Wärtsilä provides restated financial information for 2019 to reflect the recent establishment of the Portfolio Business entity
Wärtsilä has established Portfolio Business as an independent entity alongside its Marine and Energy Businesses. The objective of running Portfolio Business as a stand-alone entity is to strengthen the focus on businesses which are critical to strategy execution and to accelerate performance improvement. Wärtsilä’s financial reporting will reflect this change in organisational structure as of the first quarter of 2020.
Wärtsilä Marine Business and Wärtsilä Energy Business will constitute the reportable segments of the group, while Portfolio Business will be reported as other business activities. Portfolio Business includes the following business units: entertainment systems, power converter products and UPS systems, tank control systems, water and waste, valve solutions, as well as hydropower solutions and turbine services. These business units have either limited synergies with Wärtsilä’s other products and services or limited growth potential within Wärtsilä.
Wärtsilä’s financial information for 2019 has been adjusted to reflect the new reporting structure. The restated comparison figures are presented in separate excel and PDF files attached to this release. This restatement has no impact on the group’s total financial figures.
For further information, please contact:
Executive Vice President & CFO
Tel: +358 10 709 5444
Vice President, Investor Relations
Tel: +358 10 709 5637
For press information, please contact:
Executive Vice President, Communications, Branding & Marketing
Tel: +358 10 709 5599
Wärtsilä in brief
Wärtsilä is a global leader in smart technologies and complete lifecycle solutions for the marine and energy markets. By emphasising sustainable innovation, total efficiency and data analytics, Wärtsilä maximises the environmental and economic performance of the vessels and power plants of its customers. In 2019, Wärtsilä’s net sales totalled EUR 5.2 billion with approximately 19,000 employees. The company has operations in over 200 locations in more than 80 countries around the world. Wärtsilä is listed on Nasdaq Helsinki.