2012 RESULT PRESENTATION

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1 212 RESULT PRESENTATION BJÖRN ROSENGREN, PRESIDENT & CEO 25 JANUARY 213 Wärtsilä

2 Net sales back to growth with stable profitability 212 development Order intake EUR 4,94 million, +9% Net sales EUR 4,725 million, +12% Book-to-bill 1.5 (1.7) EBITA EUR 55 million, 11.6% of net sales EBIT EUR 515 million, 1.9% of net sales EPS EUR 1.72 (1.44), +19% Cash flow from operating activities EUR 153 million (232) Dividend proposal 1. euro per share (.9) EBIT is shown excluding non-recurring items. EBITA is shown excluding non-recurring items and intangible asset amortisation related to acquisitions. 2 Wärtsilä

3 Growth in order intake MEUR Fourth quarter development MEUR % % 5% 1% Services Ship Power Power Plants Q4/211 Q4/212 3 Wärtsilä

4 Good development in net sales MEUR % -13% 4-7.6% 12% Fourth quarter development MEUR % 4% Services % Ship Power Power Plants % Q4/211 Q4/212 4 Wärtsilä

5 Net sales by business 212 Ship Power 28% (24) Services 4% (43) Power Plants 32% (32) 5 Wärtsilä

6 Net sales by market area - Asia s share over 4% MEUR Asia Europe Americas Other 6 Wärtsilä

7 Top 1 countries USA 5% United Kingdom Dominican Republic 5% 3% Norway 5% 3% The Netherlands China South Korea 7% 8% 4% Brazil 3% 3% Singapore Indonesia % of 212 net sales 7 Wärtsilä

8 Book-to-bill ratio remains above one MEUR 6 1, , , 35.88, ,6 2 15,4 1, , Order intake Net sales Book-to-bill 8 Wärtsilä

9 Growth in order book MEUR % % % 2% Services Ship Power Power Plants Wärtsilä

10 Order book provides good base for 213 MEUR Delivery next year Delivery next year or later 1 Wärtsilä

11 EBITA development stable EBIT, MEUR 25 16% % 11.4% 12.8% 12.1% 11.% 1.7% 11.5% 11.6% 11.1% 1.9% 14% 12% 1% EBIT% target: 1-14% 8% 1 6% 5 4% 2% Q1 Q2 Q3 Q4 EBITA% before non-recurring items and intangible asset amortisation related to acquisitions EBIT% before non-recurring items % 11 Wärtsilä

12 Wärtsilä Good activity in gas based power generation markets

13 MW Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Good level of quotes Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Quoted MW per Fuel Type Others Natural gas Heavy fuel oil Share of natural gas is consistently increasing. 13 Wärtsilä

14 Quarterly order intake MEUR Q1 Q2 Q3 Q4 14 Wärtsilä

15 Order intake by application MEUR Review period development Total EUR 1,515 million (1,62) 4% 6% 77% 14% Industrial self-generation Flexible baseload Oil & gas Grid stability & peaking Review period order intake by fuel in MW Renewables 1% Oil 25% Gas 74% 15 Wärtsilä

16 Major power plant order from Mozambique Contract to engineer, supply and install a gas fuelled power plant to Mozambique, the biggest gas power plant ever installed in the country Contract value EUR 138 million Contract signed with a joint venture owned by Sasol New Energy from South Africa and the Mozambique state utility Scope of supply 18 Wärtsilä 34SG engines running on natural gas Wärtsilä s presence in southern Africa is likely to strengthen further as the use of natural gas continues to be developed 16 Wärtsilä

17 Global order intake Europe 89 (788) Asia 869 (1,55) Americas 919 (713) Africa and Middle East 1,269 (784) Flexible baseload Industrial self-generation Grid stability & peaking Oil & gas 1,94 Order intake 212: 3,146 MW (3,34) 17 Wärtsilä

