RAISIO GROUP TO ADOPT INTERNATIONAL FINANCIAL REPORTING STANDARDS
Raisio Group plc Stock Exchange Release 22 April 2005 at 10.00 Finnish time
RAISIO GROUP TO ADOPT INTERNATIONAL FINANCIAL REPORTING STANDARDS
(IFRS)
Raisio adopted the International Financial Reporting Standards in
its consolidated financial accounting from the beginning of 2005.
The first interim report in conformance with the IFRS principles
will be published on 3 May 2005.
This release includes the income statements and the opening and
closing balance sheets for 2004 prepared according to IFRS
principles, quarterly figures, key notes to the financial
statements and key figures, as well as reconciliation on the
transition from Finnish accounting standards to IFRS-compliant
accounting. The cash flow statements do not differ significantly
in the Finnish and IFRS based accounting. Thus, the cash flow
statements are not included in this release.
The major changes at Raisio, resulting from the adoption of the
IFRS, relate to pension arrangements, leasing contracts,
conversion of goodwill to currency and the cancellation of
goodwill amortisations.
Raisio Group's segment reporting corresponds to the earlier
reporting where business operations consist of two segments,
Raisio Nutrition and Raisio Life Sciences, and the support sector
other operations. The divestment of Raisio Chemicals and the
discontinuation of the grain starch business result in changes to
the presentation of the 2004 results and to the balance sheet of
31 March 2004. The balance sheet items of Raisio Chemicals were
entered as non-current assets available for sale and its
liabilities as liabilities related to these assets.
IFRS requires capitalisation of product development costs when
certain criteria are met. Raisio will continue its former practise
in the future and will not capitalise its product development
costs because any future returns to be obtained will not be
guaranteed until the products have been launched. Therefore IFRS-
based accounting will not bring any difference in the opening
balance sheet equity in this respect. Research and development
expenditure is reported on the basis of the income statement.
Raisio will apply the IFRS principles for financial instruments
from 1 January 2005.
Below is a description of the essential differences between the
Finnish and the International Financial Reporting Standards
affecting the financial statements of Raisio.
1. Pensions
In the Raisio financial statements, prepared according to the
Finnish Accounting Standards, pension costs have been included in
the consolidated financial statements in accordance with the
regulations of each location country. IFRS requires pension
arrangements to be divided into defined contribution and defined
benefit plans. In the defined benefit plans, assets and
liabilities are calculated by using actuarial calculation methods,
and the difference is entered in the opening balance sheet as
assets or liabilities. The disability portion of the Finnish
Employees' Pension Act (TEL) has been treated in the 2004 IFRS
financial statements as a defined benefit plan. It has been
calculated that this results in a liability of approximately EUR
4.3 million (the share of Raisio Chemicals being EUR 0.5 million)
in the opening balance sheet, with a negative impact of EUR 3.1
million on the shareholders' equity after deferred taxes. Due to
the regulatory changes made to the Employees' Pension Act, this
liability was reduced to EUR 0.7 million during the financial
year.
Raisio's foreign subsidiaries have not been stated to result in
pension liabilities in the opening balance sheet or reference data
due to defined benefit plans.
2. Financial leases
Raisio has some leasing contracts related to research and
production equipment, as well as data processing hardware and
software, which according to IFRS should be included in the
consolidated balance sheet, whilst according to the Finnish
Accounting Standards these are interpreted as agreements to be
excluded from the balance sheet. The most important of these was
the multinip calender acquired for the Raisio Chemicals Coating
Technology Center. The positive impact of these agreements on the
opening IFRS balance sheet equity is EUR 0.2 million. The opening
balance sheet included leasing assets to the value of EUR 8.0
million (the share of Raisio Chemicals being EUR 4.0 million) and
leasing debt to the value of EUR 7.6 million (the share of Raisio
Chemicals being EUR 3.9 million). Due to the divestment of Raisio
Chemicals, the value of financial leasing assets decreased to EUR
2.9 million and the leasing debt to EUR 2.8 million during the
financial year.
