Financial review
Financial review
BOARD OF DIRECTORS' REPORT
BUSINESS MODEL
Wärtsilä provides the marine and energy markets with innovative
technologies and lifecycle solutions. In the energy industry,
Wärtsilä offers power system optimisation with a portfolio of future
fuel enabled thermal balancing power solutions, hybrid solutions,
as well as energy management and storage systems on an
equipment only or turnkey delivery basis. The marine offering
includes power and propulsion 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 performance-based agreements that ensure
a maximised installation lifetime, increased efficiency, and
guaranteed performance. The company aims at maximising
environmental and economic performance by emphasising
innovation in sustainable technology and services.
To support its geographically dispersed customer base, Wärtsilä’s
sales and service network covers more than 200 locations in 79
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 includes approximately 1,000 global
direct material suppliers. Wärtsilä’s personnel is made up of
approximately 17,500 employees comprising 127 nationalities. By
recruiting and retaining the best talent, Wärtsilä can 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 requires its
suppliers and business partners to follow the same high legal and
ethical standards and business practices.
STRATEGY
Strategy implementation in 202 2
Our strategy, the Wärtsilä Way, remains unchanged. The
company’s value creation potential is based on two strategic
themes: Transform and Perform. The Transform theme refers to
decarbonisation, and creating new business opportunities by
leveraging growth in electricity generation, balancing power, and
green marine transport. The Perform theme centres around
leveraging market recovery and growth, supported by robust
execution and the company’s commitment to both its financial and
sustainability targets. Wärtsilä’s purpose to enable sustainable
societies through innovation in technology and services is well
connected to the Transform and Perform themes. The company’s
five strategic priorities emphasise customer value, high-performing
teams, decarbonisation, service growth, and continuous
improvement.
Wärtsilä remains committed to R&D activities and continues to
invest ~3%
of net sales in R&D. In 2022, the company responded
to growing interest in methanol as a fuel to support decarbonisation
by releasing the Wärtsilä 32 Methanol engine and MethanolPac, a
dedicated fuel supply system for methanol. In addition, the
company introduced its new Wärtsilä 25 engine, which will be the
first Wärtsilä engine to run on ammonia as a fuel. Wärtsilä will
deliver an engine concept ready for operating on pure ammonia
fuel in 2023, and on pure hydrogen by 2025. The company is also
preparing for maritime carbon capture (CCS) pilot projects in 2023-
2024, with the intention to have a market launch in 2025.
While much of the decarbonisation work is still ahead, Wärtsilä
already has solutions and technologies that enable 100%
renewable power systems and fuel flexibility, thus supporting
decarbonisation. In 2022, Wärtsilä Energy launched its
Decarbonisation Services business model to help customers in
reducing their power system emissions. Hybridisation is one way of
shaping decarbonisation of the marine industry. It ensures fuel
savings and reduced maintenance costs for customers, while
creating substantial reductions in emissions. Wärtsilä Marine
Power received an important order to supply its hybrid propulsion
system for three new RoPax vessels currently being built for Stena
RoRo. As of today, Wärtsilä has equipped more than 80 vessels
with hybrid installations and its market share is about 25%,
measured in MWh installed battery capacity. Wärtsilä Marine
Systems is driving the development of maritime carbon capture and
storage technologies as one of the leading partners in the LINCCS
consortium, working to strengthen the decarbonisation pathway for
shipping. Wärtsilä Voyage continued to accelerate the digital
transformation of port operations by signing a five-year framework
agreement with Associated British Ports.
Wärtsilä regards collaboration with industry stakeholders as an
essential element in the development of technologies needed to
meet changing market requirements. In 2022, Wärtsilä opened its
new technology centre, the Sustainable Technology Hub, in Vaasa,
Finland. The centre features a modern fuel laboratory, flexible
technology and engine testing facilities, as well as a state-of-the-art
production system with a high level of automation. The centre acts
also as a global ecosystem of collaboration by inviting customers,
partner companies, and academia to incubate, test and validate
ideas.
Wärtsilä has ambitious climate targets. The company’s goal is that
by 2030 it will become carbon-neutral in its own operations and be
able to provide a product portfolio ready for zero-carbon fuels.
Among the concrete actions that have already been taken to
minimise Wärtsilä’s environmental footprint, are the decision to
purchase fully green electricity in Finland, and finding ways to
reduce engine testing time. In addition, while the fuel flexibility of
the engines powering marine and energy sectors is key to enabling
the transformation, Wärtsilä’s products and solutions will meet the
most stringent environmental requirements.
The health and safety of personnel is a priority for Wärtsilä, and
zero lost-time injuries continues to be the company’s global target.
During 2022, the lost-time injury frequency was
Proactive measures to further strengthen the safety culture within
Wärtsilä continued throughout the year. In September, Wärtsilä
organised its eighth annual Safety Day with the objective being to
increase awareness of safety risks and their potential
consequences.
Financial targets and outcome in 202 2
In 2021, Wärtsilä introduced new financial targets. Those include
annual organic growth of 5% and an operating margin of 12%.
Financial review
Furthermore, the target is to maintain gearing below 0.50, and to
pay a dividend of at least 50% of earnings per share over the cycle.
Wärtsilä’s organic growth target was met in 2022, but the operating
result did not reach the target level, mostly due to the 200 MEUR
write-down following the decision to exit operations in Russia. Net
sales for 2022 improved
by 22% and
Wärtsilä’s operating result
amounted to
EUR -26 million, which represents -0.4%
of net sales.
Gearing increased
to 0.23.
dividend of EUR 0.26 per share despite of negative operational
earnings.
