The first quarter operating result (EBIT) before non-recurring items was stable at EUR 100 million (98), or 10.1% of net sales (9.8). Profitability was supported by the growth in Services sales, which compensated for lower volumes in the Power Plants and Ship Power businesses. Wärtsilä recognised EUR 6 million of non-recurring items during the corresponding period last year. Including non-recurring items the operating result for the first quarter of 2014 was EUR 92 million, or 9.3% of net sales. Intangible asset amortisation related to acquisitions amounted to EUR 6 million (7) during January-March 2015.
Financial items amounted to EUR -18 million (-3). The weakening of the euro resulted in unrealised exchange rate losses. Net interest totalled EUR -4 million (-3). Profit before taxes amounted to EUR 82 million (89). Taxes amounted to EUR 18 million (20), implying an effective tax rate of 21.9%. Earnings per share were 0.43 euro (0.31) and equity per share was 9.43 euro (8.64). Return on investments (ROI) was 22.0% (23.3). Return on equity (ROE) was 21.0% (24.6).