Wärtsilä’s Financial Statements Bulletin January–December 2021

Wärtsilä Corporation, Stock exchange release, 28 January 2022 at 08:30 UTC+2

Wärtsilä’s Financial Statements Bulletin January–December 2021

This release is a summary of Wärtsilä’s Financial Statements Bulletin January–December 2021. The complete report is attached to this release as a pdf file. It is also available on the company website at www.wartsila.com.



  • Order intake increased by 92% to EUR 2,150 million (1,118)
  • Service order intake increased by 20% to EUR 753 million (626)
  • Net sales increased by 31% to EUR 1,597 million (1,220)
  • Book-to-bill amounted to 1.35 (0.92)
  • Comparable operating result increased by 53% to EUR 158 million (103), which represents 9.9% of net sales (8.4)
  • Operating result increased by 59% to EUR 144 million (90), which represents 9.0% of net sales (7.4)
  • Basic earnings per share increased to 0.14 euro (0.10)
  • Cash flow from operating activities increased to EUR 370 million (274)


  • Order intake increased by 32% to EUR 5,735 million (4,359)
  • Service order intake increased by 17% to EUR 2,656 million (2,267)
  • Order book at the end of the period increased by 16% to EUR 5,859 million (5,057)
  • Net sales increased by 4% to EUR 4,778 million (4,604)
  • Book-to-bill amounted to 1.20 (0.95)
  • Comparable operating result increased by 30% to EUR 357 million (275), which represents 7.5% of net sales (6.0)
  • Operating result increased by 34% to EUR 314 million (234), which represents 6.6% of net sales (5.1)
  • Basic earnings per share increased to 0.33 euro (0.23)
  • Cash flow from operating activities increased to EUR 731 million (681)
  • Dividend proposal 0,24 euro per share (0.20)


Wärtsilä expects the demand environment in the first quarter to be better than that of the corresponding period in the previous year. However, the prevailing market conditions make the outlook uncertain.


“In 2021, the Covid-19 pandemic continued to affect our end markets, our operations, and our financial performance. New virus variants reminded us that the pandemic is not yet over. However, we saw signs of stabilisation and recovery in both the marine and energy markets, and the order intake improved towards year-end.

In the energy markets, the market situation stabilised. The need for various flexible balancing solutions was illustrated by strong demand for energy storage solutions, as well as by some important thermal power plant orders. While energy storage orders were received throughout the year, the major multi-fuel power plant orders for Mexico, and the thermal balancing power plants for Brazil were highlights of the fourth quarter. These orders provided a clear indication of the recovery of demand for power plants operating with flexible internal combustion engines. Nevertheless, many investments in new power plant capacity were postponed due to the pandemic, especially in the emerging markets.

In the marine markets, we saw mixed activity levels across different vessel segments. Vessel ordering activity overall improved, largely driven by containerships. At the same time, activity in our key vessel segments remained relatively low, particularly in the important cruise industry. The progress in Covid-19 vaccination programmes and the lifting of travel restrictions accelerated the reactivation of existing cruise and ferry fleets in the second half of the year. The active cruise fleet capacity increased from around 20% at the end of June to around 70% at the end of December, which supports our service business going forward. However, new Covid-19 variants pose a risk to recovery.

Looking at our full-year performance, it was encouraging to see that the total order intake increased by 32%, supported by all our core businesses, albeit from earlier low levels. The increase in order intake was mainly related to equipment, with an impact on sales mix in 2022. Demand for services was solid, resulting in a 17% growth in service order intake. Net sales increased by 4%, driven by a 11% growth in service sales. We also saw clear improvement in profitability. The operating result increased by 34%, largely driven by a more favourable sales mix between equipment and services, as well as improved service capacity utilisation. The Marine Power and Energy businesses in particular improved their results. Voyage also performed better towards year-end, driven by strong seasonal effects in Q4. Marine Systems’ result continued to be burdened by low scrubber volumes. Our firm focus on working capital resulted in another record high year in operating cash flow.

We are leading the decarbonisation journey with a strong commitment to sustain R&D investments at around 3% of net sales, combined with partnerships for a broad solution offering. In 2021, we continued pioneering the adoption of sustainable fuels by launching a major test programme towards carbon-free solutions with hydrogen and ammonia. Marine Power upgraded the 20DF dual-fuel engine, which can now deliver more power with less energy consumption, and its methane slip is lowered by as much as 40%. Energy launched the 34SG Balancer, the optimal solution for balancing renewable power generation. Marine Systems launched the new IQ Series exhaust gas treatment system that allows the same exhaust gas cleaning results to be achieved with a smaller impact on a vessel’s cargo-carrying capacity, and therefore its profitability. Voyage initiated partnerships and projects globally to enable sustainable shipping. The digital systems such as Navi-Port and FOS optimise the vessel journey and enable just-in-time arrival for ships, saving fuel and reducing time at anchorage.

One key activity during 2021 was the launch of a new strategic framework, the Wärtsilä Way, combined with the introduction of new financial and decarbonisation targets. Going forward, the Wärtsilä strategy is focused on shaping the decarbonisation of marine and energy industries. We emphasise customer success, innovation in technology and services, diverse teams making a difference, as well as continuous improvement. This strategy enables us to accelerate the marine decarbonisation and the shift to a 100% renewable energy future. We also launched revised financial targets and the “Set for 30” decarbonisation commitments. Financially, we aim for 5% organic growth annually and to reach a 12% operating margin. We see the biggest growth opportunities in energy storage, thermal balancing power, and both energy and marine services. Our continued R&D investments in sustainable fuel technologies position us well for the green transition in both the energy and marine businesses. Growth in these areas will contribute to reaching our profitability target. In “Set for 30”, our targets are that by 2030 we become carbon-neutral in our own operations and provide a product portfolio that will be ready for zero-carbon fuels. These new targets demonstrate our commitment to an economically, environmentally, and socially sustainable future.

