Wärtsilä's Capital Markets Day: Impact of the Hamworthy
acquisition
Wärtsilä Corporation, Company Announcement, 29 March 2012,
at 8:15 a.m. (EET)
The management of Wärtsilä will today at the Capital
Markets Day announce further financial information
regarding the Hamworthy acquisition, which was closed on 31
January 2012. Wärtsilä also reiterates its guidance for
2012.
Integration of Hamworthy into Wärtsilä Ship Power has
started. Hamworthy will be divided into two business units,
Flow and gas solutions and Environmental solutions. The
acquisition will bring important growth synergies to
Wärtsilä in the offshore, marine gas applications and
environmental solutions markets. Wärtsilä's target is to
double Flow and gas solutions and Environmental solutions
net sales in the next five years.
The total consideration for the company was GBP 381 million
(approximately EUR 455 million), while the net price was
GBP 326 million (approximately EUR 399 million) due to
Hamworthy's cash balance at closing. The consideration has
been fully paid.
The purchase price allocation is currently under
evaluation, with preliminary results indicating that the
identified intangible assets have a value of EUR 110-130
million. Intangible assets will be recognised on the
balance sheet as technologies, customer relationships and
trademarks. The preliminary evaluation indicates that
annual intangibles amortisation will be in the range of EUR
16-18 million. The transaction is estimated to create a
goodwill of EUR 280-300 million.
Hamworthy's financial performance is expected to exceed the
latest analyst consensus from the end of October 2011,
which indicated net sales of approximately EUR 280 million
and an operating result of 8% for the financial year ending
in March 2012.
Wärtsilä expects its net sales for 2012 to grow by 5-10%
and its operational profitability (EBIT% before
non-recurring items) to be 10-11%. These estimates take
into account the impact of the Hamworthy acquisition.
All Capital Markets Day material will be available after
the event on Wärtsilä's Investor Relations pages. The
Capital Markets Day will be webcasted at
http://storm.zoomvisionmamato.com/player/wartsila/objects/shnb3r78/
For further information, please contact:
Raimo Lind
Executive Vice President & CFO
Wärtsilä Corporation
Tel: +358 10 709 5640
raimo.lind@wartsila.com
Pauliina Tennilä
Director, Investor Relations
Wärtsilä Corporation
Tel: +358 10 709 5445
pauliina.tennila@wartsila.com
Wärtsilä in brief
Wärtsilä is a global leader in complete lifecycle power
solutions for the marine and energy markets. By emphasising
technological innovation and total efficiency, Wärtsilä
maximises the environmental and economic performance of the
vessels and power plants of its customers. In 2011,
Wärtsilä's net sales totalled EUR 4.2 billion with
approximately 18,000 employees. The company has operations
in nearly 170 locations in 70 countries around the world.
Wärtsilä is listed on the NASDAQ OMX Helsinki, Finland.
www.wartsila.com
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