Net asset value of the Norvestia Group 31.1.2004
31.1.2004 31.12.2003 31.12.2002
Net asset value/share, EUR  
Before deferred tax liability 22,15 21,87 21,73
After deferred tax liability 21,28 21,02 21,03
Net asset value, EUR million  
Assets
Non-current assets 0,1 0,1 0,1
Current assets
Stocks 116,5 110,0 99,6
  Financial assets 36,8 38,7 46,7
Cumulative assets 153,4 148,8 146,4
Current liabilities -4,4 -1,6 -1,7
Gross net asset value 149,0 147,2 144,7
Minority Interest -35,9 -35,5 -33,8
Net asset value before deferred tax liability 113,1 111,7 110,9
Deferred tax liability -4,5 -4,4 -3,5
Net asset value after deferred tax liability 108,6 107,3 107,4
PRINCIPLES FOR CALCULATION
Publicly listed shares, investment funds and derivatives have been valued to closing price. In case a closing price has been unavailable, the purchase quotation has been used. Unlisted shares have been valued to the acquisition price or the probable selling price in case the former is lower than the acquisition price. The deferred tax liability constitute 29% of appreciation, which is the difference between the market value and the book value.

The deferred tax liability refers to the deferred tax on appreciation in Norvestia plc. Unbooked deferred tax receivables are directed against deferred tax liabilities on appreciation with equal amounts in Neomarkka. Exceeding amounts of the unbooked deferred tax receivables are not booked as assets. The deferred tax liability on appreciation in Neomarkka amounts to EUR 1.2 million, of which EUR 0.4 million constitute Norvestia's part.