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 assets 30,5 30,5
Property, plant and equipment 1 230,0 6,3 236,3
Long-term investments 2 28,7 -21,6 7,0
Long-term receivables 0,9 0,9
Deferred tax assets 4 0,8 0,3 1,2
Total non-current assets 290,9 -14,9 275,8
Current assets
Inventories 191,3 191,3
Interest-bearing receivables 110,5 110,5
Non interest-bearing receivables 86,8 86,8
Available-for-sale investments 6 1,0 1,0
Securities held in current assets 101,8 101,8
Cash and cash equivalents 19,5 19,5
Total current assets 509,9 1,0 511,0
Total assets 800,8 -14,0 786,8
EQUITY AND LIABILITIES
Equity 547,1 -25,0 522,0
Minority interest 0,0 0,0
Total equity 7 547,1 -25,0 522,0
Long-term borrowings 8 48,6 2,3 50,9
Deferred tax liabilities 10 26,0 7,8 33,9
Current liabilities
Interest-bearing short-term debt 16,3 16,3
Non interest-bearing short-term debt 9 162,7 0,9 163,8
Total current liabilities 179,0 0,9 180,1
Total equity and liabilities 800,8 -14,0 786,8

Balance Sheet, IFRS 31 March 2004, Ref. FAS Adjustments IFRS
Group, EUR mill.
ASSETS
Non-current assets
Intangible assets 40,9 40,9
Property, plant and equipment 1 229,9 6,2 236,1
Long-term investments 2 28,7 -21,6 7,1
Long-term receivables 3 0,7 1,8 2,5
Deferred tax assets 4 0,8 0,5 1,4
Total non-current assets 301,0 -13,1 288,0
Current assets
Inventories 217,3 217,3
Interest-bearing receivables 3 108,9 108,9
Non interest-bearing receivables 5 85,8 1,4 87,2
Available-for-sale investments 6 1,1 1,1
Securities held in current assets 71,3 71,3
Cash and cash equivalents 17,4 17,4
Total current assets 500,7 2,4 503,1
Total assets 801,7 -10,6 791,1
EQUITY AND LIABILITIES
Equity 480,4 -25,6 454,7
Minority interest 0,0 0,0
Total equity 7 480,4 -25,6 454,8
Long-term borrowings 8 49,2 2,3 51,5
Deferred tax liabilities 10 25,9 7,7 33,6
Current liabilities
Interest-bearing short-term debt 16,3 16,3
Non interest-bearing short-term debt 9 229,8 5,1 234,9
Total current liabilities 246,1 5,1 251,2
Total equity and liabilities 801,7 -10,6 791,1

Balance Sheet, IFRS 30 June 2004, Group, Ref. FAS Adjustments IFRS
EUR mill.
ASSETS
Non-current assets
Intangible assets 30,5 30,5
Property, plant and equipment 1 242,7 6,0 248,7
Long-term investments 2 28,6 -21,5 7,1
Long-term receivables 3 0,9 3,7 4,5
Deferred tax assets 4 0,8 0,2 1,1
Total non-current assets 303,5 -11,6 291,9
Current assets
Inventories 185,6 185,6
Interest-bearing receivables 3 98,8 98,8
Non interest-bearing receivables 5 80,9 2,8 83,7
Available-for-sale investments 6 1,2 1,2
Securities held in current assets 29,8 29,8
Cash and cash equivalents 15,9 15,9
Total current assets 411,0 3,9 414,9
Total assets 714,5 -7,7 706,9
EQUITY AND LIABILITIES
Equity 502,2 -24,2 478,0
Minority interest 0,0 0,0
Total equity 7 502,2 -24,2 478,0
Long-term borrowings 8 48,9 2,2 51,1
Deferred tax liabilities 10 23,4 6,9 30,3
Current liabilities
Interest-bearing short-term debt 16,8 16,8
Non interest-bearing short-term debt 9 123,2 7,4 130,6
Total current liabilities 140,0 7,4 147,4
Total equity and liabilities 714,5 -7,7 706,9

