Wärtsilä Corporation Interim Report Q3 2015

Operating result and profitability

The third quarter operating result (EBIT) before non-recurring items was EUR 160 million (142), or 13.1% of net sales (12.7). The operating result increase was primarily due to higher service volumes, the acquisition of L-3 Marine Systems International, and internal cost reductions. Including non-recurring items, the operating result was EUR 149 million (141), or 12.2% of net sales (12.6). The operating result (EBITA) excluding non-recurring items and purchase price allocation amortisation was EUR 170 million (149), or 13.9% of net sales (13.3). During the third quarter, non-recurring items related to restructuring measures amounted to EUR 11 million (1) and purchase price allocation amortisation to EUR 9 million (6).

For the review period January-September 2015, the operating result (EBIT) before non-recurring items was EUR 397 million (373), or 11.5% of net sales (11.5). Including non-recurring items, the operating result was EUR 386 million (356) or 11.2% of net sales (11.0). The operating result (EBITA) excluding non-recurring items and purchase price allocation amortisation was EUR 420 million (392), or 12.2% of net sales (12.1). Non-recurring items related to restructuring measures amounted to EUR 11 million (17) and purchase price allocation amortisation to EUR 23 million (19) during January-September 2015.

During the review period January-September 2015, financial items increased to EUR -31 million (-18) mainly related to unrealised exchange rate losses. Net interest totalled EUR -8 million (-6). Profit before taxes amounted to EUR 354 million (338). Taxes amounted to EUR 84 million (78), implying an effective tax rate of 23.6%. Earnings per share were 1.46 euro (1.16) and the equity per share was 10.25 euro (9.69). Return on investments (ROI) was 20.3% (21.8). Return on equity (ROE) was 19.9% (22.3).

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