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

Sustainability targets

Wärtsilä’s targets for reducing GHG and other emissions

Target Schedule Status
To reduce energy consumption by at least 10% in terms of absolute consumption (GWh) by 2016 compared to mean energy consumption in 2005. 2016 By the end of 2015, energy savings of 42 GWh were achieved, representing 89% of the final target.
To create medium-sized LNG storage solutions to replace the liquid fuel infrastructure. 2015 The Manga project in Tornio, Finland is under execution. In 2015, Wärtsilä further expanded its portfolio of small scale LNG infrastructure solutions with a new floating LNG storage and regasification barge designed for shallow waters. As this complete barge can be built in a shipyard, it is ideal for remote or environmentally restricted sites where construction of an onshore terminal would be difficult.
To enable emission reductions through gas conversion projects. 2015 During 2015, Wärtsilä received gas conversion orders for two power plant installations in Indonesia and Mexico with a total capacity of 146 MW. In total, Wärtsilä has converted more than 900 MW of generating capacity to gas and has more than 300 MW under delivery.
To increase total net electrical efficiency in simple and combined cycle power plants in cyclic operations. 2015 In 2015, standby conditions have been further developed and tested. As a result, engine pre-heating temperatures have decreased and energy use during stand-by status has been reduced. Currently, two Dry FlexiCycle power plants, with high electrical efficiency and minimal water consumption, are under installation.
To influence developing dynamic power markets in order to enable wide scale renewable integration. 2015 In 2015, Wärtsilä has provided electricity market design recommendations based on studies for decision makers in Germany and the EU. Wärtsilä has also responded to the consultation on energy market design launched by the European Commission, and has conducted an active dialogue with various stakeholders concerning dynamic power markets.
To enable the reduction of power losses in electrical propulsion by 3-5% using a medium voltage system. 2015 MV development has been slowed due to unfavourable market conditions.
To develop performance management solutions for different vessel types, thereby enabling better efficiency. 2012 The development of performance management solutions has been merged into the Wärtsilä Genius services concept described below.
To develop 10 new Wärtsilä Optimiser solutions enabling the lifecycle performance of customer installations to be optimised. 2015 The original target project was closed in 2015. As part of Wärtsilä Services’ digitalisation development, a new product family, Wärtsilä Genius services, was launched at the end of 2015. These services include Wärtsilä Optimise, Wärtsilä Predict, and Wärtsilä Solve services. Depending on the primary needs of the customer, different solutions ranging from condition monitoring, hull cleanness predictions, to different advisory services and remote support, such as virtual engineering, will be offered. Wärtsilä Genius services will be an essential part of Wärtsilä Service's digital offering and development of these services will continue during the coming years.
To reduce GHG emissions by 3% by improving engine efficiency. 2015 The Wärtsilä 31 engine featuring record breaking efficiency was released to the market in 2015. The target has been achieved.
To expand the gas portfolio. 2015 The Wärtsilä LNGPac was selected for 21 installations in 2015, and the first orders for the ECA Fuel Pump for LNG were received. In addition, the first 2-stroke Wärtsilä low pressure fuel gas handling system was sold. New LNGPac features were included in many project specifications and are becoming the new standard. In other areas of gas value chain Wärtsilä signed the orders for three more regasification modules for large scale FSRU vessels in 2015 as well as cargo handling systems for 18 LPG-/multigas carriers.
To stimulate growth for LNG-fuelled OSV's (offshore support vessels). 2015

Harvey Gulf's two LNG-powered PSV’s, to which Wärtsilä has supplied integrated solutions, were delivered during 2015. These are the first LNG powered vessels for the offshore market segment in the USA.

To expand the field of LNG applications beyond present vessel types and to facilitate LNG re-engining. 2015 

Wärtsilä received orders to supply LNG powered vessel orders beyond types previously supplied:

  • Inland Waterway Transport (IWW) vessels for the river Rhine
  • First dual-fuel cable layer and repair vessel
  • First dual-fuel Trailing Suction Hopper Dredger (TSHD)
  • First dual-fuel application for a Floating Storage & Regasification Unit (FSRU) 
  • Dual-fuel ferries and the first Mechanical Drive application passenger and cargo vessel
  • Dual-fuel re-engining on a RORO vessel
To deliver environmental and energy efficiency consultancy projects: 10 projects. 2015 In 2015, the consultancy projects sold included engineering or advisory services for 13 vessels.


Wärtsilä’s targets for reducing water consumption

Target Schedule Status
To further develop the dry concepts for high-efficiency combined cycle power plant solutions. 2015

Wärtsilä has been contracted to supply a major Flexicycle power plant in El Salvador. This power plant will be the first plant running on natural gas in Central America and utilising Wärtsilä's Dry Flexicycle technology with a closed loop cooling system and zero water consumption making it the most environmentally advanced thermal power plant in the region.



Wärtsilä's targets for improving overall performance

Target Schedule Status
To conduct three lifecycle assessments. 2015 The first LCA assessment is ongoing. An LCA approach concerning a simplified LCA model for different product categories is under review. 


Wärtsilä's social targets

Target Schedule Status

To make Wärtsilä a workplace where all employees have the opportunity to show their best and develop their career – to build a company of equal opportunities.

Continuous In 2015, 54% of open vacancies were filled through internal selections for job level 3 and up, and 46% through external selections. There were 3.0 average training days per employee.
To develop a new way of working in supplier relations, so as to safeguard Wärtsilä's commitment to sustainability. 2015 Periodical assessments for key suppliers are conducted based on the supplier assessment and development model. By the end of 2015, Wärtsilä had rated 688 of its key suppliers (1,126 in total), covering 96% of the total spent on Wärtsilä Supply Management supplies. Renewal of the Supplier Qualification Process begun in 2015.
Development discussion coverage 100%. Continuous Altogether, 92% of the company’s employees had completed development discussions by the end of 2015.
To implement certified EHS management systems in all subsidiaries (excluding purely sales offices). Continuous Wärtsilä currently has 49 certified ISO 14001 companies and 48 certified OHSAS 18001 companies. The management system coverage is presented in the management system section.
To reach the long-term goal of zero lost-time injuries. Continuous The positive trend in improving, consolidating, and spreading a safety culture within Wärtsilä continued. The corporate lost-time injury frequency rate target for the year 2015 was 3.0, and a result of 2.8 was achieved. This represents an 18% improvement compared to the previous year's result (3.5). ZeroMindset was introduced as a new programme to further strengthen Wärtsilä’s safety culture.
To ensure commitment to the Code of Conduct throughout the organisation. 2014 Training records are continuously monitored. At the end of 2015, 16,430 employees covering 87% of the total number of employees had successfully participated in training programmes.
To reinforce the Anti-corruption/ Broker training of key employee groups and obtain anti-corruption commitments from all key employees trained. 2014 Training records are continuously monitored. At the end of 2015, 14,877 employees (78%) had successfully participated in training programmes.
To conduct three community support projects by 2015. 2015 The target was reached in 2014 with three community projects.
To improve well-being at work and increase productivity by reducing sickness day costs. 2015 An analysis was conducted and action plans implemented in respective local companies. For example, Wärtsilä companies in Finland have a comprehensive programme supporting well-being and the ability to work.



Make a note?


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