THE YEAR 2022
Operating environment
Marine
The weakening macroeconomic outlook driven by Russia’s
invasion of Ukraine and the economic slowdown in China, had an
increasingly negative impact on the shipping and shipbuilding
markets as the year 2022 progressed. Coupled with surging
inflation and the energy crisis in Europe, these factors had serious
implications to fuel prices and seaborne trade. Consequently, the
demand for tonnage in certain cargo segments eased from
previous highs, energy trade flows were altered while prices
remained volatile, and passenger traffic picked up at a varying
pace globally following the relaxation of Covid-19 related
restrictions. Some vessel segments were better positioned than
others, but all segments were impacted by these factors to varying
degrees. Prices for bunker fuels began to decline in the second half
of the year to the benefit of shipowners and operators. Due to
various supply and demand related issues, the price spread
between high- and low sulphur fuels remained at around
$300/tonne on average over the latter part of the year. This
improved the business case for scrubbers, although the demand
for scrubber systems has remained focused mainly on newbuilds.
Simultaneously, the investment appetite for new ship capacity
moderated due to full orderbooks at many shipyards, especially
those in China and South Korea. This has forced owners to wait
longer and pay a substantially higher price for their new ships. This,
coupled with shipowners` uncertainty regarding the timing and
selection of the right technologies, as well as future demand for
tonnage, resulted in 1,538 contracts for new vessels being
registered in the review period January–December (1,855 in the
corresponding period last year, excluding late reporting of
contracts). Ordering activity was supported by record-high orders
for LNG carriers, especially in terms of order value.
In the key vessel segments for Wärtsilä, market sentiment
continued to improve despite growing concerns on the
macroeconomic outlook. In the cruise sector, the focus shifted
towards managing capacity growth and occupancy levels in a
profitable way and on mitigating the impact of rising operating
costs. In the ferry sector, fleet reactivation has continued with
operators reporting encouraging progress in traffic volumes
especially for passenger traffic that is crucial for the profitability of
operators. Market sentiment across the offshore segment
continues to be positive as the solid demand for oil & gas provided
support for prices and drove activity and investments in offshore
projects, resulting in further gains for utilisation rates and day rates
across the offshore fleet. The demand for offshore wind vessels
has remained solid with contracting volumes, especially for Wind
Turbine Installation Vessels (WTIV), exceeding expectations. The
situation in the Liquified Natural Gas (LNG) carrier sector has
remained extraordinary, with vessel contracting and spot freight
rates reaching new record levels. Vessel contracting has been
largely supported by orders linked to the capacity extension of the
Qatari LNG export terminal, but also as other LNG supply projects
have progressed especially in the USA. The container shipping
markets eased rapidly in the second half of the year as high
inflation caused demand for containerised cargo to drop. As the
congestion at key container ports eased, more vessel capacity
became available.
Despite growing concerns on the macroeconomic outlook and
energy independence and security raising its profile,
decarbonisation remains the main underlying trend within the
shipping and shipbuilding markets. Introduced as short-term
measures of the IMO GHG strategy, the Energy Efficiency Existing
Ship Index (EEXI) and the Carbon Intensity Indicator (CII) came
into force on 1 January 2023, helping the industry to develop a
mindset of ongoing improvement, where both smaller and more
extensive modifications can ultimately drive down onboard carbon
emissions. The regulation requires all ships to calculate their
attained EEXI to measure their energy efficiency and to initiate the
collection of data for the reporting of their annual operational CII
and the associated CII rating. Depending on the actual CII rating,
the ship might need to submit a corrective plan to show how the
required carbon intensity level will be achieved.
As global pressure
builds to find solutions to abate climate change and become more
environmentally friendly, ship owners are considering a number of
options. These include slow steaming, energy saving devices,
voyage optimisation solutions, hybrid and full-electric power
systems, carbon capture and storage, exhaust gas scrubbers, and
alternative fuels. The transition to cleaner fuels has continued to
gather pace, with 466 orders placed globally for alternative fuel
capable vessels, representing 30% (21%) of all contracted vessels
and 60% of vessel capacity in the review period January–
December. Despite the currently high price for LNG, it continues to
represent over 80% of all alternative fuel capable vessel orders,
although shipowners’ interest in other alternative fuels, such as
methanol, has clearly emerged in 2022.
Energy
The war in Ukraine, related sanctions, and the Covid-19 pandemic
have together contributed to global cost inflation and price volatility.
This has resulted in higher quotation prices, slower customer
decision-making and considerable uncertainty in the investment
environment for liquid and gas fuelled power plants and energy
Target
Development in 2022
Development in 2021
Organic growth in net sales 5%
18%
6%
Operating margin 12%
-0.4%
6.6%
Gearing below 0.50
0.23
0.00
Dividend payment at least 50% of earnings per share over the cycle
-234.9%*
73.2
*Proposal of the Board of Directors
Financial review
0
1 000
2 000
3 000
4 000
5 000
6 000
7 000
2018
2019
2020
2021
2022
MEUR
-2
0
2
4
6
8
10
12
-100
0
100
200
300
400
500
600
700
2018
2019
2020
2021
2022
%
MEUR
Comparable operating result
Operating result
Result before taxes
Operating result, %
storage during 2022. Supply chains and trade routes are in turmoil
as inflation, exchange rate fluctuations and trade restrictions
shadow global business. Covid-19 related uncertainty has mostly
eased with the exception of China, where the pandemic, related
restrictions and their recent release have continued to disrupt
supply chains.
The energy crisis has brought a clear need and ambition for a
structural change in the energy sector, especially in Europe. The
global markets for liquified natural gas (LNG) are being
transformed as the plummeted pipeline gas flows from Russia to
Europe place new constraints and demands on gas trade. Beyond
some short-term setbacks, the energy transition outlook has never
been stronger. Advancing the renewable energy build-up
strengthens the security of supply while at the same time reducing
the dependency on imported fossil fuels. Energy and climate
policies around the world continue to evolve towards more
ambitious decarbonisation targets. Utilities continue to update their
investment strategies accordingly, which can speed up or cause
delays in investment decisions. A notable step forward in climate
policy was the Inflation Reduction Act in the U.S., which allocates
substantial incentives for renewables, battery energy storage, and
other clean energy technologies. Going forward, the increasing
levels of intermittent renewable energy in power systems are
expected to further accelerate the need for various flexible
balancing solutions, such as energy storage and grid-balancing
power plants. Demand for services continued at a good level, and
customers are showing interest in long-term agreements, thus
providing stability to the business, which is lumpy by nature.
