INTERIM REPORT JANUARY - MARCH 2009

Wärtsilä Corporation INTERIM REPORT 24 April 2009 at 8.30 local time

NET SALES GREW 46% - STRONG PROFITABILITY

FIRST-QUARTER HIGHLIGHTS

- Net sales grew 46% to EUR 1,241 million (850)
- Operating result (EBIT) grew 60% to EUR 130 million, or 10.5% of
net sales (EUR 81 million and 9.6%)
- Cash flow from operating activities totalled EUR 23 million (75)
- Earnings per share amounted to 0.89 (0.49)
- Order intake fell 51% to EUR 958 million (1,936)
- Materialised order cancellations totalled EUR 51 million during the
first quarter

OLE JOHANSSON, PRESIDENT AND CEO:
"The first quarter of 2009 was strong for Wärtsilä. All businesses
developed favourably and Wärtsilä's total net sales grew by 46%.
Operating result grew very strongly by 60% to EUR 130 million, the
EBIT margin being 10.5%. In the Ship Power markets, conditions
remained unchanged and ship owner activity was mainly related to the
rebalancing of capacity to demand and led to further cancellations
and postponements in the market. For Wärtsilä cancellations of EUR 51
million materialised during the review period and Wärtsilä sees a
potential cancellation risk of approximately EUR 1,000 million. In
the Power Plants market activity remained strong. Services continued
its stable development but the slowdown in the marine industry has
led to shorter visibility in the marine service market. Despite the
risk of cancellations and the uncertainty in the market, Wärtsilä's
prospects for 2009 remain unchanged."

WÄRTSILÄ'S PROSPECTS FOR 2009 REITERATED
Despite the risk of cancellations, the substantial order book at the
end of the year should support a 10-20 percent growth in net sales
for 2009, which would maintain the profitability at last year's good
level.

ANALYST AND PRESS CONFERENCE
An analyst and press conference will be held on Friday 24 April 2009
at 10.45 a.m. Finnish time (8.45 a.m. UK time), at the Wärtsilä
headquarters in Helsinki, Finland. The combined web- and
teleconference can be viewed on the internet at the following
address:


http://wip.goodmood.tv:80/wip/directlink.do?newbrowser=1&pid=2797103.

To participate in the teleconference please call: [phone]
0077 and enter the Conference ID: 832197. If you want to ask
questions during the teleconference, press the number 1 on your phone
to register for a question and the # -key to withdraw a question. The
event title for the call is: Results Q1. Please be ready to state
your details and the name of the conference to the operator. If
problems occur, please press the *-button followed by the 0-button.
We would recommend that you would register to the conference in
advance at the following address:
https://eventreg1.conferencing.com/webportal3/reg.html?Acc=085460&Conf=165829.

An on-demand version of the webcast will be available on the company
website later the same day.


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 2008, Wärtsilä's net sales totalled EUR 4.6 billion
with 19,000 employees. The company has operations in 160 locations in
70 countries around the world. Wärtsilä is listed on the NASDAQ OMX
Helsinki, Finland.










INTERIM REPORT JANUARY-MARCH 2009


The figures in this interim report are unaudited.


REVIEW PERIOD JANUARY - MARCH 2009 IN BRIEF


MEUR                                1-3/2009 1-3/2008 Change    2008
Order intake                             958    1 936   -51%   5 573
Order book 31 March                  6 477*)    7 219   -10%   6 883
Net sales                              1 241      850    46%   4 612
Operating result                         130       81    60%     525
% of net sales                         10.5%     9.6%          11.4%
Profit before taxes                      123       74    65%     516
Earnings/share, EUR                     0.89     0.49        3.88 1)
Cash flow from operating activities       23       75            278
Interest-bearing net debt
at the end of the period                 613      -79            455
Gross capital expenditure                 24       38            366

*) Cancellations amounting to EUR 51 million have been eliminated
from the order book during the first quarter.
1) 3.96 euros before the effect of the combination of Wärtsilä's
share series.


