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Annual Report 2013

q4 2013

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Annual Report 2014

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Annual Report 2015

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Annual Report 2016

Operating result and profitability

The fourth quarter operating result was EUR 231 million (202). This represents 14.8% of net sales (12.7). The comparable operating result was EUR 253 million (215), or 16.3% of net sales (13.5). Items affecting comparability included costs related to restructuring programmes of EUR 22 million (11). In the comparison period, items affecting comparability also included EUR 3 million of acquisition related and other costs. The comparable adjusted EBITA was EUR 262 million (224), or 16.8% of net sales (14.1). Purchase price allocation amortisation amounted to EUR 9 million (9).

For the review period January-December 2016, the operating result was EUR 532 million (587). This represents 11.1% of net sales (11.7). The decrease from the previous year was primarily due to restructuring costs and fewer power plant deliveries. The comparable operating result was EUR 583 million (612), or 12.1% of net sales (12.2), which is in line with the guidance of around 12% profitability. Items affecting comparability amounted to EUR 51 million (25), of which EUR 48 million (19) related to restructuring programmes and EUR 3 million (6) to acquisitions and other costs. The comparable adjusted EBITA was EUR 618 million (643), or 12.9% of net sales (12.8). Purchase price allocation amortisation amounted to EUR 35 million (32).

During the review period January-December 2016, financial items amounted to EUR -53 million (-34). The financial items were negatively affected by write-downs related to the divestment of the two-stroke joint venture Winterthur Gas & Diesel and to other receivables, which were booked in the second quarter. Net interest totalled EUR -11 million (-12). Profit before taxes amounted to EUR 479 million (553). Taxes amounted to EUR 123 million (124), implying an effective tax rate of 25.6% (22.5). The profit for the financial period amounted to EUR 357 million (451). Earnings per share were 1.79 euro (2.25, including 0.11 from discontinued operations) and the equity per share was 11.60 euro (11.16). Return on investments (ROI) was 17.1% (21.0). Return on equity (ROE) was 15.6% (20.2).

Measures of profit and items affecting comparability
MEUR 10-12/2016 10-12/2015 1-12/2016 1-12/2015
Comparable adjusted EBITA 262 224 618 643
Purchase price allocation amortisation -9 -9 -35 -32
Comparable operating result 253 215 583 612
Items affecting comparability -22 -13 -51 -25
Operating result 231 202 532 587

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