MIRA INFORM REPORT

Report Date :

09.07.2014

IDENTIFICATION DETAILS

Name :	STOCKMANN OYJ ABP
Formerly Known As :	OY STOCKMANN AB
Registered Office :	Aleksanterinkatu 52 B, 00100, Helsinki
Country :	Finland
Financials (as on) :	31.12.2013
Date of Incorporation :	20.01.1919
Com. Reg. No.:	01141622
Legal Form :	Public limited company
Line of Business :	Retail sale in department stores. [We tried to confirm / obtain the detailed activity but the same is not available from any sources]
No. of Employees	5198

RATING & COMMENTS

MIRA’s Rating :

Ba

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory
Payment Behaviour :	No complaints
Litigation :	Clear

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – March 31, 2014

Country Name	Previous Rating (31.12.2013)	Current Rating (31.03.2014)
Finland	A2	A2

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderate Low Risk	B1
Moderate Risk	B2
Moderate High Risk	C1
High Risk	C2
Very High Risk	D

FINLAND ECONOMIC OVERVIEW

Finland has a highly industrialized, largely free-market economy with per capita output almost as high as that of Austria, Belgium, the Netherlands, or Sweden. Trade is important, with exports accounting for over one-third of GDP in recent years. Finland is historically competitive in manufacturing - principally the wood, metals, engineering, telecommunications, and electronics industries. Finland excels in export of technology for mobile phones as well as promotion of startups in the ICT, gaming, cleantech, and biotechnology sectors. Except for timber and several minerals, Finland depends on imports of raw materials, energy, and some components for manufactured goods. Because of the climate, agricultural development is limited to maintaining self-sufficiency in basic products. Forestry, an important export earner, provides a secondary occupation for the rural population. Finland had been one of the best performing economies within the EU in recent years and its banks and financial markets avoided the worst of global financial crisis. However, the world slowdown hit exports and domestic demand hard in 2009, with Finland experiencing one of the deepest contractions in the euro zone. A recovery of exports, domestic trade, and household consumption stimulated economic growth in 2010-11, however, continued recession within the EU dampened the economy in 2012-13. The recession affected general government finances and the debt ratio, turning previously strong budget surpluses into deficits, but Finland took action to ensure it that it met the EU deficit targets in 2013 and retained its triple-A credit rating. Finland's main challenge will be to stimulate growth while faced with weak export demand in the EU and its own government austerity measures. Longer-term, Finland must address a rapidly aging population and decreasing productivity in traditional industries that threaten competitiveness, fiscal sustainability, and economic growth

Source : CIA

Company name and address

STOCKMANN OYJ ABP

Trading Name	STOCKMANN OYJ ABP	Trade Registry Number	38342
Company Name	STOCKMANN OYJ ABP	Business ID	01141622
Previous Name	OY STOCKMANN AB	Department store division	P O Box 147, FI 00381 Helsinki, Finland
Telephone Number	091211	Registered Address	Aleksanterinkatu 52 B, 00100, HELSINKI
Fax Number	091213101	Visiting Address	Aleksanterinkatu 52 B, 00100, HELSINKI
Home Municipality	Helsinki	Postal Address	PL 220, 00101, HELSINKI
Incorporation Date	20.01.1919	Branches	38
Company Type	Public limited company	Website Address
Primary Sic Code	47192	Accountant	Lundin Anders Edvard
Primary Sic Description	Retail sale in department stores (over 2,500 m¦)	Last Accounts Date	31.12.2012
Share Capital (€)	144.097.366	Holding Company
Deals in importing	Yes	Foreign Ownership
Deals in exporting	Yes	Currency	EUR

Registrations in Force

	State	Registration Date
Tax Administration	Registered	15.03.1978
Trade Register	Registered	20.01.1919
Employer Register	Registered	01.01.1944
Prepayment Register	Registered	01.03.1995
Value Added Tax-Liability	VAT-liable for business activity

DIRECTORS/MANAGEMENT

Current Directors

Name	Liljeblom Eva Helena Maria
Date of Birth	04.01.1958	Appointment Date	02.05.2014
Nationality	FINLAND	Function	Actual Member of Board

Name	Penttilä Hannu Erkki Olavi
Date of Birth	29.04.1953	Appointment Date	14.11.2008
Nationality	FINLAND	Function	Managing director

Name	Sundström Kjell Lorentz
Date of Birth	21.11.1960	Appointment Date	02.05.2014
Nationality	FINLAND	Function	Actual Member of Board