MARKET DEVELOPMENT

SHIP POWER
The standstill in the ordering of new ships that started during the
autumn of 2008 continued during the first quarter of 2009. The very
few new big vessel orders that were registered were placed with
Korean and Chinese yards. With the current market fundamentals, there
remains very little reason to expect new vessel ordering to pick up.
The market has moved from earlier fears of under supply, to the
reality of over capacity in most major vessel segments, with
container vessels and bulk carriers being affected the most. Due to
the world short-term economic outlook, many existing vessel orders
have become unattractive for vessel owners and operators. By
contrast, shipyards are trying to hold on to the orders to secure
their record long order books. Second hand market prices for
practically new vessels have become very appealing, which is also
hampering new orders.

More cancellations and rescheduling of existing orders have occurred
during the review period and it is expected that markets will
continue to reach for balance by cancelling and reorganising orders.
The reduction of existing fleet capacity through temporary lay-ups,
scrapping and slow steaming is also being carried out.

Ship Power market shares
During the review period Wärtsilä's share of the medium speed main
engine market decreased slightly from 37% (at the end of the previous
quarter) to 35%. Wärtsilä's market share in low-speed engines
decreased to 13% (15). In auxiliary engines the market share
decreased to 6% (8).

POWER PLANTS
Inquiries for new power plants remained at a high level during the
first quarter. Market activity was good with customers showing
continued interest in new flexible capacity. However, the impact of
the financial crisis is showing through a slower conclusion of
projects mainly due to difficulties in securing financing.
Independent Power Producers (IPP) are facing challenges in closing
financing packages, which has delayed projects. Industrial
self-generation is so far the most affected market with many projects
postponed due to uncertainty in the market, or through lack of e.g.
demand for minerals.

SERVICES
The imbalance between vessel capacity and vessel demand in the
shipping industry has led to ship owners making adjustments, such as
reducing the operating frequency of some vessels and laying-up parts
of their fleets. The slowdown has led to some reductions in
maintenance volumes and demand for spare parts, but the impact on
Wärtsilä's services for the marine industry has so far been limited.
The service market for power plants continues strong and power plants
are in active operation. Furthermore, there is demand for various
Services projects, such as fuel conversions for power plants.

Wärtsilä's installed engine base in the Ship Power and Power Plant
markets totals 162,000 MW and consists of thousands of installations
distributed throughout the world. Both end markets consist of several
customer segments for Services, and Wärtsilä's portfolio is the
broadest in the market. These factors limit the impacts of
fluctuations in any individual market or customer segment.

ORDER INTAKE AND ORDER BOOK
The order intake for the review period totalled EUR 958 million
(1,936), representing a deterioration of 51% compared to the
corresponding period last year. In relation to the previous quarter
Wärtsilä's total order intake grew 16% (EUR 823 million in the fourth
quarter of 2008).

Wärtsilä Ship Power's order intake totalled EUR 127 million (758), a
decrease of 83% compared to the very high corresponding period.
Compared to the previous quarter Ship Power's order intake fell 16%
(EUR 152 million in the fourth quarter of 2008). Orders for the first
quarter of 2009 were mainly booked in the Offshore and Merchant
segments. The Offshore segment accounted for 34%, Merchant 30%
Cruise&ferry 18%, Navy 8% and Special vessels and Ship design 5%
respectively of Ship Power's total order intake.

The first quarter order intake for the Power Plant business totalled
EUR 321 million (566), which was 43% lower than the all-time high
order intake in the corresponding period last year. The main reasons
for this drop lie in the timing of large projects as well as in the
impact of the financial crisis. Compared to the previous quarter the
Power Plant business order intake grew 22% (EUR 263 million in the
fourth quarter of 2008). The largest oil-fired power plants were sold
to Pakistan, Greece and Cyprus. The latest 200 MW Pakistani order is
the fourth major power project sold by Wärtsilä to Pakistan in the
last two years. Pakistan is expected to offer interesting
opportunities in the future as well. The largest gas-fired plants
were sold to Brazil and to the Dominican Republic. The large gas
power plant order received from Brazil marks an important milestone
for Wärtsilä as it is Wärtsilä's first major gas power project in the
country. With the increased availability of gas in Brazil, the gas
power plant market for Wärtsilä is expected to grow.

