Elevator and escalator manufacturer KONE Oyj restated its results for full-year 2017 after adopting new accounting standards.
Under International Financial Reporting Standards 15, revenue is recognized over time as the customer obtains control of each asset, compared to the previous method under which revenue was recognized on the handover of the project to the customer. KONE said IFRS 15 affects revenue recognition of new equipment and modernization contracts.
Net income for full-year 2017 was revised down to €960.2 million from €975.1 million and operating income was restated as €1.19 billion from €1.22 billion. The order book was revised down to €7.36 billion from €8.24 billion.
Sales were revised to €8.80 billion from €8.94 billion. Sales of the company's new equipment business were restated to €4.65 billion from €4.77 billion and the modernization segment's sales were revised down to €1.26 billion from €1.29 billion.
The company said IFRS 9 also became effective on Jan. 1, 2018, and did not have a material impact on its consolidated financial statements.