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Ericsson restates 2 years of results under new reporting standard

Ericsson restated its consolidated income statements for each quarter of 2017 and full year 2016 due to the adoption of International Financial Reporting Standards 15.

The new standard was applied as of Jan. 1, 2018, and affects the time at which revenue and costs are recognized but does not affect cash flow. The restatement had a positive effect on net sales and income for 2017 and a negative impact on net sales and income for 2016.

Net sales for full year 2017 were revised up to 205.38 billion Swedish kronor from 201.30 billion kronor, and the company's operating loss was revised down to 34.74 billion kronor from 38.13 billion kronor. The gross margin for the year was changed to 23.3% from 22.1%.

For full year 2016, net sales were revised down to 220.32 billion kronor from 222.61 billion kronor and operating income was revised down to 5.19 billion kronor from 6.30 billion kronor. The company's gross margin was changed to 29.6% from 29.8%.

As of March 15, US$1 was equivalent to 8.17 Swedish kronor.