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iso4217:EUR
xbrli:pure
iso4217:EUR
xbrli:shares
official
version
of
Wärtsilä
Corporation’s
Annual
3
presented
in
the
ESEF
format
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
preferably
on
an
equipment
only
basis.
The
marine
offering
includes
power
and
propulsion
systems,
voyage
optimisation
solutions,
as
well
as
exhaust
treatment
applications
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
to
maximise
environmental
and
economic
performance
by
emphasising
innovation
in
sustainable
To
support
its
geographically
dispersed
customer
base,
Wärtsilä’s
sales
and
service
network
covers
more
countries
around
the
world.
Wärtsilä
operates
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
9,000
global
direct
material
suppliers.
Wärtsilä’s
personnel
is
made
up
of
approximately
17,800
employees
comprising
128
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
2023
Our
strategy,
the
Wärtsilä
Way,
remains
intact.
The
company’s
value
creation
potential
is
based
on
two
strategic
themes:
Transform
and
Perform.
Transform
refers
to
attractive
growth
opportunities
at
the
centre
of
the
decarbonisation
transformation
by
leveraging
growth
in
electricity
generation,
balancing
power,
green
marine
transport
and
related
service
businesses.
The
Perform
theme
centres
around
a
clear
path
for
operational
improvements
and
increased
profitability,
leveraging
market
growth
and
the
company’s
commitment
to
both
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.
Targets
Organic
growth
in
net
sales
5%
7%
18%
6,7%
-0.4%
0,02
0.23
Dividend
payment
at
least
50%
of
earnings
per
share
over
the
cycle
73.2%*
-234.9%
*Proposal
of
the
Board
of
Directors
Wärtsilä
remains
committed
to
R&D
activities.
To
accelerate
the
development
of
decarbonisation
technology,
Wärtsilä
has
increased
its
R&D
investments
from
its
historical
~3%
of
net
sales
In
2023,
the
company
continued
to
respond
to
the
interest
in
methanol
as
a
fuel
to
support
decarbonisation
by
introducing
four
new
methanol
engines
to
its
portfolio,
thus
setting
a
new
industry
benchmark
with
the
broadest
methanol
engine
portfolio
currently
on
the
market.
In
addition
to
the
Wärtsilä
32
methanol
engine
launched
in
2022,
Wärtsilä
will
add
the
Wärtsilä
20,
Wärtsilä
31,
Wärtsilä
46F
and
Wärtsilä
46TS
to
its
portfolio
of
engines
capable
of
operating
with
methanol
fuel.
In
addition,
Wärtsilä
introduced
the
marine
sector’s
first
commercially
available
4-stroke
engine-based
solution
for
ammonia
fuel.
The
new
solution
enables
a
significant
advance
in
sustainable
shipping
operations
–
during
a
time
in
which
ship
owners
are
seeking
viable
options
among
green
fuels.
The
ammonia
solution
is
now
commercially
available
as
part
of
the
Wärtsilä
25
engine
platform,
which
was
launched
in
September
2022.
Viridis
Bulk
Carriers,
the
world’s
first
zero
emission
shipping
company,
is
intended
to
be
the
first
shipowner
to
benefit
from
the
While
much
of
the
decarbonisation
work
is
still
ahead,
Wärtsilä
already
has
solutions
and
technologies
that
enable
100%
renewable
power
systems
and
fuel
flexibility,
which
support
decarbonisation.
Wärtsilä
Energy’s
support
for
efforts
towards
net-
zero
carbon
emissions
in
the
USA
is
shown
with
the
signing
of
a
ten-year
Guaranteed
Asset
Performance
agreement,
covering
a
150
MW
plant
for
Omaha
Public
Power
District
to
provide
balancing
power
as
part
of
the
utility’s
Power
with
Purpose
project.
The
aim
of
the
utility
is
to
reach
net-zero
carbon
emissions
by
2050.
By
ensuring
operational
reliability
for
the
plant,
the
agreement
supports
these
efforts
with
fast-starting
balancing
power
to
rapidly
compensate
for
fluctuations
in
the
supply
of
renewables.
Wärtsilä
Marine
Power
introduced
the
new
ultra-low
emissions
version
of
the
already
efficient
31DF
engine,
to
further
advance
the
decarbonisation
of
the
marine
industry.
