2004 Conversion to IFRS

Today, CSM announced the impact of switching from the previously applied generally accepted accounting principles in the Netherlands (NL GAAP) to the International Financial Reporting Standards (IFRS). Under IFRS, the result for 2004 amounts to EUR 159.7 million (NL GAAP: EUR 120.1 million). This increase has been caused mainly by reversing goodwill amortization. Shareholders? equity as at 1 January 2004 will decrease by EUR 62.5 million under IFRS largely due to the increase in pension obligations.

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