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  • This is Wärtsilä OpenClose subpages
    • CEO review
    • Wärtsilä in brief OpenClose subpages
      • Corporate strategy
      • Our targets OpenClose subpages
        • Financial targets
        • Sustainability targets
      • The value of sustainable innovations
      • Sustainability highlights
    • Energy solutions OpenClose subpages
      • Operating environment
      • Strategy
      • Energy Solutions and sustainability
      • Energy Solutions' development in 2015
    • Marine Solutions OpenClose subpages
      • Operating environment
      • Strategy
      • Marine Solutions and sustainability
      • Marine Solutions' development in 2015
    • Services OpenClose subpages
      • Operating environment
      • Strategy
      • Services and sustainability
      • Services' development in 2015
    • Manufacturing review
    • Research and development
  • Sustainability OpenClose subpages
    • Wärtsilä's sustainability approach
    • Stakeholder relations
    • Sustainability management OpenClose subpages
      • Guiding principles OpenClose subpages
        • Code of Conduct
        • QEHS Policy
        • Employee practices
      • Management approach OpenClose subpages
        • People management
        • Environmental management
        • Occupational health and safety
        • Responsible business conduct
        • Product design principles
        • Supply chain management
    • Sustainability data OpenClose subpages
      • Economic OpenClose subpages
        • Economic performance
        • Market presence
      • Environment OpenClose subpages
        • Materials
        • Energy
        • Water
        • Emissions
        • Effluents and waste
        • Products and services
        • Expenditures
      • Social OpenClose subpages
        • Structural changes
        • Employment
        • Labour / management relations
        • Occupational health and safety
        • Training and education
        • Diversity and Equal opportunity
        • Product and Service Labelling
      • Compliance
    • Report profile OpenClose subpages
      • Materiality assessment
      • Reporting principles
      • Independent Assurance Report
    • GRI and UNGC index
  • Governance OpenClose subpages
    • Corporate governance OpenClose subpages
      • Annual General Meeting
    • Board of Directors OpenClose subpages
      • Operations of the Board of Directors
      • Responsibilities
      • Board committees
    • Board of Management OpenClose subpages
      • The President & CEO and the Deputy CEO
      • Operations of the Board of Management
    • Other management OpenClose subpages
      • Business management teams
      • Managing Directors of the subsidiaries
    • Internal control OpenClose subpages
      • Values and the control environment
      • Business processes
      • Guidelines and communication
      • Monitoring
    • Audit
    • Related party transactions
    • Insider management
    • Salary and remuneration report 2015
    • Risks and risk management OpenClose subpages
      • Strategic risks
      • Operational risks
      • Hazard risks
      • Financial risks
      • Risk profiles and responsibilities
  • Investors OpenClose subpages
    • Shares and shareholders OpenClose subpages
      • The Wärtsilä share on Nasdaq Helsinki
      • Shareholders
    • Wärtsilä on the capital markets
    • Analysts
    • Information for shareholders OpenClose subpages
      • Financial information 2016
    • Annual summary of stock exchange releases
  • Board of Directors' report OpenClose subpages
    • Highlights 2015
    • Strategy
    • The year 2015 OpenClose subpages
      • Market development
      • Order intake and order book
      • Net sales and profitability
      • Balance sheet, financing and cash flow
      • Capital expenditure
      • Strategic projects, acquisitions joint ventures and expansion of the network
      • Research and development, product launches
      • Personnel
      • Restructuring programmes
      • Changes in management
      • Sustainable development
      • Shares and shareholders
      • Decisions by the AGM
      • Risk and uncertainties
    • Market outlook
    • Prospects for 2016
    • Dividend proposal
  • Financials OpenClose subpages
    • Five years in figures
    • Calculations of financial ratios
    • Consolidated financial statements OpenClose subpages
      • Consolidated statement of income
      • Consolidated statement of comprehensive income
      • Consolidated statement of financial position
      • Consolidated statement of cash flows
      • Consolidated statement of changes in equity
      • Accounting principles for the consolidated financial statements
      • Notes to the consolidated financial statements OpenClose subpages
        • 1. Segment information
        • 2. Acquisitions
        • 3. Disposals
        • 4. Long-term construction contracts and operating and maintenance agreements
        • 5. Other operating income
        • 6. Material and services
        • 7. Employee benefit expenses
        • 8. Depreciation, amortisation and impairment
        • 9. Measures of profit and non-recurring items
        • 10. Financial income and expenses
        • 11. Income taxes
        • 12. Earnings per share
        • 13. Intangible assets
        • 14. Property, plant & equipment
        • 15. Investments in associates and joint ventures
        • 16. Available-for-sale financial assets
        • 17. Inventories
        • 18. Financial assets and liabilities by measurement category
        • 19. Other receivables
        • 20. Cash and cash equivalents
        • 21. Deferred taxes
        • 22. Pension obligations
        • 23. Equity
        • 24. Provisions
        • 25. Financial liabilities
        • 26. Other liabilities
        • 27. Derivative financial instruments
        • 28. Collateral, contingent liabilities and other commitments
        • 29. Related party disclosures
        • 30. Auditors' fees and services
        • 31. Exchange rates
        • 32. Subsidiaries
        • 33. Financial risks
    • Parent Company financial statements OpenClose subpages
      • Parent company income statement
      • Parent company balance sheet
      • Parent company cash flow statement
      • Accounting principles for the parent company
      • Notes to the parent company financial statements OpenClose subpages
        • 1. Other operating income
        • 2. Personnel expenses
        • 3. Depreciation and amortisation
        • 4. Financial income and expenses
        • 5. Extraordinary income and expenses
        • 6. Income taxes
        • 7. Fixed assets
        • 8. Non-current receivables
        • 9. Current receivables from Group companies
        • 10. Prepaid expenses and accrued income
        • 11. Shareholders' equity
        • 12. Liabilities
        • 13. Accrued expenses and deferred income
        • 14. Liabilities to Group companies
        • 15. Collateral, contingent liabilities and other commitments
        • 16. Related party loans and other commitments
        • 17. Auditor's fees and services
    • Proposal of the Board
    • Auditor´s report
    • Quarterly figures 2014-2015