The
improved
engine
can
reduce
methane
emissions
by
41
percent
more
than
the
standard
W31DF
engine,
which
already
had
the
lowest
emission
levels
on
the
market.
Wärtsilä
Marine
Systems
is
driving
the
development
of
maritime
carbon
capture
by
delivering
its
first
CCS-Ready
scrubber
system.
Four
8,200
TEU
container
vessels,
being
built
at
an
undisclosed
Asian-based
yard,
will
be
fitted
with
Wärtsilä’s
CCS-
Ready
35MW
scrubber
systems
in
an
open
loop
configuration.
By
BOARD
OF
DIRECTORS'
REPORT
installing
scrubbers
designed
with
the
space
and
capabilities
needed
to
have
a
CCS
unit
added,
Wärtsilä
is
enabling
ship
owners
to
futureproof
their
existing
assets,
while
remaining
competitive
and
compliant.
Wärtsilä
regards
collaboration
with
industry
stakeholders
as
an
development
of
technologies
needed
to
meet
changing
market
requirements.
Wärtsilä
is
committed
to
supporting
the
maritime
industry
in
offering
advanced
technology
and
training
solutions
for
education.
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
and
finding
ways
to
reduce
engine
testing
time.
In
addition,
while
the
fuel
flexibility
of
engines
powering
the
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
In
2023,
the
corporate
total
recordable
injury
frequency
rate
(TRIF)
Proactive
measures
to
further
strengthen
the
safety
culture
within
Wärtsilä
continued
throughout
the
year.
In
September,
Wärtsilä
organised
its
ninth
annual
Safety
Day
with
the
increase
the
awareness
of
safety
risks
and
their
potential
consequences,
promote
necessary
safety
measures,
strengthen
the
safety
culture,
and
celebrate
success
in
safety.
In
2023
the
theme
of
the
day
was
“mind
your
posture”,
focusing
on
Financial
targets
and
outcome
in
2023
Wärtsilä
introduced
its
financial
targets
in
2021
and
reconfirmed
them
in
2023.
The
targets
include
annual
organic
growth
of
5%
and
an
operating
margin
of
12%.
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
2023.
Wärtsilä’s
operating
profit
amounted
to
EUR
402
million,
which
represents
6.7%
of
net
sales.
The
gearing
resulted
to
0.02.
The
Board
of
Directors
proposed
a
dividend
of
EUR
0.32
per
share.
In
2023,
the
world
economy
faced
the
continued
challenges
of
high
inflation
and
lower
growth
prospects.
GDP
growth
slowed
down
as
a
result
of
stricter
financial
policies
and
weaker
confidence
among
businesses
and
consumers.
The
demand
for
ship
capacity,
however,
was
supported
by
an
increase
in
seaborne
trade
volumes
while
being
further
amplified
by
the
longer
shipping
distances
resulting
from
political
conflicts
and
disruptions
at
key
waterways.
The
recovery
in
passenger
traffic
volumes
continued,
and
the
demand
particularly
for
cruise
vacations
remained
strong.
Despite
capacity
limitations
at
the
main
shipyards
in
South
Korea
and
China
and
further
increases
in
newbuild
prices,
the
investment
appetite
for
new
ships
remained
healthy.
Investments
were
mostly
driven
by
increasing
demand
for
ship
capacity,
decarbonisation
and
a
low
orderbook,
especially
in
the
bulk
carrier
and
tanker
segments.
Investments
in
new
ships
increased
with
1,977
contracts
registered
in
the
review
period
January-December,
compared
to
the
1,538
contracts
recorded
in
January-December
of
2022.
The
uptake
of
alternative
fuels
remained
more
limited
with
450
orders
reported
in
2023,
representing
23%
(30%)
of
all
contracted
vessels
and
43%
(60%)
of
vessel
capacity,
mostly
because
of
the
changed
mix
of
contracted
vessels.
The
continued
increase
in
yard
capacity
especially
in
China
and
South
Korea
helps
to
remove
constraints
from
newbuild
ordering
across
vessel
segments
as
availability
of
slots
improves
and
increases
in
newbuild
prices
likely
will
decelerate.
The
shipping
industry
continued
to
call
for
more
clarity
and
action
on
how
to
reduce
the
industry’s
carbon
footprint.
