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Balance sheet, financing and cash flow

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Wärtsilä’s cash flow from operating activities amounted to EUR -42 million (2) during the review period January-March 2018. Cash flow was negatively affected by the timing of tax payments and the increase in working capital. Working capital totalled EUR 726 million (561) at the end of the review period, an increase of EUR 163 million from the end of the previous quarter in preparation for deliveries later this year. Advances received at the end of the period totalled EUR 582 million (554). At the end of December 2017, advances totalled EUR 522 million. Cash and cash equivalents at the end of the period amounted to EUR 282 million (403) and unutilised Committed Credit Facilities totalled EUR 792 million (640), which includes a EUR 152 million long-term loan that remains undrawn. A dividend of EUR 0.69 per share (0.65) corresponding to a total of EUR 136 million (128) 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 726 million (670) at the end of March 2018. At the end of December 2017, the interest-bearing debt totalled EUR 619 million. The total amount of short-term debt maturing within the next 12 months was EUR 103 million. Long-term loans amounted to EUR 623 million. Net interest-bearing debt totalled EUR 438 million (260) and gearing was 0.21 (0.13).

 

Liquidity preparedness
MEUR 31.3.2018 31.12.2017
Cash and cash equivalents 282 379
Unutilised committed credit facilities 792 765
Liquidity preparedness 1 074 1 144
% of net sales (rolling 12 months) 22 23
Less Commercial Papers - -
Liquidity preparedness excluding Commercial Papers 1 074 1 144
% of net sales (rolling 12 months) 22 23
On 31 March 2018, the average maturity of the total loan portfolio was 49 months and the average maturity of the long-term debt was 50 months.

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