Wärtsilä’s market share in the up to 500 MW market segment
increased to 8% (7), as global orders for natural gas and liquid-
fuelled power plants increased by 13% to 26.7 GW during the
twelve-month period ending in September 2022 (23.5 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 order intake in 2022 increased by 6% to EUR 6,074
million (5,735) compared to 2021. Book-to-bill was 1.04 (1.20).
Service order intake increased by 17% to EUR 3,066 million
(2,615), driven by growth in all businesses. Equipment order intake
decreased by 4% to EUR 3,008 million (3,120), supported by
growth in Marine Power and burdened by decrease in Marine
Systems.
The order book at the end of the year was stable at EUR 5,906
million (5,859). Russia related projects amounting to approximately
EUR 240 million were removed from the order book in the second
quarter. Wärtsilä’s current order book for 2023 deliveries is EUR
3,871 million (3,763).
Net sales and operating result
Wärtsilä’s
net sales in 2022 increased by 22% to EUR 5,842
million (4,778) compared to 2021. Service net sales increased by
12% to EUR 2,775 million (2,467), driven by growth in all
businesses. Equipment net sales increased by 33% to EUR 3,067
million (2,310), driven by growth especially in Energy deliveries. Of
Wärtsilä’s net sales, approximately 44% was EUR denominated
and 40% USD denominated, with the remainder being split
between several currencies.
The operating result amounted to EUR -26 million (314) or -0.4% of
net sales (6.6). The comparable operating result totalled EUR 325
million (357) or 5.6% of net sales (7.5). The comparable operating
result was supported by higher sales volumes, while being
burdened by cost inflation, a less favourable sales mix between
equipment and services, as well as a cost provision of EUR 40
million related to the Olkiluoto 1 and 2 nuclear project. Items
affecting comparability comprised costs of EUR -351 million (-43)
related to divestments, restructuring programmes, and footprint
adjustments, including write-down of approximately EUR 200
million as a result of the decision to close down operations in
Russia and EUR 90 million related to the closing of the Trieste
factory. The comparable adjusted EBITA amounted to EUR 349
million (388) or 6.0% of net sales (8.1). Purchase price allocation
amortisation amounted to EUR 23 million (31).
Financial items amounted to EUR -6 million (-18). Net interest
totalled EUR -10 million (-11). Result before taxes amounted to
EUR -32 million (296). Taxes amounted to EUR -27 million (-103),
implying an effective tax rate of -84.1% (34.7). Result for the
financial year amounted to EUR -59 million (193). Basic earnings
per share totalled -0.11 euro (0.33). Return on investment (ROI)
was 0.1% (9.7), while return on equity (ROE) was -2.6% (8.6).
Group net sales dev elopment
Result
Megawatts delivered
2022
2021
Change
Marine Power
970
1,315
-26%
Energy
1,467
1,343
9%
Wärtsilä total
2,437
2,658
-8%
By joint venture
316
250
26%
Deliveries total
2,753
2,908
-5%
Financial review
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20
40
60
80
100
120
140
160
180
200
23
24
25
26
27
28
29
30
31
32
33
33+
MEUR
Annual repayments of long-term loans
0,00
0,10
0,20
0,30
0,40
0,50
2018
2019
2020
2021
2022
75%
69%
64%
68%
69%
67%
79%
84%
66%
66%
66%
61%
0
300
600
900
1 200
1 500
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
2020
2021
2022
MEUR
% = Fixed portion of loans (incl. derivatives)
Floating rate loans
Fixed rate loans
0
150
300
450
600
750
2022
2023
2024
2025
2026
2027
2028
MEUR
Financing and cash flow
Wärtsilä’s cash flow from operating activities in 2022 totalled EUR -
62 million (731), burdened by a weak operating result and
increased receivables and inventories. Working capital totalled
EUR 179 million at the end of the year (-100). Advances received
totalled EUR 527 million (498).
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 loan
portfolio.
Cash and cash equivalents amounted to EUR 461 million at the
end of the year (964). Additionally, EUR 3 million of cash and cash
equivalents pertained to assets held for sale (0 at the end of 2021).
Unutilised committed credit facilities totalled EUR 650 million (650).
Wärtsilä had interest-bearing debt totalling EUR 949 million at the
end of the year (973). The total amount of short-term debt maturing
within the next 12 months was EUR 209 million. Long-term loans
amounted to EUR 740 million.
Net interest-bearing debt totalled EUR 481 million (4). Gearing was
0.23 (0.00), while the solvency ratio was 35.3% (38.6). Equity per
share was 3.62 euro (3.92).
Maturity profiles of long -term loans
Gearing
Loans
Committed revolving credit facilities (end of period)
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0
100
200
300
400
2018
2019
2020
2021
2022
MEUR
Related to acquisitions
Other capital expenditure
Depreciation, amortisation, and impairment
Capital expenditure
Capital expenditure related to intangible assets and property, plant,
and equipment amounted to EUR 156 million (142) in 2022. Capital
expenditure related to acquisitions and investments in securities
totalled EUR 5 million (1). Depreciation, amortisation, and
impairment amounted to EUR 263 million (162), including
depreciation and impairment of right of use assets of EUR 49
million (47).
Gross capital expenditure
In 2023, capital expenditure related to intangible assets and
property, plant, and equipment is expected to be slightly below
depreciation, amortisation, and impairment
.