Name	Teir-Lehtinen Carola Margareta
Date of Birth	24.07.1952	Appointment Date	02.05.2014
Nationality	FINLAND	Function	Actual Member of Board

Name	Bergh Kaj-Gustaf Johan
Date of Birth	20.12.1955	Appointment Date	02.05.2014
Nationality	FINLAND	Function	Chairman of Board

Name	Niemistö Kari Pertti Henrik
Date of Birth	06.10.1962	Appointment Date	02.05.2014
Nationality	FINLAND	Function	Actual Member of Board

Name	Wallgren Dag Wilhelm
Date of Birth	03.03.1961	Appointment Date	02.05.2014
Nationality	FINLAND	Function	Actual Member of Board

Name	Sjödell Karl Per Mikael
Date of Birth	04.03.1972	Appointment Date	02.05.2014
Nationality	SWEDEN	Function	Actual Member of Board

Name	Tallqvist-Cederberg Gunilla Charlotta Irene
Date of Birth	30.03.1962	Appointment Date	02.05.2014
Nationality	FINLAND	Function	Actual Member of Board

Other Company Officials

Name	Essunger Anna Ingrid
Date of Birth	18.02.1961	Appointment Date	02.05.2014
Nationality	SWEDEN	Function	Procurist

Name	Poikonen Pekka Tapani
Date of Birth	25.08.1965	Appointment Date	02.05.2014
Nationality	FINLAND	Function	Procurist

Name	Nummisto Saija Tamara
Date of Birth	12.06.1961	Appointment Date	02.05.2014
Nationality	FINLAND	Function	Procurist

Name	Elovaara Anne Kaarina
Date of Birth	30.10.1960	Appointment Date	02.05.2014
Nationality	FINLAND	Function	Procurist

Name	Nyholm-Silvennoinen Jessica Mikaela
Date of Birth	22.12.1969	Appointment Date	30.06.2010
Nationality	FINLAND	Function	Authority to sign

Name	Sammallahti-Siklander Sisko Tuulikki
Date of Birth	05.11.1951	Appointment Date	02.05.2014
Nationality	FINLAND	Function	Procurist

Name	Kurki Raija Markareetta
Date of Birth	25.07.1955	Appointment Date	02.05.2014
Nationality	FINLAND	Function	Procurist

Name	Kourujärvi Iiro Antero
Date of Birth	27.07.1970	Appointment Date	02.05.2014
Nationality	FINLAND	Function	Procurist

Name	Hakulinen Tiia Satu Susanna
Date of Birth	24.07.1975	Appointment Date	02.05.2014
Nationality	FINLAND	Function	Procurist

Name	Nenonen Juha Hjalmar
Date of Birth	16.11.1952	Appointment Date	02.05.2014
Nationality	FINLAND	Function	Procurist

Name	Pekkola Anu Soilikki
Date of Birth	03.09.1967	Appointment Date	02.05.2014
Nationality	FINLAND	Function	Procurist

Name	Laurila Päivi Kaarina
Date of Birth	22.04.1963	Appointment Date	02.05.2014
Nationality	FINLAND	Function	Procurist

Name	Pitkänen Jouko Tapio
Date of Birth	12.03.1971	Appointment Date	02.05.2014
Nationality	FINLAND	Function	Procurist

Name	Vainio Merituuli
Date of Birth	08.10.1981	Appointment Date	02.05.2014
Nationality	FINLAND	Function	Procurist

Name	Korhonen Anna Irmeli
Date of Birth	30.11.1967	Appointment Date	02.05.2014
Nationality	FINLAND	Function	Procurist

Name	Kivekäs Kari Sakari
Date of Birth	14.01.1963	Appointment Date	02.05.2014
Nationality	FINLAND	Function	Procurist

Name	Wänttinen Tuija Ainikki
Date of Birth	12.04.1964	Appointment Date	30.06.2010
Nationality	FINLAND	Function	Authority to sign

Name	Rommi Santeri Pentti August
Date of Birth	23.04.1975	Appointment Date	02.05.2014
Nationality	FINLAND	Function	Procurist

Name	Euro Katja Eerika
Date of Birth	22.01.1971	Appointment Date	02.05.2014
Nationality	FINLAND	Function	Procurist

Name	Trammell Teresa Tuulia
Date of Birth	20.03.1970	Appointment Date	02.05.2014
Nationality	FINLAND	Function	Procurist

