Wärtsilä

Wärtsilä Corp
Julkinen osakeyhtiö
Traded as Nasdaq Helsinki: WRT1V
Industry Manufacturing and service
Founded 12 April 1834 (1834-04-12)
Headquarters Helsinki, Finland
Key people
Products Power plants, marine propulsion systems, maintenance services
Revenue Increase €4.911 billion (2017)[1]
Increase €538 million (2017)[1]
Increase €375 million (2017)[1]
Total assets Increase €5.648 billion (2017)[1]
Total equity Increase €2.352 billion (2017)[1]
Number of employees
 Decrease 17 866 (2017 average)[1]
Website www.wartsila.com

Wärtsilä (Finnish: [ˈʋærtsilæ]) is a Finnish corporation which manufactures and services power sources and other equipment in the marine and energy markets. The core products of Wärtsilä include technologies for the energy sector, including gas, multi-fuel, liquid fuel and biofuel power plants and energy storage systems[2]; and technologies for the marine sector, including cruise ships, ferries, fishing vessels, merchant ships, navy ships, special vessels, tugs, yachts and offshore vessels. Ship design capabilities include ferries, tugs, and vessels for the fishing, merchant, offshore and special segments[3]. Services offerings include online services, underwater services, turbocharger services, and also solutions for the marine, energy, and oil and gas markets[4]. At the end of June 2018, the company employed more than 19,000 workers[5].

Wärtsilä has three main businesses; Energy Solutions focusing on the energy market, Marine Solutions focusing on the marine market and Services, responsible for supporting both markets. Wärtsilä has locations in 70 countries but operates globally.[6]

The company has signalled its intention to transform from an equipment maker, to a Smart Marine and Smart Energy company, following acquisitions of companies such as Transas, Greensmith, Guidance Marine and MSI, and the setting up of Digital Acceleration Centres in Helsinki, Singapore, Central Europe and North America.

The company is headquartered in Helsinki.

Marine market

The company services the merchant, offshore, cruise and ferry, naval, fishing, tugs, yachts and special vessel markets, and the offering includes ship design, main and auxiliary engines, auxiliary power systems, electrical and automation packages, propulsors (such as water jets, thrusters, propellers, and nozzles), seals, bearings, gears, rudders, scrubbers, boilers, and all related services, such as repair, configuration, upgrading, training, maintenance, and environmental services.

Customers comprise both shipyards and ship owners. The environmental products range from reduction of air emissions, such as NOx, SOx, CO, and volatile organic compounds (VOCs), to oily waste water treatment and other water solutions such as ballast water management systems.

In November 2017, the company introduced its Smart Marine Ecosystem vision[7], with the promise of delivering value and optimisation for customers through the use of connectivity and digitalisation.

Wärtsilä Marine was an important Finnish shipbuilder 1935–1989, building e.g. cruiseferries and a large share of the icebreakers of the world. The shipyards are now owned by Meyer Werft.

Energy market

Wärtsilä is a provider of power plants in distributed and flexible power generation.[8]

The product portfolio consists of installations up to 600 MW, running on any gaseous or liquid fuels, such as Heavy fuel oil, natural gas, liquefied natural gas (LNG), different types and qualities of fuel oils, and renewable fuels like biogas and biofuel. In addition for the reliability of traditional base power generation, the engines have the capability to start and stop quickly and they maintain their efficiency in part load, which makes them well suited for peaking power production, smart grids, and emergency power systems. They can also utilize the combined cycle and cogeneration to produce steam or hot water for heating, and trigeneration for chilled water, which can be used for air conditioning.

Wärtsilä also provides products and services for grid stability management, utilization of gas flares, pumping applications (such as pump and compression drives), financial services, and project management services for projects concerning power generation.

In May 2017, Wärtsilä signed an agreement to acquire Greensmith Energy Management Systems Inc.[9]

In March 2018, the company announced that it had delivered the world's largest solar hybrid power plant, situated in Burkina Faso.