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 clean 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 offering, Wärtsilä goes beyond the mere
maintenance and operation of installations by delivering
guaranteed performance based on mutually agreed target levels.
Research and development expenditure totalled EUR 241 million
(196) in 2022, which represents 4.1% of net sales (4.1).
In January, Wärtsilä received its first order for newbuild methanol-
fuelled engines. A new offshore wind installation vessel being built
for the Dutch contracting company Van Oord at Yantai CIMC
Raffles shipyard in China will be powered by five Wärtsilä 32
engines capable of operating with methanol. The order is
scheduled for delivery in early 2023 and includes also the
MethanolPac methanol fuel supply system. MethanolPac was
developed in response to growing interest in the use of methanol
as a pathway to decarbonisation, and it enables Wärtsilä to deliver
methanolcapable fuel and power systems across a wide range of
vessel segments. The methanol engine order and the development
of the MethanolPac extends Wärtsilä’s leading position in fuel
flexibility and supports the maritime industry’s decarbonisation
ambitions.
In April, Wärtsilä announced the launch of the latest addition to its
multi-fuel engine portfolio with the Wärtsilä 46TSDF engine. The
engine is designed with a focus on efficiency, environmental
performance, and fuel flexibility. The dual-fuel Wärtsilä 46TS-DF
engine can operate on LNG, as well as offering a viable platform
for further decarbonisation through its ability to use bio- or synthetic
methane in the future. In gas fuel mode, the engine has the highest
efficiency thus far achieved in the medium-speed engine market.
Simultaneously, it reduces fuel consumption and lowers emissions,
while being easily retrofittable for future carbon-neutral and carbon-
free fuels as they become available.
In April, Wärtsilä introduced its Smart Panoramic Edge Camera
System (SPECS), a system that provides 360 degree situational
awareness, streamed directly to the bridge in real-time. SPECS
greatly reduces risk of accidents by providing an almost perfect 360
degree view of the vessel and its surroundings. This helps our
customer to reduce the risk of accidents and costly damage.
In May, Wärtsilä launched Decarbonisation Services for the energy
sector. This service utilises Wärtsilä’s sophisticated power system
modelling and optimisation tools alongside the company’s in-house
expertise to reduce power system emissions. It also ensures power
availability with the lowest levelised cost of electricity. The ultimate
aim is to help customers decarbonise their assets.
In September, Wärtsilä introduced its new Wärtsilä 25 medium-
speed 4-stroke engine. The Wärtsilä 25 engine portfolio is
designed to accelerate and support the maritime sector’s efforts in
achieving decarbonised operations. The engine’s modularity offers
shipowners and operators maximised flexibility, while its efficiency
and fuel economy enables minimised emissions. The engine is
already capable of operating on diesel, LNG, and either gas or
liquid carbon-neutral biofuels, and can easily be upgraded to
operate with future carbon-free fuels as they become available.
The Wärtsilä 25 is intended to be the first Wärtsilä engine to run on
ammonia as a fuel.
In October, Wärtsilä carried out the successful testing of hydrogen
blended fuel in collaboration with WEC Energy Group, EPRI and
Burns & McDonnell. Throughout the testing period, the 18 MW
Wärtsilä 50SG engine continued to supply power to the grid. This is
the largest internal combustion engine ever to operate continuously
on a hydrogen fuel blend, thus representing a world-first
achievement. The full report with details will be published early in
2023.
In November, Wärtsilä launched its next-generation grid balancing
technology. The solution is based on three fully integrated key
components: the Wärtsilä 31SG Balancer engine, prefabricated
modules for cost-efficient plant construction, and Wärtsilä Lifecycle
Services. The engine can start and ramp up rapidly even in
adverse weather conditions to support intermittent renewable
generation.
Financial review
0,0
1,0
2,0
3,0
4,0
5,0
0
50
100
150
200
250
300
2018
2019
2020
2021*
2022
%
MEUR
R&D expenditure
Percentage of net sales
Research and development expenditure
* Figure in the comparison period 2021 has been restated to reflect a change
in the definition of research and development expenditure.
Strategic projects
In February, Wärtsilä announced its collaboration with Solstad
Offshore on fleet decarbonisation ambitions, with the aim to
achieve a 50% reduction in CO2 emissions by 2030 for Solstad
Offshore’s 90 vessel fleet. The agreement aims to identify,
evaluate, and implement solutions that will increase fuel efficiency
and significantly reduce greenhouse gas (GHG) emissions from
Solstad’s offshore vessels. Each vessel will be assessed for
appropriate solutions, possible operational improvements, and life
extension considerations. Wärtsilä will initially act as an advisor
and technical expert to Solstad. The agreement also allows the
company to become a possible supplier for the decarbonisation
solutions selected.
In March, Wärtsilä announced the opening of a new Expertise
Centre in Houston, Texas. The Houston Expertise Centre will
deliver support to its U.S. and Canadian energy sector customers,
thereby enhancing the company’s ability to grow its service
business.
In April, Wärtsilä announced that it will coordinate a consortium of
shipping stakeholders in a project aiming to develop demonstrators
for 2-stroke and 4-stroke marine engines running on ammonia fuel.
The outcomes of the project will include a lab-based demonstrator
for the 4-stroke ammonia engine, and a lab-based test engine
followed by a vessel retrofit for the 2-stroke version by 2025. In
addition to advancing the engine concepts, the Ammonia 2-4
project will further develop concepts around fuel handling and
safety, as well as contributing valuable input towards a regulatory
framework for ammonia.
