As of the beginning of 2004, UPM converts from the Finnish Accounting Standards (FAS) to the International Financial Reporting Standards, IFRS. The purpose of the comparative figures for 2003 and 2002 is to inform the shareholders and stakeholders of the effects of the transition to the consolidated balance sheet and profit and loss account.
Due to the transition to the IFRS, the company's balance sheet and equity grows but gearing remains almost unchanged. The change in the earnings per share is mostly resulting from a net increase in depreciation and amortization.
2003 IFRS 2003 FAS 2002 IFRS 2002 FASEarnings per share, € 0.61 0.70 0.96 1.06Return on equity, % 4.4 5.3 6.8 8.0Return on capital employed, % 5.2 6.4 7.4 8.4Gearing, % 69 67 71 76Balance sheet, total € mill 16,591 14,517 17,624 15,374