Balance sheet, financing and cash flow
For January-December 2011, the cash flow from operating activities was EUR 232 million (663). Net working capital at the end of the period totalled EUR 285 million (170). Advances received at the end of the period totalled EUR 563 million (616). The increase in net working capital is mainly due to timing of deliveries and advances received and results from normal variation in operations. Cash and cash equivalents at the end of the period amounted to EUR 592 million (776).
Wärtsilä had interest-bearing debt totalling EUR 652 million at the end of December 2011. The total amount of short-term debt maturing within the next 12 months was EUR 167 million, including EUR 70 million of Finnish Commercial Papers. Net interest-bearing loan capital totalled EUR 58 million (-165).
The funding programmes at the end of December 2011 included long-term loans of EUR 485 million, undrawn long-term loans totalling EUR 150 million and unutilised Committed Revolving Credit Facilities totalling EUR 494 million. The funding programs also included Finnish Commercial Paper programmes totalling EUR 700 million.
The solvency ratio was 41.3% (40.8) and gearing was 0.04 (-0.09).
|Interest-bearing loan capital|
|Cash and cash equivalents||-592||-776|