Wärtsilä provides about 25 percent of Bangladesh's total grid capacity, with the company's total power supply to Bangladesh rising to more than 4200 MW when a 105MW power plant being built by Baraka Shikalbaha Power Ltd. goes fully operational in spring 2019.

Wärtsilä's wide energy solutions and systems footprint includes the USA, Germany, the UK, China, Singapore, Bangladesh, India, Indonesia, Myanmar, Senegal, the Dominican Republic, Australia, Saudi Arabia, Tanzania, Morocco, Argentina, Sierra Leone, Brazil, Finland, Mauritius, Rwanda, Honduras, El Salvador, Kazakhstan, Mexico, Jordan and Oman.

The company envisions a 100% renewable energy future.

Services market

The wholly owned service network consist of over 4,500 field services professionals in more than 160 locations in over 70 countries globally, with the installed base of over 180 000 MW. The focus lies on optimising operations and lifecycle performance of land based power plants and ship installations.[10]

Wärtsilä provides services, spare parts, maintenance, upgrades, and fuel conversions solutions for medium and low-speed gas and diesel engines and other related systems, propulsion systems, electrical & automation systems, boilers including environmental solutions regarding particulates and NOx, covering scrubber, selective catalytic reduction (SCRs), oxidation catalysts,[11] ballast water treatment systems and oily-water systems, long-term service agreements, training, condition monitoring, and condition-based maintenance and advisory services.

In January 2017, Wärtsilä and Carnival Corporation announced a 12-year performance-based agreement worth 900 million euros.[12]

Acquisitions in the Services business include Eniram in 2016 to boost the company's digital offering; Trident B.V in 2017 to strengthen underwater services; and LOCK-N-STITCH to boost the QuantiServ service.

Wärtsilä Experience Centres, situated in key markets around the world, play a critical role in customer installation operations and maintenance.

Market share and competitors

At the end of 2017, Wärtsilä’s market share in marine medium-speed main engines was 47% and in auxiliary engines 10%. Wärtsilä’s market share for gas and liquid fuel power plants was 19%.[13]

Wärtsilä’s biggest competitors in the marine market are MAN Diesel & Turbo, Caterpillar Inc. and Rolls-Royce plc. and in the energy market the biggest competitors are mainly gas turbine manufacturers like General Electric and Siemens.

Engines

Emma Mærsk is powered by a single low-speed Wärtsilä-Sulzer RT-flex96C engine.

Wärtsilä produces a wide range of medium-speed diesel, gas and dual- and multi-fuel engines for marine propulsion, electricity generation on board ships and for land-based power stations. A joint venture agreement between Wärtsilä and China State Shipbuilding Corporation (CSSC) for the take-over of Wärtsilä’s 2-stroke engine business was announced in July 2014 and finalized in January 2015.

The engine models are generally identified by the cylinder bore diameter in centimeters, which as of 2012 range from 20 to 64 centimetres (7.9 to 25.2 inches) for medium-speed and 35 to 96 centimetres (14 to 38 inches) for low-speed engines. The smallest engine series, four-stroke medium-speed Wärtsilä 20, produces a modest 200 kW (270 hp) per cylinder while the largest, two-stroke low-speed Wärtsilä RT-flex96C, has a maximum output of 5,720 kW (7,670 hp) per cylinder. In addition, Wärtsilä also produces the most powerful medium-speed engine series in the world, Wärtsilä 64, with an output of 2,150 kW (2,880 hp) per cylinder. Depending on the engine model, Wärtsilä offers medium-speed engines in both straight and V configurations with the number of cylinders ranging from four (4L20) to twenty (20V46F), and low-speed engines in inline configuration with five (5RT-flex35) to fourteen cylinders (14RT-flex96C). The most powerful low-speed engine ever produced by Wärtsilä, a 14-cylinder version of the RT-flex96C, produces 80,080 kW (107,390 hp) and is used to propel the Mærsk E-class container ships.

