As of 1 January 2004 Amer Group has, in line with its previously stated intention, applied International Financial Reporting Standards (IFRS) to its financial reporting.
Financial statements under IFRS for 2003, as attached, have been prepared in accordance with standards effective March 2004.
|
|
2003 IFRS | 2003 FAS |
| Net sales, EUR million | 1,094.1 | 1,104.4 |
| EBIT, EUR million | 117.7 | 101.3 |
| Net profit, EUR million | 78.1 | 64.7 |
| Earnings per share, EUR | 3.35 | 2.77 |
| Return on shareholders' equity (ROE), % | 18.8 | 14.5 |
| Return on capital employed (ROCE), % | 21.0 | 16.9 |
| Equity ratio, % | 48.6 | 50.5 |
| Gearing, % | 33 | 31 |
|
Total assets, EUR million |
872.1 | 912.7 |
The introduction of IFRS rules, compared with the previously used FAS (Finnish Accounting Standards) accounting policies, improve 2003's results, primarily due to the removal of annual goodwill amortization charges. Under IFRS, goodwill amortization charges are being replaced by goodwill impairment testing. One-off valuation adjustments at the time of transition weaken the equity ratio somewhat.
In order to continue to improve the information provided for investors, in conjunction with the transition to IFRS, a new format for the Group's Income Statement has been introduced. The previously used format, based on the classification of expenses by nature, has now been replaced by the classification of expenses by function.
Amer Group's interim results for the period January to March 2004 will be published on Wednesday, 28 April.
ENCLOSURE:
[#Amer Group's 2003 quarterly financial statements in accordance with International Financial Reporting Standards (IFRS)#]
[#Amer Group's 2003 quarterly financial statements in accordance with International Financial Reporting Standards (IFRS)#]
Attachments