Balance Sheet, IFRS 30 September 2004, Ref. FAS Adjustments IFRS
Group, EUR mill.
ASSETS
Non-current assets
Intangible assets 36,3 36,3
Property, plant and equipment 1 241,5 5,8 247,3
Long-term investments 2 28,6 -21,5 7,1
Long-term receivables 3 0,8 5,5 6,3
Deferred tax assets 4 0,8 0,2 1,1
Total non-current assets 308,0 -9,9 298,0
Current assets
Inventories 237,1 237,1
Interest-bearing receivables 3 97,8 97,8
Non interest-bearing receivables 5 71,3 4,5 75,7
Available-for-sale investments 6 1,3 1,3
Securities held in current assets 39,7 39,7
Cash and cash equivalents 13,5 13,5
Total current assets 459,3 5,7 465,1
Total assets 767,3 -4,2 763,1
EQUITY AND LIABILITIES
Equity 512,2 -23,7 488,5
Minority interest 0,0 0,0
Total equity 7 512,2 -23,7 488,5
Long-term borrowings 8 48,7 2,2 50,9
Deferred tax liabilities 10 23,4 6,8 30,3
Current liabilities
Interest-bearing short-term debt 16,9 16,9
Non interest-bearing short-term debt 9 166,1 10,5 176,5
Total current liabilities 183,0 10,5 193,5
Total equity and liabilities 767,3 -4,2 763,1

Balance Sheet, IFRS 31 December 2004, Ref. FAS Adjustments IFRS
Group, EUR mill.
ASSETS
Non-current assets
Intangible assets 24,4 24,4
Property, plant and equipment 1 262,7 5,7 268,4
Long-term investments 2 28,0 -21,0 7,1
Long-term receivables 3 1,1 7,4 8,5
Deferred tax assets 4 1,8 0,3 2,0
Total non-current assets 318,1 -7,7 310,3
Current assets
Inventories 195,0 195,0
Interest-bearing receivables 3 102,3 102,3
Non interest-bearing receivables 5 93,7 6,3 100,1
Available-for-sale investments 6 0,0 0,0
Securities held in current assets 28,7 28,7
Cash and cash equivalents 12,7 12,7
Total current assets 432,4 6,4 438,7
Total assets 750,4 -1,3 749,0
EQUITY AND LIABILITIES
Equity 491,7 -23,8 467,9
Minority interest 0,0 0,0
Total equity 7 491,7 -23,8 467,9
Long-term borrowings 8 13,1 2,2 15,3
Deferred tax liabilities 10 22,6 6,6 29,2
Current liabilities
Interest-bearing short-term debt 52,7 52,7
Non interest-bearing short-term debt 9 170,3 13,6 183,8
Total current liabilities 223,0 13,6 236,6
Total equity and liabilities 750,4 -1,5 749,0

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. Equity fund fund reserve funds*
Equity 31 December 2003 105,3 147,1 6,2 0,2 43,7
Translation differences
Deferred tax liabilities/assets
Depreciation
Own shares -6,2
Financial instruments 0,3
Adjusted equity 1 January 2004 105,3 147,1 0,0 0,2 44,1
Options exercised 0,0 0,2
Transfer to other funds 0,1
Cash flow hedges -0,9
Financial instruments 0,4
Dividends
Translation differences
Profit for the period
Equity 31 March 2004 105,3 147,3 0,0 0,2 43,6
Options exercised 1,2 5,3
Transfer to other funds -0,2 0,0
Cash flow hedges 0,1
Financial instruments 0,5
Translation differences
Profit for the period
Euity 30 June 2004 106,5 152,4 0,0 0,2 44,2
Options exercised 0,0 0,0
Transfer to other funds 0,0
Cash flow hedges -0,1
Financial instruments 0,5
Share bonus