3. Goodwill write-downs
Raisio has made the impairments tests of goodwill and some assets
required by the IFRS in the opening balance sheet. On the basis of
these, the company has not recognised any impairment losses.
During the second quarter of 2004, in connection with the strategy
reassessment process, the company updated the business plans for
the various business areas and at the same time evaluated some
balance sheet items in light of the new strategy and the
prevailing return expectations. On 30 June 2004, write-downs
totalling EUR 26.1 million were made to goodwill in the
consolidated income statement prepared in accordance with the
Finnish Accounting Standards, the value of write-downs being EUR
26.4 million in accordance with the IFRS principles. In the
future, impairment tests will be performed regularly during the
third quarter.
4. Goodwill and amortisation
According to the principles of IFRS no amortisations are made to
the goodwill, which is the case in the financial statements
prepared according to the Finnish Accounting Standards, but
instead that the goodwill be tested annually. The cancellation of
amortisations improves the IFRS operating profit. The impact of
the cancellation of amortisations was EUR 1.3 million during the
first quarter (the share of Raisio Chemicals being EUR 0.5
million), EUR 0.8 million during the second quarter (the share of
Raisio Chemicals being EUR 0.4 million), EUR 0.3 million during
the third quarter and EUR 0.2 million during the fourth quarter,
i.e. a total of EUR 2.7 million in 2004.
Goodwill resulting from the acquisition of foreign subsidiaries
and associated companies will be treated in the IFRS financial
statements as assets of the foreign unit in question and stated in
the operating currency of the foreign unit in question, and will
always be converted according to the exchange rate on the date of
the financial statements. In the consolidated financial
statements, prepared according to the Finnish Accounting
Standards, Raisio's goodwill was entered in euros in connection
with the acquisition and was not included in the assets of the
foreign unit in question. Following the adoption of the IFRS
standards, the impact of this change on Raisio Group's
shareholders' equity was EUR 1.8 million.
5. Non-current assets available for sale
At the beginning of the first quarter of 2004, Raisio decided to
investigate the possibility of divesting Raisio Chemicals and
commenced negotiations with several chemical industry companies.
Following this decision, the Raisio Chemicals business operations
are presented in the 2004 IFRS financial statements as
discontinued operations from the first quarter of the financial
year.
In the income statement, the Raisio Chemicals result is presented
as discontinued operations. In the balance sheet, the balance
sheet items related to the operation in question are presented as
assets and liabilities available for sale. According to IFRS the
depreciations from assets available for sale are discontinued from
the moment that the classification as operations available for
sale has been made. In the financial statements, prepared
according to the Finnish Accounting Standards, depreciations stood
at EUR 4.5 million during the first quarter and EUR 3.8 million
during the second quarter, i.e. a total of EUR 8.2 million, which
are not entered in the IFRS financial statements. The increasing
effect on the deferred taxes of the income statement during the
first quarter is EUR 1.3 million and during the second quarter EUR
2.4 million.
The divestment of Raisio Chemicals was finalised on 2 June 2004.
The sales profit entered in the IFRS income statement is different
from that of the Finnish Accounting Standards, among other things
due to conversion differences and depreciations not carried out as
mentioned above. In the Finnish Accounting Standards, Raisio has
followed conversion differences of shareholders' equity for each
company and has adjusted the sales profit with the accrued
conversion differences. In the IFRS financial statements, the
conversion differences in the opening balance were considered to
be zero, and the sales profit for Raisio Chemicals is affected
only by the conversion differences of shareholders' equity accrued
during 2004 from the companies divested. The sales profit
according to the IFRS financial statements was EUR 227.2 million,
which is included in the result for discontinued operations
(according to the Finnish Accounting Standards, the sales profit
was EUR 223.1 million which was entered under other operating
income).
The grain starch business was discontinued on 31 August 2004. Its
results are also presented in the result for discontinued
operations in the 2004 IFRS financial statements.
6. Deferred tax liability and assets
Major deferred taxes caused by differences between company
bookkeeping and taxation have already been entered in the balance
sheet prepared according to the Finnish Accounting Standards.
