The European Union requires the use of IFRS as approved by the EU for all stock-listed companies in the EU and the European Economic Area (EEA). The regulation was incorporated into Norwegian law in December 2004 and applies to Hydro. As Hydro was already using the internationally recognized accounting principles US GAAP, Hydro has chosen to delay the implementation of IFRS until 2007 as allowed by EU. The United States Securities and Exchange Commission (SEC) allows companies using IFRS as their primary GAAP to file annual financial statements with the SEC using IFRS with a reconciliation to US GAAP, which Hydro intends to do going forward.
Hydro has prepared an IFRS conversion document which presents the IFRS financial statements for the fiscal year ending December 31, 2006, and the quarters ending March 31, June 30, September 30, and December 31, 2006, based on the IFRS principles as adopted by Hydro. IFRS information included in this document is reconciled to the previously released US GAAP 2006 income statement (on an annual and quarterly basis) and the January 1, 2006, and December 31, 2006, balance sheets. The document is available at www.hydro.com.
Hydro will release its first quarter 2007 results on May 31 at 7:30 a.m. CET.
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