Name	Vilén Elena
Date of Birth	24.08.1969	Appointment Date	02.05.2014
Nationality	FINLAND	Function	Procurist

Name	Railio Tiina Hannele
Date of Birth	11.11.1961	Appointment Date	02.05.2014
Nationality	FINLAND	Function	Procurist

Name	Hautala Anu Elina
Date of Birth	22.02.1964	Appointment Date	02.05.2014
Nationality	FINLAND	Function	Procurist

Name	Lindholm Anna Maria
Date of Birth	08.04.1963	Appointment Date	02.05.2014
Nationality	FINLAND	Function	Procurist

Name	Vähähyyppä Simo Pekka
Date of Birth	24.09.1960	Appointment Date	30.06.2010
Nationality	FINLAND	Function	Authority to sign

Name	Pirttijärvi Heini Maria
Date of Birth	15.02.1966	Appointment Date	02.05.2014
Nationality	FINLAND	Function	Procurist

Name	Silventola Päivi Sinikka
Date of Birth	26.01.1957	Appointment Date	02.05.2014
Nationality	FINLAND	Function	Procurist

Name	Okkonen Terhi Päivikki
Date of Birth	11.09.1961	Appointment Date	30.06.2010
Nationality	FINLAND	Function	Authority to sign

Name	Heinonen-Erander Heidi Irmeli
Date of Birth	03.12.1960	Appointment Date	02.05.2014
Nationality	FINLAND	Function	Procurist

Name	Malin Nora Elisabet
Date of Birth	20.10.1975	Appointment Date	02.05.2014
Nationality	FINLAND	Function	Procurist

Name	Laine Elina Maaria
Date of Birth	28.06.1975	Appointment Date	02.05.2014
Nationality	FINLAND	Function	Procurist

Name	Pyykkö-Tuominen Pirjo Hannele
Date of Birth	27.04.1963	Appointment Date	02.05.2014
Nationality	FINLAND	Function	Procurist

Name	Pilviö Ann Christin
Date of Birth	21.04.1971	Appointment Date	02.05.2014
Nationality	FINLAND	Function	Procurist

Name	Pesonen Tuija Helinä
Date of Birth	24.08.1962	Appointment Date	02.05.2014
Nationality	FINLAND	Function	Procurist

Name	Linnamäki Markku Tapio
Date of Birth	16.10.1958	Appointment Date	02.05.2014
Nationality	FINLAND	Function	Procurist

Name	Niemi Teija Karita
Date of Birth	04.09.1961	Appointment Date	02.05.2014
Nationality	FINLAND	Function	Procurist

Name	Mansikka-Mikkola Eva Kaarina
Date of Birth	11.05.1955	Appointment Date	02.05.2014
Nationality	FINLAND	Function	Procurist

Name	Söderholm Raija-Leena
Date of Birth	07.09.1957	Appointment Date	02.05.2014
Nationality	FINLAND	Function	Procurist

Name	Romanainen Maisa Annukka
Date of Birth	11.06.1967	Appointment Date	02.05.2014
Nationality	FINLAND	Function	Procurist

Name	Rosenberg Magnus Johan
Date of Birth	19.08.1971	Appointment Date	02.05.2014
Nationality	FINLAND	Function	Procurist

Name	Veijalainen Lauri Sakari
Date of Birth	28.06.1968	Appointment Date	02.05.2014
Nationality	FINLAND	Function	Procurist

Name	Savolainen Sari-Maarit Johanna
Date of Birth	25.12.1965	Appointment Date	02.05.2014
Nationality	FINLAND	Function	Procurist

Name	Hietanen Päivi Marketta
Date of Birth	02.12.1964	Appointment Date	02.05.2014
Nationality	FINLAND	Function	Procurist

Name	Höglund Björn Henrik
Date of Birth	07.04.1972	Appointment Date	02.05.2014
Nationality	FINLAND	Function	Procurist

Name	Ehrström Martina Maria
Date of Birth	22.10.1966	Appointment Date	02.05.2014
Nationality	FINLAND	Function	Procurist

Name	Fågel Tiina Kirsi Maria
Date of Birth	16.02.1967	Appointment Date	02.05.2014
Nationality	FINLAND	Function	Procurist

Name	Koski Kaarina Hellevi
Date of Birth	30.10.1956	Appointment Date	02.05.2014
Nationality	FINLAND	Function	Procurist

