Wärtsilä Corporation Interim Report Q1 2015

Balance sheet, financing and cash flow

Wärtsilä’s first quarter cash flow from operating activities amounted to EUR 37 million (111). Cash flow was negatively impacted by the change in working capital, as well as by pension advance payments that were paid in full during the first quarter, rather than in quarterly instalments as in 2014. Working capital totalled EUR 296 million (292) at the end of the period. Advances received at the end of the period totalled EUR 743 million (965). Cash and cash equivalents at the end of the period amounted to EUR 382 million (242) and unutilised Committed Revolving Credit Facilities totalled EUR 629 million (599). The dividend for the financial year 2014 was EUR 1.15 per share (1.05) corresponding to a total of EUR 227 million (207).

Wärtsilä had interest-bearing debt totalling EUR 648 million (633) at the end of March 2015. The total amount of short-term debt maturing within the next 12 months was EUR 145 million. Long-term loans amounted to EUR 502 million. Net interest-bearing debt totalled EUR 251 million (390) and gearing was 0.14 (0.22).

Liquidity preparedness
MEUR 31.3.2015 31.12.2014
Cash and cash equivalents 382 571
Unutilised committed credit facilities 629 629
Liquidity preparedness 1 011 1 200
% of net sales (rolling 12 months) 21 25
Commercial Papers - -
Liquidity preparedness excluding Commercial Papers 1 011 1 200
% of net sales (rolling 12 months) 21 25
On 31 March 2015, 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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