WÄRTSILÄ CORPORATION RESULT PRESENTATION January 2017 Jaakko Eskola, President & CEO. Wärtsilä PUBLIC

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1 WÄRTSILÄ CORPORATION RESULT PRESENTATION January 217 Jaakko Eskola, President & CEO 1 Wärtsilä PUBLIC 27 January 217 Result presentation 216

2 Highlights 216 Order intake stable at EUR 4,927 million Net sales EUR 4,81 million, -5% Book-to-bill 1.3 (.98) Comparable operating result EUR 583 million, 12.1% of net sales (EUR 612 million or 12.2%) Earnings per share EUR 1.79 (2.25) Cash flow from operating activities EUR 613 million (255) Order book at the end of the period EUR 4,696 million, -4% Dividend proposal EUR 1.3 per share, to be paid in two equal instalments 2

3 Improved sentiment in the energy markets supported order intake MEUR Fourth quarter development 4 5 MEUR ,43 1,324-6% -1% Services % Marine Solutions % Energy Solutions Q4/215 Q4/216 Q1-Q3 Q4 3

4 Net sales developed in line with guidance MEUR MEUR Fourth quarter development ,59-2% 3% 1,559 Services % 11% Marine Solutions Energy Solutions Q4/215 Q4/216 Q1-Q3 Q4 4

5 Net sales by business 216 Services 46% (43) Marine Solutions 35% (34) Energy Solutions 2% (22) 5

6 Book-to-bill MEUR 5 5 1, ,2 1, 3 5 3,8 2 5, ,4 1 5, Order intake Net sales Book-to-bill, 6 Wärtsilä PUBLIC 27 January 217 Result presentation 216

7 Order book distribution MEUR Delivery next year Delivery after next year 7

8 Operating result supported by good fourth quarter MEUR 7 14% 6 1.9% 11.2% 11.9% 12.2% 12.1% 12% 5 1% 4 8% 3 6% 2 4% 1 2% % Comparable operating result % of net sales Items affecting comparability include restructuring costs of EUR 48 million (19) and acquisition related & other costs of EUR 3 million (6) for the review period January-December 216. Figures for include both discontinued and continuing operations. 8

9 ENERGY SOLUTIONS 9

10 Q4/213 Q1/214 Q2/214 Q3/214 Q4/214 Q1/215 Q2/215 Q3/215 Q4/215 Q1/216 Q2/216 Q3/216 Q4/216 ENERGY SOLUTIONS Quotation activity per fuel type MW Liquid fuel Gas Multi-fuel 2 1 Calculated on a 12 months rolling basis 1

11 ENERGY SOLUTIONS Strong ordering activity in Energy Solutions MEUR 1 8 Review period development Total EUR 1,448 million (1,9) % 27% Utilities Independent power producers % Industrials Review period order intake by fuel in MW 4 2 Oil 55% Gas 45% Q1-Q3 Q4 11

12 ENERGY SOLUTIONS Order intake globally Europe* 1,93 (1,42) Asia 96 (299) Americas 921 (638) Utilities Africa and Middle East 54 (457) 55 IPP s (Independent Power Producers) Industrials Order intake 216: 3,513 MW (2,436) *Turkish owners contributed to the high level of activity in Europe. 12

13 Wärtsilä to deliver a 1 MW combined heat and power (CHP) plant to Germany As part of its climate action plan, Germany has committed to increasing the share of electricity produced by CHP power plants to 25% of the total electricity production by 225. Unlike traditional CHP power plants, Wärtsilä gas engines enable quick power output adjustments to respond to the fluctuations in power demand as signalled by the electricity price. 13

14 ENERGY SOLUTIONS Market for gas and liquid fuel power plants, <5 MW 1-9/ /216 Wärtsilä 9.9% MHI 19.8% Ansaldo Other GT s 5.5%.8% Ansaldo 7.2% GE 38.8% MHI 12.% Other GT s 5.6% GE 35.2% Wärtsilä 14.7% Siemens 25.2% Siemens 25.3% <5 MW market volume: 17.4 GW (17.), +2% Total market volume: 49.2 GW (43.9), +12% Market data includes all Wärtsilä power plants and other manufacturers gas and liquid fuelled gas turbine based power plants with prime movers above 5 MW, as well as 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. 14

15 MARINE SOLUTIONS 15

16 Number of vessels Million CGT MARINE SOLUTIONS Exceptionally low newbuild vessel orders in 216 Merchant Offshore Cruise and Ferry Special vessels 3 months moving average in CGT * 25 5, 4,5 2 4, ,5 3, 2,5 2, 1,5 1,,5, * Source: Clarkson Research Services, figures exclude late contracting * CGT= gross tonnage compensated with workload 16 Wärtsilä PUBLIC 27 January 217 Result presentation 216

