Wärtsilä Corporation Interim Report q1 2014

Balance sheet, financing and cash flow

Wärtsilä’s first quarter cash flow from operating activities amounted to EUR 111 million (84). The focus on working capital has resulted in a favourable development with the working capital totalling EUR 292 million (446) at the end of the period. Advances received at the end of the period totalled EUR 965 million (810). Cash and cash equivalents at the end of the period amounted to EUR 242 million (205) and unutilised Committed Revolving Credit Facilities totalled EUR 599 million (579). Dividends totalling EUR 209 million (199) were paid during the first quarter.

Wärtsilä had interest-bearing debt totalling EUR 633 million (890) at the end of March 2014. The total amount of short-term debt maturing within the next 12 months was EUR 94 million. Net interest-bearing debt totalled EUR 390 million (668) and gearing was 0.22 (0.42). Long-term loans amounted to EUR 539 million and committed undrawn long-term loans totalled EUR 100 million.

Liquidity preparedness
MEUR 31.3.2014 31.12.2013
Cash and cash equivalents 242 388
Unutilised committed credit facilities 699 699
Liquidity preparedness 941 1,087
% of net sales (rolling 12 months) 20 23
Commercial Papers 4 14
Liquidity preparedness excluding Commercial Papers 937 1,073
% of net sales (rolling 12 months) 20 23
On 31 March 2014, the average maturity of the total loan portfolio was 40 months and the average maturity of the long-term debt was 41 months.

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