STOCKMANN plc INTERIM REPORT January 1 – March 31, 2005

STOCKMANN plc STOCK EXCHANGE RELEASE April 21, 2005, at 11.45

STOCKMANN plc INTERIM REPORT January 1 – March 31, 2005

The Stockmann Group’s sales were on a par with the comparison period: EUR
400.6 million (EUR 402.9 million in 2004). Sales abroad were up 42 per
cent. Sales in Finland fell by 6 per cent. The reduction was due to the
gap in sales resulting from the transfer of a car dealership to the
importer in July 2004 as well as to running the department stores’ Crazy
Days campaign in April. Profit before taxes declined and was EUR 1.7
million (EUR 4.5 million in 2004). Hobby Hall’s result moved into the
black and Seppälä’s operating profit rose substantially, whereas the
operating profit figures for the Department Store Division and Stockmann
Auto decreased. The earnings estimate for 2005 is unchanged.

IFRS reporting

Stockmann adopted International Financial Reporting Standards (IFRS) on
January 1, 2005. The comparative information used in the Interim Report is
the 2004 figures according to IFRS, which were published at the annual
level on February 15, 2005, and at the quarterly level on April 18, 2005.
The accounting policies presented in the stock exchange release of April
18, 2005, have been observed in this Interim Report. The Interim Report is
unaudited.

Sales and result

Stockmann’s consolidated sales in the first quarter of 2005 were EUR 400.6
million, on a par with the comparison period (EUR 402.9 in 2004). If the
sales by the Herttoniemi car dealership that was transferred to Kesko
Corporation on July 1, 2004, is eliminated from the comparative sales
figures, the growth in consolidated sales was 6 per cent. The Group’s
sales abroad amounted to EUR 69.4 million, an increase of 42 per cent.
Sales in Finland were down 6 per cent to EUR 331.2 million. Sales abroad
accounted for an increased share of consolidated sales, rising from 12 per
cent to 17 per cent. Net turnover was EUR 334.1 million, as against EUR
336.0 million in the comparison period.

The gross margin on the Group’s operations rose by EUR 2.9 million to EUR
106.0 million and the relative gross margin was 31.7 per cent (30.7 per
cent). The relative gross margin on operations improved further for the
Department Store Division and Seppälä, but in the other divisions it was
slightly below the comparison period. Operating costs increased by EUR 4.3
million and depreciation by EUR 1.1 million. Operating profit diminished
and was EUR 1.6 million (EUR 4.0 million).

Net financial income diminished as a consequence of the dividends paid in
2004 and amounted to EUR 0.1 million (EUR 0.5 million).

Profit before taxes was EUR 1.7 million, down EUR 2.8 million on the
figure a year earlier. Direct taxes were EUR 0.5 million, decreasing by
EUR 0.7 million on the year-ago figure. Net profit for the report period
was EUR 1.2 million, compared with EUR 3.2 million a year earlier.

Earnings per share were EUR 0.02 (EUR 0.05). Equity per share was EUR 7.81
(EUR 8.71).

Sales and earnings trend by business segment

The Department Store Division’s sales grew by 7 per cent to EUR 213.4
million. Sales in Finland were down 3 per cent. The decrease in sales was
due to the timing of the spring Crazy Days campaign. In spring 2005 the
Crazy Days campaign was run in April, whereas a year earlier the campaign
started on the last day of March. Sales by International Operations were
boosted principally by the new department stores that were opened in
Moscow in April and December 2004 as well as by good same-store sales
growth at the department stores in the Baltic countries. Sales by
International Operations grew by 51 per cent and its share of the Group’s
sales rose to 24 per cent (18 per cent). The Department Store Division’s
operating profit was down EUR 2.8 million to EUR 0.6 million (EUR 3.4
million). The lower earnings figure was attributable to the start-up costs
of new department stores as well as the timing of the Crazy Days campaign
in Finland.