Name	Salmi Jarmo Esa Olavi
Date of Birth	02.10.1966	Appointment Date	02.05.2014
Nationality	FINLAND	Function	Procurist

Name	von Pfaler Pi Johanna
Date of Birth	14.09.1970	Appointment Date	02.05.2014
Nationality	FINLAND	Function	Procurist

Name	Dahlberg Heidi Margaretha
Date of Birth	29.02.1968	Appointment Date	02.05.2014
Nationality	FINLAND	Function	Procurist

Name	Vartila Eija Irmeli
Date of Birth	29.01.1961	Appointment Date	30.06.2010
Nationality	FINLAND	Function	Authority to sign

Name	Lifflander Saara Ilona Maria
Date of Birth	18.02.1979	Appointment Date	02.05.2014
Nationality	FINLAND	Function	Procurist

Name	Haajanen Antti Aimo Sakari
Date of Birth	04.11.1967	Appointment Date	02.05.2014
Nationality	FINLAND	Function	Procurist

Name	Laine Luisa Marjaana
Date of Birth	17.01.1963	Appointment Date	02.05.2014
Nationality	FINLAND	Function	Procurist

Name	Myllymäki Kimmo Markus
Date of Birth	08.08.1978	Appointment Date	02.05.2014
Nationality	FINLAND	Function	Procurist

Name	Oksanen Juha Olavi
Date of Birth	02.08.1956	Appointment Date	30.06.2010
Nationality	FINLAND	Function	Authority to sign

Name	Janhunen Tiina Kaarina
Date of Birth	16.07.1964	Appointment Date	02.05.2014
Nationality	FINLAND	Function	Procurist

Name	Pirttiaho-Timonen Minna Annukka
Date of Birth	09.01.1968	Appointment Date	02.05.2014
Nationality	FINLAND	Function	Procurist

Name	Saarto Harri Tapio
Date of Birth	04.04.1967	Appointment Date	02.05.2014
Nationality	FINLAND	Function	Procurist

Name	Nylén Satu Margit
Date of Birth	09.06.1965	Appointment Date	02.05.2014
Nationality	FINLAND	Function	Procurist

Name	Tapprest Sirpa Anneli
Date of Birth	03.08.1962	Appointment Date	02.05.2014
Nationality	FINLAND	Function	Procurist

Name	Korhonen Pentti Antero
Date of Birth	03.04.1959	Appointment Date	30.06.2010
Nationality	FINLAND	Function	Authority to sign

Name	Pyykkö-Tuominen Pirjo Hannele
Date of Birth	27.04.1963	Appointment Date	30.06.2010
Nationality	FINLAND	Function	Authority to sign

Name	Heiskanen Janne Olavi
Date of Birth	02.06.1970	Appointment Date	02.05.2014
Nationality	FINLAND	Function	Procurist

Name	Sarkomaa Petri Juhani
Date of Birth	01.02.1967	Appointment Date	02.05.2014
Nationality	FINLAND	Function	Procurist

Name	Hämäläinen Vesa Esko Olavi
Date of Birth	29.07.1967	Appointment Date	02.05.2014
Nationality	FINLAND	Function	Procurist

Name	Feiring Rolf Ragnar
Date of Birth	16.05.1979	Appointment Date	02.05.2014
Nationality	FINLAND	Function	Procurist

Name	Naulapää Reijo Jukka
Date of Birth	12.07.1966	Appointment Date	02.05.2014
Nationality	FINLAND	Function	Procurist

Name	Kuntze Päivi Anneli
Date of Birth	04.01.1963	Appointment Date	02.05.2014
Nationality	FINLAND	Function	Procurist

NEGATIVE INFORMATION

No Negative Information Found.

SHARE & SHARE CAPITAL INFORMATION

Shareholder Information

Year	31.12.2013
Total Value of Shares	144.097.366
Number of Shares	72.048.683
Value of Shares	2

