Wärtsilä will today be hosting its
Capital Markets Day 2012 event in Helsinki, Finland, where it plans to announce further financial information regarding the
Hamworthy acquisition, which was closed on 31 January 2012.
Integration of Hamworthy into Wärtsilä Ship Power has already started. Hamworthy will be divided into two business units, Flow and gas solutions and Environmental solutions.
Wärtsilä said the acquisition will bring important growth synergies to Wärtsilä in the offshore, marine gas applications and environmental solutions markets. The company'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.
According to Wärtsilä, 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 said it expects 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.
The Capital Markets Day will be webcasted at http://storm.zoomvisionmamato.com/player/wartsila/objects/shnb3r78
