STOCKMANN’S FINANCIAL STATEMENT BULLETIN 2008

STOCKMANN plc
Financial Statement Release
13.2.2009 at 12.45

STOCKMANN’S FINANCIAL STATEMENT RELEASE 2008

REASONABLE RESULTS IN DIFFICULT MARKET CONDITIONS

Stockmann’s sales in the fourth quarter were up 13 per cent to EUR 652.8
million (EUR 578.8 million in 2007). Fourth-quarter operating profit fell
to EUR 58.4 million (EUR 70.8 million). Full-year sales grew by 36 per
cent, totalling EUR 2 265.8 million (EUR 1 668.3 million). Consolidated
operating profit declined during the financial year to EUR 121.9 million
(EUR 125.2 million). Net financing expensesgrew as planned as a result of
the Lindex acquisition, and with the weakening of the Swedish krona a
deferred tax liability of EUR 27.2 million, which nevertheless has no
effect on cash flow, was recognized on the basis of the unrealized
exchange gain on the foreign currency loan. For these reasons, net profit
for the financial year declined from the previous year, amounting to EUR
39.1 million. Earnings per share were EUR 0.67 (EUR 1.59). Without the
increase in deferred tax liability due to the weakening of the Swedish
krona, the earnings per share would have been EUR 1.13. The Board of
Directors will propose the payment of a dividend of EUR 0.62 per share.
The Board also proposes that it be authorised to decide at its discretion,
by 31 December 2009, on the payment of a dividend of no more than EUR 0.38
per share, the company’s financial standing permitting, in addition to the
above-mentioned dividend decided by the Annual General Meeting.

Key figures Q4 Q4
2008 2007 2008 2007

Sales EUR mill. 652.8 578.8 2 265.8 1 668.3
Revenue EUR mill. 541.3 483.9 1 878.7 1 398.2
Operating profit EUR mill. 58.4 70.8 121.9 125.2
Profit before taxes EUR mill. 45.7 66.5 71.7 119.4
Earnings per share EUR 0.34 0.87 0.67 1.59
Earnings per share EUR 1.13
without th deferred tax
liability due to the
weakening of the Swedish
krona
Equity per share EUR 11.24 10.66
Cash flow from operating EUR mill. 170.1 119.9
activities
Net gearing per cent 107.4 146.9
Equity ratio per cent 39.0 32.6
Weighted average number thousands 58 609 55 606
of shares, diluted
Return on capital per cent 8.3 12.1
employed, rolling 12
months

SALES AND RESULT

The Stockmann Group’s sales in 2008 grew by 36 per cent, totalling EUR
2 265.8 million (EUR 1 668.3 million). The strong growth came as a result
of Lindex joining the Group in December 2007. Seppälä’s sales were up, the
Department Store Division’s sales were on a par with the previous year’s
level, and Hobby Hall’s sales were down on the 2007 figure.

Sales in Finland were up 5 per cent to EUR 1 224.8 million. Consolidated
sales abroad totalled EUR 1 041.0 million, a growth of 110 per cent.
Without Lindex, the corresponding figure would have been 2 per cent.
Growth in sales abroad was adversely affected by the closure of the
department store in the Smolensky Passage shopping centre in Moscow in May
due to the unlawful activities of its lessors, as well as the weakening of
the Swedish krona, Norwegian krone and Russian rouble against the euro.
International operations accounted for an increased share of consolidated
sales, rising from 30 per cent to 46 per cent.

Other operating income on the sale of an unbuilt plot and certain equities
totalled EUR 4.2 million (EUR 9.7 million the previous year).

The Group’s operating gross margin increased by EUR 300.1 million to EUR
907.0 million, and its relative gross margin was 48.3 per cent (43.4 per
cent). The improvement in the Group’s relative gross margin was mainly due
to the inclusion of Lindex in the consolidated figures. Lindex’s relative
gross margin was at an all-time high. Hobby Hall’s relative gross margin
improved, Seppälä’s relative gross margin was at the previous year’s level
and the Department Store Division’s relative gross margin decreased
slightly. Operating costs increased by EUR 273.2 million and depreciation
by EUR 24.5 million.

Expenses totalling EUR 6.0 million were recorded for the financial year
due to the closure of the Smolenskaya department store. The effect of this
on earnings was a total of EUR 14 million, taking into account, too, the
overhead costs allocated to other units after the closure, and the lost
margin.

Consolidated operating profit for the financial year was down by EUR 3.3
million to EUR 121.9 million.

Net financing expenses grew by EUR 44.4 million, reaching EUR 50.1 million
(EUR 5.7 million). The increase in net financing expenses was mainly due
to the costs of borrowed capital for the Lindex acquisition.

Profit before taxes was EUR 71.7 million for the financial year, down EUR
47.7 million on the figure a year earlier. Direct taxes were EUR 32.7
million, inreasing by EUR 1.6 million on the previous year’s figure. Due
to the weakening of the Swedish krona, a deferred tax liability of EUR
27.2 million was recognized on the basis of the unrealized exchange gain
on the foreign currency loan taken out for the Lindex acquisition. Net
profit for the financial year totalled EUR 39.1 million (EUR 88.4
million).

Fourth-quarter net profit declined, amounting to EUR 19.1 million (EUR
48.6 million).

Earnings per share in the financial year were EUR 0.67 (EUR 1.59) and,
diluted for options, earnings were EUR 0.67 (EUR 1.58). Calculated without
the increase of EUR 27.2 million in deferred tax liabilities as a result
of the weakening of the Swedish krona, earnings per share in the financial
year amounted to EUR 1.13. Equity per share was EUR 11.24 (EUR 10.66).

SALES AND EARNINGS TREND BY BUSINESS SEGMENT

Department Store Division

The Department Store Division’s sales maintained the previous year’s
level, totalling EUR 1 218.9 million. Sales in Finland remained at the
same level as the year before. International sales were boosted by the
good like-for-like sales growth of the department stores in Russia and the
Baltic countries and the new Bestseller stores, but were adversely
affected by the closing of the Smolenskaya department store in Moscow.
International sales grew by one per cent and their share of the division’s
sales was 29 per cent (28 per cent).

The relative gross margin for the financial year declined. This was due to
the vigorous price campaigning targeted at Loyal Customers in the latter
part of the year, the aim of which was to maintain sales volumes. The
Department Store Division’s operating profit was down to EUR 54.0 million
(EUR 91.8 million). The previous year’s operating profit included EUR 9.7
million in non-recurring income. Total costs of EUR 6.0 million arising
from the closure of the Smolenskaya department store were recorded for the
financial year. The effect of the closure on earnings was a total of EUR
14 million, taking into account, too, the overhead costs allocated to
other units after the closure, and the lost margin.

