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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

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Annual Report 2014

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Annual Report 2015

q4 2015

q3 2015

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q1 2016

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Annual Report 2016

Energy Solutions review

Wärtsilä’s power plants are used for a wide variety of purposes. These include base load generation for national grids and industrial needs; load following, dynamic balancing services and peak power for power systems; and fast starting grid reserves. The company’s energy solutions are tailored according to the specific requirements of its customers, utilising modular products and services.

Wärtsilä plants consist of multiple independent units, which enable very flexible operations over a broad load range. They can be expanded in size later as power production needs increase. The delivery scope is adapted to customer requirements, ranging from equipment deliveries to complete turnkey power plants, all of which are supported by Wärtsilä’s superior project management capabilities. The fuel flexibility of the solutions enables the choice and utilisation of most feasible fuels, including natural gas and many other gases, as well as most fuel oils. Also offered is the option to run on multiple fuels or to convert from heavy fuel oil to gas. Wärtsilä provides project development and financial services to help customers arrange and assemble complex projects with multiple interconnected contracts, as well as a wide palette of services to support them through the lifecycle of their installations.

The same logic is applied for the LNG terminal business. Wärtsilä is developing a range of modular products and services, and offering complete small to medium scale LNG terminals, distribution infrastructures, and liquefaction and regasification solutions. In the future, it is expected that there will be more projects where an LNG terminal is integrated with a Smart Power Generation power plant to form a complete turnkey solution, utilising gas as fuel in places where gas was not earlier available.

Focus on flexibility

The increasing level of variable renewables in many power systems has created a rapidly growing need for greater flexibility to enable the full and efficient utilisation of such renewable energy. Gas fuelled power plants are technologically the most flexible and environmentally sound alternative for the purpose of balancing renewable sources.

Of the gas power plant alternatives, Smart Power Generation power plants support the power system best by offering the highest degree of flexibility, providing major savings, and enabling an optimised response to rapid changes in variable generation. The savings are materialised throughout the system, as investments in flexible assets enable the system operators to operate less flexible coal and nuclear power plants in steadier state conditions, thereby optimising also their performance while reducing emissions.

Wärtsilä serves three main customer segments

Wärtsilä’s three main customer segments are:

  • Utilities
  • Independent Power Producers (IPP’s)
  • Industrial customers.

Serving all these customers competitively requires the capability to adjust the offering to the specific needs of the customer.

Utilities supply electricity to residential, commercial and industrial end users, and typically also generate some or all of the power themselves. They invest in various types of power plants to ensure adequate load coverage in the most cost effective and reliable manner. Utilities produce the base load, the intermittent load, and the peak load, and maintain necessary reserves for contingencies. Fuel efficiency is required in all applications. In the intermittent, peak load, and reserve applications, operational flexibility (including fast starting & ramping, and a wide load range) is also necessary, as is a lower capital cost because of the fewer operating hours.

IPP’s are financial investors investing in power plants and selling the generated power to utilities. Their investments are return driven, and as with utilities, their technical requirements are dependent on the type of application.

Industrial customers are mainly private companies with production in an energy intensive factory, such as cement or iron ore production facilities. By investing in captive power, they can achieve lower energy costs and compensate for any grid reliability problems to ensure security of supply. Industrial customers have less power industry experience and, therefore, they rely on the knowledge and experience of large global power plant providers such as Wärtsilä. Wärtsilä serves the top end of this customer group, i.e. large industries requiring a relatively high electrical load.


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