Translation differences
Profit for the period
Equity 30 September 2004 106,5 152,4 0,0 0,2 44,6
Options exercised 0,4 2,3
Transfer to other funds 0,0 0,0
Cash flow hedges 0,3
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. interest reserve earnings Total
Equity 31 December 2003 0,0 -0,1 244,7 547,1
Translation differences 0,1 -0,1 0,0
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 January 0,0 0,0 225,4 522,0
2004
Options exercised 0,3
Transfer to other funds -0,1 0,0
Cash flow hedges -0,9
Financial instruments 0,4
Dividends -70,5 -70,5
Translation differences 0,1 0,1
Profit for the period 0,0 3,2 3,2
Equity 31 March 2004 0,0 0,1 158,2 454,8
Options exercised 6,5
Transfer to other funds 0,1 -0,1
Cash flow hedges 0,1
Financial instruments 0,5
Translation differences 0,0 0,0
Profit for the period 0,0 16,4 16,4
Euity 30 June 2004 0,0 0,1 174,6 478,0
Options exercised 0,0
Transfer to other funds 0,0
Cash flow hedges 0,1 0,0
Financial instruments 0,5
Share bonus 0,0
Translation differences 0,0 0,0
Profit for the period 0,0 10,0 10,0
Equity 30 September 2004 0,0 0,0 184,7 488,5
Options exercised 2,7
Transfer to other funds 0,0
Cash flow hedges 0,2 0,5
Financial instruments -0,5
Dividends -52,8 -52,8
Translation differences 0,2 0,2
Profit for the period 0,0 29,7 29,7
Equity 31 December 2004 0,0 -0,1 161,9 467,9

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 2004 Ref. FAS Adjustments IFRS
Revenue 336,0 0,0 336,0
Other operating income 11 0,0 0,0 0,0
Materials and consumables -232,9 0,0 -232,9
Salaries and employee benefits -47,8 0,0 -47,8
Depreciation 12 -7,3 -0,1 -7,5
Other operating expenses 13 -46,3 2,5 -43,9
Operating profit 1,6 2,3 4,0
Finance income and costs 14 3,1 -2,6 0,5
Profit before tax 4,8 -0,3 4,5
Income taxes 15 -1,4 0,1 -1,2
Profit for the period 3,4 -0,2 3,2
Minority interest 0,0 0,0 0,0
Net profit for the period 3,4 -0,2 3,2

Income statement, Group, EUR mill.
1 January-30 June 2004 Ref. FAS Adjustments IFRS
Revenue 684,8 0,0 684,8
Other operating income 11 2,3 0,0 2,3
Materials and consumables -463,1 0,0 -463,1
Salaries and employee benefits -99,0 0,0 -99,0
Depreciation 12 -14,9 -0,3 -15,2
Other operating expenses 13 -92,4 5,3 -87,2
Operating profit 17,6 5,0 22,6
Finance income and costs 14 5,1 -5,0 0,1
Profit before tax 22,7 0,0 22,7
Income taxes 15 -4,0 0,9 -3,1
Profit for the period 18,7 0,8 19,6
Minority interest 0,0 0,0 0,0
Net profit for the period 18,7 0,8 19,6

Income statement, Group, EUR mill.
1 January-30 September 2004 Ref. FAS Adjustments IFRS
Revenue 1 015,4 0,0 1 015,4
Other operating income 11 2,3 0,0 2,3
Materials and consumables -684,9 0,0 -684,9
Salaries and employee benefits -143,2 0,0 -143,2
Depreciation 12 -22,5 -0,4 -22,9
Other operating expenses 13 -136,7 7,5 -129,3
Operating profit 30,3 7,1 37,4
Finance income and costs 14 6,4 -7,2 -0,7
Profit before tax 36,7 -0,1 36,6
Income taxes 15 -8,0 1,0 -7,0
Profit for the period 28,7 0,9 29,6
Minority interest 0,0 0,0 0,0
Net profit for the period 28,7 0,9 29,6