Fourth-quarter operating profit totalled EUR 34.9 million (EUR 46.9
million).

Lindex

Lindex’s sales in the financial year amounted to EUR 672.5 million.
Compared with the pro forma statement for the corresponding period in
2007, sales were down 5 per cent, owing to changes in foreign exchange
rates. In local currency terms, sales remained on a par with the previous
year, although Lindex increased its market share in Sweden, its main
market. Lindex’s operating profit was EUR 58.7 million, and was burdened
by the depreciation connected with the Lindex acquisition under IFRS and
by a non-recurring cost entry for inventories, which together totalled EUR
6.5 million. In local currency terms, Lindex’s operative result was its
best ever. The weakening of the Swedish krona and Norwegian krone against
the euro reduced operating profit for the financial year by an imputed EUR
2.7 million. Lindex’s pro forma operating profit in 2007 totalled EUR 70.9
million. In the consolidated earnings for 2007, the operating profit
generated by Lindex, which was acquired in December of that year, was EUR
15.0 million.

Fourth-quarter operating profit amounted to EUR 20.3 million. The
weakening of the Swedish krona and Norwegian krone against the euro
reduced operating profit in the fourth quarter by an imputed EUR 2.6
million.

Hobby Hall

Hobby Hall’s sales in the financial year decreased by 7 per cent to EUR
191.0 million (EUR 206.5 million). A large proportion of Hobby Hall’s
sales consists of electronic products, for which the total market has
diminished and the general price trend has been on the decline. Sales
declined both in Finland and abroad, but Hobby Hall’s relative gross
margin grew. Hobby Hall’s operating profit for the financial year fell by
EUR 4.9 million, amounting to EUR 0.8 (EUR 5.7 million), as a result of
lower sales and the unprofitable operations in Russia. It was decided to
discontinue operations in Russia as from the start of 2009.

Hobby Hall’s operating profit in the fourth quarter was EUR 1.6 million
(EUR 2.7 million).

Seppälä

Seppälä’s sales in the financial year increased by 4 per cent on the
previous year, totalling EUR 182.6 million. Sales in Finland were down 2
per cent, but showed strong growth in Russia, where they were buoyed by
new stores and the good like-for-like sales trend. Sales abroad were up 19
per cent, and their share of Seppälä’s total sales rose to 34 per cent (30
per cent). The relative gross margin was at the previous year’s level.
Because new stores were opened in rapid succession, fixed costs and
depreciation grew faster than the gross margin, causing Seppälä’s
operating profit to decrease by EUR 6.1 million to EUR 14.6 million (EUR
20.7 million).

Seppälä’s fourth-quarter sales grew by 1 per cent to EUR 51.5 million.
Sales decreased by 2 per cent in Finland and increased by 8 per cent
abroad. Operating profit was EUR 4.2 million (EUR 8.6 million).

FINANCING AND CAPITAL EMPLOYED

Liquid assets totalled EUR 35.2 million at the close of the year, as
against EUR 33.2 million a year earlier.

Interest-bearing liabilities at the end of the year were EUR 775.7 million
(EUR 905.6 million), of which EUR 755.7 million consisted of long-term
borrowing (EUR 855.4 million). In June, Stockmann carried out a EUR 137.4
million share issue targeted at institutional investors. The proceeds of
the share issue were used to repay part of the long-term loan which
Stockmann took out when it acquired AB Lindex (publ). Capital expenditures
in the report period amounted to EUR 182.3 million. Net working capital
amounted to EUR 150.9 million at the close of the year, as against EUR
193.9 million a year earlier. The decrease in net working capital was
principally due to the reduction of goods in stock and the release of
capital from the Department Store Division’s trade receivables. Dividend
payouts totalled EUR 75.2 million.

At the close of the year, the equity ratio was 39.0 per cent (32.6 per
cent) and net gearing was 107.4 per cent (146.9 per cent).

The return on capital employed over the past 12 months was 8.3 per cent
(12.1 per cent). The Group’s capital employed increased by EUR 37.8
million and stood at EUR 1 466.8 million (EUR 1 504.7 million) at the end
of the financial year.

The financing package negotiated in conjunction with the Lindex
acquisition was due to be refinanced by 30 September 2009. On 19 December
2008, Stockmann agreed on a loan financing package of EUR 1 000 million,
the parties to which were Varma, the Nordic Investment Bank (NIB) and a
banking consortium composed of Nordea, Pohjola, Handelsbanken and Danske
Bank. The financing package is divided into separate elements, with
maturity periods of 7, 5 and 3 years. The purpose of this solution is to
ensure financing for Stockmann’s main investments in the near future,
which include the enlargement and renovation project of the Helsinki
department store and the construction of the Nevsky Centre department
store and shopping centre in St Petersburg, as well as for the Group’s day-
to-day operations. As a result of the decline in interest rates caused by
the global financial crisis, it is estimated that this solution will
significantly reduce Stockmann’s financing expenses in 2009 compared with
2008.

DIVIDENDS

In accordance with the resolution of the Annual General Meeting, a
dividend of EUR 1.35 per share was paid on the 2007 financial year, or a
total of EUR 75.2 million. The Board of Directors will propose to the
Annual General Meeting that a dividend of EUR 0.62 per share be paid on
the 2008 financial year. The proposed dividend is 93 per cent of the
earnings per share. The Board also proposes that it be authorised to
decide at its discretion, by 31 December 2009, on the payment of a
dividend of no more than EUR 0.38 per share, the company’s financial
standing permitting, in addition to the above-mentioned dividend decided
by the Annual General Meeting.

ACQUISITION OF LINDEX

The Finnish branch office of Stockmann Sverige AB, a Stockmann subsidiary,
purchased 97.8 per cent of the shares in the Swedish fashion chain AB
Lindex (publ) in December 2007 and the remaining shares in 2008. The cost
of acquiring Lindex’s entire share capital was EUR 851.7 million. Lindex’s
balance sheet items have been measured at fair value at the time of the
acquisition. According to the final calculations, the balance sheet value
of trademarks, customer and supplier agreements and inventories was a
total of EUR 89.1 million greater than the carrying amount at the time of
purchase, EUR 91.0 million.

