Valoe Oyj - Annual Financial Report

VALOE DISCLOSES UNAUDITED FINANCIAL STATEMENTS FOR 2016

Valoe Corporation                                                     Stock
Exchange Release 30 April 2017 at 19.35 Finnish time 

VALOE DISCLOSES UNAUDITED FINANCIAL STATEMENTS FOR 2016

Valoe’s Financial Statements for 2016 to be disclosed on 30 April 2017 have not
been audited. The auditing has not yet been completed but will be finished
without delay. Valoe will disclose a separate release on the Auditors Report as
soon as the Report is available. The auditing has not been completed because of
the recent changes the company made in the Financial Statements. 

In April 2017, based on the International Accounting Standard IAS 11, Valoe
disclosed that the performance obligations for recognising revenue from the
Ethiopian project have not been satisfied and the company resolved to revise
its financial statements per 31 December 2016 retrospectively. 

Due to the revisions, the company’s equity turned negative as per 31 December
2016 which the company had to remedy as well. 

In terms of operations, the project will be continued and the company will
resume recognising revenue based on percentage of completion when the
performance obligations have been satisfied. 



 In Mikkeli on 30 April 2017

Valoe Corporation

BOARD OF DIRECTORS



For more information:
CEO Iikka Savisalo, Valoe Corporation
tel. 0405216082
email: iikka.savisalo@valoe.com

Distribution:
Nasdaq Helsinki Oy
Main media
www.valoe.com

Valoe Corporation specializes in the clean energy, especially in photovoltaic
solutions. Valoe provides automated production technology for solar modules
based on the company’s own technology; production lines for modules; solar
modules and special components for solar modules. Valoe's head office is
located in Mikkeli, Finland.