Operating result and profitability

The fourth quarter operating result (EBIT) before non-recurring items was EUR 201 million (188), or 14.2% of net sales (12.3). Including non-recurring items, the operating result was EUR 191 million (171) or 13.6% of net sales (11.1). The operating result (EBITA) excluding non-recurring items and intangible asset amortisation related to acquisitions was EUR 208 million (198), or 14.8% of net sales (12.9). During the fourth quarter, non-recurring items amounted to EUR 9 million (17), and intangible asset amortisation related to acquisitions totalled EUR 8 million (10).

For the review period January-December 2013, the operating result (EBIT) before non-recurring items was EUR 520 million (517). This represents 11.2% of net sales (10.9), which is in line with the guidance of around 11% profitability. Joint venture profitability developed well, which had a positive impact on the Group’s operating result. Including non-recurring items, the operating result was EUR 500 million (483) or 10.7% of net sales (10.2). The operating result (EBITA) excluding non-recurring items and intangible asset amortisation related to acquisitions was EUR 552 million (552) or 11.9% of net sales (11.7). During the review period January-December 2013, Wärtsilä recognised intangible asset amortisation related to acquisitions of EUR 32 million (35) and EUR 20 million of non-recurring items (34). Non-recurring items related to restructuring measures and discontinued operations.

In March, Wärtsilä sold its holding of 1,987,940 shares in Sato Oyj, for EUR 27 million. Wärtsilä recorded a capital gain of EUR 25 million on this sale. The tax on the capital gain is EUR 6 million.

Financial items amounted to EUR -19 million (-31). Net interest totalled EUR -14 million (-18). Dividends received totalled EUR 1 million (2). Profit before taxes amounted to EUR 507 million (453). Taxes amounted to EUR 113 million (109), implying an effective tax rate of 22%. The profit for the financial period amounted to EUR 393 million (344). Earnings per share were 1.98 euro (1.72) and equity per share was 9.35 euro (8.95). Return on investment (ROI) was 21.2% (20.4). Return on equity (ROE) was 21.4% (20.1).

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