Stockmann Auto’s sales were down 18 per cent to EUR 96.5 million. Unit
sales of new vehicles fell by 23 per cent and those of used vehicles by 17
per cent. The division’s operating profit decreased by EUR 1.9 million to
EUR 0.2 million (EUR 2.1 million). The decrease in both sales and
operating profit is attributable in large measure to the transfer of the
Herttoniemi car dealership to the importer as from July 1, 2004.

Hobby Hall reported sales growth of 7 per cent to EUR 60.5 million (EUR
56.6 million). Distance retailing grew by 10 per cent in Finland. Online
sales again showed particularly strong growth. Hobby Hall’s sales in the
Baltic countries grew by 10 per cent even though distance sales in
Lithuania were wound up during the first part of the year. Hobby Hall’s
result moved into the black: the operating result improved by EUR 1.3
million and was EUR 0.7 million (a loss of EUR 0.7 million).

Seppälä’s sales increased by 5 per cent on the same period of last year
and were EUR 30.0 million. Sales growth was particularly robust in the
Baltic area, where they were lifted by the stores that were opened in
Estonia and Latvia towards the end of 2004 as well as by the good trend in
like-for-like sales. In Russia too, the three stores opened in 2004
boosted Seppälä’s sales. Thanks to higher sales and an improved relative
gross margin, Seppälä’s operating result increased by a hefty EUR 1.9
million and was EUR 1.3 million (a loss of EUR 0.6 million). The
profitable first-quarter result was the best-ever reported by Seppälä.

Financing and invested capital

The amount of liquid assets has been lowered as planned. Liquid assets
amounted to EUR 16.2 million at the end of the report period, as against
EUR 88.6 million a year earlier and EUR 41.4 million at the end of 2004.

Loan repayments were not made during the report period, nor have new long-
term loans been drawn down. The amount of long-term loans at the end of
March was EUR 14.9 million. Capital expenditures amounted to EUR 8.9
million. Net working capital totalled EUR 200.0 million and decreased by
EUR 13.5 million from the beginning of the year. The dividend for 2004
according to the resolution of the Annual General Meeting on March 29,
2005, totalling EUR 53.0 million, was paid out on April 8. During both the
report period and the comparison period, the dividend has been treated as
a payout of distributable funds and a liability to shareholders. The lower
equity ratio in the first quarter compared with other quarters is largely
attributable to this factor. The equity ratio was 54.8 per cent (57.5 per
cent) in the report period. The equity ratio at the end of 2004 was 62.5
per cent.

The return on capital employed over the past 12 months improved in line
with the decrease in invested capital and was 15.7 per cent (14.8 per cent
at the end of 2004). The Group’s invested capital diminished by EUR 25.6
million from March a year ago and amounted to EUR 496.9 million towards
the end of the report period (EUR 535.9 million at the end of 2004).
Invested capital was reduced notably by the extra dividend that was paid
in December 2004.

Capital expenditures

Capital expenditures during the report period totalled EUR 8.9 million
(EUR 17.6 million).

The biggest capital expenditure for the Department Store Division in 2005
is the department store that is being built in leased premises in the new
section of the Jumbo Shopping Centre in Vantaa. The department store will
have about 11 000 square metres of retail space and its opening is planned
for October 2005. Stockmann’s share of the cost estimate for the project
is about EUR 10 million.

A large-scale project for enlargement and modification works on the
department store in the centre of Helsinki is pending. Implementation of
the project will call for modifying the town plan, which has already been
initiated. 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 a total of about 50 000 square metres of retail space. The total
cost estimate for the project is approximately EUR 115 million. The works
are estimated to be completed phase by phase by the end of 2009.

Moscow’s first Bestseller store operating on the franchising principle was
opened in February at the Mega North Shopping Centre. In addition, further
two to three new Bestseller stores will be opened in Russia during 2005. A
flagship Zara store is being built in the heart of Moscow as well as a
fifth Zara store at the Rio Shopping Centre. As plans now stand, these
stores will be opened in May-June. In addition to these, agreements have
been made in Russia for opening two new Zara stores in Moscow.

