WÄRTSILÄ CORPORATION HALF YEAR FINANCIAL REPORT July 2018 Jaakko Eskola, President & CEO. Wärtsilä PUBLIC

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1 WÄRTSILÄ CORPORATION HALF YEAR FINANCIAL REPORT July 218 Jaakko Eskola, President & CEO 1 Wärtsilä PUBLIC 19 July 218 Half year financial report 218

2 GOOD DEVELOPMENT IN ORDERS RECEIVED 2

3 Highlights Q2/218 Order intake EUR 1,553 million, 14% Net sales EUR 1,246 million, -3% Book-to-bill 1.25 (1.6) Comparable operating result EUR 123 million (122), which represents 9.8% of net sales (9.5) Earnings per share EUR.13 (.12) Cash flow from operating activities EUR 41 million (2) Order book at the end of the period EUR 5,94 million (5,89) Comparison figures have been restated due to the adoption of IFRS 15. 3

4 Positive momentum in ordering activity Second quarter development 1,553 1,363 14% 22% 13% % Services Marine Solutions Energy Solutions Q2/217 Q2/218 Q1-Q2 Q3-Q4 Comparison figures for 217 have been restated due to the internal reorganisation of service activities. 4

5 Net sales stable in the first half Second quarter development 1,29 1,246-3% -2% 4% -11% Services Marine Solutions Energy Solutions Q2/217 Q2/218 Q1-Q2 Q3-Q4 Comparison figures for 217 have been restated due to the internal reorganisation of service activities and the adoption of IFRS 15. 5

6 Net sales by business 1-6/218 Marine Solutions 24% (23) Services 48% (49) Energy Solutions 27% (28) Comparison figures for 217 have been restated due to the internal reorganisation of service activities and the adoption of IFRS 15. 6

7 Book-to-bill 6 1, ,4 1,2 1, 3, ,6 1 5,4 1 5, /218 Order intake Net sales Book-to-bill, Comparison figures for 217 have been restated due to the adoption of IFRS Wärtsilä PUBLIC 19 July 218 Half year financial report 218

8 Order book distribution Delivery current year Delivery next year or later Comparison figures for 217 have been restated due to the adoption of IFRS 15. 8

9 Operating result 7 14% % 12.2% 12.1% 11.7% 12% 1% 8% 6% Review period development 8.9% 9.1% 14% 12% 1% 8% 2 4% 1 8 6% 6 4% 1 2% 4 2 2% % 1-6/ /218 % Comparable operating result % of net sales Comparison figures for 217 have been restated due to the adoption of IFRS 15. 9

10 SERVICES 1

11 SERVICES Services sales on last year s level Second quarter development % Q2/217 Q2/218 Q1-Q2 Q3-Q4 Comparison figures for 217 have been restated due to the internal reorganisation of service activities and the adoption of IFRS Wärtsilä PUBLIC 19 July 218 Half year financial report 218

12 SERVICES Net sales distribution 1-6/218 By product area By segment Spare parts 48% (5) Field service 22% (24) Agreements 22% (17) Special vessels 8% (6) Oil&Gas 4% (4) Offshore 4% (4) Navy 7% (8) Merchant 23% (24) Others 2% (2) Power plants 33% (34) Projects 8% (1) Cruise & ferry 2% (18) Total EUR 1,117 million (1,127) Comparison figures for 217 have been restated due to the internal reorganisation of service activities and the adoption of IFRS

13 MW SERVICES Installed base covered by service agreements 2 3% % 14 2% % 8 6 1% 4 5% /218 % MW under agreement Energy Solutions % of Energy Solutions installed base MW under agreement Marine Solutions % of Marine Solutions installed base 13 Wärtsilä PUBLIC 19 July 218 Half year financial report 218

14 Wärtsilä strengthens cooperation with Transocean Agreement to optimise the maintenance of all Wärtsilä thrusters installed within the Transocean fleet. Benefits include extended service intervals and reduced dry-docking costs. The performance-based agreement builds on the Wärtsilä Propulsion Condition Monitoring Service, that collects performance data from the thrusters. 14

15 ENERGY SOLUTIONS 15

16 Q1/215 Q2/215 Q3/215 Q4/215 Q1/216 Q2/216 Q3/216 Q4/216 Q1/217 Q2/217 Q3/217 Q4/217 Q1/218 Q2/218 ENERGY SOLUTIONS Quotation activity by fuel type MW Multi-fuel Gas Liquid fuel 1 Calculated on a 12 months rolling basis 16