In
response,
the
International
Maritime
Organisation
(IMO)
in
July
updated
its
strategy
on
cutting
greenhouse
gas
emissions
from
ships,
with
the
more
stringent
goal
of
reaching
net
zero
emissions
by
or
around
2050.
As
a
result,
stakeholders
are
more
aligned
globally
on
the
requirements
and
investments
needed
to
decarbonise
the
industry.
In
the
cruise
sector,
the
market
sentiment
remained
positive
due
to
the
continued
solid
growth
in
demand
for
cruises.
However,
the
demand
for
new
vessel
capacity
remained
limited
as
cruise
lines
focused
on
managing
the
current
order
book
and
deleveraging
their
business.
The
demand
for
service
was
supported
by
the
continued
growth
in
active
fleet
capacity,
as
well
as
interest
in
efficiency
improvements
to
comply
with
regulations
and
to
mitigate
cost
inflation.
In
the
ferry
sector,
despite
positive
developments,
notably
in
passenger
traffic
volumes,
newbuild
activity
remained
limited
and
was
driven
by
fleet
replacement.
This
resulted
from
the
financial
challenges
faced
by
operators
during
recent
years,
and
excess
capacity
in
certain
markets.
The
demand
for
service
was
supported
by
more
vessel
capacity
being
activated
to
cater
for
the
increased
passenger
and
cargo
traffic
volumes.
In
the
offshore
sector,
the
supportive
energy
prices
continued
to
increase
demand
for
drilling
unit
and
support
vessel
capacity,
resulting
in
further
fleet
reactivations
and
interest
in
newbuild
units.
However,
the
contracting
of
more
complex
and
expensive
drilling
units
remained
limited
due
to
high
prices,
the
cost
of
finance,
the
lack
of
yard
capacity,
and
limited
interest
in
building
offshore
assets.
The
demand
for
offshore
wind
vessel
capacity
was
supported
by
the
continued
growth
in
wind
farm
capacity.
Despite
inflationary
pressure,
the
long-term
outlook
remains
positive
with
the
final
investment
decisions
(FID)
for
offshore
wind
projects
for
the
full
year
2023
being
clearly
above
last
year's
levels.
The
demand
for
service
across
offshore
subsegments
was
driven
by
increases
in
utilisation
and
day
rates
throughout
the
offshore
fleet.
In
the
LNG
carrier
sector,
the
demand
for
newbuild
capacity
has
continued
to
be
driven
by
further
investments
in
expanding
LNG
liquefaction
capacity,
despite
the
demand
for
carriers
easing
off
from
the
record-levels
seen
in
2022.
The
demand
for
service
continued
to
be
driven
by
the
existing
fleet
operating
at
full
pace.
In
the
containership
sector,
the
contracting
of
new
ships
declined
from
the
previous
years’
record
levels
as
the
demand
for
ship
capacity
was
clearly
outpaced
by
the
record
volumes
of
new
capacity
entering
the
market.
Many
owners
continued
their
longer-
term
fleet
renewal
programmes.
The
demand
for
service
was
burdened
by
the
weaker
market
sentiment,
offsetting
the
growth
in
Across
all
the
above
sectors,
the
growing
pressure
to
decarbonise
operations
supported
the
demand
for
both
newbuilds
and
service.
This
has
resulted
in
investments
in
additional
fleet
capacity,
direct
fleet
replacements,
efficiency
upgrades
or
fuel
conversions,
and
maintenance
activities
to
keep
the
existing
fleet
compliant
and
competitive.
Energy
In
2023,
high
inflation
and
interest
rates
continued
to
impact
the
global
economy.
While
price
volatility,
inflation,
and
interest
rates
have
moderated,
global
GDP
growth
is
estimated
to
remain
restrained.
Constraints
in
global
and
energy-related
supply
chains
have
eased
considerably
over
the
course
of
the
year.
The
macroeconomic
development
caused
uncertainty
within
the
overall
investment
environment,
delaying
decision-making
especially
in
the
engine
power
plants
business.
On
the
other
hand,
easing
supply
chain
constraints
have
had
a
positive
effect,
notably
in
battery
Global
natural
gas
prices
have
decreased
from
the
previous
year’s
extreme
highs
but
remain
above
pre-2021
levels.
The
year
witnessed
significant
gas
price
volatility,
showcasing
the
market’s
continued
sensitivity
to
disruptions
in
supply
and
demand.