The Department Store Division’s capital expenditures totalled EUR 6.7
million.

Stockmann Auto’s capital expenditures came to EUR 1.3 million and Hobby
Hall’s to EUR 0.3 million.

Seppälä’s capital expenditures came to EUR 0.2 million. Seppälä opened its
first store in Lithuania in Vilnius at the beginning of April. Seppälä is
aiming to open new stores in Moscow and to expand its operations to St
Petersburg in autumn 2005. In addition, Seppälä is moving to expand its
operations in both Latvia and Lithuania during 2005.

Other capital expenditures came to EUR 0.4 million.

Annual General Meeting

The Annual General Meeting held on March 29 resolved that a dividend of
EUR 1.00 per share, or a total of EUR 53.0 million, be paid for the 2004
financial year.

Article 2 of the Articles of Association was amended such that the company
can also carry on restaurant business. Article 11 was amended in line with
the revised provisions of the Companies Act such that a notice of a
general meeting must be published no later than 17 days before the
meeting. Article 12 was also amended in line with the revised provisions
of the Companies Act such that shareholders must register for a general
meeting no later than on the day mentioned in the notice of meeting, which
can be 10 days before the meeting at the earliest.

The Annual General Meeting resolved, in accordance with the proposal of
the Board’s Appointments and Compensation Committee, that seven members be
elected to seats on the Board and re-elected the incumbent directors,
Lasse Koivu, managing director, Föreningen Konstsamfundet r.f.; Erkki
Etola, managing director, Oy Etola Ab; Professor Eva Liljeblom; Kari
Niemistö, managing director, Oy Selective Investor Ab; Christoffer Taxell,
LL.M.; Carola Teir-Lehtinen, senior vice president, Corporate
Communications, Fortum Corporation; and Henry Wiklund, managing director,
Svenska litteratursällskapet i Finland r.f.; for a term of office up to
the end of the next Annual General Meeting.

At its organization meeting on March 29, 2005, the Board of Directors re-
elected Lasse Koivu as its chairman and Erkki Etola as its vice chairman.
The Board of Directors re-elected Lasse Koivu chairman of the Appointments
and Compensation Committee and re-elected as the other members of the
committee Erkki Etola and Henry Wiklund.

Re-elected as regular auditors were Wilhelm Holmberg, Authorized Public
Accountant, and Henrik Holmbom, Authorized Public Accountant. KPMG Oy Ab
will continue as the deputy auditor.

The Annual General Meeting authorized the Board of Directors to decide on
transferring a maximum of 401 172 of the company’s own Series B shares
(treasury shares) in one or more instalments. The authorization will be
valid for one year.

Shares and shareholders

The company’s market capitalization at the end of March was EUR 1 378.8
million (EUR 941.1 million). At the end of 2004 the market capitalization
was EUR 1 140.8 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 25.76, compared with EUR
21.10 at the end of 2004, and the Series B share was selling at EUR 25.85,
as against EUR 21.70 at the end of 2004.

The 4 900 Stockmann shares subscribed for in December 2004 with the share
options for 2000 were entered in the Trade Register on March 16, 2005 and
they were admitted for public trading on the Helsinki Stock Exchange
together with existing shares on March 17, 2005. As a consequence of the
subscriptions the share capital was increased by EUR 9 800. Following the
increase, the share capital is EUR 106 849 920.

Stockmann held 401 172 of its own Series B shares (treasury shares) at the
end of March 2005 and they represented 0.8 per cent of all the shares
outstanding as well as 0.1 per cent of the total votes. The shares were
bought back at a total price of EUR 6.1 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 9
781 employees, or 1 129 more than in the comparison period. The growth in
the number of employees was attributable mainly to the new department
stores as well as the Zara stores in Moscow. Converted to a full-time
basis, the average number of personnel increased by 862 employees and was
7 954.