Therefore, there are no major differences caused by deferred taxes
in the opening balance sheet other than those from the pension
liabilities made as IFRS entries. However, there are differences
caused by deferred taxes during the first quarter of 2004, when
the deferred taxes related to Raisio Chemicals' retained earnings
are entered in the IFRS financial statements, because the
divestment decision has been made. The effect of this entry on the
first and second quarter taxes is EUR 16.3 million.
No auditors report has been issued concerning this IFRS-release.
RAISIO GROUP PLC
Taru Narvanmaa
Executive Vice President, Communications and Investor Relations
tel. +358 2 443 2240 or +358 50 590 9398
Further information:
Jyrki Paappa, CFO
tel. +358 2 443 2279 or +358 50 556 6512
APPENDICES: TABLES
INCOME STATEMENT (EUR million)
IFRS FAS IFRS FAS
Q1/04 Q1/04 diff. Q2/04 Q2/04 diff.
CONTINUING OPERATIONS
Turnover 98.7 205.6 -106.9 117.5 196.2 -78.7
Cost of sales -81.0 -171.0 90.0 -98.8 -164.3 65.5
Gross profit 17.7 34.5 -16.9 18.7 31.9 -13.2
Other operating income
and expenses -17.5 -33.6 16.1 -46.5 163.8 -210.3
Income from associates 0.0 -0.2 0.2 0.0 -0.3 0.3
Operating result 0.2 0.7 -0.5 -27.8 195.4 -223.2
Finance income and
expenses, net -1.1 -3.0 1.9 -1.3 -3.0 1.7
Share of result of
associates -0.1 - -0.1 -0.3 - -0.3
Result before tax -0.9 -2.3 1.3 -29.4 192.4 -221.8
Income tax -0.7 -2.0 1.3 -2.4 -2.4 0.0
Result for the period
from the continuing
operations -1.6 -4.3 2.7 -31.8 190.0 -221.8
DISCONTINUED OPERATIONS
Result for the period
from discontinued
operations -14.3 - -14.3 246.2 - 246.2
Result for the period -16.0 -4.3 -11.7 214.4 190.0 24.4
Attributable to:
Equity holders of
the parent -16.1 -4.3 -11.8 213.3 189.0 24.3
Minority interest 0.2 0.0 0.2 1.1 1.0 0.1
-16.0 -4.3 -11.7 214.4 190.0 24.4
Earnings per share from
the profit attributable
to equity holders of
the parent (EUR) -0.10 -0.03 -0.07 1.29 1.15 0.14
Earnings per share from
continued operations
(EUR) -0.01 -0.20
Earnings per share from
discontinued operations
(EUR) -0.09 1.49
IFRS FAS IFRS FAS
Q3/04 Q3/04 diff. Q4/04 Q4/04 diff.
CONTINUING OPERATIONS:
Turnover 109.6 113.0 -3.4 112.1 112.2 0.0
Cost of sales -91.5 -95.2 3.7 -88.7 -90.1 1.5
Gross profit 18.1 17.8 0.3 23.5 22.0 1.5
Other operating income
and expenses -14.3 -14.8 0.5 -18.0 -18.3 0.3
Income from associates 0.0 - 0.0 0.0 - 0.0
Operating result 3.8 3.0 0.7 5.5 3.7 1.7
Finance income and
expenses, net 0.2 0.4 -0.2 0.7 0.8 -0.1
Share of result of
associates 0.0 0.0 0.0 0.0 0.0 0.0
Result before tax 3.9 3.4 0.5 6.1 4.5 1.6
Income tax 7.1 5.9 1.2 -2.8 -2.3 -0.6
Result for the period
from the continuing
operations 11.0 9.2 1.8 3.3 2.3 1.0
DISCONTINUED OPERATIONS
Result for the period
from discontinued
operations -1.3 0.0 -1.3 1.5 0.0 1.5
Result for the period 9.7 9.2 0.5 4.8 2.3 2.5
Attributable to:
Equity holders
of the parent 9.5 9.9 -0.5 4.7 1.2 3.5
Minority interest 0.3 -0.7 1.0 0.2 1.1 -0.9
9.7 9.2 0.5 4.8 2.3 2.6
Earnings per share from
the profit attributable
to equity holders
of the parent (EUR) 0.06 0.06 0.00 0.03 0.01 0.02
Earnings per share from
continued operations
(EUR) 0.07 0.02
Earnings per share from
discontinued operations
(EUR) -0.01 0.01
IFRS FAS
Q1-Q4/04 Q1-Q4/04 diff.
