Operating result and profitability

The fourth quarter operating result (EBIT) before non-recurring items was EUR 186 million (145), or 12.2% of net sales (11.7). Including non-recurring items, the operating result was EUR 169 million (138) or 11.0% of net sales (11.1). The operating result (EBITA), excluding non-recurring items and intangible asset amortisation related to acquisitions, was EUR 196 million (149), or 12.8% of net sales (12.1). During the fourth quarter, non-recurring items amounted to EUR 17 million (7) and intangible asset amortisation related to acquisitions to EUR 10 million (4).

For the review 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 review 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 review 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 20.0% (17.5).

Profitability

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