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iso4217:EUR
xbrli:pure
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T
his
is
Wärtsilä
/
Sustainability
/
Governance
/
BOARD
OF
DIRECTORS'
REPORT
Wärtsilä
provides
the
marine
and
energy
markets
with
smart
technologies
and
optimised
lifecycle
services.
In
the
energy
industry,
Wärtsilä
offers
flexible
power
plants
as
well
as
energy
management
and
storage
systems
on
an
equipment
only
or
turnkey
delivery
basis.
The
marine
offering
includes
power
systems,
voyage
solutions,
as
well
as
exhaust
treatment
applications,
gas
solutions,
and
shaft
line
solutions.
Wärtsilä
has
the
capabilities
needed
to
combine
its
marine
products
into
larger
integrated
systems
and
solutions.
Wärtsilä’s
portfolio
of
services
ranges
from
spare
parts
and
technical
expertise,
to
lifecycle
solutions
ensuring
a
maximised
installation
lifetime,
increased
efficiency,
and
guaranteed
performance.
The
company
aims
at
maximising
environmental
and
economic
performance
by
emphasising
sustainable,
data
-driven
innovation
and
total
efficiency.
To
support
its
geographically
dispersed
customer
base,
Wärtsilä’s
sales
and
service
network
covers
258
locations
in
73
countries
around
the
world.
Wärtsilä
operates
primarily
through
its
subsidiaries
and
strategic
joint
ventures.
The
company’s
manufacturing
model
is
assembly
based,
thus
emphasising
the
importance
of
developing
long
-term
relationships
with
its
global
network
of
suppliers,
which
consists
of
appr
oximately
1,200
global
direct
suppliers.
Wärtsilä’s
personnel
is
made
up
of
approximately
18,000
employees
comprising
139
nationalities.
By
recruiting
and
retaining
the
best
talent,
Wärtsilä
is
able
to
be
the
most
valued
business
partner
to
its
customers,
and
the
employer
of
choice
for
current
and
future
employees.
Wärtsilä
is
committed
to
conducting
its
business
in
a
responsible
manner,
and
promotes
responsible
practices
throughout
its
In
September,
Håkan
Agnevall
(b.
1966,
M.Sc.
(Tech),
MBA)
was
appointed
as
the
new
President
and
CEO
for
Wärtsilä
Corporation.
Mr
Agnevall
assumed
the
role
on
1
February
2021.
He
succeeds
Jaakko
Eskola,
who
will
continue
as
a
senior
advisor
to
the
Board
and
executive
team
until
he
Mr
Agnevall
has
a
proven
record
of
developing
organisations
and
businesses
with
a
strong
focus
on
customers,
technology,
and
people.
His
experience
in
pioneering
electrification
and
autonomous
transportation
will
strengthen
Wärtsilä’s
activities
in
corresponding
areas.
STRATEGY
Strategy
implementation
in
2020
Despite
the
COVID
-19
related
disruptions
to
business
operations,
Wärtsilä’s
commitment
to
R&D
activities
has
remained
unchanged.
The
year
saw
progress
in
future-
proofing
engine
technology
in
line
with
the
global
trend
towards
the
decarbonisation
of
the
energy
and
marine
markets
.
This
was
demonstrated
by
the
initiation
of
full
-scale
testing
of
ammonia
as
a
fuel
in
Wärtsilä’s
four
-stroke
combustion
engine
,
as
well
as
with
the
announcement
of
efforts
to
develop
the
combustion
process
in
gas
engines
to
enabl
e
them
over
time
to
burn
100%
hydrogen
fuel.
Several
new
concepts
utilising
connectivity
and
digitalisation
to
enhance
efficiency,
sustainability
,
and
the
safety
of
customer
operations
were
also
introduced.
These
included
solutions
for
smart
navigation,
remote
support
services,
as
well
as
a
cloud
simulation
platform
enabling
remote
training.
For
the
energy
ma
rkets
,
Wärtsilä
launched
the
Energy
Transition
Lab,
an
open
-data
p
latform
for
the
energy
industry
to
understand
the
impact
of
greater
utilisation
of
renewable
energy
and
the
effects
of
COVID
-19,
and
help
accelerate
the
energy
Wärtsilä’s
emphasis
on
developing
solutions
utilising
the
latest
technology,
in
line
with
its
Smart
Marine
and
Smart
Energy
strategies,
resulted
a
number
of
important
orders
during
the
year.
In
the
marine
markets,
Wärtsilä
received
several
orders
for
hybrid
solutions,
including
a
contract
to
supply
a
fully
integrated
Wärtsilä
hybrid
solution
for
Misje
Rederi’s
three
newbuild
eco
-friendly
5,000
DWT
bulk
carriers.
Moreover,
the
order
from
UltraShip
Denmark
to
install
the
cloud
-based
Wärtsilä
Fleet
Operations
Solution
(
FOS
)
across
their
entire
fleet
demonstrates
market
development
towards
dig
ital
solutions
to
improve
efficiency
and
lessen
environmental
impact.
In
the
energy
sector,
the
need
for
flexible
power
solutions
to
support
the
expansion
of
renewable
energy
and
secure
grid
reliability
was
illustrated
by
the
resilience
of
activity
in
the
energy
storage
markets.
Awarded
contracts
included
the
first
order
for
the
GridSolv
Quantum
energy
storage
system,
a
fully
integrated
modular
and
compact
solution
that
enables
the
rapid
deployment
of
cost
-effective
energy
storage.
Another
order
reflecting
the
benefits
of
flexibility
was
the
contract
received
in
Europe
to
deliver
four
natural
gas
driven
power
plants
with
a
combined
output
of
nearly
300
MW.
The
new
fast
-starting
plants
will
provide
flexible
system
balancing
as
more
renewable
power
is
incorpor
ated
into
the
power
system.
Collaboration
with
industry
stakeholders
is
an
essential
element
in
the
development
of
technologies
needed
to
meet
changing
market
requirements
.
Joint
efforts
includ
ed
agreements
aimed
at
accelerating
the
marine
industry’s
ongoing
digital
transformation,
developing
autonomous
shipping,
and
exploring
the
use
of
new
technologies
and
alternative
fuels
to
promote
decarbonisation
efforts.
T
his
is
Wärtsilä
/
Sustainability
/
Governance
/
While
the
health
and
safety
of
personnel
is
a
continuous
priority
for
Wärtsilä,
it
reached
a
new
level
of
importance
in
2020
with
the
onset
of
the
global
C
OVID
-19
pandemic.
Wärtsilä
maintains
a
diverse
global
workforce
with
thousands
of
employees
perform
ing
tasks
onsite,
either
in
the
field
or
at
customer
premises.
By
establishing
a
global
crisis
response
team
and
local
country
incident
management
teams,
it
was
possible
to
monitor
and
act
upon
the
rapidly
developing
situation.
Global
mobility
was
secured
whilst
observing
appropriate
safety
and
precautionary
measures.
Numerous
Wärtsilä
employees
resorted
to
performing
their
work
remotely.
In
order
to
accommodate
this
way
of
working,
and
to
ensure
that
the
change
of
routine
functioned
smoothly,
Wärtsilä
provided
employees
with
digital
collaboration
tools
and
methods.
Furthermore,
guidelines
and
devices
were
provided
to
secure
an
appropriate
working
environment
at
their
homes.
Zero
lost
-time
injuries
continues
to
be
the
company’s
global
target.
During
2020,
lost
-time
injury
frequency
was
2.03
(2.25),
which
represents
a
decrease
of
1
0
%
compared
to
the
previous
year.
Financial
targets
and
outcome
in
2020
Wärtsilä’s
long
-term
financial
target
is
to
grow
faster
than
global
GDP,
and
to
maintain
its
operating
profit
margin
between
14%
at
the
peak
of
the
cycle
and
10%
at
the
trough.
Furthermore,
the
target
is
to
maintain
gearing
below
0.50,
and
to
pay
a
dividend
of
at
least
50%
of
earnings
per
share
Wärtsilä’s
financial
performance
in
2020
was
below
the
long-
term
target,
as
a
result
of
the
effects
of
the
COVID
-19
pandemic
on
the
company’s
demand
environment
and
business
operations.
Net
sales
for
2020
declined
by
11%,
bringing
Wärtsilä’s
five
-year
compound
annual
growth
rate
to
-2%.
The
five
-year
compound
annual
growth
rate
of
the
global
GDP
was
2.3
%
(source:
IMF
estimate
as
of
October
202
0
).
Wärtsilä’s
comparable
operating
result
amounted
to
EUR
275
million,
which
represents
6.0%
of
net
sales.
Gearing
decreased
to
0.18.
The
Board
of
Directors'
proposed
dividend
of
EUR
0.20
per
share
represents
88.2%
of
operational
earnings.
Marine
The
effects
of
the
COVID
-19
pandemic
significantly
affected
the
demand
for
equipment
and
services
in
the
shipping
and
shipbuilding
markets
throughout
2020.
The
decline
in
seaborne
trade
and
travel
restrictions
impacted
the
fleet
utili
s
ation
rate,
especially
in
the
passenger
sector,
and
limited
the
appetite
for
newbuild
investments.
