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Notes to the parent company financial statements

1. Other operating income
MEUR 2016 2015
Rental income 1 1
Services to Group companies 71 75
Profit on sales of fixed assets 1 1
Other 1 2
Total 74 78
2. Personnel expenses
MEUR 2016 2015
Wages and salaries 27 36
Pension costs 4 5
Other compulsory personnel costs 2 2
Total 33 43
Salaries and remunerations paid to senior management
The President and CEO and his deputy and members of the Board of Directors 4 5
The President and CEO has the right to retire at the age of 63 years. The members of the Board of Management are entitled to retire on reaching the statutory retirement age. One member of the Board of Management is entitled to retire earlier, on reaching 60 years of age.
The Company's Board of Directors decides the remunerations of the President and CEO and his immediate subordinates.
Additional information about Management remuneration can be found in Consolidated Financial Statements Note 29.
Personnel on average during the year 282 279
3. Depreciation and amortisation
MEUR 2016 2015
Depreciation and amortisation according to plan
Other long-term expenditure 5 7
Total depreciation according to plan 6 8
Tax depreciations 5 5
Depreciation difference 1 3
Depreciation difference
Depreciation difference on 1 January 3 6
Change in the depreciation difference -1 -3
Depreciation difference on 31 December 2 3
4. Financial income and expenses
MEUR 2016 2015
Dividend income
From Group companies 286 270
Total 286 270
Other interest income
From Group companies 23 20
Total 23 21
Other financial income
From Group companies 9 11
From other companies 6 7
Total 15 17
Exchange gains and losses 2 4
Interest expenses
To Group companies -5 -4
To other companies -9 -10
Total -14 -14
Other financial expenses
To Group companies -7 -10
To other companies -16 -13
Total -22 -23
Financial income and expenses, total 290 276
5. Income taxes
MEUR 2016 2015
Income taxes
For the financial period -2 -2
For prior financial periods -2
Total -4 -2

 

6. Fixed assets
Intangible assets
MEUR Other
intangible
assets
Other
long-term
expenditures
Construction
in progress
Total 2016 Total 2015
Acquisition cost at January 1 1 124 1 126 136
Additions 1 1 2
Disposals -1 -1 -12
Reclassifications 1 -1
Acquisition cost at December 31 126 126 126
Accumulated amortisation at January 1 -1 -112 -113 -119
Accumulated amortisation on disposals and other changes 1 1 12
Amortisation during the financial period -5 -5 -7
Accumulated amortisation at December 31 -117 -117 -113
Carrying amount at 31 December 2016 9 9
Carrying amount at 31 December 2015 12 1 13
Tangible assets
MEUR Land
and
water
Buildings
and
structures
Machinery
and
equipment
Other
tangible
assets
Total 2016 Total 2015
Acquisition cost at January 1 8 11 5 1 27 31
Additions 1 1 1
Disposals -1 -1 -5 -5
Reclassifications
Acquisition cost at
December 31
7 11 5 1 27 27
Accumulated depreciation at
January 1
-10 -5 -1 -16 -21
Accumulated amortisation on disposals and other changes 5
Accumulated depreciation at December 31 -10 -5 -1 -16 -16
Carrying amount at 31 December 2016 7 1 1 10
Carrying amount at 31 December 2015 8 1 1 10
Shares and securities
MEUR Shares in
Group
companies
Shares in
other
companies
Total 2016 Total 2015
Acquisition cost at January 1 950 2 951 952
Additions
Acquisition cost at December 31 950 2 951 951
Carrying amount at 31 December 2016 950 2 951
Carrying amount at 31 December 2015 950 2 951
7. Non-current receivables
MEUR 2016 2015
Receivables from Group companies
Loan receivables 103 114
Total 103 114
8. Current receivables from Group companies
MEUR 2016 2015
Trade receivables 7 6
Loan receivables 1 928 2 099
Derivatives 24 40
Prepaid expenses and accrued income 37 3
Total 1 996 2 148
9. Prepaid expenses and accrued income
MEUR 2016 2015
Derivatives 11 12
Other financial items 1 3
Income and other taxes 12
Insurance receivables 1 6
Other 2 2
Total 16 36

