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Annual Report 2013

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Jaakko Eskola, President and CEO

“The development of the first half of 2016 was satisfactory, given the prevailing challenges in our operating environment. Net sales remained broadly in line with the previous year, while the lower level of power plant deliveries and tight competition in the energy markets burdened our operating result. Going forward, we expect equipment deliveries to be concentrated towards the end of the year. Order intake development was solid, largely thanks to the somewhat improved sentiment in the power generation industry, which supported growth in Energy Solutions’ ordering activity. Marine Solutions’ orders have also held up fairly well considering the low level of vessel contracting, benefitting from announced fleet renewal activity in the cruise and ferry markets. Services' net sales have grown at a slower pace; however, we expect improved activity levels to support a pick-up in volumes in the coming quarters. Based on the current trends in our end markets and the increased uncertainty in the global economy, our outlook for demand development remains cautious.

Pursuing growth through innovative solutions is one of the key cornerstones of Wärtsilä’s strategy, which is why I am pleased to highlight the acquisition of Eniram, a company specialised in energy management and data analytics solutions. Eniram complements our existing digital offering and enhances our expertise in data analytics, modelling, and performance optimisation. It is an important investment for our digital future. During the second quarter, we also announced the acquisition of American Hydro. This investment is aimed at strengthening our presence and competences in the industrial and hydro power service markets.”

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