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"ifrs-full:OtherComprehensiveIncome", "entity": "scheme:743700G7A9J1PHM3X223", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:EUR" } }, "ID_347": { "value": "73000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:743700G7A9J1PHM3X223", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:EUR" } }, "ID_329": { "value": "74000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:743700G7A9J1PHM3X223", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:EUR" } }, "ID_335": { "value": "-9000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:743700G7A9J1PHM3X223", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember", "unit": "iso4217:EUR" } }, "ID_330": { "value": "9000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:743700G7A9J1PHM3X223", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfRemeasurementsOfDefinedBenefitPlansMember", "unit": "iso4217:EUR" } }, "ID_331": { "value": "194000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:743700G7A9J1PHM3X223", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:EUR" } }, "ID_332": { "value": "268000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:743700G7A9J1PHM3X223", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:EUR" } }, "ID_333": { "value": "-1000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:743700G7A9J1PHM3X223", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:EUR" } }, "ID_334": { "value": "267000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:743700G7A9J1PHM3X223", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:EUR" } }, "ID_381": { "value": "118000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:743700G7A9J1PHM3X223", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:EUR" } }, "ID_382": { "value": "118000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:743700G7A9J1PHM3X223", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:EUR" } }, "ID_383": { "value": "2000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:743700G7A9J1PHM3X223", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:EUR" } }, "ID_384": { "value": "120000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:743700G7A9J1PHM3X223", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:EUR" } }, "ID_385": { "value": "-18000000", "decimals": -6, "dimensions": { "concept": "Wartsila:RepurchaseOfOwnShares", "entity": "scheme:743700G7A9J1PHM3X223", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:EUR" } }, "ID_386": { "value": "-18000000", "decimals": -6, "dimensions": { "concept": "Wartsila:RepurchaseOfOwnShares", "entity": "scheme:743700G7A9J1PHM3X223", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:EUR" } }, "ID_387": { "value": "-18000000", "decimals": -6, "dimensions": { "concept": "Wartsila:RepurchaseOfOwnShares", "entity": "scheme:743700G7A9J1PHM3X223", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:EUR" } }, "ID_368": { "value": "7000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:743700G7A9J1PHM3X223", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:EUR" } }, "ID_369": { "value": "7000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:743700G7A9J1PHM3X223", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:EUR" } }, "ID_370": { "value": "7000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:743700G7A9J1PHM3X223", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:EUR" } }, "ID_291": { "value": "336000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:743700G7A9J1PHM3X223", "period": "2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:EUR" } }, "ID_292": { "value": "61000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:743700G7A9J1PHM3X223", "period": "2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:EUR" } }, "ID_293": { "value": "-122000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:743700G7A9J1PHM3X223", "period": "2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:EUR" } }, "ID_299": { "value": "-18000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:743700G7A9J1PHM3X223", "period": "2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember", "unit": "iso4217:EUR" } }, "ID_294": { "value": "-36000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:743700G7A9J1PHM3X223", "period": "2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfRemeasurementsOfDefinedBenefitPlansMember", "unit": "iso4217:EUR" } }, "ID_295": { "value": "2094000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:743700G7A9J1PHM3X223", "period": "2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:EUR" } }, "ID_296": { "value": "2315000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:743700G7A9J1PHM3X223", "period": "2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:EUR" } }, "ID_297": { "value": "8000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:743700G7A9J1PHM3X223", "period": "2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:EUR" } }, "ID_298": { "value": "2323000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:743700G7A9J1PHM3X223", "period": "2022-01-01T00:00:00", "unit": "iso4217:EUR" } }, "ID_96": { "value": "
Majority
\u00a0
of
\u00a0
the
\u00a0
accounting
\u00a0
principles
\u00a0
applied
\u00a0
to
\u00a0
the
\u00a0
consolidated
\u00a0
financial
\u00a0
statements,
\u00a0
as
\u00a0
well
\u00a0
as
\u00a0
the
\u00a0
most
significant
\u00a0
judgements,
\u00a0
estimates,
\u00a0
and
\u00a0
assumptions
\u00a0
made
\u00a0
by
\u00a0
the
\u00a0
management,
\u00a0
are
\u00a0
presented
\u00a0
in
\u00a0
the
\u00a0
relevant
notes
\u00a0
to
\u00a0
provide
\u00a0
readers
\u00a0
a
\u00a0
better
\u00a0
understanding
\u00a0
of
\u00a0
the
\u00a0
financial
\u00a0
statements.
1.1.
\u00a0
ENTITY
\u00a0
INFORMATION
W\u00e4rtsil\u00e4 Corporation
\u00a0
is
\u00a0
a
\u00a0
Finnish
listed company
\u00a0
organised
\u00a0
under
\u00a0
the
\u00a0
laws
\u00a0
of
Finland
\u00a0
and
\u00a0
domiciled
\u00a0
in
Helsinki
.
The
\u00a0
address
\u00a0
of
\u00a0
its
\u00a0
registered
\u00a0
office
\u00a0
is
Hiililaiturinkuja 2, 00180 Helsinki
.
W\u00e4rtsil\u00e4 Corporation
\u00a0
is
\u00a0
the
\u00a0
ultimate
parent
\u00a0
company
\u00a0
in
\u00a0
the
\u00a0
W\u00e4rtsil\u00e4
\u00a0
Group.
W\u00e4rtsil\u00e4 is a global leader in smart technologies and complete lifecycle solutions for the marine and energy
markets. By emphasising sustainable innovation, total efficiency and data analytics, W\u00e4rtsil\u00e4 maximises the
environmental and economic performance of the vessels and power plants of its customers.
In
\u00a0
2022,
W\u00e4rtsil\u00e4
\u2019s
\u00a0
net
\u00a0
sales
\u00a0
totalled
\u00a0
EUR
\u00a0
5.8
\u00a0
billion
\u00a0
with
\u00a0
17,581
\u00a0
employees.
\u00a0
The
\u00a0
company
\u00a0
has
\u00a0
operations
\u00a0
in
242
\u00a0
locations
\u00a0
in
\u00a0
79
\u00a0
countries
\u00a0
around
\u00a0
the
\u00a0
world.
\u00a0
W\u00e4rtsil\u00e4
\u00a0
is
\u00a0
listed
\u00a0
on
\u00a0
Nasdaq
\u00a0
Helsinki.
These
\u00a0
consolidated
\u00a0
financial
\u00a0
statements
\u00a0
were
\u00a0
authorised
\u00a0
for
\u00a0
release
\u00a0
by
\u00a0
the
\u00a0
Board
\u00a0
of
\u00a0
Directors
\u00a0
of
W\u00e4rtsil\u00e4
Corporation
\u00a0
on
\u00a0
30
\u00a0
January
\u00a0
2023,
\u00a0
after
\u00a0
which,
\u00a0
in
\u00a0
accordance
\u00a0
with
\u00a0
the
\u00a0
Finnish
\u00a0
Corporate
\u00a0
Act,
\u00a0
the
\u00a0
shareholders
have
\u00a0
a
\u00a0
right
\u00a0
to
\u00a0
approve
\u00a0
or
\u00a0
reject
\u00a0
the
\u00a0
financial
\u00a0
statements
\u00a0
in
\u00a0
the
\u00a0
Annual
\u00a0
General
\u00a0
Meeting.
\u00a0
The
\u00a0
Annual
\u00a0
General
Meeting
\u00a0
also
\u00a0
has
\u00a0
the
\u00a0
possibility
\u00a0
to
\u00a0
decide
\u00a0
upon
\u00a0
changes
\u00a0
to
\u00a0
the
\u00a0
financial
\u00a0
statements.
1.2.
\u00a0
BASIS
\u00a0
OF
\u00a0
PREPARATION
The
\u00a0
consolidated
\u00a0
financial
\u00a0
statements
\u00a0
are
\u00a0
prepared
\u00a0
in
\u00a0
accordance
\u00a0
with
\u00a0
the
\u00a0
International
\u00a0
Financial
\u00a0
Reporting
Standards
\u00a0
(IFRS)
\u00a0
by
\u00a0
applying
\u00a0
IAS
\u00a0
and
\u00a0
IFRS
\u00a0
standards
\u00a0
and
\u00a0
their
\u00a0
SIC
\u00a0
and
\u00a0
IFRIC
\u00a0
interpretations,
\u00a0
which
\u00a0
were
\u00a0
in
force
\u00a0
on
\u00a0
31
\u00a0
December
\u00a0
2022.
\u00a0
International
\u00a0
Financial
\u00a0
Reporting
\u00a0
Standards
\u00a0
refer
\u00a0
to
\u00a0
the
\u00a0
standards,
\u00a0
and
\u00a0
their
interpretations,
\u00a0
approved
\u00a0
for
\u00a0
application
\u00a0
in
\u00a0
the
\u00a0
EU
\u00a0
in
\u00a0
accordance
\u00a0
with
\u00a0
the
\u00a0
procedures
\u00a0
stipulated
\u00a0
in
\u00a0
the
\u00a0
EU\u2019s
regulation
\u00a0
(EC)
\u00a0
No.
\u00a0
1606/2002
\u00a0
and
\u00a0
embodied
\u00a0
in
\u00a0
Finnish
\u00a0
accounting
\u00a0
legislation
\u00a0
and
\u00a0
the
\u00a0
statutes
\u00a0
enacted
\u00a0
under
it.
