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Financing and cash flow

Wärtsilä’s third quarter cash flow from operating activities amounted to EUR -61 million (122). For the January-September period, the cash flow from operating activities totalled EUR -63 million (121). Working capital totalled EUR 870 million (782) at the end of the review period, an increase of EUR 86 million from the end of the previous quarter in preparation for fourth quarter deliveries. Advances received at the end of the period totalled EUR 609 million (557). At the end of the previous quarter, advances totalled EUR 559 million. Cash and cash equivalents at the end of the period amounted to EUR 374 million (221) and unutilised Committed Credit Facilities totalled EUR 640 million (640). 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) was distributed in September, which corresponds to a total of EUR 142 million (136).

Wärtsilä had interest-bearing debt totalling EUR 1,365 million (874) at the end of September 2019. The increase is largely related to the inclusion of lease liabilities amounting to EUR 203 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 333 million. Long-term loans amounted to EUR 1,031 million. Net interest-bearing debt totalled EUR 987 million (647). Gearing was 0.44 (0.28) and the solvency ratio was 39.4% (43.7).

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