• 2018 July 20 11:23

    Wärtsilä's half year financial report January-June 2018

    Technology group Wartsila has released its half-year financial report for the period between January and June  2018 and Q2 2018. According to H1 2018 figures order intake of the Group increased 10% to EUR 3,060 million (2,776), net sales remained stable at EUR 2,312 million (2,295).

    Second quarter highlights include:
    - Order intake increased 14% to EUR 1,553 million (1,363)
    - Net sales decreased 3% to EUR 1,246 million (1,290)
    - Book-to-bill 1.25 (1.06)
    - Comparable operating result stable at EUR 123 million (122), which represents 9.8% of net sales (9.5)
    - Earnings per share increased to 0.13 euro (0.12)
    - Cash flow from operating activities increased to EUR 41 million (2)

    HIGHLIGHTS OF THE REVIEW PERIOD JANUARY-JUNE 2018
    - Order intake increased 10% to EUR 3,060 million (2,776)
    - Net sales stable at EUR 2,312 million (2,295)
    - Book-to-bill 1.32 (1.21)
    - Comparable operating result increased to EUR 211 million (204), which represents 9.1% of net sales (8.9)
    - Earnings per share increased to 0.22 euro (0.21)
    - Cash flow from operating activities decreased to EUR -1 million (3)
    - Order book at the end of the period increased 16% to EUR 5,904 million (5,089)

    WÄRTSILÄ’S PROSPECTS FOR 2018
    The demand for Wärtsilä’s services and solutions in 2018 is expected to improve somewhat from the previous year. Demand by business area is anticipated to be as follows:

    Good in Services, although there are concerns related to fuel price development and escalating trade tensions.
    Good in Energy Solutions. The global shift towards renewable energy sources and increasing electricity demand in the emerging markets are supporting the need for distributed and flexible power capacity, including gas-fired generation, energy storage, and smart integration technology.
    Good in Marine Solutions (raised from solid), supported by an extensive product mix and a broad market exposure.
    Wärtsilä’s current order book for 2018 deliveries is EUR 2,336 million (2,087), which mainly comprises equipment deliveries. Services’ business is largely transactional, with only around 30% of annual net sales coming from the order book.

    JAAKKO ESKOLA, PRESIDENT AND CEO comments:
    “The positive momentum in ordering activity continued in the second quarter of 2018. Although vessel contracting activity has been somewhat slower than anticipated, our extensive portfolio of solutions and a favourable contracting mix resulted in the Marine Solutions’ order intake developing well. I am pleased to note the increased demand for exhaust gas cleaning solutions in both the newbuild and retrofit markets ahead of the global sulphur regulations, which enter into force in 2020. In the Services business, we have also seen continued interest in service agreements, the agreement to optimise the maintenance of all Wärtsilä thrusters installed within the Transocean fleet being a highlight of the quarter. Market trends remain favourable in the Energy Solutions business, and our project pipeline provides confidence for improved activity in the second half.

    Net sales in the second quarter were affected by the timing of power plant deliveries and by customers continuing to limit spending to essential repairs and maintenance, while the operating profit was in line with last year. Looking ahead, we expect deliveries to be concentrated to the latter part of the year. A pick up in transactional service activity and the resulting effect on the group sales mix will be central to the development of our profitability in the second half. The impact of increased geopolitical uncertainty on customer decision-making remains a concern.

    Maximising renewable generation is essential in ensuring a sustainable and profitable future for the energy industry. In this context, Wärtsilä has launched a new vision for the energy market. Our ambition is to lead the industry’s transformation towards a future that utilises 100% renewable energy, with flexible capacity as the enabler. Coupled with our Smart Marine vision, this reinforces our commitment to developing sustainable societies with smart technology.”

    As of 1 January 2018, Wärtsilä has adopted the IFRS 15 Revenue from Contracts with Customers standard by using the full retrospective method. The half year financial report is published according to the new standard and comparison periods for 2017, including the opening balance sheet, have been restated accordingly. Wärtsilä has also restated the 2017 figures for Marine Solutions and Services, due to an internal transfer of certain service activities. This transfer has no impact on Group totals.

    The share issue without payment approved by Wärtsilä’s Annual General Meeting on 8 March 2018 increased the total number of Wärtsilä shares to 591,723,390. The share related figures in the comparison periods have been adjusted to reflect the increased number of shares.




