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Operating result and profitability

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The operating result for the review period January-March 2018 was EUR 85 million (76), which represents 8.0% of net sales (7.5). The comparable operating result was EUR 88 million (82), or 8.3% of net sales (8.1). Items affecting comparability in the first quarter of 2018 included costs related to restructuring programmes of EUR 3 million (6). The comparable adjusted EBITA was EUR 98 million (90), or 9.2% of net sales (9.0). Purchase price allocation amortisation amounted to EUR 10 million (9).

Wärtsilä’s operating result was affected by a provision of EUR 3 million (11) related to long-term incentive schemes. The provision covers all three ongoing programmes. 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 amounted to EUR -9 million (-5). Net interest totalled EUR -2 million (-2). Profit before taxes amounted to EUR 76 million (70). Taxes amounted to EUR 19 million (16), implying an effective tax rate of 24.5% (22.7). Earnings per share were 0.10 euro (0.09) and the equity per share was 3.62 euro (3.52). Return on investments (ROI) was 19.7% (16.8). Return on equity (ROE) was 17.6% (16.9).

Measures of profit and items affecting comparability
MEUR 1-3/2018 Restated
1-3/2017
Restated
2017
Comparable adjusted EBITA 98 90 612
Purchase price allocation amortisation -10 -9 -36
Comparable operating result 88 82 576
Items affecting comparability -3 -6 -37
Operating result 85 76 538

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