Services order intake for the period January-March 2009 was strong
and amounted to EUR 507 million (611), a reduction of 17% compared to
the all-time high corresponding period of 2008. In relation to the
previous quarter Services order intake grew 24% (EUR 410 million in
the fourth quarter of 2008). During the review period, Services
received contracts from three Brazilian Independent Power Producers
(IPPs) to provide conversions for their generating stations. The
conversions will enable them to attain fuel flexibility and switch
from heavy fuel oil (HFO) to gas operation. These combined plant
conversions represent the biggest project of its kind ever undertaken
by Wärtsilä Services.

The total order book at the end of the review period stood at EUR
6,477 (7,219). At the end of the review period, the Ship Power order
book stood at EUR 4,127 million (4,810), a decrease of 14%. During
the period cancellations of EUR 51 million materialised and have been
deducted from the order book. The cancellations were mainly
concentrated within the Merchant and Special vessel segments.
Wärtsilä sees a potential cancellation risk of approximately EUR
1,000 million. The Power Plants order book stood at EUR 1,829 million
(1,822). The Services order book totalled EUR 521 million (588).



Order intake by business
MEUR                     1-3/2009 1-3/2008 Change 1-12/2008
Ship Power                    127      758   -83%     1 826
Services                      507      611   -17%     1 858
Power Plants                  321      566   -43%     1 883
Order intake, total           958    1 936   -51%     5 573



Order intake Power Plants
MW                        1-3/2009 1-3/2008 Change 1-12/2008
Oil                            344      442   -22%     2 029
Gas                            243      543   -55%     1 240
Renewable fuels                  0       37  -100%        80



Order book by business
MEUR                   31 Mar. 2009 31 Mar. 2008 Change  2008
Ship Power                    4 127        4 810   -14% 4 486
Services                        521          588   -11%   445
Power Plants                  1 829        1 822     0% 1 949
Order book, total           6 477*)        7 219   -10% 6 883


*) Cancellations amounting to EUR 51 million have been eliminated
from the order book during the first quarter.


NET SALES
Wärtsilä's net sales for January-March 2009 grew strongly by 46% and
totalled EUR 1,241 million (850). Ship Power's net sales grew by 53%
and totalled EUR 373 million (244). Net Sales for Power Plants
developed very favourably during the review period and totalled EUR
431 million (175), a growth of 146% compared to the corresponding
period last year. Net sales from the Services business remained at
last year's high level and amounted to EUR 434 million (428). Ship
Power net sales accounted for 30%, Power Plants for 35% and Services
net sales for 35% of total net sales.


Net sales by business
MEUR                  1-3/2009 1-3/2008 Change 1-12/2008
Ship Power                 373      244    53%     1 531
Services                   434      428     1%     1 830
Power Plants               431      175   146%     1 261
Net sales, total         1 241      850    46%     4 612


FINANCIAL RESULTS
The operating result rose to EUR 130 million (81) for January-March
2009, which is 10.5% of net sales (9.6).
Financial items amounted to EUR -7 million (-7). Net interest
totalled EUR -6 million (0). Profit before taxes amounted to EUR 123
million (75). Taxes in the reporting period amounted to EUR -34
million (-25).
Earnings per share were EUR 0.89 (0.49).

BALANCE SHEET, FINANCING AND CASH FLOW
Cash flow from operating activities for January-March 2009 totalled
EUR 23 million (75). Advances received at the end of the period
totalled EUR 1,242 million (1,083). Liquid reserves at the end of the
period amounted to EUR 149 million (416). Net interest-bearing loan
capital totalled EUR 613 million (-63). Dividends paid in 2009
totalling EUR 148 million were paid during the first quarter, where
as dividends paid in 2008 totalling EUR 408 million were paid during
the second quarter. The solvency ratio was 32.1% (32.0) and gearing
was 0.55 (-0.05).

