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Business ReviewFinancial ReviewInformation for shareholders

Board of Directors Report
Financial Statement Principles
Consolidated Income Statement
Consolidated Balance Sheet
Consolidated Cash Flow Statement
Finnair Oyj Income Statement
Finnair Oyj Balance Sheet
Finnair Oyj Cash Flow Statement
Notes
Shares and Shareholders
Proposal Concerning Disposal of the Profit
Statement of the Supervisory Board
Auditors Report
Key Figures 1998/99-2002
Formula for ratios
The financial statements of Finnair Oyj and Finnair Group have been prepared in accordance with Finnish accounting practice and accounting principles based on the new Finnish Accounting regulations, which came into force on December 31, 1997. The main currency used in the preparation of the official financial statements is the euro.

Consolidated Financial Statements

Apart from the parent company Finnair Oyj, the consolidated financial statements include all those companies in which the parent company holds more than 50% of the votes either directly or indirectly. Subsidiaries acquired during the financial period have been consolidated from the date of their acquisition. Subsidiaries sold during the financial year are included in the consolidated financial statements up to the date of their sale.

Inter-company transactions, receivables and debts and the internal distribution of profit were eliminated. Mutual share ownership was eliminated with the acquisition cost method. The elimination difference between the acquisition price of subsidiary shares and the equity of the subsidiary at acquisition arising in conjunction with elimination was allocated primarily to those asset items which caused the elimination difference and was eliminated in accordance with the depreciation plan for fixed assets. The unallocated elimination difference, i.e. the consolidated goodwill, was eliminated at the moment of acquisition. To the extent possible, the financial statements of the foreign subsidiaries were harmonized with the principles used by the Group before consolidation.