Wärtsilä Corporation Interim Report Q2 2015

Operating result and profitability

The second quarter operating result (EBIT) before non-recurring items was EUR 137 million (132), or 11.1% of net sales (11.8). The operating result (EBITA) excluding non-recurring items and purchase price allocation amortisation was EUR 144 million (138), or 11.7% of net sales (12.4). Purchase price allocation amortisation amounted to EUR 7 million (6). During the second quarter of 2014, Wärtsilä recognised EUR 9 million of non-recurring items related to restructuring measures. Including non-recurring items, the operating result for the comparison period was EUR 123 million, or 11.0% of net sales.

For the review period January-June 2015, the operating result (EBIT) before non-recurring items was EUR 237 million (230), or 10.7% of net sales (10.9). The operating result (EBITA) excluding non-recurring items and purchase price allocation amortisation was EUR 250 million (243), or 11.3% of net sales (11.5). Purchase price allocation amortisation amounted to EUR 13 million (13). During the review period January-June 2014, non-recurring items related to restructuring measures amounted to EUR 15 million. Including non-recurring items, the operating result for the comparison period was EUR 215 million or 10.2% of net sales.

During the review period January-June 2015, financial items amounted to EUR -15 million (-6). The weakening of the euro resulted in unrealised exchange rate losses. Net interest totalled EUR -5 million (-4). Profit before taxes amounted to EUR 222 million (208). Taxes amounted to EUR 49 million (47), implying an effective tax rate of 22.0%. Earnings per share were 0.97 euro (0.73) and equity per share was 10.08 euro (9.12). Return on investments (ROI) was 20.8% (22.6). Return on equity was 20.7% (24.0).

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