Notes to the Financial Statement
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 1-8
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 9-21
NOTES TO THE PARENT COMPANY FINANCIAL STATEMENTS 22-30
NOTES TO THE PARENT COMPANY FINANCIAL STATEMENTS 31-43
	Displaying Notes 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20 out of total 43 notes

(Figures are in EUR thousands unless otherwise stated)	31 Jan 2006	31 Jan 2005
NOTES TO THE CONSOLIDATED BALANCE SHEET

9. ASSOSIATED COMPANIES
Opening balance	7,315	9,642
New assosiated companies	0	159
Omitted assosiated companies	0	-2,169
Associated companies converted into subsidiaries	-3,210	-796
Share of net results	287	317
Translation differences	176	162
Other differences	-417	0
Closing balance	4,151	7,315
	Group share of holding %	Parent company share of holding %
OÜ Mai Apteek, Pärnu, Estonia	49.0	-
Svolvaer Apotek AS, Svolvaer, Norway	49.0	-
Apoteket Mynten AS, Kongsberg, Norway	40.0	-
Apoteket Tordenskjold AS, Bodo, Norway	34.0	-
Hjorten Apotek AS, Hafrsfjord, Norway	34.0	-
Namsos Apotek AS, Namsos, Norway	34.0	-
OÜ Ravikeskuse, Viimsi vald Harjumaa, Estonia	33.0	-
Soft Design A/S, Copenhagen, Denmark	29.8	-
Websydian A/S, Copenhagen, Denmark	29.8	-
The associated companies have been consolidated using the equity method. Included in the associated companies is undepreciated goodwill amounting to EUR 2,673 thousand.
Other shares and participations
ZAO Rosta	14,814
HEX Plc	27
Telephone company shares etc.	7
Real estate and other shares	207
	15,055
10. LONG-TERM RECEIVABLES
Pension fund receivable	17,210	12,188
Other receivable	118	5,829
Deferred income tax asset	4,580	0
Receivables from affiliated companies
Loan receivable	-	135
	21,908	18,152
11. SHORT-TERM RECEIVABLES
Accounts receivable	324,689	351,483
Loan receivable	5,913	936
Prepaid expenses and accrued income	13,934	24,518
Other receivable	31,714	16,797
Receivables from affiliated companies
Accounts receivable	862	5,035
Loan receivable	-	-
	377,112	398,769
The Group has the Asset Securitisation arrangements that allows specified accounts receivable to be sold on a non-recourse basis and subsequently off balance sheet. Program amount in Tamro AB Sweden is SEK 1,200 (EUR 130) million and in Nomeco A/S Denmark DKK 1,050 (EUR 141) million. The sold receivable amounts were respectively SEK 1,007 (EUR 109) million and DKK 503 (EUR 67) million at the end of the financial year. The reserve related to the sold receivables is reported under other current assets. On-going costs of the arrangements are reported as interest expenses in net financial items.
12. PREPAID EXPENSES AND ACCRUED INCOME
Financial items	6,701	14,619
Prepaid expenses	4,285	6,114
Income tax receivable	2,314	2,156
Other prepaid expenses and accrued income	325	478
Other income	309	1,151
Total	13,934	24,518

13. SHARE CAPITAL AND SUBSCRIPTION TERMS AND CONDITIONS
The company's share capital as at 31 Jan 2006 totalled 114,837,083 euros, divided into 114,837,083 shares, each of which carries one vote. The total of 341,000 shares are owned by the company. Phoenix group owned all outstanding shares at the end of the financial year.
At the end of the year the company had also issued the following subscription warrants and share option rights which entitle their holders to the following share subscriptions:
		Number of shares	Holding % of the share capital
Share option rights 2000		2,330,000	1.99%
Total no of shares incl. share option rights		117,167,083	100.00%
Terms of subscription
Share option rights 2000
Number of share option rights	1,165,000  A
	1,165,000  B
Subscription period	A: 18 Dec 2002 to 30 Apr 2006
	B: 1 Apr 2004 to 30 Apr 2006
Subscription terms and conditions	One class A share option right entitles its holder to subscribe to one Tamro Corporation share with a nominal value of EUR 1 at a subscription price of EUR 4.00 and one class B share option right entitles its holder to subscribe to one Tamro Corporation share with a nominal value of EUR 1 at a subcription price of EUR 4.80, less any dividends exceeding 50% of the earnings per share for the relevant accounting period, declared after 12 April 2000 and paid out before the time of subcription. If dividends are distributed for loss-making accounting periods, the whole amount paid out is to be deducted from the subscription price. However, the subscription price must be at least the nominal value of the share.
The Group owns a total of 625 thousand year 2000 share option rights. Phoenix Group owns a total of 1,705 thousand year 2000 share option rights.