HOLDINGS
Wärtsilä owns 7,270,350 B shares in Assa Abloy, or 2.0% of the total.
This holding has been booked in the balance sheet at its market value
at the end of the reporting period, EUR 51 million.

CAPITAL EXPENDITURE
Gross capital expenditure in the review period totalled EUR 24
million (38), which comprised EUR 2 million (5) in acquisitions and
investments in securities and EUR 22 million (33) in production and
information technology investments. Depreciation amounted to EUR 30
million (21).

Due to the high delivery volumes, efficiency improvements and
Services related logistical development plans, the total capital
expenditure excluding acquisitions for 2009, is expected to be
approx. EUR 180 million.

STRATEGIC ACQUISITIONS, JOINT-VENTURES AND EXPANSION OF NETWORK
The strengthening of Wärtsilä's global Service network continued
during the review period by the opening of new and the expansion of
existing offices in Italy and the Netherlands.

MANUFACTURING
During the review period, Wärtsilä renewed the license agreements for
the manufacturing and sales of Wärtsilä low-speed marine diesel with
Hitachi Zosen Corporation in Japan and with Mitsubishi Heavy
Industries Ltd. (MHI) in Japan.

Qingdao Qiyao Wärtsilä MHI Linshan Marine Diesel Co.Ltd. (QMD), the
Joint Venture between CSIC, Wärtsilä and MHI for the production of
2-stroke engines, successfully produced and started its first engine
in March 2009. The QMD factory construction work was completed during
April 2009. QMD has a healthy order book of approximately EUR 200
million.


RESEARCH & DEVELOPMENT
The EU funded Hercules-Beta research project started in March.
Hercules-Beta represents a major international co-operative effort to
maximise fuel efficiency while emphasising ultra-low emissions, and
to develop future generations of optimally efficient and clean marine
diesel engines.

PERSONNEL
Wärtsilä had 18,844 (16,979) employees at the end of March. Personnel
on average for January - March 2009 totalled 18,821 (16,813).
Services had 11,172 employees (10,095), a growth of 11%.

SHARES AND SHAREHOLDERS

SHARES ON HELSINKI EXCHANGES

31 March 2009               Number of    Number of   Number of shares
                                                               traded
                               shares        votes           1-3/2009
WRT1V                      98,620,565   98,620,565         37,993,090

1 Jan. -31 March 2009            High          Low   Average 1) Close
 Share price                    24.00        15.81        19.48 15.89
1) Trade-weighted average price.

                                      31 Mar. 2009 31 Mar. 2008
Market capitalisation, EUR                   1,567        4,215
million
Foreign shareholders                         43.9%        49.6%



DECISIONS TAKEN BY THE ANNUAL GENERAL MEETING
Wärtsilä's Annual General Meeting on 11 March 2009 approved the
financial statements and discharged the members of the Board of
Directors and the company's President & CEO from liability for the
financial year 2008. The Meeting approved the Board of Directors'
proposal to pay a dividend of EUR 1.50 per share totalling EUR 148
million. Dividends were paid on 23 March 2009.

The Annual General Meeting decided that the Board of Directors shall
have six members. The following were elected to the Board: Ms Maarit
Aarni-Sirviö, Mr Kaj-Gustaf Bergh, Mr Kari Kauniskangas, Mr Antti
Lagerroos, Mr Bertel Langenskiöld and Mr Matti Vuoria.

The firm of authorised public accountants KPMG Oy Ab was appointed as
the company's auditors.

