16/04/2018 07:45:29

Metso's restated financial information for 2017 (IFRS 15 and Flow Control's services business)

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Metso's restated financial information for 2017 (IFRS 15 and Flow Control's services business)

Metso Corporation, stock exchange release, April 16, 2018 at 9:45 a.m. EEST

As of January 1, 2018, Metso has adopted the IFRS 15 Revenue from Contracts with Customers standard by using the full retrospective method. The Interim Review for January-March 2018 will be published according to the new standard, and the comparison period for 2017 will be restated accordingly.

Under IFRS 15, reported sales is reduced by the amount of late delivery penalties, which up until now have been expensed. Accordingly, cost of goods sold (COGS) is affected positively by the same amount. Gross profit and other income statement items as well as the balance sheet will be unchanged. The full-year impact in the consolidated statement of income for 2017 was a EUR 8 million decrease in sales and cost of goods sold (COGS).    

In line with the organizational changes, Metso has also revised the reporting principles regarding the Flow Control segment's services business as of January 1, 2018. As a result, Flow Control's day-to-day sales through distributors in North America have been excluded from the services business definition.  

The following tables reflect the impact of the IFRS 15 transition and the change in the Flow Control segment's services business reporting for quarterly figures and segment information in 2017.

IFRS 15 impact on sales and COGS in 2017

Metso Group

Restated

Adjustment

Reported

EUR million

1-12/2017

 

1-12/2017

Sales 2,699 -8 2,706
Cost of goods sold (COGS) -1,968  8 -1,976

Gross profit

731

 0

731

Sales of the services business in 2017

 

Restated

Reported

EUR million

1-3/

2017

1-6/

2017

1-9/

2017

1-12/

2017

1-3/

2017

1-6/

2017

1-9/

2017

1-12/

2017

Minerals 325 673 1,017 1,368 325 673 1,017 1,368
  % of sales 66 67 67 66 66 67 66 66
Flow Control 57 113 166 228 97 195 291 399
  % of sales 36 36 36 36 61 63 62 63
Metso total 383 786 1,183 1,595 423 868 1,308 1,767
  % of sales 59 59 60 59 65 66 66 65

Orders received by the services business in 2017

 

Restated

Reported

EUR million

1-3/

2017

1-6/

2017

1-9/

2017

1-12/

2017

1-3/

2017

1-6/

2017

1-9/

2017

1-12/

2017

Minerals 386 756 1,136 1,474 386 756 1,136 1,474
  % of sales 69 67 64 64 69 67 64 64
Flow Control 65 126 188 243 110 220 326 423
  % of sales 38 36 36 36 64 63 63 63
Metso total  451  882 1,324 1,717  496  976 1,462 1,897
  % of sales  62  60  58  58  68  66  64  64

The restated figures are unaudited, and they have been rounded to the nearest million. Consequently, the sum of individual figures might differ from the presented total figure. Full restated financial information for 2017 is attached.

Metso Corporation

Eeva Sipilä

Interim President and CEO & CFO

Juha Rouhiainen

VP, Investor Relations

Distribution:

Nasdaq Helsinki

Media

www.metso.com

Metso is a world-leading industrial company offering equipment and services for the sustainable processing and flow of natural resources in the mining, aggregates, recycling and process industries. With our unique knowledge and innovative solutions, we help our customers improve their operational efficiency, reduce risks and increase profitability. Metso is listed on the Nasdaq Helsinki in Finland and had sales of about EUR 2.7 billion in 2017. Metso employs over 12,000 people in more than 50 countries.

www.metso.com

,

www.twitter.com/metsogroup

For further information, please contact:

Juha Rouhiainen, VP, Investor Relations, Metso Corporation, tel. +358 20 484 3253

Metso_IFRS15_FLOWSERVICES_Restatement_EN


This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.

The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.

Source: Metso Corporation via Globenewswire

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