Commodity
prices
have
eased
for
most
materials.
Energy
and
climate
policies
around
the
world
continue
to
evolve
towards
decarbonisation
targets,
and
the
mid-term
energy
transition
outlook
remains
strong.
Climate
policy
reached
new
milestones
in
Q4
as
more
than
120
countries
pledged
to
triple
global
renewable
energy
capacity
by
2030.
The
COP28
final
declaration
also
called
for
transitioning
away
from
fossil
fuels,
in
line
with
Wärtsilä’s
vision
of
a
100%
renewable
energy
future
and
readiness
to
enable
engines
to
Wärtsilä’s
market
share
during
the
last
twelve
months
remained
at
13%
(13%),
as
global
orders
for
natural
gas
and
liquid-fuelled
power
plants
decreased
by
22%
to
10.0
GW
during
the
twelve-
month
period
ending
in
June
2023
(12.9
GW
at
the
end
of
December
2022).
Global
orders
include
prime
movers
over
5
MW
in
size
in
up
to
400
MW
gas
turbine
plants
and
engine
plants
of
all
sizes.
The
gas
turbine
data
is
gathered
from
the
McCoy
Power
Report
and
is
reported
with
a
one
quarter
delay
due
to
data
availability.
Engine
data
is
collected
from
press
releases
and
Wärtsilä
sales
teams.
Power
plant
market
share
reporting
was
updated
in
the
third
quarter
to
reflect
our
most
relevant
markets
more
accurately.
Previously,
market
shares
included
gas
turbine
plants
up
to
500
MW
but
did
not
include
non-Wärtsilä
engine
plants.
0
1 000
2 000
3 000
4 000
5 000
6 000
7 000
2019
2020
2021
2022
2023
MEUR
-2
0
2
4
6
8
-100
0
100
200
300
400
500
600
700
2019
2020
2021
2022
2023
%
MEUR
Comparable
operating
result
Order
intake
and
order
book
Wärtsilä’s
order
intake
in
2023
increased
by
16%
to
EUR
7
070
million
(6
074)
compared
to
2022.
Book-to-bill
was
1,18
(1,04).
Service
order
intake
increased
by
15%
to
EUR
3
519
million
(3
066),
driven
by
growth
in
Marine
Power
and
Energy.
Equipment
order
intake
increased
by
18%
to
EUR
3
550
million
(3
008)
driven
by
growth
in
Marine
Power,
Marine
Systems
and
Energy
Storage
&
Optimisation.
The
order
book
at
the
end
of
the
year
increased
by
13%
to
EUR
Net
sales
and
operating
result
Wärtsilä’s
net
sales
in
2023
increased
by
3%
to
EUR
6
015
million
(5
842)
compared
to
2022.
Service
net
sales
increased
by
13%
to
EUR
3
148
million
(2
775),
driven
especially
by
growth
in
Marine
Power.
Equipment
net
sales
decreased
by
7%
to
EUR
2
867
million
(3
067),
with
growth
in
Energy
Storage
&
Optimisation
and
Marine
Power
and
lower
sales
in
engine
power
plants
and
Marine
Systems.
Of
Wärtsilä’s
net
sales,
approximately
57%
was
EUR
denominated
and
28%
USD
denominated,
with
the
remainder
being
split
between
several
currencies.
The
operating
result
amounted
to
EUR
402
million
(-26)
or
6,7%
of
net
sales
(-0,4).
The
comparable
operating
result
totalled
EUR
497
million
(325)
or
8,3%
of
net
sales
(5,6).
Comparable
operating
result
growth
was
supported
in
particular
by
an
increase
in
Energy
and
Marine
Power
but
was
burdened
by
a
decrease
in
Marine
Systems.
Items
affecting
comparability
comprised
costs
of
EUR
-95
million
(-351)
of
which
the
largest
item
was
EUR
-45
million
related
to
the
impairment
of
goodwill
and
other
non-current
assets
in
the
Portfolio
Business.
The
comparable
adjusted
EBITA
amounted
to
EUR
518
million
(349)
or
8,6%
of
net
sales
(6,0).
Purchase
price
allocation
amortisation
amounted
to
EUR
20
million
(23).
Financial
items
amounted
to
EUR
-37
million
(-6).
