Operating result and profitability

The second quarter operating result (EBIT) before non-recurring items was EUR 111 million (113), or 9.6% of net sales (10.3). Including non-recurring items, the operating result was EUR 110 million (108) or 9.5% of net sales (9.8). The operating result (EBITA) excluding non-recurring items and intangible asset amortisation related to acquisitions was EUR 119 million (123), or 10.3% of net sales (11.2). During the second quarter, non-recurring items amounted to EUR 1 million (6) and intangible asset amortisation related to acquisitions to EUR 8 million (10).

For the review period January-June 2013, the operating result (EBIT) before non-recurring expenses was EUR 181 million (215), which is 8.9% of net sales (10.2). Including non-recurring expenses, the operating result was EUR 179 million (202) or 8.8% of net sales (9.6). The operating result (EBITA) excluding non-recurring items and intangible asset amortisation related to acquisitions was EUR 198 million (232) or 9.7% of net sales (11.0). Wärtsilä recognised EUR 2 million of non-recurring items (13) and intangible asset amortisation related to acquisitions of EUR 16 million (17) during the review period January-June 2013.

During the review period January-June 2013, 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 -4 million (-11). Net interest totalled EUR -8 million (-9). Profit before taxes amounted to EUR 200 million (192). Taxes in the reporting period amounted to EUR 48 million (49), implying an effective tax rate of 24%. Earnings per share were 0.76 euro (0.72) and equity per share was 8.31 euro (7.90).

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