\u00a0
The
\u00a0
notes
\u00a0
to
\u00a0
the
\u00a0
consolidated
\u00a0
financial
\u00a0
statements
\u00a0
also
\u00a0
comply
\u00a0
with
\u00a0
the
\u00a0
Finnish
\u00a0
accounting
\u00a0
and
\u00a0
corporate
legislation.
All
\u00a0
intragroup
\u00a0
transactions,
\u00a0
dividend
\u00a0
distributions,
\u00a0
receivables
\u00a0
and
\u00a0
liabilities,
\u00a0
as
\u00a0
well
\u00a0
as
\u00a0
unrealised
\u00a0
margins,
\u00a0
are
eliminated
\u00a0
in
\u00a0
the
\u00a0
consolidated
\u00a0
financial
\u00a0
statements.
\u00a0
In
\u00a0
the
\u00a0
consolidated
\u00a0
statements
\u00a0
of
\u00a0
income
\u00a0
and
comprehensive
\u00a0
income,
\u00a0
non-controlling
\u00a0
interests
\u00a0
have
\u00a0
been
\u00a0
separated
\u00a0
from
\u00a0
the
\u00a0
profit
\u00a0
and
\u00a0
the
\u00a0
total
comprehensive
\u00a0
income
\u00a0
for
\u00a0
the
\u00a0
financial
\u00a0
period.
\u00a0
In
\u00a0
the
\u00a0
consolidated
\u00a0
statement
\u00a0
of
\u00a0
financial
\u00a0
position,
\u00a0
non-
controlling
\u00a0
interests
\u00a0
are
\u00a0
shown
\u00a0
as
\u00a0
a
\u00a0
separate
\u00a0
item
\u00a0
under
\u00a0
equity.
Reporting
\u00a0
is
\u00a0
based
\u00a0
on
\u00a0
the
\u00a0
historical
\u00a0
cost
\u00a0
convention.
\u00a0
Exceptions
\u00a0
are
\u00a0
the
\u00a0
financial
\u00a0
assets
\u00a0
and
\u00a0
liabilities
\u00a0
at
\u00a0
fair
value
\u00a0
through
\u00a0
the
\u00a0
statement
\u00a0
of
\u00a0
income,
\u00a0
the
\u00a0
assets
\u00a0
and
\u00a0
liabilities
\u00a0
arising
\u00a0
from
\u00a0
pension
\u00a0
plans,
\u00a0
hedged
\u00a0
items
under
\u00a0
fair
\u00a0
value
\u00a0
hedging,
\u00a0
the
\u00a0
cash-
\u00a0
and
\u00a0
share-settled
\u00a0
share-based
\u00a0
payment
\u00a0
transactions
\u00a0
which
\u00a0
are
\u00a0
measured
at
\u00a0
fair
\u00a0
value,
\u00a0
and
\u00a0
assets
\u00a0
held
\u00a0
for
\u00a0
sale
\u00a0
which
\u00a0
are
\u00a0
measured
\u00a0
at
\u00a0
the
\u00a0
lower
\u00a0
of
\u00a0
the
\u00a0
carrying
\u00a0
amount
\u00a0
and
\u00a0
the
\u00a0
fair
value
\u00a0
less
\u00a0
costs
\u00a0
to
\u00a0
sell.
\u00a0
The
\u00a0
figures
\u00a0
are
\u00a0
in
\u00a0
millions
\u00a0
of
\u00a0
euros
\u00a0
except
\u00a0
Note
\u00a0
7.2.
\u00a0
Related
\u00a0
party
\u00a0
disclosures,
\u00a0
which
\u00a0
is
presented
\u00a0
in
\u00a0
thousands
\u00a0
of
\u00a0
euros.
1.3.
\u00a0
NEW
\u00a0
AND
\u00a0
AMENDED
\u00a0
IFRS
\u00a0
STANDARDS
In
\u00a0
2022,
\u00a0
the
\u00a0
Group
\u00a0
has
\u00a0
adopted
\u00a0
the
\u00a0
following
\u00a0
amended
\u00a0
standards
\u00a0
issued
\u00a0
by
\u00a0
the
\u00a0
IASB.
Amendments
\u00a0
to
\u00a0
IAS
\u00a0
37
\u00a0
Provisions,
\u00a0
Contingent
\u00a0
Liabilities
\u00a0
and
\u00a0
Contingent
\u00a0
Assets
(effective
\u00a0
for
\u00a0
financial
\u00a0
periods
beginning
\u00a0
on
\u00a0
or
\u00a0
after
\u00a0
1
\u00a0
January
\u00a0
2022)
\u00a0
specify
\u00a0
which
\u00a0
costs
\u00a0
an
\u00a0
entity
\u00a0
needs
\u00a0
to
\u00a0
include
\u00a0
when
\u00a0
assessing
\u00a0
whether
a
\u00a0
contract
\u00a0
is
\u00a0
onerous
\u00a0
or
\u00a0
loss-making.
\u00a0
The
\u00a0
amendments
\u00a0
are
\u00a0
intended
\u00a0
to
\u00a0
provide
\u00a0
clarity
\u00a0
and
\u00a0
help
\u00a0
to
\u00a0
ensure
consistent
\u00a0
application
\u00a0
of
\u00a0
the
\u00a0
standard.
\u00a0
The
\u00a0
amendments
\u00a0
apply
\u00a0
a
\u00a0
directly
\u00a0
related
\u00a0
cost
\u00a0
approach.
\u00a0
The
\u00a0
costs
\u00a0
that
relate
\u00a0
directly
\u00a0
to
\u00a0
a
\u00a0
contract
\u00a0
to
\u00a0
provide
\u00a0
goods
\u00a0
or
\u00a0
services
\u00a0
include
\u00a0
both
\u00a0
incremental
\u00a0
costs
\u00a0
and
\u00a0
an
\u00a0
allocation
\u00a0
of
costs
\u00a0
directly
\u00a0
related
\u00a0
to
\u00a0
contract
\u00a0
activities.
\u00a0
Judgement
\u00a0
will
\u00a0
be
\u00a0
required
\u00a0
in
\u00a0
determining
\u00a0
which
\u00a0
costs
\u00a0
are
\u00a0
directly
related
\u00a0
to
\u00a0
contract
\u00a0
activities.
\u00a0
The
\u00a0
amendments
\u00a0
do
\u00a0
not
\u00a0
have
\u00a0
a
\u00a0
significant
\u00a0
impact
\u00a0
on
\u00a0
the
\u00a0
consolidated
\u00a0
financial
statements.
Amendments
\u00a0
to
\u00a0
IAS
\u00a0
16
\u00a0
Property,
\u00a0
Plant
\u00a0
and
\u00a0
Equipment
\u00a0
(effective
\u00a0
for
\u00a0
financial
\u00a0
periods
\u00a0
beginning
\u00a0
on
\u00a0
or
\u00a0
after
\u00a0
1
January
\u00a0
2022)
\u00a0
prohibit
\u00a0
entities
\u00a0
from
\u00a0
deducting
\u00a0
from
\u00a0
the
\u00a0
cost
\u00a0
of
\u00a0
an
\u00a0
item
\u00a0
of
\u00a0
property,
\u00a0
plant
\u00a0
and
\u00a0
equipment,
\u00a0
any
proceeds
\u00a0
of
\u00a0
the
\u00a0
sale
\u00a0
of
\u00a0
items
\u00a0
produced
\u00a0
while
\u00a0
bringing
\u00a0
that
\u00a0
asset
\u00a0
to
\u00a0
the
\u00a0
location
\u00a0
and
\u00a0
condition
\u00a0
necessary
\u00a0
for
\u00a0
it
to
\u00a0
be
\u00a0
capable
\u00a0
of
\u00a0
operating
\u00a0
in
\u00a0
the
\u00a0
manner
\u00a0
intended
\u00a0
by
\u00a0
the
\u00a0
management.
\u00a0
The
\u00a0
proceeds
\u00a0
from
\u00a0
selling
\u00a0
such
\u00a0
items
and
\u00a0
the
\u00a0
costs
\u00a0
of
\u00a0
producing
\u00a0
those
\u00a0
items
\u00a0
are
\u00a0
recognised
\u00a0
in
\u00a0
the
\u00a0
statement
\u00a0
of
\u00a0
income.
\u00a0
The
\u00a0
amendments
\u00a0
do
\u00a0
not
have
\u00a0
impact
\u00a0
on
\u00a0
the
\u00a0
consolidated
\u00a0
financial
\u00a0
statements.
Reference
\u00a0
to
\u00a0
the
\u00a0
Conceptual
\u00a0
Framework
\u00a0
amends
\u00a0
IFRS
\u00a0
3
\u00a0
Business
\u00a0
combinations
\u00a0
(effective
\u00a0
for
\u00a0
financial
\u00a0
periods
beginning
\u00a0
on
\u00a0
or
\u00a0
after
\u00a0
1
\u00a0
January
\u00a0
2022).
\u00a0
The
\u00a0
amendments
\u00a0
update
\u00a0
the
\u00a0
reference
\u00a0
to
\u00a0
the
\u00a0
2018
\u00a0
Conceptual
Framework,
\u00a0
as
\u00a0
well
\u00a0
as
\u00a0
add
\u00a0
an
\u00a0
exception
\u00a0
to
\u00a0
the
\u00a0
recognition
\u00a0
principle
\u00a0
for
\u00a0
liabilities
\u00a0
and
\u00a0
contingent
\u00a0
liabilities
\u00a0
within
the
\u00a0
scope
\u00a0
of
\u00a0
IAS
\u00a0
37
\u00a0
or
\u00a0
IFRIC
\u00a0
21.