Net
interest
totalled
EUR
-14
million
(-10).
The
result
before
taxes
amounted
to
EUR
364
million
(-32).
Taxes
amounted
to
EUR
-95
million
(-26),
implying
an
effective
tax
rate
of
26,1%
(-81,5).
The
result
for
the
financial
year
amounted
to
EUR
269
million
(-58).
Basic
earnings
per
share
totalled
EUR
0,44
(-0,11).
The
return
on
investment
(ROI)
was
13,9%
(0,1),
while
the
return
on
equity
(ROE)
was
o
pment
Engine
megawatts
delivered
2023
2022
Change
970
26%
Energy
727
-50%
-20%
597
316
89%
-7%
Wärtsilä’s
cash
flow
from
operating
activities
in
2023
totalled
EUR
822
million
(-62),
the
improvement
being
driven
by
a
better
operating
result
and
a
good
level
of
received
customer
payments.
Working
capital
totalled
EUR
-169
million
at
the
end
of
the
year
(179).
Advances
received
totalled
EUR
774
million
(527).
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
819
million
at
the
end
of
the
year
(461).
Unutilised
committed
credit
facilities
totalled
Wärtsilä
had
interest-bearing
debt
totalling
EUR
858
million
at
the
end
of
the
year
(949).
The
total
amount
of
short-term
debt
maturing
within
the
next
12
months
was
EUR
119
million.
Long-term
loans
amounted
to
EUR
739
million.
Net
interest-bearing
debt
totalled
EUR
35
million
(481).
Gearing
Maturity
profiles
of
long-term
loans
Committed
revolving
credit
facilities
(end
of
period)
was
0,02
(0,23),
while
the
solvency
ratio
was
37.0%
(35.3%).
Equity
per
share
was
EUR
3,78
(3,62).
Loans
69%
67%
79%
84%
66%
66%
66%
61%
65%
48%
48%
40%
0
300
600
900
1 200
1 500
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
2021
2022
2023
MEUR
%
=
Fixed
portion
of
loans
(incl.
derivatives)
0,00
0,10
0,20
0,30
0,40
0,50
2019
2020
2021
2022
2023
0
20
40
60
80
100
120
140
160
24
25
26
27
28
29
30
31
32
33
34
35+
MEUR
Annual
repayments
of
long-term
loans
0
150
300
450
600
750
2023
2024
2025
2026
2027
2028
2029
MEUR
0,0
1,0
2,0
3,0
4,0
5,0
0
50
100
150
200
250
300
2019
2020
2021*
2022
2023
%
MEUR
0
100
200
300
400
2019
2020
2021
2022
2023
MEUR
Other
capital
expenditure
Depreciation,
amortisation,
and
impairment
Capital
expenditure
related
to
intangible
assets
and
property,
plant,
and
equipment
amounted
to
EUR
148
million
(156)
in
2023.
Capital
expenditure
related
to
acquisitions
and
investments
in
securities
totalled
EUR
1
million
(5).
Depreciation,
amortisation,
and
impairment
amounted
to
EUR
193
million
(263),
including
depreciation
of
right
of
use
assets
of
EUR
49
million
(49).
Gross
capital
expenditure
In
2024,
capital
expenditure
related
to
intangible
assets
and
property,
plant,
and
equipment
is
expected
to
be
at
around
the
same
level
as
depreciation,
amortisation,
and
impairment.
Innovations,
research
and
development
Wärtsilä
is
committed
to
helping
minimise
the
environmental
footprint
of
the
marine
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.
Research
and
development
expenditure
totalled
EUR
258
million
(241)
in
2023,
which
represents
4.3%
of
net
sales
(4.1).
In
March,
Wärtsilä
received
its
first
order
for
carbon
capture
and
storage-ready
scrubber
systems
-
CCS-Ready
scrubbers.
Four
8,200
TEU
container
vessels,
being
built
at
an
undisclosed
Asian-
based
yard,
will
be
fitted
with
Wärtsilä’s
CCS-Ready
35MW
scrubber
systems
in
an
open
loop
configuration.
The
scrubbers
are
termed
CCS-Ready
because,
as
part
of
their
installation,
Wärtsilä
will
perform
additional
design
and
engineering
work
to
ensure
that
future
retrofits
for
a
full
CCS
system
on
the
vessels
have
already
been
accounted
for
during
the
newbuilding
construction
stage.
