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Key figures
MEUR 4-6/2019 4-6/2018 Change 1-6/2019 1-6/2018 Change 2018
Order intake 1 377 1 553 -11% 2 793 3 060 -9% 6 307
of which services 622 592 5% 1 275 1 258 1% 2 598
Order book, end of period 6 470 5 904 10% 6 166
Net sales 1 217 1 246 -2% 2 368 2 312 2% 5 174
of which services 612 582 5% 1 184 1 117 6% 2 419
Book-to-bill 1.13 1.25 1.18 1.32 1.22
Operating result 96 111 -13% 187 196 -4% 543
% of net sales 7.9 8.9 7.9 8.5 10.5
Comparable operating result1 113 123 -8% 215 211 2% 577
% of net sales 9.3 9.8 9.1 9.1 11.2
Comparable adjusted EBITA2 123 134 -8% 236 232 2% 621
% of net sales 10.1 10.7 10.0 10.0 12.0
Profit before taxes 83 102 -18% 162 178 -9% 502
Earnings/share, EUR 0.11 0.13 0.21 0.22 0.65
Cash flow from operating activities -37 41 -2 -1 470
Net interest-bearing debt, end of period3 746 642 333
Gross capital expenditure 54 232 306
Gearing 0.33 0.29 0.14
Solvency, % 40.5 41.7 44.4
Personnel, end of period 19 239 19 231 0% 19 294
1Items affecting comparability in the second quarter of 2019 included costs related primarily to restructuring programmes of EUR 17 million (12). During January-June, items affecting comparability amounted to EUR 28 million (15).
2Comparable adjusted EBITA excludes items affecting comparability and purchase price allocation amortisation.
3The increase in net interest-bearing debt is largely related to the inclusion of lease liabilities on the balance sheet, as a result of the new IFRS 16 standard.

As of the first quarter of 2019, Wärtsilä’s financial reporting has been amended to reflect its new organisational structure. The two business areas, Wärtsilä Marine Business and Wärtsilä Energy Business, constitute the reportable segments. Financial reporting for 2018 has been adjusted to reflect this change. Wärtsilä will additionally report the services related order intake and net sales for the two segments. In Wärtsilä Marine Business, order intake and net sales for retrofit scrubber projects have been transferred from services to new equipment. The comparison figures have been adjusted accordingly.

Wärtsilä presents certain alternative performance measures in accordance with the guidance issued by the European Securities and Markets Authority (ESMA). The definition of these alternative performance measures is presented in the calculations of financial ratios at the end of this report. 

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