CONTINUING OPERATIONS:
Turnover 437.9 626.9 -189.0
Cost of sales -360.0 -520.7 160.7
Gross profit 78.0 106.3 -28.3
Other operating income
and expenses -96.3 97.1 -193.4
Income from associates -0.6 0.6
Operating profit -18.4 202.8 -221.2
Finance income and
expenses, net -1.6 -4.9 3.3
Share of result of
associates -0.4 - -0.4
Result before tax -20.3 198.0 -218.3
Income tax 1.2 -0.8 2.0
Result for the period from
the continuing operations -19.1 197.2 -216.3
DISCONTINUED OPERATIONS:
Result for the period from
discontinued operations 232.1 - 232.1
Result for the period 213.0 197.2 15.8
Attributable to:
Equity holders
of the parent 211.3 195.8 15.5
Minority interest 1.7 1.4 0.3
213.0 197.2 15.8
Earnings per share from
the profit attributable
to equity holders
of the parent (EUR) 1.28 1.19 0.09
Earnings per share from
continued operations (EUR) -0.12
Earnings per share from
discontinued operations
(EUR) 1.40
RECONCILIATION OF NET INCOME (EUR million)
Q1/04 Q2/04 Q3/04 Q4/04 Q1-Q4/04
Net income according to
FAS -4.3 189.0 9.0 2.2 195.8
Cancellation of
amortisation of
goodwill 1.3 0.8 0.3 0.2 2.7
Cancellation of
depreciations from
discontinued operations 4.5 3.8 0.0 0.0 8.2
Impact of IFRS adjustments
on sales profit of RC 0.0 4.1 0.0 0.0 4.1
Financial leases 0.2 0.2 0.2 0.1 0.6
Change in pension
liability -0.1 0.5 -0.1 3.3 3.6
Difference in exchange
rate between internal
capital loans and
shareholders equity 0.1 -0.1 -0.1 0.0 -0.1
Deferred taxes from
retained earnings
accrued from group
companies entered under
discontinued operations -16.3 16.3 0.0 0.0 0.0
Other deferred taxes -1.4 -1.3 0.2 -0.6 -3.0
Impact of IFRS changes on
minority interest -0.2 -0.1 0.0 -0.1 -0.3
Other IFRS adjustments 0.0 0.2 -0.1 -0.4 -0.3
Net income according to
IFRS -16.1 213.3 9.5 4.7 211.3
OPENING BALANCE SHEET (EUR million)
IFRS FAS
31.12.03 31.12.03 diff.
Non-current assets
Intangible assets 23.4 23.4 0.0
Goodwill 63.7 65.3 -1.5
Property, plant and
equipment 285.1 277.2 7.9
Investments 19.7 12.6 7.1
Deferred tax assets 21.1 20.3 0.9
Current assets
Inventories 117.7 117.7 0.0
Accounts receivables and
other current assets 116.7 123.9 -7.2
Securities under
financial assets 14.1 14.1 0.0
Cash and cash equivalents 20.5 20.5 0.0
Non-current assets
available for sale 0.0 - 0.0
Total assets 682.1 675.0 7.1
Equity attributable to
equity holders
of the parent 189.5 194.0 -4.5
Minority interest 23.1 23.2 -0.2
Deferred tax liabilities 22.2 22.0 0.1
Pension liabilities 4.3 - 4.3
Interest bearing
non-current liabilities 240.2 234.8 5.4
Other non-current
liabilities 0.2 0.2 0.0
Accounts payable and
other liabilities 122.7 123.1 -0.3
Interest bearing
current liabilities 79.9 77.6 2.2
Liabilities related to
non-current assets
available for sale 0.0 - 0.0
Total equity and
liabilities 682.1 675.0 7.1
BALANCE SHEET (EUR million)
IFRS FAS IFRS FAS
31.3.04 31.3.04 diff. 30.6.04 30.6.04 diff.