In May, the Gothenburg Administrative Court of Appeal overturned the
affirmative decisions which Lindex had received in the County
Administrative Court concerning the deductibility under the Swedish tax
system in the years 2004/2005 and 2005/2006 of losses amounting to
approximately EUR 70 million made by the Lindex Group’s company in
Germany. Lindex has lodged an appeal with the highest court of justice
against the ruling of the Administrative Court of Appeal. In accordance
with the decision of the Administrative Court of Appeal, Lindex had to
repay EUR 23.8 million in taxes and interest to the tax office. The repaid
tax with interest increased the Group’s goodwill by EUR 23.8 million, and
the amount has no effect on the Group’s earnings.

A total of EUR 746.2 million of the cost of acquiring Lindex has been
allocated to goodwill. EUR 656.2 million of this has been allocated to the
Lindex business segement, EUR 65 million to the Seppälä business segment
and EUR 25 million to the Department Store Division business segment. The
goodwill is denominated in Swedish krona, and, following the weakening of
this currency, its value at the close of the financial year was EUR 646.5
million.

In the impairment testing carried out, no signs of impairment on any of
the business segments were found. The acquisition cost for the business
operations is presented in accordance with IFRS 3 in the tabular section
of the financial statements bulletin.

NEW LONG-TERM FINANCIAL TARGETS

The Group’s strategy and long-term targets were revised following the
acquisition of Lindex. At its strategy meeting on 18 June 2008, the
Stockmann Group Board of Directors confirmed the following five-year
strategic guidelines and financial targets for the same period.

A revised objective of the Group is to attain a level of annual growth in
all its markets that is above the average rate for these markets, and to
obtain an operating profit margin of 12 per cent and a 20 per cent return
on capital employed at the end of the strategy period in 2013. The return
on capital employed during the initial phase of the period will be lower
than in previous years due to the Group’s significant investment
programme. A further strategic objective is to raise the Group’s equity
ratio to at least 40 per cent.

The company’s dividend policy remained unchanged despite the strong growth
and vigorous investment programme. The target is to pay out in dividends
more than half of the earnings derived from the company’s ordinary
operations, but taking into account the financing required to grow
operations.

CAPITAL EXPENDITURE

Capital expenditure during 2008 totalled EUR 182.3 million (EUR 977.4
million). Gross capital expenditure in 2009 is estimated to total
approximately EUR 150 million.

Department Store Division

On 13 February 2009, Stockmann opened a new department store in leased
premises in the Metropolis shopping centre near Moscow city centre. The
department store has a total area of about 8 000 square metres.
Stockmann’s capital expenditure on the new location is approximately EUR
12 million, of which EUR 11.4 million was employed during 2008. Although
Stockmann was forced to close its Smolenskaya department store due to the
unlawful actions of the lessors, the company now has four department
stores open for business in Moscow.

A major enlargement and transformation project is under way at the
department store in the centre of Helsinki. The new premises will be
opened in stages. The project involves expanding the department store’s
commercial premises by about 10 000 square metres by converting existing
premises to commercial use and by building new retail space. In addition,
new goods handling, servicing and customer parking areas will be built.
After the enlargement, the Helsinki department store will have a total of
about 50 000 square metres of retail space. The capital expenditure for
the enlargement part of the project is estimated to be about EUR 250
million, in addition to which significant repair and renovation work has
been and will be carried out in the old property in the course of the
project. The new car park, goods handling areas and additional retail
space will be opened during 2009. The project is expected to be completed
in phases up to the end of 2010. During the financial year, the project
required an investment of EUR 67.1 million.

In 2006, Stockmann purchased a commercial plot of approximately 10 000
square metres on Nevsky Prospect, St Petersburg’s high street. The plot is
located next to the Vosstaniya Square metro station and in the immediate
vicinity of the Moscow railway station. On this plot, Stockmann will erect
the Nevsky Centre shopping centre that will have about 100 000 square
metres of gross floor space, of which about 50 000 square metres will be
for stores and offices. A full-scale Stockmann department store with about
20 000 square metres of retail space has been planned for the shopping
centre, along with other retail stores, office premises and an underground
car park. The total investment is estimated at about EUR 185 million. The
final building permit for the site was obtained at the start of March, and
construction work is now under way. The building’s foundation stone was
laid on 17 October 2008. According to the current timetable, the building
will be completed in summer 2010, and commercial operations are scheduled
to start before the end of 2010. During the financial year, the project
required an investment of EUR 27.4 million.

In Russia, Stockmann opened two new Nike stores and one Bestseller store.

Stockmann’s credit-line Loyal Customer Card was relaunched in Finland as
an international MasterCard as from April. In Latvia, where Stockmann had
not previously had any Loyal Customer credit card, the new cards were
introduced towards the end of 2008, and they went into use in Estonia in
early 2009. The new arrangements for the cards are based on an agreement
between Stockmann and Nordea concerning the transfer of the financing of
Loyal Customer accounts to Nordea. Stockmann’s MasterCard Loyal Customer
Card with a credit facility was introduced to the Russian market in March
2008 in cooperation with Citibank. Stockmann has a total of about 1.7
million Loyal Customers in Finland, Russia and the Baltic countries.

The Department Store Division’s capital expenditure totalled EUR 146.0
million.

Lindex

Lindex’s capital expenditure totalled EUR 25.2 million. This was spent on
opening new stores and refurbishing existing ones, and on the new
distribution centre in Gothenburg, which entered into service at the turn
of 2007/2008 and has operated at full capacity since the spring.

In August, Lindex opened its first Russian store, in St Petersburg. Lindex
also opened four stores in Norway, three in Sweden, and two each in
Finland, Estonia, Lithuania and the Czech Republic in 2008. One store was
closed in Sweden.

The Lindex chain expanded to Saudi Arabia, when its franchising partner
Delta International Establishment opened its first five stores there in
the autumn. The franchising partner makes the investments in the stores,
recruits staff and is responsible for all retail operations.

Hobby Hall

Hobby Hall’s head office moved into new leased premises in Helsinki in
September. The division’s new telephone system and the modernized cash
register system will contribute to improving Hobby Hall’s customer
service. Hobby Hall’s capital expenditure totalled EUR 3.1 million.

Seppälä

During 2008, Seppälä opened seven stores in Russia, five in Finland and
three each in Estonia and Lithuania. The Stockmann Group’s operations were
expanded into Ukraine in late October, when the country’s first Seppälä
store was opened in Kharkov. In addition, 12 stores in Finland were
refurbished according to the new store concept. One store in Finland was
closed.

