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Annual Report 2016

Order intake

Fourth quarter order intake

Wärtsilä’s fourth quarter order intake totalled EUR 1,324 million (1,403), a decrease of 6% over the corresponding period last year. The fourth quarter book-to-bill ratio was 0.85 (0.88).

Order intake for Energy Solutions totalled EUR 501 million (366) in the fourth quarter, which was 37% more than for the corresponding period last year. Among the more significant orders received were a 100 MW combined heat and power plant for Germany and a 135 MW plant for Indonesia, the first combined cycle power plant ever in the country.

Marine Solutions’ fourth quarter order intake totalled EUR 258 million (465), a decrease of 45% compared to the corresponding period last year. Activity favoured the cruise & ferry and conventional merchant segments, which represented 25% and 24% respectively of the fourth quarter order intake. The navy segment represented 18% of orders received, the gas carrier segment 10%, special vessels 8%, and the offshore segment 3%. Others accounted for 12% of the total.

The fourth quarter order intake for the Services business was stable at EUR 565 million (572), supported by improved demand for power plant related services. Long-term service agreements signed in the quarter included a 5-year operations and maintenance contract for two power plants ordered by PT PLN, the Indonesian state utility, in December.

Review period order intake

Wärtsilä’s order intake for the review period January-December 2016 was stable at EUR 4,927 million (4,932). The book-to-bill ratio for the review period was 1.03 (0.98).

Energy Solutions' order intake for the review period was EUR 1,448 million (1,009), which represents an increase of 43% compared to the previous year. Asia and the Americas were the most active regions in terms of ordering activity. Demand was especially strong in Argentina, where Wärtsilä received orders for seven projects comprising in excess of 500 MW of new power generation capacity. Other strategically important orders included a 225 MW power plant, which will provide balancing power to the City of Denton in Texas, USA.

Marine Solutions’ review period order intake declined by 20% to EUR 1,285 million (1,599). The upcoming implementation of emission regulations in the marine industry supported the demand for gas-fuelled vessels particularly in the ferry segment. Orders received during the year included the design and supply of the LNG power and propulsion machinery for the Mediterranean’s first LNG fuelled passenger ferry, as well as fully integrated Wärtsilä propulsion machinery packages for the first ever UK domestic dual-fuelled ro-ro passenger ferries. Other significant orders received included a contract to supply the re-gasification system for an FSRU conversion project that Höegh LNG plans to carry out on a modern LNG vessel. Orders for electrical & automation systems developed well throughout the year. Cruise & ferry accounted for 38% of the order intake for the review period. The conventional merchant segment represented 20%, while the gas carrier segment’s share was 13%. Navy represented 10%, special vessels 9%, and offshore 3% of the total. Other orders accounted for 7%.

Services’ order intake for the review period totalled EUR 2,194 million (2,324). The 6% decline related primarily to challenges in certain offshore markets, slower activity in the merchant segment, as well as postponements in signing new long-term agreements.

Order intake by business
MEUR 10-12/2016 10-12/2015 Change 1-12/2016 1-12/2015 Change
Energy Solutions 501 366 37% 1 448 1 009 43%
Marine Solutions 258 465 -45% 1 285 1 599 -20%
Services 565 572 -1% 2 194 2 324 -6%
Order intake, total 1 324 1 403 -6% 4 927 4 932 0%
Order intake Energy Solutions
MW 10-12/2016 10-12/2015 Change 1-12/2016 1-12/2015 Change
Oil 427 221 93% 1 929 1 303 48%
Gas 531 528 1% 1 584 1 132 40%
Order intake, total 958 749 28% 3 513 2 436 44%

Order intake in joint ventures

Order intake in the Wärtsilä Hyundai Engine Company Ltd joint venture company in South Korea, and in the Wärtsilä Qiyao Diesel Company Ltd and CSSC Wärtsilä Engine Company Ltd. joint venture companies in China totalled EUR 62 million (182) during the review period January-December 2016. The results of these companies are reported as a share of the result of associates and joint ventures.

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