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Annual Report 2013

q4 2013

q3 2013

q2 2013

q1 2013

Annual Report 2014

q4 2014

q3 2014

q2 2014

q1 2014

Annual Report 2015

q4 2015

q3 2015

q2 2015

q1 2015

q1 2016

q2 2016

q1 2016

q2 2016

q3 2016

q4 2016

Annual Report 2016

Board of Directors

Mikael Lilius

Independent of the company and significant shareholders. Chairman of the Board of Wärtsilä Corporation. Born 1949, B.Sc. (Econ.). Member of the Board of Wärtsilä Corporation since 2010, Chairman of the Board since 2011.

Primary working experience

Fortum Oyj, President and CEO, 2000-2009; Gambro AB, President and CEO, 1998-2000; Incentive AB, President and CEO, 1991-1998; KF Industri AB (Nordico), President & CEO, 1989-1991 and Huhtamäki Oy, President of the Packing Division, 1986-1989.

Other positions of trust

Ahlström Capital Oy, Metso Corporation and Mehiläinen Oy, Chairman of the Boards; Evli Bank Ltd., Member of the Board; Ab Kelonia Oy, Member of the Supervisory Board, East Office of Finnish Industries, Deputy Member of the Board.

Holdings in Wärtsilä Corporation on 31.12.2015: 16,949 shares

Sune Carlsson

Independent of the company and dependent of significant shareholders based on the Board of Directors’ overall evaluation. Born 1941, M.Sc. (Eng.). Member of the Board of Wärtsilä Corporation since 2013, Deputy Chairman of the Board since 2015.

Primary working experience

AB SKF, President & CEO, 1998-2003; ABB Ltd, Executive Vice President, 1988-1998 and ASEA AB, Executive Vice President, 1977-1988.

Other positions of trust

Patricia Industries AB, Member of the Board.

Relevant prior positions of trust

Board chairmanship: Atlas Copco AB, 2003-2014. Board memberships: Investor AB, 2002-2015; Stena AB, 2009-2011; Autoliv Inc, 2003-2011 and Scania AB, 2004-2007.

Holdings in Wärtsilä Corporation on 31.12.2015: 12,203 shares

Maarit Aarni-Sirviö

Independent of the company and significant shareholders. Born 1953, M.Sc. (Tech.), eMBA. Secretary General of Directors' Institute of Finland – Hallitusammattilaiset ry; Managing Director of Boardview Oy; Senior Adviser at Eera Oy. Member of the Board of Wärtsilä Corporation since 2007.

Primary working experience

Mint of Finland Ltd., President and CEO, 2008-2010; Borealis Group, 1994-2008, several senior positions of which the most recent was Vice President BU Phenol, 2001-2008; Vice President BU Olefins, 1997-2001 in Copenhagen, Denmark and Neste Oyj 1977-1994.

Other positions of trust

Non-Executive Director of Berendsen plc; Directors' Institute of Finland – Hallitusammattilaiset ry and ecoDa (The European Confederation of Directors Associations), Member of the Boards.

Relevant prior positions of trust

Board memberships: Rautaruukki Oyj, 2005-2012; Ponsse Oyj, 2007-2010 and Vattenfall AB, Sweden, 2004-2007.