18 Market for gas and liquid based power plants H1 212 Total market 28.8 GW 1.9% 3.1% 3.5% 4.9% GE Siemens 32.2% MHI 26.3% Wärtsilä Ansaldo 28.1% Alstom Other gas turbines Market data includes all prime mover units over 5 MW and estimated output of steam turbines for combined cycles. The data is gathered from the McCoy Power Report. Other combustion engines not included, in engine technology Wärtsilä has a leading position. 18 Wärtsilä

19 Wärtsilä An active year in offshore and specialised vessels

20 # of vessels Vessel order development Million CGT* 14 Merchant Offshore Cruise and Ferry Special vessels 3 months moving average in CGT * Source: Clarkson Research Services *CGT= gross tonnage compensated with workload 2 Wärtsilä

21 Order intake increased by 45% MEUR 2 Review period development Total EUR 1,453 million (1,) Merchant 28% Offshore 46% 8 Other 1% Special vessels 12% Cruise & ferry 6% Navy 7% 21 Wärtsilä

22 High activity in offshore markets Offshore markets continued to be active in Q4/212 and Wärtsilä received several major orders: An order to supply complete mechanical packages for three new drillships to be built as a part of the ongoing Brazilian DRU program An integrated solution for a LNG powered platform supply vessel to be built in Norway A contract to supply a complete LNG package for an offshore support vessel to operate in the Gulf of Mexico The overall contracting mix is expected to continue favouring the offshore segment in Wärtsilä

23 Ballast water management systems Wärtsilä offers ballast water management systems based on the two most common technologies: ultra-violet (UV) treatment and electro-chlorination (EC) The AQUARIUS EC based system was granted basic approval in October 212, type approval expected in Q2/213 All testing of the AQUARIUS UV system has been completed, and type approval was received in December 212 First orders for UV-systems were received and delivered in Wärtsilä

24 Joint venture ordering activity MEUR Order intake in the South Korean joint venture producing dual-fuel engines and the Chinese joint venture producing auxiliary engines totalled EUR 242 million (394) during the review period January-December 212 Wärtsilä s share of ownership in these companies is 5%, profits are reported as a share of result in associates and joint ventures Q4/212 Q3/212 Q2/212 Q1/212 Q4/211 Q3/211 Q2/211 Q1/211 Q4/21 Q3/21 Q2/21 Q1/21 Joint venture order intake (Wärtsilä Hyundai Engine Company Ltd and Wärtsilä Qiyao Diesel Company Ltd) Ship Power order intake 24 Wärtsilä

25 Ship Power order book 31 December 212 Merchant 3% Bulkers 5% Containers 2% Tankers 11% LNG* 7% Offshore 45% Cargo 5% Others 1% Navy 8% Special vessels 8% Cruise & Ferry 7% * Excluding order book from South Korean joint venture 25 Wärtsilä

26 Market position of Wärtsilä s marine engines Medium-speed main engines Low-speed main engines Mitsubishi 2%(2) Auxiliary engines Wärtsilä 4%(5) Others 25%(23) Wärtsilä 47%(48) Wärtsilä 18%(18) MAN Diesel 23%(23) MAN Diesel 8%(8) Others 96%(95) Caterpillar (MAK) 5%(6) Total market volume last 12 months: 4,356 MW (4,481) Total market volume last 12 months: 11,17 MW (8,498) Total market volume last 12 months: 3,585 MW (3,367) Wärtsilä s market shares are calculated on a 12 months rolling basis, numbers in brackets are from the end of the previous quarter. Wärtsilä s own calculation is based on Marine Market Database. 26 Wärtsilä

27 Wärtsilä Services net sales reached an all time high level

28 Services net sales back to growth MEUR % % % 5% Fourth quarter development MEUR % Q4/211 Q4/ Wärtsilä

29 Net sales by quarter MEUR Q1 Q2 Q3 Q4 29 Wärtsilä

30 Net sales distribution 212 Field service 23%(24) Spare parts 53%(51) Contracts 15%(15) Projects 9%(1) Total EUR 1,98 million (1,816) 3 Wärtsilä