By
installing
scrubbers
that
have
been
designed
with
the
space
and
capabilities
to
have
a
CCS
unit
added,
Wärtsilä
enables
ship
owners
to
futureproof
their
existing
assets,
while
remaining
competitive
and
compliant.
Also
in
March,
Wärtsilä
and
WEC
Energy
Group
successfully
tested
the
capabilities
of
a
Wärtsilä
engine
running
on
25
vol%
hydrogen-blended
fuel.
The
tests
were
conducted
at
WEC
Energy
Group’s
55
MW
A.J.
Mihm
power
plant
in
Michigan,
USA
using
an
unmodified
Wärtsilä
50SG
engine.
Throughout
the
testing
period,
the
Wärtsilä
engine
continued
to
supply
power
to
the
grid.
This
is
the
largest
commercially
operated
flexible
balancing
engine
ever
to
run
on
a
hydrogen
fuel
blend,
representing
therefore
a
world-first
achievement.
In
June,
Wärtsilä’s
new
patented
and
proprietary
technology
Wärtsilä
Ammonia
Release
Mitigation
Systems
(WARMS)
received
Approval
in
Principle
from
the
DNV
classification
society.
The
approval
covers
the
use
on
ships
fuelled
by
ammonia
with
the
DNV
Class
notation
gas
fuelled
ammonia
or
on
gas
tankers
fuelled
by
ammonia
with
the
DNV
Class
notation
GF
NH3.
This
innovative
system
mitigates
the
risks
associated
with
future
fuels,
such
as
ammonia,
which
can
be
hazardous
to
both
health
and
the
environment
unless
handled
and
stored
with
great
care.
In
August,
Wärtsilä
announced
that
it
will
power
the
biggest
battery
electric
ship
ever
built
with
its
battery
electric
propulsion
system
and
waterjets.
The
vessel
is
a
new
ferry
being
built
by
Incat
Tasmania
and
has
been
ordered
by
Incat’s
long-term
South
American
customer,
Buquebús.
With
an
overall
length
of
130
metres,
the
ferry
will
be
the
largest
ever
vessel
of
its
type.
It
will
also
be
the
world’s
first
zero
emissions,
lightweight
catamaran.
In
September
Wärtsilä
announced
that
it
will
supply
an
integrated
hybrid
propulsion
system
for
the
world’s
first
methanol
fuelled
hybrid
RoRo
vessels.
The
ships
are
being
built
at
the
China
Merchants
Jinling
shipyard
(Weihai)
Co.,
Ltd
for
the
Swedish
shipping
company
Stena
RoRo
and
will
operate
in
the
Stena
Line
Irish
Sea
system.
The
combination
of
new
sustainable
fuels
and
electrification
is
in
line
with
the
company’s
sustainable
operations
target.
In
November
Wärtsilä
introduced
the
marine
sector’s
first
commercially
available
4-stroke
engine-based
solution
for
ammonia
fuel.
The
new
solution
enables
a
significant
advance
in
sustainable
shipping
operations
–
during
a
time
in
which
ship
owners
are
seeking
viable
options
among
green
fuels.
The
ammonia
solution
is
now
commercially
available
as
part
of
the
Wärtsilä
25
engine
platform,
which
was
launched
in
September
2022.
Viridis
Bulk
Carriers,
the
world’s
first
zero
emission
shipping
company,
is
intended
to
be
the
first
shipowner
to
benefit
from
the
new
ammonia
solution.
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.
0
5 000
10 000
15 000
20 000
2019
2020
2021
2022
2023
Personnel
at
the
end
of
the
financial
period
Wärtsilä
actively
manages
its
business
portfolio
to
support
the
strategy
and
financial
targets.
In
January,
the
integration
of
the
Voyage
business
with
Marine
Power
became
effective.
The
offering
was
streamlined
to
focus
on
fleet
and
port
optimisation
and
related
simulation
and
training
services.
The
other
parts
of
Voyage,
namely
NACOS
Navigation,
NACOS
Automation,
Dynamic
Positioning
and
sensors
were
merged
into
a
new
business
unit
and
moved
to
Wärtsilä
Portfolio
Business.
Additionally,
the
Marine
Electrical
Systems
business
unit
was
moved
from
Marine
Systems
to
Portfolio
Business
due
to
its
limited
strategic
fit
with
the
rest
of
the
group.