\u00a0
In
\u00a0
addition,
\u00a0
the
\u00a0
amendments
\u00a0
add
\u00a0
clarification
\u00a0
on
\u00a0
the
\u00a0
prohibition
\u00a0
to
\u00a0
recognise
contingent
\u00a0
assets
\u00a0
at
\u00a0
the
\u00a0
acquisition
\u00a0
date.
\u00a0
The
\u00a0
amendments
\u00a0
will
\u00a0
have
\u00a0
no
\u00a0
impact
\u00a0
on
\u00a0
the
\u00a0
consolidated
\u00a0
financial
statements.
Other
\u00a0
new
\u00a0
or
\u00a0
amended
\u00a0
standards
\u00a0
and
\u00a0
interpretations
\u00a0
already
\u00a0
effective
\u00a0
do
\u00a0
not
\u00a0
have
\u00a0
a
\u00a0
significant
\u00a0
impact
\u00a0
on
\u00a0
the
consolidated
\u00a0
financial
\u00a0
statements
\u00a0
or
\u00a0
other
\u00a0
disclosures.
In
\u00a0
2023
\u00a0
or
\u00a0
later,
\u00a0
the
\u00a0
Group
\u00a0
will
\u00a0
adopt
\u00a0
the
\u00a0
following
\u00a0
new
\u00a0
or
\u00a0
amended
\u00a0
standards
\u00a0
issued
\u00a0
by
\u00a0
the
\u00a0
IASB.
Disclosure
\u00a0
of
\u00a0
Accounting
\u00a0
policies
\u00a0
amends
\u00a0
IAS
\u00a0
1
\u00a0
Presentation
\u00a0
of
\u00a0
Financial
\u00a0
Statements
\u00a0
and
\u00a0
IFRS
\u00a0
Practice
Statement
\u00a0
2
\u00a0
(effective
\u00a0
for
\u00a0
financial
\u00a0
periods
\u00a0
beginning
\u00a0
on
\u00a0
or
\u00a0
after
\u00a0
1
\u00a0
January
\u00a0
2023).
\u00a0
The
\u00a0
amendments
\u00a0
to
\u00a0
IAS
\u00a0
1
require
\u00a0
companies
\u00a0
to
\u00a0
disclose
\u00a0
material
\u00a0
accounting
\u00a0
policy
\u00a0
information
\u00a0
instead
\u00a0
of
\u00a0
significant
\u00a0
accounting
\u00a0
policies.
The
\u00a0
amendments
\u00a0
to
\u00a0
IFRS
\u00a0
Practice
\u00a0
Statement
\u00a0
2
\u00a0
provide
\u00a0
guidance
\u00a0
on
\u00a0
how
\u00a0
to
\u00a0
apply
\u00a0
the
\u00a0
materiality
\u00a0
concept
\u00a0
to
accounting
\u00a0
policy
\u00a0
disclosures.
\u00a0
The
\u00a0
amendments
\u00a0
are
\u00a0
not
\u00a0
expected
\u00a0
to
\u00a0
have
\u00a0
a
\u00a0
significant
\u00a0
impact
\u00a0
on
\u00a0
the
consolidated
\u00a0
financial
\u00a0
statements.
Definition
\u00a0
of
\u00a0
Accounting
\u00a0
Estimates
\u00a0
amends
\u00a0
IAS
\u00a0
8
\u00a0
Accounting
\u00a0
Policies,
\u00a0
Changes
\u00a0
in
\u00a0
Accounting
\u00a0
Estimates
\u00a0
and
Errors
\u00a0
(effective
\u00a0
for
\u00a0
financial
\u00a0
periods
\u00a0
beginning
\u00a0
on
\u00a0
or
\u00a0
after
\u00a0
1
\u00a0
January
\u00a0
2023).
\u00a0
The
\u00a0
amendments
\u00a0
define
\u00a0
both
\u00a0
the
concept
\u00a0
of
\u00a0
accounting
\u00a0
estimates
\u00a0
and
\u00a0
changes
\u00a0
in
\u00a0
those.
\u00a0
Accounting
\u00a0
estimates
\u00a0
are
\u00a0
defined
\u00a0
as
\u00a0
monetary
amounts
\u00a0
in
\u00a0
financial
\u00a0
statements
\u00a0
that
\u00a0
are
\u00a0
subject
\u00a0
to
\u00a0
measurement
\u00a0
uncertainty.
\u00a0
In
\u00a0
addition,
\u00a0
the
\u00a0
amendments
provide
\u00a0
clarification
\u00a0
on
\u00a0
how
\u00a0
changes
\u00a0
in
\u00a0
accounting
\u00a0
estimates
\u00a0
differ
\u00a0
from
\u00a0
changes
\u00a0
in
\u00a0
accounting
\u00a0
policies
\u00a0
and
corrections
\u00a0
of
\u00a0
errors.
\u00a0
The
\u00a0
amendments
\u00a0
will
\u00a0
have
\u00a0
no
\u00a0
impact
\u00a0
on
\u00a0
the
\u00a0
consolidated
\u00a0
financial
\u00a0
statements.
Amendments
\u00a0
to
\u00a0
IAS
\u00a0
12
\u00a0
Income
\u00a0
taxes
\u00a0
(effective
\u00a0
for
\u00a0
financial
\u00a0
periods
\u00a0
beginning
\u00a0
on
\u00a0
or
\u00a0
after
\u00a0
1
\u00a0
January
\u00a0
2023)
require
\u00a0
companies
\u00a0
to
\u00a0
recognise
\u00a0
deferred
\u00a0
tax
\u00a0
on
\u00a0
transactions
\u00a0
that,
\u00a0
on
\u00a0
initial
\u00a0
recognition
\u00a0
give
\u00a0
rise
\u00a0
to
\u00a0
equal
amounts
\u00a0
of
\u00a0
taxable
\u00a0
and
\u00a0
deductible
\u00a0
temporary
\u00a0
differences.
\u00a0
The
\u00a0
amendments
\u00a0
apply
\u00a0
to
\u00a0
transactions,
\u00a0
such
\u00a0
as
leases
\u00a0
and
\u00a0
decommissioning
\u00a0
obligations.
\u00a0
The
\u00a0
Group
\u00a0
estimates
\u00a0
the
\u00a0
amendments
\u00a0
to
\u00a0
increase
\u00a0
deferred
\u00a0
tax
assets
\u00a0
and
\u00a0
liabilities
\u00a0
by
\u00a0
approximately
\u00a0
EUR
\u00a0
60
\u00a0
million,
\u00a0
while
\u00a0
impact
\u00a0
on
\u00a0
equity
\u00a0
and
\u00a0
result
\u00a0
for
\u00a0
the
\u00a0
period
\u00a0
would
not
\u00a0
be
\u00a0
significant.
IFRS
\u00a0
17
\u00a0
Insurance
\u00a0
Contracts
\u00a0
(effective
\u00a0
for
\u00a0
financial
\u00a0
periods
\u00a0
beginning
\u00a0
on
\u00a0
or
\u00a0
after
\u00a0
1
\u00a0
January
\u00a0
2023)
\u00a0
applies
\u00a0
to
\u00a0
all
types
\u00a0
of
\u00a0
insurance
\u00a0
contracts
\u00a0
(direct
\u00a0
insurance
\u00a0
and
\u00a0
re-insurance)
\u00a0
regardless
\u00a0
of
\u00a0
the
\u00a0
type
\u00a0
of
\u00a0
entities
\u00a0
that
\u00a0
issue
them,
\u00a0
as
\u00a0
well
\u00a0
as
\u00a0
to
\u00a0
certain
\u00a0
guarantees
\u00a0
and
\u00a0
financial
\u00a0
instruments
\u00a0
with
\u00a0
discretionary
\u00a0
participation
\u00a0
features.
\u00a0
The
overall
\u00a0
objective
\u00a0
is
\u00a0
to
\u00a0
provide
\u00a0
a
\u00a0
consistent
\u00a0
accounting
\u00a0
model
\u00a0
for
\u00a0
insurance
\u00a0
contracts.
\u00a0
The
\u00a0
standard
\u00a0
is
\u00a0
not
expected
\u00a0
to
\u00a0
have
\u00a0
a
\u00a0
significant
\u00a0
impact
\u00a0
on
\u00a0
the
\u00a0
consolidated
\u00a0
financial
\u00a0
statements.
Amendments
\u00a0
to
\u00a0
IAS
\u00a0
1
\u00a0
Presentation
\u00a0
of
\u00a0
Financial
\u00a0
Statements*
\u00a0
(effective
\u00a0
for
\u00a0
financial
\u00a0
periods
\u00a0
beginning
\u00a0
on
\u00a0
or
after
\u00a0
1
\u00a0
January
\u00a0
2024)
\u00a0
clarify
\u00a0
that
\u00a0
liabilities
\u00a0
are
\u00a0
classified
\u00a0
as
\u00a0
either
\u00a0
current
\u00a0
or
\u00a0
non-current,
\u00a0
depending
\u00a0
on
\u00a0
the
rights
\u00a0
that
\u00a0
exist
\u00a0
at
\u00a0
the
\u00a0
end
\u00a0
of
\u00a0
the
\u00a0
reporting
\u00a0
period.
