by division, EUR mill.
Department Store Division260,8260,8182,4182,4
Stockmann Auto79,579,578,278,2
Hobby Hall53,453,438,338,3
Seppälä35,835,831,431,4
Eliminations0,20,20,40,4
Group429,7429,7330,6330,6
Operating profit by division, EUR mill.
Department Store Division34,537,19,011,7
Stockmann Auto0,30,50,70,9
Hobby Hall1,41,5-2,8-2,7
Seppälä7,88,05,15,3
Eliminations-3,0-2,1-2,5-0,3
Shared0,1-2,53,10,0
Group41,142,412,714,8

FASIFRSFASIFRS
Profit and loss account, GroupQ2Q2Q1Q1
quarterly, EUR mill.2004200420042004
Net turnover348,8348,8336,0336,0
Other operating income2,32,30,00,0
Raw materials and services-230,2 -230,2 -232,9-232,9
Staff expenses-51,2-51,2-47,8-47,8
Depreciation-7,6-7,7-7,3-7,5
Other operating expenses-46,1-43,3-46,3-43,9
Operating profit15,918,61,64,0
Financial income and expenses, total2,0-0,43,10,5
Profit before taxes17,918,24,84,5
Income taxes-2,6-1,9-1,4-1,2
Profit for the period15,416,43,43,2
Minority interest0,00,00,00,0
Netprofit for the period15,416,43,43,2
Key figures
Earnings per share, basic0,300,320,060,05
Earnings per share, diluted0,290,310,060,05
Total, balance sheet714,5706,9801,7791,1
Return on equity, per cent70,367,659,957,5
Segments
Sales by division, EUR mill.
Department Store Division212,4212,4199,6199,6
Stockmann Auto126,4126,4117,9117,9
Hobby Hall47,047,056,656,6
Seppälä33,533,528,628,6
Eliminations0,30,30,20,2
Group419,6419,6402,9402,9
Net turnover by division, EUR mill.
Department Store Division178,4178,4167,8167,8
Stockmann Auto103,4103,496,896,8
Hobby Hall38,938,947,347,3
Seppälä27,627,623,623,6
Eliminations0,50,50,50,5
Group348,8348,8336,0336,0
Operating profit by division, EUR mill.
Department Store Division8,811,50,73,4
Stockmann Auto1,23,61,92,1
Hobby Hall-1,0-0,9-0,7-0,7
Seppälä4,24,4-0,8-0,6
Eliminations0,00,5-2,10,5
Shared2,7-0,42,7-0,8
Group15,918,61,64,0

Group key financial ratios 2004FAS 2004Effect ofIFRS
transition to2004
IFRS
Operating profit71.48.479.8
Net profit for the period, EUR mill.58.21.159.3
Earnings per share, undiluted EUR1.110.021.13
Earnings per share, diluted EUR1.090.021.11
Total assets EUR mill.750.4(1.4)749.0
Return on capital employed, per cent14.30.514.8
Return on shareholders' equity, per cent11.21.012.2
Equity ratio, per cent65.5(3.0)62.5
Calculation of key financial ratios

Earnings per share: Profit for the period divided by the average number of shares during the period adjusted for share issues

Return on capital employed, per cent: Profit before taxes plus interest and other financial expenses, divided by capital employed, multiplied by 100

Capital employed: Total assets less deferred tax liability and other non- interest-bearing liabilities (average over the year)

Return on equity, per cent: Profit for the period, divided by capital and reserves plus minority interest (average over the year), multiplied by 100

Equity ratio, per cent: Capital and reserves plus minority interest, divided by total assets less advance payments received, multiplied by 100

STOCKMANN plc

Hannu Penttilä CEO

DISTRIBUTION Helsinki Exchanges Principal media





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