Net asset value of the Norvestia Group 31.7.2004
NORVESTIA'S NET ASSET SANK 0.7% % IN JULY
Change in NAV, 1 month		-0.7 %
Change in NAV, from the beginning of the year		4.0 %	(dividend-adjusted)
Change in NAV, 12 months		9.4 %	(dividend-adjusted)
		31.7.2004	30.6.2004	31.12.2003
Net asset value/share, EUR
Before deferred tax liability		21.19	21.34	21.87
After deferred tax liability		20.27	20.41	21.02
Net asset value, EUR million
Assets
Non-current assets		0.1	0.1	0.1
Current assets
	Stocks	146.2	147.3	110.0
	Financial assets	19.5	19.1	38.7
Cumulative assets		165.8	166.5	148.8
Current liabilities		-21.5	-21.5	-1.6
Gross net asset value		144.3	145.0	147.2
Minority Interest		-36.1	-36.1	-35.5
Net asset value before deferred tax liability		108.2	108.9	111.7
Deferred tax liability		-4.7	-4.7	-4.4
Net asset value after deferred tax liability		103.5	104.2	107.3
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 29 % regarding overvalue, which is the difference between the market value and the booked value. Unbooked deferred tax receivables are directed against deferred tax debts regarding overvalue with equal amounts in Neomarkka. The deferred tax liability on appreciation in Neomarkka amounts to EUR 1.3 million, of which EUR 0.4 million constitute Norvestia's part.