In May, Wärtsilä announced two partnerships for hydrogen
blending with natural gas in engine power plants. In Portugal,
Wärtsilä will collaborate with the energy solutions provider and
independent power producer Capwatt in the testing of blends of up
to 10% green hydrogen in a Wärtsilä 34SG engine. In Michigan,
USA fuel blends of up to 25% hydrogen will be tested in WEC
Energy Group’s A.J. Mihm power plant operating with three
Wärtsilä 50SG engines. Wärtsilä engines can be operated on
hydrogen/natural gas blends with up to 25% hydrogen, and the
company is working towards an engine and power plant concept for
pure hydrogen operations by 2025.
In June, Wärtsilä opened its new technology centre, the
Sustainable Technology Hub, in Vaasa, Finland. The Hub acts as a
global ecosystem of collaboration by inviting customers, partner
companies and academia to incubate, test, and validate ideas. A
new, modern Wärtsilä Land & Sea Academy training centre,
customer Expertise Centres providing remote operational support
and predictive maintenance solutions, and the development of new
digital innovations will play a central role in supporting customers to
optimise their operations throughout the lifecycle of their assets,
and to accelerate their decarbonisation activities. The Hub also
features a modern fuel laboratory, flexible technology and engine
testing facilities, as well as a state-of-the-art production system with
a high level of automation. The construction of the new centre was
announced in 2018 with a total investment of around EUR 250
million.
In June, Wärtsilä announced the acquisition of PortLink Global, a
global port solutions company headquartered in Vancouver,
Canada. Founded in 2007, PortLink is a leading provider of port
efficiency solutions, including port management information
systems, port community systems, pilotage dispatch systems, and
local port services. PortLink has a global partnership with more
than 3,500 users, and a customer network in more than 20
countries. Its existing workforce of approximately 20 professionals
will be integrated within Wärtsilä Voyage.
In July, Wärtsilä announced that it has completed its exit from the
Russian market following the announcement in April 2022 to scale
down its activities there. The company has been fully committed to
complying with all trade sanctions applicable to its operations from
the beginning of the war in Ukraine, and has now closed business
operations in Russia across all business units.
In October, Wärtsilä announced its intention to integrate the
Voyage business with Marine Power to strengthen the end-to-end
offering, and to accelerate the turnaround of the Voyage business.
The intention is to link the unique digital expertise in Voyage with
the well-established Performance Services, thereby taking the next
step in creating end-to-end digital solutions for maritime customers.
With this offering, Wärtsilä can further optimise marine operations
for lower costs and reduced emissions. Customers can benefit from
Wärtsilä’s unique set of capabilities, combining the optimisation of
vessel operations with ports traffic management and performance-
based services for port-to-port operations. The integrated
organisation became effective as of January 1, 2023.
Capacit y adjustments
In July, Wärtsilä announced its plan to ramp down manufacturing in
Trieste, Italy and to centralise its 4-stroke engine manufacturing in
Europe to Vaasa, Finland. The discontinuation of manufacturing in
Trieste is expected to impact approximately 450 employees with
potential redundancy. The estimated full annual cost savings will be
approximately EUR 35 million by 2025, and the associated
transformation costs are expected to be approximately EUR 130
million, out of which the cash flow impact is approximately EUR 75
million. The planned changes will not impact Wärtsilä’s engine
portfolio, and service levels and commitment towards customers
will remain intact. The supply chain will remain largely as-is today,
including Italian suppliers, thus ensuring that we maintain the
competitiveness of Wärtsilä’s supply chain.
Personnel
Wärtsilä had 17,581 (17,305) employees at the end of the year. On
average, the number of personnel totalled 17,482 (17,461) in the
year of 2022.
Of Wärtsilä’s total number of employees, 22% (21) were located in
Finland and 37% (40) elsewhere in Europe. Personnel employed in
Financial review
0
5 000
10 000
15 000
20 000
2018
2019
2020
2021
2022
Personnel at the end of the financial period
Personnel on average
Personnel in Finland
Asia represented 22% (21) of the total, personnel in the Americas
14% (12), and personnel in other countries 5% (5).
Personnel
Changes in management
Teija Sarajärvi (b. 1969, MA) assumed the position of Executive
Vice President, Human Resources and member of the Board of
Management on 1 January 2022. She succeeded Ms Alid Dettke.
In September, Wärtsilä announced the decision by Mr Sushil
Purohit, President of Wärtsilä Energy and Executive Vice
President, to leave Wärtsilä for a position outside the Group by the
end of February 2023. Mr Purohit left Wärtsilä on 30 November
2022. Thereafter and until the appointment of the successor for Mr
Purohit, the Energy Business will report to Håkan Agnevall,
President and CEO of Wärtsilä Corporation. Wärtsilä has started
the process to recruit a successor to Mr Purohit.
In October, Wärtsilä announced its plan to integrate the Voyage
business with Marine Power. The President of Wärtsilä Voyage Mr
Sean Fernback left the company and was succeeded by Mr Hannu
Mäntymaa (45), (M.Sc.Eng) with immediate effect. Mr Mäntymaa
led the integration process until the year-end and joined Wärtsilä’s
Board of Management for that interim period. He continued as the
Head of the Voyage business unit when the integrated organisation
became effective as of January 1, 2023.
NON -FINANCIAL REPORT
Increasing environmental awareness, tightening regulations,
customer preferences, and the need to decarbonise operations are
resulting in fundamental changes in both the marine and energy
industries. Wärtsilä is a global leader in innovative technologies
and lifecycle solutions for the marine and energy markets. Wärtsilä
emphasises innovation in sustainable technology and services to
help its customers to continuously improve their environmental and
economic performance. Thanks to a broad range of technologies
and specialised services, Wärtsilä is well positioned to shape
decarbonisation in the marine and energy markets, and to reduce
exhaust emissions and the use of natural resources. This
positioning supports customers in their efforts to limit their carbon
footprint and achieve regulatory compliance. Wärtsilä’s R&D efforts
continue to focus on the development of advanced environmental
technologies and solutions.
Wärtsilä 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
related 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
procurement.
