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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
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    • 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

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Annual Report 2014

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Annual Report 2015

q4 2015

q3 2015

q2 2015

q1 2015

q1 2016

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Annual Report 2016

Occupational health and safety

Wärtsilä's occupational health and safety principles are defined in the Code of Conduct, the company's QEHS policy, and in the directive on environment, health, and safety (EHS). Wärtsilä's subsidiaries are required to have a management system in place that conforms to the QEHS policy and the EHS directive. The main aspects of the management system relate to compliance with legislation, identifying and minimising occupational health and safety risks, personnel training, implementing effective health and safety programmes and instructions, recording and investigating occurred incidents, and the continual improvement of occupational health and safety performance. The number of Wärtsilä subsidiaries with OHSAS 18001 certification increased during 2015. As at the end of 2015, 48 Wärtsilä companies operated with a certified occupational health and safety management system covering roughly 79% of Wärtsilä's total workforce.

In addition to the management system, Wärtsilä companies apply occupational health and safety programmes as required by local legislation. These are normally developed by occupational health and safety committees made up of company management and personnel representatives. Altogether, 78% of Wärtsilä companies have an occupational health and safety committee.

The indicators used to measure occupational health and safety performance include the number of accidents, the time of absence due to sickness, and the frequency of accidents. Wärtsilä has set a corporate level target of achieving zero lost time injuries. This target is a long-term commitment from the company to strengthen a safety culture, and it requires actions from all Wärtsilä companies and employees. The safety performance of the companies is monitored on a monthly basis and the results are reviewed by the Board of Management. To further strengthen Wärtsilä’s safety culture, a new global programme known as ZeroMindset has been introduced. ZeroMindset will focus on three key elements: our leaders, the shared safety mindset of individuals, and effective safety tools and practices.

During 2015, Wärtsilä continued expanding its proactive WeCare programme. WeCare is a global software and way of working for reporting and investigating near misses, hazards, and accidents. A total of 8,960 incidents were reported to the WeCare system in 2015, of which 88% represented proactive near miss or hazard observations. More than 3,820 Wärtsilä employees took part in the process of reporting, investigating, and action handling through WeCare, which indicates a good acceptance and communication of the system. As a final result, incident investigations resulted in 6,150 different improvement actions completed within Wärtsilä. As a new feature, a WeCare mobile app was introduced in 2015 to increase reporting, especially in locations other than Wärtsilä premises.

In 2015, Wärtsilä continued the global Zero Injury training programme comprising a 4-hour e-learning and 4-hour practical training session. The target group for the training consists of Wärtsilä's front-line personnel working in factories, workshops, and customer premises. The e-learning has been translated into 11 major languages in order to ensure effective training in different countries. Since the implementation period started in 2012, a total of 8,940 employees have completed the e-learning, and 5,100 employees the practical training. During 2015, the amount of participants in practical training increased by 2,000. As a new element, zero injury e-learning for office personnel was introduced so as to have full coverage for this training.

In addition, Wärtsilä introduced its first global Safety Day, which took place on the 10 March 2015. The theme for this event was "save your fingers", as hand injuries represent over 40% of Wärtsilä's lost time injuries. This first Safety Day was a great success with local events being held in locations throughout the entire Wärtsilä network. As part of the event, employees put their hand prints to banners to commit themselves to saving their fingers.

Wärtsilä’s QEHS policy was revised in 2015 to clearly state that employees are authorised to stop work if conditions are unsafe.

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