Balance sheet, financing and cash flow

Wärtsilä’s fourth quarter cash flow from operating activities amounted to EUR 317 million (187). For January-December 2013, the cash flow from operating activities was EUR 578 million (153). The improvement in cash flow is mainly due to the favourable development in working capital, which totalled EUR 313 million at the end of the period (465). Advances received at the end of the period totalled EUR 913 million (695). Cash and cash equivalents at the end of the period amounted to EUR 388 million (225).

Wärtsilä had interest-bearing debt totalling EUR 665 million (794) at the end of December 2013. The total amount of short-term debt maturing within the next 12 months was EUR 94 million. The funding programmes included Finnish Commercial Paper programmes totalling EUR 800 million, of which EUR 14 million was in use. Net interest-bearing debt totalled EUR 276 million (567).

The funding programmes at the end of December 2013 included long-term loans of EUR 571 million, committed undrawn long-term loans totalling EUR 100 million, and unutilised Committed Revolving Credit Facilities totalling EUR 599 million.

The solvency ratio was 43.9% (41.3). Gearing decreased to 0.15 (0.32) as a result of good cash flow development. Key figures for the comparison period have been restated due to changes in pension accounting (IAS 19 Employee benefits). The impact is described in the IFRS amendments section.

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