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Wärtsilä Corporation INTERIM REPORT 23 April 2015 at 8.30 a.m. local time



This release is a summary of Wärtsilä's Interim Report January-March 2015. The
complete report is attached to this release as a pdf-file. It is also
available at on the
company website


- Order intake increased 15% to EUR 1,285 million (1,115)
- Net sales decreased 1% to EUR 988 million (997)
- Book-to-bill 1.30 (1.12)
- Operating result before non-recurring items EUR 100 million, or 10.1% of net
sales (EUR 98 million or 9.8%)
- Earnings per share 0.43 euro (0.31)
- Cash flow from operating activities EUR 37 million (111)
- Order book at the end of the period increased 12% to EUR 4,931 million


Wärtsilä expects its net sales for 2015 to grow by 0-10% and its operational
profitability (EBIT% before non-recurring items) to be between 12.0-12.5%.
The guidance excludes the impact of the L-3 Marine Systems International


"As anticipated, the year 2015 started with a slow marine market. Low oil
prices are causing a wait and see attitude among offshore customers that,
combined with subdued vessel contracting, resulted in fewer orders being
received within the Ship Power business. In the Power Plants business, market
sentiment is improving. Economic growth in the emerging markets and
electricity consumption growth in the USA supported power plant investments,
and our quotation activity indicates a continued good level of underlying
customer demand.

Services' development was clearly the highlight of the first quarter. The
increased maintenance activity seen towards the end of last year continued
into the first quarter, boosting both order intake and sales. Services' sales
grew by 11%, which compensated for the lower delivery volumes in the Ship
Power and Power Plants businesses. Consequently, Group sales reached a
similar level to that of the corresponding period last year and profitability
improved somewhat to 10.1%. We remain committed to our guidance for 2015, and
continue to see some opportunities for sales growth and improved
profitability despite the prevailing market uncertainties."


| MEUR 1-3/2015 1-3/2014 Change 2014 |
| Order intake 1 285 1 115 15% 5 084 |
| Order book at the end of the period 4 931 4 384 12% 4 530 |
| Net sales 988 997 -1% 4 779 |
| Operating result (EBIT)1 100 98 2% 569 |
| % of net sales 10.1 9.8 11.9 |
| Profit before taxes 82 89 494 |
| Earnings/share, EUR 0.43 0.31 1.76 |
| Cash flow from operating activities 37 111 452 |
| Net interest-bearing debt at the end of the period 251 390 94 |
| Gross capital expenditure 18 19 94 |
| Gearing 0.14 0.22 0.05 |
| 1EBIT is shown excluding non-recurring items. Wärtsilä recognised |
|non-recurring items amounting to EUR 47 million during 2014, of which EUR 6 |
|million was recognised in the first quarter. |

Based on the market situation during 2014 and the GDP forecasts for 2015, the
market for liquid and gas fuelled power generation is expected to remain
challenging. However, the trend towards distributed, flexible gas-fired power
generation is continuing. The increasing deployment of intermittent renewable
power, such as wind and solar, in many parts of the world will require
flexible solutions to balance fluctuations in the grid. In OECD countries,
slow economic growth continues to limit demand for new power plants. At the
same time, customers are awaiting new electricity market rules which is
creating pent up demand. Furthermore, the shift towards CO2-neutral
generation and the consequential ramp down of older, largely coal-based
generation will favour flexible, efficient power solutions. In the developing
world, GDP growth remains supportive of investments in power generation

The outlook for the shipping and shipbuilding market environment remains
cautious due to weaker market conditions in the dry bulk and offshore
segments. Low oil prices continue to impact investments in exploration and
development, limiting demand for offshore drilling and support vessels.
Overcapacity continues to affect demand for conventional merchant vessels.
However, increased scrapping together with a more balanced fleet growth
support a gradual recovery in the freight market. The decline in oil prices
presents opportunities in the markets for crude oil tankers and
containerships, as lower bunkering costs are expected to have a positive
impact on operating expenses for ship owners. The sentiment in the gas
carrier market remains healthy; activity is however expected to revert to
normal levels after strong ordering volumes in 2014. The outlook for cruise
and ferry is positive and is backed by new entrants to the market, fleet
renewals and increased passenger traffic from Asia. The importance of fuel
efficiency and environmental regulations is clearly visible, driving interest
in environmental solutions and gas as a marine fuel for the broader marine

The overall service market outlook is cautiously positive with growth
opportunities in selected regions and segments. An increase in the installed
base of medium-speed engines and propulsion equipment offsets the slower
service demand for older installations and uncertainty regarding short-term
demand development in the merchant marine segment. The service demand for
installations operating on oil based fuels is expected to grow as recent oil
price developments have had a favourable impact on operating costs. Although
the decline in oil prices has resulted in a cautious outlook for offshore
service, the recent years' growth in the offshore installed base partially
compensates for a potential decline in service volumes. The service outlook
for gas fuelled vessels remains favourable. Demand for services in the power
plant segment continues to be good with an especially positive outlook in the
Middle East and Africa. Customers in both the marine and power plant markets
continue to show healthy interest in long-term service agreements.


An analyst and press conference will be held on Thursday 23 April 2015 at
10.00 a.m. Finnish time (8.00 a.m. UK time), at the Wärtsilä headquarters in
Helsinki, Finland. The combined web- and teleconference will be held in
English and can be viewed at the following address:
To participate in the teleconference please register at the following
address: You will
receive dial-in details by e-mail once you have registered. If problems
occur, please press *0 for operator assistance. Please use *6 to mute your
phone during the teleconference and the same code to unmute.

An on-demand version of the webcast will be available on the company website
later the same day.

For further information, please contact:

Marco Wirén
Executive Vice President&CFO
Tel: +358 10 709 5640

Natalia Valtasaari
Director, Investor Relations
Tel: +358 40 187 7809

For press information, please contact:

Atte Palomäki
Executive Vice President, Communications&Branding
Tel: +358 10 709 5599
Wärtsilä in brief

Wärtsilä is a global leader in complete lifecycle power solutions for the
marine and energy markets. By emphasising technological innovation and total
efficiency, Wärtsilä maximizes the environmental and economic performance of
the vessels and power plants of its customers. In 2014, Wärtsilä's net sales
totalled EUR 4.8 billion with approximately 17,700 employees. The company has
operations in more than 200 locations in nearly 70 countries around the
world. Wärtsilä is listed on the Nasdaq

Interim Report January - March 2015


This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Wärtsilä Oyj Abp via Globenewswire


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