Notes to the Financial Statement

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 1-10
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 11-20
NOTES TO THE PARENT COMPANY FINANCIAL STATEMENTS 21-30
NOTES TO THE PARENT COMPANY FINANCIAL STATEMENTS 31-44
	Displaying Notes 11, 12, 13, 14, 15, 16, 17, 18, 19, 20 out of total 44 notes

(Figures are in EUR thousands unless otherwise stated)	31 Jan 2007	31 Jan 2006
NOTES TO THE CONSOLIDATED BALANCE SHEET

11. LONG-TERM RECEIVABLES
Pension fund receivable	18,746	17,210
Other receivable	232	118
Deferred income tax asset	1,097	4,580
	20,075	21,908
12. SHORT-TERM RECEIVABLES
Accounts receivable	392,666	324,689
Loan receivable	4,682	5,913
Prepaid expenses and accrued income	9,888	13,934
Other receivable	36,115	31,714
Receivables from associated companies
Accounts receivable	1,309	862
	444,660	377,112
The Group has the Asset Securitisation arrangements that allow specified accounts receivable to be sold on a non-recourse basis and subsequently off balance sheet. The size of the programme in Tamro AB Sweden is SEK 1,200 (EUR 133) million and in Nomeco A/S Denmark DKK 1,050 (EUR 141) million. The selling prices of the sold receivables were respectively SEK 1,095 (EUR 121) million and DKK 521 (EUR 70) 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 in net financial items.
13. PREPAID EXPENSES AND ACCRUED INCOME
Prepaid expenses	4,012	4,285
Income tax receivable	1,726	2,314
Other income	806	325
Financial items	575	6,701
Other prepaid expenses and accrued income	2,769	309
Total	9,888	13,934

14. SHARE CAPITAL AND SUBSCRIPTION TERMS AND CONDITIONS
The company's share capital as at 31 Jan 2007 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.

15. CHANGES IN SHAREHOLDERS' EQUITY
	Share capital	Share premium account	Revaluation reserve	Other reserves	Retained earnings	Total equity
Equity 1 Feb 2005	114,837	5,641	1,093	217	229,979	351,767
Dividend					-121,381	-121,381
Net profit 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	187	192,746	314,504
Dividend					-68,698	-68,698
Net income for the year					126,405	126,405
Translation differences					939	939
Transfers within equity				-88	88	0
Other change					23	23
Equity 31 Jan 2007	114,837	5,641	1,093	99	251,503	373,173
Distributable equity
Retained earnings			251,503
Accumulated appropriations, net of tax			-31,557
Distributable equity 31 Jan 2007			219,946

	31 Jan 2007	31 Jan 2006
16. OBLIGATORY RESERVES
Pension reserves	1,801	1,944
Other obligatory reserves	234	333
	2,035	2,277
17. LONG-TERM LIABILITIES
Pension fund loans	12,409	12,181
Loans from financial institutions	59	435
Deferred tax liability	16,337	14,898
Other long-term liabilities	82	530
	28,887	28,044
Long-term liabilities due after five years:
Pension fund loans	12,409	11,897
Loans from financial institutions	0	276
	12,409	12,173
Of the above pension loans EUR 12,409,000 (11,897,000) 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.
18. SHORT-TERM LIABILITIES
Loans from financial institutions and interest bearing advance payments	40,150	80,169
Deferred tax liability	13,022	4,595
Accounts payable	656,414	547,308
Accrued expenses and deferred income	54,031	44,077
Other short-term liabilities	46,239	36,803
	809,856	712,952
19. ACCRUED EXPENSES AND DEFERRED INCOME
Personnel expenses	34,839	27,385
Income tax liability	7,881	1,671
Customer rebates and bonuses	1,159	1,180
Rent expenses	629	1,592
Financial items	168	104
Other accrued expenses and deferred income	9,355	12,145
Total	54,031	44,077

20. DEFERRED INCOME TAXES
	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	0	-82	19,493
Deferred income tax assets
Tax loss carry forwards	7,208	6,395		-226	1,039
Other temporary timing 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
	1 Feb 2006	Charged/ (credited) to P/L income tax	Charged/ (credited) to P/L extraord	Other changes	31 Jan 2007
Deferred income tax liabilities
Untaxed reserves and acc depr	19,493	14,940			34,433
	19,493	14,940	0	0	34,433
Deferred income tax assets
Tax loss carry forwards	1,039	-134		991	182
Other temporary differences	3,541	-2,326		-121	5,988
	4,580	-2,460	0	870	6,170
Net deferred income tax liability(+) / receivable(-)	14,913	12,480	0	870	28,263
Deferred tax liability (EUR 722,000) related to the value adjustments has not been accounted for.

	Displaying Notes 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, out of total 44 notes