Holdings in Wärtsilä Corporation on 31.12.2015: 9,078 shares

Kaj-Gustaf Bergh

Independent of the company and significant shareholders. Born 1955, B.Sc., LL.M. Managing Director of Föreningen Konstsamfundet r.f. Member of the Board of Wärtsilä Corporation since 2008.

Primary working experience

Skandinaviska Enskilda Banken, Member of management, 2000-2001; SEB Asset Management, Director, 1998-2000; Ane Gyllenberg Ab, Chief executive officer, 1986-1998; Oy Bensow Ab, Director, Executive vice president, 1985-1986; Ane Gyllenberg Ab, Administrative manager, 1984-1985 and Ky von Konow & Co, Administrative manager, 1982-1983.

Other positions of trust

Sponda Oyj, Stockmann Oyj Abp, Julius Tallberg Oy Ab, Ab Forum Capita Oy and KSF Media Holding Ab, Chairman of the Boards; Ramirent Group and JM AB, Member of the Boards.

Relevant prior positions of trust

Board chairmanships: Fiskars Corporation 2006-2014; Ålandsbanken Abp 2011-2013 and Aktia Abp 2005-2009. Board memberships: Fiskars Corporation 2014-2015 and Stockmann Oyj Abp 2007-2013.

Holdings in Wärtsilä Corporation on 31.12.2015: 8,300 shares

Tom Johnstone

Independent of the company, dependent of significant shareholders due to a position on the Board of Directors of Investor AB. Born 1955, Master of Arts, Honorary Doctorate in Business Administration and Honorary Doctorate in Science. Member of the Board of Wärtsilä Corporation since 2015.

Primary working experience

Several management posts within the SKF Group, the latest as President and Chief Executive Officer of AB SKF, 2003-2014.

Other positions of trust

Investor AB and Volvo Cars, Member of the Boards; British Swedish Chamber of Commerce and Husqvarna AB, Chairman of the Boards.

Holdings in Wärtsilä Corporation on 31.12.2015: 628 shares

Risto Murto

Independent of the company and significant shareholders. Born 1963, Ph.D. (Econ.). President & CEO of Varma Mutual Pension Insurance Company. Member of the Board of Wärtsilä Corporation since 2014.

Primary working experience

Investments, Varma, Executive Vice President, 2010-2013; Investments, Varma, Senior Vice President, Chief Investment Officer, 2006-2010; Opstock Ltd, Managing Director, 2000-2005; Opstock Ltd, Director, 1997-2000.

Other positions of trust

University of Oulu, Chairman of the Board; Federation of Finnish Financial Services and Sampo plc, Member of the Boards; The Finnish Pension Alliance TELA, I Deputy Chairman of the Board.

Holdings in Wärtsilä Corporation on 31.12.2015: 1,248 shares

Gunilla Nordström

Independent of the company and significant shareholders. Born 1959, M.Sc. in Electronics, Industrial Marketing Management. Member of the Board of Wärtsilä Corporation since 2012.

Primary working experience

President & CEO, Electrolux Major Appliances Asia/Pacific and Executive Vice President, Electrolux AB, 2007-2015; Senior management positions with Telefonaktiebolaget LM Ericsson and Sony Ericsson in Europe, Latin America and Asia, 1983-2007.

Other positions of trust

Atlas Copco AB, Sweden, Member of the Board; Committee of Swedish Business Association of Singapore, Committee member.

Relevant prior positions of trust

Board memberships: Luleå University, Sweden, 2007-2010 and Videocon Industries Limited, India, 2009-2010.

Holdings in Wärtsilä Corporation on 31.12.2015: 2,691 shares

Markus Rauramo

Independent of the company and significant shareholders. Born 1968, M.Sc. (Econ. and Pol. Hist.). Executive Vice President, Heat, Electricity Sales and Solutions Division and Member of the Fortum Executive Management Team. Member of the Board of Wärtsilä Corporation since 2011.

Primary working experience

Fortum Corporation, Chief Financial Officer, 2012-2014; Stora Enso Oyj Helsinki, CFO and Member of the GET, 2008-2012; Stora Enso International London, SVP Group Treasurer, 2004-2008; Stora Enso Oyj Helsinki, VP Strategy and Investments, 2001-2004; Stora Enso Financial Services Brussels, VP Head of Funding, 1999-2001 and Enso Oyj Helsinki, several financial tasks, 1993-1999.

Other positions of trust

Ahlström Oyj and Teollisuuden Voima Oyj, Member of the Boards.

Holdings in Wärtsilä Corporation on 31.12.2015: 3,802 shares

 

 

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