Wärtsilä Corporation Interim Report Q2 2015

Balance sheet, financing and cash flow

Wärtsilä’s second quarter cash flow from operating activities amounted to EUR 47 million (61). For January-June 2015, the operating cash flow totalled EUR 84 million (172). Working capital totalled EUR 404 million (339) at the end of the review period. Increased inventories had a negative impact on working capital development. Advances received at the end of the period totalled EUR 761 million (840). Cash and cash equivalents at the end of the period amounted to EUR 269 million (345) and unutilised Committed Revolving Credit Facilities totalled EUR 629 million (599).

Wärtsilä had interest-bearing debt totalling EUR 779 million (696) at the end of June 2015. The total amount of short-term debt maturing within the next 12 months was EUR 315 million. Long-term loans amounted to EUR 464 million. Net interest-bearing debt totalled EUR 495 million (350) and gearing was 0.25 (0.19).

Liquidity preparedness
MEUR 30.6.2015 31.3.2015
Cash and cash equivalents 269 382
Unutilised committed credit facilities 629 629
Liquidity preparedness 898 1 011
% of net sales (rolling 12 months) 18 21
Less Commercial Papers 180 -
Liquidity preparedness excluding Commercial Papers 718 1 011
% of net sales (rolling 12 months) 15 21
On 30 June 2015, the average maturity of the total loan portfolio was 32 months and the average maturity of the long-term debt was 41 months.

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