Balance sheet, financing and cash flow

Wärtsilä’s fourth quarter cash flow from operating activities amounted to EUR 276 million (235). For January-December 2017, the operating cash flow totalled EUR 430 million (613). Cash flow was negatively impacted by the increase in receivables. At the end of the review period, working capital totalled EUR 591 million (490), a decrease of EUR 66 million from the end of the previous quarter. Advances received at the end of the period totalled EUR 522 million (516). At the end of the previous quarter, advances totalled EUR 495 million. Cash and cash equivalents at the end of the period amounted to EUR 379 million (472). Unutilised Committed Credit Facilities totalled EUR 765 million (640), which includes a signed EUR 125 million long-term loan available for disbursement as of 31 December 2017.

Wärtsilä had interest-bearing debt totalling EUR 619 million (629) at the end of December 2017. The total amount of short-term debt maturing within the next 12 months was EUR 102 million. Long-term loans amounted to EUR 517 million. Net interest-bearing debt totalled EUR 234 million (150) and gearing was 0.10 (0.07).

Liquidity preparedness
MEUR 31.12.2017 31.12.2016
Cash and cash equivalents 379 472
Unutilised committed credit facilities 7651 640
Liquidity preparedness 1 144 1 112
% of net sales (rolling 12 months) 23 23
Less Commercial Papers - -
Liquidity preparedness excluding Commercial Papers 1 144 1 112
% of net sales (rolling 12 months) 23 23
On 31 December 2017, the average maturity of the total loan portfolio was 43 months and the average maturity of the long-term debt was 44 months.
1 Includes a EUR 125 million EIB loan that remains undrawn.


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