IMPLEMENTATION OF IFRS 15 - REVENUE FROM CONTRACTS WITH CUSTOMERS

OUTOTEC OYJ STOCK EXCHANGE RELEASE MARCH 28, 2018 at 10:00 AM

IMPLEMENTATION OF IFRS 15 - REVENUE FROM CONTRACTS WITH CUSTOMERS

Minor impact of IFRS 15 on Outotec's 2017 figures

Outotec has adopted the IFRS 15 standard, Revenue from Contracts with Customers, as of January 1, 2018. As a result, Outotec restated the figures for 2017 using the full retrospective method. The main impacts of the restatement are:

• EUR 4.2 million negative cumulative restatement in retained earnings as of January 1, 2017, which represents the cumulative change in net result for previous periods
• EUR 4.6 million increase in revenue in the income statement for 2017
• EUR 1.4 million increase in EBIT and adjusted EBIT in the income statement for 2017
• EUR 1.0 million increase in the result of the period in the income statement for 2017
• EUR 11.1 million increase in the total assets, of which EUR 9.8 million relates to current assets and EUR 1.3 million to non-current assets as of December 31, 2017
• EUR 14.3 million increase in the current liabilities as of December 31, 2017
• EUR 17.2 million increase in order backlog as of December 31, 2017; the restated order backlog is EUR 1,005.4 million as of December 31, 2017

The attachment contains further information about the analysis and the impact of IFRS 15 on Outotec's quarterly Statements of comprehensive income, Statements of financial position and Segments' sales and EBIT for 2017. The restated financial information is unaudited.

The restatement has no impact on Outotec's financial guidance for 2018.

For further information please contact:

OUTOTEC

Jari Ålgars, CFO
tel. [phone]

email [e-mail]

DISTRIBUTION:
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www.outotec.com 

IFRS 15 restatement 2017

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Source: Outotec Oyj via Globenewswire