As
a
result,
only
815
vessels
were
contracted
during
the
year
(1,153
in
2019,
excluding
late
contracting)
and
the
demand
for
spare
parts
and
maintenance
activities
softened.
The
news
released
in
Novembe
r
regarding
COVID
-19
vaccine
results
improved
confidence
in
a
recovery
in
both
newbuild
and
service
activit
ies
across
all
vessel
segments.
Cruise
operations
were
heavily
affected
by
the
travel
restrictions
and
no
-sail
orders.
Despite
a
marginal
uptick
in
cruise
activity
towards
the
end
of
the
year,
the
vast
majority
of
the
fleet
remains
idled.
After
the
initial
disruptions
following
the
first
virus
outbreak,
the
ferry
fleet
was
gradually
reactivated
over
the
summer,
but
was
increasingly
idled
again
in
the
fourth
quarter
as
,
on
top
of
the
typical
seasonal
unwinding
,
a
new
wave
of
COVID
-19
hit
the
European
markets.
The
offshore
sector
continued
to
be
under
severe
pressure
due
to
low
oil
demand.
Limited
exploration
activity
led
to
a
decline
in
utilisation
of
drilling
rigs
and
support
vessels
to
levels
similar
to
the
post
-2014
market
cycle.
Conversely,
the
expected
growth
in
offshore
wind
projects
generated
demand
for
speciali
sed
vessels,
providing
newbuild
and
service
opportunities
in
wind
farm
related
vessels.
In
the
LNG
shipping
sector,
a
positive
trend
in
spot
rates
began
in
the
third
quarter
as
a
result
of
the
rapid
increase
in
Asian
LNG
demand
.
This
was
due
to
seasonal
factors
as
well
as
constrained
supply
resulting
from
outages
at
several
liquefaction
terminals.
The
containership
market
recovered
rapidly
from
the
initial
shock
posed
by
COVID
-19.
This
recovery
was
supported
by
continuous
gains
in
freight
volumes
resulting
in
higher
freight
rates
and
less
idle
capacity.
Crude
oil
and
product
tanker
earnings
remained
under
significant
pressure
during
the
latter
part
of
the
year,
as
oil
supply
cuts
and
the
unwinding
of
floating
storage
lowered
the
demand
for
oil.
Although
earnings
for
bulk
carriers
increased
in
the
second
half
,
thanks
to
a
higher
demand
for
iron
ore
from
China,
the
number
of
idled
vessels
continues
to
The
HSFO/VLSFO
price
differential
narrowed
significantly
as
a
result
of
both
the
sharp
decline
in
oil
prices
and
improved
VLSFO
availability,
thus
negatively
impacting
the
pace
of
scrubber
retrofits
and
installations
on
newbuilds.
After
the
positive
news
regarding
COVID
-19
vaccine
breakthroughs
in
November,
oil
prices
surged
and,
consequently,
the
price
spread
between
bunker
fuel
types
increased
to
around
80
USD
per
tonne.
Nevertheless,
the
market
for
scrubber
Target
Net
sales
growth
faster
than
global
GDP
-11%
0%
Comparable
operating
result
margin
between
10%
and
14%
6.0%
8.8%
0.18
0.30
Dividend
payment
at
least
50%
of
earnings
per
share
over
the
cycle
88.2%*
130.8%
*Proposal
of
the
Board
of
Directors
T
his
is
Wärtsilä
/
Sustainability
/
Governance
/
contracting
is
still
characteri
sed
by
a
high
degree
of
uncertainty
,
mostly
due
to
the
limited
visibility
on
future
price
While
the
pandemic
has
led
to
a
significant
contraction
in
trade
volumes,
it
has
also
accelerated
the
digital
transformation
through
new
technologies
and
digital
applications
being
adopted
as
a
matter
of
necessity.
The
use
of
cloud
-based
remote
solutions
h
as
also
accelerated
in
response
to
restrictions
on
physical
travel.
Ship
-to
-port
communications,
as
well
as
document
and
data
exchange
,
are
increasingly
being
handled
electronically
rather
than
via
personal
interaction,
both
on
ships
and
in
port.
Furthermore,
fleet
optimisation
and
performance
management
technologies
are
increasingly
being
accepted
as
central
in
order
to
secure
profitability
in
a
competitive
market.
Meanwhile,
the
path
towards
the
decarbonisation
of
the
shipping
industry
continued
to
gain
p
ace.
The
share
of
alternative
-fuel
capable
vessels
among
the
total
newbuild
contracting
increased
during
the
year.
LNG
has
cemented
its
position
as
the
most
widely
adopted
alternative
fuel,
as
it
enables
immediate
GHG
emission
reductions.
Moreover,
the
dua
l-fuel
engine
technology
used
to
burn
LNG
is
fuel
flexible,
thus
mitigating
business
risks
associated
with
future
fuel
related
uncertainties
.
Zero
-carbon
fuels
,
such
as
biofuels,
ammonia
and
hydrogen
,
are
also
gaining
interest
as
are
various
energy
saving
technologies.
The
IMO
released
a
plan
in
November
to
drive
the
shipping
industry
towards
its
ambitious
decarbonisation
targets,
with
a
set
of
policies
coming
into
force
from
2022
onwards.
At
the
same
time,
the
European
Parliament
approved
a
proposal
to
include
shipping
in
its
emissions
trading
scheme
(ETS).
With
new
rules
expected
in
the
coming
years
that
will
require
shipowners
to
reduce
their
emissions
through
technical
or
operational
measures,
there
is
a
growing
consensus
that
vessels
should
increasingly
adopt
interoperable
network
technology
to
link
onboard
machinery,
navigation,
cargo
handling
,
and
other
systems
.
Such
technology
will
reduce
fuel
consumption,
while
representing
an
important
step
towards
decarbonisation
and
Energy
The
COVID
-19
pandemic
and
the
resulting
slowdown
of
economic
activity
had
a
negative
impact
on
the
global
liquid
and
gas
fuelled
power
plant
markets
throughout
2020.
While
the
market
situation
has
stabilised
and
is
showing
some
improvement,
the
prevailing
uncertainty
regarding
the
duration,
development
,
and
economic
impacts
of
the
pandemic
continues
to
result
in
customers
postpon
ing
investments
in
new
power
plant
capacity.
Additionally,
energy
policies
are
being
developed
to
drive
ambitious
decarboni
s
ation
ta
rgets
,
and
utilities
continue
to
update
their
investment
strategies,
which
is
causing
uncertainty
and
delays
in
decision
-
making.
However,
activity
in
energy
storage
was
at
a
good
level,
driven
by
the
increasing
need
for
short
-term
flexible
capacity
in
power
systems
with
a
high
share
of
renewables.
While
mobility
restrictions
affected
the
ability
to
perform
service
activities,
the
demand
for
services
held
up
reasonably
well
,
and
customers
continued
to
show
interest
in
long
-term
service
agreements.
Wärtsilä’s
market
share
in
the
up
to
500
MW
market
segment
was
stable
at
9%
(9),
while
global
orders
for
natural
gas
and
liquid
power
plants
increased
by
3%
to
16.6
GW
during
the
twelve
-month
period
ending
in
September
2020
(16.0
GW
at
the
end
of
June).
Global
orders
include
gas
turbine
and
Wärtsilä
orders
with
prime
movers
over
5
MW
in
size.
The
data
is
gathered
from
the
McCoy
Power
Report.
Order
intake
and
order
book
Wärtsilä’s
o
rder
intake
in
2020
decreased
by
18%
to
EUR
4,359
million
(5,327)
compared
to
the
previous
year
.
Uncertainty
related
to
the
COVID
-19
pandemic
and
its
long-
term
implications
weakened
demand
across
all
businesses.
Book
-to
-bill
was
0.95
(1.03).
Service
order
intake
decreased
by
16%
to
EUR
2,267
million
(2,683),
while
equipment
order
intake
decreased
by
21%
to
EUR
2,091
million
(2,644).
The
order
book
at
the
end
of
the
year
decreased
by
14%
to
EUR
5,057
million
(5,878).
Cancellations
during
the
year
were
largely
in
line
with
normal
low
levels.
Wärtsilä
has
implemented
stricter
requirements
for
the
inclusion
of
new
and
existing
projects
in
the
order
book.
This
resulted
in
orders
amounting
to
approximately
EUR
340
million
being
removed
from
the
order
book
during
the
year,
primarily
due
to
lack
of
progress
or
milestone
payments
not
being
received,
as
well
as
some
cancellations.
Wärtsilä’s
current
order
book
for
2021
deliveries
is
EUR
3,298
million
(
3,571
).
Net
sales
and
operating
result
Wärtsilä’s
n
et
sales
in
2020
decreased
by
11%
to
EUR
4,604
million
(5,170)
compared
to
the
previous
year.
Service
net
sales
decreased
by
10%
to
EUR
2,255
million
(2,505).
Equipment
net
sales
decreased
by
12%
to
EUR
2,349
million
(2,665).