17 MARINE SOLUTIONS Cruise & ferry supported Marine Solutions order intake MEUR Review period development Total EUR 1,285 million (1,599) Gas carriers 13% Offshore 3% Special vessels 9% 9 6 Traditional merchant 2% Cruise & ferry 38% Q1-Q3 Q4 Others 7% Navy 1% 17

18 MARINE SOLUTIONS Marine Solutions order book 31 December 216 RoRo 3% Tankers 4% Containers 5% Cargo 1% Bulk carriers 1% Other merchant 2% Offshore 12% Gas carriers 21% Cruise & Ferry 27% Other vessel 1% Non-vessel 3% Special vessels 7% Navy 13% 18

19 Upcoming environmental regulations support the demand for Wärtsilä s solutions UK based Wightlink ordered a comprehensive range of modern equipment and systems to ensure a high level of environmental efficiency for their new ferry. This will be the first ferry to utilise Wärtsilä hybrid battery technology. Construcciones Navales del Norte SL ordered an LNG power and propulsion installation for its new RoRo passenger ferry. This eco-efficient smartship will be the first gas-powered RoRo passenger ferry operating in the Mediterranean Sea. Kuva pitää vaihtaa, bonny kalvon kuva voisi sopia tähän 19

20 MARINE SOLUTIONS Strong position in marine engine market Medium-speed main engines Others 1% (11) Auxiliary engines Wärtsilä 18% (16) Caterpillar 15% (15) Wärtsilä 51% (5) Others 82% (84) MAN D&T 24% (24) Total market volume last 12 months: 2,392 MW (2,358) Total market volume last 12 months: 2,29 MW (3,617) Wärtsilä s market shares are calculated on a 12 months rolling basis, numbers in brackets are from the end of the previous quarter. The calculation is based on Wärtsilä s own data portal. 2

21 SERVICES 21

22 SERVICES Stable development in Services net sales MEUR MEUR Fourth quarter development % Q4/215 Q4/216 Q1-Q3 Q4 22 Wärtsilä PUBLIC 27 January 217 Result presentation 216

23 SERVICES Net sales distribution 216 By product area By segment Spare parts 49% (51) Field service 23% (23) Agreements 15% (16) Offshore 9% (13) Navy 8% (7) Special Vessels 7% (8) Energy Solutions 39% (37) Projects 13% (1) Merchant 24% (24) Cruise & Ferry 13% (11) Total EUR 2,19 million (2,184) 23

24 SERVICES Installed base totalling 18, MW MW Energy Solutions Marine Solutions, 4-stroke Marine Solutions, 2-stroke 24

25 MW SERVICES Installed base covered by service agreements 16 3% 14 25% % 8 15% 6 4 1% 2 5% % MW under agreement Energy Solutions % of Energy Solutions installed base MW under agreement Marine Solutions % of Marine Solutions installed base 25 Wärtsilä PUBLIC 27 January 217 Result presentation 216

26 Wärtsilä and Carnival Corporation announce strategic partnership 12-year agreement Ensuring safety and reliability of Carnival s fleet Reducing operational costs Wärtsilä provides all engine maintenance and monitoring for fleet of 79 vessels Continuous planning together with Carnival Performance-based revenue model Wärtsilä s biggest service contract in history Digitising fleet operations 26

27 FINANCIALS 27

28 FINANCIALS Operating cash flow development MEUR

29 FINANCIALS Working capital development MEUR % % 1 15% % % % % % 1% 5% % Working capital Total inventories Advances received Working capital / Net sales 29 Wärtsilä PUBLIC 27 January 217 Result presentation 216

30 FINANCIALS Gearing,5,4,3,2,1, Wärtsilä PUBLIC 27 January 217 Result presentation 216

31 FINANCIALS EPS and dividend per share EUR 2,5 2, , ,,5, * EPS Dividend * Dividend Proposal of the Board 31 Wärtsilä PUBLIC 27 January 217 Result presentation 216

32 Setti 1 Setti 1 Prospects for 217 The overall demand for Wärtsilä s services and solutions in 217 is expected to be relatively unchanged from the previous year. Demand by business area is anticipated to develop as follows: Solid in Services with growth opportunities Solid in Energy Solutions Soft in Marine Solutions 32

33 THANK YOU Further information: Natalia Valtasaari Director, Investor & Media Relations Tel ()

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