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Key figures
MEUR 10-12/2019 10-12/2018 Change 1-12/2019 1-12/2018 Change
Order intake 1 555 1 874 -17% 5 327 6 307 -16%
of which services 722 700 3% 2 676 2 598 3%
Order book, end of period 5 878 6 166 -5%
Net sales 1 684 1 532 10% 5 170 5 174 -0%
of which services 740 731 1% 2 502 2 419 3%
Book-to-bill 0.92 1.22 1.03 1.22
Operating result 164 206 -20% 362 543 -33%
% of net sales 9.7 13.4 7.0 10.5
Comparable operating result1 202 226 -10% 457 577 -21%
% of net sales 12.0 14.7 8.8 11.2
Comparable adjusted EBITA2 213 237 -10% 498 621 -20%
% of net sales 12.6 15.4 9.6 12.0
Profit before taxes 153 194 -21% 315 502 -37%
Earnings/share, EUR 0.17 0.25 0.37 0.65
Cash flow from operating activities 295 349 232 470
Net interest-bearing debt, end of period3 726 333
Gross capital expenditure 122 306
Gearing3 0.30 0.14
Solvency, % 40.8 44.4
Personnel, end of period 18 795 19 294 -3%
1Items affecting comparability in the fourth quarter of 2019 included costs of EUR 39 million (20). During January-December, items affecting comparability amounted to EUR 95 million (35).
2Comparable adjusted EBITA excludes items affecting comparability and purchase price allocation amortisation.
3The increase in net interest-bearing debt is partly 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. Financial reporting for 2018 has been adjusted to reflect this change. The two business areas, Wärtsilä Marine Business and Wärtsilä Energy Business, constitute the reportable segments. 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 calculation formulas of financial ratios at the end of this report.

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