Of
Wärtsilä’s
net
sales,
approximately
65%
was
EUR
denominated
and
20%
USD
denominated,
with
the
remainder
being
split
between
se
veral
currencies.
The
operating
result
amounted
to
EUR
234
million
(362)
or
The
result
was
burdened
by
a
decline
in
service
volumes,
COVID
-19
driven
cost
inflation,
and
weaker
fixed
cost
absorption.
result
totalled
EUR
275
million
(457)
or
6.0%
of
net
sales
(8.8).
Items
affecting
comparability
comprised
divestments
and
restructuring
programmes
(95).
The
comparable
adjusted
EBITA
amounted
to
EUR
308
million
(498)
or
6.7%
of
net
sales
(9.6).
Purchase
price
allocation
amortisation
amounted
to
EUR
33
million
(41).
Financial
items
amounted
to
EUR
-43
million
(-47).
Net
interest
totalled
EUR
-10
million
(
-
12).
Profit
before
taxes
amounted
to
EUR
191
million
(315).
Taxes
amounted
to
EUR
58
million
(97),
implying
an
effective
tax
rate
of
30.3%
(30.7).
Profit
for
the
financial
year
amounted
to
EUR
133
million
(218).
Earnings
per
share
totalled
0.23
euro
(0.37).
Return
on
investment
(ROI)
was
7.1%
(11.5),
while
return
on
equity
T
his
is
Wärtsilä
/
Sustainability
/
Governance
/
0
150
300
450
600
750
2020
2021
2022
2023
2024
2025
2026
MEUR
0
50
100
150
200
250
300
21
22
23
24
25
26
27
28
29
30
31
31+
MEUR
Annual
repayments
of
long-term
loans
0,00
0,10
0,20
0,30
0,40
0,50
2016
2017
2018
2019
2020
Group
net
sales
development
2020
2019
Change
1,257
1,505
-
16%
Energy
1,172
2,072
-
43%
2,429
3,577
-
32%
By
274
432
-
37%
2,703
4,009
-
33%
Loans
Committed
revolving
credit
facilities
(end
of
period)
Wärtsilä’s
cash
flow
from
operating
activities
in
2020
increased
to
EUR
681
million
(232),
thanks
to
improved
working
capital.
Working
capital
decreased
to
EUR
257
million
at
the
end
of
the
year
(732),
driven
by
lower
inventories,
as
well
as
by
efforts
to
reduce
credit
risk
through
strengthening
the
collection
of
receivables.
Advances
received
totalled
EUR
452
million
(452).
Additionally,
EUR
38
million
of
advances
pertained
to
assets
held
for
sale.
Maturity
profiles
of
long
-
term
loans
Wärtsilä
aims
to
ensure
sufficient
liquidity
at
all
times
through
efficient
cash
management
and
by
maintaining
the
availability
of
sufficient
committed
and
uncommitted
credit
lines.
Refinancing
risk
is
managed
by
having
a
balanced
and
sufficiently
long
loa
n
portfolio.
Wärtsilä
has
focused
on
further
strengthening
its
liquidity
reserves
during
the
year
in
response
to
the
COVID
-19
pandemic.
Measures
taken
include
the
extension
of
revolving
credit
facilities
and
the
negotiation
of
additional
loan
facilities.
T
his
is
Wärtsilä
/
Sustainability
/
Governance
/
0
100
200
300
400
2016
2017
2018
2019
2020
MEUR
Other
capital
expenditures
Depreciation,
amortisation,
and
impairment
Cash
and
cash
equivalents
amounted
to
EUR
919
million
at
the
end
of
the
year
(358).
Additionally,
EUR
14
million
of
cash
and
cash
equivalents
pertained
to
assets
held
for
sale
(
11
).
Unutilised
committed
credit
facilities
totalled
EUR
660
million
(640).
Wä
rtsilä
had
interest
-bearing
debt
totalling
EUR
1,327
million
at
the
end
of
the
year
(1,096).
The
total
amount
of
short
-term
debt
maturing
within
the
next
12
months
was
EUR
198
million.
Long
-
term
loans
amounted
to
EUR
1,129
million.
Net
interest
-bearing
debt
totalled
EUR
394
million
(726).
Gearing
was
0.18
(0.30),
while
the
solvency
ratio
was
38.1%
(40.8).
Equity
per
share
was
3.68
euro
(4.05).
Capital
expenditure
related
to
intangible
assets
and
property,
plant,
and
equipment
amounted
to
EUR
115
million
(116)
in
2020.
Capital
expenditure
related
to
acquisitions
and
investments
in
securities
totalled
EUR
2
million
(6).
Depreciation,
amortisation,
and
impairment
amounted
to
EUR
In
2021,
capital
expenditure
related
to
intangible
assets
and
property,
plant,
and
equipment
is
expected
to
be
below
depreciation,
amortisation,
and
impairment.
Gross
capital
expenditure
Innovations,
research
and
development
Wärtsilä
is
committed
to
helping
minimise
the
environmental
footprint
of
the
maritime
and
energy
industries.
Investments
in
R&D
are
central
to
securing
Wärtsilä’s
future
positioning,
and
will
continue
despite
the
prevailing
market
uncertainty.
Developing
the
use
of
alternative,
commercially
viable,
and
environmentally
friendly
fuels
for
the
future
is
a
key
focus
area
of
research
and
development,
as
is
improving
the
connectivity,
efficiency,
sustainability,
and
safety
of
customer
operations
through
the
increased
use
of
digital
solutions.
With
its
lifecycle
solution
s
offering,
Wärtsilä
goes
beyond
mere
maintenance
and
operation
by
delivering
guaranteed
performance
based
on
mutually
agreed
target
levels.
Research
and
develo
pment
expenditure
totalled
EUR
153
million
(
164
)
in
2020
,
which
represents
3.3%
of
net
sales
Marine
In
the
development
of
viable
future
fuels
Wärtsilä
,
in
close
cooperation
with
Knutsen
OAS
Shipping
AS,
Repsol,
and
Sustainable
Energy
Catapult
Centr
e
,
initiated
the
world’s
first
long
-term,
full
-scale
testing
of
ammonia
as
a
fuel
in
a
marine
4
-stroke
combustion
engine
in
2020.
The
testing
is
supported
by
a
NOK
20
million
grant
from
the
Norwegian
Research
Council
through
the
DEMO
2000
programme.
Key
developments
in
the
context
of
portfolio
enhancements
included
the
completion
of
full
-scale
testing
of
Wärtsilä’s
LPG
fuel
supply
system
with
a
full
-
sized
2
-stroke
marine
engine
burning
liquid
petroleum
gas
(LPG)
as
fuel.
The
tests
were
completed
by
retrofitting
the
system
on
four
very
large
gas
carriers
(VLGC)
owned
by
the
Norwegian
operator
BW
LPG.
In
addition,
Wärtsilä
launched
its
FuelFlex
Injection
Control
Unit
upgrade
solution
to
meet
the
requirements
of
operating
RT
-
flex
type
2
-
stroke
diesel
engines
with
both
residual
and
low
-viscosity
marine
fuels.
This
is
particularly
relevant
in
view
of
the
industry’s
increasing
use
of
low
-sulphur
-content
fuels
in
order
to
be
compliant
with
sulphur
emission
regulations.
Wärtsilä
also
introduced
its
Compact
Reliq
reliquefaction
plant,
designed
to
reliquefy
boil
-off
gas
(BOG)
onboard
gas
carriers
and
LNG
bunker
vessels
and
keep
the
cargo
cool
under
all
operational
conditions.
Thanks
to
its
compact
design,
the
system
can
be
installed
on
existing
vessels
without
extensive
modification
work.
During
the
year,
Wärtsilä
also
upgraded
the
power
output
of
the
Wärtsilä
31DF
dual-
fuel
engine,
further
heightening
the
engine’s
sustainability
factor
as
a
result
of
lower
greenhouse
gas
emissions,
while
allowing
a
reduction
in
both
installation
and
maintenance
costs.
As
the
shipping
industry
enters
a
new
era
of
innovation
and
unprecedented
efficiency,
Wärtsilä
is
using
high
levels
of
connectivity
and
digitalisation
to
bring
value
and
optimisation
to
all
marine
applications,
and
to
en
hance
the
efficiency,
sustainability
,
and
safety
of
customer
operations.
Achievements
in
the
field
of
smart
navigation
included
the
launch
of
Navi
-
Port,
a
new
solution
for
the
seamless
exchange
of
data
between
ship
and
shore
,
enabling
just
-in-
time
arrival
.
This
was
implemented
in
collaboration
with
Carnival
Maritime
and
the
Hamburg
Vessel
Coordination
Center
(HVCC).
Moreover,
Wärtsilä
Voyage
and
PSA
Marine
successfully
completed
initial
sea
trials
for
the
‘IntelliTug’
T
his
is
Wärtsilä
/
Sustainability
/
Governance
/
0,0
1,0
2,0
3,0
4,0
0
50
100
150
200
2016
2017
2018
2019
2020
%
MEUR
project
in
Singapore,
thereby
proving
IntelliTug’s
capability
to
avoid
a
variety
of
obstacles,
including
virtual
and
real
-life
moving
vessels.
