Regarding its transition to International Financial Reporting Standards (IFRS), Metso published annual comparative information for the year 2004 on March 31, 2005. The attachment to this release describes the 2004 comparative quarterly information for the consolidated income statement, balance sheet and key ratios as well as segment information for net sales and operating profit.
In March 2005, Metso agreed on the sale of mechanical power transmission manufacturer Metso Drives, which was part of Metso Ventures business area. From January 1, 2005 Metso will apply the IFRS 5 standard, under which Metso Drives shall be classified as a discontinued operation and its net result shall be presented on one line in the income statement below the net result for continuing operations. In the releases describing Metso's transition to IFRS, Metso Drives is still included in the continuing operations, but in the first interim report for 2005, which will be published on April 27, 2005, it will be transferred to discontinued operations also for the comparison year 2004. The net sales and operating profit of Metso Drives in accordance with IFRS for 2004 are presented separately after segment information in the attachment.
Metso is a global technology corporation serving customers in the pulp and paper industry, rock and minerals processing, the energy industry and selected other industries. In 2004, the net sales of Metso Corporation were approx. EUR 4 billion, and it has some 22,000 employees in more than 50 countries. Metso's shares are listed on the Helsinki and New York Stock Exchanges.
attachment IFRS Release quarterly information