At the end of March 2005, Stockmann had 3 016 employees working abroad. At
the end of March 2004, Stockmann had 2 073 people working abroad.

Full-year outlook

Retail sales excluding the motor trade are estimated to increase by about
2-3 per cent in Finland in 2005. The volume of new vehicle sales is
expected to decrease compared with 2004. The economies of Russia and the
Baltic countries are anticipated to continue growing at a faster rate than
the Finnish market. Sales in 2005 are expected to come in at about EUR 1.9
billion.

The Group’s second-quarter earnings are anticipated to improve on the
previous year’s figure. The operating profit figures for the Department
Store Division, Seppälä and Hobby Hall are estimated to increase from the
second quarter of 2004, with Stockmann Auto’s operating profit falling
from the level of the comparison period. The earnings estimate for 2005,
which was stated in the Annual Report, is unchanged. Stockmann’s target is
to post even better earnings in 2005 than in 2004.

Helsinki, April 21, 2005
STOCKMANN plc

Balance sheet, Group EUR millions March 31, March 31, Dec. 31,
2005 2004 2004
ASSETS
Non-current assets
Intangible assets 24.3 40.9 24.4
Property, plant and equipment 268.8 236.1 268.4
Long-term investments 7.1 7.1 7.1
Long-term receivables 7.0 2.5 8.5
Deferred tax assets 2.4 1.4 2.0
Total non-current assets 309.7 288.0 310.3
Current assets
Inventories 228.3 217.3 195.0
Interest-bearing receivables 107.1 108.9 102.3
Non interest-bearing 93.9 87.2 100.1
receivables
Available-for-sale investments 0.0 1.1 0.0
Securities held in current 1.6 71.3 28.7
assets
Cash and cash equivalents 14.6 17.4 12.7
Total current assets 445.6 503.1 438.7
Total assets 755.3 791.1 749.0
EQUITY AND LIABILITIES
Equity 414.2 454.7 467.9
Minority interest 0.0 0.0 0.0
Total equity 414.3 454.8 467.9
Long-term borrowings 14.9 51.5 15.3
Deferred tax liabilities 29.0 33.6 29.2
Current liabilities
Interest-bearing short-term debt 67.8 16.3 52.7
Non interest-bearing short-term 229.4 234.9 183.8
debt
Total current liabilities 297.1 251.2 236.6
Total equity and liabilities 755.3 791.1 749.0

Equity ratio, per cent 54.8 57.5 62.5
Gearing, per cent 16.0 -4.6 5.7
Cash flow from operations per -0.57 -0.27 1.62
share, EUR
Interest-bearing net debt, -52.4 -133.6 -7.2
EUR mill.
Number of shares at March 31, 53 425 52 650 53 420
2005, thousands
Weighted average number of shares, 53 017 52 231 52 544
thousands
Weighted average number of shares, 54 361 53 037 53 509
diluted, thousands

Funds statement, Group 1-03/2005 1-03/2004 1-12/2004
EUR millions
Cash flow from operations -30.3 -14.3 86.4
Cash flow into and from
investments
Capital expenditures -9.7 -18.2 -57.1
Cash from non-current assets 0.1 0.0 2.4
Cash flow into and from -9.6 -18.1 -54.7
investments, total
Financial cash flow
Subscriptions with options 0.3 9.5
Dividend paid -0.3 0.0 -123.0
Change in short-term loans, 15.0 -0.5 1.8
increase (+), decrease (-)
Financial cash flow, total 14.7 -0.2 -111.7
Change in cash funds -25.2 -32.7 -79.9
Cash funds at start of the period 41.4 121.3 121.3
Cash funds at end of the period 16.2 88.6 41.4

