Wärtsilä Interim Report January-September 2017
(Thomson Reuters ONE) -
Wärtsilä Corporation INTERIM REPORT 25 October 2017 at 8.30 a.m. local time
WÄRTSILÄ INTERIM REPORT JANUARY-SEPTEMBER 2017
STRONG DEVELOPMENT IN ORDER INTAKE
This release is a summary of Wärtsilä''s Interim Report January-September 2017.
The complete report is attached to this release as a pdf-file. It is also
available at http://www.wartsilareports.com/en-US/2017/q3/frontpage/ and on the
company website at www.wartsila.com.
THIRD QUARTER HIGHLIGHTS
- Order intake increased 19% to EUR 1,354 million (1,139)
- Net sales increased 9% to EUR 1,178 million (1,079)
- Book-to-bill reached 1.15 (1.06)
- Comparable operating result increased to EUR 135 million (123), which
represents 11.4% of net sales (11.4)
- Earnings per share amounted to 0.43 euro (0.43)
- Cash flow from operating activities decreased to EUR 150 million (189)
HIGHLIGHTS OF THE REVIEW PERIOD JANUARY-SEPTEMBER 2017
- Order intake increased 15% to EUR 4,130 million (3,604)
- Net sales increased 7% to EUR 3,477 million (3,242)
- Book-to-bill reached 1.19 (1.11)
- Comparable operating result increased to EUR 346 million (330), which
represents 10.0% of net sales (10.2)
- Earnings per share increased to 1.10 euro (0.92)
- Cash flow from operating activities decreased to EUR 154 million (378)
- Order book at the end of the period amounted to EUR 5,075 million (5,024)
WÄRTSILÄ''S PROSPECTS FOR 2017
The overall development for 2017 is expected to be relatively unchanged from the
previous year. Demand by business area is anticipated to be as follows:
* Solid in Services with growth opportunities in selected regions and
segments.
* Good in Energy Solutions, thanks to increasing electricity demand in the
emerging markets and the global shift towards renewable energy sources,
which will support the need for distributed, flexible, gas-fired power
generation.
* Solid in Marine Solutions. Despite good order intake growth, the marine
market environment remains challenging, as the merchant, gas carrier, and
offshore segments continue to suffer from overcapacity and slow trade
growth.
Wärtsilä''s current order book for 2017 deliveries is EUR 1,206 million (1,346).
Wärtsilä will continue to focus on improving efficiency, which is expected to
partially offset lower volumes in the marine markets. The pricing environment in
Energy Solutions'' markets has stabilised, but the order book is still impacted
by the competitive pressure seen in previous years. The good performance in
Services is expected to continue.
JAAKKO ESKOLA, PRESIDENT AND CEO
"Wärtsilä''s performance in the third quarter was satisfactory. Although power
plant deliveries continued to drive overall sales development, challenges in the
offshore segment and low volumes from service projects resulted in lower than
expected sales growth in the Services business. Profitability was supported by
certain deliveries being brought forward from the fourth quarter to the third.
These timetable changes also result in a more even distribution of deliveries
between the quarters than in the previous year.
I am pleased with the continued growth in order intake. In addition to good
demand for our power generation solutions, we received an order to build our
third LNG terminal in Finland, which will be located in Hamina. The project will
provide cleaner fuel for both marine transport applications and local industry,
thereby demonstrating Wärtsilä''s contribution to the development of sustainable
societies. A favourable contracting mix in the marine markets supported order
intake growth in Marine Solutions, the highlight being a contract to supply the
main engines and exhaust gas cleaning systems to Norwegian Cruise Line''s four
new generation cruise ships to be built by Fincantieri. The high level of
activity in the cruise segment over the past few years has lengthened delivery
times for both yards and equipment suppliers. Finally, the continued demand for
long-term service agreements resulted in order intake growth also for Services.
After the third quarter, we announced two acquisitions in our Marine Solutions
business. Puregas Solutions will expand our overall reach in the gas value chain
by strengthening our position in the biogas liquefaction market. The acquisition
of Guidance Marine, on the other hand, represents a further step in our digital
transformation. Being a technology leader in sensor solutions relating to
dynamic positioning and other vessel control systems, such as collision
avoidance and remote control operations, Guidance Marine enhances our
frontrunner position in intelligent shipping technologies."
KEY FIGURES
MEUR 7-9/2017 7-9/2016 Change 1-9/2017 1-9/2016 Change 2016
-------------------------------------------------------------------------------
Order intake 1 354 1 139 19% 4 130 3 604 15% 4 927
Order book at the
end of the period 5 075 5 024 1% 4 696
Net sales 1 178 1 079 9% 3 477 3 242 7% 4 801
Operating result(1) 130 122 7% 327 301 9% 532
% of net sales 11.1 11.3 9.4 9.3 11.1
Comparable 583
operating result 135 123 9% 346 330 5%
% of net sales 11.4 11.4 10.0 10.2 12.1
Comparable adjusted 618
EBITA 144 132 9% 373 356 5%
% of net sales 12.2 12.3 10.7 11.0 12.9
Profit before taxes 114 115 -1% 291 253 15% 479
Earnings/share, EUR 0.43 0.43 1.10 0.92 1.79
Cash flow from
operating
activities 150 189 154 378 613
Net interest-
bearing debt at the
end of the period 432 384 150
Gross capital
expenditure 176 126 146
Gearing 0.20 0.18 0.07
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(1)Items affecting comparability in the third quarter of 2017 included costs
related to restructuring programmes of EUR 4 million (2). During the review
period January-September 2017 restructuring costs amounted to EUR 19 million
(29).
ANALYST AND PRESS CONFERENCE
An analyst and press conference will be held today, Wednesday 25 October 2017,
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:
http://wcc.webeventservices.com/r.htm?e=1518386&s=1&k=CB2E36BA72432A8C2ED7E9DA70
7DA609. To participate in the teleconference please register at the following
address: http://emea.directeventreg.com/registration/93498475. 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
marco.wiren(at)wartsila.com
Natalia Valtasaari
Director, Investor & Media Relations
Tel: +358 10 709 5637
natalia.valtasaari(at)wartsila.com
For press information, please contact:
Atte Palomäki
Executive Vice President, Communications & Branding
Tel: +358 10 709 5599
atte.palomaki(at)wartsila.com
Wärtsilä in brief
Wärtsilä is a global leader in advanced technologies and complete lifecycle
solutions for the marine and energy markets. By emphasising sustainable
innovation and total efficiency, Wärtsilä maximises the environmental and
economic performance of the vessels and power plants of its customers. In 2016,
Wärtsilä''s net sales totalled EUR 4.8 billion with approximately 18,000
employees. The company has operations in over 200 locations in more than 70
countries around the world. Wärtsilä is listed on Nasdaq Helsinki.
www.wartsila.com
Interim report Q3 2017:
http://hugin.info/131481/R/2144108/821785.pdf
This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq 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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Datum: 25.10.2017 - 01:30 Uhr
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