Wärtsilä Corporation Interim Report Q3 2015

Balance sheet, financing and cash flow

Wärtsilä’s third quarter cash flow from operating activities amounted to EUR -5 million (68). Increased receivables affected cash flow development. For January-September 2015, the operating cash flow totalled EUR 78 million (240). Working capital totalled EUR 522 million (379) 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 814 million (747). Cash and cash equivalents at the end of the period amounted to EUR 250 million (400) and unutilised Committed Credit Facilities totalled EUR 679 million (599).

Wärtsilä had interest-bearing debt totalling EUR 778 million (679) at the end of September 2015. The total amount of short-term debt maturing within the next 12 months was EUR 279 million. Long-term loans amounted to EUR 499 million. Net interest-bearing debt totalled EUR 513 million (277) and gearing was 0.26 (0.14).

Liquidity preparedness
MEUR 30.9.2015 30.6.2015
Cash and cash equivalents 250 269
Unutilised committed credit facilities 679 629
Liquidity preparedness 929 898
% of net sales (rolling 12 months) 19 18
Less Commercial Papers 175 180
Liquidity preparedness excluding Commercial Papers 754 718
% of net sales (rolling 12 months) 15 15
On 30 September 2015, the average maturity of the total loan portfolio was 35 months and the average maturity of the long-term debt was 45 months.


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