It
was
the
first
trial
to
use
the
Maritime
and
Port
Authority
of
Singapore
’s
(
MPA
)
Maritime
Autonomous
Surface
Ship
(
MASS
)
regulatory
sandbox,
which
was
established
to
facilitate
the
testing
of
MASS
and
other
autonomous
technologies
in
a
safe
and
controlled
environment
within
the
Port
of
Singapore.
Wärtsilä
also
successfully
trialled
the
Wärtsilä
SmartMove
Suite,
a
unique
pairing
of
sensor
tech
nology
with
navigation
systems
for
semi
-autonomous
ship
movement.
The
American
Steamship
Company
became
the
first
to
install
Wärtsilä
SmartMove
solutions
,
which
will
be
used
for
hands
-off
transit
along
the
Cuyahoga
River
in
Ohio,
US
A.
The
year
2020
also
saw
the
laun
ch
of
a
number
of
remote
support
services.
These
included
the
global
Smart
Support
Centre
service,
which
is
designed
to
deliver
operational
support
via
virtual
service
engineers
to
all
Wärtsilä
Voyage
equipment,
and
the
Assured
Operations
remote
support
se
rvice
for
Wärtsilä
4
-stroke
and
2
-stroke
engine
customers.
This
enables
technical
experts
to
assess
and
resolve
operational
issues
via
a
remote
connection
between
seagoing
vessels
and
Wärtsilä’s
Expertise
Centres.
During
the
year,
Wärtsilä
also
made
the
digital
predictive
maintenance
product
Expert
Insight
available
for
2
-stroke
engines
.
The
company
simultaneously
released
a
minimum
viable
product
for
remote
monitoring
of
scrubbers
to
provide
continuous
fleet
-wide
insight
into
vessel
compliance
and
scrubber
utilisation.
Moreover,
Wärtsilä
Voyage
expedited
the
launch
of
Wärtsilä’s
new
cloud
simulation
platform
to
enable
maritime
academies
and
seafarer
schools
to
continue
training
despite
the
lockdowns
and
distancing
imposed
by
the
COVID
-
19
outbreak.
The
solut
ion
was
selected
by
Anglo
-
Eastern
,
a
leading
ship
manage
ment
company,
to
provide
online
capacity
for
the
company’s
training
centres
in
India,
the
Philippines
,
and
Ukraine.
The
cloud
-based
simulators
are
being
used
for
navigation,
engineering,
and
liquid
cargo
Energy
In
line
with
its
aim
to
lead
the
transition
towards
a
100%
renewable
energy
future,
Wärtsilä
launched
the
Energy
Transition
Lab,
an
open
-data
platform
for
the
energy
industry
to
understand
the
impact
of
greater
utilisation
of
renewable
energy
and
the
effects
of
COVID
-19,
and
help
accelerate
the
energy
transition.
The
tool
provides
detailed
data
on
electricity
generation,
demand,
and
pricing
for
the
EU
countries
and
the
UK.
It
allows
users
to
model
how
systems
could
operate
in
the
future
with
more
renewables,
helping
to
pinpoint
problem
areas
and
highlighting
where
to
focus
policies
and
investments.
Key
achievements
in
the
advancement
of
engine
technology
included
Wärtsilä’s
highly
efficient
12
MWe
Wärtsilä
31SG
gas
-fuelled
generating
set
being
awarded
type
certification
by
the
classification
society
DNV
GL.
This
is
globally
the
largest
synchronous
generating
set
of
this
technology
to
have
been
awarded
the
unit
certificate
after
full
-scale
testing.
The
certification
verifies
the
design
and
engineering
standards
as
being
in
full
compliance
with
Germany’s
grid
code
requirements,
the
first
country
in
Europe
to
have
implemented
guidelines
for
grid
code
compliance,
although
other
countries
have
already
or
are
in
the
process
of
requiring
similar
compliance.
Wärtsilä
also
announced
during
the
year
that
it
is
developing
the
combustion
process
in
its
gas
engines
to
enable
them
over
time
to
burn
100%
hydrogen
fuel.
Wärtsilä
has
researched
hydrogen
as
a
fuel
for
20
years,
and
has
tested
its
engines
with
blends
of
up
to
60%
hydrogen
and
40%
natural
gas.
This
development
is
part
of
the
company’s
strategy
to
future
-proof
its
engine
technology
in
line
with
the
global
trend
towards
decarbonisation
of
the
energy
and
marine
markets.
In
addition
to
hydrogen,
other
potential
renewable
fuels
are
being
studied
for
future
applications.
Wärtsilä
engines
are
already
capable
of
combusting
100%
synthetic
carbon
-neutral
methane
and
methanol.
Developments
in
the
area
of
Power
-to
-
X
included
funding
granted
by
Business
Finland
for
the
X-Ahead
project,
as
well
as
an
agreement
with
Vantaa
Energy
Ltd.
regarding
a
joint
concept
feasibility
study
for
a
power
-to
-gas
facility
at
Vantaa
Energy’s
waste
-to
-energy
plant
in
the
city
of
Vantaa.
The
X-
Ahead
project
aims
at
developing
deep
expertise
in
both
the
technical
and
business
potential
of
Power
-to
-X,
which
will
be
used
to
promote
a
carbon
-neutral
economy
in
Finland.
It
will
also
act
as
a
base
for
defining
Wärtsilä’s
role
in
this
field
as
part
of
the
g
lobal
transition
to
carbon
-neutral
solutions.
Vantaa
Energy’s
power
-to
-
gas
facility
would
produce
carbon-
neutral
synthetic
biogas
using
carbon
dioxide
emissions
and
electricity
generated
at
the
waste
-to
-energy
plant.
The
purpose
of
the
joint
study
is
to
confirm
the
optimal
size
of
the
project
and
the
cost
of
synthetic
biogas
for
district
heating,
as
well
as
to
understand
the
boundary
conditions
for
project
feasibility.
Research
and
development
expenditure
In
February,
Wärtsilä
and
DNV
GL
agreed
to
work
together
to
contribute
to
the
marine
industry’s
ongoing
digital
transformation.
In
particular,
the
two
companies
wish
to
further
explore
the
potential
use
of
digital
technologies,
collaborative
data
sharing,
and
standardisation
to
enhance
the
performance
of
existing
products
and
services,
and
to
develop
new
ones.
The
project
will
examine
the
application
of
digital
technologies
in
areas
such
as
autonomous
ships,
T
his
is
Wärtsilä
/
Sustainability
/
Governance
/
advanced
remote
services,
new
bridge
technologies,
and
data
sharing.
Cyber
security
will
be
another
natural
area
of
In
March,
Wärtsilä
together
with
a
consortium
of
six
other
industry
and
academic
partners,
was
awarded
EU
funding
for
a
major
project
named
SeaTech.
The
project
is
aimed
at
reducing
fuel
consumption
and
lowering
emission
levels
for
shipping
by
developing
ship
engine
and
propulsion
systems
to
enable
precise
control
of
the
engine
and
capturing
wave
energy
to
produce
extra
thrust.
Wärtsilä
also
signed
a
licence
and
co
-operation
agreement
covering
the
future
development,
sales,
and
servicing
of
gate
rudders
with
Kuribayashi
Steamship
in
Japan.
As
an
authorised
license
holder
and
partner,
Wärtsilä
intends
to
fully
integrate
gate
rudders
within
its
propulsion
product
designs
and
will
focus
on
global
markets
outside
Japan.
Gate
rudder
technology
lowers
fuel
consumption
and
reduces
emissions,
while
improving
manoeuvrability
and
course
stability
in
both
calm
and
rough
seas.
In
June,
Wärtsilä
joined
a
global
consortium
to
develop
the
Mayflower
Autonomous
ship
project,
which
will
enable
the
world’s
first
fully
autonomous,
unmanned
vessel
to
cross
the
Atlantic.
Wärtsilä
Voyage
will
equip
the
ship
with
the
Wärtsilä
RS24
system,
a
ground
-breaking
high
-speed,
high
-resolution
FMCW
K-
Band
radar
designed
to
provide
optimised
levels
of
situational
awareness,
especially
in
densely
populated
marine
environments.
Wärtsilä
also
joined
ING
Bank,
Engie,
and
the
Port
of
Rotterdam
Authority
to
form
Zero
Emission
Services
B.V.
(ZES),
an
enterprise
aimed
at
making
inland
waterway
shipping
more
sustainable.
The
concept
is
based
on
the
use
of
replaceable
battery
containers
charged
with
renewable
energy.
It
will
be
utilised
,
among
others,
by
the
Heineken
beer
company
and
is
supported
by
the
Dutch
Ministry
of
Infrastructure
and
Water
Managem
ent.
In
July,
Wärtsilä
joined
a
global
coalition
dedicated
to
accelerating
the
energy
transition
in
the
transport
and
logistics
industries,
together
with
a
cluster
of
market
-leading
companies
representing
a
broad
spectrum
of
industry
stakeholders.
