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

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.

For more information on Metso's restated financial information for 2017 (IFRS 15 and Flow Control's services business) talk to Metso UK Ltd