\u00a0
Classification
\u00a0
is
\u00a0
unaffected
\u00a0
by
\u00a0
the
\u00a0
expectations
\u00a0
of
\u00a0
the
\u00a0
entity
or
\u00a0
events
\u00a0
after
\u00a0
the
\u00a0
reporting
\u00a0
date.
\u00a0
The
\u00a0
amendments
\u00a0
will
\u00a0
have
\u00a0
no
\u00a0
impact
\u00a0
on
\u00a0
the
\u00a0
consolidated
\u00a0
financial
statements.
Amendments
\u00a0
to
\u00a0
IFRS
\u00a0
16
\u00a0
Leases*
\u00a0
(effective
\u00a0
for
\u00a0
financial
\u00a0
periods
\u00a0
beginning
\u00a0
on
\u00a0
or
\u00a0
after
\u00a0
1
\u00a0
January
\u00a0
2024)
specifies
\u00a0
the
\u00a0
requirements
\u00a0
that
\u00a0
a
\u00a0
seller-lessee
\u00a0
uses
\u00a0
in
\u00a0
measuring
\u00a0
the
\u00a0
lease
\u00a0
liability
\u00a0
arising
\u00a0
in
\u00a0
a
\u00a0
sale
\u00a0
and
leaseback
\u00a0
transaction.
\u00a0
The
\u00a0
amendments
\u00a0
will
\u00a0
have
\u00a0
no
\u00a0
impact
\u00a0
on
\u00a0
the
\u00a0
consolidated
\u00a0
financial
\u00a0
statements.
Other
\u00a0
new
\u00a0
or
\u00a0
amended
\u00a0
standards
\u00a0
and
\u00a0
interpretations
\u00a0
not
\u00a0
yet
\u00a0
effective
\u00a0
are
\u00a0
not
\u00a0
expected
\u00a0
to
\u00a0
have
\u00a0
a
\u00a0
significant
impact
\u00a0
on
\u00a0
the
\u00a0
consolidated
\u00a0
financial
\u00a0
statements
\u00a0
or
\u00a0
other
\u00a0
disclosures.
*
\u00a0
Not
\u00a0
yet
\u00a0
endorsed
\u00a0
for
\u00a0
use
\u00a0
by
\u00a0
the
\u00a0
European
\u00a0
Union
\u00a0
as
\u00a0
of
\u00a0
31
\u00a0
December
\u00a0
2022.
1.4.
\u00a0
MANAGEMENT
\u00a0
JUDGEMENT
\u00a0
AND
\u00a0
USE
\u00a0
OF
\u00a0
ESTIMATES
Preparation
\u00a0
of
\u00a0
the
\u00a0
financial
\u00a0
statements
\u00a0
in
\u00a0
accordance
\u00a0
with
\u00a0
the
\u00a0
IFRS
\u00a0
requires
\u00a0
management
\u00a0
to
\u00a0
make
judgements,
\u00a0
estimates,
\u00a0
and
\u00a0
assumptions
\u00a0
that
\u00a0
affect
\u00a0
the
\u00a0
valuation
\u00a0
of
\u00a0
the
\u00a0
reported
\u00a0
assets
\u00a0
and
\u00a0
liabilities,
\u00a0
as
\u00a0
well
as
\u00a0
other
\u00a0
information,
\u00a0
such
\u00a0
as
\u00a0
contingent
\u00a0
assets
\u00a0
and
\u00a0
liabilities
\u00a0
and
\u00a0
the
\u00a0
recognition
\u00a0
of
\u00a0
income
\u00a0
and
\u00a0
expenses
\u00a0
in
the
\u00a0
statement
\u00a0
of
\u00a0
income.
\u00a0
Although
\u00a0
these
\u00a0
continuously
\u00a0
evaluated
\u00a0
judgements,
\u00a0
estimates,
\u00a0
and
\u00a0
assumptions
\u00a0
are
based
\u00a0
on
\u00a0
management\u2019s
\u00a0
past
\u00a0
experience
\u00a0
and
\u00a0
best
\u00a0
knowledge
\u00a0
of
\u00a0
current
\u00a0
events
\u00a0
and
\u00a0
actions,
\u00a0
as
\u00a0
well
\u00a0
as
expectations
\u00a0
of
\u00a0
future
\u00a0
events,
\u00a0
actual
\u00a0
results
\u00a0
may
\u00a0
differ
\u00a0
from
\u00a0
the
\u00a0
estimates.
For
\u00a0
W\u00e4rtsil\u00e4,
\u00a0
the
\u00a0
most
\u00a0
significant
\u00a0
judgements,
\u00a0
estimates,
\u00a0
and
\u00a0
assumptions
\u00a0
made
\u00a0
by
\u00a0
the
\u00a0
management
\u00a0
relate
\u00a0
to
the
\u00a0
items
\u00a0
listed
\u00a0
below,
\u00a0
more
\u00a0
information
\u00a0
can
\u00a0
be
\u00a0
found
\u00a0
in
\u00a0
the
\u00a0
corresponding
\u00a0
note:
-
\u00a0
revenue
\u00a0
recognition,
\u00a0
especially
\u00a0
project
\u00a0
estimates
\u00a0
for
\u00a0
long-term
\u00a0
projects
\u00a0
and
\u00a0
agreements
\u00a0
(Note
\u00a0
2.2.
Revenue
\u00a0
recognition),
-
\u00a0
uncertain
\u00a0
tax
\u00a0
positions
\u00a0
(Note
\u00a0
2.6.
\u00a0
Income
\u00a0
taxes),
-
\u00a0
impairment
\u00a0
testing
\u00a0
(Note
\u00a0
3.1.
\u00a0
Goodwill),
-
\u00a0
estimating
\u00a0
useful
\u00a0
lives
\u00a0
and
\u00a0
assessing
\u00a0
indication
\u00a0
of
\u00a0
impairment
\u00a0
(Notes
\u00a0
3.2.
\u00a0
Other
\u00a0
intangible
\u00a0
assets
\u00a0
and
3.3.
\u00a0
Property,
\u00a0
plant
\u00a0
and
\u00a0
equipment),
-
\u00a0
determining
\u00a0
the
\u00a0
length
\u00a0
of
\u00a0
lease
\u00a0
terms
\u00a0
(Note
\u00a0
3.4.
\u00a0
Leases),
-
\u00a0
valuation
\u00a0
of
\u00a0
inventories
\u00a0
(Note
\u00a0
4.1.
\u00a0
Inventories),
-
\u00a0
valuation
\u00a0
of
\u00a0
trade
\u00a0
receivables
\u00a0
(Note
\u00a0
4.2.
\u00a0
Trade
\u00a0
receivables
\u00a0
and
\u00a0
contract
\u00a0
assets
\u00a0
and
\u00a0
liabilities),
-
\u00a0
recognition
\u00a0
of
\u00a0
warranty
\u00a0
provisions
\u00a0
and
\u00a0
provisions
\u00a0
for
\u00a0
legal
\u00a0
cases
\u00a0
(Note
\u00a0
4.5.
\u00a0
Provisions),
-
\u00a0
expected
\u00a0
results
\u00a0
on
\u00a0
tax
\u00a0
audits
\u00a0
and
\u00a0
deferred
\u00a0
tax
\u00a0
assets
\u00a0
from
\u00a0
tax
\u00a0
losses
\u00a0
(Note
\u00a0
4.6.
\u00a0
Deferred
\u00a0
taxes),
\u00a0
and
-
\u00a0
defined
\u00a0
pension
\u00a0
benefit
\u00a0
obligations
\u00a0
(Note
\u00a0
4.7.
\u00a0
Pension
\u00a0
obligations),
In
\u00a0
addition,
\u00a0
accounting
\u00a0
for
\u00a0
business
\u00a0
combinations
\u00a0
may
\u00a0
require
\u00a0
significant
\u00a0
management
\u00a0
judgement
\u00a0
(Note
\u00a0
6.2.
Acquisitions).
The
\u00a0
COVID-19
\u00a0
pandemic
\u00a0
has
\u00a0
caused
\u00a0
W\u00e4rtsil\u00e4
\u00a0
to
\u00a0
review
\u00a0
the
\u00a0
estimates
\u00a0
and
\u00a0
assumptions
\u00a0
used
\u00a0
in
\u00a0
the
preparation
\u00a0
of
\u00a0
the
\u00a0
consolidated
\u00a0
financial
\u00a0
statements.
\u00a0
The
\u00a0
possible
\u00a0
impact
\u00a0
of
\u00a0
the
\u00a0
situation
\u00a0
caused
\u00a0
by
\u00a0
the
coronavirus
\u00a0
pandemic
\u00a0
on
\u00a0
the
\u00a0
relevant
\u00a0
factors
\u00a0
in
\u00a0
each
\u00a0
estimate
\u00a0
have
\u00a0
been
\u00a0
considered.