PAYMENT INFORMATION

N/a

GROUP STRUCTURE & AFFILIATED COMPANIES

Group structure

Company Name	Registered Number	Latest Key Financials	Percentage Owned	Turnover
STOCKMANN OYJ ABP	01141622	31.12.2012	-	€866 555 081
ESPOON AUTOTALO OY	N/A	-	100%	-
KIINTEISTÖ OY MUUNTAJANKATU 4	05756202	31.12.2011	100%	€118 593
KIINTEISTÖ OY FRIISINKESKU...	09487871	31.12.2012	97%	€5 407
KIINTEISTÖ OY STÄVÖ	N/A	-	100%	-
OY HULLUT PÄIVÄT - GALNA D...	07109324	31.12.2012	100%	-
OY STOCKMANN RUSSIA HOLDIN...	07230642	31.12.2012	100%	€128 764
OOO STOCKMANN STP CENTRE	N/A	-	100%	-
OY STOCKMANN RUSSIA FINA...	07569558	31.12.2012	100%	€2 243 857
TOV STOCKMANN	N/A	-	100%	-
ZAO STOCKMANN	N/A	-	100%	-
OY SUOMEN PÄÄOMARAHOITUS -...	07414337	31.12.2012	100%	-
SEPPÄLÄ OY	01138757	31.12.2012	100%	€93 233 717
SIA STOCKMANN	N/A	-	100%	-
SIA STOCKMANN CENTRS	N/A	-	63%	-
STOCKMANN AS	N/A	-	100%	-
STOCKMANN SVERIGE AB	5567409940	31.12.2013	100%	612 KSEK
LINDEX AB	N/A	-	100%	-
AB ESPEVIK	N/A	-	100%	-
ESPEVIK I SVERIGE AB	5560369455	31.12.2012	100%	-
IT WILL BE FIT AB	N/A	-	100%	-
LINDEX AS	819282102	31.12.2012	100%	1 132 862 KNOK
LINDEX FINANCIAL SERVI...	5560214768	31.12.2012	100%	-
LINDEX HK LTD	N/A	-	99%	-
LINDEX INDIA PRIVATE LTD	N/A	-	100%	-
LINDEX OY	06724093	31.12.2012	100%	€74 094 483
LINDEX OÜ	N/A	-	100%	-
LINDEX SIA	N/A	-	100%	-
LINDEX UAB	N/A	-	100%	-
LINDEX SLOVAKIA SRO	N/A	-	100%	-
LINDEX SRO	N/A	-	100%	-
LINDEX SVERIGE AB	5560688565	31.12.2013	100%	3 342 058 KSEK
LINDEX, POLAND	N/A	-	100%	-
SHANGHAI LINDEX CONSUL...	N/A	-	100%	-
STOCKMANN SVERIGE AB, SU...	21525367	31.12.2010	100%	€64 000
TF-AUTOKESKUS OY	N/A	-	100%	-
UAB STOCKMANN	N/A	-	100%	-
ZARA FINLAND OY	15444413	31.12.2012	100%	€22 350 507

Linked Companies

Name	Number	Latest Key financials	Turnover
AKTIEBOLAG LINDEX	5564526514	31.12.2013	3 057 664 KSEK
LINDEX GMBH	HRB 48155	31.12.2012	-
AKTIEBOLAGET ESPEVIK	5560508623	31.12.2012	-
LINDEX HK LTD	-	-	-
LINDEX INDIA PRIVATE LTD	-	-	-
LINDEX PL SP ZOO	-	-	-
LINDEX SLOVAKIA SRO	-	-	-
LINDEX SRO	-	-	-
SHANGHAI LINDEX CONSULTING COMPANY LTD	-	-	-

FINANCIAL INFORMATION

Key Financials (€)

Year	31.12.2013	%	31.12.2012	%	31.12.2011	%	31.12.2010
Number of weeks	52		52		52		52
Turnover	838.241.850	-3%	866.555.081	1%	856.790.544	5%	814.458.507
Operating Profit/Loss	10.223.460	-56%	23.269.383	-34%	35.229.848	-6%	37.526.247
Profit/Loss after Financial Items	22.474.763	-72%	79.693.503	7%	74.662.510	-4%	77.989.543
Profit/Loss after tax	22.457.979	-44%	40.260.906	-10%	44.906.050	20%	37.409.812
Current Assets	1.268.764.336	-3%	1.314.417.403	-1%	1.324.999.001	2%	1.303.869.471
Fixed Assets	645.409.505	0%	647.336.024	8%	598.861.107	2%	586.825.444
Long Term Debts	593.100.139	-21%	746.456.922	6%	703.747.864	6%	660.884.084
Current Liabilities	596.460.059	29%	462.736.226	0%	463.640.391	2%	454.409.794
Shareholders Equity	724.613.643	-4%	752.560.279	-1%	756.471.853	-2%	775.401.037
Balance sheet total	1.914.173.841	-2%	1.961.753.427	2%	1.923.860.108	2%	1.890.694.915
Number of employees	5198		5408		5509		5319
Auditor qualification	The auditor has no reservations		The auditor has no reservations		The auditor has no reservations		The auditor has no reservations