Organisation of the Board of Directors
The Board of Directors of Wärtsilä Corporation elected Antti
Lagerroos as its chairman and Matti Vuoria as the deputy chairman.
The Board decided to establish an Audit Committee, a Nomination
Committee and a Compensation Committee. The Board appointed from
among its members the following members to the Committees:

Audit Committee:
Antti Lagerroos, chairman
Maarit Aarni-Sirviö
Bertel Langenskiöld

Nomination Committee:
Antti Lagerroos, chairman
Matti Vuoria
Kaj-Gustaf Bergh

Compensation Committee:
Antti Lagerroos, chairman
Matti Vuoria
Bertel Langenskiöld

RISKS AND BUSINESS UNCERTAINTIES
Due to the uncertainty in the shipping industry the main risks in
Ship Power remain the slippage of ship yard delivery schedules, as
well as the risk of cancellation of existing orders. Wärtsilä Ship
Power sees a potential cancellation risk of approximately EUR 1,000
million.

Though the fundamentals in the Power Plants business remain
unchanged, the current financial crisis has some effect on the timing
of orders. The actual impact of the financial crisis is still small,
but the possible effect on orders in the pipeline is difficult to
predict. The financing of many future projects appears secure, and
there is an increased level of activity from utilities and
governmentally funded power producers.

For Services, the biggest risks relate to a further deterioration of
the underlying shipping industry leading to larger scale lay-ups of
ships, which could reduce demand for maintenance and services in this
segment. Currently the bulker and container ship segments are the
most affected.

Wärtsilä monitors the stability of its supplier base in the
perspective of the worldwide economic crisis and currently there are
no significant risks related to this.

Wärtsilä holds adequate credit lines to maintain liquidity in the
current business environment.

The annual report for 2008 contains a thorough description of
Wärtsilä's risks and risk management.

MARKET OUTLOOK
With the exception of China and India, all the leading economies have
negative GDP development this year, which implies that trade and
demand for transportation and energy are declining. As a consequence,
the outlook for shipping and shipbuilding is quite dismal at the
moment. Ship owners continue laying up capacity in an attempt to
re-balance the market. Managing existing fleets, and attempts to
digest the existing orders on hand, are the shipping industry's main
focus points today. For the offshore industry there would be market
rationale to continue exploration and production investments, but the
current financial crisis is effectively hindering progress in such
projects.

During 2009 there will not be any major changes in the new ordering
outlook for the major merchant vessel types, such as container
vessels, bulk carriers and tankers. Much will, however, depend on the
general sentiments in the economy, as certain owners, having
benefited from the recent shipping boom, are still financially very
sound. If prices for new vessels and concrete signs of a recovering
economy converge, it might have a positive effect on the launch of
new projects. In the Offshore segment the recovery of the market
depends on oil price development as well as on the easing of
financing. New orders will most probably be placed for more
specialised tonnage where over capacity is not a problem. National
stimulus packages benefit mainly governmental projects, such as the
Navy sector.

The demand in the Power Plants market remains at a good level. The
fundamental global need for a more flexible, efficient and
environmentally friendly power generation mix remains and continues
to position Wärtsilä well for the future. The quest for increased
efficiency and better energy security through fuel versatility and
flexibility are trends that clearly work in Wärtsilä's favour. The
flexible baseload segment is forecasted to remain active throughout
the Middle East, Africa and the Americas. Increased interest for grid
stability and peaking solutions throughout the developed world can be
seen, whereas the industrial self-generation segment shows lower
activity. Power Plants ordering activity is expected to remain at a
good, albeit lumpy level.

Services continues its stable development, but due to the uncertainty
of the marine industry, visibility has become shorter.

WÄRTSILÄ'S PROSPECTS FOR 2009 REITERATED
Despite the risk of cancellations, the substantial order book should
support a 10-20 percent growth in net sales for 2009, which would
maintain the profitability at last year's good level.

WÄRTSILÄ INTERIM REPORT JANUARY - MARCH 2009
This interim financial report is prepared in accordance with IAS 34
(Interim Financial Reporting) using the same accounting policies and
methods of computation as in the annual financial statements for
2008. All figures in the accounts have been rounded and consequently
the sum of individual figures can deviate from the presented sum
figure.

