Stock exchange release - 2 May 2005
CapMan Plc Group’s comparative IFRS information for 2004
CapMan Plc has adopted International Financial Reporting Standards (IFRS) in the Group’s financial reporting as of 1 January 2005, prior to which the Group’s financial statements have been based on Finnish Accounting Standards (FAS). The changeover date to IFRS is 1 January 2004, for which an opening IFRS balance sheet was published on 11 February 2005 as an appendix to the 2004 financial statements bulletin.
Interim reports for 2005 are drafted in accordance with the new financial accounting principles. CapMan will publish its interim report for the first quarter on 10 May 2005.
The purpose of this release is to report the central effects on the Group’s financial information for 2004 arising from the adoption of IFRS standards. Adjustments to IFRS information that is reported for the 2004 comparative period may be necessary prior to inclusion in the Group’s first IFRS financial statements for the financial period that closes on 31 December 2005. This is due to IFRS norm changes, which are in progress and may be applicable to the financial statements of companies that have adopted IFRS standards as of 2005.
The most significant changes as regards CapMan Plc Group are related to the adoption of fair value of investments and the evaluation of goodwill.
Quarterly comparative figures for 2004 in accordance with IFRS and FAS, supplementary notes to the income statement and balance sheet as well as the accounting principles applied in the IFRS financial statements are reported in this release. The figures are in-audited.
IFRS COMPARATIVE INFORMATION 1 JANUARY - 31 MARCH 2004
|
Group income statement |
|
|
|
|
|
FAS |
IFRS |
IFRS |
|
EUR |
1-3/04 |
difference |
1-3/04 |
|
|
|
|
|
|
Turnover |
5,295,875 |
0 |
5,295,875 |
|
Personnel expenses |
-1,858,659 |
-49,350 |
-1,908,009 |
|
Depreciation |
-145,236 |
|
-145,236 |
|
Amortisation of goodwill |
-258,251 |
-29,992 |
-288,243 |
|
Other operating expenses |
-2,278,200 |
32,250 |
-2,245,950 |
|
Operating profit |
755,529 |
-47,092 |
708,437 |
|
Financial income and expenses |
124,070 |
|
124,070 |
|
Fair value gains / losses of |
|
|
|
|
investments |
|
238,633 |
238,633 |
|
Share of associated companies’ |
|
|
|
|
result |
|
-32,250 |
-32,250 |
|
Profit before taxes |
879,599 |
159,291 |
1,038,890 |
|
Income taxes |
-450,673 |
-66,304 |
-516,977 |
|
Minority interest |
-11,952 |
|
-11,952 |
|
Profit for the financial year |
416,974 |
92,987 |
509,961 |
|
Group balance sheet |
|
|
|
|
|
FAS |
IFRS |
IFRS |
|
EUR |
31.3.04 |
difference |
31.3.04 |
|
|
|
|
|
|
Assets |
|
|
|
|
|
|
|
|
|
Non-current assets |
|
|
|
|
Tangible assets |
1,185,917 |
|
1,185,917 |
|
Goodwill |
6,706,414 |
-29,992 |
6,676,422 |
|
Other intangible assets |
899,475 |
|
899,475 |
|
Investments in associated companies |
911,472 |
|
911,472 |
|
Available-for-sale financial assets |
|
|
|
|
Investments in funds |
14,439,954 |
-1,808,303 |
12,631,651 |
|
Other financial assets |
1,534,211 |
|
1,534,211 |
|
Receivables |
4,092,255 |
|
4,092,255 |
|
Deferred income tax assets |
245,780 |
614,307 |
860,087 |
|
|
30,015,478 |
-1,223,988 |
28,791,490 |
|
Current assets |
|
|
|
|
Accounts and other receivables |
7,895,172 |
-334,824 |
7,560,348 |
|
Other financial assets |
|
|
|
|
at fair value |
7,616,115 |
|
7,616,115 |
|
Cash and bank |
7,299,693 |
|
7,299,693 |
|
|
22,810,980 |
-334,824 |
22,476,156 |
|
|
|
|
|
|
Total assets |
52,826,458 |
-1,558,812 |
51,267,646 |
|
Equity and liabilities |
|
|
|
|
|
|
|
|
|
Share capital |
746,816 |
|
746,816 |
|
Share premium account |
36,864,539 |
|
36,864,539 |
|
Share-based compensation |
|
-236,073 |
-236,073 |
|
Granted options |
|
341,000 |
341,000 |
|
Retained earnings |
7,650,606 |
-1,731,902 |
5,918,704 |
|
Profit for the financial year |
416,974 |
92,987 |
509,961 |
|
|
45,678,935 |
-1,533,988 |
44,144,947 |
|
|
|
|
|
|
Minority interest |
48,513 |
|
48,513 |
|
Total equity |
45,727,448 |
-1,533,988 |
44,193,460 |
|
|