Wärtsilä announced on 5 March 2020 the reorganisation of its Marine Business into three independent businesses. The change in organisational structure will be reflected in Wärtsilä’s financial reporting as of the second quarter of 2020.
Wärtsilä’s new reporting structure
In the new organisational structure, Marine Power, Marine Systems, Voyage, and Energy constitute the reportable segments of the group, while Portfolio Business continues to be reported as other business activities. Marine Power focuses on Wärtsilä’s engine and propulsion solutions. Marine Systems consists of four end-to-end business units: Exhaust Treatment, Gas Solutions, Marine Electrical Systems, and Shaft Line Solutions. Voyage provides navigation solutions, simulation and training solutions, fleet operation solutions, and ship traffic control solutions. Energy and Portfolio Business continue in their current forms. Each business has lifecycle responsibility for their offering.
Driving long-term performance
With the new structure, Wärtsilä aims to accelerate strategy execution and drive long-term performance. Marine Power, Marine Systems, and Energy will continue to focus on delivering profitable growth by strengthening their offering of solutions and lifecycle value propositions. Established through the combination of acquisitions in the past few years, notably Eniram and more recently Transas, Voyage positions Wärtsilä as a market leader in digital business in the commercial marine industry. The Voyage offering stands out in the market, and Wärtsilä sees already today a strong increase in demand for the solutions Voyage has launched to support customers in their journey towards digitalisation. However, to further accelerate growth, continued investments in R&D, sales and marketing are needed in the coming years. Voyage’s focus will be on scaling and developing the business, thereby creating a basis for sustainable, profitable growth in the long-term. Portfolio Business will continue to be run as an independent entity, with the objective of unlocking the value of business units that are not central to Wärtsilä’s strategy.
Restated financial information
Wärtsilä’s financial information for the first quarter of 2020 and full year 2019 has been adjusted to correspond to the new reporting structure. Restated comparison figures are presented in separate excel and PDF files attached to this release. This restatement has no impact on the group’s total financial figures.