Seppälä’s capital expenditure totalled EUR 7.2 million.

Other capital expenditure

The Group’s other capital expenditure came to EUR 0.8 million.

NEW PROJECTS

Department Store Division

The Department Store Division has preliminary agreements for the opening
of department stores in leased premises that are being or will be built in
Ekaterinburg and north Moscow in Russia and in Vilnius, the capital of
Lithuania. Due to the economic downturn, the implementation and timetable
of these projects are being reassessed.

Lindex

Lindex plans to continue expanding in 2009, aiming to open about as many
new stores as it did in 2008. The number of franchising stores will
increase by about ten.

Hobby Hall

Hobby Hall’s redesigned online store will be opened in 2009. The company’s
operations in Russia were discontinued as from the start of 2009.

Seppälä

Seppälä will open a total of 8 to 12 new stores in 2009, half of which
will be in Russia and the rest in other countries where Seppälä currently
has operations.

SHARES AND SHARE CAPITAL

The company’s market capitalization at the end of 2008 was EUR 611.6
million. At the end of 2007 the corresponding figure was EUR 1 659.8
million.

The trend in Stockmann’s shares price during 2008 was below both the OMX
Helsinki Cap index and the OMX Helsinki index. At the end of the year, the
stock exchange price of the Series A shares was EUR 10.10, compared with
EUR 29.50 at the end of 2007, and the Series B shares were selling at EUR
9.77, as against EUR 29.66 at the end of 2007.

A total of 364 Stockmann plc Series B shares were subscribed with
Stockmann Loyal Customer share options in May. The shares were entered in
the Trade Register on 26 June 2008, and they became available for public
trading, together with the existing shares, on the Helsinki exchange on 27
June 2008. As a consequence of the subscriptions, the share capital was
increased by EUR 728.

The 2008 Annual General Meeting authorized the Board of Directors to
decide on the issuance of shares and on special rights entitling holders
to shares under chapter 10, section 1 of the Limited Liability Companies
Act, in one or more instalments. The Board of Directors was authorized to
decide on the amount of Series A and Series B shares to be issued.
However, the aggregate number of shares issued on the basis of the
authorization may not exceed 15 000 000 shares. The issuance of shares and
the special rights entitling holders to shares may be carried out in
accordance with or deviating from the shareholders’ pre-emptive rights
(directed issue). The Board of Directors is authorized to decide on all
the terms and conditions regarding the issue of shares and concerning the
special rights referred to in chapter 10, section 1 of the Limited
Liability Companies Act. The authorization will be valid for up to three
years.

In accordance with the authorization granted by the Annual General
Meeting, the Board of Directors decided on a directed share issue of 5 609
360 new shares, which was carried out on 23 June 2008. In the share issue,
subscriptions were made for 2 456 424 Stockmann plc Series A shares and 3
152 936 Stockmann plc Series B shares, all at EUR 24.50 per share. Of the
Series A shares subscribed, 438 618 were converted to Series B shares. As
a consequence of the share subscriptions and conversions, 2 017 806 Series
A shares and 3 591 554 Series B shares were entered in the Trade Register
on 27 June 2008, and they were made available for public trading on the
Helsinki exchange, together with the existing shares, on 27 June 2008.
Following the directed issue, a further 9 390 640 shares may still be
subscribed on the basis of the authorization.

Following the above-mentioned registrations, Stockmann’s share capital
increased to EUR 123 406 672. On 31 December 2008, Stockmann had 26 582
049 Series A shares and 35 121 287 Series B shares.

Stockmann held 364 321 of its own Series B shares (treasury shares) at the
end of 2008. They comprised 0.6 per cent of all the shares and represented
0.1 per cent of all the votes. Their acquisition price was a total of EUR
5.5 million.

The Annual General Meeting in 2007 authorized the Board of Directors to
decide on the transfer of the company’s own Series B shares in one or more
instalments. The authorization remains valid for five years. Stockmann’s
Board of Directors has no valid authorizations to purchase Stockmann
shares.

BOARD OF DIRECTORS’ PROPOSALS TO THE ANNUAL GENERAL MEETING

The Board of Directors proposes to the Annual General Meeting to be
convened on 17 March 2009, that the voting restriction referred to in
Article 3 of the Articles of Association, whereby no-one at a General
Meeting can cast more than one fifth of the votes represented at the
meeting, be removed. In addition, the Board of Directors proposes that
Article 5 of the Articles of Association be amended in such a way as to
remove the upper age limit applying to persons to be elected as members of
the Board of Directors. At present, anyone who has reached the age of 65
years cannot be elected a member of the Board of Directors.

The Board of Directors also proposes to the Annual General Meeting that
the terms applying to the 2008 Loyal Customer share options be amended
such that the subscription price for shares subscribed under these options
is the volume-weighted average price of the Series B share on the Helsinki
exchange during the period 1 February – 28 February 2009. Under the Loyal
Customer share option terms approved by the Annual General Meeting in
2008, the determination period for the subscription price was 1 February –
29 February 2008. In other respects the terms applying to the option
rights would remain unchanged.

NUMBER OF EMPLOYEES

The Group had an average payroll of 15 669 employees in 2008, an increase
of 4 508 on the 2007 figure of 11 161 employees (10 069 in 2006). The
increase in the number of employees was attributable in large part to the
acquisition of Lindex in December 2007, though there was steady growth in
the number of staff employed by the other divisions. Converted to full-
time equivalents, Stockmann’s average number of employees grew by 2 985,
to 11 964 employees (8 979 in 2007 and 8 037 in 2006). The Group’s total
wages and salaries amounted to EUR 279.8 million, up by EUR 97.8 million
on the corresponding figure for 2007 (EUR 181.9 million; EUR 167.9 million
in 2006).

At the end of 2008, Stockmann had 8 072 employees working abroad. The
corresponding total for the end of the previous year was 8 294 employees.
The proportion of employees working abroad was 51 per cent of the total
personnel (50 per cent).

MAJOR EVENTS AFTER THE CLOSE OF THE FINANCIAL YEAR

Stockmann develops its distance retailing business

On 9 January 2009, Stockmann announced its strategic objective of
integrating Hobby Hall with the Department Store Division’s operations as
from the start of 2010. Hobby Hall will continue as an independent
division until the end of 2009, its objective being to improve its
profitability and prepare for the integration process during the year. As
part of the measures aimed at boosting Hobby Hall’s profitability, its
distance retailing in Russia was discontinued as from the start of 2009.