Use of estimates
The preparation of the financial statements in accordance with IFRS
requires management to make estimates and assumptions that affect the
valuation of the reported assets and liabilities and other
information, such as contingent liabilities and the recognition of
income and expenses in the income statement. Although the estimates
are based on the management's best knowledge of current
events and actions, actual results may differ from the estimates.

Of the amended International Financial Reporting Standards (IFRS) and
interpretations mandatory as of 1 January 2009 the following are
applicable on the Group reporting:
-          IFRS 8 Operating Segments
-          IAS 23 Borrowing Cost
-          IAS 1 Presentation of financial Statement
-          IFRIC 16 Hedges of Net Investment in a foreign Operation
The adaption of the revised standards and interpretations does not
have any material effect on the interim report.

Wärtsilä's business
Wärtsilä provides and delivers power solutions for the marine and
energy markets. Wärtsilä offers its customers product concepts,
products, maintenance and spare parts based on engine technology and
applied to different circumstances. Customer service that spans the
life of the delivered equipment is an integral part of business. The
service is the same regardless of the equipment's purpose of use.

Internal management reporting is used to monitor the development of
operations on the basis of market-based business areas. Reporting
serves goal setting and budget control and is thus a management tool
rather than an actual external economic indicator.

Wärtsilä's highest operative decision maker (CODM, Chief Operating
Decision Maker according to IFRS 8) is the Group President with the
support of the Board of Management and, in some cases, the Board of
Directors. The Group President assesses the Group's financial
position and its development as a whole, not based on the results of
the business areas. As the Group's level of integration is high, the
reported indicators from business areas do not give a true picture of
the business areas' financial position and development. It is also
considered that they are of limited value to an external reader due
to poor comparability, for example.

Against this background, Wärtsilä's business cannot be divided into
separate operative segments with individual reporting.


This interim report is unaudited.



CONDENSED INCOME STATEMENT
MEUR                                        1-3/2009  1-3/2008   2008
Net sales                                      1 241       850  4 612
Other income                                       5         5     26
Expenses                                      -1 087      -753 -4 015
Depreciation and impairment                      -30       -21    -99
Share of profit of associates and joint
ventures                                           1
Operating result                                 130        81    525
Financial income and expenses                     -7        -7     -9
Profit before taxes                              123        75    516
Income taxes                                     -34       -25   -127
Profit for the financial period                   89        49    389

Attributable to:
Owners of the parent                              87        47    380
Non-controlling interest                           1         2      9
Total                                             89        49    389



Earnings per share attributable to equity holders of the parent
company:
Earnings per share, EUR                         0.89        0.49 3.88
Diluted earnings per share, EUR                 0.89        0.49 3.88



STATEMENT OF COMPREHENSIVE INCOME
Profit for the financial period                           89  49  389
Other comprehensive income after tax:
Exchange differences on translating foreign operations     8  -5  -27
Investments available for sale                            -9 -14  -37
Cash flow hedges                                              27  -44
Share of other comprehensive income of associates and
joint ventures                                                     -1
Other income/expenses                                               6
Other comprehensive income for the period                 -1   9 -103

Total comprehensive income for the period                 87  58  286

Total comprehensive income attributable to:
Owners of the parent                                      86  57  277
Non-controlling interest                                   2   1    9
                                                          87  58  286



CONDENSED BALANCE SHEET
                                                      31 Mar. 31 Dec.
MEUR                                     31 Mar. 2009    2008    2008
Non-current assets
Intangible assets                                 796     641     793
Property, plant and equipment                     452     374     446
Equity in associates and joint ventures            52      37      41
Investments available for sale                     96     138     106
Deferred tax receivables                           77      68      85
Other receivables                                  26      18      26
                                                1 500   1 277   1 498
Current assets
Inventories                                     1 784   1 307   1 656
Other receivables                               1 349   1 122   1 392
Cash and cash equivalents                         149     416     197
                                                3 282   2 845   3 245

Assets                                          4 782   4 122   4 743

Shareholders' equity
Share capital                                     336     336     336
Other shareholders' equity                        785     628     848
Total equity attributable to equity
holders of the parent                           1 121     964   1 184

