• news.cision.com/
  • Elisa Oyj/
  • PRELIMINARY INFORMATION ON THE IMPACT OF IFRS ON ELISA'S CONSOLIDATED FINANCIAL STATEMENTS
English

PRELIMINARY INFORMATION ON THE IMPACT OF IFRS ON ELISA'S CONSOLIDATED FINANCIAL STATEMENTS

Report this content 
ELISA CORPORATION STOCK EXCHANGE RELEASE 14 FEBRUARY 2005 AT 11.40am


PRELIMINARY INFORMATION ON THE IMPACT OF IFRS ON ELISA'S CONSOLIDATED FINANCIAL
STATEMENTS

Elisa will adopt the International Financial Reporting Standards (IFRS) in its
reporting from the beginning of 2005. An opening IFRS Balance Sheet as per 1
January 2004 will be prepared. The first interim report will be under IFRS
disclosed on 28 April 2005.

Changes in accounting principles will mainly have effect on the handling of
consolidated goodwill, finance lease agreements, non-current assets and pension
liabilities in Elisa's consolidated financial statements.

The estimated impact on the balance sheet for the transition date is as follows:

- Equity will decrease by approximately EUR 25 million
- Net debt will increase by approximately EUR 100 million
- Equity ratio decreases by approximately 4 percentage points
- Balance sheet total will increase by approximately EUR 110 million

Goodwill is not amortised (MEUR 43 in 2004 pursuant to FAS Finnish Accounting
Standards). Instead, goodwill will be tested annually for impairment. Leasing
expenses will be replaced by depreciation according to plan and interests.
Effects of the defined pension benefits can not be estimated.

Elisa will be provide a separate detailed disclosure on the transition to IFRS
before the first interim report for 2005. Disclosure will include the
reconciliations of equity at 1 January and 31 December together with adjusted
2004 quarterly information.

ELISA CORPORATION

Velipekka Nummikoski
Vice President, Corporate Communications

Further information:


Ms Tuija Soanjärvi, CFO, tel. +358 10 262 2606

Distribution:
Helsinki Stock Exchange
Major media

Subscribe