The
aim
of
the
coalition
is
to
drive
the
development
of
energy
sources
and
technologies
in
order
to
curb
global
warming,
reduce
air
pollution,
and
protect
biodiversity.
The
members
will
pool
their
R&D
efforts
in
pursuit
of
three
key
goals:
unlocking
a
more
extensive
portfolio
of
clean
energy
sources,
lowering
energy
consumption
per
kilometre
-equivalent
for
transported
goods
,
and
eliminating
a
substantial
proportion
of
the
harmful
emissions
being
released
into
the
atmosphere.
In
October,
Wärtsilä
signed
a
Memorandum
of
Understanding
(MoU)
tied
to
a
license
and
c
o
-operation
agreement
with
the
UK
-based
Anemoi
Marine
Technologies
for
the
future
sales
and
servicing
of
rotor
sail
solutions
to
the
shipping
industry.
Rotor
s
ails
are
comprised
of
vertical
cylinders
which,
when
driven
to
rotate,
harness
the
renewable
power
of
the
wind
to
propel
ships.
These
highly
efficient
mechanical
sails
will
provide
additional
thrust
to
vessels
and
deliver
significant
fuel
and
emission
savings.
Wärtsilä
will
fully
integrate
Anemoi
Marine
Technologies’
rotor
s
ails
within
its
p
ropulsion
business
and
promote
the
solution
for
both
newbuild
projects
and
for
retrofitting
to
existing
ships.
In
December,
Wärtsilä
joined
the
CHEK
project
which
aims
to
achieve
zero
emission
s
shipping.
The
project
will
develop
and
demonstrate
a
wind
energy
optimised
bulk
carrier
,
and
a
hydrogen
powered
cruise
ship
equipped
with
a
combination
of
innovative
technologies
to
reduce
greenhouse
gas
emissions
by
99%,
achieve
at
least
50%
energy
savings
,
and
reduce
black
carbon
emissions
by
over
95%.
The
CHEK
partners
are
the
University
of
Vaasa
(coordinator),
Wärtsilä,
Cargill
International,
MSC
Cruises,
Lloyd’s
Register,
the
World
Maritime
University,
Silverstream
Technologies,
HASYTEC
Electronics,
Deltamarin,
Climeon
,
and
BAR
Technologies.
In
March,
Wärtsilä
announced
that
proactive
steps
would
be
taken
to
minimise
the
negative
business
impact
of
the
COVID
-19
pandemic
and
the
measures
initiated
to
contain
it.
These
include
d
reducing
working
hours
and
initiating
temporary
layoffs,
as
well
as
streamlining
hiring
and
minimising
the
use
of
external
personnel
and
consultants.
Discretionary
spending
was
also
reduced
and
non
-critical
development
projects
postponed.
Decisions
on
temporary
cost
reduction
actions
were
taken
in
key
countries
where
such
measures
were
deemed
necessary.
The
actions
taken
resulted
in
temporary
cost
savings
of
approximately
EUR
100
million
being
recognised
during
the
year,
which
was
in
line
with
initial
expectations
.
The
market
situation
is
continuously
monitored
,
and
further
actions
will
be
taken
as
needed.
Changes
in
organisational
structure
Wärtsilä’s
new
organisational
structure
became
operational
on
1
July
2020.
With
the
new
structure,
Wärtsilä
aims
to
accelerate
strategy
execution
and
drive
long
-term
performance.
Marine
Power,
Marine
Systems,
and
Energy
will
focus
on
delivering
profitable
growth
by
strengthening
their
offering
of
solutions
and
lifecycle
value
propositions.
Established
through
the
combination
of
acquisitions
during
the
past
few
years,
notably
Eniram
and
more
recently
Transas,
Voyage
positions
Wärtsilä
as
a
market
leader
in
digital
solutions
for
the
commercial
marine
industry.
Voyage’s
focus
will
be
on
scaling
and
developing
the
business,
with
the
support
of
continued
investments
in
R&D,
sales
and
marketing,
in
order
to
create
a
basis
for
sustainable,
profitable
growth
over
the
long
-term.
Portfolio
Business
is
run
as
an
independent
entity,
with
the
objective
of
unlocking
the
value
of
business
units
that
are
not
central
to
Wärtsilä’s
strategy.
Personnel
Wärtsilä
had
17,792
(18,795)
employees
at
the
end
of
the
year.
On
average,
the
number
of
personnel
totalled
18,307
(19,110)
in
the
year
of
2020
.
T
his
is
Wärtsilä
/
Sustainability
/
Governance
/
0
2016
2017
2018
2019
2020
Personnel
at
the
end
of
the
financial
period
Of
Wärtsilä’s
total
number
of
employees,
21%
(20)
were
located
in
Finland
and
41%
(42)
elsewhere
in
Europe.
Personnel
employed
in
Asia
represented
22%
(23)
of
the
total,
personnel
in
the
Americas
11%
(11),
and
personnel
in
Personnel
In
addition
to
the
appointment
of
a
new
President
and
CEO,
the
below
changes
in
Wärtsilä’s
Board
of
Management
took
Following
the
announcement
that
Wärtsilä’s
Marine
Business
would
be
reorganised
into
three
independent
businesses,
Roger
Holm
(b.
1972,
M.Sc.
Economics),
previously
the
President
of
Wärtsilä
Marine
Business
and
Executive
Vice
President,
was
appointed
President
of
Wärtsilä
Marine
Power
and
Executive
Vice
President
as
of
5
March
2020,
Tamara
de
Gruyter
(b.
1972,
B.Sc.
Shipbuilding
Engineering)
was
appointed
President
of
Wärtsilä
Marine
Systems
and
Executive
Vice
President
as
of
5
March
2020,
and
Sean
Fernback
(b.
1963,
Dipl.
Electronics
Engineering)
was
appointed
President
of
Wärtsilä
Voyage
and
Executive
Vice
President
as
of
4
May
2020.
In
July,
Sushil
Purohit
(b.
1972,
B.Sc.
(Eng.),
MBA)
was
appointed
President
of
Wärtsilä
Energy
and
Executive
Vice
President
as
of
3
August
2020.
He
replaced
Marco
Wirén,
who
left
Wärtsilä
on
31
August
2020
for
a
position
outside
the
Increasing
environmental
awareness
is
resulting
in
fundamental
changes
in
both
the
marine
and
energy
industries.
Thanks
to
its
various
technologies
and
specialised
services,
Wärtsilä
is
well
positioned
to
reduce
exhaust
emissions
and
the
use
of
natural
resources,
as
well
as
to
support
its
customers
in
preparing
for
new
regulatory
requirements.
Wärtsilä’s
R&D
efforts
continue
to
focus
on
the
development
of
advanced
environmental
technologies
and
solutions.
The
company
is
committed
to
supporting
the
UN
Global
Compact
and
its
principles
with
respect
to
human
rights,
labour,
the
environment,
and
anti
-corruption.
Wärtsilä
is
also
committed
to
supporting
the
UN
Sustainable
Development
Goals
that
deal
with
issues
to
which
Wärtsilä
contributes
in
a
positive
way.
Such
goals
include
those
relate
d
to
clean
energy,
a
low
-carbon
marine
ecosystem,
and
responsible
business
conduct.
Responsible
business
conduct
The
Wärtsilä
Code
of
Conduct
defines
common
rules
for
all
employees,
and
provides
guidance
on
Wärtsilä’s
approach
to
responsible
business
practices.
The
Code
of
Conduct
is
complemented
by
group
-wide
policies,
including
the
quality,
environmental,
health
and
safety
policy,
the
corporate
policy
on
equal
opportunities
and
fair
employment
practices,
as
well
as
policies
related
to
anti
-corruption,
compliance
reporting,
and
sourcing
and
purchasing.
Wärtsilä
takes
an
active
approach
to
the
application
of
the
Code
of
Conduct
and
promotes
its
implementation
through
the
effective
communication
of
its
contents
to
its
employees.
Wärtsilä
monitors
the
application
of
the
Code
internally
to
ensure
understanding
and
commitment
throughout
the
organisation.
At
the
end
of
2020,
17,039
employees,
covering
9
6
%
of
the
total
number
of
employees,
had
participated
in
the
Code
of
Conduct
training
programme.
Suppliers
and
business
partners
are
an
integral
part
of
the
total
value
chain
of
the
products
and
services
of
Wärtsilä.
They
are
expected
to
conduct
their
businesses
in
compliance
with
the
same
high
legal
and
ethical
standards
and
business
practices
as
Wärtsilä.
Information
on
Wärtsilä’s
requirements
is
included
in
supplier
agreement
templates.
Environmental
performance
Wärtsilä’s
main
contribution
to
improved
environmental
performance
lies
in
providing
its
customers
with
reliable
and
safe
technologies
and
services,
which,
in
addition
to
enabling
environmental
compliance,
support
the
sustainable
development
of
the
marine
and
energy
industries.
Wärtsilä’s
products
and
solutions
are
designed
to
operate
for
up
to
30
years.