Wärtsilä takes an active approach to applying the Code of Conduct
and promotes its implementation through effectively communicating
its contents to all employees. The company monitors the
application of the Code internally to ensure understanding and
commitment throughout the organisation. As at the end of 2022,
17,259 employees, covering 96%
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 Wärtsilä’s products and services. 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 the 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. In addition to enabling environmental
compliance, this also supports the sustainable development of the
marine and energy industries. Wärtsilä’s products and solutions are
designed to reliably operate for up to 30 years. Therefore, focusing
R&D efforts on improving 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 products and solutions, Wärtsilä also
continuously monitors the impact caused by its own activities and
targets reduced energy consumption in all its facilities.
Wärtsilä’s quality, environmental, health and safety policy sets
principles for managing the environmental impacts of the
company’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 having R&D activities focused on product efficiency
improvements and emissions reduction, as well as by developing a
broad product offering, including technologies related to waste
reduction, noise abatement, and effluent and ballast water
treatment. During 2022, R&D expenditure totalled EUR
241 million,
which represents 4.1%
of net sales. The majority of these
investments targeted improved environmental performance.
For the marine markets, Wärtsilä continued to launch solutions that
support its purpose to enable sustainable societies through
innovation in technology and services. A new Wärtsilä 25 medium-
speed 4-stroke engine was introduced. The engine is already
capable of operating on diesel, LNG, and either gas or liquid
carbon-neutral biofuels, and can easily be upgraded to operate with
future carbon-free fuels as they become available. The Wärtsilä 25
is intended to be the first Wärtsilä engine to run on ammonia as a
fuel. In the energy sector, Wärtsilä launched Decarbonisation
Services, which utilises Wärtsilä’s sophisticated power system
Financial review
modelling and optimisation tools alongside the company’s in-house
expertise to reduce power system emissions. It also ensures power
availability with the lowest levelised cost of electricity.
According to Wärtsilä’s “Set for 30” decarbonisation commitment,
Wärtsilä’s goal is by 2030:
●
●
fuels.
During 2022, Wärtsilä’s “Set for 30” programme proceeded as
planned. The company set GHG emission reduction targets and
defined action plans for the period of 2022-2024. In addition
Wärtsilä started to purchase green electricity in Finland, organised
an internal energy saving campaign globally, and introduced a new
global electric vehicle policy.
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. The company is a signatory to 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. These are followed by all Wärtsilä
entities globally.
The objective of Wärtsilä’s people strategy is to ensure that the
businesses have the required skilled and motivated resources at
their disposal. In order to develop their competences, employees
are offered a wide variety of internal training courses, including
topics covering technology, health and safety, language and
culture, project management, environment, security, and
leadership. The average number of learning days was 1.4 per
employee in 2022.
Wärtsilä aims at offering its employees and contractors a hazard-
free working environment, and to minimise 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 entities 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 2022, the corporate lost-
time injury frequency rate was
1.58 (1.55).
Respect for human rights
Wärtsilä supports and respects basic human values as outlined in
the UN’s universal declaration of human rights. Wärtsilä is also a
signatory to 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 policy on
human rights, equal opportunities and fair employment practices,
as well as being listed 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 the 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 high 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 on the relevant company policies and procedures. By the
end of 2022,
66
% of Wärtsilä’s employees had participated in anti-
corruption training sessions. Employees are encouraged to provide
feedback and communicate suspected misconduct to line
management or directly to the Compliance, Legal Affairs, or
Internal Audit functions. Wärtsilä also has a dedicated tool through
which employees can report infringements.
EU Sustainable Finance Taxonomy disclosures
Wärtsilä’s aim is to shape decarbonisation in the marine and
energy markets. Consequently, decarbonisation is at the core of
the company’s strategy. Wärtsilä’s strong position, competences,
and capabilities are critical enablers to successfully achieving these
ambitions, and enabling its customers to decarbonise their
economic activities.
Wärtsilä has a key role to play in decarbonising vessel operations
and the overall shipping value chain. The company’s extensive
product and solution portfolio, including engines, propulsion
systems, hybrid solutions, integrated powertrain systems, emission
abatement solutions, and voyage optimisation solutions are key
contributors towards zero-emissions shipping.
The energy and marine sectors still largely rely on the use of fossil
fuels. Wärtsilä’s current portfolio already enables its customers to
switch to carbon-neutral fuels, such as biofuels or synthetic
methane. Although the transition from fossil fuels to carbon-neutral
or carbon-free fuels will happen gradually, Wärtsilä is already
positioned to assist it by providing technologies that allow its
customers to use more sustainable fuels as they become available.
In Energy, Wärtsilä technologies enable the maximal and optimal
usage of renewable energy generation. Flexible engine power
plants, together with energy storage solutions, improve power
system efficiency, lower greenhouse gas emissions, and safeguard
the security of supply.
Wärtsilä’s goal is to be able to provide a product portfolio ready for
zero-carbon fuels. The company’s aim is to support its customers
on their decarbonisation journey, and thus shape the
decarbonisation of the marine and energy sectors. Wärtsilä’s
products and solutions will meet the most stringent environmental
requirements, and the fuel flexibility of the engines powering these
sectors is key to enabling the transformation.
Wärtsilä has launched a major test programme towards carbon-
free solutions with hydrogen and ammonia fuels. Wärtsilä’s fuel
agnostic approach enables the company to support the energy and
Financial review
marine sectors in shaping sustainable and efficient future fuel
strategies in several cost-optimal steps. The company has invested
continuously and systematically in R&D and has made a long-term
effort in product development focusing on fuel flexibility, energy
efficiency, and emissions reduction. Already today, Wärtsilä
engines can run on biofuels, methanol and hydrogen blends. For
the energy market, Wärtsilä expects to have an engine and plant
concept for pure hydrogen operation ready by 2025. For the marine
market, Wärtsilä has already successfully tested an engine running
with a fuel mix containing 70% ammonia. Wärtsilä anticipates
having an engine concept with pure ammonia fuel available in
2023.