Raija-Leena Söderholm, lately the Buying Director in the Department Store
Division, has been appointed as the Department Store Division’s director
of distance retailing and will take up these duties as from 1 January
2010. Söderholm took up the post of Managing Director at Hobby Hall on 1
February 2009, and began preparations for the integration process. She
will also participate in the work of the Stockmann Group’s Management
Committee until the end of 2009.

RISK FACTORS

The Group has business operations in Finland, Sweden, Norway, Russia and
the Baltic countries, as well as in the Czech Republic and Ukraine, in
both of which operations are in their start-up phase. The business
environments in the Stockmann Group’s areas of operations have varying
risk levels. The level of business risk in the Baltic countries has
diminished significantly since these countries became members of the
European Union and, apart from the risks concerning uncertainty in
currency exchange rates and a continuation of the downturn in their
economies, the risks do not differ in any material respect from business
risks in Finland. A strong downturn in the economy could nevertheless
affect the operating conditions for retailing in the Baltic countries.

Business risks in Russia are higher than in the Nordic countries and the
Baltic area, and the operating environment is less stable owing to factors
such as the business culture and the undeveloped state of the
infrastructure in the country. The black economy is still considerable,
particularly in the import of consumer goods, and plays a part in
distorting competition. In recent years, however, the operating
environment and legislation pertaining to business activities have evolved
in a favourable direction. Russia’s sustained period of economic growth
showed a significant slow down towards the end of 2008, as income from
energy sector exports dwindled and the value of the Russian rouble fell.
The trend in energy prices will have a significant effect on the state of
the Russian economy in the next few years.

The global economic downturn is influencing consumers’ purchasing
behaviour and having an impact on purchasing power in all of the Group’s
market areas. The decline in demand is also affecting Stockmann’s sales
and profitability. Stockmann is addressing the situation by maintaining
the level of sales, launching campaigns, striving to optimize its
procurements in line with demand, and boosting the efficiency of
operations. Due to the global financial crisis Stockmann will have to
reassess its programme of capital expenditure, which is based on its long-
term strategy. It is likely that part of the expenditure programme will
have to be postponed or even abandoned completely as a result of a
significant deterioration in the growth outlook. The expansion and
transformation project in progress at the Helsinki department store and
the construction of the Nevsky Centre department store and shopping centre
in St Petersburg will be carried through as planned.

Fashion accounts for about half of the Group’s sales. An inherent aspect
of the fashion trade is the short life cycle of products and their
dependence on trends, the seasonality of sales and their susceptibility to
abnormal weather conditions. The Group responds to these factors as part
of its day-to-day management of operations. Except for major exceptional
situations, these factors are not expected to have a material effect on
the Group’s sales or earnings.

The Group’s operations are based on flexible logistics and efficient flows
of goods. Delays or disturbances in the flow of goods and information can
have a temporary adverse effect on operations. Every effort is made to
control these operational risks by developing appropriate back-up systems
and alternative ways of operating and by making every effort to minimize
disturbances to information systems. Operational risks are also met by
taking out insurance cover. Operational risks are not considered to have
any significant effects on Stockmann’s business activities.

The Group’s revenue and earnings are affected by changes in foreign
exchange rates between the Group’s reporting currency, the euro, and the
Swedish krona, the Norwegian krone, the Russian rouble, the US dollar and
certain other currencies. Financial risks, including risks arising from
interest rate fluctuations, are managed in accordance with the risk policy
confirmed by the Board of Directors, and these risks are not considered to
have a significant effect on the Group’s business operations.

AB Lindex (publ) has pending legal proceedings in the highest court of
justice concerning the eligibility for deduction in Swedish taxation of
losses of about EUR 70 million incurred by the Lindex Group’s subsidiary
in Germany. Lindex paid the disputed taxes with interest in 2008, a total
of EUR 23.8 million, which has been recognized as an increase in the
company’s goodwill. Any taxes and interest repaid as a result of a
favourable verdict in the case will be recorded in earnings.

Lindex has also demanded rectification in regard to the presumptive income
tax on estimated earnings from operations in Germany during 2004-2006. The
value of this rectification demand is about EUR 32 million, which has not
been recorded in earnings.

Stockmann has initiated legal proceedings against the lessors of the
Smolenskaya department store in the International Commercial Arbitration
Court (ICAC) in Moscow, whereby it is claiming damages of about USD 75
million due to the unlawful closure of the department store.

The Stockmann Group has no other major legal proceedings pending.

OUTLOOK FOR 2009

The economic downturn has swept rapidly and forcefully through the global
economy. Consumer demand has weakened in all of Stockmann’s market areas,
making it extremely difficult to forecast the future trend.

It is likely that all of Stockmann’s market areas will experience an
economic downturn during the year, recording negative growth. In Russia,
developments are to a large extent dependent on the price of energy.

Sales will be down on the previous year’s figures, especially in the first
and second quarters of 2009, as retail sales were still brisk in all
markets in the first half of 2008. In the latter half of 2009, sales are
expected to improve in relative terms, when compared against the weakened
figures for the second half of 2008. Operating profit for the first
quarter of the year will be in the red and weaker than in the previous
year.

Stockmann has launched a series of adjustment measures to adjust to the
conditions of lower demand. Financing costs will be clearly lower than in
2008. The aim is a positive cash flow after net capital expenditure and to
maintain the profitability of operations at a good level during 2009.

ACCOUNTING POLICIES

This financial statements bulletin has been prepared in compliance with
IAS 34. The accounting policies and calculation methods applied are the
same as those in the 2007 financial statements. The figures are unaudited.