2018 October 16

18:03 ABS holds two seminars at the 58th Genoa International Boat Show
17:55 Throughput of port Kaliningrad in 9M’18 grew by 5% Y-o-Y to 10.65 million tonnes
17:36 Wärtsilä opens the first International Maritime Cyber Centre of Excellence in the world
17:03 CMA CGM announces Overweight Surcharge on Asia and India to Africa trades
16:56 Wärtsilä launches Acceleration Centre in Singapore and partners with MPA and PSA Marine to develop IntelliTug
16:40 Throughput of port Vyborg in 9M’18 up 22% Y-o-Y to 1.33 million tonnes
16:21 Throughput of port Primorsk in 9M’18 fell by 11% Y-o-Y to 39.80 million tonnes
16:03 Höegh LNG announces amendment of the Höegh Gallant time charter
15:44 LUKOIL starts construction of facilities at Rakushechnoye field
15:22 Throughput of port Vysotsk in 9M’18 climbed by 6% Y-o-Y to 13.69 million tonnes
15:03 Avatar Logistics initiates cooperation with Sand & Grus AB Jehander and buys the vessel MS Jehander
14:41 Throughput of port Ust-Luga in 9M’18 declined by 5% Y-o-Y to 72.38 million tonnes
14:20 CMA CGM announces GRR from Far East to West Africa
14:03 Lithuanian Railways, Metrans and the Port of Hamburg strengthen relations
13:52 Throughput of Port St. Petersburg up 12% to 44.22 million tonnes in 9M’18
13:06 Scorpio Bulkers announces update on scrubbers
12:39 Project 22800 small missile ship Burya to be floated out on 23 October
12:13 Rolls-Royce and Intel announce autonomous ship collaboration
11:55 The Port of Riga outlines a vision for future development of Spilve Meadows
11:31 Ørsted selects GeoSea for Borssele 1 & 2 foundation and turbine transport and installation
11:14 Jan De Nul will dredge access channel to Guayaquil Port
11:11 RF Navy’s Baltic Fleet detachment completed tasks in Mediterranean Sea
10:59 Damen Maaskant Shipyards Stellendam celebrates 70 years and bids farewell to director Frits van Dongen
10:50 Detachment of RF Navy's Pacific Fleet completes visit to Republic of Korea
10:28 WMU holds needs assessment workshop in Jordan
10:02 Brent Crude futures price up 0.31% to $81.03, Light Sweet Crude – up 0.11% to $71.86
09:43 IMO ​pushing forward with tackling greenhouse gas emissions
09:17 Baltic Dry Index is up to 1,584 points

2018 October 15

18:23 MOL joins hands with partners to launch FOCUS project
17:59 Moscow to host a conference on construction of LNG-powered and LNG bunker ships on October 24
17:46 Algoma announces cancellation of Croatian newbuilds contracts
17:05 Klaveness Combination Carriers AS registered on NOTC
16:56 Tall ships arrive at Port of Ipswich as part of 'Race of the Classics'
16:37 Coast Guard ends search after plane crash victims bodies are located
16:20 Krasnoye Sormovo shipyard delivers 8,140 DWT Pola Fiva, fifth dry cargo carrier of Project RSD59
16:04 DNV GL leads consortium to update Carbon Trust Floating LiDAR Roadmap
15:34 East Mediterranean projects take steps towards adoption of alternative fuels
15:04 NYK approves Japan Climate Action Summit declaration
14:51 Wärtsilä LNG solutions featured on environmentally advanced cruise ship
14:35 Coast Guard sets port condition X-ray in Georgia, South Carolina
14:17 Andrey Shunin appointed as General Director of Caspian Energy Management
13:28 Cooperation for sustainable shipping in the Mediterranean
12:41 ACL christens its newest G4 vessel, the Atlantic Sun
12:13 Kongsberg Digital and KPMG launch new complete cybersecurity partnership for the maritime industry
11:55 Nevsky Shipyard took part in Offshore Marintec Russia
11:19 ABS leads industry discussion on digitization, safety and compliance
11:12 New shipping route links Gdansk and Scandinavia
10:51 Port of Gdansk considered as transport hub for Slovakia
10:29 Brent Crude futures price up 1.21% to $81.4, Light Sweet Crude – up 1.04% to $72.08
10:10 Tuco Marine Group to build a multipurpose first responder boat for Hovedstadens Beredskab I/S
09:53 Baltic Dry Index is up to 1,579 points
09:34 Gazprom and Shell discuss next steps in Baltic LNG project
09:15 Throughput of port Helsinki (Finland) in 9M'18 up 8.4% Y-o-Y to 11.38 million tonnes (table)
08:07 PIL terminates all calls to Iran due to US sanctions
07:06 ChainPORT hackathon held for the first time simultaneously in the ports of Antwerp and Los Angeles
06:16 Vinalines posts profit of US$900,000 in the first nine months of 2018

2018 October 14

09:19 CMA CGM announces FAK rates from Asia to North Africa
09:17 CMA CGM announces FAK rates from Asia to the Mediterranean
09:16 Port of Corpus Christi moves record tonnage in first nine months of 2018
09:12 Port of New Orleans receives Excellence Award for Master Plan