Wärtsilä Corporation. Interim Report January-June 2003 Ole Johansson President & CEO. 31 July Wärtsilä

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1 Wärtsilä Corporation Interim Report January-June 2003 Ole Johansson President & CEO 31 July 2003

2 Group structure Power Divisions Engine division Marine Power Plants Service Holding Assa Abloy 7.6% 2

3 Group structure Power Divisions Engine division Marine Service Power Plants Holding Assa Abloy 7.6% 3

Revision of the corporate strategy Focus on ship power systems and service shipbuilding concentrates to Asia, price competition more stringent acquisitions production in China Power Plants

4 Revision of the corporate strategy Focus on ship power systems and service shipbuilding concentrates to Asia, price competition more stringent acquisitions production in China Power Plants business structure re-examined no significant recovery on the power plant market Capacity utilisation insufficient Operating margin of 7-8% further actions needed in pending market demands 4

5 Shipyard orderbook 150 Korea Japan China Others 125 Volume [ million dwt ] Source: Based on data from Clarkson Research Studies Note: Cargo vessels > 5,000 dwt, Other vessels > 2000 grt 5

6 Shipyard orders and deliveries July June 2003 Vessel deliveries Others 10% Vessel orders Others Europe 1% 5% Asia 94% Europe 38% Asia 52% Total deliveries: 75 million dwt Total orders: 76 million dwt Data Source: Clarkson Research Studies Lloyds-Register Fairplay Note: vessels > 100 gt 6

7 Expanding the scope of supply System management Device controls Services Support systems Power out alternator propulsion Connected systems 7

Wärtsilä group MEUR Q2/2003 Q2/2002 Net sales 538.5 701.

60 MEUR 1-6/2003 1-6/2002 2002 Net sales 1,026.6 1,282.3 2,519.

8 Wärtsilä group MEUR Q2/2003 Q2/2002 Net sales Operational EBIT EBIT EPS, EUR MEUR 1-6/ / Net sales 1, , ,519.0 Operational EBIT EBIT Profit before taxes EPS, EUR

Cashflow MEUR 1-6/2003 1-6/2002 2002 Cashflow from operating activities 3.9 28.3 55.

9 Cashflow MEUR 1-6/ / Cashflow from operating activities Cashflow from investing activities Cashflow from financing activities Liquid funds at the end of period

10 Solvency and gearing 50 Solvency 1,2 Gearing ,8 0, , /03 0,2 0-0, /03 Solvency 1 Solvency 2 Gearing 1 Gearing 2 10

11 Power Divisions profitability Operating profit and EBIT-% by quarter MEUR % /00 4-6/00 7-9/ /00 1-3/01 4-6/01 7-9/ /01 1-3/02 4-6/02 7-9/ /02 1-3/03 4-6/ Operating profit Operating result incl. restructuring provisions EBIT %

12 Power Divisions key figures MEUR Net sales Order intake Order book % , , ,8 +7,7% +25,3% +11.2% -62.6% -16.9% Q2/02 Q2/ % +25.6% Q2/02 Q2/03-16,7% Marine Power Plants Service 12

Power Divisions MEUR Q2/2003 Q2/2002 Change Net sales 483.2 649.5-25.6% EBIT 14.0 30.7-54.4% % of net sales 2.9% 4.7% Order intake 511.9 342.3 49.

13 Power Divisions MEUR Q2/2003 Q2/2002 Change Net sales % EBIT % % of net sales 2.9% 4.7% Order intake % MEUR 1-6/ /2002 Change 2002 Net sales , % 2,319.9 EBIT % 74.6 % of net sales 2.4% 2.7% 3.2% Order intake 1, % 1,882.8 Order book, end of period 1, , % 1,206.6 presentaatio 13

14 Delivered engine megawatts from Wärtsilä factories MW /2003 Power Plants Marine Note! Does not include Biopower and licensing. 14

15 Marine MEUR Q2/2003 Q2/2002 Change 2002 Net sales % Order intake % Order book, end of period % Power Divisions net sales Q2/2003 MEUR Marine 36% 15

16 Vessel orders Volume [ million dwt ] Tankers Bulk carriers Containers Others 3 months moving average Source: Based on data from Clarkson Research Studies Note: Cargo vessels > 5,000 dwt 16

17 Vessel orderbook 150 Tankers Bulk carriers Containers Others 125 Volume [ million dwt ] Source: Based on data from Clarkson Research Studies Note: Cargo vessels > 5,000 dwt 17

18 Net sales of Marine division by vessel type MEUR PF /2003 Note! 1998 incl. Grandi Motori Trieste Wärtsilä Propulsion others container ships bulk carriers tankers 18

19 Power Plants MEUR Q2/2003 Q2/2002 Change 2002 Net sales % Order intake % Order intake (MW), diesel % 539 gas % 293 Biopower, MW th ,3% 107 Order book, end of period % Power Divisions net sales Q2/2003 EUR million. Power Plants 17% 19

Power plant order intake 1-6/2003: 616 MW (475) America 39 (220) Europe 115 (107) 74 41 (57) (50) in addition

20 Power plant order intake 1-6/2003: 616 MW (475) America 39 (220) Europe 115 (107) (57) (50) in addition Biopower 128 (107) Asia 110 (70) (60) (10) 30 9 (201) (19) Africa and other regions 352 (77) Gas Oil 350 (61) 2 (16) 20

21 Service Q2/2003 Q2/2002 Change 2002 Net sales, MEUR % Personnel, end of period 5,839 5, % 5,644 Long-term service agreements, MW 9,867 9, % 9,756 O&M (operation and maintenance) agreements, MW 2,182 1, % 2,056 Power Divisions net sales Q2/2003 EUR million. Service 45% 21

22 Long-term service and O&M contracts O&M contacts rapid growth continues Long-term service and O&M contracts cover 12,049 MW Active engine base 128,000 MW MW 2,500 MW 10,000 2,000 O&M contracts 1,500 1, ,500 9,000 8,500 8,000 7,500 Long-term service agreements /2003 7,000 22

Imatra Steel Key figures, MEUR Q2/2003 Q2/2002 Change 2002 Net sales 55.5 52.6 5.5% 200.4 Operating profit 2.2 2.9 3.2 % of net sales 4.0% 5.5% 1.

23 Imatra Steel Key figures, MEUR Q2/2003 Q2/2002 Change 2002 Net sales % Operating profit % of net sales 4.0% 5.5% 1.6% Imatra Steel s net sales by market segment 2002 sale of Billnäs Spring Works impact on profits neutral after write-down of fixed assets Trucks 52% Engineering industries 34% Cars 14% will concentrate on manufacturing long special engineering steels and forged components for the truck industry 23 A WÄRTSILÄ COMPANY

24 Outlook for year 2003 Power Divisions sales and operational profitability on last year s level streamlining measures will continue restructuring provision will burden the 2003 result Imatra Steel increased sales operational result will improve 24

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