\u00a0
The
\u00a0
impact
\u00a0
of
\u00a0
the
COVID-19
\u00a0
pandemic
\u00a0
on
\u00a0
estimates
\u00a0
in
\u00a0
the
\u00a0
financial
\u00a0
reporting
\u00a0
rely
\u00a0
on
\u00a0
management\u2019s
\u00a0
best
\u00a0
judgement.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:743700G7A9J1PHM3X223", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "ID_1": { "value": "W\u00e4rtsil\u00e4 Corporation", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:743700G7A9J1PHM3X223", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "ID_2": { "value": "listed company", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:743700G7A9J1PHM3X223", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "ID_4": { "value": "Finland", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:743700G7A9J1PHM3X223", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "ID_3": { "value": "Helsinki", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:743700G7A9J1PHM3X223", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "ID_5": { "value": "Hiililaiturinkuja 2, 00180 Helsinki", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:743700G7A9J1PHM3X223", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "ID_6": { "value": "W\u00e4rtsil\u00e4 Corporation", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:743700G7A9J1PHM3X223", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "ID_7": { "value": "W\u00e4rtsil\u00e4 is a global leader in smart technologies and complete lifecycle solutions for the marine and energy markets. By emphasising sustainable innovation, total efficiency and data analytics, W\u00e4rtsil\u00e4 maximises the environmental and economic performance of the vessels and power plants of its customers.", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:743700G7A9J1PHM3X223", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "ID_9": { "value": "W\u00e4rtsil\u00e4", "dimensions": { "concept": "ifrs-full:ExplanationOfChangeInNameOfReportingEntityOrOtherMeansOfIdentificationFromEndOfPrecedingReportingPeriod", "language": "en", "entity": "scheme:743700G7A9J1PHM3X223", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "ID_95": { "value": "
These
\u00a0
consolidated
\u00a0
financial
\u00a0
statements
\u00a0
were
\u00a0
authorised
\u00a0
for
\u00a0
release
\u00a0
by
\u00a0
the
\u00a0
Board
\u00a0
of
\u00a0
Directors
\u00a0
of
W\u00e4rtsil\u00e4
Corporation
\u00a0
on
\u00a0
30
\u00a0
January
\u00a0
2023,
\u00a0
after
\u00a0
which,
\u00a0
in
\u00a0
accordance
\u00a0
with
\u00a0
the
\u00a0
Finnish
\u00a0
Corporate
\u00a0
Act,
\u00a0
the
\u00a0
shareholders
have
\u00a0
a
\u00a0
right
\u00a0
to
\u00a0
approve
\u00a0
or
\u00a0
reject
\u00a0
the
\u00a0
financial
\u00a0
statements
\u00a0
in
\u00a0
the
\u00a0
Annual
\u00a0
General
\u00a0
Meeting.
\u00a0
The
\u00a0
Annual
\u00a0
General
Meeting
\u00a0
also
\u00a0
has
\u00a0
the
\u00a0
possibility
\u00a0
to
\u00a0
decide
\u00a0
upon
\u00a0
changes
\u00a0
to
\u00a0
the
\u00a0
financial
\u00a0
statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:743700G7A9J1PHM3X223", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "ID_8": { "value": "W\u00e4rtsil\u00e4 Corporation", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:743700G7A9J1PHM3X223", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "ID_109": { "value": "
The
\u00a0
consolidated
\u00a0
financial
\u00a0
statements
\u00a0
are
\u00a0
prepared
\u00a0
in
\u00a0
accordance
\u00a0
with
\u00a0
the
\u00a0
International
\u00a0
Financial
\u00a0
Reporting
Standards
\u00a0
(IFRS)
\u00a0
by
\u00a0
applying
\u00a0
IAS
\u00a0
and
\u00a0
IFRS
\u00a0
standards
\u00a0
and
\u00a0
their
\u00a0
SIC
\u00a0
and
\u00a0
IFRIC
\u00a0
interpretations,
\u00a0
which
\u00a0
were
\u00a0
in
force
\u00a0
on
\u00a0
31
\u00a0
December
\u00a0
2022.
\u00a0
International
\u00a0
Financial
\u00a0
Reporting
\u00a0
Standards
\u00a0
refer
\u00a0
to
\u00a0
the
\u00a0
standards,
\u00a0
and
\u00a0
their
interpretations,
\u00a0
approved
\u00a0
for
\u00a0
application
\u00a0
in
\u00a0
the
\u00a0
EU
\u00a0
in
\u00a0
accordance
\u00a0
with
\u00a0
the
\u00a0
procedures
\u00a0
stipulated
\u00a0
in
\u00a0
the
\u00a0
EU\u2019s
regulation
\u00a0
(EC)
\u00a0
No.
\u00a0
1606/2002
\u00a0
and
\u00a0
embodied
\u00a0
in
\u00a0
Finnish
\u00a0
accounting
\u00a0
legislation
\u00a0
and
\u00a0
the
\u00a0
statutes
\u00a0
enacted
\u00a0
under
it.
\u00a0
The
\u00a0
notes
\u00a0
to
\u00a0
the
\u00a0
consolidated
\u00a0
financial
\u00a0
statements
\u00a0
also
\u00a0
comply
\u00a0
with
\u00a0
the
\u00a0
Finnish
\u00a0
accounting
\u00a0
and
\u00a0
corporate
legislation.
", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:743700G7A9J1PHM3X223", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "ID_94": { "value": "
1.5.
\u00a0
IMPACTS
\u00a0
OF
\u00a0
RUSSIA-UKRAINE
\u00a0
WAR
After
\u00a0
Russia\u2019s
\u00a0
attack
\u00a0
on
\u00a0
Ukraine,
\u00a0
W\u00e4rtsil\u00e4
\u00a0
suspended
\u00a0
all
\u00a0
deliveries,
\u00a0
sales,
\u00a0
orders,
\u00a0
and
\u00a0
bidding
\u00a0
to
\u00a0
Russia.
W\u00e4rtsil\u00e4
\u00a0
complies
\u00a0
with
\u00a0
all
\u00a0
trade
\u00a0
sanctions
\u00a0
applicable
\u00a0
to
\u00a0
its
\u00a0
operations.
\u00a0
In
\u00a0
the
\u00a0
current
\u00a0
environment,
\u00a0
it
\u00a0
is
\u00a0
not
viable
\u00a0
for
\u00a0
W\u00e4rtsil\u00e4
\u00a0
to
\u00a0
maintain
\u00a0
activities
\u00a0
in
\u00a0
Russia,
\u00a0
and
\u00a0
therefore
\u00a0
all
\u00a0
operations
\u00a0
in
\u00a0
Russia
\u00a0
are
\u00a0
adjusted
\u00a0
and
closed
\u00a0
in
\u00a0
accordance
\u00a0
with
\u00a0
the
\u00a0
local
\u00a0
regulations.
W\u00e4rtsil\u00e4
\u00a0
completed
\u00a0
its
\u00a0
orderly
\u00a0
exit
\u00a0
from
\u00a0
the
\u00a0
Russian
\u00a0
market
\u00a0
in
\u00a0
July.
\u00a0
As
\u00a0
part
\u00a0
of
\u00a0
the
\u00a0
exit,
\u00a0
W\u00e4rtsil\u00e4
\u00a0
divested
Transas
\u00a0
Newbuilding
\u00a0
Limited
\u00a0
and
\u00a0
Transas
\u00a0
Navigator
\u00a0
Ltd.
\u00a0
in
\u00a0
June,
\u00a0
and
\u00a0
Vostok
\u00a0
LLC
\u00a0
in
\u00a0
July.
\u00a0
In
\u00a0
addition,
\u00a0
the
W\u00e4rtsil\u00e4
\u00a0
Digital
\u00a0
Technologies
\u00a0
office
\u00a0
in
\u00a0
Saint
\u00a0
Petersburg
\u00a0
was
\u00a0
closed.
\u00a0
More
\u00a0
information
\u00a0
can
\u00a0
be
\u00a0
found
\u00a0
in
\u00a0
Note
\u00a0
6.3.
Disposals.
Other
\u00a0
notes
\u00a0
providing
\u00a0
more
\u00a0
information
\u00a0
on
\u00a0
the
\u00a0
impacts
\u00a0
of
\u00a0
the
\u00a0
war:
-
\u00a0
2.1.
\u00a0
Segment
\u00a0
information
\u00a0
(including
\u00a0
result
\u00a0
impact)
-
\u00a0
2.4.
\u00a0
Material
\u00a0
and
\u00a0
services
-
\u00a0
2.6.
\u00a0
Income
\u00a0
taxes
-
\u00a0
3.1.
\u00a0
Goodwill
-
\u00a0
3.2.
\u00a0
Other
\u00a0
intangible
\u00a0
assets
-
\u00a0
4.1.
\u00a0
Inventories
-
\u00a0
4.5.
\u00a0
Provisions
", "dimensions": { "concept": "ifrs-full:DescriptionOfOtherAccountingPoliciesRelevantToUnderstandingOfFinancialStatements", "language": "en", "entity": "scheme:743700G7A9J1PHM3X223", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "ID_88": { "value": "
2.1.
\u00a0
SEGMENT
\u00a0
INFORMATION
W\u00e4rtsil\u00e4\u2019s
\u00a0
reportable
\u00a0
segments
\u00a0
are
\u00a0
W\u00e4rtsil\u00e4
\u00a0
Marine
\u00a0
Power,
\u00a0
W\u00e4rtsil\u00e4
\u00a0
Marine
\u00a0
Systems,
\u00a0
W\u00e4rtsil\u00e4
\u00a0
Voyage,
\u00a0
and
W\u00e4rtsil\u00e4
\u00a0
Energy.
