Wärtsilä Corporation Interim Report q3 2014

Operating result and profitability

The third quarter operating result (EBIT) before non-recurring items was EUR 142 million (148), or 12.7% of net sales (12.3). Including non-recurring items, the operating result was EUR 141 million (140) or 12.6% of net sales (11.7). Non-recurring items related to restructuring measures amounted to EUR 1 million (8) during the third quarter.

For the review period January-September 2014, the operating result (EBIT) before non-recurring items was EUR 373 million (346), which is 11.5% of net sales (10.8). Including non-recurring items, the operating result was EUR 356 million (336) or 11.0% of net sales (10.5). Non-recurring items related to restructuring measures amounted to EUR 17 million (10) during the review period.

Financial items amounted to EUR -18 million (-8). The weakening of the euro resulted in unrealised exchange rate losses. Net interest totalled EUR -6 million (-11). Profit before taxes amounted to EUR 338 million (353). Profit before taxes for 2013 includes the sale of Wärtsilä’s Sato Oyj shares. Taxes in the reporting period amounted to EUR 78 million (84), implying an effective tax rate of 23%. Earnings per share were EUR 1.16 (1.24) and equity per share was EUR 9.69 (8.79). Return on investment (ROI) was 21.8% (21.3). Return on equity (ROE) was 22.3% (22.8). ROI and ROE are calculated on a 12 months rolling basis, whereas previously they were calculated on an annualised basis.

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