Wärtsilä Corporation Financial statements bulletin 2015

Operating result and profitability

The fourth quarter operating result (EBIT) before non-recurring items was EUR 215 million (196), or 13.5% of net sales (12.7). Including non-recurring items, the operating result was EUR 202 million (166), or 12.7% of net sales (10.7). The operating result (EBITA) excluding non-recurring items and purchase price allocation amortisation was EUR 224 million (202), or 14.1% of net sales (13.1). Non-recurring items amounted to EUR 13 million (30) during the fourth quarter, of which EUR 11 million related to the restructuring programme announced in June and EUR 3 million to acquisitions and other costs. Purchase price allocation amortisation amounted to EUR 9 million (6).

For the review period January-December 2015, the operating result (EBIT) before non-recurring items was EUR 612 million (569). This represents 12.2% of net sales (11.9), which is within the guided 12.0-12.5% range. The increase in the operating result 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 587 million (522) or 11.7% of net sales (10.9). The operating result (EBITA) excluding non-recurring items and purchase price allocation amortisation was EUR 643 million (594), or 12.8% of net sales (12.4). Non-recurring items amounted to EUR 25 million (47) during the review period, of which EUR 19 million related to the restructuring programme and EUR 6 million to acquisitions and other costs. Purchase price allocation amortisation amounted to EUR 32 million (26).

During the review period January-December 2015, financial items amounted to EUR -34 million (-28). The increase in financial items is due to an intragroup loan denominated in Brazilian real, which resulted in unrealised exchange rate losses. Net interest totalled EUR -12 million (-9). Profit before taxes amounted to EUR 553 million (494). Taxes amounted to EUR 124 million (106), implying an effective tax rate of 22.5% (21.4). The profit for the financial period amounted to EUR 451 million (351). Earnings per share were 2.25 euro (1.76) and the equity per share was 11.16 euro (9.94). Return on investments (ROI) was 21.0% (20.3). Return on equity (ROE) was 20.2% (20.0).

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