Income statement, Group, EUR mill.
1 January-31 December 2004 Ref. FAS Adjustments IFRS
Revenue 1 445,0 0,0 1 445,0
Other operating income 11 3,1 -0,7 2,4
Materials and consumables -951,5 0,0 -951,5
Salaries and employee benefits -202,2 0,0 -202,2
Depreciation 12 -30,2 -0,5 -30,7
Other operating expenses 13 -192,9 9,6 -183,3
Operating profit 71,4 8,4 79,8
Finance income and costs 14 7,8 -8,6 -0,9
Profit before tax 79,1 -0,3 78,9
Income taxes 15 -20,9 1,4 -19,6
Profit for the period 58,2 1,1 59,3
Minority interest 0,0 0,0 0,0
Net profit for the period 58,2 1,1 59,3

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 2004 FAS Adjustments IFRS
Department Store Division 199,6 0,0 199,6
Stockmann Auto 117,9 0,0 117,9
Hobby Hall 56,6 0,0 56,6
Seppälä 28,6 0,0 28,6
Eliminations 0,2 0,0 0,2
Group 402,9 0,0 402,9

Revenue, EUR mill. FAS Adjustments IFRS
Department Store Division 167,8 0,0 167,8
Stockmann Auto 96,8 0,0 96,8
Hobby Hall 47,3 0,0 47,3
Seppälä 23,6 0,0 23,6
Eliminations 0,5 0,0 0,5
Group 336,0 0,0 336,0

Operating profit, EUR mill. FAS Adjustments IFRS
Department Store Division 0,7 2,8 3,4
Stockmann Auto 1,9 0,2 2,1
Hobby Hall -0,7 0,0 -0,7
Seppälä -0,8 0,2 -0,6
Eliminations -2,1 2,6 0,5
Shared 2,7 -3,5 -0,8
Group 1,6 2,3 4,0

Investments, gross, EUR mill. FAS Adjustments IFRS
Department Store Division 13,1 2,0 15,1
Stockmann Auto 0,2 0,8 1,0
Hobby Hall 0,4 0,0 0,4
Seppälä 0,2 0,0 0,2
Shared 3,6 -2,8 0,8
Group 17,6 0,0 17,6

Market areas
Sales, EUR mill. FAS Adjustments IFRS
Finland 1) 354,1 0,0 354,1
Baltic states 2) 27,1 0,0 27,1
Russia 3) 21,7 0,0 21,7
Group 402,9 0,0 402,9

Revenue, EUR mill. FAS Adjustments IFRS
Finland 1) 294,0 0,0 294,0
Baltic states 2) 23,3 0,0 23,3
Russia 3) 18,6 0,0 18,6
Group 336,0 0,0 336,0

Operating profit, EUR mill. FAS Adjustments IFRS
Finland 1) 4,1 2,1 6,1
Baltic states 2) -2,2 0,3 -2,0
Russia 3) -0,2 0,0 -0,2
Group 1,6 2,3 4,0
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 2004 FAS Adjustments IFRS
Department Store Division 412,1 0,0 412,1
Stockmann Auto 244,3 0,0 244,3
Hobby Hall 103,6 0,0 103,6
Seppälä 62,1 0,0 62,1
Eliminations 0,5 0,0 0,5
Group 822,5 0,0 822,5

Revenue, EUR mill. FAS Adjustments IFRS
Department Store Division 346,2 0,0 346,2
Stockmann Auto 200,3 0,0 200,3
Hobby Hall 86,3 0,0 86,3
Seppälä 51,2 0,0 51,2
Eliminations 0,9 0,0 0,9
Group 684,8 0,0 684,8

Operating profit, EUR mill. FAS Adjustments IFRS
Department Store Division 9,4 5,4 14,9
Stockmann Auto 3,1 2,6 5,7
Hobby Hall -1,7 0,1 -1,6
Seppälä 3,5 0,4 3,9
Eliminations -2,1 3,1 1,0
Shared 5,4 -6,6 -1,2
Group 17,6 5,0 22,6

