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Financing and cash flow

Wärtsilä’s fourth quarter cash flow from operating activities amounted to EUR 295 million (349). For the January-December period, cash flow from operating activities totalled EUR 232 million (470). Cash flow weakened due to the decrease in operating result and the increase in working capital. The latter was largely related to the build-up of inventories for upcoming scrubber deliveries. Working capital totalled EUR 732 million (581) at the end of the review period, a decrease of EUR 138 million from the end of September. Advances received at the end of the period totalled EUR 452 million (584). At the end of September, advances totalled EUR 609 million. Cash and cash equivalents at the end of the period amounted to EUR 369 million (487) and unutilised Committed Credit Facilities totalled EUR 640 million (640).

Wärtsilä had interest-bearing debt totalling EUR 1,096 million (823) at the end of December. The increase in interest-bearing debt is largely related to the inclusion of lease liabilities amounting to EUR 188 million on the balance sheet, as a result of the new IFRS 16 standard. The total amount of short-term debt maturing within the next 12 months was EUR 99 million. Long-term loans amounted to EUR 997 million. Net interest-bearing debt totalled EUR 726 million (333), due to weak cash flow and the implementation of IFRS 16. Gearing was 0.30 (0.14) and the solvency ratio was 40.8% (44.4). Excluding the impact of lease liabilities, gearing amounted to 0.22.

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