Wärtsilä’s performance in 2015 was in line with the targets set for the year. Supported by a solid fourth quarter and continued growth in service volumes, net sales increased by 5% and profitability reached 12.2%.

The operating environment was challenging in both the energy and marine markets. Macro-economic development uncertainty limited investments in new power plant capacity, while the demand for new vessels was burdened by overcapacity and depressed oil prices. Order intake for both Marine and Energy Solutions declined from the previous year, although activity improved sequentially during the second half of the year. Service markets developed favourably, supported by increased demand for maintenance work and propulsion system upgrades in the marine markets as well as the increased utilisation of power plant installations. Services’ development was clearly the highlight of the year. A focused sales approach and an enhanced value proposition, together with the increasing willingness of customers to invest in performance optimising services, resulted in double digit growth in both orders and sales.

During the year, Wärtsilä continued to develop its business by expanding its product and solutions offering, as well as by pursuing growth opportunities through acquisitions. R&D investments represented 2.6% of net sales. The acquisition of L-3 Marine Systems International was finalised in June and the integration programme is proceeding well. The acquisition considerably strengthens Wärtsilä’s position in automation, navigation and electrical systems, and expands the company’s digital presence.