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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

Analysts

To the best of our knowledge, at least the following brokers and financial analysts have on their own initiative followed Wärtsilä's development during the last 12 months. They have analysed Wärtsilä and drawn up reports and comments and as a result are able to evaluate the Company as an investment target. Wärtsilä takes no responsibility for the opinions expressed.

 

Company Analyst Contact
ABG Sundal Collier AB  Anders Idborg  anders.idborg@abgsc.se
+46 8 566 286 74
Bank of America Merrill Lynch   Michael Kaloghiros michael.kaloghiros@baml.com
+44 20 7996 1226
Carnegie Investment Bank AB, 
Finland Branch 
Timo Heinonen  timo.heinonen@carnegie.fi
+358 9 6187 1234 
Credit Suisse  Max Yates  max.yates@credit-suisse.com
+44 20 7883 8501 
Danske Bank A/S, Helsinki Branch  Antti Suttelin  antti.suttelin@danskebank.com
+358 10 236 4708 
Deutsche Bank AG  Stephen Stakhiv  stephen.stakhiv@db.com
+44 20 7541 6213 
DNB Bank ASA  Christer Magnergård  christer.magnergard@dnb.no
+46 8 473 48 44 
Evli Bank plc  Elina Riutta  elina.riutta@evli.com
+358 9 4766 9204 
Fearnley Fonds ASA Rikard Vabo r.vabo@fearnleys.no
+47 22 93 60 00
Goldman Sachs International Daniela Costa daniela.costa@gs.com
+44 20 7774 8354
Haitong Securities Nick Wilson nick.wilson@haitongib.co.uk
+44 20 3364 6766
Handelsbanken Capital Markets Tom Skogman tom.skogman@handelsbanken.fi
+358 10 444 2752
HSBC Bank plc Colin Gibson colin.gibson@hsbcib.com
+44 20 7991 6592
Inderes Juha Kinnunen juha.kinnunen@inderes.com
+358 40 778 1368
Jefferies International Peter Reilly peter.reilly@jefferies.com
+44 20 7029 8632
JPMorgan Cazenove Glen Liddy glen.liddy@jpmorgan.com
+44 20 7134 4570
Kepler Cheuvreux Johan Eliason jeliason@keplercheuvreux.com
+46 8 723 5100
Morgan Stanley Ben Maslen ben.maslen@morganstanley.com
+44 20 7425 3837
Nordea Markets Manu Rimpelä manu.rimpela@nordea.com
+358 9 165 59926
Pareto Öhman David Jacobsson Cederberg djc@paretosec.com
+46 8 402 5272
Pohjola Bank plc Pekka Spolander pekka.spolander@pohjola.fi
+358 10 252 4351
SEB Enskilda, Helsinki Branch Tomi Railo tomi.railo@enskilda.fi
+358 9 6162 8727
Swedbank Markets Anders Roslund anders.roslund@swedbank.se
+46 8 5859 0093
UBS Deutschland AG Sven Weier sven.weier@ubs.com
+49 69 1369 8278

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