KONE Oyj announced audited consolidated earnings results for the fourth quarter and audited consolidated and parent earnings results for the year ended December 31, 2016. For the year, on consolidated basis, the company's sales were EUR 8,784.3 million compared with EUR 8,647.3 million a year ago. Operating income was EUR 1,293.3 million compared with EUR 1,241.5 million a year ago. Income before taxes was EUR 1,330.3 million compared with EUR 1,364.4 million a year ago. Net income attributable to shareholders of the parent company was EUR 1,023.7 million or EUR 1.99 per diluted share compared with EUR 1,032.3 million or EUR 2.00 per diluted share a year ago. Cash flow from operating activities was EUR 1,178.4 million compared with EUR 1,446.7 million a year ago. Capital expenditure was EUR 115.8 million compared with EUR 92.7 million a year ago. As on December 31, 2016, the company's interest-bearing net debt was EUR 1,687.6 million. Return on equity was 38.1% against 45.4% a year ago.

For the quarter, on consolidated basis, revenues developed well, close to EUR 2.6 billion, and growth in comparable currencies at 3.6%. EBIT was EUR 392 million. Cash flow remained very strong, at close to EUR 410 million. Earnings per share were EUR 0.58 against EUR 0.71 last year.

For the year, on parent basis, the company's sales were EUR 615.3 million compared with EUR 543.4 million a year ago. Operating income was EUR 213.6 million compared with EUR 158.6 million a year ago. Income before appropriations and taxes was EUR 871.4 million compared with EUR 1,190.7 million a year ago. Net income was EUR 870.4 million compared with EUR 1,200.97 million a year ago. Cash flow from operating activities was EUR 869.1 million compared with EUR 1,221.2 million a year ago. Capital expenditure was EUR 19.5 million compared with EUR 21.4 million a year ago.

For 2017, the company expects sales to grow from minus 1% to plus 3% at comparable exchange rates. And expects EBIT to be in the range of EUR 1,180,000,000 to EUR 1.3 billion, and that assumes that translation exchange rates remain about January 2017 level.