WÄRTSILÄ CORPORATION
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1 WÄRTSILÄ CORPORATION INTERIM REPORT JANUARY-SEPTEMBER 21 OLE JOHANSSON, PRESIDENT & CEO 2 OCTOBER 21 1 Wärtsilä
2 Q3/1 Highlights Order intake EUR 1,4 million (+38%) Net sales EUR 1,39 million (-11%) Operating result* EUR 117 million (-13%), 11.2% of net sales EPS* EUR.83 (.87) Cash flow from operating activities EUR 222 million (214) * Excluding nonrecurring items 2 Wärtsilä
3 Strong growth in order intake 6 55 Third quarter development % % % % Q3/29 Q3/ /21 Order intake Power Plants Ship Power Services 3 Wärtsilä
4 Order book % % -37% % Order book Power Plants Ship Power Services 4 Wärtsilä
5 Order book distribution Delivery current year Delivery next year + 5 Wärtsilä
6 Net sales developed as expected % 23% 14% Third quarter development % % -27% % 15 1 Q3/29 Q3/ /21 Net sales Power Plants Ship Power Services 6 Wärtsilä
7 Net sales by business 1-9/21 Ship Power 27% (33) Power Plants 31% (31) Services 42% (35) 7 Wärtsilä
8 Strong profitability % Q1 Q2 Q3 Q Operating result before nonrecurring items 8 Wärtsilä
9 Ship Power market vessel order development Continued recovery in ordering activity All vessels Offshore Special vessels Merchant Cruise and Ferry 3 months moving average in DWT # of vessels Million DWT Source: Clarkson Research Services 9 Wärtsilä
10 Ship Power order intake Recovery continued Q1 Q2 Q3 Q4 1 Wärtsilä
11 Ship Power order intake by segment Q3/21 Special vessels 18% Ship Design Cruise & Ferry 3% 2% Offshore 43% Merchant 33% Total EUR 176 million (68) 11 Wärtsilä
12 Ship Power market Market position of Wärtsilä s marine engines Medium-speed main engines Low-speed main engines Mitsubishi 3%(3) Auxiliary engines Wärtsilä 3%(1) Others 29%(37) Wärtsilä 32%(37) Wärtsilä 12%(15) MAN Diesel 31%(22) Caterpillar (MAK) 8%(4) MAN Diesel 85%(82) Others 97%(99) Total market volume last 12 months: 914 MW (553) Total market volume last 12 months: 6,752 MW (5,667) Total market volume last 12 months: 2,775 MW (1,795) Wärtsilä s market shares are calculated on a 12 months rolling basis, numbers in brackets are from the end of the previous quarter. Wärtsilä s own calculation is based on Marine Market Database. 12 Wärtsilä
13 Ship Power order book Sept. 3, 21 All vessel segments represented LNG 6% RoRo 4% Merchant 47% Bulkers 11% Offshore 3% Containers 6% Tankers 8% Special vessels 8% Cargo 12% Ship Design 2% Navy 6% Cruise & Ferry 7% Total EUR 2,38 million (3,23) 13 Wärtsilä
14 Power Plants - Market demand remains strong MW Quoted MW per Fuel Type Others Natural gas Heavy fuel oil Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q Share of natural gas is consistently increasing 14 Wärtsilä
15 Power Plants order intake by application Third quarter development 131% % 1285% 184% -6% Q3/29 Q3/21 Order intake by fuel Q3/ /21 Oil 54% Gas 46% Order intake Industrial selfgeneration Flexible baseload Grid stability & peaking Oil & Gas 15 Wärtsilä
16 Power Plants quarterly order intake Q1 Q2 Q3 Q4 16 Wärtsilä
17 Power Plants order intake Asia strongest region Order intake 1-9/21: 2,342 MW (1,382) 239 Europe 34 (4) 78 Asia 1,81 (9) Americas 74 (28) Africa and Middle East 253 (612) Flexible baseload Industrial self-generation Oil & gas Grid stability & peaking 17 Wärtsilä 42
18 Services Net sales stable % % 5 4 Third quarter development % 12 22% Q3/29 Q3/ /21 18 Wärtsilä
19 Services Net sales per quarter Q1 Q2 Q3 Q4 19 Wärtsilä
20 Services Net sales distribution 1-9/21 Spare parts 54% Field service 24% Contracts 13% Projects 9% 2 Wärtsilä
21 Services Level of laid-up vessels normalised % of Fleet 2% 18% 16% 14% 12% 1% 8% 6% 4% 2% Aug.1 Jun.1 Apr.1 Feb.1 Dec.9 Oct.9 Aug.9 Jun.9 Apr.9 Feb.9 Anchored * Idle ** 21 Wärtsilä * Anchored (reported navigation status at anchor). Source Bloomberg (AISLive). More than 25 vessels (>299 GT) covered. ** Idle (no movement for 19 days for containerships, others 35 days). Source Lloyd s MIU. Around 15 vessels (>299 GT) covered.
22 All time high cash flow 7-9/1 7-9/9 1-9/1 1-9/9 29 Cash flow from operating activities Cash flow from investing activities Cash flow from financing activities Cash and cash equivalents at end of period Wärtsilä
23 Net working capital development 2 25% % Sept % % 7.% 8.4% 5.5% % 5.8% % 482 1% 5% %* 229 * Annualised Working Capital / Net Sales % Working Capital Total Inventories Advances Received Working Capital / Net Sales All figures relate to the Power Businesses 23 Wärtsilä
24 Committed loans Sept. 3, Total EUR 688 million drawn Drawn longterm loans Current portion of long-term loans Drawn shortterm loans Undrawn revolving credits At the end of the reporting period, drawn revolving credits amounted to euros. In addition, there are Finnish Commercial Paper Programs of EUR 7 million (uncommitted). 24 Wärtsilä
25 Financial position Solvency % Gearing,7,6,5,4,3,2, , -, Wärtsilä
26 Restructuring measures Restructuring measures May 29: Ship Power adjustment program January 21: Adaption of manufacturing capacity initiated October 21: Processes initiated for reduction of 4 jobs in global staff functions Impacts of all restructuring measures Personnel to be reduced by approx. 1,8 employees Total cost savings approx. EUR million, of which EUR 3 million to materialise in 21 and the rest gradually in 211. Total non-recurring costs EUR 14 million, of which 4 million recognised in 29. In January-September 21 Wärtsilä recorded EUR 59 million nonrecurring items related to restructuring measures. 26 Wärtsilä
27 Market outlook Ship Power: Ordering volumes will remain at lower levels than during peak years. Competition and price pressure will remain intense. Wärtsilä Ship Power s order intake in 21 expected to clearly improve over 29. Power Plants: The power generation market recovery is expected to continue in 21. Wärtsilä Power Plants order intake in 21 expected to clearly improve over 29. Services: Services development is expected to remain steady. Scrapping of older tonnage and its replacement with new tonnage may impact Services. Power plant installations continue to be run at high operating levels. Increased interest in maintenance partnerships seen. 27 Wärtsilä
28 Prospects for 21 improved Net sales expected to decline by approximately 15 percent. Operational profitability (EBIT% before nonrecurring items) expected to be better than earlier estimated and to exceed 1%. 28 Wärtsilä
29 Presentation name / Author IR Contact: Joséphine Mickwitz Director, Investor Relations Tel () josephine.mickwitz@wartsila.com
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