Net asset value of the Norvestia Group 31.12.2004
NORVESTIA'S NET ASSET SANK 0.2% % IN DECEMBER
Change in NAV, 1 month -0.2%

(dividend-adjusted)

Change in NAV, 12 months +10.8% (dividend-adjusted)
31.12.2004 30.11.2004 31.12.2003
Net asset value/share, EUR
Before deferred tax liability 10.30 11.59* 10.94*
After deferred tax liability 9.60 10.87* 10.51*
The dividend (EUR 1.25*) expired on December 3, 2004.
* adjusted by the offering ratio of the bonus issue
Net asset value, EUR million  
Assets
Non-current assets 0.0 0.0 0.1
Current assets
Stocks 167.5 167.8 110.0
  Financial assets 17.3 20.8 38.7
Cumulative assets 184.8 188.6 148.8
Current liabilities -41.5 -37.7 -1.6
Gross net asset value 143.3 118.4 147.2
Minority Interest -38.2 -37.7 -35.5
Net asset value before deferred tax liability 105.1 118.4 111.7
Deferred tax liability -7.1 -7.4 -4.4
Net asset value after deferred tax liability 98.0 111.0 107.3
Number of shares 10 211 040
PRINCIPLES FOR CALCULATION
Publicly listed shares, mutual funds and derivatives have been valued at closing price. In case a closing price has been unavailable, the purchase quotation has been used. Unlisted shares have been valued to the purchase expense or the probable selling price in case the former is lower than the purchase expense. The deferred tax receivables constitute 26 % regarding overvalue, which is the difference between the market value and the booked value. 
From 31.12.2001 to 31.10.2004 deferred tax receivables have not been booked in Neomarkka. Simultaneously, deferred tax liability has been deducted from unbooked tax receivables.