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 31, 32, 33, 34, 35, 36, 37, 38, 39, 40, 41, 42, 43, 44 out of total 44 notes

(Figures are in EUR thousands unless otherwise stated)	31 Jan 2007	31 Jan 2006
31. INCOME TAXES
Income taxes on ordinary activities	-2,268	-1,196
Change in deferred taxes	-99	-2,555
	-2,367	-3,751

NOTES TO THE PARENT COMPANY BALANCE SHEET
32. FIXED ASSETS
	Intangible assets				Tangible assets>
	Intangible rights	Goodwill	Other capital- ised expen- diture	Advance payments and construction in progress	Land areas	Buildings	Machinery and equipment	Other tangible assets	Advance payments and con- struction in progress
Acquisition value 1 Feb 2006	9,471	39,594	1,708	1,174	928	62,867	32,623	234	51
Increase	173			1,105		754	998		203
Decrease	-2,778	-508	-81			-4,600	-7,971
Other changes
Acquisition value 31 Jan 2007	6,866	39,086	1,627	2,279	928	59,021	25,650	234	254
Accumulated depr. 1 Feb 2006	-8,985	-37,968	-1,643	0	0	-27,639	-29,723	0	0
Increase	-290	-557	-50			-1,656	-1,059
Decrease	2,777	508	81			4,600	7,948
Other changes
Accumulated depr. 31 Jan 2007	-6,498	-38,017	-1,612	0	0	-24,695	-22,834	0	0
Value adjustments 1 Feb 2006 - 31 Jan 2007					420	2,355
Bookvalue 31 Jan 2007	368	1,069	15	2,279	1,348	36,681	2,816	234	254
Bookvalue 31 Jan 2006	486	1,626	65	1,174	1,348	37,583	2,900	234	51

33. GROUP COMPANIES
Acquisition value 1 Feb 2006		432,914
Increase		-6,732
Acquisition value 31 Jan 2007		426,182
Company	Registered office	Group share of		Parent company share of holding %	Shares owned by the parent company
		holding and votes %	share- holders' equity		Number of shares	Nominal value	Book value
Nomeco A/S	Copenhagen, Denmark	100	148,304	100	7,200,000	19,293	197,155
Unikem A/S	Copenhagen, Denmark	100	-315	-	-	-	-
Hermedico A/S	Copenhagen, Denmark	100	2,729	-	-	-	-
Forex A/S	Silkeborg, Denmark	100	714	-	-	-	-
Tamro Sweden AB	Gothenburg, Sweden	100	15,590	100	1,000	11	34,418
Tamro AB	Gothenburg, Sweden	100	119,306	-	-	-	-
Tamro SIA	Riga, Latvia	100	11,688	100	215	1,884	1,376
Medinord Oy	Vantaa, Finland	100	436	100	163	163	895
Hansa Pharma SIA	Riga, Latvia	100	2,554	-	-	-	-
Veca Aptieka SIA	Riga, Latvia	100	24	-	-	-	-
Jekabpils Meza Aptieka SIA	Riga, Latvia	100	22	-	-	-	-
Riela SIA	Riga, Latvia	100	-73	-	-	-	-
Koduapteek OÜ	Tallinn, Estonia	100	-1,089	-	-	-	-
Aptesel OÜ	Saue, Estonia	100	3	-	-	-	-
Viimsi Apteek OÜ	Viimsi, Estonia	100	10	-	-	-	-
Posti Apteek OÜ	Haapsalu, Estonia	100	12	-	-	-	-
Phoenix Pharma Polska Sp.z.o.o.	Warsaw, Poland	100	17,632	-	-	-	-
Farmplus Sp.z.o.o.	Warsaw, Poland	100	18,378	-	-	-	-
Tamro UAB	Kaunas, Lithuania	100	31,858	100	51,810	6,002	30,537
Karoliniskiu vaistine UAB	Kaunas,Lithuania	100	470	-	-	-	-
Armedikos vaistine group	Kaunas, Lithuania	100	-462	-	-	-	-
Ortofarma UAB	Kaunas, Lithuania	100	76	-	-	-	-
Farmasijos Projektai group	Kaunas, Lithuania	100	1,181	-	-	-	-
Vogne UAB	Klaipeda,Lithuania	100	-370	-	-	-	-
Gintaro vaistine UAB	Silute,Lithuania	100	11	-	-	-	-
Ramuciu vaistine UAB	Kaunas,Lithuania	100	-667	-	-	-	-
Apokjeden AS	Skårer, Norway	100	123,061	100	1,083,691	13,392	131,328
Apokjeden Distribusjon AS	Skårer, Norway	100	38,028	-	-	-	-
Apotek 1 Norge AS	Skårer, Norway	100	129,872	-	-	-	-
Tamro Eesti AS	Tallinn, Estonia	100	12,196	100	5,500	352	530
Tamro Finance Oy	Vantaa, Finland	100	34,642	99	99	990	29,700
Apteekkarien Osuuskunta	Vantaa, Finland	100	2,200	100	1,990	33	33
Tamro Russia Oy	Vantaa, Finland	100	157	100	100,000	100	170
Other subsidiaries, incl. non-operational							40
							426,182

