Neste Oil adopted the International Financial Reporting Standards (IFRS) as of January 1, 2005 as the Group's accounting principles for financial reporting. Prior to January 1, 2005, Neste Oil's accounting principles were in accordance with Finnish GAAP. The date of transition from Finnish GAAP to IFRS for Neste Oil is May 1, 2004. An overview of the effects of IFRS transition on Neste Oil's income statement and balance sheet was included in the notes to the financial statements for the May 1 - December 31, 2004 accounting period, prepared in accordance with Finnish GAAP. On March 14, 2005 Fortum Corporation released a stock exchange release "Neste Oil financial disclosure", which included the above mentioned IFRS note. This stock exchange release is available at the Company's website www.nesteoil.com
The purpose of this release is to present the comparative financial information by quarters for the May 1 - December 31, 2004 financial period in accordance with IFRS, and to present the reconciliation of equity and net profit reported under Finnish GAAP to IFRS.
Neste Oil Corporation
Senior Vice President, Communications