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Balance sheet, financing and cash flow

Wärtsilä’s cash flow from operating activities amounted to EUR 2 million (-13) during the review period January-March 2017. Working capital totalled EUR 580 million (709) at the end of the review period, an increase of EUR 90 million from the end of the previous quarter. Advances received at the end of the period totalled EUR 554 million (618). At the end of December 2016, advances totalled EUR 516 million. Cash and cash equivalents at the end of the period amounted to EUR 403 million (428) and unutilised Committed Credit Facilities totalled EUR 640 million (519). A dividend of EUR 0.65 per share (1.20) corresponding to a total of EUR 128 million (237) was paid during the first quarter. The second dividend instalment of equal size will be paid in September.

Wärtsilä had interest-bearing debt totalling EUR 670 million (1,088) at the end of March 2017. At the end of December 2016, the interest-bearing debt totalled EUR 629 million. The total amount of short-term debt maturing within the next 12 months was EUR 78 million. Long-term loans amounted to EUR 592 million. Net interest-bearing debt totalled EUR 260 million (639) and gearing was 0.13 (0.32).

Liquidity preparedness
MEUR 31.3.2017 31.12.2016
Cash and cash equivalents 403 472
Unutilised committed credit facilities 640 640
Liquidity preparedness 1 043 1 112
% of net sales (rolling 12 months) 22 23
Less Commercial Papers - -
Liquidity preparedness excluding Commercial Papers 1 043 1 112
% of net sales (rolling 12 months) 22 23
On 31 March 2017, the average maturity of the total loan portfolio was 43 months and the average maturity of the long-term debt was 48 months.

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