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Wärtsilä's objective is to achieve profitable growth and create long-term value for our shareholders and society at large. Achieving this depends on our ability to satisfy the expectations of multiple stakeholders. These include providing customers with high-quality and environmentally sound products, solutions and services, building long-term partnerships with suppliers, offering employees competitive compensation and working conditions, as well as contributing to the well-being of the local communities in which Wärtsilä operate. Good economic performance establishes a platform for the other aspects of sustainability – environmental and social responsibility.

Economic performance
Direct economic value generated and distributed (GRI 201-1)
MEUR 2018 2017* 2016 2015 2014
Customers
Net sales 5 174 4 911 4 801 5 029 4 779
Suppliers
Cost of goods, materials, and services purchased 3 327 3 024 2 969 3 136 3 066
Value added 1 847 1 888 1 831 1 893 1 713
Distribution of value added
Distributed to stakeholders 1 615 1 651 1 593 1 555 1 475
Employees
Wages and salaries 954 1 000 939 935 906
Public sector
Taxes and social dues 336 331 343 349 313
Creditors
Net financial items -40 -47 -53 -34 -28
Shareholder
Dividends 284 272 256 237 227
Communities
Donations given 1 1 2 1 1
For business development 232 237 238 338 239
*Restated due to IFRS 15.
2018 2017* 2016 2015 2014
Customers
Net sales (MEUR) 5 174 4 911 4 801 5 029 4 779
Net sales by market area (MEUR)
Europe 1 485 1 526 1 581 1 566 1 402
Asia 1 867 1 933 1 774 2 051 1 989
Americas 1 245 1 132 1 039 1 006 840
Africa 283 221 313 329 398
Other 294 100 94 78 150
Suppliers
Cost of goods, materials, and services purchased (MEUR) 3 327 3 024 2 969 3 136 3 066
Employees
Salaries and wages (MEUR) 954 1 000 939 935 906
Salaries and wages by market area (MEUR)
Europe 643 689 650 632 637
Asia 150 156 153 163 144
Americas 134 130 110 112 99
Africa 20 18 19 21 18
Other 7 7 7 8 8
Net sales/employee (TEUR) 274 275 262 271 265
Public sector
Taxes and social dues (MEUR) 336 331 343 349 313
Taxes and social costs by market area (MEUR)
Europe 252 236 246 246 220
Asia 38 44 45 50 42
Americas 33 38 47 44 37
Africa 10 12 5 6 12
Other 4 1 0 2 2
Subsidies received (TEUR) 7 085 9 891 8 343 9 669 11 486
Net financial items (MEUR) -40 -47 -53 -34 -28
Community
Donations given, Board of Directors (TEUR) 110 110 1 365 110 110
Donations given, Wärtsilä companies (TEUR) 627 673 533 511 608
*Restated due to IFRS 15.
Financial implications and other risks and opportunities due to climate change (GRI 201-2)
Wärtsilä Italia S.p.A is the only subsidiary that falls into the scope of the EU Emission Trading Scheme (ETS) because of the heating plant of the factory. The EU ETS has not had any impact on the company's profitability. Wärtsilä's response to climate change is to develop and provide products, solutions, and services that enable our customers to reduce their greenhouse gas emissions. More information about Wärtsilä's solutions for climate change can be found on our website: www.wartsila.com. The potential business risks related to climate change and Wärtsilä's products are presented under the sustainability and climate change chapter under the Risks and risk management section.
Defined benefit plan obligations and other retirement plans (GRI 201-3)
The pension cover is based on the legislation and agreements in force in each country. In Finland, most of the pension obligations are covered by the Employee Pensions system (TyEL). The largest defined benefit plans are used in Switzerland, Germany, Great Britain and Sweden. Most of these defined benefit pension plans are managed by pension funds, and their assets are not included in the Group's assets. Wärtsilä's subsidiaries make their payments to pension funds in accordance with the local legislation and practices in each country. Authorised actuaries in each country have performed the actuarial calculations required for the defined benefit plans. More information on the Group's pension obligations can be found in the Financial Review, Note 23. Pension obligations.
Financial assistance received from government (GRI 201-4)
Subsidies received (TEUR) 2018 2017 2016 2015 2014
7 085 9 891 8 343 9 669 11 486
The value of the subsidies received in 2018 was EUR 7 085 thousand and they were among others related to R&D projects. The most contributing countries in 2018 were Finland and Spain.
Market presence
Ratios of standard entry level wage by gender compared to local minimum wage (GRI 202-1)
Wärtsilä applies and follows local employment legislation in all countries, and respects local collective labour agreements, which often define the minimum wage levels. In addition, entry level salaries are benchmarked against the market references by function and educational qualification. While laws and regulations determine the minimum level, the actual salaries often exceed these levels. A total compensation package for employees in each country is in line with the corporate rewarding guidelines, local market practices, and labour agreements. The base salary is set to meet market conditions, the demands of the job, and individual competence and performance.
Proportion of senior management hired from the local community (GRI 202-2)
Wärtsilä always publishes all open vacancies internally, thus ensuring an equal opportunity to apply for Wärtsilä positions. If there is no specific reason, such as a competence transfer need from other countries, to hire expatriates to the position, local residents are hired. This principle also applies to senior management positions. Senior management consists of global business and corporate management and local company management positions. Globally, 80% of Wärtsilä's senior management is locally hired, in other words from the same country as the Wärtsilä subsidiary they work for.

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