\u00a0
Furthermore,
\u00a0
W\u00e4rtsil\u00e4
\u00a0
reports
\u00a0
W\u00e4rtsil\u00e4
\u00a0
Portfolio
\u00a0
Business
\u00a0
as
\u00a0
other
\u00a0
business
\u00a0
activities.
\u00a0
The
segments
\u00a0
and
\u00a0
other
\u00a0
business
\u00a0
activities
\u00a0
cover
\u00a0
both
\u00a0
equipment
\u00a0
sales
\u00a0
and
\u00a0
services
\u00a0
for
\u00a0
the
\u00a0
respective
\u00a0
business.
W\u00e4rtsil\u00e4's
\u00a0
highest
\u00a0
operative
\u00a0
decision
\u00a0
maker
\u00a0
(CODM,
\u00a0
Chief
\u00a0
Operating
\u00a0
Decision
\u00a0
Maker)
\u00a0
is
\u00a0
the
\u00a0
President
\u00a0
and
CEO,
\u00a0
with
\u00a0
the
\u00a0
support
\u00a0
of
\u00a0
the
\u00a0
Board
\u00a0
of
\u00a0
Management,
\u00a0
and
\u00a0
in
\u00a0
some
\u00a0
cases
\u00a0
the
\u00a0
Board
\u00a0
of
\u00a0
Directors.
Marine
\u00a0
Power,
\u00a0
Marine
\u00a0
Systems,
\u00a0
Voyage,
\u00a0
Energy,
\u00a0
and
\u00a0
Portfolio
\u00a0
Business
\u00a0
are
\u00a0
each
\u00a0
led
\u00a0
by
\u00a0
their
\u00a0
President.
Discrete
\u00a0
financial
\u00a0
information
\u00a0
on
\u00a0
each
\u00a0
business
\u00a0
is
\u00a0
provided
\u00a0
to
\u00a0
the
\u00a0
CODM
\u00a0
to
\u00a0
support
\u00a0
decision-making.
\u00a0
The
segment
\u00a0
information
\u00a0
presented
\u00a0
by
\u00a0
W\u00e4rtsil\u00e4
\u00a0
reflects
\u00a0
internal
\u00a0
management
\u00a0
reporting.
\u00a0
Segment
\u00a0
information
\u00a0
is
reported
\u00a0
to
\u00a0
the
\u00a0
level
\u00a0
of
\u00a0
operating
\u00a0
result,
\u00a0
as
\u00a0
items
\u00a0
below
\u00a0
operating
\u00a0
result
\u00a0
are
\u00a0
not
\u00a0
allocated
\u00a0
to
\u00a0
the
\u00a0
businesses.
Internal
\u00a0
sales
\u00a0
between
\u00a0
segments
\u00a0
and
\u00a0
other
\u00a0
business
\u00a0
activities
\u00a0
are
\u00a0
not
\u00a0
reported
\u00a0
in
\u00a0
management
\u00a0
reporting,
\u00a0
but
revenue
\u00a0
and
\u00a0
costs
\u00a0
of
\u00a0
sales
\u00a0
are
\u00a0
booked
\u00a0
directly
\u00a0
to
\u00a0
the
\u00a0
respective
\u00a0
customer
\u00a0
projects
\u00a0
and
\u00a0
orders.
\u00a0
The
\u00a0
main
factors
\u00a0
affecting
\u00a0
the
\u00a0
allocation
\u00a0
of
\u00a0
indirect
\u00a0
and
\u00a0
administration
\u00a0
costs
\u00a0
to
\u00a0
the
\u00a0
segments
\u00a0
and
\u00a0
other
\u00a0
business
activities
\u00a0
are
\u00a0
net
\u00a0
sales
\u00a0
and
\u00a0
the
\u00a0
number
\u00a0
of
\u00a0
personnel.
\u00a0
Management
\u00a0
considers
\u00a0
these
\u00a0
allocation
\u00a0
principles
\u00a0
to
\u00a0
be
the
\u00a0
most
\u00a0
suitable
\u00a0
means
\u00a0
for
\u00a0
reflecting
\u00a0
the
\u00a0
costs
\u00a0
carried
\u00a0
by
\u00a0
each
\u00a0
segment
\u00a0
and
\u00a0
other
\u00a0
business
\u00a0
activities.
\u00a0
The
allocation
\u00a0
principles
\u00a0
are
\u00a0
reviewed
\u00a0
regularly.
W\u00e4rtsil\u00e4\u2019s
\u00a0
marine
\u00a0
customer
\u00a0
base
\u00a0
covers
\u00a0
all
\u00a0
the
\u00a0
main
\u00a0
vessel
\u00a0
segments,
\u00a0
including
\u00a0
traditional
\u00a0
merchant
\u00a0
vessels,
gas
\u00a0
carriers,
\u00a0
cruise
\u00a0
&
\u00a0
ferry,
\u00a0
navy,
\u00a0
and
\u00a0
special
\u00a0
vessels.
\u00a0
In
\u00a0
the
\u00a0
oil
\u00a0
&
\u00a0
gas
\u00a0
industry,
\u00a0
W\u00e4rtsil\u00e4
\u00a0
is
\u00a0
active
\u00a0
in
\u00a0
serving
offshore
\u00a0
installations
\u00a0
and
\u00a0
related
\u00a0
industry
\u00a0
vessels,
\u00a0
as
\u00a0
well
\u00a0
as
\u00a0
land-based
\u00a0
gas
\u00a0
installations.
\u00a0
W\u00e4rtsil\u00e4\u2019s
customers
\u00a0
comprise
\u00a0
ship
\u00a0
owners,
\u00a0
shipyards,
\u00a0
and
\u00a0
ship
\u00a0
management
\u00a0
companies.
W\u00e4rtsil\u00e4
\u00a0
Marine
\u00a0
Power
Marine
\u00a0
Power
\u00a0
focuses
\u00a0
on
\u00a0
W\u00e4rtsil\u00e4\u2019s
\u00a0
comprehensive
\u00a0
range
\u00a0
of
\u00a0
engine
\u00a0
and
\u00a0
propulsion
\u00a0
solutions.
\u00a0
Its
\u00a0
offering,
which
\u00a0
includes
\u00a0
engines,
\u00a0
generating
\u00a0
sets,
\u00a0
gearboxes,
\u00a0
propulsion
\u00a0
equipment,
\u00a0
as
\u00a0
well
\u00a0
as
\u00a0
LNG
\u00a0
fuel
\u00a0
handling,
power
\u00a0
management,
\u00a0
and
\u00a0
NOx
\u00a0
reduction
\u00a0
technologies,
\u00a0
positions
\u00a0
Marine
\u00a0
Power
\u00a0
as
\u00a0
a
\u00a0
leading
\u00a0
partner
\u00a0
for
\u00a0
its
customers
\u00a0
in
\u00a0
the
\u00a0
decarbonisation
\u00a0
of
\u00a0
the
\u00a0
maritime
\u00a0
industry,
\u00a0
particularly
\u00a0
through
\u00a0
fuel
\u00a0
flexibility
\u00a0
and
\u00a0
hybrid
solutions.
Marine
\u00a0
Power
\u00a0
has
\u00a0
six
\u00a0
business
\u00a0
units:
\u00a0
Power
\u00a0
Supply,
\u00a0
Propulsion,
\u00a0
Parts,
\u00a0
Performance,
\u00a0
Projects,
\u00a0
and
\u00a0
Field
Services
\u00a0
&
\u00a0
Workshops.
\u00a0
The
\u00a0
Marine
\u00a0
Power
\u00a0
setup
\u00a0
has
\u00a0
been
\u00a0
specifically
\u00a0
designed
\u00a0
to
\u00a0
support
\u00a0
its
\u00a0
customers
throughout
\u00a0
the
\u00a0
entire
\u00a0
lifecycle
\u00a0
of
\u00a0
their
\u00a0
vessels:
\u00a0
from
\u00a0
designing,
\u00a0
developing,
\u00a0
and
\u00a0
delivering
\u00a0
high
\u00a0
quality
\u00a0
products
and
\u00a0
solutions
\u00a0
that
\u00a0
ensure
\u00a0
superior
\u00a0
performance
\u00a0
and
\u00a0
that
\u00a0
are
\u00a0
capable
\u00a0
of
\u00a0
meeting
\u00a0
evolving
\u00a0
environmental
requirements,
\u00a0
to
\u00a0
assisting
\u00a0
customers
\u00a0
with
\u00a0
a
\u00a0
wide
\u00a0
service
\u00a0
network
\u00a0
supplying
\u00a0
spare
\u00a0
parts,
\u00a0
competent
\u00a0
field
service
\u00a0
personnel,
\u00a0
and
\u00a0
product
\u00a0
and
\u00a0
solution
\u00a0
upgrades,
\u00a0
as
\u00a0
well
\u00a0
as
\u00a0
reducing
\u00a0
operational
\u00a0
risk.
W\u00e4rtsil\u00e4
\u00a0
Marine
\u00a0
Systems
Marine
\u00a0
Systems
\u00a0
consists
\u00a0
of
\u00a0
four
\u00a0
end-to-end
\u00a0
business
\u00a0
units:
\u00a0
Exhaust
\u00a0
Treatment,
\u00a0
Gas
\u00a0
Solutions,
\u00a0
Marine
Electrical
\u00a0
Systems,
\u00a0
and
\u00a0
Shaft
\u00a0
Line
\u00a0
Solutions.