31 Services distribution per business 212 Net sales distribution Total EUR 1,98 million Installed base distribution Total 181,2 MW Ship Power Power Plants Ship Power Power Plants In addition to Engine Services, Wärtsilä s Services portfolio includes: Electrical & Automation Services, Propulsion Services, Boiler Services, Environmental Services, O&M and Training Services 31 Wärtsilä

32 Good demand for power plant services Several service agreements signed and renewed with power plants customers in Q4/212: A 15-year parts supply agreement and a 5-year technical service agreement with KEPCO Plant Service & Engineering Co. in Jordan A maintenance agreement with South Texas Electric Cooperative in the USA A four year extension to the O&M agreement with Guyana Power & Light, Inc. A three years extension to an O&M agreement with United Cement Company of Nigeria Ltd. An increase in the installed power plants base provides a good outlook for services to the power segment in Wärtsilä

33 Development of Power Plants service agreements MW 45 9% 4 8% 35 7% 3 53% 57% 58% 57% 6% 25 5% % 4% 3% 1 2% 5 1% % O&M and maintenance agreements Power Plants deliveries % of delivered MWs 33 Wärtsilä

34 Fleet utilisation Anchored* & Idle Vessels**, % of fleet 26% 22% 18% 14% 1% 6% 2% Jan.12 Dec.11 Nov.11 Oct.11 Sep.11 Aug.11 Jul.11 Jun.11 May.11 Fleet Average Speed***, knots Oct.12 Sep.12 Aug.12 Jul.12 Jun.12 May.12 Apr.12 Mar.12 Feb.12 Anchored Idle Nov.12 Dec.12 1,5 1, 9,5 9, Apr.11 Apr.11 May.11 Jun.11 Jul.11 Aug.11 Sep.11 Oct.11 Nov.11 Dec.11 Jan.12 Feb.12 Mar.12 Mar.12 Apr.12 May.12 Jun.12 Jul.12 Aug.12 Sep.12 Oct.12 Nov.12 Dec.12 Jan.13 * Source Bloomberg (AISLive). More than 25, vessels (>299 GT) covered. ** Idle (no movement for 19 days for containerships, others 35 days). Source Lloyd s MIU. Around 15, vessels (>299 GT) covered. *** Source Bloomberg 34 Wärtsilä

35 Cash flow from operating activities MEUR Wärtsilä

36 Net working capital development MEUR 2 25% % % 1 1.9% 8 9.2% 1% 6 5.8% % % 235 5% % Net Working Capital Total Inventories Advances Received Net Working Capital / Net sales 36 Wärtsilä

37 Committed loans 31 December 212 MEUR Total EUR 794 million drawn Drawn longterm loans Current portion of long-term loans Drawn shortterm loans Undrawn revolving credits At the end of the reporting period, drawn revolving credits amounted to euro. Drawn short-term loans include EUR 141 million Finnish Commercial Papers. The total amount of Finnish Commercial Paper Programs was EUR 7 million (uncommitted). 37 Wärtsilä

38 Financial position Solvency 5% 45% 4% 35% 3% 25% 2% 15% 1% Gearing,7,6,5,4,3,2,1 5% %, , Wärtsilä

39 EPS and dividend per share EUR 2,5 2, ,5 1, 1.,5, * EPS Dividend Extra dividend * Dividend Proposal of the Board 39 Wärtsilä

40 Market outlook Power Plants: The overall market for natural gas and liquid fuel based power generation in 213 is expected to be similar to that of 212. Ship Power: Our outlook for the shipping and shipbuilding market in 213 is cautious, although slightly better than in 212. Overall, the contracting mix is expected to be in line with that seen in 212, favouring offshore and specialised vessel segments. Services: The overall service market outlook remains stable. 4 Wärtsilä

41 Prospects for 213 Wärtsilä expects its net sales for 213 to grow by -1% and its operational profitability (EBIT% before non-recurring items) to be around 11%. Wärtsilä

42 IR Contact: Pauliina Tennilä Director, Investor Relations Tel ()

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