Income statement, Group, EUR 1-03/ 1-03/ Change 1-12/
millions 2005 2004 per cent 2004
Revenue 334.1 336.0 -1 1 445.0
Other operating income 0.0 0.0 4 2.4
Materials and consumables -228.1 -232.9 -2 -951.5
Salaries and employee -51.0 -47.8 7 -202.2
benefits
Depreciation -8.5 -7.5 14 -30.7
Other operating expenses -45.0 -43.9 3 -183.3
Operating profit 1.6 4.0 -60 79.8
Finance income and costs 0.1 0.5 -74 -0.9
Profit before tax 1.7 4.5 -61 78.9
Income taxes -0.5 -1 -57 -19.6
Profit for the period 1.2 3.2 -63 59.3
Minority interest 0.0 0 -3 0.0
Net profit for the period 1.2 3.2 -63 59.3

Earnings per share, EUR 0.02 0.05 -55 1.13
Earnings per share, diluted, 0.02 0.05 -56 1.11
EUR
Operating profit, per cent 0.48 1.19 -60 5.52
Equity per share, EUR 7.81 8.71 -10 8.83
Return on equity, per cent, 13.2 * 12.2
moving 12 months
Return on capital employed, 15.7 * 14.8
per cent, moving 12 months
Average number of employees, 7 954 7 092 12 7 812
converted to full-time staff

* No information according to IFRS for the year 2003

SEGMENT INFORMATION

Segments
Sales, EUR millions
Department Store Division 213.4 199.6 7 938.8
Stockmann Auto 96.5 117.9 -18 437.1
Hobby Hall 60.5 56.6 7 214.4
Seppälä 30.0 28.6 5 143.7
Eliminations + shared 0.2 0.2 0.9
Group 400.6 402.9 -1 1 735.0

Revenue, EUR millions
Department Store Division 179.8 167.8 7 789.3
Stockmann Auto 79.1 96.8 -18 358.0
Hobby Hall 50.2 47.3 6 177.9
Seppälä 24.8 23.6 5 118.4
Eliminations + shared 0.2 0.5 1.5
Group 334.1 336.0 -1 1 445.0

Operating profit, EUR
millions
Department Store Division 0.6 3.4 -81 63.7
Stockmann Auto 0.2 2.1 -91 7.0
Hobby Hall 0.7 -0.7 -2.9
Seppälä 1.3 -0.6 17.1
Eliminations -0.1 0.5 -1.7
Shared -1.1 -0.8 -3.5
Group 1.6 4.0 -60 79.8

Investments, gross, EUR
millions
Department Store Division 6.7 15.1 -55 48.8
Stockmann Auto 1.3 1.1 18 4.4
Hobby Hall 0.3 0.4 -33 1.2
Seppälä 0.2 0.2 -19 1.2
Shared 0.4 0.7 -50 3.3
Group 8.9 17.6 -49 58.9

Assets, EUR millions 1-03/ 1-03/ Change 1-12/
2005 2004 per cent 2004
Department Store Division 461.8 444.2 4 443.1
Stockmann Auto 112.5 93.0 21 113.1
Hobby Hall 106.8 119.9 -11 102.2
Seppälä 27.4 27.3 0 29.2
Shared 46.7 106.6 -56 61.3
Group 755.3 791.1 -5 749.0

Non-interest-bearing
liabilities, EUR millions
Department Store Division 89.0 83.8 295 96.5
Stockmann Auto 41.8 30.7 36 45.1
Hobby Hall 17.0 21.8 -22 17.0
Seppälä 4.2 4.3 0 10.4
Shared 106.4 128.0 -17 44.1
Group 258.4 268.5 -4 213.1

Market areas
Sales, EUR millions
Finland 1) 331.2 354.1 -6 1 492.9
Baltic states 2) 32.7 27.1 21 119.5
Russia 3) 36.7 21.7 69 122.5
Group 400.6 402.9 -1 1 735.0
Finland, per cent 82.7 87.9 86.0
International operations, 17.3 12.1 14.0
per cent

