Wärtsilä Corporation Financial statements bulletin 2015

Balance sheet, financing and cash flow

Wärtsilä’s fourth quarter cash flow from operating activities amounted to EUR 176 million (212). For January-December 2015, the operating cash flow totalled EUR 255 million (452). Working capital totalled EUR 543 million (251) at the end of the review period. The increase was mainly due to the Energy Solutions business, where the timing of deliveries resulted in inventory build-up and increased receivables. Furthermore, advances received at the end of the period declined to EUR 564 million (673) due to lower order intake in the equipment businesses. Cash and cash equivalents at the end of the period amounted to EUR 334 million (571) and unutilised Committed Credit Facilities totalled EUR 679 million (629).

Wärtsilä had interest-bearing debt totalling EUR 724 million (666) at the end of December 2015. The total amount of short-term debt maturing within the next 12 months was EUR 232 million. Long-term loans amounted to EUR 492 million. Net interest-bearing debt totalled EUR 372 million (94) and gearing was 0.17 (0.05). The increase in gearing relates mainly to working capital build up and the acquisition of L-3 Marine Systems International.

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Liquidity preparedness
MEUR 31.12.2015 31.12.2014
Cash and cash equivalents 334 571
Unutilised committed credit facilities 679 629
Liquidity preparedness 1 013 1 200
% of net sales (rolling 12 months) 20 25
Less Commercial Papers 130 -
Liquidity preparedness excluding Commercial Papers 883 1 200
% of net sales (rolling 12 months) 18 25
On 31 December 2015, the average maturity of the total loan portfolio was 35 months and the average maturity of the long-term debt was 43 months.

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