Wärtsilä has carried out an assessment regarding its economic
activities against the EU Sustainable Finance Taxonomy’s first
Delegated Act on Climate, as required by the Delegated Act on
Article 8. Wärtsilä Taxonomy KPIs for the year 2022 are presented
in the tables of the following pages.
Major parts of Wärtsilä’s economic activities are currently not
covered in the first Delegated Act on Climate such as services.
Services in Marine and Energy accounted for
47
% of Wärtsilä’s net
sales in 2022. Services are a key enabler of installation uptime,
reliability, reduced fuel consumption, and lower emissions.
Wärtsilä has a key role to play in decarbonising vessel operations
and the overall shipping value chain. The company’s extensive
product and solutions portfolio, including engines, propulsion
systems, hybrid solutions, integrated powertrain systems, and
emission abatement solutions are key contributors towards zero-
emissions shipping. However, they are all outside the taxonomy
scope since only the manufacturing of vessels – not vessel
technologies or components – is included. In Energy, engines
ready for carbon-neutral fuels, running on natural gas or other fossil
fuels, are also excluded.
In total,
15
% of Wärtsilä’s turnover was estimated to be eligible,
including the energy storage business, biogas solutions, and digital
voyage optimisation solutions.
Turnover
CapEx
OpEx
Non-eligible
85%
66%
87%
Eligible
15%
34%
13%
Aligned
0%
0%
0%
In order to report this information, Wärtsilä has assessed its
economic activities against the economic activities included in the
Delegated Act on Climate. Eligible economic activities have been
identified by comparing the referred NACE codes in the Delegated
Act to Wärtsilä’s economic activities. In addition, the relevant
thresholds for substantial contribution have been assessed in order
to determine the economic activities’ eligibility. Revenues, capital
expenditure, and operating expenditure for eligible economic
activities were collected from the accounting system. As the next
step, we have compared the economic activities against the
technical screening criteria, including the ‘do no significant harm’
criteria and minimum social safeguards, and searched for
supporting proof points. With our approach being stringent
interpretation of the alignment criteria provided by the European
Union regulation on taxonomy, we cannot claim any of the
taxonomy-eligible revenue streams in 2022 as being also
taxonomy-aligned. The same applies to both capital and
operational expenditures in 2022. Despite the low taxonomy
coverage Wärtsilä’s products and services play a key role in
decarbonising the energy and marine sectors and Wärtsilä invests
significant R&D funds to support and enable the transition.
Financial review
KPI
Identified eligible economic activities
Notes
Turnover
• Energy storage business
• Biogas solutions
• Digital voyage optimisation solutions
Wärtsilä considers its energy storage business as a Taxonomy eligible
economic activity. Wärtsilä energy storage solutions and energy
management systems enable the effective storage of renewable
electricity. Wärtsilä biogas solutions are considered to be eligible through
the “manufacturing of other low carbon technologies” category. Digital
voyage optimisation solutions are considered to be eligible through the
“data driven solutions for GHG reduction” category. Wärtsilä did not
consider any multifuel engine solutions to be eligible at this point.
CapEx
• New buildings (lease)
• Passenger cars and light commercial vehicles
• Capitalised R&D costs related to energy storage
• Capitalised R&D costs related to voyage
optimisation
• Capitalised R&D costs related to future fuels
Any capex for a new building or a new vehicle is eligible. With respect to
the capitalised R&D, eligibility follows the same logic as with the identified
turnover KPI eligible activities. However, capitalised R&D costs related to
our engines’ capability to run on future green and zero-carbon fuels was
considered eligible because these fuels enable our customers to
generate electricity from renewable non-fossil gaseous and liquid fuels in
the future. No CapEx related to taxonomy eligible manufacturing was
identified.
OpEx
• Non-capitalised R&D costs related to energy
storage
• Non-capitalised R&D costs related to voyage
optimisation
• Non-capitalised R&D costs related to future fuels
With respect to the non-capitalised R&D, eligibility follows the same logic
as with the identified turnover KPI eligible activities. However, OpEx
related to non-capitalised R&D for our engines’ capability to run on future
green and zero-carbon fuels was considered eligible because these fuels
enable our customers to generate electricity from renewable non-fossil
gaseous and liquid fuels in the future. No OpEx related to taxonomy
eligible manufacturing was identified.
Financial review
Proportion of turnover from products or services associated with Taxonomy -aligned economic activities 2022
Substantial contribution
criteria
DNSH Criteria ('Does Not
Significantly Harm')
Economic activities
Code(s)
Absolute turnover
(MEUR)
Proportion of turnover
(%)
Climate change
mitigation
Climate change
adaptation
Water and marine
resources
Circular economy
Pollution prevention
Biodiversity and
ecosystems
Climate change
mitigation
Climate
change
adaptation
Water and marine
resources
Circular economy
Pollution prevention
Biodiversity and
ecosystems
Minimun safeguards
Taxonomy
-
aligned
proportion of
turnover, Year 2022
Category
(enabling activity)
Category
(transitional activity)
A. TAXONOMY -ELIGIBLE ACTIVITIES
A.1. Taxonomy -aligned activities
No aligned activity
0
0
Turnover of Taxonomy -aligned activities (A.1.)
0
0
%
%
%
%
%
%
%
A.2. Taxonomy -Eligible but not Taxonomy -aligned activities
Energy storage business
C27.2
765
13%
Biogas solutions
C28.9.9
87
2%
Digital voyage optimisation solutions
C63.1.1
33
1%
Turnover of Taxonomy -eligible but not Taxonomy -aligned activities (A.2.)
884
15%
Total (A.1. + A.2.)