Revenue, EUR millions
Finland 1) 274.9 294.0 -7 1 237.9
Baltic states 2) 27.8 23.3 19 102.0
Russia 3) 31.4 18.6 69 105.1
Group 334.1 336.0 -1 1 445.0
Finland, per cent 82.3 87.5 85.7
International operations, 17.7 12.5 14.3
per cent

Operating profit,
EUR millions
Finland 1) 4.5 6.1 -27 76.9
Baltic states 2) -0.2 -2.0 -91 0.2
Russia 3) -2.7 -0.2 2.7
Group 1.6 4.0 -61 79.8

Investments, gross,
million euros
Finland 1) 5.4 4.8 13 22.3
Baltic states 2) 0.3 1.6 -81 3.1
Russia 3) 3.2 11.2 -71 33.5
Group 8.9 17.6 -49 58.9
Finland, per cent 60.7 27.3 37.8
International operations, 39.3 72.7 62.2
per cent

Assets, EUR millions
Finland 1) 600.0 660.3 -9 602.2
Baltic states 2) 74.2 80.7 -8 70.9
Russia 3) 81.2 50.0 62 75.9
Group 751.3 791.1 -5 749.0
Finland, per cent 79.4 83.5 80.4
International operations, 20.6 16.5 19.6
per cent

1) Department Store Divisions, Stockmann Auto, Hobby Hall and Seppälä
2) Department Store Divisions, Stockmann Auto, Hobby Hall and Seppälä
3) Department Store Divisions and Seppälä

Statement of changes in
equity Share Treasury
premium share Legal Other
Group, EUR millions Equity fund fund reserve funds
Equity December 31, 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 105.3 147.1 0.0 0.2 44.1
January 1, 2004
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 March 31, 2004 105.3 147.3 0.0 0.2 43.6
Equity December 31, 2004 106.8 154.8 0.0 0.2 44.4
Options exercised
Transfer to other funds 0.0
Cash flow hedges -2.0
Dividends
Translation differences
Profit for the period
Equity March 31, 2005 106.8 154.8 0.0 0.2 42.4

Statement of changes in equity
Trans-
Minority lation Retained
Group, EUR millions interest reserve earnings Total
Equity December 31, 2003 0.0 -0.1 244.7 547.1
Translation differences 0.1 -0.1 0.0
Deferred tax liabilities/assets -7.5 -7.5
Depreciation -10.8 -10.8
Own shares -6.2
Financial instruments -0.9 -0.6
Adjusted equity January 1, 2004 0.0 0.0 225.4 522.0
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 March 31, 2004 0.0 0.1 158.2 454.8
Equity December 31, 2004 0.0 0.2 161.9 467.9
Options exercised 0.0
Transfer to other funds 0.1 0.1
Cash flow hedges -2.0
Financial instruments 0.0
Dividends -53.0 -53.0
Translation differences 0.0 0.0
Profit for the period 0.0 1.2 1.2
Equity March 31, 2005 0.0 0.2 110.1 414.3

Contingent liabilities, Group 31/3/05 31/3/04 31/12/04
EUR millions
Mortgages on land and buildings 1.7 1.7 1.7
Pledges 0.2 0.2 0.2
Other commitments 18.7 51.5 24.4
Total 20.6 53.4 26.3

Lease agreements on business
premises, EUR millions
Minimum rents payable on the
basis of binding lease
agreements on business premises
Within one year 60.0 60.1 59.3
After one year 363.5 405.6 397.5
Total 423.5 465.7 456.8

Derivative instruments
Nominal value
Foreign exchange derivatives 177.0 72.8 86.9
Interest rate derivatives 35.0 35.0 35.0

Exchange rates
Country Currency March 31, March Dec. 31,
2005 31, 2004 2004

Russia RUB 36.1500 34.8630 37.7570
Estonia EEK 15.6466 15.6466 15.6466
Latvia LVL 0.6960 0.6540 0.6979
Lithuania LTL 3.4528 3.4529 3.4528

