Wärtsilä Corporation, Company Announcement, 19 March 2008 at 3.30 pm local time
Addressing Wärtsilä’s Annual General Meeting which will begin at 4.00 pm today, 19 March 2008, President and CEO Ole Johansson will review the first two months of 2008 as follows:
“As expected demand in our markets has continued strong in the first months of this year. Wärtsilä´s total orderintake for January - February grew to EUR 1,126 (769) million, a growth of 47% on the corresponding period last year. Ship Power orderintake grew 44%, and Power Plants 72%. The total orderbook at the end of February was EUR 6,823 (4,813) million. In 2004 Wärtsilä received two orders for power plant delivery to Iraq. The first power plant of the Iraqi order has almost been completed and all corresponding payments have been received. The second order is not included in the orderbook value due to the uncertainty of delivery time.”
The market outlook and Wärtsilä’s prospects for 2008, published in connection to the release of the 2007 financial statements, remain unchanged.
“We expect market activity to continue solid during the first half of 2008. In Ship Power some slowdown might be seen at the end of the spring but we expect activity in the Power Plant market to continue to be very strong. Based on the strong order book and capacity investments we will continue our positive development and 2008 will be a year of strong growth and further improved profitability.
Based on the strong order book, Wärtsilä’s net sales are expected to grow by about 25% in 2008. Profitability will exceed 11%. Wärtsilä’s profitability varies considerably from one quarter to another. This pattern will repeat itself during the current year. The first quarter is likely to be the weakest and the last quarter the best”.
Review by the President and CEO in Annual General Meeting 2008 PDF, 545Kb »
Ole Johanssonin puhe yhtiökokouksessa 2008
(Review by the President and CEO, video in Finnish)