34. OTHER SHARES AND PARTICIPATIONS
		Book value
Golf shares		83
OMX Plc		27
Telephone company shares etc.		7
Real estate and other shares		29
		146
	31 Jan 2007	31 Jan 2006
35. LONG-TERM RECEIVABLES
Deferred income tax asset	376	475
36. SHORT-TERM RECEIVABLES
Accounts receivable	43,276	46,769
Short-term receivables from Group companies	135,936	129,707
Loan receivables	1	2,847
Other short-term receivables	2,519	9,671
	181,732	188,994
Short-term receivables from Group companies
Accounts receivable	1,158	1,269
Prepaid expenses and accrued income	422	491
Loan receivables	134,356	127,481
Other short-term receivables	0	466
	135,936	129,707
37. PREPAID EXPENSES AND ACCRUED INCOME
Income tax receivable	1,726	2,314
Financial items	28	6,599
Prepaid expenses	1	433
Other income	764	325
Total	2,519	9,671

38. CHANGES IN SHAREHOLDERS' EQUITY
	Share capital	Share premium account	Revaluation reserve	Retained earnings	Total equity
Equity 1 Feb 2005	114,837	5,640	1,093	336,051	457,621
Dividend				-121,366	-121,366
Other change					0
Equity 31 Jan 2006	114,837	5,640	1,093	223,736	345,306
Dividend				-68,697	-68,697
Net profit for the year				58,697	58,697
Equity 31 Jan 2007	114,837	5,640	1,093	213,736	335,306

	31 Jan 2007	31 Jan 2006
39. ACCUMULATED DEPRECIATION DIFFERENCE
Accelerated depreciation
Intangible rights	123	134
Goodwill	1,069	1,626
Other capitalised expenditure	0	2
Buildings	23,799	24,586
Machinery and equipment	-424	-474
	24,567	25,874
40. OBLIGATORY RESERVES
Pension reserves	357	357
Other obligatory reserves	234	333
	591	690
41. SHORT-TERM LIABILITIES
Loans from financial institutions and interest bearing advance payments	21,979	40,914
Accounts payable	127,658	116,449
Liabilities to group companies	230,357	214,668
Accrued expenses and deferred income	9,828	9,359
Other current liabilities	2,463	2,590
	392,285	383,980
Liabilities to Group companies
Accounts payable	2,414	425
Accrued liabilities	231	44
Other short-term liabilities	227,712	214,199
	230,357	214,668
42. ACCRUED EXPENSES AND DEFERRED INCOME
Personnel expenses	7,304	7,627
Financial items	117	104
Other accrued expenses and deferred income	2,407	1,628
Total	9,828	9,359
OTHER NOTES TO THE PARENT COMPANY FINANCIAL STATEMENTS
43. CONTINGENT LIALIBILITIES	31 Jan 2007	31 Jan 2006
Mortgages (1)
For own debts	841	841
Guarantees
For subsidiaries	57,846	65,241
For debts of others	319	-
	58,165	65,241
Other commitments
Leasing commitments
Next year	1,250	1,202
Over one year	1,041	1,701
Rent commitments	253	316
	2,544	3,219
(1) Parent company's liabilities, secured by mortgages
Parent company has guaranteed the Commercial papers issued by Tamro Finance Ltd. In Finland and Sweden. The Commercial paper programme in Finland amounts to EUR 300,000,000 and in Sweden SEK 1,000,000,000. There were no outstanding amounts in Finland nor in Sweden at the end of financial year.
Parent company has given its subsidiaries and on their behalf a Letter of Comfort type commitments.
44. DERIVATIVE FINANCIAL INSTRUMENTS	31 Jan 2007	31 Jan 2006
Derivatives - notional amounts
Currency instruments
Currency forward contracts	72,174	84,829
Derivatives - market value
Currency instruments
Currency forward contracts	0	81
The notional amounts of derivatives summarised here do not represent amounts actually exchanged between the parties and are thus not a measure of the parent company's derivatives-related exposure. According to the Finance Policy derivatives are used only to hedge the underlying business.

	Displaying Notes 31, 32, 33, 34, 35, 36, 37, 38, 39, 40, 41, 42, 43, 44 out of total 44 notes