You have selected 0 articles to be compiled in your PDF. Please select any other articles you like to add or remove from the list below. Click on the Download button to download your compiled PDF.

  • 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

Generating PDF file... 0%

Your PDF report is being generated. Handling and creating the file may take a while depending on amount of content.



PDF is ready


PDF generation failed. Please try again later.


Emailed report includes selected content and your notes. Changes made to the content and to the notes of the report by both the sender and the receiver will also be always shown in the future when arriving to the report via the sent link.


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

Stakeholder relations

Wärtsilä takes active care of its relations with stakeholders by engaging with them in an open and constructive dialogue. Wärtsilä believes that such an approach is essential when developing operations, products, and services. At the corporate level, Wärtsilä has defined its most important stakeholders to be its customers, owners, suppliers, employees, and society in general. Wärtsilä's subsidiaries define their own primary stakeholders which, in addition to the ones mentioned above, include local residents close to production plants, educational institutes, and public authorities. Wärtsilä’s Code of Conduct provides the foundation for the management of stakeholder relations. The priorities in managing stakeholder relations vary within Wärtsilä from one subsidiary to another.


In order to facilitate this active dialogue with customers, Wärtsilä arranges customer days for existing and potential customers at locations in various parts of the world. During these customer days, subjects of topical interest from both local and global perspectives are reviewed, and existing and future needs and challenges are discussed.

In addition to customer days, the Marine Solutions and Energy Solutions businesses arranged or participated in 191 industry-related events globally during 2015, including international and national seminars, exhibitions, and conferences. These events were attended by customers, potential customers, and other stakeholders, such as investors, consultants, suppliers, students, and other interested parties.

Long-term research programmes are an important means of enhancing open dialogue and cooperation with key industry players and important research institutions. Wärtsilä has actively initiated and participated in the development and work of common research programmes, both locally and internationally.

Dialogue with employees takes place in many formats. More information about the procedures and processes to support active and engaging dialogue with Wärtsilä employees is described in the section covering Consultation and information procedures in Group companies.

The open dialogue and discussions with local and international public authorities and officials is aimed at sharing information and supporting authorities so as to improve the quality of regulation. Wärtsilä participates in public consultations in areas that are of importance to the company.

Channels of dialogue

Stakeholder  Channel of dialogue  Assessments (Frequency)
Customers  Regular contact with customers, lifecycle support for products, customer events and seminars, customer days, customer magazines, the internet, conferences and exhibitions, product documentation, customer feedback system  System for measuring customer satisfaction and quality (Continual)
Employees  Open and continuous communication between management and employees, annual development discussions, information meetings and internal communications (intranet), employee magazines, training events, national statutory employee bodies and European Works Council, occupational health and safety committees, suggestion system, continuous improvement process (CIP), Technology and Innovation Award, Customer Care Award  Employee satisfaction surveys - MyVoice (Biennial) 
Owners, investors  Management meetings with investors, financiers, and analysts, stakeholder magazines, general meetings, information meetings, stock exchange and press releases, annual and interim reports, capital markets days, the internet, investor relations surveys, sustainability questionnaires  Investor relations surveys, sustainability surveys and indices (Annual)
Suppliers  Open and active dialogue between the sourcing organisation and suppliers, supplier portal, supplier development, supplier management system, Supplier Days, Supplier Award  Supplier assessments (Continual)
Society Reporting to, and co-operation with, public officials on issues such as the environment and occupational health and safety, meetings with decision makers, position papers, Open Doors days, sustainability report, corporate presentations, local communications, the internet  Stakeholder feedback (Continual), corporate image surveys (Annual) 
Organisations  Membership, regular contact, participation in activities of local trade and industrial organisations, active role in working groups, contact with various public bodies, for example through ministries, reports   
Universities  Opportunities for practical training and degrees, R&D projects, participation in recruitment fairs and seminars, sponsorship of student activities, lectures  Preferred employer surveys (Annual) 
Media National and international business media and journals, trade publications, interviews and press releases, main annual publications, meetings, visits, factory tours  Surveys conducted among business journalists, media surveys, reporting comparisons (Annual) 

Activities in organisations

In 2015, Wärtsilä participated in several relevant activities organised by various national and international organisations and associations. The key organisations for Wärtsilä and the nature of Wärtsilä's activities are shown in the table below.

Stakeholder Organisation Nature of activity
Interest groups Association for Finnish Work, Confederation of Finnish Industries (EK), Finland Chamber of Commerce (ICC Finland), The Federation of Finnish Technology Industries Membership and participation in activities.
Association of Singapore Marine Industries, Brazilian Institute of Oil and Gas (IBP), Brazilian Thermoelectric Generators Association (ABRAGET), Cogen Europe, Confederation of Indian Industry (CII), Cruise Line International Association (CLIA), EnergyVaasa, Engine Manufacturers Association (EMA), EURELECTRIC, European Association of Engine Manufacturers (Euromot), European Cruise Council (ECC), European Engine Power Plants association (EUGINE), Exhaust Gas Cleaning System Association (EGCSA), Hong Kong Shipowner Association, Indian diesel engine manufacturers association (IDEMA), International Council on Combustion Engines (CIMAC), International shipping association (BIMCO), Verband Deutscher Maschinen- und Anlagenbau (VDMA), WaterBorne TP, SolarPower Europe Board membership and participation in activities of specific working groups (CIMAC, EMA, Euromot, EUGINE).

Membership and participation in activities (ABRAGET, Association of Singapore Marine Industries, BIMCO, CII, CLIA, Cogen Europe, ECC, EGCSA, EURELECTRIC, EnergyVaasa, Hong Kong Shipowner Association, IBP, IDEMA, WaterBorne TP, VDMA), SolarPower Europe.
Standardisation organisations European Committee for Standardisation (CEN), International Organisation for Standardisation (ISO) Participation in activities.
European Sustainable Shipping Forum (ESSF), International Maritime Organisation (IMO), UN Global Compact Nordic Network, United Nations Economic Commission for Europe (UNECE) Participation in activities through national delegations (IMO).

Participation in activities (ESSF, UNECE, UN Global Compact Nordic Network).
Other Cleantech Finland, Finnish Business & Society (FIBS), European Energy Forum (EEF), European Federation for Quality Management (EFQM), Global Reporting Initiative (GRI) Participation in activities.


Wärtsilä is included in the following sustainability indices:

FTSE4Good Index

MSCI Global Sustainability Index Series

Ethibel Sustainability Index (ESI) Excellence Europe


OMX GES Sustainability Nordic Index & 
OMX GES Sustainability Finland Index

ECPI Global Carbon Equity Index & 
ECPI Global ESG Best in Class Equity index

Other recognitions:

Wärtsilä is included in the Ethibel Excellence Investment Register

Wärtsilä has been rated a Prime company by oekom research

Wärtsilä has also been included in the RobecoSAM Sustainability Yearbook 2015



Make a note?


For the best experience of our Annual Report, please update your browser to a newer version.