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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

Wärtsilä's risk profiles & responsibilities

Risks Risk profile Policy or other guideline Responsible body
Strategic risks   Wärtsilä's strategy and business plan Wärtsilä's Board of Directors (BoD), Board of Management (BoM) and Businesses
Business environment risk square-dark-orange.gifsquare-light-orange.gifsquare-dark-gray.gifsquare-light-gray.gifsquare-blue.gif      Wärtsilä's strategy and business plan BoM and Businesses
Market and customer risk square-dark-orange.gifsquare-light-orange.gifsquare-dark-gray.gifsquare-light-gray.gifsquare-blue.gif Wärtsilä's strategy and business plan BoM and Businesses
Competitive situation and price risk square-dark-orange.gifsquare-light-orange.gifsquare-dark-gray.gifsquare-light-gray.gifsquare-blue.gif Wärtsilä's strategy and business plan BoM and Businesses
Political and legislative risk square-dark-orange.gifsquare-light-orange.gifsquare-dark-gray.gif Various guidelines and risk management policy Businesses, R&D, Risk management (RM) and Legal functions
Climate change and sustainability risk square-dark-orange.gifsquare-light-orange.gifsquare-dark-gray.gif QHSE policy, Code of Conduct, management systems (ISO 14001 & OHSAS 18001) Businesses, R&D and Sustainability function
Technology risk square-dark-orange.gifsquare-light-orange.gifsquare-dark-gray.gif Patents and industrial rights, product guarantees Businesses and R&D function
Operational risks   Wärtsilä's strategy and business plans BoM and Businesses
Manufacturing risk square-dark-orange.gifsquare-light-orange.gifsquare-dark-gray.gifsquare-light-gray.gif Production systems, Business Continuity Plan Manufacturing and Businesses
Supplier and subcontractor risk square-dark-orange.gifsquare-light-orange.gifsquare-dark-gray.gifsquare-light-gray.gif Supplier requirement and supplier management system, Business Continuity Plan Businesses and Supply Management
Lifecycle quality of products and product liability risk square-dark-orange.gifsquare-light-orange.gifsquare-dark-gray.gifsquare-light-gray.gif Management systems (ISO 9001), safety instruction and manuals, risk management policy, R&D risk elimination instructions Manufacturing, R&D function, Businesses, RM and Legal functions
Contractual risks square-dark-orange.gifsquare-light-orange.gifsquare-dark-gray.gifsquare-light-gray.gifsquare-blue.gif Standard contracts Legal function and Businesses
Commodity price risk square-dark-orange.gif Production cost control Businesses and Treasury function
Data security risk square-dark-orange.gif Data security principles and Cyber Security Strategy Businesses and IM function
Non-compliance risk square-dark-orange.gifsquare-light-orange.gif Code of Conduct, Anti-corruption policy, Compliance policy Businesses and Compliance function
Hazard risks   Risk management policy and guidelines Businesses and RM function
Personnel risk square-dark-orange.gif Management system (OHSAS 18001), travel safety instructions, crises management guidelines, near misses reporting and premises safety plans Businesses, Human Resources (HR), RM and security functions
Natural catastrophes square-dark-orange.gif Crises management guidelines, Business Continuity Plan Businesses and RM function
Fire, cargo and other accidents square-dark-orange.gifsquare-light-orange.gifsquare-dark-gray.gif Management systems (ISO 14001 & OHSAS 18001), premises safety plan Businesses, RM and Real Estate functions
Financial risks   Wärtsilä's strategy and business plans Businesses and Treasury function
Foreign exchange risk square-dark-orange.gifsquare-light-orange.gif Treasury policy Businesses and Treasury function
Interest rate risk square-dark-orange.gifsquare-light-orange.gif Treasury policy Businesses and Treasury function
Liquidity and refinancing risk square-dark-orange.gifsquare-light-orange.gif Treasury policy Businesses and Treasury function
Credit risk square-dark-orange.gifsquare-light-orange.gifsquare-dark-gray.gif Credit and Treasury policy Businesses and Treasury function

Low    square-dark-orange.gif square-light-orange.gif square-dark-gray.gif square-light-gray.gif square-blue.gif    High


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