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Annual Report 2013

q4 2013

q3 2013

q2 2013

q1 2013

Annual Report 2014

q4 2014

q3 2014

q2 2014

q1 2014

Annual Report 2015

q4 2015

q3 2015

q2 2015

q1 2015

q1 2016

q2 2016

q3 2016

Operating result and profitability

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).

Measures of profit and items affecting comparability
MEUR 4-6/2016 4-6/2015 1-6/2016 1-6/2015 2015
Comparable adjusted EBITA 131 144 224 250 643
Purchase price allocation amortisation -9 -7 -17 -13 -32
Comparable operating result 122 137 206 237 612
Restructuring costs -26 -27 -25
Operating result 96 137 179 237 587

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