In 2015, the Wärtsilä 31 engine achieved a Guinness World Records title for the most efficient 4-stroke diesel engine.

Wärtsilä revealed manipulation of fuel consumption tests after an internal audit in 2016, with a few hundred engines affected.[14][15] According to the company, the customer impact of the deviations was marginal.

Management

Board of Directors

Mikael Lilius, Chairman of the Board; Tom Johnstone, Deputy Chairman of the Board; Kaj-Gustaf Bergh; Maarit Aarni-Sirviö; Karin Falk; Johan Forssell; Risto Murto; Markus Rauramo.

Board of Management

Jaakko Eskola, President and CEO; Pierpaolo Barbone, Deputy to the CEO and President, Services & Executive Vice President; Päivi Castrén, Executive Vice President, Human Resources; Kari Hietanen, Executive Vice President, Corporate Relations and Legal Affairs; Roger Holm, President, Marine Solutions & Executive Vice President; Atte Palomäki, Executive Vice President, Communications & Branding; Javier Cavada Camino, President, Energy Solutions & Executive Vice President; Marco Ryan, Executive Vice President and CDO; Marco Wirén, Executive Vice President and CFO;

Key figures

Key figures of Jan-Dec 2017:[16]

  • Order intake – EUR 5 644 million (4 927)
  • Order book – EUR 5 064 million (4 696)
  • Net sales – EUR 4 923 million (4 801)
  • Operating result – EUR 590 million (583), 12.0% of net sales (12.1%)
  • Earnings per share – 1.95 euro (1.79)
  • Cash flow from operating activities EUR 430 million (613)

All numbers are shown excluding non-recurring items and selling profits.

See also

References

  1. 1 2 3 4 5 6 "Financial information". Wärtsilä. Retrieved 23 July 2018.
  2. ↑ "Power Generation Solutions". www.wartsila.com. Retrieved 2018-09-26.
  3. ↑ "Areas of Expertise - Your shorter route to bigger profits". www.wartsila.com. Retrieved 2018-09-26.
  4. ↑ "Areas of Expertise - Wärtsilä Services". www.wartsila.com. Retrieved 2018-09-26.
  5. ↑ "Half year financial report January-June 2018" (PDF).
  6. ↑ "Wärtsilä Global Address Book". 2017-06-21.
  7. ↑ "Wärtsilä introduces its Smart Marine Ecosystem vision". www.wartsila.com. Retrieved 2018-09-26.
  8. ↑ http://www.power-technology.com/contractors/powerplantequip/wartsila/press28.html, Wärtsilä to Deliver 200MWe Power Plant to Pakistan. Retrieved 23 February 2011.
  9. ↑ "Wärtsilä acquires Greensmith Energy Management Systems Inc. to position itself as a global energy systems integrator". www.wartsila.com. 15 May 2017. Retrieved 27 September 2018.
  10. ↑ http://www.wartsila.com/file/Wartsila/en/1278526270975a1267106724867-Corporate-Presentation_2012.pdf, Corporate presentation 2012. Retrieved 12 March 2013.
  11. ↑ Wärtsilä Low NOx Solutions Archived September 29, 2015, at the Wayback Machine. Wärtsilä, 2008
  12. ↑ "Wärtsilä and Carnival Corporation announce strategic performance-based partnership". www.wartsila.com. 25 January 2017.
  13. ↑ "Market shares". wartsila.com.
  14. ↑ "Finsk koncern erkänner fusk med båtmotorer".
  15. ↑ "UPDATE 1-Finland's Wartsila admits manipulation of ship engine fuel tests". Reuters. 2017-03-07. Retrieved 2016-10-26.
  16. ↑ "Financial Statement bulletin January-December 2017". Wärtsilä. Retrieved 23 July 2018.
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