Non-current assets
Intangible assets 12.2 23.6 -11.3 10.2 9.9 0.2
Goodwill 41.2 63.9 -22.7 15.3 15.3 0.0
Tangible assets 136.3 280.0 -143.7 130.7 127.9 2.8
Investments 16.5 12.5 4.0 16.4 9.1 7.3
Deferred tax assets 18.3 20.5 -2.2 18.6 18.0 0.7
Current assets
Inventories 80.6 119.2 -38.7 70.7 70.7 0.0
Accounts receivables
and other receivables 44.6 129.3 -84.7 58.5 65.6 -7.1
Securities under
financial assets 8.9 11.6 -2.7 291.9 291.9 0.0
Cash in hand and
at banks 4.2 18.5 -14.3 4.5 4.5 0.0
Non-current assets
available for sale 329.4 - 329.4 0.0 - 0.0
Total assets 692.3 679.1 13.2 616.8 612.8 4.0
Equity attributable to
equity holders
of the parent 172.7 189.6 -16.9 385.2 387.4 -2.1
Minority interest 22.8 22.8 0.1 14.3 14.4 -0.1
Deferred tax liability 16.5 22.0 -5.5 13.1 12.9 0.2
Pension liabilities 3.9 - 3.9 3.9 - 3.9
Non-current interest
bearing liabilities 218.7 237.2 -18.6 88.6 87.4 1.2
Other non-current
liabilities 0.0 0.4 -0.4 0.0 0.0 0.0
Accounts payable and
other liabilities 54.7 126.3 -71.6 65.7 67.0 -1.4
Current interest
bearing liabilities 12.1 80.7 -68.6 45.9 43.7 2.3
Liabilities related
to non-current assets
available sale 190.9 - 190.9 0.0 - 0.0
Total equity and
liabilities 692.3 679.1 13.2 616.8 612.8 4.0
IFRS FAS IFRS FAS
30.9.04 30.9.04 diff. 31.12.04 31.12.04 diff.
Non-current assets
Intangible assets 9.5 9.3 0.2 10.2 10.0 0.2
Goodwill 15.5 15.0 0.4 17.0 16.1 0.9
Tangible assets 129.1 126.5 2.6 127.0 124.3 2.8
Investments 16.2 9.1 7.1 16.2 9.8 6.5
Deferred tax assets 13.8 12.9 0.9 9.5 9.1 0.4
Current assets
Inventories 57.6 57.6 0.0 56.5 56.5 0.0
Accounts receivables
and other receivables 57.6 64.5 -6.9 63.8 70.5 -6.7
Securities under
financial assets 253.9 253.9 0.0 210.4 210.4 0.0
Cash in hand at banks 6.4 6.4 0.0 3.8 3.8 0.0
Non-current assets
available for sale 0.0 - 0.0 0.0 - 0.0
Total assets 559.6 555.2 4.5 514.3 510.4 3.9
Equity attributable to
equity holders
of the parent 374.8 376.2 -1.4 378.1 376.8 1.3
Minority interest 14.5 14.7 -0.1 14.7 14.8 -0.1
Deferred tax liability 12.9 12.7 0.2 10.3 10.0 0.2
Pension liabilities 4.0 - 4.0 0.7 - 0.7
Non-current interest
bearing liabilities 28.5 27.1 1.3 26.0 24.3 1.7
Other non-current
liabilities 0.0 0.0 0.0 0.0 0.0 0.0
Accounts payable and
other liabilities 77.7 79.1 -1.4 61.8 62.8 -1.0
Current interest
bearing liabilities 47.3 45.4 1.9 22.8 21.7 1.1
Liabilities related
to non-current assets
available sale 0.0 - 0.0 0.0 - 0.0
Total equity and
liabilities 559.6 555.2 4.5 514.3 510.4 3.9
RECONCILIATION OF EQUITY (EUR million)
31.12.03 31.3.04 30.6.04 31.9.04 31.12.04
Equity according to FAS 217.3 212.4 401.8 390.8 391.6
Conversion of
goodwill to currency -1.5 -1.9 -0.3 -0.3 -0.3
Cancellation of amortisation
of goodwill 0.0 1.3 0.3 0.8 1.2
Cancellation of depreciations
from discontinued operations 4.4
Financial leases 0.3 0.6 0.6 -0.1 0.1
Pension liability -4.0 -4.1 -3.6 -3.7 -0.4
Deferred taxes from
retained earnings accrued
from group companies
entered under discontinued
operations -16.3
Other deferred taxes 0.7 -0.6 0.5 0.7 0.1
Changes in associated
companies -0.5 -0.4 -0.2 -0.2 -0.2
Other differences 0.3 0.3 0.4 1.3 0.7
Equity according to IFRS 212.6 195.5 399.5 389.3 392.8
TURNOVER BY BUSINESS SEGMENT (EUR million)
IFRS FAS IFRS FAS
Q1/04 Q1/04 diff. Q2/04 Q2/04 diff.