 

10. Shareholders' equity
MEUR 2016 2015
Share capital
Share capital on January 1 336 336
Share capital on December 31 336 336
Share premium reserve
Share premium reserve on January 1 61 61
Share premium reserve on December 31 61 61
Retained earnings
Retained earnings on January 1 1 053 1 003
Dividends paid -237 -227
Result for the financial period 282 277
Retained earnings on December 31 1 097 1 053
Total shareholders' equity 1 494 1 450
Distributable equity 1 097 1 053
11. Liabilities
MEUR 2016 2015
Non-current
Interest-bearing 508 475
Total 508 475
Current
Non-interest-bearing 84 101
Interest-bearing 1 290 1 387
Total 1 374 1 487
Debt with maturity profile
2016 Current Long-term
MEUR <1 year 1-5 years >5 years Total
Loans from financial institutions 88 314 185 588
Loans from pension institutions 10 8 18
Total 99 322 185 606
2015 Current Long-term
MEUR <1 year 1-5 years >5 years Total
Loans from financial institutions 66 271 186 523
Loans from pension institutions 27 18 45
Total 93 289 186 568

 

12. Accrued expenses and deferred income
MEUR 2016 2015
Derivatives 44 29
Personnel costs 12 21
Interest and other financial items 3 8
Other 3 4
Total 62 62
13. Liabilities to Group companies
MEUR 2016 2015
Trade payables 6 5
Other current liabilities 1 191 1 164
Derivatives 9 18
Accrued expenses and deferred income 1 1
Total 1 207 1 189
14. Derivative financial instruments
MEUR With external financial institutions With Group companies Total 2016
Nominal values of derivative financial instruments
Currency forwards, transaction risk 1 573 1 190 2 763
Interest rate swaps 165 165
Cross currency swaps 81 81
3 009
Fair values of derivative financial instruments
Currency forwards, transaction risk -22 18 -4
Interest rate swaps -4 -4
Cross currency swaps -10 -10
Total -18
MEUR With external financial institutions With Group companies Total 2015
Nominal values of derivative financial instruments
Currency forwards, transaction risk 2 165 1 646 3 811
Interest rate swaps 185 185
3 996
Fair values of derivative financial instruments
Currency forwards, transaction risk -18 22 4
Interest rate swaps -4 -4
Total
Foreign currency forward contracts are against transactional risks and are matched against the hedged cashflows. Interest rate swaps are denominated in euros and their average interest-bearing period is 26 months. The average maturity for cross currency swaps is 53 months.
15. Collateral, contingent liabilities and other commitments
2016 2015
MEUR Debt in
balance sheet
Debt in
balance sheet
Guarantees and contingent liabilities
On behalf of Group companies 921 743
Total 921 743
Future nominal lease payments
Payable within one year 2 2
Payable after one year 13 16
Total 16 18
16. Related party loans and other commitments
There are no loans receivables from senior management and the members of the Board of Directors. No pledges or other commitments were given on behalf of senior management or shareholders. In Note 29 in Consolidated Financial Statements, related party disclosures are specified. Related parties comprise the Board of Directors, the President and CEO, the Board of Management as well as the associated companies and joint ventures. In Notes 8 and 13 in Parent Company financial statement, receivables and liabilities from Group companies are specified.
17. Auditors' fees and services
The following fees were paid to auditors and accounting firms for audits and other services.
In 2016, the AGM appointed the audit firm KPMG Oy Ab as Wärtsilä Corporation's auditor.
Auditors' fees
TEUR 2016 2015
Audit 158 191
Tax advisory 200 201
Other services 116 138
Total 474 530

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