The third quarter operating result was EUR 130 million (122), or 11.1% of net sales (11.3). The comparable operating result was EUR 135 million (123), or 11.4% of net sales (11.4). Items affecting comparability included restructuring costs of EUR 4 million (2). The comparable adjusted EBITA was EUR 144 million (132), or 12.2% of net sales (12.3). Purchase price allocation amortisation amounted to EUR 9 million (9).
The operating result for the review period January-September 2017 was EUR 327 million (301), which represents 9.4% of net sales (9.3). The comparable operating result was EUR 346 million (330), or 10.0% of net sales (10.2). Items affecting comparability included costs related to restructuring programmes of EUR 19 million (29). The comparable adjusted EBITA was EUR 373 million (356), or 10.7% of net sales (11.0). Purchase price allocation amortisation amounted to EUR 27 million (26).
Wärtsilä’s operating result was affected by a provision related to long-term incentive schemes, which amounted to EUR 9 million in the third quarter and EUR 36 million in the review period January-September 2017. The provision covers all three ongoing programmes. No such provisions were made in the comparison periods. Wärtsilä’s three-year long-term incentive schemes are tied to the development of the company's share price, and they apply to approximately 100 company executives.
Financial items for the review period January-September 2017 amounted to EUR -37 million (-48). Financial items include exchange rate losses related to terminated hedges. Net interest totalled EUR -6 million (-9). Profit before taxes amounted to EUR 291 million (253). Taxes amounted to EUR 74 million (68), implying an effective tax rate of 25.4% (26.8). Earnings per share were 1.10 euro (0.92) and the equity per share was 11.22 euro (10.73). The return on investments (ROI) was 19.5% (16.6), while return on equity (ROE) was 17.7% (16.3).