The second quarter operating result was EUR 96 million (137), or 8.0% of net sales (11.1). The decrease from the previous year was primarily due to restructuring costs, fewer power plant deliveries and tight competition in the energy markets. The comparable operating result was EUR 122 million (137), or 10.2% of net sales (11.1). Items affecting comparability included restructuring costs of EUR 26 million, of which EUR 17 million were non-cash write-downs. The comparable adjusted EBITA was EUR 131 million (144), or 10.9% of net sales (11.7). Purchase price allocation amortisation amounted to EUR 9 million (7).
For the review period January-June 2016, the operating result was 179 million (237), or 8.3% of net sales (10.7). The comparable operating result was EUR 206 million (237), or 9.5% of net sales (10.7). Items affecting comparability included restructuring costs of EUR 27 million. The comparable adjusted EBITA was EUR 224 million (250), or 10.3% of net sales (11.3). Purchase price allocation amortisation amounted to EUR 17 million (13).
During the review period January-June 2016, financial items amounted to EUR -41 million (-15). Financial items were negatively affected by realised exchange rate losses from Brazilian projects, as well as by write-downs related to the divestment of the two-stroke joint venture Winterthur Gas & Diesel and to other receivables. Net interest totalled EUR -6 million (-5). Profit before taxes amounted to EUR 138 million (222). Taxes amounted to EUR 37 million (49), implying an effective tax rate of 26.9% (22.0). Earnings per share were 0.49 euro (0.97) and equity per share was 10.30 euro (10.08). Return on investments (ROI) was 17.5% (20.8). Return on equity (ROE) was 17.4% (20.7).