Therefore,
focusing
R&D
efforts
on
improving
the
product
or
system
level
performance
is
crucial,
as
is
adopting
a
lifecycle
approach
to
performance
optimisation.
In
addition
to
improving
the
environmental
performance
of
its
product
s
and
solutions,
Wärtsilä
also
continuously
monitors
the
impact
caused
by
its
own
activities
and
targets
reduced
energy
consumption
in
its
facilities.
Wärtsilä's
quality,
environmental,
health
and
safety
policy
sets
principles
for
managing
the
environmental
impacts
of
Wärtsilä’s
products
and
services.
The
potential
risks
related
to
environmental
matters
and
climate
change
are
in
the
areas
of
regulatory
emission
restrictions
and
changes
in
customer
attitudes
to
using
combustion
engines
and
fossil
fuels.
Risks
are
managed
by
focusing
on
product
efficiency
improvement
and
emission
reduction
in
R&D
activities,
as
well
as
by
developing
a
wide
product
offering,
including
technologies
related
to
waste
reduction,
noise
abatement,
and
effluent
and
T
his
is
Wärtsilä
/
Sustainability
/
Governance
/
ballast
water
treatment
.
During
2020,
R&D
investments
totalled
EUR
153
million,
w
hich
represents
3.3%
of
net
sales.
The
majority
of
these
investments
targeted
improved
environmental
performance.
Significant
achievements
related
to
sustainable
innovation
included
the
progress
made
in
developing
engine
technology
to
burn
zero
-carbon
fuels.
For
the
marine
markets,
Wärtsilä
launched
several
solutions
in
support
of
its
Smart
Marine
Ecosystem
vision,
including
solutions
for
smart
navigation,
a
number
of
remote
support
services,
as
well
as
a
cloud
simulation
platform
enabling
remote
training.
In
the
energy
sector,
Wärtsilä
introduced
the
GridSolv
Quantum
energy
storage
system,
a
fully
integrated
modular
and
compact
solution
that
enables
the
rapid
deployment
of
cost
-effective
energy
storage,
as
well
as
data-
based
solutions
to
better
understand
the
impact
of
the
energy
transition.
Social
and
employee
matters
Wärtsilä
is
a
responsible
employer,
offering
employees
a
workplace
where
openness,
respect,
trust,
equal
opportunities,
and
scope
for
personal
development
prevail.
Wärtsilä
is
a
signatory
of
the
UN
Global
Compact
initiative
and
supports
the
work
-related
rights
defined
by
the
International
Labour
Organization
(ILO).
Wärtsilä's
corporate
policy
on
equal
opportunities
and
fair
employment
practices
creates
a
common
framework
for
employee
practices
in
all
Wärtsilä
companies.
People
management
processes,
tools,
and
ways
of
working
are
developed
to
ensure
consistency
across
national
and
organisational
boundaries.
Wärtsilä
has
a
global
job
grading
system
and
rewarding
principles
to
ensure
transparency
and
fairness
for
all
employees,
which
are
followed
by
all
the
entities
in
Wärtsilä
globally.
The
objective
of
Wärtsilä’s
people
management
strategy
is
to
ensure
that
the
businesses
have
the
required
resources,
and
skilled
and
motivated
people
at
their
disposal.
In
order
to
develop
their
competences,
employees
are
offered
a
wide
variety
of
internal
training
courses,
including
topics
like
technology,
health
and
safety,
language
and
culture,
project
management,
environment,
security,
and
leadership.
The
avera
ge
number
of
learning
days
was
1.1
per
employee
in
Wärtsilä
aims
at
offering
its
employees
and
contractors
a
hazard
-free
working
environment,
and
at
minimising
the
health
and
safety
risks
associated
with
the
use
of
its
products
and
services.
The
company’s
occupational
health
and
safety
principles
are
defined
in
the
Code
of
Conduct,
the
quality,
environmental,
health
and
safety
(QEHS)
policy,
and
in
the
directive
on
environment,
health,
and
safety
(EHS).
Wärtsilä's
units
are
required
to
have
a
management
system
in
place
that
conforms
to
the
QEHS
Policy
and
the
EHS
directive.
In
addition
to
the
management
system,
Wärtsilä
companies
apply
occupational
health
and
safety
programmes
as
required
by
local
legislation.
Wärtsilä’s
aim
is
to
reach
a
long
-term
goal
of
zero
injuries.
In
2020,
the
corporate
lost
-time
injury
frequency
rate
was
2.03
(2.25).
Wärtsilä
supports
and
respects
basic
human
values
as
outlined
in
the
UN's
universal
declaration
of
human
rights.
Wärtsilä
is
also
a
signatory
of
the
UN
Global
Compact
and
is
thereby
committed
to
its
principles
with
respect
to
human
rights,
labour,
the
environment
,
and
anti
-corruption.
No
employee
is
allowed
to
take
any
action
that
violates
these
human
rights
principles,
either
directly
or
indirectly.
Wärtsilä
does
not
accept
the
use
of
forced
labour
or
child
labour
in
any
form.
Human
and
labour
rights
are
a
part
of
the
Code
of
Conduct
training
material,
and
are
included
in
Wärtsilä’s
policy
on
equal
opportunities
and
fair
employment
practices
as
well
as
in
the
company’s
supplier
handbook.
Anti
-
corruption
and
bribery
matters
Wärtsilä's
Code
of
Conduct,
anti
-corruption
policy,
and
broker
directive
expressly
prohibit
the
company
and
its
employees
from
offering
or
accepting
any
kind
of
benefit
considered
a
bribe
and
from
taking
actions
that
could
give
rise
to
a
conflict
of
interest
or
breach
of
loyalty.
The
instructions
make
it
compulsory
to
comply
with
anti
-corruption
laws
of
all
the
countries
in
which
Wärtsilä
does
or
intends
to
do
business
and
urge
the
reporting
of
any
cases
of
corruption
and
bribery.
Wärtsilä
is
aware
of
the
risk
of
being
subject
to
fraud
by
external
business
parties,
and
that
the
risk
of
corruption
and
fraud
is
heightened
in
many
markets
where
the
company
operates.
Therefore
,
full
compliance
with
a
stringent
anti-
corruption
regime
is
required
of
all
employees.
An
extensive
training
programme
is
in
place
for
personnel
on
anti-
corruption
principles
and
applicable
legislation
as
well
as
the
relevant
company
policies
and
procedur
es.
By
the
end
of
2020,
93%
of
Wärtsilä’s
employees
had
participated
in
anti-
corruption
trainings.
Employees
are
encouraged
to
provide
feedback
and
communicate
suspected
misconduct
to
line
management
or
directly
to
the
Compliance,
L
egal
A
ffairs
,
or
Interna
l
Audit
function.
Wärtsilä
also
has
a
dedicated
tool
through
which
employees
can
report
infringements.
Marine
Power’s
o
rder
intake
in
2020
decreased
by
23%
to
EUR
1,737
million
(2,247)
compared
to
the
previous
year.
Book
-to
-bill
was
0.99
(1.17).
Service
order
intake
decreased
by
19%
to
EUR
1,070
million
(1,315),
with
the
largest
decline
seen
in
the
cruise
segment
where
vessel
utilisation
remained
low
throughout
the
year.
Equipment
order
intake
decreased
by
28%
to
EUR
667
million
(931).
Demand
was
the
highest
in
the
merchant
segment
which,
including
both
traditional
merchant
vessels
and
gas
carriers,
represented
35%
and
42%
of
the
order
intake
of
equipment
and
services,
respectively.
Orders
received
from
this
segment
included
a
sizeable
order
to
supply
dual
-fuel
engines
to
six
new
LNG
vessels
and
a
contract
to
supply
a
fully
integrated
Wärtsilä
hybrid
solution
for
Misje
Rederi’s
three
newbuild
eco
-friendly
5,000
DWT
bulk
carriers.
Other
noteworthy
orders
included
a
contract
to
supply
the
engines
and
a
range
of
electric
solutions
for
two
new
ferries
under
construction
for
Finnlines,
as
well
as
a
contract
to
supply
Wärtsilä
14
EUR
Stage
V
T
his
is
Wärtsilä
/
Sustainability
/
Governance
/
compliant
engines
and
related
emissions
control
after-
treatment
systems
for
two
new
passenger
ferries
being
built
for
operation
between
Switzerland
and
France.
The
order
book
at
the
end
of
the
year
decreased
by
9%
to
EUR
1,839
Net
sales
decreased
by
9%
to
EUR
1,748
million
(1,923)
compared
to
the
previous
year.
Service
net
sales
decreased
by
14%
to
EUR
1,096
million
(1,279),
while
equipment
net
sales
increased
by
1%
to
EUR
652
million
(643).
The
comparable
operating
result
amounted
to
EUR
137
million
(273)
or
7.8%
of
net
sales
(14.2).
The
result
was
burdened
by
the
COVID
-19
related
decline
in
the
service
business
,
as
well
as
by
weaker
absorption
of
fixed
costs
and
lower
utilisation.
Marine
Systems’
o
rder
intake
in
2020
decreased
by
28%
to
EUR
539
million
(754
)
compared
to
the
previous
year
reduced
fuel
spreads
scaled
back
scrubber
investments
.
