European law requires listed companies to apply International Financial Reporting Standards (IFRS) on their consolidated accounts for accounting periods beginning on or after 1 January 2005. I.M. Skaugen has prepared the opening IFRS balance sheet as per 1 January 2004, the date of the transition to IFRS. The results for 2004 have been prepared in accordance with IFRS in order to be able to present comparable figures.