Wärtsilä provides restated financial information to reflect structural changes and makes an impairment to Portfolio Business
Wärtsilä Corporation, Stock exchange release, 21 June 2023 at 9:00 EEST
Wärtsilä provides restated financial information to reflect structural changes and makes an impairment to Portfolio Business
Wärtsilä announced in February 2023 that it has completed the strategy review of its businesses. Based on the review, part of the Voyage business (NACOS Navigation, NACOS Automation, Dynamic Positioning and sensors) has been integrated into a new business unit and moved to Portfolio Business. Additionally, the Marine Electrical Systems business unit was moved from Marine Systems to Portfolio Business due to its limited strategic fit with the rest of the group. Wärtsilä Portfolio Business consists of business units which are run independently with the aim of accelerating performance improvement and unlocking value through divestments or other strategic alternatives.
Wärtsilä has also conducted an impairment test for Portfolio Business. As a result of impairment test, an impairment of EUR 45 million has been recognised to goodwill and other non-current assets. This reflects the lower than earlier expected revenues in Portfolio Business. The impairment is considered as an item affecting comparability.
Restated financial information
The abovementioned changes affect Marine Power, Marine Systems and Portfolio Business, and they will be reflected in Wärtsilä’s financial reporting as of the second quarter of 2023. Wärtsilä’s financial information for the year 2022 and for January-March 2023 has been adjusted to correspond with the changes. Changes in comparison figures are presented in separate Excel and PDF files attached to this release.
For further information, please contact:
Hanna-Maria Heikkinen
Vice President, Investor Relations
Tel: +358 10 709 1461
hanna-maria.heikkinen@wartsila.com
Wärtsilä in brief
Wärtsilä is a global leader in innovative technologies and lifecycle solutions for the marine and energy markets. We emphasise innovation in sustainable technology and services to help our customers continuously improve their environmental and economic performance. Our dedicated and passionate team of 17,500 professionals in more than 240 locations in 79 countries shape the decarbonisation transformation of our industries across the globe. In 2022, Wärtsilä’s net sales totalled EUR 5.8 billion. Wärtsilä is listed on Nasdaq Helsinki.
www.wartsila.com