Elektrobit Group Oyj - ELEKTROBIT GROUP PLC'S INTERIM REPORT JANUARY TO MARCH 2005
May 11, 2005
ELEKTROBIT GROUP PLC'S INTERIM REPORT JANUARY TO MARCH 2005
TRANSITION TO INTERNATIONAL FINANCIAL REPORTING STANDARDS (IFRS)
Elektrobit adopted the International Financial Reporting Standards as of the beginning of 2005, and this interim report is the first one prepared in accordance with these standards. The exceptions allowed in the IFRS1 first-time adoption standard with regard to retroactive application of individual standards have been utilized in the transition. The IFRS information presented has been prepared in accordance with the IFRS standards valid at the time of preparation. The transition to IFRS regulations reduced Elektrobit Group's consolidated shareholders' equity on the opening balance sheet January 1, 2004, by approximately 1.5 million euro (1.9%) and increased the balance sheet total by approximately 3.5 million euro (2.4%). More information and the detailed specifications of the effects of the transition on the balance sheet and financial reporting were provided in a bulletin released by the company on March 9, 2005. The bulletin is available on Elektrobit Group's Web site
www.elektrobit.com .
SUMMARY
The company's objective for 2005 is to continue its efforts towards long-term development by adding resources to sales, marketing and competence development, as well as to research and development.
Net sales in the first quarter of 2005 stood at 44.6 million euro. In line with earlier estimates, this was clearly higher than net sales in the first quarter of 2004 (36.7 million euro). Operating profit in the first quarter of 2005 was 4.5 million euro. It was somewhat lower than the operating profit under FAS in the first quarter of 2004 (4.6 million euro), and in line with earlier estimates.
