Wärtsilä Interim Report January-March 2012
(Thomson Reuters ONE) -
Wärtsilä Corporation INTERIM REPORT 20 April 2012 at 8.30 a.m. local time
OFFSHORE AND POWER PLANT MARKETS SUPPORTED GROWTH IN ORDER INTAKE
HIGHLIGHTS OF THE REVIEW PERIOD JANUARY-MARCH 2012
- Order intake increased 13% to EUR 1,109 million (979)
- Book-to-bill 1.10 (0.90)
- At the end of the period the order book totalled EUR 4,409 million (3,669),
+20%
- Net sales decreased 7% to EUR 1,005 million (1,083)
- Operating result EUR 102 million, or 10.1% of net sales (EUR 113 million and
10.4%)
- Earnings per share 0.33 euro (0.38)
- Cash flow from operating activities EUR 28 million (133)
- The acquisition of Hamworthy became effective on 31 January 2012
BJÖRN ROSENGREN, PRESIDENT AND CEO:
"The year has started rather well with order intake increasing by 13%. Our
profitability was 10.1% and we are well on track to reach our targets for this
year. Our net sales development was in line with our overall expectation of
rather low Power Plants and Ship Power deliveries during the first quarter.
Services' net sales grew by 12% with the increase coming from both parts and
field services. During the first quarter, we signed a service agreement with US-
based Prestige Cruise Holdings, as well as an operations & management agreement
with Energética Suape II SA in Brazil for the largest power plant ever delivered
by Wärtsilä. These contracts signify our commitment to deliver lifecycle value
to our customers.
The offshore market was active, and we received a repeat order from Harvey Gulf
International to supply integrated solutions for two gas fuelled offshore
support vessels that will operate in the Gulf of Mexico. Power Plants' major
orders included a dual-fuel power plant from Matanuska Electric Association in
Alaska, USA and Indonesia's first gas engine peaking plant ordered by PT
Perusahaan Listrik Negara.
Integration of the recently acquired company Hamworthy is proceeding according
to plan and the company is performing better than expected. Our target is to
double Hamworthy's net sales within the next five years."
KEY FIGURES
MEUR 1-3/2012 1-3/2011 Change 2011
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Order intake 1 109 979 13% 4 516
Order book at the end of period 4 409 3 669 20% 4 007
Net sales 1 005 1 083 -7% 4 209
Operating result (EBITA)( 1) 109 117 -7% 485
% of net sales 10.9 10.8 11.5
Operating result (EBIT)( 2) 102 113 -10% 469
% of net sales 10.1 10.4 11.1
Profit before taxes 93 107 429
Earnings/share, EUR 0.33 0.38 1.44
Cash flow from operating activities 28 133 232
Net interest-bearing debt
at the end of the period 615 -17 58
Gross capital expenditure 481 19 187
Gearing 0.40 0.00 0.04
-------------------------------------------------------------------
(1 )EBITA is shown excluding non-recurring items of EUR 7 million (2) and
intangible asset amortisation of EUR 8 million (4) related to acquisitions.
(2 )EBIT is shown excluding non-recurring items.
MARKET OUTLOOK
The power generation market is expected to remain at a good level in 2012. The
growing emerging markets will continue to invest in new power generation
capacity, which will drive demand - especially in the flexible baseload segment.
In the OECD countries, there is still pent-up power sector demand, mainly driven
by CO2 neutral generation and the ramp down of older, mainly coal-based,
generation.
The overall outlook for vessel contracting activity during 2012 remains largely
unchanged, with full year contracting expected to be at a similar level or
slightly lower than in 2011. Contracting is expected to remain slow for bulk
carriers, container vessels and tankers. In these sectors efficient designs are
expected to be a common theme in contracting negotiations, due to economic
pressures to reduce fuel consumption. Contracting in the LNG carrier segment is
expected to remain robust during the year, with levels in line with activity
seen during the first quarter of 2012. The offshore segment continues to present
good future contracting opportunities, especially for drilling ships and support
vessels. The interest for gas fuelled vessels has increased also in segments
that have not previously been powered by gas. The environmental agenda is also
expected to remain a central issue, thus driving interest in solutions for
environmental compliance.
Despite the slightly improved market situation in the first quarter, some
uncertainties remain in the service market. The merchant marine segments are
still expected to be under pressure, as overcapacity in the market continues to
impact the potential for services in this area. Development in the active
installed base is also expected to be moderate, with continued scrapping,
layups, slow steaming, and the low utilisation of vessels in the merchant
segments. The power plant service market is expected to develop steadily.
WÄRTSILÄ'S PROSPECTS FOR 2012 REITERATED
Wärtsilä expects its net sales for 2012 to grow by 5-10% and its operational
profitability (EBIT% before non-recurring items) to be 10-11%.
NEW DISCLOSURE PROCEDURE
Wärtsilä Corporation now follows the disclosure procedure enabled by Standard
5.2b published by the Finnish Financial Supervision Authority. This stock
exchange release is a summary of Wärtsilä Corporation's Interim Report January-
March 2012. The complete report is attached to this release in pdf format and is
also available on Wärtsilä's website at www.wartsila.com/investors.
ANALYST AND PRESS CONFERENCE AT 10.00 A.M. LOCAL TIME
An analyst and press conference will be held on Friday 20 April 2012 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 on the internet at the following address:
http://storm.zoomvisionmamato.com/player/wartsila/objects/wpv7dztb/ .
To participate in the teleconference please register at the following address:
http://www.yourconferencecentre.com/r.aspx?p=1&a=DImwrHYMdWeikT .
You will receive dial-in details by e-mail once you have registered. If you want
to ask questions during the teleconference, press the *-button followed by the
1-button on your phone to register for a question and the # -key to withdraw a
question. The event name is: Q1 Results 2012. Please be ready to state your
details and the name of the conference to the operator. If problems occur,
please press the *-button followed by the 0-button.
An on-demand version of the webcast will be available on the company website
later the same day.
For further information, please contact:
Raimo Lind
Executive Vice President & CFO
Tel: +358 10 709 5640
raimo.lind(at)wartsila.com
Pauliina Tennilä
Director, Investor Relations
Tel: +358 40 570 5530
pauliina.tennila(at)wartsila.com
For press information, please contact:
Atte Palomäki
Group Vice President, Communications & Branding
Tel: +358 40 547 6390
atte.palomaki(at)wartsila.com
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 maximises the environmental and economic performance of the
vessels and power plants of its customers. In 2011, Wärtsilä's net sales
totalled EUR 4.2 billion with approximately 18,000 employees. The company has
operations in nearly 170 locations in 70 countries around the world. Wärtsilä is
listed on the NASDAQ OMX Helsinki, Finland.
Interim Report January-March 2012:
http://hugin.info/131481/R/1604370/507602.pdf
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Wärtsilä Oyj Abp via Thomson Reuters ONE
[HUG#1604370]
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Datum: 20.04.2012 - 01:31 Uhr
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