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17 May 2022 The on-line newspaper devoted to the world of transports 12:41 GMT+2

April 28, 2022

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Original news
Withdrawal from the Russian market weighs on Wärtsilä's accounts

Robust first quarter new order growth

The Finnish group Wärtsilä, specialized in technologies for the marine and energy sectors, closed the first three months of this year with revenues of 1.23 billion euros, in growth of +30.1% on the corresponding period of 2021. Due to write-downs of approximately 200 million euro determined by the downsizing of the company's activities in Russia following the attack by Russian troops on Ukraine, the result operating was negative and amounted to -147 million euro compared to an operating profit of 36 million in the first quarter of last year. The first three months of 2022 were filed with a net loss of -142 million euros compared to a net profit of 24 million in the same period last year.

In the first quarter of this year the value of new orders acquired by Wärtsilä amounted to 1.38 billion of euro (+10.9%) and the value of the order book at 31 March last was equal to 6.11 billion euros (+13.1%).

Commenting on the performance of the group's activities in the naval sector, the president and ceo of the Wärtsilä, Håkan Agnevall, noted that 'in the Maritime markets investments in new construction are decreased due to rising prices and limited capacity of shipyards. Naval fuel - he added - is become more expensive than ever and activity levels in our primary naval segments they continued to vary. The cruise industry - said Agnevall - had to facing temporary difficulties given that the increase in infections from Covid-19 has slowed down the reactivation of ships. At the end of March about 70% of the fleet's capacity was active cruises, a stable percentage compared to the situation of end of December. Instead the activity in the oil segment and of offshore gas has recorded a significant increase since rising crude oil prices supported demand. The Europe needs to be less dependent on gas Russian - noted Agnevall - could create opportunities in the maritime transport of liquefied natural gas'.

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