Verkkokauppa.com Oyj COMPANY RELEASE December 1, 2017 at 8:00
Verkkokauppa.com adjusts its reported financial information for 2017 and 2016. The reason for the adjustment is an error in the estimates for accruals for marketing support and purchase discounts from suppliers identified in connection with the audit process. The company has underestimated the refunds in the 2016 year-end accounts.
The correction will decrease 2017 operating result by approximately 1.1 million euro (0.2 million euro decrease of revenue and 0.9 million euro increase of cost of goods). Operating result 2016 will improve by approximately 0.4 million euro. The effects of the adjustment to its 2017 quarterly information will be presented in connection with the publication of the Q4 financial release and the financial statements for 2017.
Verkkokauppa.com has during 2017 improved controls relating to the accuracy of accruals.
As a result of the adjustments, Verkkokauppa.com specifies its guidance for 2017 so that Verkkokauppa.com's revenue is expected to exceed the level of 2016 and the comparable operating profit is expected to be below the level of 2016 at the level of approximately 8 - 10 million euro. In its previous guidance, in September 2017, Verkkokauppa.com has stated that in 2017 the company's revenue is expected to exceed the level of 2016 and the comparable operating profit is expected to be below the level of 2016.
Helsinki, Finland, December 1, 2017
Verkkokauppa.com Oyj
Board of Directors
More information:
Jussi Tallgren, CFO
e-mail jussi.tallgren@verkkokauppa.com
Telephone +358 10 309 5555
Samuli Seppälä, CEO
e-mail samuli.seppala@verkkokauppa.com
Telephone +358 10 309 5555
Certified Adviser Nordea Bank Finland Plc
Telephone +358 9 5300 6785
Distribution:
NASDAQ OMX Helsinki
Key media
www.verkkokauppa.com