884
15%
0%
%
B. TAXONOMY -NON-ELIGIBLE ACTIVITIES
Turnover of Taxonomy -non-eligible activities (B)
N/A
4,958
85%
Total (A + B)
5,842
100%
Financial review
Proportion of CapEx from products or services associated with Taxonomy -aligned economic activities 2022
Substantial contribution
criteria
DNSH Criteria ('Does Not
Significantly Harm')
Economic activities
Code(s)
Absolute CapEx
(MEUR)
Proportion of CapEx
(%)
Climate change
mitigation
Climate change
adaptation
Water and marine
resources
Circular economy
Pollution prevention
Biodiversity and
ecosystems
Climate change
mitigation
Climate change
adaptation
Water and marine
resources
Circular economy
Pollution prevention
Biodiversity and
ecosystems
Minimun safeguards
Taxonomy
-
aligned
proportion of
CapEx, Year 2022
Category
(enabling
activity)
Category
(transitional activity)
A. TAXONOMY -ELIGIBLE ACTIVITIES
A.1. Taxonomy -aligned activities
No aligned activity
0
0
CapEx of Taxonomy -aligned activities (A.1.)
%
%
%
%
%
%
%
A.2. Taxonomy -Eligible but not Taxonomy -aligned activities
New buildings (lease)
F41.2
57
21%
Passenger cars and light commercial vehicles
N77.1.1;
H49.3.1
5
2%
Capitalised R&D costs related to voyage optimisation
C63.1.1
8
3%
Capitalised R&D costs related to energy storage
C27.2
7
2%
Capitalised R&D costs related to future fuels
C28.1.1
16
6%
CapEx of Taxonomy -eligible but not Taxonomy -aligned activities (A.2.)
94
34%
Total (A.1. + A.2.)
94
34%
0%
%
B. TAXONOMY -NON-ELIGIBLE ACTIVITIES
CapEx of Taxonomy -non-eligible activities (B)
183
66%
Total (A + B)
277
100%
Financial review
Proportion of OpEx from products or services associated with Taxonomy -aligned economic activities 2022
Substantial contribution
criteria
DNSH Criteria ('Does Not
Significantly Harm')
Economic activities
Code(s)
Absolute OpEx
(MEUR)
Proportion of OpEx
(%)
Climate change
mitigation
Climate change
adaptation
Water and marine
resources
Circular economy
Pollution prevention
Biodiversity and
ecosystems
Climate change
mitigation
Climate change
adaptation
Water and marine
resources
Circular economy
Pollution prevention
Biodiversity a
nd
ecosystems
Minimun safeguards
Taxonomy
-
aligned
proportion of
OpEx, Year 2022
Category
(enabling activity)
Category
(transitional activity)
A. TAXONOMY -ELIGIBLE ACTIVITIES
A.1. Taxonomy -aligned activities
No aligned activity
0
0
OpEx of Taxonomy -aligned activities (A.1.)
%
%
%
%
%
%
%
A.2. Taxonomy -Eligible but not Taxonomy -aligned activities
Non-capitalised R&D costs related to voyage optimisation
C63.1.1
5
2%
Non-capitalised R&D costs related to energy storage
C27.2
18
8%
Non-capitalised R&D costs related to future fuels
C28.1.1
7
3%
OpEx of Taxonomy -eligible but not Taxonomy -aligned activities (A.2.)
30
13%
Total (A.1. + A.2.)
30
13%
0%
%
B. TAXONOMY -NON-ELIGIBLE ACTIVITIES
OpEx of Taxonomy -non-eligible activities (B)
204
87%
Total (A + B)
234
100%
Financial review
Reporting segments
Wärtsilä Marine Power
Marine Power’s order intake in 2022 increased by 20% to EUR
2,418 million (2,011) compared to 2021. Book-to-bill was 1.22
(1.08). Service order intake increased by 23% to EUR 1,567 million
(1,270) as the market continued to recover, especially with the
merchant segment operating at high capacity due to favourable
rates. The offshore and cruise segments also increased compared
to 2021. Equipment order intake increased by 15% to EUR 850
million (741) as a result of strong performance in the merchant
segment driven mainly by containerships and record-high orders
for LNG carriers. The order book at the end of the year increased
by 9% to EUR 2,180 million (1,994) despite removing Russia
related projects.
Net sales increased by 6% to EUR 1,982 million (1,863) compared
to 2021. Service net sales increased by 17% to EUR 1,403 million
(1,201), driven by sales to the merchant and cruise segments.
Equipment net sales decreased by 12% to EUR 579 million (661),
largely due to the discontinuation of business in Russia, which had
an effect of approximately EUR 50 million. The comparable
operating result amounted to EUR 217 million (195) or 10.9% of net
sales (10.5). The result was supported by good service
performance, as well as a more favourable mix between equipment
and services. The overall market situation was challenging with
cost inflation (material, component, transportation, and test fuel
costs) and component unavailability which increased the supply
chain costs. Increased energy prices impacted particularly our
suppliers manufacturing components that consume a lot of energy
in their production process, like forgings and castings. High inflation
in several countries also put pressure on salary adjustments.
Continued price adjustments are made to cope with cost inflation,
however breaking open existing contracts for inflation corrections is
not possible. The ramp-up of the new Sustainable Technology Hub
also impacted the operating costs during 2022, as we were
operating the old Vaasa factory in parallel with the Sustainable
Technology Hub during the transition period. Items affecting
comparability totalled EUR -178 million (-15), of which EUR 70
million related to the write down of Russia related activities, EUR
89 million related to the Trieste factory write down, and the rest
mainly related to footprint optimisations concerning the new
Sustainable Technology Hub in Vaasa, Finland.
Wärtsilä Marine Systems
Marine Systems’ order intake in 2022 decreased by 22% to EUR
654 million (835) compared