Raisio Nutrition 88.0 91.1 -3.1 105.4 108.5 -3.1
Raisio Life Sciences 11.8 11.8 0.0 13.7 13.7 0.0
Interdivisional
turnover -1.1 -3.9 2.8 -1.5 -3.1 1.6
Total turnover from
continuing operations 98.7 99.0 -0.4 117.5 119.1 -1.6
Discontinued
operations 108.2 106.5 1.7 80.5 77.1 3.4
Eliminations -1.3 0.0 -1.3 -1.8 0.0 -1.8
Total turnover 205.6 205.6 0.0 196.2 196.2 0.0
IFRS FAS IFRS FAS
Q3/04 Q3/04 diff. Q4/04 Q4/04 diff.
Raisio Nutrition 99.0 102.4 -3.4 97.5 97.6 0.0
Raisio Life Sciences 11.7 11.7 0.0 16.1 16.1 0.0
Interdivisional
turnover -1.1 -1.1 0.0 -1.5 -1.5 0.0
Total turnover from
continuing operations 109.6 113.0 -3.4 112.1 112.2 0.0
Discontinued
operations 4.0 0.0 4.0 0.0 0.0 0.0
Eliminations -0.5 0.0 -0.5 0.0 0.0 0.0
Total turnover 113.0 113.0 0.0 112.2 112.2 0.0
IFRS FAS
Q1-Q4/04 Q1-Q4/04 diff.
Raisio Nutrition 389.9 399.6 -9.7
Raisio Life Sciences 53.3 53.3 0.0
Interdivisional turnover -5.3 -9.6 4.3
Total turnover from
continuing operations 437.9 443.3 -5.3
Discontinued operations 192.7 183.7 9.0
Eliminations -3.6 0.0 -3.6
Total turnover 627.0 626.9 0.1
SEGMENT RESULTS (EUR million)
(Operating profit + share of result of associates)
IFRS FAS IFRS FAS
Q1/04 Q1/04 diff. Q2/04 Q2/04 diff.
Raisio Nutrition -0.6 -1.5 1.0 -17.3 -18.8 1.5
Raisio Life Sciences 0.9 0.6 0.3 -8.1 -7.8 -0.3
Other operations -0.2 -0.3 0.1 -2.7 220.3 -223.0
Segment result from
continuing operations 0.1 -1.2 1.3 -28.1 193.7 -221.8
Discontinued operations 6.6 1.9 4.7 233.1 1.7 231.3
Total 6.7 0.7 6.0 204.9 195.4 9.5
IFRS FAS IFRS FAS
Q3/04 Q3/04 diff. Q4/04 Q4/04 diff.
Raisio Nutrition 3.4 2.8 0.6 4.3 2.5 1.9
Raisio Life Sciences 0.8 0.7 0.1 1.6 1.2 0.4
Other operations -0.5 -0.4 -0.1 -0.5 0.1 -0.6
Segment result from
continuing operations 3.7 3.0 0.7 5.5 3.7 1.8
Discontinued
operations -0.2 0.0 -0.2 1.5 0.0 1.5
Total 3.5 3.0 0.5 7.0 3.7 3.3
IFRS FAS
Q1-Q4/04 Q1-Q4/04 diff.
