Wärtsilä Corporation Annual report 2014

Balance sheet, financing and cash flow

The operating cash flow for January-December 2014 amounted to EUR 452 million (578). Working capital totalled EUR 251 million (313) at the end of the financial period. Working capital developed well, with decreased inventories compensating for lower advances received. Advances received at the end of the period totalled EUR 673 million (913). Cash and cash equivalents at the end of the period amounted to EUR 571 million (388) and unutilised Committed Revolving Credit Facilities totalled EUR 629 million (599).

Wärtsilä had interest-bearing debt totalling EUR 666 million (665) at the end of December 2014. The total amount of short-term debt maturing within the next 12 months was EUR 129 million. Long-term loans amounted to EUR 537 million. Net interest-bearing debt totalled EUR 94 million (276) and gearing was 0.05 (0.15). 

Liquidity preparedness
MEUR 31.12.2014 31.12.2013
Cash and cash equivalents 571 388
Unutilised committed credit facilities 629 699
Liquidity preparedness 1 200 1 087
% of net sales (rolling 12 months) 25 23
Commercial Papers 14
Liquidity preparedness excluding Commercial Papers 1 200 1 073
% of net sales (rolling 12 months) 25 23
On 31 December 2014, the average maturity of the total loan portfolio was 42 months and the average maturity of the long-term debt was 43 months.

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