Investments, gross, EUR mill.
Department Store Division 19,1 3,5 22,6
Stockmann Auto 0,5 2,0 2,6
Hobby Hall 0,7 0,0 0,7
Seppälä 0,6 0,0 0,6
Shared 6,9 -5,5 1,4
Group 27,9 0,0 27,9

Market areas
Sales, EUR mill. FAS Adjustments IFRS
Finland 1) 720,8 0,0 720,8
Baltic states 2) 53,3 0,0 53,3
Russia 3) 48,4 0,0 48,4
Group 822,5 0,0 822,5

Revenue, EUR mill. FAS Adjustments IFRS
Finland 1) 597,6 0,0 597,6
Baltic states 2) 45,7 0,0 45,7
Russia 3) 41,5 0,0 41,5
Group 684,8 0,0 684,8

Operating profit, EUR mill. FAS Adjustments IFRS
Finland 1) 20,7 4,4 25,1
Baltic states 2) -2,8 0,6 -2,2
Russia 3) -0,3 0,0 -0,3
Group 17,6 5,0 22,6
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 2004 FAS Adjustments IFRS
Department Store Division 628,7 0,0 628,7
Stockmann Auto 339,8 0,0 339,8
Hobby Hall 149,8 0,0 149,8
Seppälä 100,2 0,0 100,2
Eliminations 0,7 0,0 0,7
Group 1 219,2 0,0 1 219,2

Revenue, EUR mill. FAS Adjustments IFRS
Department Store Division 528,5 0,0 528,5
Stockmann Auto 278,4 0,0 278,4
Hobby Hall 124,5 0,0 124,5
Seppälä 82,6 0,0 82,6
Eliminations 1,3 0,0 1,3
Group 1 015,4 0,0 1 015,4

Operating profit, EUR mill. FAS Adjustments IFRS
Department Store Division 18,5 8,1 26,6
Stockmann Auto 3,9 2,7 6,6
Hobby Hall -4,5 0,2 -4,3
Seppälä 8,5 0,6 9,1
Eliminations -4,6 5,3 0,7
Shared 8,5 -9,8 -1,3
Group 30,3 7,1 37,4

Investments, gross, EUR mill. FAS Adjustments IFRS
Department Store Division 28,0 5,2 33,1
Stockmann Auto 1,1 2,4 3,5
Hobby Hall 0,9 0,0 0,9
Seppälä 1,0 0,0 1,0
Shared 9,4 -7,5 1,9
Group 40,4 0,0 40,4

Market areas
Sales, EUR mill. FAS Adjustments IFRS
Finland 1) 1 058,2 0,0 1 058,2
Baltic states 2) 82,0 0,0 82,0
Russia 3) 79,0 0,0 79,0
Group 1 219,2 0,0 1 219,2

Revenue, EUR mill. FAS Adjustments IFRS
Finland 1) 877,7 0,0 877,7
Baltic states 2) 70,0 0,0 70,0
Russia 3) 67,8 0,0 67,8
Group 1 015,4 0,0 1 015,4

Operating profit, EUR mill. FAS Adjustments IFRS
Finland 1) 33,8 6,1 39,9
Baltic states 2) -3,6 1,0 -2,6
Russia 3) 0,1 0,0 0,1
Group 30,3 7,1 37,4
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 2004 FAS Adjustments IFRS
Department Store Division 938,8 0,0 938,8
Stockmann Auto 437,1 0,0 437,1
Hobby Hall 214,4 0,0 214,4
Seppälä 143,7 0,0 143,7
Eliminations 0,9 0,0 0,9
Group 1 735,0 0,0 1 735,0