Minority interest                                  17      11      15
Total shareholders' equity                      1 138     975   1 199

Non-current liabilities
Interest-bearing debt                             607     241     448
Deferred tax liabilities                           80      80      86
Other liabilities                                 341     559     394
                                                1 029     881     927
Current liabilities
Interest-bearing debt                             167     123     216
Other liabilities                               2 448   2 144   2 400
                                                2 615   2 266   2 616

Total liabilities                               3 644   3 147   3 544

Shareholders' equity and liabilities            4 782   4 122   4 743




CONDENSED CASH FLOW STATEMENT
MEUR                                          1-3/2009  1-3/2008 2008
Cash flow from operating activities:
Profit before taxes                                123        74  516
Depreciation and impairment                         30        21   99
Financial income and expenses                        7         7    9
Selling profit and loss of fixed assets and
other adjustments                                   -1        -4    2
Share of profit of associates and joint
ventures                                            -1
Changes in working capital                         -90         5 -250
Cash flow from operating activities before
financial items and taxes                           69       103  377
Net financial items and income taxes               -46       -27  -99
Cash flow from operating activities                 23        75  278

Cash flow from investing activities:
Investments in shares and acquisitions              -2        -5 -198
Net investments in tangible and intangible
assets                                             -22       -31 -168
Proceeds from sale of shares                       -23             30
Cash flow from other investing activities            1         1    8
Cash flow from investing activities                -46       -35 -329

Cash flow from financing activities:
New long-term loans                                162            260
Amortisation and other changes in long-term
loans                                                2        -9   -4
Changes in short term loans and other
financing activities                               -43       108  129
Dividends paid                                    -149           -412
Cash flow from financing activities                -27       100  -26

Change in liquid funds, increase (+) /
decrease (-)                                       -50       140  -76


Cash and cash equivalents at beginning of
period                                             197       296  296
Joint ventures' cash and cash equivalents at beginning
of period                                                    -16  -18
Fair value adjustments, investments                                 1
Exchange rate changes                                2        -4   -6
Cash and cash equivalents at end of period         149       416  197




STATEMENT OF CHANGES IN
SHAREHOLDERS' EQUITY
              Total equity attributable to equity
MEUR          holders of the parent                         Minority  Total
                                                            interest equity
                                              Fair
                        Share                value
                                               and
                Share   issue Translation    other Retained
              capital premium differences reserves earnings
Shareholders'
equity on 1
Jan. 2009         336      61         -27       50      764       15  1 199
Dividends
paid                                                   -148       -1   -149
Total
comprehensive
income for
the period                             10      -13       87        3     87
Shareholders'
equity on 31
Mar. 2009         336      61         -17       37      703       17  1 138

Shareholders'
equity on 1
Jan. 2008         336      61           3      127      788       10  1 325
Decided paid                                           -408            -408
Total
comprehensive
income for
the period                             -4       14       47        1     58
Shareholders'
equity on 31
Mar. 2008         336      61          -1      141      427       11    975




Geographical distribution of net
sales                                Europe Asia Americas Other Group
MEUR
Net sales 1-3/2009                      347  491      290   113 1 241
Net sales 1-3/2008                      318  301      159    71   850




INTANGIBLE ASSETS AND PROPERTY, PLANT & EQUIPMENT
MEUR                                        1-3/2009  1-3/2008 2008
Intangible assets
Book value at 1 January                          793       646  646
Changes in exchange rates                         13        -6  -30
Acquisitions                                       2         2  191
Additions                                          2         7   29
Depreciation and impairment                      -14        -8  -42
Disposals and intra-balance sheet transfer                       -1
Book value at end of period                      796       641  793

Property, plant and equipment
Book value at 1 January                          446       377  377
Changes in exchange rates                          3        -1   -3
Acquisitions                                                 2    9
Additions                                         20        26  139
Depreciation and impairment                      -16       -13  -57
Joint ventures' opening balances                           -12   -6
Disposals and intra-balance sheet transfer        -1        -6  -13
Book value at end of period                      452       374  446



