The first quarter operating result (EBIT) before non-recurring items was EUR 70 million (102), or 8.0% of net sales (10.1). Including non-recurring items, the operating result was EUR 69 million (94) or 7.8% of net sales (9.4). The operating result (EBITA) excluding non-recurring items and intangible asset amortisation related to acquisitions was EUR 79 (109), or 8.9% of net sales (10.9). Wärtsilä recognised EUR 1 million of non-recurring items (7) during the review period January-March 2013.
During the first quarter, Wärtsilä sold its holding of 1,987,940 shares in Sato Oyj, for approximately EUR 27 million. Wärtsilä recorded a capital gain of approximately EUR 25 million on this sale. The tax on the capital gain is approximately EUR 6 million.
Financial items amounted to EUR 1 million (-1). Net interest totalled EUR -3 million (-4). Dividends received totalled EUR 0 million (1). Profit before taxes amounted to EUR 96 million (93). Taxes in the reporting period amounted to EUR 23 million (27), implying an effective tax rate of 24%. Earnings per share were 0.37 euro (0.33) and equity per share was 8.13 euro (7.58).