Balance sheet, Group EUR millions 31.12.08 31.12.07
ASSETS
Non-current assets
Intangible assets (Ref. 1.2) 758.5 844.5
Property, plant and equipment (Ref.1.2) 587.5 476.8
Available-for-sale investments 6.6 6.5
Non-current receivables 1.6 1.7
Deferred tax assets 4.5 5.3
Non-current assets, total 1 358.8 1 334.8
Current assets
Inventories 220.3 244.4
Receivables, interest-bearing 52.2 98.8
Receivables, non interest-bearing 98.4 112.5
Cash and cash equivalents 35.2 33.2
Current assets, total 406.2 488.9
Assets, total 1 765.0 1 823.7
EQUITY AND LIABILITIES
Equity 689.1 593.8
Minority interest 0.0 0.0
Equity, total 689.1 593.8
Non-current liabilities, interest-bearing 755.7 855.4
Reserves 2.0 5.3
Non-current liabilities, total 757.7 860.7
Deferred taxes liabilities 78.1 57.3
Current liabilities
Current liabilities, interest-bearing 20.0 50.1
Current liabilities, non interest-bearing 220.1 261.7
Current liabilities, total 240.1 311.8
Equity and liabilities, total 1 765.0 1 823.7

Equity ratio, per cent 39.0 32.6
Net gearing, per cent 107.4 146.9
Cash flow from operations per share, EUR 2.90 2.16
Interest-bearing net debt, EUR mill. 688.2 773.6
Number of shares at Sep. 30, thousands 61 703 56 094
Weighted average number of shares, thousands 58 609 55 606
Weighted average number of shares, diluted, 58 609 55 815
thousands
Market capitalization, EUR mill. 611.6 1 659.8

Equity ratio, per cent = 100 x (Equity + minority interest) / Total assets
less advance payments received

Net gearing, per cent = 100 x Interest-bearing net financial liabilities /
Equity total

Interest-bearing net debt = Interest-bearing liabilities less cash and
cash equivalents less interest-bearing liabilities

Market capitalization = Number of shares multiplied by the quotation for
the respective share series on the balance sheet date

Cash flow statement, Group EUR millions 1-12/2008 1-12/2007
Cash flows from operating activities
Net profit for the financial year 39.1 88.4
Adjustments:
Deprecation 61.4 36.9
Profit (-) and loss (+) from sales -3.5
of non-current assets
Financial expenses 51.7 7.0
Financial income -1.6 -1.3
Taxes paid 32.7 31.1
Other adjustments -1.4 1.2
Changes in working capital:
Change in trade and other receivables 75.6 -11.0
Change in inventories 24.0 -12.5
Change in trade payables and other -12.7 8.8
liabilities
Interest paid -47.7 -6.5
Interest received 0.8 1.3
Income taxes paid -48.3 -23.5
Net cash from operating activities 170.1 119.9
Cash flows from investing activities
Investments in tangible and intangible assets -181.1 -113.2
Cash from tangible assets 6.1
Acquisition of subsidiary net cash acquired -18.9 -852.5
Dividends received 0.1 0.1
Net cash used in investing activities -193.7 -965.6
Cash flows from financing activities
Proceeds from issue of share capital 135.2 5.8
Change in short-term loans, increase (+), decrease -30.1 35.5
(-)
Long-term loans, increase (+), 11.7 835.6
decrease (-)
Dividends paid -75.2 -72.1
Net cash used in financing activities 41.7 804.8
Change in cash and cash equivalents 18.1 -40.9
Cash and cash equivalents at start of the period 33.2 59.2
Translation differences in cash and cash -2.2 0.4
equivalents
Cheque account on credit at start of the period -14.6
Cash and cash equivalents 35.2 33.2
Cheque account on credit at the end of the period -0.7 -14.6
Cash and cash equivalents at end of the period 34.5 18.6

Income statement, Change
Group, EUR millions 1-12/2008 1-12/2007 per cent

Revenue 1 878.7 1 398.2 34
Other operating income 4.2 9.7 -57
Materials and consumables -971.7 -791.2 23
Wages, salaries and employee benefits -350.5 -224.1 56
expenses
Depreciation -61.4 -36.9 67
Other operating expenses -377.4 -230.6 64
Operating profit (loss) 121.9 125.2 -3
Finance income and expenses -50.1 -5.7 777
Profit (loss) before tax 71.7 119.4 -40
Income taxes -32.7 -31.1
Profit (loss) for the period 39.1 88.4 -56

Earnings per share, EUR 0.67 1.59
Earnings per share, diluted, EUR 0.67 1.58
Operating profit, per cent 6.5 9.0
Equity per share, EUR 11.24 10.66 5
Return on equity, per cent, 6.1 15.2 -60
moving 12 months
Return on capital employed, per cent, 8.3 12.1 -31
moving 12 months
Average number of employees, 11 964 8 979 33
converted to full-time staff
Investments 182.3 977.4 -81

Earnings per share = (Profit before taxes – minority interest – income
taxes) / Average number of shares, adjusted for share issues
Return on equity, per cent, moving 12 months = 100 x Profit for the period
(12 months) / (Equity + minority interest) (average over 12 months)
Return on capital employed, per cent, moving 12 months = 100 x (Profit
before taxes + interest and other financial expenses) (12 months) /
Capital employed (average over 12 months)

SEGMENT INFORMATION

Segments
Sales, EUR millions 1-12/2008 1-12/2007 Change
per cent
Department Store Division 1 218.9 1 218.1 0
Lindex 672.5 68.1 887
Hobby Hall 191.0 206.5 -7
Seppälä 182.6 174.7 4
Shared 0.8 0.8 -5
Group 2 265.8 1 668.3 36

Revenue, EUR millions 1-12/2008 1-12/2007 Change
per cent
Department Store Division 1 025.9 1 025.0 0
Lindex 540.2 54.7 888
Hobby Hall 159.6 171.7 -7
Seppälä 151.9 145.1 5
Shared 1.1 1.7 -37
Group 1 878.7 1 398.2 34

Operating profit (loss), EUR millions 1-12/2008 1-12/2007 Change
per cent
Department Store Division 54.0 91.8 -41
Lindex 58.7 15.0 291
Hobby Hall 0.8 5.7 -86
Seppälä 14.6 20.7 -30
Shared -6.1 -7.5 -18
Eliminations 0.0 -0.7 -95
Group 121.9 125.2 -3

Investments,
gross, EUR millions 31.12.2008 31.12.2007 Change
per cent
Department Store Division 146.0 111.5 31
Lindex 25.2 853.1 -97
Hobby Hall 3.1 3.5 -10
Seppälä 7.2 9.3 -23
Shared 0.8
Group 182.3 977.4 -81

Assets, EUR millions 31.12.2008 31.12.2007 Change
per cent
Department Store Division 704.0 652.4 8
Lindex 806.0 992.9 -19
Hobby Hall 90.4 102.7 -12
Seppälä 116.5 44.7 161
Shared 48.1 30.9 56
Group 1 765.0 1 823.7 -3

Non-interest-bearing liabilities, EUR 31.12.2008 31.12.2007 Change
millions per cent
Department Store Division 121.9 125.9 -3
Lindex 99.4 100.8 -1
Hobby Hall 16.6 14.5 14
Seppälä 10.7 11.5 -7
Shared 51.6 71.7 -28
Group 300.2 324.3 -7

