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Financing and cash flow

Wärtsilä’s cash flow from operating activities amounted to EUR 35 million (-42) for the review period January-March 2019. Working capital totalled EUR 656 million (726) at the end of the review period, an increase of EUR 75 million from the end of December 2018. Advances received at the end of the period totalled EUR 629 million (582). At the end of December 2018, advances totalled EUR 584 million. Cash and cash equivalents at the end of the period amounted to EUR 501 million (282) and unutilised Committed Credit Facilities totalled EUR 640 million (792). A dividend of EUR 0.24 per share (0.23, adjusted to reflect the increased number of shares resulting from the share issue in 2018) corresponding to a total of EUR 142 million (136) 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 1,162 million (726) at the end of March 2019. The increase is largely related to the inclusion of lease liabilities amounting to EUR 207 million on the balance sheet, as a result of the new IFRS 16 standard. At the end of December 2018, the interest-bearing debt totalled EUR 823 million. The total amount of short-term debt maturing within the next 12 months was EUR 115 million. Long-term loans amounted to EUR 1,047 million. Net interest-bearing debt totalled EUR 658 million (438). Gearing was 0.29 (0.21) and the solvency ratio was 39.6% (42.9).

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