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Net sales and operating result

Wärtsilä’s second quarter net sales totalled EUR 1,217 million (1,246), a decrease of 2% over the corresponding period last year. Wärtsilä Marine accounted for 66% of net sales and Wärtsilä Energy for 34%. Services related net sales increased by 5% to EUR 612 million (582). Adjusting for the effects of currency translation, Services related net sales increased by 4%.

The second quarter operating result amounted to EUR 96 million (111), which represents 7.9% of net sales (8.9). The comparable operating result was EUR 113 million (123), or 9.3% of net sales (9.8). The comparable operating result was affected by fewer energy equipment deliveries, an unfavourable project and business mix, as well as a lower contribution from joint ventures. Items affecting comparability included costs of EUR 17 million (12) primarily related to restructuring programmes. The comparable operating result for Wärtsilä Marine amounted to EUR 76 million (64) or 9.5% of net sales (9.4), while the comparable operating result for Wärtsilä Energy amounted to EUR 37 million (58) or 8.9% of net sales (10.4). The comparable adjusted EBITA was EUR 123 million (134), or 10.1% of net sales (10.7). Purchase price allocation amortisation amounted to EUR 10 million (11).

Wärtsilä’s January-June net sales increased by 2% to EUR 2,368 million (2,312) compared to the corresponding period last year. Wärtsilä Marine accounted for 65% of net sales and Wärtsilä Energy for 35%. Services related net sales increased by 6% to EUR 1,184 million (1,117). Adjusting for the effects of currency translation, Services related net sales increased by 4%. Of Wärtsilä’s net sales, approximately 65% was EUR denominated, 19% USD denominated, with the remainder being split between several currencies.

The January-June operating result amounted to EUR 187 million (196), which represents 7.9% of net sales (8.5). The comparable operating result was EUR 215 million (211), or 9.1% of net sales (9.1). Items affecting comparability included costs of EUR 28 million (15) related primarily to restructuring programmes. The comparable operating result for Wärtsilä Marine amounted to EUR 137 million (121) or 8.9% of net sales (9.3), while the comparable operating result for Wärtsilä Energy amounted to EUR 79 million (89) or 9.4% of net sales (8.8). The comparable adjusted EBITA was EUR 236 million (232), or 10.0% of net sales (10.0). Purchase price allocation amortisation amounted to EUR 21 million (21).

Financial items amounted to EUR -25 million (-17) during the period January-June. Net interest totalled EUR -6 million (-3). Profit before taxes amounted to EUR 162 million (178). Taxes amounted to EUR 40 million (46), implying an effective tax rate of 24.9% (25.9). Earnings per share were 0.21 euro (0.22) and the equity per share was 3.84 euro (3.73). The return on investments (ROI) was 17.2% (18.9), while the return on equity (ROE) was 16.7% (17.4).

Net sales and operating result by reporting segment
MEUR 4-6/2019 4-6/2018 Change 1-6/2019 1-6/2018 Change 2018
Net sales 1 217 1 246 -2% 2 368 2 312 2% 5 174
Marine 801 685 17% 1 534 1 304 18% 2 815
Energy 416 561 -26% 834 1 008 -17% 2 359
Operating result 96 111 -13% 187 196 -4% 543
Marine 61 54 13% 116 109 7% 349
Energy 35 57 -38% 71 87 -18% 194
Operating result, % of net sales 7.9 8.9 7.9 8.5 10.5
Marine 7.6 7.9 7.6 8.3 12.4
Energy 8.4 10.1 8.5 8.6 8.2
Comparable operating result 113 123 -8% 215 211 2% 577
Marine 76 64 19% 137 121 13% 380
Energy 37 58 -37% 79 89 -12% 197
Comparable operating result,
% of net sales
9.3 9.8 9.1 9.1 11.2
Marine 9.5 9.4 8.9 9.3 13.5
Energy 8.9 10.4 9.4 8.8 8.4

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