Revenue, EUR mill. FAS Adjustments IFRS
Department Store Division 789,3 0,0 789,3
Stockmann Auto 358,0 0,0 358,0
Hobby Hall 177,9 0,0 177,9
Seppälä 118,4 0,0 118,4
Eliminations 1,5 0,0 1,5
Group 1 445,0 0,0 1 445,0

Operating profit, EUR mill. FAS Adjustments IFRS
Department Store Division 53,0 10,8 63,7
Stockmann Auto 4,2 2,9 7,0
Hobby Hall -3,1 0,3 -2,9
Seppälä 16,4 0,8 17,1
Eliminations -7,6 6,1 -1,4
Shared 8,6 -12,4 -3,8
Group 71,4 8,4 79,8

Investments, gross, EUR mill. FAS Adjustments IFRS
Department Store Division 39,6 9,2 48,8
Stockmann Auto 2,2 2,2 4,4
Hobby Hall 1,2 0,0 1,2
Seppälä 1,2 0,0 1,2
Shared 14,7 -11,4 3,3
Group 58,9 0,0 58,9

Market areas
Sales, EUR mill. FAS Adjustments IFRS
Finland 1) 1 492,9 0,0 1 492,9
Baltic states 2) 119,5 0,0 119,5
Russia 3) 122,5 0,0 122,5
Group 1 735,0 0,0 1 735,0

Revenue, EUR mill. FAS Adjustments IFRS
Finland 1) 1 237,9 0,0 1 237,9
Baltic states 2) 102,0 0,0 102,0
Russia 3) 105,1 0,0 105,1
Group 1 445,0 0,0 1 445,0

Operating profit, EUR mill. FAS Adjustments IFRS
Finland 1) 69,9 7,0 76,9
Baltic states 2) -1,2 1,4 0,2
Russia 3) 2,7 0,0 2,7
Group 71,4 8,4 79,8
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 buildings 1,7 0,0 1,7
Pledges 0,2 0,0 0,2
Other commitments 56,7 -5,2 51,5
Total 58,6 -5,2 53,4

Contingent liabilities, Group, EUR 30.6.2004 FAS Adjustments IFRS
mill.
Mortgages on land and buildings 1,7 0,0 1,7
Pledges 0,2 0,0 0,2
Other commitments 52,5 -8,4 44,1
Total 54,4 -8,4 46,0

Contingent liabilities, Group, EUR 30.9.2004 FAS Adjustments IFRS
mill.
Mortgages on land and buildings 1,7 0,0 1,7
Pledges 0,2 0,0 0,2
Other commitments 52,2 -11,6 40,6
Total 54,1 -11,6 42,5

Contingent liabilities, Group, EUR 31.12.2004 FAS Adjustments IFRS
mill.
Mortgages on land and buildings 1,7 0,0 1,7
Pledges 0,2 0,0 0,2
Other commitments 39,2 -14,8 24,4
Total 41,1 -14,8 26,3