The
Portfolio
Business
consists
of
business
units
which
are
run
independently,
the
aim
being
to
accelerate
performance
improvement
and
unlock
value
through
divestments
or
other
strategic
alternatives.
With
this
offering,
Wärtsilä
further
optimises
marine
operations
for
lower
costs
and
reduced
emissions.
Customers
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.
In
October,
Wärtsilä
announced
the
commencement
of
a
strategic
review
of
the
Energy
Storage
and
Optimisation
business.
The
strategic
review
aims
to
assess
options
to
accelerate
the
profitable
growth
of
the
ES&O
business
in
a
way
that
benefits
its
customers,
employees,
and
the
value
creation
for
Wärtsilä
shareholders.
Wärtsilä
has
not
set
a
timetable
for
the
completion
of
the
strategic
In
November,
Wärtsilä
announced
a
plan
to
simplify
its
organisation
and
reporting
structure,
by
discontinuing
Marine
Systems
as
a
reporting
segment.
The
Gas
Solutions
business
unit
would
be
moved
to
Portfolio
Business
in
preparation
for
a
divestment.
In
connection
with
this,
the
Exhaust
Treatment
and
Shaft
Line
Solutions
business
units
would
be
moved
from
Wärtsilä
Marine
Systems
to
Wärtsilä
Marine
Power
as
of
January
1,
2024,
to
simplify
the
organisational
structure.
Consequently,
Wärtsilä
Marine
Systems
would
no
longer
constitute
an
organisational
unit
nor
a
Personnel
Wärtsilä
had
17,807
(17,581)
employees
at
the
end
of
the
year.
On
average,
the
number
of
personnel
totalled
17
666
(17
482)
in
the
Of
Wärtsilä’s
total
number
of
employees,
23%
(22)
were
located
in
Finland
and
37%
(37)
elsewhere
in
Europe.
Personnel
employed
in
Asia
represented
22%
(22)
of
the
total,
personnel
in
the
Americas
13%
(14),
and
personnel
in
other
countries
5%
(5).
Personne
l
In
June,
Saara
Tahvanainen
(b.
1974,
M.S.S.)
assumed
the
position
of
Executive
Vice
President,
Marketing
and
Communications
and
member
of
the
Board
of
Management.
Ms
Tahvanainen
succeeded
Mr
Atte
Palomäki.
Also
in
June,
Anders
Lindberg
(b.
1965,
MBA,
M.Sc.
Eng.)
assumed
the
position
of
President,
Energy,
Executive
Vice
President,
and
member
of
Board
of
Management.
Mr
Lindberg
succeeded
Mr
Sushil
Purohit.
In
November,
Wärtsilä
announced
its
plan
to
simplify
the
organisation
and
reporting
structure
by
discontinuing
Marine
Systems
as
an
organisational
unit
and
a
reporting
segment
as
of
1
January
2024.
Consequently,
Wärtsilä
Marine
Power
will
change
its
name
to
Wärtsilä
Marine
as
of
January
1,
2024.
It
will
be
led
by
Roger
Holm,
current
President,
Marine
Power
and
Executive
Vice
President.
Tamara
de
Gruyter,
current
President,
Marine
Systems,
will
continue
as
President,
Portfolio
Business,
and
Executive
Vice
President
and
member
of
the
Wärtsilä
Board
of
Management.
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
2023,
16,983
employees,
covering
93%
employees,
had
participated
in
the
Code
of
Conduct
training
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
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,
the
focusing
of
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
lay
in
the
areas
of
regulatory
emission
restrictions,
and
changes
in
customer
attitudes
to
using
combustion
engines
and
fossil
fuels.
These
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
2023,
R&D
expenditure
totalled
EUR
of
net
sales.
The
majority
of
these
investments
targeted
improved
environmental
performance.
According
to
Wärtsilä’s
“Set
for
30”
decarbonisation
commitment,
Wärtsilä’s
goal
is
by
2030:
●
To
become
carbon-neutral
in
its
own
operations,
and
●
To
provide
a
product
portfolio
ready
for
zero-carbon
fuels.
During
2023,
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.
Green
electricity
was
used
in
Finland,
Norway,
Italy
and
the
Netherlands.
