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Financing and cash flow

Wärtsilä’s second quarter cash flow from operating activities amounted to EUR -37 million (41). For the January-June period, the cash flow from operating activities totalled EUR -2 million (-1). Working capital totalled EUR 784 million (790) at the end of the review period, an increase of EUR 128 million from the end of the previous quarter in preparation for fourth quarter deliveries. Advances received at the end of the period totalled EUR 559 million (563). At the end of the previous quarter, advances totalled EUR 629 million. Cash and cash equivalents at the end of the period amounted to EUR 383 million (245) and unutilised Committed Credit Facilities totalled EUR 640 million (640).

Wärtsilä had interest-bearing debt totalling EUR 1,132 million (893) at the end of June 2019. At the end of December 2018, the interest-bearing debt totalled EUR 823 million. The increase in 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. Lease liabilities amounted to EUR 207 million at the end of June. The total amount of short-term debt maturing within the next 12 months was EUR 98 million. Long-term loans amounted to EUR 1,034 million. Net interest-bearing debt totalled EUR 746 million (642). Gearing was 0.33 (0.29) and the solvency ratio was 40.5% (41.7).

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