CEO review

“Order intake grew by 22%, thanks to good development in both Power Plants and Ship Power, especially in the offshore segment.

BJÖRN ROSENGREN President & CEO

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Strong growth in order intake


“The beginning of 2013 developed according to our expectations. Order intake grew by 22%, thanks to good development in both Power Plants and Ship Power, especially in the offshore segment. First quarter net sales and profitability were impacted by the anticipated low level of deliveries, mainly due to timing of projects. Interest in natural gas based power generation continued and Power Plants received significant orders from Jordan and USA. In Ship Power, the offshore and specialised vessel markets remained robust. Strategically important orders were received for exhaust gas cleaning systems, and for comprehensive solutions packages from the offshore industry. There is continued interest in service agreements in the marine industry, as evidenced by the maintenance agreement signed for ‘Viking Grace’, the largest passenger ferry ever to operate on liquefied natural gas. Supported by our solid order book and the stable Services business, our prospects for 2013 remain unchanged.”

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BJÖRN ROSENGREN President & CEO

Prospects for 2013 unchanged

Wärtsilä expects its net sales for 2013 to grow by 0-10% and its operational profitability (EBIT% before non-recurring items) to be around 11%.

Highlights of the review period January-March 2013
  • Order intake increased 22% to EUR 1,352 million (1,109)
  • Net sales decreased 12% to EUR 882 million (1,005)
  • Book-to bill 1.53 (1.10)
  • Operating result EUR 70 million, or 8.0% of net sales (EUR 102 million or 10.1%)
  • EBITA EUR 79 million or 8.9% of net sales (EUR 109 million or 10.9%)
  • Earnings per share 0.37 euro (0.33)
  • Cash flow from operating activities EUR 84 million (28)
  • Order book at the end of the period increased by 13% to EUR 4,998 million (4,409)

Key figures
MEUR 1-3/2013 Restated
1-3/2012
Change Restated
2012
Order intake 1 352 1 109 22% 4 940
Order book at the end of the period 4 998 4 409 13% 4 492
Net sales 882 1 005 -12% 4 725
Operating result (EBITA)1 79 109 552
% of net sales 8.9 10.9 11.7
Operating result (EBIT)2 70 102 -31% 517
% of net sales 8.0 10.1 10.9
Profit before taxes 96 93 453
Earnings/share, EUR 0.37 0.33 1.72
Cash flow from operating activities 84 28 153
Net interest-bearing debt at the end of the period 668 615 567
Gross capital expenditure 25 413 513
Gearing 0.42 0.41 0.32

1 EBITA is shown excluding non-recurring items of EUR 1 million (7) and intangible asset amortisation of EUR 8 million (8) related to acquisitions.
2 EBIT is shown excluding non-recurring items.

 

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