Ahlstrom's comparative IFRS information for 2004
The following comparative IFRS figures are published in order to provide information on the effects of the transition on the consolidated balance sheets and income statements. January 1, 2004 is used as the transition date to IFRS.
For Ahlstrom, the most significant effects of the transition to IFRS relate to the impairment of assets, the treatment of pension liabilities and goodwill, and the ensuing tax effects. The other changes mainly relate to the recording and reporting of provisions and financial leases. The transition to IFRS does not affect the Group's cash flow.
As a result of the transition to the IFRS, the company's balance sheet and equity decrease and the gearing ratio will be slightly weakened. The transition has a positive effect on the Group's profitability due to the abolition of goodwill amortization.
2004 |
2004 | |
EUR million |
IFRS |
FAS |
Net sales |
1,568 |
1,568 |
Operating profit |
63.7 |
51.0 |
Net profit |
34.3 |
17.5 |
Earnings per share, EUR |
0.94 |
0.48 |
Cash earnings per share, EUR |
3.52 |
3.52 |
Equity |
588 |
633 |
Interest-bearing net debt |
359 |
342 |
Balance sheet total |
1,383 |
1,400 |
Capital employed |
983 |
1,009 |
Return on capital employed, % |
7.2 |
5.3 |
Return on equity, % |
5.8 |
2.7 |
Gearing ratio, % |
61.1 |
53.9 |
The following attachment presents comparative IFRS information in detail with explanatory notes for the whole year and interim periods of 2004. The main changes to earlier accounting principles and their effect on presented numbers are also included.
Attachment:
Transition to International Financial Reporting Standards (IFRS)
Explanation and comparative IFRS information for 2004
For further information, please contact:
Jari Mäntylä, Senior Vice President, Finance, tel. +358 (0)10 888 4768