GROSS CAPITAL EXPENDITURE
MEUR                               1-3/2009       1-3/2008      2008
Investments in securities
and acquisitions                          2              5       198
Intangible assets and
property, plant and
equipment                                22             33       168
Group                                    24             38       366

During the review period investment in the enlargement of propulsion
equipment manufacturing in the Netherlands and China amounted to EUR
3 million, and Wärtsilä had commitments related to the enlargements
amounting to EUR 4 million at the end of the review period. Wärtsilä
centralises warehousing and logistics of spare parts by investing in
a new distribution centre in the Netherlands. The commitments
related to the new distribution centre amounted to EUR 55 million at
the end of the review period.



INTEREST-BEARING LOAN CAPITAL
MEUR                          31 Mar. 2009 31 Mar. 2008 31 Dec. 2008
Long-term liabilities                  607          241          448
Current liabilities                    167          123          216
Loan receivables                       -12          -12          -12
Cash and bank balances                -149         -416         -197
Net                                    613          -63          455


FINANCIAL RATIOS                  1-3/2009     1-3/2008         2008
Earnings per share, EUR               0.89         0.49         3.88
Equity per share, EUR                11.36         9.78        12.01
Solvency ratio, %                     32.1         32.0         34.3
Gearing                               0.55        -0.05         0.39



PERSONNEL
                                   1-3/2009     1-3/2008         2008
On average                           18 821       16 813       17 623
At end of period                     18 844       16 979       18 812


CONTINGENT LIABILITIES
MEUR                           31 Mar. 2009 31 Mar. 2008 31 Dec. 2008
Mortgages                                56           13           61
Chattel mortgages                        10            8           10
Total                                    66           21           71

Guarantees and contingent
liabilities
on behalf of Group companies            688          441          664
Nominal amount of rents
according
to leasing contracts                     70           71           87
Total                                   757          512          751



NOMINAL VALUES OF DERIVATIVE
INSTRUMENTS
                          Total   of which
MEUR                     amount     closed
Interest rate swaps         140
Foreign exchange
forward contracts         1 795        462
Currency options,
purchased                    52


COMMODITY DERIVATIVES Amount in   of which
                         metric
                           tons     closed
Oil swaps                 4 275
Copper futures              650


CONDENSED INCOME STATEMENT,
QUARTERLY
MEUR                   1-3/2009 10-12/2008 7-9/2008 4-6/2008 1-3/2008
Net sales                 1 241      1 530    1 140    1 092      850
Other income                  5         10        6        5        5
Expenses                 -1 087     -1 313     -996     -953     -753
Depreciation and
impairment                  -30        -31      -26      -21      -21
Share of profit of
associates and joint
ventures                      1          1       -1        1
Operating result            130        197      123      124       81
Financial income and
expenses                     -7        -14        5        7       -7
Profit before taxes         123        183      127      131       75
Income taxes                -34        -36      -30      -36      -25
Profit for the
financial period             89        147       97       96       49

Attributable to:
Owners of the parent
company                      87        144       95       94       47
Non-controlling
interest                      1          3        3        2        2
Total                        89        147       97       96       49

Earnings per share attributable to equity
holders of the parent company:
Earnings per share,
EUR                        0.89       1.46     0.97     0.96     0.49



CALCULATION OF FINANCIAL RATIOS

Earnings per share (EPS)
Profit for the financial period attributable to equity holders of the
parent company
Adjusted number of shares over the financial year

Equity per share
Equity attributable to equity holders of the parent
company
Adjusted number of shares at the end of the period

Solvency ratio
Shareholders' equity                                  x 100
Balance sheet total - advances received

Gearing
Interest-bearing liabilities - cash and bank balances
Shareholders' equity



23 April 2009
Wärtsilä Corporation
Board of Directors


This announcement was originally distributed by Hugin. The issuer is 
solely responsible for the content of this announcement.