• 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.




2019 March 26

13:54 Orekhovo-Zuyevo, missile ship of RF Navy’s Black Sea Fleet, headed for Mediterranean under combat training plan
13:29 Phase 2 of Krievu Island project receives GRAND PRIX at Latvian Builders Association’s 2018 Annual Awards
13:02 Van Oord posts results for 2018
12:46 Sergey Karataev appointed General Director of Freight One JSC
12:20 Damen Verolme Rotterdam completes refit of drilling rig Stena Don
11:35 Rosmorport to hold an auction to sell its МСП-90 boom-laying boat
11:11 16 vessels escorted by icebreakers in eastern part of Gulf of Finland during 24 hours on March 25-26
10:49 Rosmorport to hold an auction to sell its Leader pilot boat
10:13 Brent Crude futures price is up 0.13% to $66.9, Light Sweet Crude – up 0.65% to $59.20
09:44 MABUX: Bunker Market this morning, March 26
09:22 Baltic Dry Index is down to 689 points
09:07 TenneT awarded a framework agreement to Jan De Nul Group for repairs of TenneT’s offshore high-voltage cables
08:07 Berths for inland shipping now operational in Afrikahaven at the port of Amsterdam
07:41 GTT grants certification to SVEZA Group for production of plywood for Mark III containment system

2019 March 25

18:00 Navis N4 TOS selected to enhance terminal operations at North Carolina Ports
17:50 Increased safety for pilots boarding in Solent with new weather station
17:45 EMAR Offshore Services welcomes Damen ASD Tug 2811
17:25 Three basins of Russia’s IWW prepared for navigation season of 2019
16:48 Krasnoye Sormovo shipyard signs contract on construction of 11 dry cargo carriers for STLC
15:52 Kenia host 6th Annual East Africa Transport and Infrastructure conference on 13-14 May 2019
15:26 UK Hydrographic Office works with Seychelles government to help tackle piracy in the Indian Ocean
15:04 Yang Ming reports financial results for 2018
14:03 Closing of MacGregor's TTS acquisition postponed to Q2 2019
13:10 ArcelorMittal and Dow start trials for a new CO2 project in North Sea Port
12:39 Average wholesale prices for М-100 HFO up to RUB 19,562 in RF spot market
12:05 Port of Antwerp updates figures for 2018
11:47 The Maritime Standard swings into 2019
11:30 Damen Shipyards Den Helder signs order with Netherlands’ Defense Material Organization for Expeditionary Survey Boat
11:21 Working group on construction of Nizhegorodsky hydrosystem established under auspices of RF Transport Ministry
11:12 MABUX: Bunker Market this morning, March 25
11:04 IMO-executed GloFouling project kicks off to protect marine biodiversity
10:36 Windpark Fryslân awards contract to Van Oord and Siemens Gamesa to build wind farm
10:30 Polarcus announces redelivery of Vyacheslav Tikhonov
10:00 Keppel finalizes the rig construction contract with Awilco Drilling for the construction of semisubmersible drilling rig
09:56 Throughput of Chinese sea and river ports grew by 3.2% to 2.03 billion tonnes in 2M’2019
09:34 Brent Crude futures price is down 0.64% to $66.32, Light Sweet Crude – down 0.76% to $58.59
09:15 Baltic Dry Index is down to 690 points

2019 March 24

16:29 VARO and GoodFuels extend partnership to scale Bio Fuel Oil availability to deep sea segment in ARA Region
15:13 New Kongsberg Maritime application enables Bureau Veritas to successfully complete the first ‘DP Digital Survey’
14:27 ESVAGT increases presence in dynamic offshore wind market
13:03 Semco secures EPCI contract with Total as part of the Tyra Redevelopment Project
12:01 Safe Scandinavia option restructure and extension

2019 March 23

16:03 NCL announces plans for new staff training facility
15:54 ABP Humber provides land to support KIA expansion
14:22 SeaPlanner to support marine coordination for Taiwan's Formosa I offshore wind farm
13:31 Høglund awarded fuel-gas supply systems contract for six Hurtigruten passenger ships retrofits
12:25 McDermott secures substantial offshore EPCI contract in the Middle East
11:21 MacArtney provide Active Heave Compensated MERMAC winch solution to Alcatel Submarine Networks for planned subsea offshore operations

2019 March 22

18:06 GE and Nedstack enter into a partnership to develop hydrogen fuel cell power systems for cruise vessels
17:57 Fitch affirms Deloports rating at 'BB-' with stable outlook
17:36 Samsung Heavy Industries receives a LNGC order
17:05 Maritime Union of Australia issues notice of legal rolling industrial actions at DP WORLD terminals in Australia
16:44 Maersk partners with global companies to trial biofuel
16:44 NATO allied nations from last year’s NATO Summit to attend Unmanned Maritime Systems Technology 2019
16:22 15th edition of Expomaritt Exposhipping Istanbul to be held 2-5 April 2019
16:05 Dutch Sustainable Growth Coalition partners with Maersk in world's largest maritime biofuel pilot
15:30 Hapag-Lloyd announces 2018 results
14:03 ONE unveils enhanced intra-Asia –East India service network for 2019
13:54 Royal IHC to build second TSHD for National Marine Dredging Company
13:41 IMO expands collaborative efforts to promote maritime security