Wärtsilä
also
continued
its
internal
energy
saving
campaign
globally.
During
2023,
Wärtsilä
introduced
the
marine
sector’s
first
commercially
available
4-stroke
engine-based
solution
for
ammonia
fuel.
The
new
solution
enables
a
significant
advance
in
sustainable
shipping
operations
–
during
a
time
in
which
ship
owners
are
seeking
viable
options
among
green
fuels.
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
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
1.3
per
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
2023,
the
corporate
total
recordable
injury
frequency
rate
(TRIF)
was
2.62
(2.57).
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
prohibits
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
88
%
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
for
successfully
achieving
these
ambitions
and
enabling
its
customers
to
decarbonise
their
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
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
a
major
programme
for
testing
carbon-free
solutions
with
hydrogen
and
ammonia
fuels.
Wärtsilä’s
fuel
agnostic
approach
enables
the
company
to
support
the
energy
and
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
carried
out
long-
term
product
development
activities
focusing
on
fuel
flexibility,
energy
efficiency,
and
emissions
reduction.
Already
today,
Wärtsilä
engines
can
run
on
biofuels,
ammonia,
and
methanol
as
well
as
on
hydrogen
blends.
In
2023,
the
development
of
concepts
for
pure
hydrogen
continued
throughout
the
year.
A
concept
will
be
selected
for
further
industrialisation
in
2024,
aligned
with
requirements
from
the
Energy
Business.
Also,
during
2023,
the
development
and
validation
of
ammonia
concepts
continued.
One
of
these
concepts
was
industrialised
for
the
Wärtsilä
25
Ammonia
marine
engine,
which
was
released
for
sales
at
the
end
of
2023.
Moreover,
Wärtsilä
launched
four
additional
methanol
marine
engines.
Wärtsilä
has
carried
out
an
assessment
regarding
its
economic
activities
against
the
EU
Sustainable
Finance
Taxonomy’s
Delegated
Acts,
as
required
by
the
Delegated
Act
on
Article
8.
Wärtsilä
Taxonomy
KPIs
for
the
year
2023
are
presented
in
the
tables
on
the
following
pages.
Major
parts
of
Wärtsilä’s
economic
activities,
such
as
services,
are
currently
not
covered
in
the
Delegated
Acts.
Services
accounted
for
52%
of
Wärtsilä’s
net
sales
in
2023.
Services
are
a
key
enabler
of
installation
uptime,
reliability,
reduced
fuel
consumption,
and
lower
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,
digital
technologies,
propulsion
systems,
hybrid
solutions,
integrated
powertrain
systems,
and
emission
abatement
solutions
are
key
contributors
to
making
zero-emissions
shipping
possible.
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.
17
%
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
83%
77%
88%
Eligible
17%
23%
12%
Aligned
0%
0%
0%
In
order
to
report
this
information,
Wärtsilä
has
assessed
its
economic
activities
against
the
economic
activities
included
in
the
Delegated
Acts.
Eligible
economic
activities
have
been
identified
by
comparing
the
referred
NACE
codes
in
the
Delegated
Acts
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,
Wärtsilä
compared
the
economic
activities
against
the
technical
screening
criteria,
including
the
‘do
no
significant
harm’
criteria
and
minimum
social
safeguards,
and
have
searched
for
supporting
proof
points.
With
the
approach
being
a
stringent
interpretation
of
the
alignment
criteria
provided
by
the
European
Union
regulation
on
taxonomy,
Wärtsilä
cannot
claim
any
of
the
taxonomy-eligible
revenue
streams
in
2023
as
being
also
taxonomy-aligned.
The
same
applies
to
both
capital
and
operational
expenditures
in
2023.
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.
KPI
Identified
eligible
economic
activities
Notes
Turnover
•
Energy
storage
business
•
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
•
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
the
engines’
capability
to
run
on
future
green
and
zero-carbon
fuels
was
considered
eligible
because
these
fuels
enable
Wärtsilä’s
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
biogas
solutions
•
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
the
engines’
capability
to
run
on
future
green
and
zero-carbon
fuels
was
considered
eligible
because
these
fuels
enable
Wärsilä’s
customers
to
generate
electricity
from
renewable
non-
fossil
gaseous
and
liquid
fuels
in
the
future.
No
OpEx
related
to
taxonomy
eligible
manufacturing
was
identified.