17 ENERGY SOLUTIONS Energy Solutions order intake stable Review period development Total EUR 773 million (766) 1% Utilities % 46% Independent power producers 1 2 Industrials Review period order intake by fuel in MW 4 2 Oil 41% Gas 56% Q1-Q2 Q3-Q4 Renewables 3% 17

18 ENERGY SOLUTIONS Highest activity in Asia Americas 297 (348) Europe 231 (198) Asia 896 (1,96) Utilities IPP s (Independent Power Producers) 246 Africa and Middle East 212 (173) 21 6 Industrials Order intake 1-6/218: 1,636 MW (1,815)

19 Wärtsilä s power plant will alleviate electricity shortage in Myanmar The 145 MW power plant will operate on eight Wärtsilä 5SG gas-fuelled engines. The plant is scheduled to be operational during the first quarter of 219. Wärtsilä s ability to meet the demanding delivery requirements, and the flexibility of its engines, were key in the award of the contract. Copyright: Jayesh Devani 19

20 ENERGY SOLUTIONS Market for gas and liquid fuel power plants, <5 MW Other GT s 1% Ansaldo 9% MHI 14% GE 3% Wärtsilä 21% Siemens 25% <5 MW market volume: 18.1 GW (2.1) Total market volume: 49.8 GW (46.8) Market shares are calculated on a 12 months rolling basis, numbers in brackets are from the end of the previous period. Market data includes all Wärtsilä power plants and other manufacturers gas and liquid fuelled gas turbine based power plants with prime movers above 5 MW, as well as estimated output of steam turbines for combined cycles. The data is gathered from the McCoy Power Report. Other combustion engines not included. In engine technology Wärtsilä has a leading position. 2

21 MARINE SOLUTIONS 21

22 1/29 4/29 7/29 1/29 1/21 4/21 7/21 1/21 1/211 4/211 7/211 1/211 1/212 4/212 7/212 1/212 1/213 4/213 7/213 1/213 1/214 4/214 7/214 1/214 1/215 4/215 7/215 1/215 1/216 4/216 7/216 1/216 1/217 4/217 7/217 1/217 1/218 4/218 6/218 Number of vessels Million CGT MARINE SOLUTIONS Gradual recovery in vessel contracting Merchant Offshore Cruise and Ferry Special vessels 3 months moving average in CGT * 25 5, 4,5 2 4, 3,5 15 3, * 2,5 1 2, 1,5 5 1,,5, Source: Clarkson Research Services, figures exclude late contracting * CGT= gross tonnage compensated with workload 22 Wärtsilä PUBLIC 19 July 218 Half year financial report 218

23 MARINE SOLUTIONS Marine Solutions order intake supported by broad product offering Review period development Total EUR 766 million (634) Gas carriers 14% (34) Offshore 7% (2) Special vessels 3% (6) 9 6 Traditional merchant 4% (15) Cruise 25% (31) Q1-Q2 Q3-Q4 Ferry 4% (2) Navy Other 4% (8) 4% (1) Comparison figures for 217 have been restated due to the internal reorganisation of service activities. 23

24 Improving the environmental impact of shipping The approaching global sulphur cap is resulting in high demand for scrubber solutions Activity increasing in both newbuild and retrofit markets EUR 17 million order for hybrid exhaust gas cleaning equipment and retrofit service received from a major European container shipping company Kuva pitää vaihtaa, bonny kalvon kuva voisi sopia tähän 24

25 FINANCIALS 25

26 FINANCIALS Cash flow from operating activities Review period development / /218 26

27 FINANCIALS Working capital % 1 4 Review period development 1 2 2% % % % % % % 15% 1% 5% %* %* 2% 15% 1% 5% % % Working capital Total inventories Advances received Working capital / Net sales *Working capital / 12 months rolling net sales Comparison figures for 217 have been restated due to the adoption of IFRS Wärtsilä PUBLIC 19 July 218 Half year financial report 218

28 FINANCIALS Gearing,5 Review period development,4,5,3,4,2,3,2,1,1, , Wärtsilä PUBLIC 19 July 218 Half year financial report 218

29 Prospects for 218 Setti 1 Setti 1 The demand for Wärtsilä s services and solutions in 218 is expected to improve somewhat from the previous year. Demand by business area is anticipated to be as follows: Good in Services Good in Energy Solutions Good in Marine Solutions (raised from solid) 29

30 THANK YOU Further information: Natalia Valtasaari Director, Investor & Media Relations Tel () natalia.valtasaari@wartsila.com 3

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