Exhaust
\u00a0
Treatment
\u00a0
focuses
\u00a0
on
\u00a0
developing
\u00a0
the
\u00a0
exhaust
\u00a0
gas
\u00a0
cleaning
\u00a0
business.
\u00a0
W\u00e4rtsil\u00e4\u2019s
\u00a0
exhaust
\u00a0
gas
\u00a0
cleaning
technology
\u00a0
is
\u00a0
an
\u00a0
economical
\u00a0
and
\u00a0
environmentally
\u00a0
friendly
\u00a0
solution
\u00a0
for
\u00a0
addressing
\u00a0
all
\u00a0
existing
\u00a0
and
\u00a0
anticipated
rules
\u00a0
and
\u00a0
regulations.
\u00a0
W\u00e4rtsil\u00e4
\u00a0
scrubber
\u00a0
systems
\u00a0
are
\u00a0
designed
\u00a0
to
\u00a0
provide
\u00a0
flexibility
\u00a0
and
\u00a0
reliable
\u00a0
operations
wherever
\u00a0
customers
\u00a0
operate.
Gas
\u00a0
Solutions
\u00a0
is
\u00a0
the
\u00a0
leading
\u00a0
technology
\u00a0
and
\u00a0
service
\u00a0
provider
\u00a0
for
\u00a0
the
\u00a0
gas
\u00a0
value
\u00a0
chain,
\u00a0
with
\u00a0
a
\u00a0
broad
\u00a0
range
\u00a0
of
products
\u00a0
covering
\u00a0
cargo
\u00a0
handling
\u00a0
systems
\u00a0
for
\u00a0
gas
\u00a0
carriers,
\u00a0
liquefaction
\u00a0
and
\u00a0
gasification
\u00a0
systems
\u00a0
for
\u00a0
various
applications,
\u00a0
fuel
\u00a0
systems
\u00a0
for
\u00a0
alternative
\u00a0
engine
\u00a0
configurations
\u00a0
and
\u00a0
fuels,
\u00a0
and
\u00a0
renewable
\u00a0
gas
\u00a0
systems
\u00a0
with
solutions
\u00a0
for
\u00a0
biogas
\u00a0
upgrading
\u00a0
and
\u00a0
liquefaction.
Marine
\u00a0
Electrical
\u00a0
Systems
\u00a0
offers
\u00a0
comprehensive
\u00a0
electrical
\u00a0
turnkey
\u00a0
solutions
\u00a0
to
\u00a0
selected
\u00a0
niche
\u00a0
segments,
\u00a0
such
as
\u00a0
navy
\u00a0
and
\u00a0
super
\u00a0
yachts,
\u00a0
assuming
\u00a0
responsibility
\u00a0
for
\u00a0
the
\u00a0
entire
\u00a0
project
\u00a0
from
\u00a0
basic
\u00a0
design
\u00a0
to
\u00a0
commissioning.
Shaft
\u00a0
Line
\u00a0
Solutions
\u00a0
(formerly
\u00a0
Seals
\u00a0
&
\u00a0
Bearings)
\u00a0
comprises
\u00a0
all
\u00a0
capabilities
\u00a0
required
\u00a0
to
\u00a0
provide
\u00a0
complete
integrated
\u00a0
shaft
\u00a0
line
\u00a0
solutions
\u00a0
from
\u00a0
its
\u00a0
global
\u00a0
factories
\u00a0
and
\u00a0
service
\u00a0
locations
\u00a0
to
\u00a0
customers
\u00a0
in
\u00a0
its
\u00a0
core
\u00a0
market
segments,
\u00a0
namely
\u00a0
navy,
\u00a0
merchant,
\u00a0
and
\u00a0
cruise.
W\u00e4rtsil\u00e4
\u00a0
Voyage
Voyage
\u00a0
helps
\u00a0
transform
\u00a0
the
\u00a0
way
\u00a0
vessels
\u00a0
perform
\u00a0
their
\u00a0
voyage
\u00a0
by
\u00a0
leveraging
\u00a0
the
\u00a0
latest
\u00a0
digital
\u00a0
technologies
\u00a0
to
deliver
\u00a0
a
\u00a0
step-change
\u00a0
in
\u00a0
safety,
\u00a0
efficiency,
\u00a0
reliability,
\u00a0
and
\u00a0
emissions.
\u00a0
By
\u00a0
combining
\u00a0
bridge
\u00a0
systems,
\u00a0
cloud
\u00a0
data
management,
\u00a0
data
\u00a0
services,
\u00a0
decision
\u00a0
support
\u00a0
tools,
\u00a0
and
\u00a0
access
\u00a0
to
\u00a0
real-time
\u00a0
information,
\u00a0
Voyage
\u00a0
collaborates
in
\u00a0
creating
\u00a0
the
\u00a0
digital
\u00a0
ecosystem
\u00a0
of
\u00a0
the
\u00a0
future.
\u00a0
Voyage
\u00a0
has
\u00a0
one
\u00a0
of
\u00a0
the
\u00a0
largest
\u00a0
installed
\u00a0
bases
\u00a0
and
\u00a0
offerings
\u00a0
of
navigation,
\u00a0
automation,
\u00a0
simulation,
\u00a0
and
\u00a0
training
\u00a0
solutions,
\u00a0
and
\u00a0
ship
\u00a0
traffic
\u00a0
control
\u00a0
solutions.
Serving
\u00a0
the
\u00a0
key
\u00a0
market
\u00a0
segments
\u00a0
across
\u00a0
cruise,
\u00a0
ferry,
\u00a0
merchant,
\u00a0
navy,
\u00a0
and
\u00a0
non-vessel
\u00a0
related
\u00a0
segments,
\u00a0
such
as
\u00a0
port
\u00a0
authorities
\u00a0
and
\u00a0
maritime
\u00a0
institutes,
\u00a0
Voyage
\u00a0
is
\u00a0
active
\u00a0
in
\u00a0
both
\u00a0
the
\u00a0
newbuild
\u00a0
and
\u00a0
existing
\u00a0
vessel
\u00a0
markets.
Voyage
\u00a0
executes
\u00a0
a
\u00a0
growth
\u00a0
strategy
\u00a0
based
\u00a0
on
\u00a0
innovative
\u00a0
product
\u00a0
development,
\u00a0
system
\u00a0
integration,
connectivity,
\u00a0
remote
\u00a0
operations,
\u00a0
and
\u00a0
cyber
\u00a0
security,
\u00a0
in
\u00a0
line
\u00a0
with
\u00a0
the
\u00a0
development
\u00a0
of
\u00a0
a
\u00a0
Smart
\u00a0
Marine
\u00a0
Ecosystem.
In
\u00a0
October
\u00a0
2022,
\u00a0
W\u00e4rtsil\u00e4
\u00a0
announced
\u00a0
that,
\u00a0
effective
\u00a0
as
\u00a0
of
\u00a0
1
\u00a0
January
\u00a0
2023,
\u00a0
W\u00e4rtsil\u00e4
\u00a0
Voyage
\u00a0
Business
\u00a0
will
\u00a0
be
integrated
\u00a0
into
\u00a0
W\u00e4rtsil\u00e4
\u00a0
Marine
\u00a0
Power
\u00a0
Business
\u00a0
as
\u00a0
a
\u00a0
business
\u00a0
unit
\u00a0
to
\u00a0
strengthen
\u00a0
end-to-end
\u00a0
offering
\u00a0
and
\u00a0
to
accelerate
\u00a0
net
\u00a0
sales.
W\u00e4rtsil\u00e4
\u00a0
Energy
W\u00e4rtsil\u00e4
\u00a0
Energy
\u00a0
leads
\u00a0
the
\u00a0
transition
\u00a0
towards
\u00a0
a
\u00a0
100%
\u00a0
renewable
\u00a0
energy
\u00a0
future.
\u00a0
W\u00e4rtsil\u00e4
\u00a0
develops
\u00a0
market-
leading
\u00a0
technologies,
\u00a0
including
\u00a0
flexible
\u00a0
power
\u00a0
plants,
\u00a0
energy
\u00a0
management
\u00a0
and
\u00a0
storage
\u00a0
systems,
\u00a0
as
\u00a0
well
\u00a0
as
lifecycle
\u00a0
services
\u00a0
that
\u00a0
enable
\u00a0
increased
\u00a0
efficiency
\u00a0
and
\u00a0
guaranteed
\u00a0
performance.
W\u00e4rtsil\u00e4\u2019s
\u00a0
three
\u00a0
main
\u00a0
customer
\u00a0
segments
\u00a0
in
\u00a0
the
\u00a0
energy
\u00a0
markets
\u00a0
are
\u00a0
utilities,
\u00a0
independent
\u00a0
power
\u00a0
producers,
and
\u00a0
industrial
\u00a0
customers.
\u00a0
The
\u00a0
company\u2019s
\u00a0
solutions
\u00a0
are
\u00a0
used
\u00a0
for
\u00a0
a
\u00a0
wide
\u00a0
variety
\u00a0
of
\u00a0
applications,
\u00a0
including
baseload
\u00a0
generation,
\u00a0
capacity
\u00a0
for
\u00a0
grid
\u00a0
stability,
\u00a0
peaking
\u00a0
and
\u00a0
load-following
\u00a0
generation,
\u00a0
and
\u00a0
to
\u00a0
support
\u00a0
the
greater
\u00a0
integration
\u00a0
of
\u00a0
wind
\u00a0
and
\u00a0
solar
\u00a0
power.
