Close

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.

Abort

Ready

PDF is ready

Error

PDF generation failed. Please try again later.

Close

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.

Cancel

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

Marine Solutions review

Wärtsilä Marine Solutions has a strong position in the marine and oil & gas industries. The company provides optimised, environmentally sustainable, and economically sound solutions that enhance the business of its customers. Wärtsilä’s reputation is based on a good understanding of customer businesses, design capabilities, a broad product portfolio, and technological leadership. The organisation is structured into end to end business lines with full control over sales, R&D, engineering, procurement, and manufacturing. This enables increased flexibility, fast decision-making, and the optimal utilisation of resources to provide superior customer service.

Serving both shipyards and ship owners

Wärtsilä’s marine customers comprise both shipyards and ship owners; the needs and demands of which differ significantly. The decision-making process of shipyard customers is typically affected by product prices, delivery times and reliability, project management, ease of installation, and the supplier's ability to manage large delivery scopes. Ship owners, on the other hand, require safe and efficient operations, reliability and support, as well as the availability of services. Their decision-making is also impacted by freight rates, interest rates, and the capital and operating costs of the ship. Furthermore, both ship owners and operators are having to increasingly consider factors such as environmental compliance and fuel flexibility in their decision-making.

Wärtsilä is committed to meeting the needs of all customer groups. Success is achieved through an in-depth understanding of their businesses, operating models, and requirements. This understanding is backed by an extensive network, a broad product portfolio, and the ability to be involved in the life of the vessel as early as the design process. This enables the company to support its customers throughout the lifecycle of their installations with products and solutions that best serve their business interests.

The broadest offering in the industry

Wärtsilä Marine Solutions is active in all the main vessel segments with a wide range of products, services, and solutions. The company understands the particular needs and requirements related to each of these segments – from the initial vessel design choices to everyday operations throughout the vessel’s lifecycle. The portfolio also covers gas systems for land-based installations, such as gas terminals. During 2015, Marine Solutions’ electrical and automation offering was strengthened through the acquisition of L-3 Marine Systems International (MSI). MSI has extensive experience in supplying automation, navigation and electrical systems, dynamic positioning technology, as well as sonar and underwater communications technology for a variety of vessel types and offshore installations.

Innovative and competitive products, delivered efficiently and with high quality, form the basis of Wärtsilä’s offering, which consists of:

  • Medium-speed diesel and dual-fuel engines
  • Low-speed engines sold through the Winterthur Gas & Diesel Ltd. (WinGD) joint venture
  • Propulsion systems and gears
  • Seals and bearings
  • Navigation and automation systems
  • Entertainment systems
  • Communication and control systems
  • Power distribution and management systems
  • Electric power drives and motors
  • Electrical design for complex vessels
  • Environmental solutions, including exhaust gas cleaning, ballast water management, and fresh water systems
  • Pumps and valves
  • Gas systems, including LNG and LPG handling, inert gas systems, compressors, liquefaction, regasification, and equipment for small-to-medium scale onshore gas installations
  • Ship design.

The ability to combine the products offered into larger systems and solutions supports the company’s strategy of being the main solutions provider to customers. This strategy provides added value to both shipyard and ship owner customers. Shipyard customers can focus on their areas of expertise and benefit from the risk of product interface problems being reduced, while ship owners can rely on benefits related to operations and maintenance.

 

Segment Vessel type Main offering*

Merchant

LNG carriers 2-st (sold through the WinGD joint venture) and 4-st main dual-fuel engines, auxiliary engines, controllable pitch propellers (CPP), gearboxes, tunnel thrusters
Tankers, Containers, Bulkers 2-st engines (WinGD), auxiliary engines, fixed pitch propellers (FPP), tunnel thrusters, 4-st engines for smaller vessels, navigation and automation systems, electric power distribution
Other: cargo, RoRo, car carriers, LPG carriers All of the above

Offshore


Floating exploration: drillships, semi-submersibles, etc. 4-st engines, steerable thrusters, tunnel thrusters, vessel automation systems, electric power distribution, gearboxes
Floating production units: FPSO's, FSO, floating LNG, etc. 4-st engines, steerable thrusters, tunnel thrusters, CPP, vessel automation systems, electric power distribution, gearboxes
Service/Supply vessels: OSV's, PSV's, AHTS, AHS 4-st engines, steerable thrusters, tunnel thrusters, CPP, electrical propulsion systems, ship design, automation systems, gearboxes
Other: crane vessels, pipelayers, accommodation vessels All of the above
Cruise and Ferry


Cruise vessels 4-st engines, FPP, tunnel thrusters, navigation, entertainment and automation systems, electric propulsion and power distribution
Ferries 4-st engines, CPP, FPP, steerable thrusters, tunnel thrusters, navigation, entertainment and automation systems, electric propulsion and power distribution
Other: ro-pax, yachts All of the above
Special vessels


Tugs 4-st engines, FPP, steerable thrusters, tunnel thrusters, vessel automation systems, ship design
Dredgers 4-st engines, CPP, FPP, steerable thrusters, tunnel thrusters, vessel automation systems
Other: fishing vessels, ice breakers, research vessels, work boats, inland waterway vessels All of the above
Navy Frigates, corvettes, patrol vessels, aircraft carriers, destroyers, submarines, support vessels Waterjets, seals and bearings, tunnel thrusters, 4-st engines, navigation and automation systems, electric propulsion and power distribution, underwater communication, sonar systems

* Excluding Wärtsilä Hamworthy's offering, which can be installed in nearly all ship types.

Growth through gas, environmental solutions and efficient vessels

Wärtsilä Marine Solutions is uniquely positioned for growth driven by the increasing availability and use of gas as a marine fuel, the introduction of new environmental regulations, and the increased demand for more efficient vessels.

Stricter environmental regulations are driving the interest in gas as a marine fuel, as well as in emissions abatement technologies, such as exhaust gas cleaning systems and ballast water treatment systems. Marine Solutions offers its customers alternative solutions for meeting these requirements in a way that best meets the needs of their businesses and operating models, both as part of new build projects and as retrofits to vessels already in operation.

Wärtsilä’s market leading offering for the gas segment consists of gas fuelled engines, gas conversions, and gas handling systems. There is a complete offering for each step in the gas value chain, from product level to entire LNG terminals with the latest technology and innovations. In 2015, the company introduced a new LNG storage and regasification barge concept. This innovative solution provides a flexible means of meeting small to medium scale requirements where pure land-based LNG options are limited.

Wärtsilä has a strong position in exhaust gas cleaning systems, with the most extensive reference list on the market. Today, the portfolio of SOx scrubber systems is the broadest in the industry and consists of closed loop systems for fresh water use, open loop systems for seawater use, and a combination of the two, i.e. the hybrid system. For NOx reduction and IMO Tier III compliance Wärtsilä provides its customers with products based on the selective catalytic reduction (SCR) technology. For ballast water treatment, customers can select systems based on the two most common technologies: ultraviolet treatment and electro-chlorination.

Efficiency is one of the top concerns for ship owners and operators. Wärtsilä’s in-depth expertise and system skills help to optimise the efficiency of vessels and make it possible for customers to achieve the performance, cost, and environmental compliance parameters that specifically match their operating profile.

Note

Make a note?

Close

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