ANNUAL REPORT 2003 INEX PARTNERS OY

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INEX PARTNERS OY CASH FLOW STATEMENT EUR 1,000 1.1.–31.12.2003 1.1.–31.12.2002 BUSINESS OPERATIONS Operating profi t 2,110 2,267 Value adjustments to operating profi t (1) 5,134 4,959 Change in working capital (2) 9,800 –7,772 CASH FLOW FROM BUSINESS OPERATIONS BEFORE FINANCIAL ITEMS AND TAXES 17,044 –546 Paid interests and other fi nancial expenses –1,713 –2,178 Received interests and other fi nancial income 2,691 2,045 Received dividends from business operations 51 132 Paid income taxes –6,224 49 CASH FLOW BEFORE EXTRAORDINARY ITEMS 11,849 –498 Cash fl ow from extraordinary items in business operations 183 184 CASH FLOW FROM BUSINESS OPERATIONS 12,032 –314 INVESTMENTS Investments in tangible and intangible assets –2,522 –5,584 Capital gains on tangible and intangible assets 0 12 Capital gains on shares 8,422 0 Change in other long-term investments 0 6,727 Received interest payments from investments 0 446 Received dividends from investments 875 7,090 CASH FLOW FROM INVESTMENTS 6,775 8,691 FINANCING Decrease in non-current loans –1,446 –1,446 Increase (–)/decrease (+) in current liabilities 487 92 Increase (–)/decrease (+) in current receivables 403 28 Paid dividends –7,000 –4,440 Contributions given to/received from subsidiaries 19,600 –9,418 CASH FLOW FROM FINANCING 12,044 –15,184 INCREASE (+)/DECREASE (–) IN LIQUID FUNDS 30,851 –6,807 Liquid funds at beginning of year 80,549 87,356 Liquid funds at end of year 111,400 80,549 30,851 –6,807 Adjustments to operating profi t (1) Capital gains (–) and losses (+) on fi xed assets 4 –7 Depreciation and value adjustments 5,130 4,966 5,134 4,959 Change in working capital (2) Change in current receivables –1,581 4,878 Change in stock –1,330 –3,388 Change in current non-interest bearing liabilities 12,711 –9,262 9,800 –7,772 20
ACCOUNTING PRINCIPLES OF THE CONSOLIDATED FINANCIAL STATEMENTS SCOPE NOTES TO THE FINANCIAL STATEMENTS The consolidated fi nancial statements include all subsidiaries owned by the parent company, Inex Partners Oy, and the associated company, Finnfrost Oy. The income statement of Tucano Oy, merged into the Group’s parent company during the fi nancial year, is incorporated in the consolidated income statement up to the date of the merger, 28 November 2003. The two real-estate companies mentioned in the Notes were excluded from the consolidation of associated companies, since they did not have a signifi cant effect on the Group’s fi nancial result or its distributable capital and reserves. CHANGES IN GROUP STRUCTURE Tucano Oy was merged into the parent company during the fi nancial year. The inactive subsidiaries Suomen Elintarvikemestarit Oy, Leijona Vaatetus Oy, Makumauste Oy and Nautintopapu Oy were dissolved through voluntary liquidation. The shares in PS-Logistiikkakylä Oy were sold. ACCOUNTING PRINCIPLES Intra-Group Shareholding Intra-Group holdings were eliminated using the acquisition cost method. Intra-Group Transactions and Margins Intra-Group transactions and intra-Group receivables and payables were eliminated. Associated Companies The associated company, Finnfrost Oy, is included in the consolidated fi nancial statements, using the equity method. The Group’s share of the associated company’s profi t for the fi nancial year is shown on the income statement after net turnover and before expenses, since the activities of this company are closely interwoven with the Group’s supplier and customer relationships. Dividends received from the associated company were eliminated. 21 VALUATION OF FIXED ASSETS Fixed assets entered in the balance sheet refl ected the acquisition cost, comprising variable costs less planned depreciation. The method behind planned depreciation is explained in the notes to the income statement and balance sheet. VALUATION OF STOCKS Stocks entered in the balance sheet refl ected the acquisition cost, consisting of variable costs in keeping with the FIFO principle, or the replacement value or probable selling price, whichever is lower. CURRENCY DENOMINATED ITEMS Business transactions in foreign currencies completed during the fi nancial year were entered at the exchange rate on the transaction date. In the fi nancial statements, receivables and liabilities in foreign currencies were converted into euros at the ECB rate on the day of closing, and conversion differences were charged or credited to income. PENSION SCHEMES Statutory and voluntary pension schemes for the Group companies’ personnel are managed by external pension insurance companies. Pension costs were entered as expenses during the year of accrual. IMPUTED TAXES Imputed tax liabilities were calculated based on the temporary differences between actual taxation and amounts shown on fi nancial statements, using the confi rmed tax rate for the following years that was valid on the day of closing. The balance sheet shows the imputed tax liability in its entirety.
Page 1: ANNUAL REPORT 2003 INEX PARTNERS OY
Page 4 and 5: KEY FIGURES INEX GROUP 1999 - 2003
Page 6 and 7: INEX GROUP PURPOSE The purpose of t
Page 8 and 9: INEX PARTNERS OY The core task of I
Page 10 and 11: FINNFROST OY Finnfrost Oy provides
Page 12 and 13: INEX AND ITS STAFF The purpose of t
Page 14 and 15: BOARD OF DIRECTORS´ REPORT FOR 200
Page 16 and 17: The Group’s equity ratio fell to
Page 18 and 19: EUR 1,000 31.12.2003 31.12.2002 ASS
Page 20 and 21: INEX PARTNERS OY INCOME STATEMENT E
Page 24 and 25: NOTES TO THE INCOME STATEMENTS Inex
Page 26 and 27: NOTES TO THE ASSETS IN THE BALANCE
Page 28 and 29: Inex Group Inex Partners Oy EUR 1,0
Page 36 and 37: BOARD OF DIRECTORS’ PROPOSAL TO T
Page 38: CONTACT INFORMATION Inex Group, Ine

ANNUAL REPORT 2003 INEX PARTNERS OY

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