Book
-to
-bill
was
0.67
(0.79).
Service
order
intake
decreased
by
11%
to
EUR
205
million
(230).
Equipment
order
intake
decreased
by
36%
to
EUR
334
million
(523).
Noteworthy
orders
received
during
the
year
included
the
first
order
for
the
Compact
Reliq
reliquefaction
plant,
a
system
designed
to
reliquefy
boil
-off
gas
(BOG)
onboard
gas
carriers
and
LNG
bunker
vessels
and
keep
the
cargo
cool
under
all
operational
conditions.
Wärtsilä
also
received
a
major
contract
to
supply
and
construct
a
plant
for
the
production
of
CO
2
transport
fuels,
with
a
capacity
of
approximately
100,000
tons
per
year
to
be
located
in
Cologne,
Germany.
The
order
book
at
the
end
of
the
year
decreased
by
31%
to
EUR
857
million
(1,232
the
shortage
of
scrubber
orders.
Net
sales
decreased
by
15%
to
EUR
808
million
(952)
compared
to
the
previous
year.
Service
net
sales
increased
by
8%
to
EUR
219
million
(202),
while
equipment
net
sales
decreased
by
22%
to
EUR
588
million
(750).
The
comparable
operating
result
amounted
to
EUR
83
million
(60)
or
10.3%
of
net
sales
(6.3).
The
operating
result
for
the
comparison
period
was
weakened
by
charges
for
cost
overruns
in
certain
Voyage’s
o
rder
intake
in
20
20
decreased
by
16%
to
EUR
262
million
(310)
compared
to
the
previous
year.
Book
-to
-bill
was
1.06
(1.11).
Service
order
intake
decreased
by
22%
to
EUR
92
million
(117),
while
equipment
order
intake
decreased
by
12%
to
EUR
170
million
(193).
While
COVID
-19
put
pressure
on
orders
received
from
the
cruise
industry,
order
intake
for
fleet
optimisation
solutions
developed
well
and
Wärtsilä
also
received
contracts
for
major
newbuild
projects
in
other
segments.
Highlights
of
the
year
included
a
contract
with
UltraShip
Denmark
to
install
the
cloud
-based
Wärtsilä
Fleet
FOS
)
across
their
entire
fleet
in
a
move
that
will
enable
direct
and
real
-time
connection
between
shore
and
vessel
systems
for
collaborative
voyage
planning
The
order
book
at
the
end
of
the
year
was
stable
at
EUR
275
million
(274).
Net
sales
decreased
by
12%
to
EUR
248
million
(280)
compared
to
the
previous
year.
The
decline
was
primarily
due
to
the
COVID
-19
pandemic,
which
has
resulted
in
project
postponements
and
lower
transactional
service
business.
Service
net
sales
decreased
by
18%
to
EUR
85
million
(103),
while
equipment
net
sales
decreased
by
8%
to
EUR
163
million
(177).
The
comparable
operating
result
amounted
to
EUR
-
41
million
(-31)
or
-16.5%
of
net
sales
(
-1
1.2).
The
result
was
negatively
impacted
by
lower
sales
volumes
and
a
less
favourable
service
mix.
In
addition,
investments
in
digital
competences
have
been
increased
to
further
accelerate
the
execution
of
Wärtsilä’s
Smart
Marine
strategy.
In
both
the
repo
rting
and
the
comparison
period,
the
operating
result
was
burdened
by
amortisation
resulting
from
various
acquisitions.
Energy’s
o
rder
intake
in
2020
decreased
by
7%
to
EUR
1,653
million
(1,769
)
compared
to
the
previous
year.
Book
-
to
-bill
was
1.02
(0.99).
Service
order
intake
decreased
by
9%
to
EUR
840
million
(920),
while
equipment
order
intake
decreased
by
4%
to
EUR
813
million
(849).
Demand
for
equipment
was
evenly
split
across
geographical
areas.
Noteworthy
equipment
orders
received
during
the
year
included
a
200
MW
flexible
baseload
plant
in
South
America
to
support
the
integration
of
renewables.
Activity
in
the
energy
storage
market
was
resilient,
with
orders
including
a
90
MW/90
MWh
storage
system
to
provide
flexibility
and
grid
stability
in
South
East
Asia,
an
order
for
a
123
MW/185
MWh
storage
system
to
support
a
major
renewable
project
in
the
USA,
as
well
as
the
first
-ever
GridSolv
Quantum
storage
system
in
the
USA.
Received
service
orde
rs
included
a
5-
year
maintenance
agreement
to
support
the
availability,
performance,
and
reliability
of
a
200
MW
power
plant
in
Cambodia,
as
well
as
a
gas
conversion
project
in
Brazil
along
with
a
related
10
-year
operations
and
maintenance
agreement
renewa
l.
The
order
book
at
the
end
of
the
year
decreased
by
9%
to
EUR
1,830
million
(2,014).
Net
sales
decreased
by
9%
to
EUR
1,620
million
(1,779)
compared
to
the
previous
year.
Service
net
sales
decreased
by
2%
to
EUR
782
million
(802),
while
equipment
net
sales
decreased
by
14%
to
EUR
838
million
(977).
The
comparable
operating
result
amounted
to
EUR
101
million
(155)
or
6.3%
The
result
was
burdened
by
COVID
-19
impacts
in
the
form
of
delivery
delays,
weaker
absorption
of
fixed
costs,
and
increased
costs
for
project
execution,
as
well
as
by
the
delivery
of
projects
communicated
in
2019
to
be
affected
by
cost
overruns.
Other
business
activities
Wärtsilä
Portfolio
Business
Portfolio
Business’
o
rder
intake
in
2020
decreased
by
32%
to
EUR
168
mil
lion
(248)
compared
to
the
previous
year.
Activity
was
the
highest
in
American
Hydro,
where
orders
received
during
the
year
included
a
contract
to
perform
rehabilitation
services
and
to
complete
the
upgrade
and
refurbishment
of
two
units
at
the
Keokuk
hydroelectric
plant
in
Iowa,
USA.
T
his
is
Wärtsilä
/
Sustainability
/
Governance
/
Water
&
Waste
and
Entertainment
Systems
continued
to
work
closely
with
the
Italian
shipbuilder
Fincantieri
for
a
number
of
ships,
resulting
in
orders
for
complete
waste
treatment
systems
and
fresh
water
generators
for
two
vessels,
as
well
as
entertainment
systems
for
two
new
series
of
ships
comprising
eight
vessels.
The
order
book
at
the
end
of
the
year
decreased
by
24%
to
EUR
257
million
(338).
Net
sales
decreased
by
24%
to
EUR
181
million
(236)
compared
to
the
previous
year.
COVID
-19
lowered
activity,
particularly
in
the
Water
&
Waste
and
Entertainment
Systems
business
units,
where
especially
the
cruise
segment
was
heavily
affected.
The
comparable
operating
result
amounted
to
EUR
-6
million
(0)
or
-3.1%
of
net
sales
(0.1).
Items
affecting
comparability
amounting
to
EUR
24
million
were
recognised
during
the
year
largely
as
a
result
of
the
divestments
of
Wärtsilä
JOVYATLAS
GmbH
and
Wärtsilä
Divestments
In
September,
Wärtsilä
announced
the
divestment
of
100%
of
the
shares
in
Wärtsilä
JOVYATLAS
GmbH
to
Jacob
Waitz
Industrie
GmbH,
a
German
based
industry
holding.
The
Wärtsilä
JOVYATLAS
offering
consists
of
UPS
systems,
rectifiers,
power
inverters,
frequency
transformers
,
and
resistors
with
related
services.
The
company,
which
became
part
of
Wärtsilä
as
a
result
of
the
acquisition
of
L
-3
Communications
MSI
in
2015,
is
located
in
Jemgum
in
Germany
and
currently
has
some
125
employees.
In
2019,
its
annual
revenues
were
EUR
20
million.
The
divestment
is
driving
Wärtsilä’s
focus
on
creating
a
stronger
and
simpler
In
October,
Wärtsilä
announced
the
divestment
of
100%
of
the
shares
in
Wärtsilä
Valves
Ltd
to
an
affiliate
of
Evergreen
Capital
L.P.,
based
in
New
York,
US
A.
Its
activities
include
engineering,
assembly,
testing,
sales
,
and
delivery
of
nickel
aluminium
bronze
(NAB)
and
duplex
valves
for
the
marine,
oil
and
gas
,
and
energy
markets.
Additionally,
it
offers
applications
for
Valves’
products,
including
FPSO,
petrochemical
facilities,
power
generation,
LNG,
naval
marine,
marine
services,
waste
water
treatment
plants
,
and
pipelines.
Wärtsilä
Valves
became
part
of
Wärtsilä
as
a
result
of
the
Hamworthy
acquisition
in
2012.
The
company
is
located
in
Brough,
UK
and
currently
has
approximately
65
e
mployees.
