Wärtsilä's Capital Markets Day: Impact of the Hamworthy acquisition
(Thomson Reuters ONE) -
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(at)wartsila.com
Pauliina Tennilä
Director, Investor Relations
Wärtsilä Corporation
Tel: +358 10 709 5445
pauliina.tennila(at)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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originality of the information contained therein.
Source: Wärtsilä Oyj Abp via Thomson Reuters ONE
[HUG#1598170]
Unternehmensinformation / Kurzprofil:
Datum: 29.03.2012 - 07:16 Uhr
Sprache: Deutsch
News-ID 129697
Anzahl Zeichen: 3875
contact information:
Town:
Helsinki
Kategorie:
Business News
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Die Pressemitteilung mit dem Titel:
"Wärtsilä's Capital Markets Day: Impact of the Hamworthy acquisition"
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Wärtsilä Oyj Abp (Nachricht senden)
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