Wärtsilä's net sales have risen in early 2004, result in first months weaker than last year

Wärtsilä Corporation, Stock exchange release, 15 March 2004 at 16:45 UTC+2

“Wärtsilä’s net sales in January-February showed a slight increase compared to last year. Ship Power’s orders are at last year’s level. Power plant order intake is on a lower level than last year. The personnel consultations concerning the discontinuation of manufacturing in Turku and Mulhouse have affected production with the result that the first-quarter operating result of the Power Businesses will be clearly weaker than during the same period last year,” noted CEO Ole Johansson in his review at the Annual General Meeting.

The profitability estimate for the whole of 2004 will remain unchanged. Wärtsilä’s operational profitability will improve slightly. The impact of capacity reductions of the company’s performance will become visible during 2005. The 7-8% operating margin target for the Power Businesses will be reached by the end of 2005.

Further information:

Raimo Lind, CFO, tel. +358 10 709 5640, or Eeva Kainulainen, Vice President, Communications and IR, tel. +358 10 709 5235