Ratios

Year	31.12.2013	31.12.2012	31.12.2011	31.12.2010
Solvency Ratio	38%	38%	39%	41%
	Moderate Indebtedness	Moderate Indebtedness	Moderate Indebtedness	Low Indebtedness
Net margin (%)	3%	9%	9%	10%
Interest Coverage Ratio (times)	1	3	3	5
Gearing (%)	83%	99%	94%	92%
Liquidity Ratio/Acid Test	2	3	3	3
Risk Buffer (%)	-1%	3%	2%	3%

Profit & Loss (€)

Operating Income	31.12.2013	%	31.12.2012	%	31.12.2011	%	31.12.2010
Number of weeks	52		52		52		52
Consolidated Accounts	no		no		no		no
Sales Revenue	838.241.850	-3%	866.555.081	1%	856.790.544	5%	814.458.507
Other Operating Income	20.889.748	16%	17.988.203	15%	15.653.551	-11%	17.599.915
Total Operating Income	859.131.598	-3%	884.543.284	1%	872.444.095	5%	832.058.422
Wages & Salaries	170.262.634	-2%	174.493.118	2%	170.443.231	5%	162.350.248
Depreciation	21.630.423	15%	18.829.650	0%	18.906.462	29%	14.627.809
Total Operating Expenses	848.908.138	-1%	861.273.901	3%	837.214.247	5%	794.532.175
Operating Profit/Loss	10.223.460	-56%	23.269.383	-34%	35.229.848	-6%	37.526.247
Result From Financial Investments
Financial Income	71.548.468	-23%	92.929.201	14%	81.518.868	31%	62.458.037
Financial Expenses	59.297.165	62%	36.505.081	-13%	42.086.206	91%	21.994.741
Total Financial Investments	12.251.303	-78%	56.424.120	43%	39.432.662	-3%	40.463.296
Profit/Loss after Financial Items	22.474.763	-72%	79.693.503	7%	74.662.510	-4%	77.989.543
Extraordinary Income	0	-	6.650.000	-23%	8.687.000	-31%	12.510.000
Extraordinary Expenses	0	-	45.900.000	20%	38.405.000	-28%	53.020.000
Profit/Loss Before Tax	22.474.763	-44%	40.443.503	-10%	44.944.510	20%	37.479.542
Tax	16.784	-91%	182.597	375%	38.460	-45%	69.730
Profit/Loss After Tax	22.457.979	-44%	40.260.906	-10%	44.906.050	20%	37.409.812

Balance Sheet (€)

Assets	12.2013	%	12.2012	%	12.2011	%	12.2010
Number of weeks	52		52		52		52
Consolidated Accounts	no		no		no		no
Fixed Assets
Intangible Assets	51.134.358	28%	39.884.769	89%	21.156.778	48%	14.326.593
Tangible Assets	339.019.565	-2%	344.691.650	-2%	350.968.423	-3%	362.030.060
Other Fixed Assets	255.255.582	-3%	262.759.605	16%	226.735.906	8%	210.468.791
Total Fixed Assets	645.409.505	0%	647.336.024	8%	598.861.107	2%	586.825.444
Current Assets
Inventories	104.107.999	-6%	111.289.209	18%	94.701.318	0%	94.439.672
Trade Receivables	76.848.735	27%	60.285.472	-4%	62.809.272	12%	55.875.480
Other Receivables	1.080.504.950	-5%	1.135.138.277	-2%	1.157.545.651	1%	1.144.700.317
Cash & Bank Balances	7.302.652	-5%	7.704.445	-23%	9.942.760	12%	8.854.002
Other Current Assets	0	-	0	-	0	-	0
Total Current Assets	1.268.764.336	-3%	1.314.417.403	-1%	1.324.999.001	2%	1.303.869.471
Total Assets	1.914.173.841	-2%	1.961.753.427	2%	1.923.860.108	2%	1.890.694.915

Equity and Liabilities (€)