Market areas
Change
Sales, EUR millions 1-12/2008 1-12/2007 per cent
Finland 1) 1 224.8 1 171.5 5
Sweden and Norway 2) 575.2 59.5 867
Baltic states and Czech Republic 1) 211.7 194.1 9
Russia 3) 254.1 243.2 4
Group 2 265.8 1 668.3 36
Finland, per cent 54.1 70.2
International operations, per cent 45.9 29.8

Change
Revenue, EUR millions 1-12/2008 1-12/2007 per cent
Finland 1) 1 021.8 977.6 5
Sweden and Norway 2) 460.2 47.5 868
Baltic states and Czech Republic 1) 179.8 165.0 9
Russia 3) 217.0 208.0 4
Group 1 878.7 1 398.2 34
Finland, per cent 54.4 69.9
International operations, per cent 45.6 30.1

Change
Operating profit (loss), EUR millions 1-12/2008 1-12/2007 per cent
Finland 1) 71.1 96.3 -26
Sweden and Norway 2) 57.3 14.4 298
Baltic states and Czech Republic 1) 10.7 21.1 -49
Russia 3) -17.3 -6.6 163
Group 121.9 125.2 -3
Finland, per cent 58.4 76.9
International operations, per cent 41.6 23.1

Investments, Change
gross, EUR millions 31.12.2008 31.12.2007 per cent
Finland 1) 104.6 80.2 30
Sweden and Norway 2) 19.4 847.0 -98
Baltic states and Czech Republic 1) 8.9 5.1 75
Russia 3) 49.5 45.0 10
Group 182.3 977.4 -81
Finland, per cent 57.4 8.2
International operations, per cent 42.6 91.8

Change
Assets, EUR millions 31.12.2008 31.12.2007 per cent
Finland 1) 689.5 585.2 18
Sweden and Norway 2) 752.7 975.7 -23
Baltic states and Czech Republic 1) 108.2 75.8 43
Russia 3) 214.6 187.0 15
Group 1 765.0 1 823.7 -3
Finland, per cent 39.1 32.1
International operations, per cent 60.9 67.9
1) Department Store Division, Lindex,
Hobby Hall and Seppälä
2) Lindex
3) Department Store Division, Lindex,
Hobby Hall and Seppälä

Statement of changes Share
in equity premium Legal
Group, EUR millions Equity* fund reserve
Equity December 31, 2006 111.7 183.4 44.1
Options exercised 0.5 2.6
Share bonus
Transfer to other funds 0.0
Cash flow hedges
Cost of share issue
Dividends
Translation differences
Profit for the period
Equity December 31, 2007 112.2 186.0 44.1
Options exercised 0.0 0.0
Rights issue 11.2
Share bonus
Cost of share issue
Cash flow hedges
Cost of share issue
Dividends
Translation differences
Profit for the period
Equity December 31, 2008 123.4 186.1 44.1
* including share issue

Statement of changes Fair Reserve for
invested
in equity value unrestricted Translation
Group, EUR millions reserve** equity reserve
Equity December 31, 2006 0.0 0.0 0.0
Options exercised
Share bonus
Transfer to other funds
Cash flow hedges 0.5
Cost of share issue
Dividends
Translation differences 0.0
Profit for the period
Equity December 31, 2007 0.5 0.0 0.0
Options exercised
Rights issue 126.2
Share bonus
Cost of share issue -2.1
Cash flow hedges 1.0
Cost of share issue
Dividends
Translation differences -0.1 -6.8
Profit for the period
Equity December 31, 2008 1.4 124.1 -6.7
** excluding deferred tax
liability

Statement of changes
in equity Retained Minority
Group, EUR millions earnings Total interest Total
Equity December 31, 2006 232.3 571.6 0.0 571.6
Options exercised 3.1 3.1
Share bonus 0.4 0.4 0.4
Transfer to other funds 0.0 0.0
Cash flow hedges 0.5 0.5
Cost of share issue 1.9 1.9 1.9
Dividends -72.1 -72.1 -72.1
Translation differences 0.0 0.0 0.0
Profit for the period 88.4 88.4 88.4
Equity December 31, 2007 250.9 593.8 0.0 593.8
Options exercised 0.0 0.0
Rights issue 137.4 137.4
Share bonus 0.1 0.1 0.1
Cost of share issue -2.1 -2.1
Cash flow hedges 1.0 1.0
Cost of share issue 1.9 1.9 1.9
Dividends -75.2 -75.2 -75.2
Translation differences -6.9 -6.9
Profit for the period 39.1 39.1 0.0 39.1
Equity December 31, 2008 216.8 689.1 0.0 689.1

Contingent liabilities, Group EUR 31.12.2008 31.12.2007
millions
Mortgages on land and buildings 1.7 1.7
Pledges 1.0 0.1
Liability for adjustments of VAT 48.2
deductions made on investments to
immovable property
Total 50.9 1.8

Lease agreements on business 31.12.2008 31.12.2007
premises, EUR millions
Minimum rents payable on the basis
of binding lease agreements on
business premises
Within one year 143.2 124.6
After one year 478.9 449.3
Total 622.1 573.8

Lease payments 31.12.2008 31.12.2007
Within one year 1.1 1.4
After one year 0.9 1.3
Total 2.0 2.8

Derivative contracts 31.12.2008 31.12.2007
Nominal value
Currency derivatives 204.4 67.8
Electricity derivatives 2.5 1.5
Total 206.9 69.3

Exchange rates
Country Currency 31.12.2008 31.12.2007

Russia RUB 41.2830 35.9860
Estonia EEK 15.6466 15.6466
Latvia LVL 0.7083 0.6964
Lithuania LTL 3.4528 3.4528
Sweden SEK 10.8700 9.4415

Income statement
quarterly, Q4 Q3 Q2 Q1
Group, EUR millions 2008 2008 2008 2008
Continuing operations
Revenue 541.3 440.8 483.3 413.4
Other operating income 0.1 0.3 -0.1 3.8
Materials and consumables -273.5 -224.7 -242.6 -231.0
Wages, salaries and -92.9 -82.3 -90.2 -85.1
employee benefits expenses
Depreciation -14.2 -13.2 -18.7 -15.2
Other operating expenses -102.4 -86.2 -100.3 -88.5
Operating profit (loss) 58.4 34.6 31.4 -2.5
Finance income and expenses -12.7 -12.8 -13.3 -11.3
Profit (loss) before tax 45.7 21.8 18.1 -13.8
Income taxes -25.8 -6.2 -2.9 2.2
Profit (loss) for the 19.9 15.6 15.2 -11.6
period