Income statement, Group,
EUR millions Q1 Q4 Q3 Q2 Q1
quarterly, EUR millions 2005 2004 2004 2004 2004
Revenue 334.1 429.7 330.6 348.8 336.0
Other operating income 0.0 0.1 0.0 2.3 0.0
Materials and consumables -228.1 -266.6 -221.8 -230.2 -232.9
Salaries and employee -51.0 -58.9 -44.2 -51.2 -47.8
benefits
Depreciation -8.5 -7.8 -7.7 -7.7 -7.5
Other operating expenses -45.0 -54.0 -42.1 -43.3 -43.9
Operating profit 1.6 42.4 14.8 18.6 4.0
Finance income and costs 0.1 -0.1 -0.8 -0.4 0.5
Profit before tax 1.7 42.2 13.9 18.2 4.5
Income taxes -0.5 -12.6 -3.9 -1.9 -1.2
Profit for the period 1.2 29.7 10.0 16.4 3.2
Minority interest 0.0 0.0 0.0 0.0 0.0
Net profit for the period 1.2 29.7 10.0 16.4 3.2

Earnings per share, EUR
Basic 0.02 0.58 0.18 0.32 0.05
Diluted 0.02 0.56 0.19 0.31 0.05

Sales, EUR millions
Department Store Division 213.4 310.2 216.6 212.4 199.6
Stockmann Auto 96.5 97.3 95.5 126.4 117.9
Hobby Hall 60.5 64.6 46.2 47.0 56.6
Seppälä 30.0 43.5 38.1 33.5 28.6
Eliminations + shared 0.2 0.2 0.2 0.3 0.2
Group 400.6 515.8 396.7 419.6 402.9

Revenue, EUR millions
Department Store Division 179.8 260.8 182.4 178.4 167.8
Stockmann Auto 79.1 79.5 78.2 103.4 96.8
Hobby Hall 50.2 53.4 38.3 38.9 47.3
Seppälä 24.8 35.8 31.4 27.6 23.6
Eliminations + shared 0.2 0.2 0.4 0.5 0.5
Group 334.1 429.7 330.6 348.8 336.0

Operating profit,
EUR millions
Department Store Division 0.6 37.1 11.7 11.5 3.4
Stockmann Auto 0.2 0.5 0.9 3.6 2.1
Hobby Hall 0.7 1.5 -2.7 -0.9 -0.7
Seppälä 1.3 8.0 5.3 4.4 -0.6
Eliminations -0.1 -3.5 0.7 0.5 0.5
Shared -1.1 -1.2 -1.1 -0.4 -0.8
Group 1.6 42.4 14.8 18.6 4.0

This Interim Report is unaudited.

Reconciliation of shareholders’ equity in the comparative period

Balance Sheet, IFRS March 1, 2004, FAS Adjust- IFRS
Group, EUR millions ments
ASSETS
Non-current assets
Intangible assets 40.9 40.9
Property, plant and equipment 229.9 6.2 236.1
Long-term investments 28.7 -21.6 7.1
Long-term receivables 0.7 1.8 2.5
Deferred tax assets 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 108.9 108.9
Non interest-bearing receivables 85.8 1.4 87.2
Available-for-sale investments 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 480.4 -25.6 454.8
Long-term borrowings 49.2 2.3 51.5
Deferred tax liabilities 25.9 7.7 33.6
Current liabilities
Interest-bearing short-term debt 16.3 16.3
Non interest-bearing short-term debt 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

Raconciliation of profit in the comparative period

Income statement, Group, EUR millions
Income statement 1 January-31 March 2004 FAS Adjust- IFRS
ments
Revenue 336.0 0.0 336.0
Other operating income 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 -7.3 -0.1 -7.5
Other operating expenses -46.3 2.5 -43.9
Operating profit 1.6 2.3 4.0
Finance income and costs 3.1 -2.6 0.5
Profit before tax 4.8 -0.3 4.5
Income taxes -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

STOCKMANN plc

Hannu Penttilä
CEO

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Helsinki Exchanges
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