Annual Report 2018

Five years in figures
				Restated
MEUR			2018	2017*	2016	2015	2014
Net sales			5 174	4 911	4 801	5 029	4 779
of which outside Finland		%	98.9	97.7	97.5	97.8	98.9
Exports from Finland			2 145	1 953	1 804	1 936	2 280
Personnel on average			18 899	17 866	18 332	18 565	18 042
of which in Finland			3 766	3 521	3 482	3 580	3 582
Order book			6 166	5 100	4 696	4 882	4 530
From the consolidated statement of income
Depreciation, amortisation and impairment			130	134	138	124	115
Share of result of associates and joint ventures			13	13	14	17	26
Comparable operating result			577	576	583	612	569
as a percentage of net sales		%	11.2	11.7	12.1	12.2	11.9
Operating result			543	538	532	587	522
as a percentage of net sales		%	10.5	11.0	11.1	11.7	10.9
Comparable adjusted EBITA			621	612	618	643	594
as a percentage of net sales		%	12.0	12.5	12.9	12.8	12.4
Financial income and expenses			-40	-47	-53	-34	-28
Profit before taxes			502	491	479	553	494
as a percentage of net sales		%	9.7	10.0	10.0	11.0	10.3
Profit for the financial period from the continuing operations			386	375	357	429	389
Profit/loss for the financial period from the discontinued operations			-	-	-	22	-37
Net profit for the financial period			386	375	357	451	351
as a percentage of net sales		%	7.5	7.6	7.4	9.0	7.4
From the consolidated statement of financial position
Non-current assets			2 369	2 285	2 116	2 215	1 884
Current assets			3 690	3 363	3 275	3 374	3 294
Assets held for sale			-	-	-	-	102
Total equity attributable to equity holders of the parent company			2 418	2 352	2 288	2 201	1 960
Non-controlling interests			14	24	34	41	45
Interest-bearing debt			823	619	629	724	666
Non-interest-bearing liabilities			2 804	2 653	2 441	2 623	2 554
Liabilities directly attributable to assets held for sale			-	-	-	-	55
Total equity and liabilities			6 059	5 648	5 391	5 589	5 280
From the consolidated statement of cash flows
Cash flow from operating activities			470	430	613	255	452
Cash flow from investing activities			-240	-235	-126	-288	-71
Cash flow from financing activities			-118	-278	-339	-210	-210
Gross capital expenditure			306	255	146	346	101
as a percentage of net sales		%	5.9	5.2	3.0	6.9	2.1
Research and development expenditure			165	141	131	132	139
as a percentage of net sales		%	3.2	2.9	2.7	2.6	2.9
Dividends paid			284**	272	256	237	227
Financial ratios
Earnings per share (EPS), basic and diluted***		EUR	0.65	0.63	0.60	0.75	0.59
Dividend per share***		EUR	0.48**	0.46	0.43	0.40	0.38
Dividend per earnings		%	73.7**	70.8	72.8	53.3	65.4
Interest coverage			10.8	11.8	18.6	15.9	15.9
Return on investment (ROI)		%	-	-	-	-	18.7
Return on investment (ROI), continuing operations		%	18.1	18.5	17.1	21.0	20.3
Return on equity (ROE)		%	-	-	-	-	18.0
Return on equity (ROE), continuing operations		%	16.1	16.0	15.6	20.2	20.0
Solvency ratio		%	44.4	46.3	47.6	44.6	43.5
Gearing			0.14	0.10	0.07	0.17	0.05
Equity per share***		EUR	4.09	3.97	3.87	3.72	3.31
Working capital (WCAP)		EUR	581	563	490	543	251
* Figures in the comparison period 2017 have been restated due to the adoption of IFRS 15.
** Proposal of the Board of Directors.
*** Share issue without payment (share split) approved by Wärtsilä Corporation’s Annual General Meeting on 8 March 2018 increased the total number of Wärtsilä shares to 591,723,390. Figures in the comparison periods have been restated accordingly.