Wartsila Oyj Abp · OMXHEX:WRT1V
Wartsila Oyj Abp — Wärtsilä — Q1 2003 Earnings Presentation
17 slides from Wartsila Oyj Abp's earnings presentation, Apr 29, 2003
Slide 1: Wärtsilä Corporation Interim Report January-March 2003
Wärtsilä Corporation Interim Report January-March 2003 Ole Johansson President & CEO 29 April 2003 © Wärtsilä
Slide 2: Group structure
Group structure Holding Assa Assa Power Divisions Abloy Abloy Engine division 7.6% 7.6% Marine Power Plants Service © Wärtsilä Q1/2003 presentation 2
Slide 3: Wärtsilä group
Wärtsilä group MEUR Q1/2003 Q1/2002 2002 Net sales 488.1 580.9 2,519.0 Operational EBIT 5.0 4.2 77.8 EBIT 5.0 4.2 188.9 Profit before taxes 0.3 3.6 170.4 EPS, EUR -0.08 -0.02 2.05 © Wärtsilä Q1/2003 presentation 3
Slide 4: Cash flow statement
Cash flow statement MEUR Q1/2003 Q1/2002 2002 Cash flow from operating activities 1.6 -5.5 55.4 Cash flow from investing activities -11.3 -7.9 -286.5 Cash flow from financing activities -47.6 26.3 232.3 Liquid funds at end of period 128.5 197.3 185.8 © Wärtsilä Q1/2003 presentation 4
Slide 5: Solvency and gearing
Solvency and gearing Solvency Gearing 50 1,2 45 1 40 35 0,8 30 0,6 25 20 0,4 15 0,2 10 5 0 98 99 00 01 02 Q1/03 0 98 99 00 01 02 Q1/03 -0,2 Solvency 1 Solvency 2 Gearing 1 Gearing 2 © Wärtsilä Q1/2003 presentation 5
Slide 6: Power Divisions
Power Divisions MEUR Q1/2003 Q1/2002 Change 2002 Net sales 433.1 527.0 -17.8% 2,319.9 EBIT 8.3 1.4 74.6 % of net sales 1.9% 0.3% 3.2% Order intake 590.4 512.7 15.2% 1,882.8 Order book, end of period 1,368.5 1,508.8 -9.3% 1,206.6 © Wärtsilä Q1/2003 presentation 6
Slide 7: Power Divisions - key figures
Power Divisions - key figures MEUR Net Sales Order intake Order book 590.4 1,508.8 527.0 1,368.5 512.7 433.1 1,206.6 +21.2% +8.9% +2.9% +32.4% -53.0% -3.0% +6.6% +102.3% -15.7% Q1/02 Q1/03 Q1/02 Q1/03 Q1/02 2002 Q1/03 Marine Power Plants Service © Wärtsilä Q1/2003 presentation 7
Slide 8: Personnel
Personnel 12.272 Ciserv FR 11.115 -130 80 250 Caltax NL CH -390 Lips -100 PP 1,240 -110 Q1/2002 Q1/2003 © Wärtsilä Q1/2003 presentation 8
Slide 9: Marine
Marine MEUR Q1/2003 Q1/2002 Change 2002 Net sales 121.8 144.6 -15.7% 763.4 Order intake 166.0 82.1 102.3% 506.7 Order book, end of period 658.4 706.6 -6.8% 617.7 Power Divisions net sales Q1/2003 EUR 433,1 million. n Marine 28% © Wärtsilä Q1/2003 presentation 9
Slide 10: Vessel orders
Vessel orders Tankers Bulk carriers Containers Others 3 months moving average 10 9 8 7 Volume [ million DWT ] 6 5 4 3 2 1 0 12-99 03-00 06-00 09-00 12-00 03-01 06-01 09-01 12-01 03-02 06-02 09-02 12-02 03-03 Source: Based on data from Clarkson Research Studies Note: Cargo vessels > 5,000 dwt © Wärts
Slide 11: Power Plants
Power Plants MEUR Q1/2003 Q1/2002 Change 2002 Net sales 81.1 172.6 -53.0% 666.0 Order intake 163.1 168.1 -3.0% 427.9 Order intake MW 328 366 -10.5% 832 Order intake, gas plants MW 33 63 -48.4% 293 Order intake, biopower, MW 34 29 17.2% 87 Order book 337.8 468.4 -27.9% 255.2 Power Divisions net sales
Slide 12: Power plant order intake Q1/2003: 328 MW (366)
Power plant order intake Q1/2003: 328 MW (366) Europe 26.4 (69.9) Asia 61.7 (37.4) 0.0 26.4 (19.9) (50.0) 0.0 61.7 America (6.2) (31.2) 49.7 (198.3) 43,7 6.0 (191.7) (6.6) Africa and other regions 190.1 (60.6) (MW) Gas Oil © Wärtsilä Q1/2003 presentation 12
Slide 13: Service
Service MEUR Q1/2003 Q1/2002 Change 2002 Net sales, EUR million 216.9 199.2 8.9% 843.4 Personnel, end of period 5,822 5,255 10.8% 5,644 Long-term service agreements, MW 9,953 8,821 12.8% 9,756 O&M (operation and maintanance) agreements, MW 2,085 1,741 19.8% 2,056 Power Divisions net sales Q1/2003 EU
Slide 14: Engine base
Engine base Engine base 128.000 MW 1.000 MW 140 O&M agreements 120 rapid growth continues, 100 2000 1,262 MW 80 2001 1,698 MW 2002 2,056 MW 60 Q1/03 2,085 MW 40 Long term Service 20 agreements in total 0 12,038 MW 1997 1998 1999 2000 2001 2002 Power Plants Marine © Wärtsilä Q1/2003 presentation 14
Slide 15: Ciserv, wider range of services
Ciserv, wider range of services l Sweden, 2001 Futher expansion in l Singapore, 2002 stragegically l Denmark, 2002 interesting locations l Canada, 2002 l Netherlands, 2003 © Wärtsilä Q1/2003 presentation 15
Slide 16: Imatra Steel
Imatra Steel Key figures, MEUR Q1/2003 Q1/2002 Change 2002 Net sales 55.1 54.1 1.8% 200.4 Operating result -3.4 2.7 3.2 % of net sales -6.1% 5.0% 1.6% Imatra Steel net sales by market segment 2002 n Net sales up as result of component business Trucks 52% n Result strained by 4.5 MEUR onetime writedo
Slide 17: Outlook for year 2003
Outlook for year 2003 Power Divisions n signs of continued growth in the marine market n uncertainty in power plant demand, but orderintake expected to be higher than 2002. Demand for biopower energy increases n growth in net sales, slight improvement in profitability Imatra Steel n uncertain ma