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Operating result and profitability

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The second quarter operating result was EUR 111 million (114), which represents 8.9% of net sales (8.8). The comparable operating result was EUR 123 million (122), or 9.8% of net sales (9.5). Items affecting comparability included costs related to restructuring programmes and acquisitions of EUR 12 million (8). The comparable adjusted EBITA was EUR 134 million (130), or 10.7% of net sales (10.1). Purchase price allocation amortisation amounted to EUR 11 million (9).

The operating result for the review period January-June 2018 was EUR 196 million (189), which represents 8.5% of net sales (8.2). The comparable operating result was EUR 211 million (204), or 9.1% of net sales (8.9). Items affecting comparability included costs related to restructuring programmes and acquisitions of EUR 15 million (14). The comparable adjusted EBITA was EUR 232 million (221), or 10.0% of net sales (9.6). Purchase price allocation amortisation amounted to EUR 21 million (17).

Wärtsilä’s operating result was affected by a provision related to long-term incentive schemes, which amounted to EUR 1 million (27) for the review period January-June 2018. 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 for the review period January-June 2018 amounted to EUR -17 million (-20). Net interest totalled EUR -3 million (-4). Profit before taxes amounted to EUR 178 million (170). Taxes amounted to EUR 46 million (42), implying an effective tax rate of 25.9% (24.7). Earnings per share were 0.22 euro (0.21) and the equity per share was 3.73 euro (3.57). Return on investments (ROI) was 18.9% (19.3). Return on equity (ROE) was 17.4% (18.3).

Measures of profit and items affecting comparability
MEUR 4-6/2018 Restated
4-6/2017
1-6/2018 Restated
1-6/2017
Restated
2017
Comparable adjusted EBITA 134 130 232 221 612
Purchase price allocation amortisation -11 -9 -21 -17 -36
Comparable operating result 123 122 211 204 576
Items affecting comparability -12 -8 -15 -14 -37
Operating result 111 114 196 189 538

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