EQUITY
Share Capital	144.097.366	0%	144.097.366	0%	143.681.658	1%	142.292.000
Share Premium Reserve	186.346.446	0%	186.346.446	0%	186.346.446	0%	186.346.446
Retained Earnings	94.705.121	-23%	122.651.757	-4%	128.286.441	-16%	153.323.172
Other Reserves	299.464.710	0%	299.464.710	0%	298.157.308	2%	293.439.419
Total Equity	724.613.643	-4%	752.560.279	-1%	756.471.853	-2%	775.401.037
LONG TERM LIABILITIES
Long Term Liabilities to Financial Institutions	319.930.166	-9%	352.625.392	-24%	462.881.588	16%	397.574.981
Other Long Term Liabilities Finance	150.000.000	0%	150.000.000	211%	48.166.667	-50%	96.333.333
Other Long Term Liabilities	123.169.973	-49%	243.831.530	27%	192.699.609	15%	166.975.770
Total Long Term Debts	593.100.139	-21%	746.456.922	6%	703.747.864	6%	660.884.084
CURRENT LIABILITIES
Trade Payables	726.508	10%	661.603	-99%	61.014.780	-2%	62.356.306
Liabilities to Financial Institutions	8.888.889	-	0	-	8.888.889	-83%	52.805.389
Other Short Term Financial Loans	0	-	48.166.667	0%	48.166.667	-79%	234.698.499
Other Short Term Liabilities	586.844.662	42%	413.907.956	20%	345.570.055	231%	104.549.600
Total Current Liabilities	596.460.059	29%	462.736.226	0%	463.640.391	2%	454.409.794
Total Liabilities	1.189.560.198	-2%	1.209.193.148	4%	1.167.388.255	5%	1.115.293.878
Total Equity & Liabilities	1.914.173.841	-2%	1.961.753.427	2%	1.923.860.108	2%	1.890.694.915

Other Financials (€)

Working Capital	672.304.277	-21%	851.681.177	-1%	861.358.610	1%	849.459.677
Net Worth	673.479.285	-5%	712.675.510	-3%	735.315.075	-3%	761.074.444

Key Ratios

	31.12.2013	31.12.2012	31.12.2011	31.12.2010
Number of weeks	52	52	52	52
Consolidated Accounts	no	no	no	no
PROFITABILITY
Net Margin %	2,7%	9,2%	8,7%	9,6%
Operating Profit/Loss %	1,2%	2,7%	4,1%	4,6%
Pre-Tax Profit Margin %	2,7%	4,7%	5,3%	4,6%
TRADING PERFORMANCE
Return on Net Assets Employed %	3,1%	5,4%	5,9%	4,8%
Return on Total Capital %	4,3%	5,9%	6,1%	5,3%
Interest Coverage Ratio (times)	1	3	3	5
Return on Capital Employed %	1,7%	2,7%	3,1%	2,6%
Return on Total Assets Employed %	1,2%	2,1%	2,3%	2,0%
Interest on Debt %	5,0%	3,0%	3,6%	2,0%
Risk Buffer %	-0,7%	2,9%	2,5%	3,3%
SHORT TERM LIQUIDITY
Liquidity Ratio/Acid Test	2	3	3	3
Current Ratio %	213,0%	284,0%	286,0%	287,0%
Debtor Days	33	25	27	25
Working capital	672.304.277	851.681.177	861.358.610	849.459.677
LONG TERM LIQUIDITY
Equity Ratio %	37,9%	38,4%	39,3%	41,0%
Gearing %	83,1%	99,2%	94,2%	92,0%
Current Debt Ratio	1	1	1	1
Total Debt Ratio	2	2	2	1
Relative debt %	141,9%	139,5%	136,3%	136,9%
BUSINESS MEASURES
Change in turnover %	-3,3%	1,1%	5,2%	-
Turnover/employees	161262	160236	155526	153122
Sales/Net Working Capital	1	1	1	1
Stock Turnover Ratio %	12,4%	12,8%	11,1%	11,6%
Creditor Days	0	0	26	28
Equity in Percentage %	45,1%	45,4%	45,1%	46,6%

FOREIGN EXCHANGE RATES

N/a

ADDITIONAL INFORMATION

Business History

Date	Event	Source Company Name
01.07.2010	Merger	Oy Hobby Hall Ab   merged into   Stockmann Oyj Abp
30.06.2010	Merger	Oy Hobby Hall Ab   merged into   Stockmann Oyj Abp

NOTES & COMMENTS

N/A

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.59.80
UK Pound	1	Rs.102.42
Euro	1	Rs.81.32

INFORMATION DETAILS

Analysis Done by :	SUB
Report Prepared by :	NIS

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
--	NB	New Business	--

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

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