Earnings per share, EUR
Basic 0.34 0.27 0.27 -0.21
Diluted 0.34 0.27 0.27 -0.21

Q4 Q3 Q2 Q1
Sales, EUR millions 2008 2008 2008 2008
Department Store Division 371.8 264.8 306.4 275.9
Lindex 175.6 174.9 183.8 138.3
Hobby Hall 53.7 41.6 48.3 47.4
Seppälä 51.5 50.1 45.2 35.7
Shared 0.2 0.2 0.2 0.2
Group 652.8 531.5 583.9 497.5

Revenue, EUR millions
Department Store Division 312.9 223.1 257.3 232.7
Lindex 141.0 140.6 147.6 111.0
Hobby Hall 44.9 34.7 40.4 39.7
Seppälä 42.8 41.7 37.6 29.7
Shared -0.3 0.6 0.4 0.4
Group 541.3 440.7 483.3 413.4

Operating profit, EUR
millions
Department Store Division 34.9 13.5 4.1 1.5
Lindex 20.3 15.7 23.8 -1.2
Hobby Hall 1.6 0.7 0.7 -2.1
Seppälä 4.2 5.9 5.1 -0.6
Shared -3.3 -0.7 -2.2 0.2
Eliminations 0.8 -0.5 0.0 -0.3
Group 58.4 34.6 31.4 -2.5

Income statement
quarterly, Q4 Q3 Q2 Q1
Group, EUR millions 2007 2007 2007 2007
Continuing operations
Revenue 483.9 308.6 294.2 311.4
Other operating income 0.0 9.7
Materials and consumables -255.8 -179.8 -164.0 -191.6
Wages, salaries and -73.2 -47.6 -52.6 -50.8
employee benefits expenses
Depreciation -10.5 -8.9 -8.4 -9.1
Other operating expenses -73.7 -50.0 -55.1 -51.7
Operating profit (loss) 70.8 32.1 14.1 8.2
Finance income and expenses -4.3 -0.5 -0.8 -0.2
Profit (loss) before tax 66.5 31.6 13.3 8.0
Income taxes -17.9 -8.1 -3.2 -1.9
Profit (loss) for the 48.6 23.5 10.2 6.1
period

Earnings per share, EUR
Basic 0.87 0.43 0.18 0.11
Diluted 0.87 0.42 0.18 0.11

Q4 Q3 Q2 Q1
Sales, EUR millions 2007 2007 2007 2007
Department Store Division 400.4 275.5 261.0 281.2
Lindex 68.1
Hobby Hall 58.9 45.9 46.0 55.6
Seppälä 51.2 45.4 43.5 34.6
Shared 0.2 0.2 0.2 0.2
Group 578.8 367.0 350.7 371.7

Revenue, EUR millions
Department Store Division 336.9 232.2 219.6 236.3
Lindex 54.7
Hobby Hall 49.2 38.2 38.1 46.2
Seppälä 42.5 37.8 36.1 28.7
Shared 0.7 0.5 0.4 0.1
Group 483.9 308.6 294.2 311.4

Operating profit, EUR
millions
Department Store Division 46.9 25.7 11.5 7.8
Lindex 15.0
Hobby Hall 2.7 2.5 -0.9 1.5
Seppälä 8.6 5.5 5.8 0.8
Shared -2.4 -1.1 -2.1 -1.8
Eliminations 0.0 -0.5 -0.1 0.0
Group 70.8 32.1 14.1 8.2

1. ASSETS
EUR mill. 31.12.2008 31.12.2007
Acquisition cost Jan. 1 813.8 551.7
Translation difference +/- -21.0 0.0
Aquisitions through business combinations 154.7
(investment) (+)
Translation difference +/- -0.2
Increases Jan. 1-Dec. 31 181.6 125.9
Decreases Jan. 1-Dec. 31 -29.0 -18.4
Acquisition cost Dec. 31 945.4 813.8
Accumulated depreciation Jan. 1 212.5 193.2
Translation difference +/- -2.6 0.0
Depreciation on reductions -25.5 -17.6
Depreciation for the financial year 61.4 36.9
Accumulated depreciation Dec. 31 245.7 212.5
Book value Jan. 1 601.3 358.5
Book value Dec. 31 699.6 601.3

Goodwill
EUR mill. 31.12.2008 31.12.2007
Acquisition cost Jan. 1 720.0
Aquisitions through business combinations 721.7
(investment) (+)
Translation difference +/- -94.6 -1.7
Increases Jan.1-Dec. 30 23.8
Translation difference +/- -2.8
Acquisition cost Dec. 31 646.5 720.0
Book value Jan 1. 720.0
Book value Dec. 31 646.5 720.0

Total 1 346.1 1 321.3

2. ACQIORED OPERATIONS, 2007
Lindex acquisition, precision of
preliminary acquisition cost in
31.12.2008
Acquired companies

Milj. euroa Carrying Carrying
amounts Fair values amounts
before recognized after
business in business business
combination combination combination
Intangible assets
Trademarks 18.4 78.2 96.6
Rights over leased premises 0.0 0.0
Customer relationships 2.4 2.4
Supplier relationships 4.3 4.3
EDP software 10.3 10.3
Goodwill 7.6 -7.6 0.0
Property, plant and equipment 41.1 41.1
Other fiancial assets 2.6 2.6
Deferred tax assets 3.0 3.0
Inventories 72.6 4.2 76.8
Trade and other receivables 14.6 14.6

Cash and cash equivalents 9.0 9.0
Assets, total 179.2 81.5 260.8

Deferred taxes liabilities 1.7 25.0 26.7
Pension liabilities 3.4 3.4
Other provisions 2.5 2.5
Current account with overdraft 29.0 29.0
facility
Other liabilities 69.9 23.8 93.7
Liabilities, total 106.5 48.8 155.3

Net assets 72.7 32.7 105.4

Acquisition cost 851.7
Goodwill 746.2 746.2

STOCKMANN plc

Hannu Penttilä
CEO

DISTRIBUTION
NASDAQ OMX
Principal media

A press and analyst conference will be held today, 13 February 2008, at
14.00 at the World Trade Center, Aleksanterinkatu 17, Helsinki.