14. CHANGES IN SHAREHOLDERS' EQUITY
	Share capital	Share premium account	Revaluation reserve	Fund for own shares	Other reserves	Retained earnings	Total equity
Equity 1 Jan 2004	114,837	5,641	1,093	975	454	247,108	370,108
Dividend						-84,727	-84,727
Net profit for the year						65,513	65,513
Translation differences						1,848	1,848
Transfers within equity					-237	237	0
Other change				-975			-975
Equity 31 Jan 2005	114,837	5,641	1,093	0	217	229,979	351,767
Dividend						-121,381	-121,381
Net income for the year						82,759	82,759
Translation differences						1,356	1,356
Transfers within equity							0
Other change					-30	33	3
Equity 31 Jan 2006	114,837	5,641	1,093	0	187	192,746	314,504
Distributable equity
Retained earnings			192,746
Accumulated appropriations, net of tax			-29,732
Distributable equity 31 Jan 2006			163,014

(Figures are in EUR thousands unless otherwise stated)	31 Jan 2006	31 Jan 2005
15. OBLIGATORY RESERVES
Pension reserves	1,944	1,277
Other reserves	333	506
	2,277	1,783
16. LONG-TERM LIABILITIES
Pension fund loans	12,181	12,009
Loans from financial institutions	435	429
Deferred tax liability	14,898	3,806
Other long-term liabilities	530	422
	28,044	16,666
Long-term liabilities due after five years:
Pension fund loans	11,897	11,746
Loans from financial institutions	276	420
	12,173	12,166
Of the above pension loans EUR 11,897,000 (11,746,000) equals the pension provision of the Swedish subsidiary Tamro AB, which according to local practise can be booked as a liability. The pension provision has a parent company guarantee.
17. SHORT-TERM LIABILITIES
Pension fund loans	0	2,712
Loans from financial institutions and interest bearing advance payments	80,169	57,840
Deferred tax liability	4,595	0
Advances received	0	81
Accounts payable	547,308	536,279
Accrued expenses and deferred income	44,077	58,590
Other short-term liabilities	36,803	24,429
	712,952	679,931
18. ACCRUED EXPENSES AND DEFERRED INCOME
Personnel expenses	27,385	27,942
Income tax liability	1,671	1,190
Rent expenses	1,592	1,582
IT-expenses	314	598
Financial items	104	15,557
Other accrued expenses and deferred income	13,011	11,721
Total	44,077	58,590

19. DEFERRED INCOME TAXES
	1 Jan 2004	Charged/ (credited) to P/L income tax	Charged/ (credited) to P/L extraord	Other changes	31 Jan 2005
Deferred income tax liabilities
Untaxed reserves and acc depr	16,517	-428		-28	16,061
	16,517	-428		-28	16,061
Deferred income tax assets
Tax loss carry forwards	13,683	6,653		-178	7,208
Other temporary timing differences	6,756	1,709			5,047
	20,439	8,362	0	-178	12,255
Net deferred income tax liability(+) / receivable(-)	-3,922	7,934	0	-206	3,806
	1 Feb 2005	Charged/ (credited) to P/L income tax	Charged/ (credited) to P/L extraord	Other changes	31 Jan 2006
Deferred income tax liabilities
Untaxed reserves and acc depr	16,061	3,514		-82	19,493
	16,061	3,514		-82	19,493
Deferred income tax assets
Tax loss carry forwards	7,208	6,395		-226	1,039
Other temporary differences	5,047	2,076		-570	3,541
	12,255	8,471	0	-796	4,580
Net deferred income tax liability(+) / receivable(-)	3,806	11,985	0	-878	14,913
Deferred tax liability (EUR 722,000) related to the value adjustments has not been accounted for.

OTHER NOTES TO THE FINANCIAL STATEMENTS
(Figures are in EUR thousands unless otherwise stated)	31 Jan 2006	31 Jan 2005
20. CONTINGENT LIABILITIES
Mortgages
For own debts (1)	1,433	1,487
Guarantees
For debts of the group companies' management	-	197
For debts of others	542	752
	542	949
Other commitments
Leasing commitments
Next year	2,385	2,271
Over one year	2,312	1,783
Rent commitments	39,229	21,595
Other commitments	159	283
	44,085	25,932
Group liabilities, secured by mortgages, pledges and other commitments:
Mortgages (1)	401	429
21. DERIVATIVE FINANCIAL INSTRUMENTS
Derivatives - notional amounts
Currency instruments
Currency forward contracts	288,745	215,993
Interest rate instruments
Interest rate swaps	-	10,000
Derivatives - market value
Currency instruments
Currency forward contracts	-135	-149
Interest rate instruments
Interest rate swaps	-	-164
The notional amounts of derivatives summarised here do not represent amounts exchanged by the parties and are thus not a measure of Tamro's derivatives-related exposure. According to the Finance Policy derivatives are used only to hedge the underlying business.

	Displaying Notes 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21 out of total 43 notes