Net sales and profitability

Net sales

Wärtsilä's net sales for January-December 2012 increased by 12% to EUR 4,725 million (4,209). Power Plants accounted for 32%, Ship Power for 28% and Services for 40% of the total net sales. Net sales for Power Plants totalled EUR 1,498 million (1,365), an increase of 10%. Ship Power's net sales increased by 27% and totalled EUR 1,301 million (1,022). During the financial period, net sales from the Services business amounted to EUR 1,908 million (1,816), reaching an all time high level. Compared to the previous year, this represents a growth of 5%. This increase relates to the growth in the installed engine base, as well as the wide services offering aimed at reducing our customers' operating expenses and increasing the availability of their equipment. Engine related services amounted to over three quarters of the Services net sales, the growth being mainly related to 4-stroke services.

Of Wärtsilä's net sales for January-December 2012, approximately 59% was EUR denominated, 21% USD denominated, with the remainder being split between several currencies.

Development of Group net sales

In 2012, Wärtsilä's net sales was EUR 4,725 million.

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Net sales by business area

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Operating result and profitability

For the financial period January-December 2012, the operating result (EBIT) before non-recurring items was EUR 515 million (469), which is 10.9% of net sales (11.1). Including non-recurring items, the operating result was EUR 481 million (445) or 10.2% of net sales (10.6). The operating result (EBITA), excluding non-recurring items and intangible asset amortisation related to acquisitions, was EUR 550 million (485), or 11.6% of net sales (11.5). Wärtsilä recognised EUR 34 million of non-recurring items (24) during the financial period January-December 2012. Non-recurring items consisted of restructuring measures, pension liabilities related to restructured and discontinued operations, and acquisition costs. Wärtsilä also recognised intangible asset amortisation related to acquisitions of EUR 35 million (16) during the financial period January-December 2012.

Financial items amounted to EUR -30 million (-16). Net interest totalled EUR -18 million (-5). Dividends received totalled EUR 2 million (3). Profit before taxes amounted to EUR 452 million (429). Taxes in the reporting period amounted to EUR 109 million (136), implying an effective tax rate of 24%. The profit for the financial period amounted to EUR 344 million (293). Earnings per share were 1.72 euro (1.44) and the equity per share was 9.12 euro (8.30). Return on investment (ROI) was 20.1% (20.4). Return on equity (ROE) was 19.7% (17.5).

 

Result

In 2012 our operating profit was EUR 515 million or 10.9% of net sales.

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Note

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