QUARTERLY COMPARATIVE INFORMATION

FAS IFRS FAS IFRS
Profit and loss account, Group Q4 Q4 Q3 Q3
quarterly, EUR mill. 2004 2004 2004 2004
Net turnover 429,7 429,7 330,6 330,6
Other operating income 0,8 0,1 0,0 0,0
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 profit 41,1 42,4 12,7 14,8
Financial income and expenses, total 1,3 -0,1 1,3 -0,8
Profit before taxes 42,4 42,2 14,0 13,9
Income taxes -12,9 -12,6 -4,1 -3,9
Profit for the period 29,5 29,7 10,0 10,0
Minority interest 0,0 0,0 0,0 0,0
Netprofit for the period 29,5 29,7 10,0 10,0
Key figures
Earnings per share, basic 0,56 0,58 0,19 0,18
Earnings per share, diluted 0,57 0,56 0,19 0,19
Total, balance sheet 750,4 749,0 767,3 763,1
Return on equity, per cent 65,5 62,5 66,8 64,0
Segments
Sales by division, EUR mill.
Department Store Division 310,2 310,2 216,6 216,6
Stockmann Auto 97,3 97,3 95,5 95,5
Hobby Hall 64,6 64,6 46,2 46,2
Seppälä 43,5 43,5 38,1 38,1
Eliminations 0,2 0,2 0,2 0,2
Group 515,8 515,8 396,7 396,7
Net turnover by division, EUR mill.
Department Store Division 260,8 260,8 182,4 182,4
Stockmann Auto 79,5 79,5 78,2 78,2
Hobby Hall 53,4 53,4 38,3 38,3
Seppälä 35,8 35,8 31,4 31,4
Eliminations 0,2 0,2 0,4 0,4
Group 429,7 429,7 330,6 330,6
Operating profit by division, EUR mill.
Department Store Division 34,5 37,1 9,0 11,7
Stockmann Auto 0,3 0,5 0,7 0,9
Hobby Hall 1,4 1,5 -2,8 -2,7
Seppälä 7,8 8,0 5,1 5,3
Eliminations -3,0 -2,1 -2,5 -0,3
Shared 0,1 -2,5 3,1 0,0
Group 41,1 42,4 12,7 14,8

FAS IFRS FAS IFRS
Profit and loss account, Group Q2 Q2 Q1 Q1
quarterly, EUR mill. 2004 2004 2004 2004
Net turnover 348,8 348,8 336,0 336,0
Other operating income 2,3 2,3 0,0 0,0
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 profit 15,9 18,6 1,6 4,0
Financial income and expenses, total 2,0 -0,4 3,1 0,5
Profit before taxes 17,9 18,2 4,8 4,5
Income taxes -2,6 -1,9 -1,4 -1,2
Profit for the period 15,4 16,4 3,4 3,2
Minority interest 0,0 0,0 0,0 0,0
Netprofit for the period 15,4 16,4 3,4 3,2
Key figures
Earnings per share, basic 0,30 0,32 0,06 0,05
Earnings per share, diluted 0,29 0,31 0,06 0,05
Total, balance sheet 714,5 706,9 801,7 791,1
Return on equity, per cent 70,3 67,6 59,9 57,5
Segments
Sales by division, EUR mill.
Department Store Division 212,4 212,4 199,6 199,6
Stockmann Auto 126,4 126,4 117,9 117,9
Hobby Hall 47,0 47,0 56,6 56,6
Seppälä 33,5 33,5 28,6 28,6
Eliminations 0,3 0,3 0,2 0,2
Group 419,6 419,6 402,9 402,9
Net turnover by division, EUR mill.
Department Store Division 178,4 178,4 167,8 167,8
Stockmann Auto 103,4 103,4 96,8 96,8
Hobby Hall 38,9 38,9 47,3 47,3
Seppälä 27,6 27,6 23,6 23,6
Eliminations 0,5 0,5 0,5 0,5
Group 348,8 348,8 336,0 336,0
Operating profit by division, EUR mill.
Department Store Division 8,8 11,5 0,7 3,4
Stockmann Auto 1,2 3,6 1,9 2,1
Hobby Hall -1,0 -0,9 -0,7 -0,7
Seppälä 4,2 4,4 -0,8 -0,6
Eliminations 0,0 0,5 -2,1 0,5
Shared 2,7 -0,4 2,7 -0,8
Group 15,9 18,6 1,6 4,0

Group key financial ratios 2004 FAS 2004 Effect of IFRS
transition to 2004
IFRS
Operating profit 71.4 8.4 79.8
Net profit for the period, EUR mill. 58.2 1.1 59.3
Earnings per share, undiluted EUR 1.11 0.02 1.13
Earnings per share, diluted EUR 1.09 0.02 1.11
Total assets EUR mill. 750.4 (1.4) 749.0
Return on capital employed, per cent 14.3 0.5 14.8
Return on shareholders’ equity, per cent 11.2 1.0 12.2
Equity ratio, per cent 65.5 (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
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