In the longer term, the increased focus on decarbonisation continues. Regulatory frameworks and wider policy announcements are accelerating the move to a low-carbon society, and our customers are increasingly asking for green shipping and clean energy. As a technology leader, Wärtsilä is well positioned to benefit from this development. We continue to invest in innovation to ensure a broad, industry-leading solution offering. While much of the decarbonisation work in the marine and energy markets is still ahead, Wärtsilä already today has solutions and technologies that enable the transition to decarbonised shipping and 100% renewable power systems.”


MEUR 10–12/
Change 1–12/
Order intake 2,150 1,118 92% 5,735 4,359 32%
of which services 753 626 20% 2,656 2,267 17%
Order book, end of period 5,859 5,057 16%
Net sales 1,597 1,220 31% 4,778 4,604 4%
of which services 761 654 16% 2,499 2,255 11%
Book-to-bill 1.35 0.92 1.20 0.95
Operating result 144 90 59% 314 234 34%
% of net sales 9.0 7.4 6.6 5.1
Comparable operating result 158 103 53% 357 275 30%
% of net sales 9.9 8.4 7.5 6.0
Comparable adjusted EBITA* 165 111 49% 388 308 26%
% of net sales 10.4 9.1 8.1 6.7
Profit before taxes 134 78 70% 296 191 55%
Basic earnings/share, EUR 0.14 0.10 0.33 0.23
Cash flow from operating activities 370 274 731 681
Net interest-bearing debt, end of period 4 394
Gross capital expenditure 143 117
Gearing 0.00 0.18
Solvency, % 38.6 38.1
Personnel, end of period 17,305 17,792 -3%

*Comparable adjusted EBITA excludes items affecting comparability and purchase price allocation amortisation.

Wärtsilä presents certain alternative performance measures in accordance with the guidance issued by the European Securities and Markets Authority (ESMA). The definitions of these alternative performance measures are presented in the Calculations of financial ratios section.


The Board of Directors proposes that a dividend of EUR 0.24 per share be paid for the financial year 2021. The parent company’s distributable funds total EUR 1,025,711,618.25, which includes EUR 188,242,150.86 in net profit for the year. There are 590,023,390 shares with dividend rights. The dividend shall be paid in two instalments.

The first instalment of EUR 0.12 per share shall be paid to the shareholders who are registered in the list of shareholders maintained by Euroclear Finland Oy on the dividend record date of 7 March 2022. The payment day proposed by the Board for this instalment is 14 March 2022.

The second instalment of EUR 0.12 per share shall be paid in October 2022. The second instalment of the dividend shall be paid to shareholders who are registered in the list of shareholders maintained by Euroclear Finland Oy on the dividend record day, which, together with the payment day, shall be decided by the Board of Directors in its meeting scheduled for 27 September 2022. The dividend record day for the second instalment as per the current rules of the Finnish book-entry system would be 29 September 2022 and the dividend payment day 6 October 2022.


A virtual analyst and press conference will be held as a webinar today, Friday 28 January 2022, at 10:00 a.m. Finnish time (8:00 a.m. UK time).

If you only wish to view the stream, please register at: http://www.mediaserver.fi/live/wartsila.

If you plan to view the stream and ask questions in the Q&A session, please register at: 

Please register using only one of the links above, not both. Once you have registered, you will receive a confirmation email that includes specific joining instructions.


Please note that there will be no separate audio (phone) line for the event. The Q&A session will use the audio in the GoToWebinar tool itself. In case you are joining via mobile, you may need to install the free GoToWebinar app from the app store.

To enter into the questions and answers queue, please use the raise your hand function in the webinar platform and unmute your microphone when the moderator announces your name. Please remember to lower your hand once your question has been answered.

For more information on joining and setting up your audio for Q&A, you may visit the official GoToWebinar attendee joining guide at: 
. Instructions on Q&A related functionalities can be found at: https://support.logmeininc.com/gotowebinar/help/raise-your-hand

A recording of the webcast will be available on the company website as soon as possible after the event.

For further information, please contact:

Arjen Berends
Executive Vice President & CFO
Tel. +358 10 709 5444


Hanna-Maria Heikkinen
Vice President, Investor Relations
Tel. +358 10 709 1461

For press information, please contact:

Atte Palomäki
Executive Vice President, Communications, Branding & Marketing
Tel. +358 10 709 5599


Wärtsilä in brief
Wärtsilä is a global leader in innovative technologies and lifecycle solutions for the marine and energy markets. We emphasise innovation in sustainable technology and services to help our customers continuously improve their environmental and economic performance. Our dedicated and passionate team of 17,000 professionals in more than 200 locations in 68 countries shape the decarbonisation transformation of our industries across the globe. In 2021, Wärtsilä’s net sales totalled EUR 4.8 billion. Wärtsilä is listed on Nasdaq Helsinki. www.wartsila.com

Financial Statements Bulletin 2021