Raisio Nutrition -10.2 -15.1 5.0
Raisio Life Sciences -4.8 -5.3 0.6
Other operations -3.9 219.6 -223.6
Segment result from
continuing operations -18.8 199.2 -218.0
Discontinued operations 240.9 3.6 237.3
Total 222.2 202.8 19.3
TURNOVER BY MARKET AREA FROM CONTINUING OPERATIONS (EUR million)
IFRS FAS IFRS FAS IFRS FAS
Q1/04 Q1/04 diff. Q2/04 Q2/04 diff. Q3/04 Q3/04 diff.
Finland 65.3 65.6 -0.4 70.3 71.9 -1.6 70.4 73.8 -3.4
Poland 7.6 7.6 0.0 7.8 7.8 0.0 8.3 8.3 0.0
Russia 4.5 4.5 0.0 14.3 14.3 0.0 10.5 10.5 0.0
Other Europe 20.1 20.1 0.0 23.7 23.7 0.0 18.6 18.6 0.0
ROW 1.2 1.2 0.0 1.4 1.4 0.0 1.8 1.8 0.0
Total 98.7 99.0 -0.4 117.5 119.1 -1.6 109.6 113.0 -3.4
IFRS FAS IFRS FAS
Q4/04 Q4/04 diff. Q1-Q4/04 Q1-Q4/04 diff.
Finland 74.8 74.8 0.0 280.8 286.1 -5.3
Poland 9.7 9.7 0.0 33.4 33.4 0.0
Russia 3.1 3.1 0.0 32.4 32.4 0.0
Other Europe 22.7 22.7 0.0 85.1 85.1 0.0
ROW 1.8 1.8 0.0 6.2 6.2 0.0
Total 112.1 112.2 0.0 437.9 443.3 -5.3
KEY INDICATORS
IFRS FAS IFRS FAS
Q1/04 Q1/04 Q1-Q2/04 Q1-Q2/04
Return on equity, ROE, % -31.3 -8.0 129.7 120.0
Return on investment,
ROI, % 3.5 1.1 80.1 75.1
Interest bearing liabilities
at the end of the period,
EURm 330.5 318.0 138.5 131.1
Gross investments, EURm 13.5 12.5 21.1 20.0
Gross investments of
continuing operations,
EURm 3.5 - 8.3 -
% of turnover from
continuing operations 3.5 - 3.8 -
R & D expenditure, EURm 4.6 5.4 8.6 10.2
R & D expenditure of
continuing operations,
EURm 1.9 - 4,1 -
% of turnover from
continuing operations 1.9 - 1.9 -
Equity ratio, % 28.3 31.3 65.0 65.8
Gearing, % 153.7 135.6 -39.5 -41.1
Earnings per share, EUR -0.10 -0.03 1.19 1.12
Equity per share, EUR 1.05 1.15 2.33 2.35
IFRS FAS IFRS FAS
Q1-Q3/04 Q1-Q3/04 Q1-Q4/04 Q1-Q4/04
Return on equity, ROE, % 92.2 85.5 70.4 64.8
Return on investment,
ROI, % 58.4 54.8 46.7 43.3
Interest bearing liabilities
at the end of the period,
EURm 79.7 72.5 49.5 46.0
Gross investments, EURm 25.4 24.3 34.8 33.1
Gross investments of
continuing operations,
EURm 12.7 - 22.1 -
% of turnover from
continuing operations 3.9 - 5.0 -
R & D expenditure, EURm 10.5 12.0 12.9 14.2
R & D expenditure of
continuing operations,
EURm 5.9 - 8.4 -
% of turnover from
continuing operations 1.9 - 1.9 -
Equity ratio, % 69.7 70.6 76.4 76.8
Gearing, % -46.4 -48.1 -41.9 -42.9
Earnings per share, EUR 1.25 1.17 1.28 1.19
Equity per share, EUR 2.27 2.28 2.29 2.28
