Operating result and profitability
The second quarter operating result (EBIT) before non-recurring items was EUR 122 million (111), or 10.8% of net sales (9.6). Including non-recurring items, the operating result was EUR 113 million (110) or 10.0% of net sales (9.5). Wärtsilä recognised EUR 10 million (1) of non-recurring items related to restructuring measures during the second quarter.
For the review period January-June 2014, the operating result (EBIT) before non-recurring items was EUR 212 million (181), which is 9.9% of net sales (8.9). Including non-recurring items, the operating result was EUR 197 million (179) or 9.2% of net sales (8.8). Non-recurring items related to restructuring measures amounted to EUR 16 million (2) during the review period.
Financial items amounted to EUR -6 million (-4). Net interest totalled EUR -4 million (-8). Profit before taxes amounted to EUR 190 million (200). Profit before taxes for 2013 includes the capital gain from the sale of Wärtsilä’s Sato Oyj shares, which was EUR 25 million. Taxes in the reporting period amounted to EUR 44 million (48), implying an effective tax rate of 23% (24). Earnings per share were EUR 0.73 (0.76) and equity per share was EUR 9.12 (8.31). Return on investment (ROI) was 21.0% (19.6). Return on equity (ROE) was 22.2% (21.7). ROI and ROE are calculated on a 12 months rolling basis, whereas previously they were calculated on an annualised basis.