The
annual
revenues
were
approximately
EUR
In
December,
Wärtsilä
closed
the
divestment
of
Wärtsilä
ELAC
Nautik
GmbH
(ELAC
Nautik)
to
Cohort
plc,
a
UK
listed
company,
specialising
in
defence,
security
and
related
market
sectors.
ELAC
Nautik
became
part
of
Wärtsilä
as
a
result
of
the
acquisition
of
L
-3
Communications
MSI
in
2015.
Its
main
market
focus
is
on
hydroacoustic
products,
including
sonars,
underwater
communication
and
echo
systems
for
small
and
medium
sized
military
submarines.
The
company
is
located
in
Kiel,
Germany
and
employs
125
people.
The
annual
revenues
were
approximately
EUR
20
million
in
2019.
Risks
and
business
uncertainties
The
COVID
-19
pandemic
and
the
measures
taken
to
contain
its
spread
represent
the
main
sh
ort
-term
risk
to
business
operations
and
the
demand
environment,
impacting
global
energy
consumption,
seaborne
trade,
as
well
as
consumer
confidence
in
cruise
and
ferry
transportation.
Mobility
restrictions
continue
to
affect
business
activities,
project
delivery
schedules,
and
the
ability
to
perform
service
activities.
Disruptions
to
global
supply
chains
resulting
from
new
waves
of
COVID
-19
infections
are
a
risk
for
both
factory
activity
and
the
delivery
of
spare
parts
and
services.
Although
vaccinations
a
gainst
COVID
-19
have
started
in
many
countries,
there
is
still
significant
uncertainty
over
the
duration
of
the
pandemic
and
how
quickly
country
level
vaccination
program
mes
will
be
implemented
on
a
global
scale.
In
the
marine
markets,
the
risk
of
a
prolonged
period
of
weak
demand
affects
the
investment
decisions
of
shipowners
and
operators,
who
are
forced
to
re
-evaluate
their
strategies
related
to
both
vessel
newbuilding
and
existing
fleets,
and
to
cut
capital
and
operational
expenditures.
The
prevailing
market
conditions
may
result
in
continued
price
pressure
and
an
elevated
risk
of
order
cancellations
or
slippage.
Surplus
capacity
can
drive
further
consolidation
among
shipyards,
ship
owners,
and
operators
in
certain
segments,
which
may
result
in
lower
capture
rates
in
services
and
equipment
sales
due
to
changed
customer
relationships.
Extensions
of
no
-sail
orders,
the
limited
ability
or
desire
of
people
to
travel,
and
the
escalation
of
COVID
-19
cases
are
a
risk
for
recovery
in
the
cruise
and
ferry
markets.
In
the
offshore
industry,
crude
oil
price
volatility
is
pushing
the
oil
majors
to
reduce
their
spending,
exploration
activity,
and
operational
costs,
leading
to
an
increasing
number
of
laid
-up
drilling
units
and
support
vessels.
The
average
price
spread
b
etween
high
-
and
low-
sulphur
fuels
is
projected
to
remain
narrow
in
the
near
term,
negatively
impacting
the
scrubber
investment
case
for
both
the
existing
fleet
and
newbuilds.
At
the
same
time,
the
low
oil
price
is
widening
the
price
differential
between
existing
fuels
and
green
alternatives.
This
,
combined
with
the
market
challenges
shipowners
are
facing
,
further
raises
the
importance
of
a
clear
and
foreseeable
development
of
the
regulatory
environment
as
a
fundamental
condition
to
the
decarbonisation
of
shipping.
In
the
e
nergy
markets,
the
slowdown
in
economic
activity,
currency
fluctuations,
and
potential
financing
constraints
are
likely
to
postpone
investment
decisions
on
new
power
generation
capacity.
The
energy
transition
may
temporarily
slow
down,
as
the
focus
is
on
containing
the
virus
spread
and
mitigating
its
impacts.
Agreed
and
proposed
stimulus
packages
to
accelerate
renewable
energy
investments
still
include
uncertainties
about
the
allocation
of
funding.
However,
once
stimulus
measures
are
execut
ed,
the
need
for
flexibility
in
power
systems
will
be
emphasi
s
ed.
Changes
in
c
limate
polic
ies
and
regulation
s
cause
uncertainty
in
the
markets
,
as
they
may
impact
customers’
technology
choices.
Geopolitical
tensions
and
trade
barrier
implications
are
also
notable
challenges
to
the
demand
environment.
Price
T
his
is
Wärtsilä
/
Sustainability
/
Governance
/
pressure
resulting
from
the
prevailing
competitive
environment
remains
a
risk.
The
Group
is
a
defendant
in
a
number
of
legal
cases
that
have
arisen
out
of,
or
are
incidental
to,
the
ordinary
course
of
its
business.
These
lawsuits
mainly
concern
issues
such
as
contractual
and
other
liability,
labour
relations,
property
damage,
and
regulatory
matters.
From
time
to
time,
the
Group
receives
claims
of
different
amounts
and
with
varying
degrees
of
substantiation.
There
is
currently
one
unusually
sizeable
claim.
It
is
the
Group’s
policy
to
provide
for
amounts
related
to
the
claims
as
well
as
for
litigation
and
arbitration
matters
when
an
unfavourable
outcome
is
probable
and
the
amount
of
loss
can
be
reasonably
estimated.
The
Risks
and
risk
management
section
of
the
annual
report
contains
a
more
detailed
description
of
Wärtsilä’s
risks
and
In
2020
,
the
number
of
shares
traded
on
Nasdaq
Helsinki
was
635,449,872
,
equivalent
to
a
turnover
of
EUR
4,865
million.
Wärtsilä's
shares
are
also
traded
on
alternative
exchanges,
such
as
Turquoise,
BATS
CXE,
and
BATS
BXE.
The
total
trading
volume
on
these
alternative
exchanges
was
Wärtsilä
shares
on
Nasdaq
Helsinki
31.12.2020
Number
of
shares
and
votes
Number
of
shares
traded
1-12/2020
WRT1V
591,723,390
635,449,872
High
Low
Average*
Close
12.00
5.01
7.66
8.15
*Trade
-weighted
average
price
31.12.2020
31.12.2019
MEUR
4,823
5,828
31.12.2020
31.12.2019
%
50.7
52.8
T
his
is
Wärtsilä
/
Sustainability
/
Governance
/
Decisions
taken
by
the
Annual
General
Meeting
Wärtsilä’s
Annual
General
Meeting,
held
on
5
March
2020,
approved
the
financial
statements
and
discharged
the
members
of
the
Board
of
Directors
and
the
company’s
President
&
CEO
from
liability
for
the
financial
year
2019.
The
Annual
General
Meeting
decided
that
the
Board
of
Directors
shall
have
eight
members.
The
following
were
elected
to
the
Board:
Maarit
Aarni
-Sirviö,
Karen
Bomba,
Karin
Falk,
Johan
Forssell,
Tom
Johnstone,
Risto
Murto,
Mats
Rahmström
and
Markus
Rauramo.
The
audit
firm
PricewaterhouseCoopers
Oy
was
elected
as
the
company’s
auditor
for
the
year
2020.
The
Annual
General
Meeting
approved
the
Board
of
Directors’
proposal
to
pay
a
dividend
of
EUR
0.48
per
share
in
two
instalments.
The
first
instalment
of
EUR
0.24
per
share
was
paid
on
16
March
2020
and
the
second
instalment
of
EUR
0.24
per
share
on
17
September
2020.
Shareholders’
Nomination
Board
The
Annual
General
Meeting
decided
to
establish
a
Shareholders’
Nomination
Board
to
prepare
matters
pertaining
to
the
appointment
and
remuneration
of
the
Board
of
Directors.
It
also
adopted
the
proposed
Charter
of
the
Shareholders’
Nomination
Board.
The
Charter
is
available
on
Wärtsilä
Corporation’s
website.
The
Nomination
Board
consists
of
five
members.
Four
representatives
are
nominated
by
the
company’s
four
largest
shareholders,
with
the
fifth
member
being
the
Chairman
of
Wärtsilä’s
Board
of
Directors.
The
four
largest
shareholders
are
determined
on
the
basis
of
the
shareholders’
register
maintained
by
Euroclear
Finland
Oy
as
of
1
June
preceding
the
Annual
General
Meeting
of
shareholders.
Wärtsilä
was
informed
of
the
following
changes
in
ownership
during
2020
:
Shareholder
Treshold
24.3.2020
4.85
5.11
31.3.2020
4.30
4.82
1.4.2020
4.48
5.00
2.4.2020
4.37
4.94
25.5.2020
4.48
5.00
26.5.2020
18.6.2020
4.69
5.13
15.7.2020
5.02
5.80
23.7.2020
4.88
5.33
24.7.2020
5.12
5.54
27.7.2020
4.98
5.44
28.7.2020
5.01
5.47
29.7.2020
4.95
5.40
31.7.2020
5.04
5.48
5.8.2020
4.99
5.43
6.8.2020
5.08
5.47
11.8.2020
4.96
5.31
11.9.2020
5.03
5.58
18.9.2020
4.78
5.57
21.10.2020
14.12.2020
4.89
5.00
15.12.2020