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2016-10-24

CORRECTION: SATO Corporation's interim report 1 January 2016 - 30 September 2016

SATO Corporation, 24th October 2016 at 5:22 pm
This is a correction of the announcement from 15:10 20.10.2016 EEST. Reason for the correction:
Statement of cash flows included in the Interim Report of SATO Group for
January to September 2016 contained incorrect information under cash flow
from operating activities and cash flow from financing activities.

The correct net cash flow from operating activities amounts to EUR 68.9
million for the period January to September 2016 and EUR 31.0 million for the
period July to September 2016. Furthermore, the basis of presenting certain
withdrawals and repayments of loans included in the cash flow from financing
activities has been changed from net to gross. The net cash flows from
investing activities and financing activities and change in cash and cash
equivalents remain unchanged.

The corrected statement of cash flows is presented below. The corrected
figures are indicated in the table in italics.

The Interim Report including the corrected statement of cash flows in its entirety is attached and available athttps://www.sato.fi/en/for-investors.

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| Consolidated statement of cash flow, IFRS |
| |
| MEUR 1 Jul - 30 Sep 2016 1 Jul - 30 Sep 2015 1 Jan - 30 Sep 2016 1 Jan - 30 Sep 2015 1 Jan - 31 Dec 2015 |
| Cash flow from operating activities |
| Profit for the period 51.2 7.4 137.7 81.3 127.0 |
| Adjustments: |
| Business activities not involving payment -38.2 18.6 -102.2 -21.4 -56.9 |
| Profit and loss on sales of investment properties 0.2 -3.7 -0.6 -7.0 -8.6 |
| Other adjustments 0.0 1.3 0.0 -1.0 -2.5 |
| Interest expenses and other financial expenses 12.3 9.3 35.5 29.0 38.3 |
| Interest income -0.2 -0.1 -0.4 -0.5 -0.8 |
| Dividend income 0.0 0.0 0.0 0.0 0.0 |
| Income taxes 12.8 2.0 35.2 21.1 32.5 |
| Cash flow before change in net working capital 38.1 34.8 105.1 101.5 128.8 |
| |
| Change in net working capital: |
| Changes in accounts receivable and other receivables -5.2 0.3 -7.7 -1.6 -1.1 |
| Change in inventories 6.8 3.5 12.4 50.8 76.7 |
| Change in accounts payable and other liabilities 4.9 -2.8 7.4 -10.8 -18.6 |
| Interest paid -13.1 -9.8 -35.0 -33.1 -40.9 |
| Interest received 0.2 0.0 0.2 0.5 0.9 |
| Taxes paid -0.6 -6.6 -13.5 -21.2 -21.0 |
| Net cash flow from operating activities 31.0 19.4 68.9 86.0 124.8 |
| |
| Cash flow from investing activities |
| Disposals of subsidiaries. net of disposed cash 0.0 0.0 0.0 0.0 0.3 |
| Acquisitions of Investment properties -64.5 -98.9 -267.5 -195.0 -250.4 |
| Acquisitions of tangible and intangible assets -0.2 -0.1 -0.6 -1.0 -1.3 |
| Repayments of loans receivable 0.0 0.0 0.6 1.5 2.2 |
| Payments of granted loans 0.0 0.0 -1.0 -1.8 -3.2 |
| Disposals of Investment property 18.3 15.9 31.2 35.3 59.1 |
| Net cash flow from investing activities -46.4 -83.0 -237.3 -161.0 -193.3 |
| |
| Cash flow from financing activities |
| Repayments (-) / withdrawals (+) of current loans -30.0 -34.5 -70.8 -2.1 1.1 |
| Withdrawals of non-current loans 12.5 366.5 310.8 464.2 483.7 |
| Repayments of non-current loans -11.4 -181.9 -169.8 -244.9 -355.5 |
| Payments received from the issue of shares 0.0 0.0 98.7 0.0 0.0 |
| Repayment of capital and dividends paid 0.0 0.0 -25.4 -31.5 -31.5 |
| Net cash flow from financing activities -28.9 150.2 143.5 185.8 97.7 |
| |
| Change in cash and cash equivalents -44.3 86.6 -24.9 110.8 29.2 |
| Cash and cash equivalents at the beginning of period 79.7 56.2 60.7 31.8 31.8 |
| Effect of exchange rate fluctuations on cash held 0.0 -0.2 0.2 0.0 -0.1 |
| Cash M&A 0.0 0.0 0.5 0.0 -0.3 |
| Cash and cash equivalents at the end of period 35.4 142.6 35.4 142.6 60.7 |
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Appendix

Interim report Jan-Sep 2016 with corrected data

SATO Corporation, Interim Report, 20th October 2016 at 3:10 pm

Customer-driven approach to the core of SATO's strategy

Summary of 1 January - 30 September 2016 (1 January - 30 September 2015)

* Net sales stood at EUR 230.8 (244.8) million, of which rental income
accounted for EUR 194.8 (187.8) million.
* Profit before taxes stood at EUR 172.9 (102.5) million. The improvement was
based on the change in the fair value of rental flats, which was EUR 101.5
(26.4) million.
* Earnings per share were EUR 2.57 (1.60).
* Equity was EUR 1,206.5 (948.0) million, or EUR 21.31 (18.65) per share.
* Return on equity was 16.7 (11.8) percent.
* Equity ratio was 34.1 (31.2) percent.
* Investments in rental flats stood at EUR 508.8 (195.0) million.
* A total of 3,061 (960) rental flats were acquired or completed.
* A total of 1,428 (1,122) rental apartments were under construction.
* The occupancy rate in Finland was 95.3 (96.6) percent.

Summary of 1 July - 30 September 2016 (1 July - 30 September 2015)

* Net sales stood at EUR 72.5 (69.3) million, of which rental income
accounted for EUR 68.3 (62.8) million.
* Profit before taxes stood at EUR 64.0 (9.4) million. The change in the fair
value of rental flats included in the result was EUR 38.5 (-18.3) million.
* Earnings per share were EUR 0.90 (0.15).
* Investments in rental flats stood at EUR 64.0 (98.9) million.
* The occupancy rate in Finland was 96.0 (96.7) percent.

Operating environment

Growth is expected in the Eurozone, but it is shadowed by several risks.
Global crises related to economy, politics and security, together with
Brexit, create uncertainty globally and, in particular, in Europe.

The picture of the Finnish economy is mixed. Positive signals can be seen in
confidence indicators regarding construction, services and consumers, as
these are at the long-term average level or higher. Then again, the outlook
is pushed down by exports, and the general recovery has not started,
regardless some positive news in certain industrial segments.

The uncertainty is expected to keep the market interest rates close to zero
for a long time.
...

Författare Hugin

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