\u00a0
W\u00e4rtsil\u00e4
\u00a0
provides
\u00a0
its
\u00a0
customers
\u00a0
with
\u00a0
a
\u00a0
comprehensive
understanding
\u00a0
of
\u00a0
energy
\u00a0
systems,
\u00a0
including
\u00a0
fully
\u00a0
integrated
\u00a0
assets
\u00a0
and
\u00a0
software,
\u00a0
complete
\u00a0
with
\u00a0
value
\u00a0
adding
lifecycle
\u00a0
services.
W\u00e4rtsil\u00e4
\u00a0
Portfolio
\u00a0
Business
W\u00e4rtsil\u00e4
\u00a0
reports
\u00a0
Portfolio
\u00a0
Business
\u00a0
as
\u00a0
other
\u00a0
business
\u00a0
activities.
W\u00e4rtsil\u00e4
\u00a0
Portfolio
\u00a0
Business
\u00a0
consists
\u00a0
of
\u00a0
Water
\u00a0
&
\u00a0
Waste
\u00a0
and
\u00a0
hydropower
\u00a0
solution
\u00a0
and
\u00a0
turbine
\u00a0
service
\u00a0
business
American
\u00a0
Hydro.
\u00a0
The
\u00a0
two
\u00a0
business
\u00a0
units
\u00a0
are
\u00a0
run
\u00a0
independently
\u00a0
to
\u00a0
accelerate
\u00a0
performance
\u00a0
improvement
\u00a0
and
unlock
\u00a0
value
\u00a0
through
\u00a0
divestments
\u00a0
or
\u00a0
other
\u00a0
strategic
\u00a0
alternatives.
Portfolio
\u00a0
Business
\u00a0
also
\u00a0
included
\u00a0
Tank
\u00a0
Control
\u00a0
Systems
\u00a0
until
\u00a0
the
\u00a0
divestment.
\u00a0
On
\u00a0
14
\u00a0
January,
\u00a0
W\u00e4rtsil\u00e4
\u00a0
divested
Tank
\u00a0
Control
\u00a0
Systems
\u00a0
business
\u00a0
unit
\u00a0
to
\u00a0
Svaneh\u00f8j,
\u00a0
a
\u00a0
Danish
\u00a0
gas
\u00a0
pump
\u00a0
specialist.
2022
Service
\u00a0
net
\u00a0
sales
*
\u00a0
Comparison
\u00a0
figures
\u00a0
have
\u00a0
been
\u00a0
adjusted
\u00a0
to
\u00a0
reflect
\u00a0
a
\u00a0
change
\u00a0
in
\u00a0
categorisation
\u00a0
between
\u00a0
equipment
\u00a0
and
\u00a0
service
net
\u00a0
sales.
MEUR
Marine
Power
Marine
\u00a0
Systems
Voyage
Energy
Portfolio
Business
Total
Net
\u00a0
sales
1,982
765
264
2,721
109
5,842
Depreciation
\u00a0
and
\u00a0
amortisation
-72
-18
-19
-33
-4
-144
Impairment
-22
-80
-16
-119
Share
\u00a0
of
\u00a0
result
\u00a0
of
\u00a0
associates
\u00a0
and
\u00a0
joint
\u00a0
ventures
6
6
Operating
\u00a0
result
39
48
-164
82
-30
-26
as
\u00a0
a
\u00a0
percentage
\u00a0
of
\u00a0
net
\u00a0
sales
\u00a0
(%)
2.0
6.2
-62.0
3.0
-27.9
-0.4
Items
\u00a0
affecting
\u00a0
comparability
-178
-8
-126
-9
-30
-351
Comparable
\u00a0
operating
\u00a0
result
217
56
-38
91
325
as
\u00a0
a
\u00a0
percentage
\u00a0
of
\u00a0
net
\u00a0
sales
\u00a0
(%)
10.9
7.3
-14.3
3.3
-0.3
5.6
MEUR
2022
2021
Net
\u00a0
sales
Marine
\u00a0
Power,
\u00a0
service*
1,403
1,201
Marine
\u00a0
Systems,
\u00a0
service*
231
204
Voyage,
\u00a0
service
109
105
Energy,
\u00a0
service
958
891
Portfolio
\u00a0
Business,
\u00a0
service
75
67
Total
2,775
2,467
2.2.
\u00a0
REVENUE
\u00a0
RECOGNITION
Accounting
\u00a0
principles
According
\u00a0
to
\u00a0
revenue
\u00a0
recognition
\u00a0
principles,
\u00a0
revenue
\u00a0
is
\u00a0
recognised
\u00a0
when
\u00a0
control
\u00a0
of
\u00a0
the
\u00a0
goods
\u00a0
or
\u00a0
services
\u00a0
is
transferred
\u00a0
to
\u00a0
the
\u00a0
customer
\u00a0
at
\u00a0
an
\u00a0
amount
\u00a0
that
\u00a0
reflects
\u00a0
the
\u00a0
consideration
\u00a0
to
\u00a0
which
\u00a0
the
\u00a0
Group
\u00a0
expects
\u00a0
to
\u00a0
be
entitled
\u00a0
in
\u00a0
exchange
\u00a0
for
\u00a0
those
\u00a0
goods
\u00a0
and
\u00a0
services.
\u00a0
The
\u00a0
Group
\u00a0
recognises
\u00a0
revenue
\u00a0
when
\u00a0
it
\u00a0
satisfies
\u00a0
an
identified
\u00a0
performance
\u00a0
obligation
\u00a0
by
\u00a0
transferring
\u00a0
promised
\u00a0
goods
\u00a0
or
\u00a0
services
\u00a0
to
\u00a0
the
\u00a0
customer.
\u00a0
Goods
\u00a0
and
services
\u00a0
are
\u00a0
generally
\u00a0
considered
\u00a0
to
\u00a0
be
\u00a0
transferred
\u00a0
when
\u00a0
the
\u00a0
customer
\u00a0
obtains
\u00a0
control
\u00a0
of
\u00a0
them.
\u00a0
Such
control
\u00a0
is
\u00a0
transferred
\u00a0
either
\u00a0
at
\u00a0
a
\u00a0
point
\u00a0
in
\u00a0
time
\u00a0
or
\u00a0
over
\u00a0
time.
\u00a0
Revenue
\u00a0
recognised
\u00a0
by
\u00a0
the
\u00a0
reporting
\u00a0
date
corresponds
\u00a0
to
\u00a0
the
\u00a0
benefit
\u00a0
of
\u00a0
the
\u00a0
service
\u00a0
provided
\u00a0
by
\u00a0
W\u00e4rtsil\u00e4
\u00a0
to
\u00a0
the
\u00a0
customer.
\u00a0
Revenue
\u00a0
is
\u00a0
presented
\u00a0
net
\u00a0
of
indirect
\u00a0
sales
\u00a0
taxes,
\u00a0
liquidated
\u00a0
damages,
\u00a0
and
\u00a0
discounts.
Revenue
\u00a0
recognised
\u00a0
over
\u00a0
time
\u00a0
is
\u00a0
measured
\u00a0
in
\u00a0
accordance
\u00a0
with
\u00a0
the
\u00a0
input
\u00a0
method
\u00a0
(progress
\u00a0
measured
based
\u00a0
on
\u00a0
costs
\u00a0
incurred)
\u00a0
when
\u00a0
the
\u00a0
outcome
\u00a0
of
\u00a0
the
\u00a0
contract
\u00a0
can
\u00a0
be
\u00a0
estimated
\u00a0
reliably.
\u00a0
When
\u00a0
the
\u00a0
outcome
cannot
\u00a0
be
\u00a0
reliably
\u00a0
determined,
\u00a0
the
\u00a0
costs
\u00a0
arising
\u00a0
are
\u00a0
expensed
\u00a0
in
\u00a0
the
\u00a0
same
\u00a0
reporting
\u00a0
period
\u00a0
in
\u00a0
which
\u00a0
they
occur,
\u00a0
but
\u00a0
the
\u00a0
revenue
\u00a0
is
\u00a0
recorded
\u00a0
only
\u00a0
to
\u00a0
the
\u00a0
extent
\u00a0
that
\u00a0
the
\u00a0
company
\u00a0
will
\u00a0
receive
\u00a0
an
\u00a0
amount
corresponding
\u00a0
to
\u00a0
actual
\u00a0
costs.
\u00a0
Any
\u00a0
losses
\u00a0
are
\u00a0
expensed
\u00a0
immediately.
\u00a0
If
\u00a0
revenue
\u00a0
for
\u00a0
goods
\u00a0
and
\u00a0
services
\u00a0
is
recognised
\u00a0
at
\u00a0
a
\u00a0
point
\u00a0
in
\u00a0
time,
\u00a0
it
\u00a0
is
\u00a0
when
\u00a0
control
\u00a0
is
\u00a0
transferred
\u00a0
to
\u00a0
the
\u00a0
customer.
\u00a0
The
\u00a0
transfer
\u00a0
of
\u00a0
control
\u00a0
is
based
\u00a0
mainly
\u00a0
on
\u00a0
transferring
\u00a0
risks
\u00a0
and
\u00a0
rewards
\u00a0
according
\u00a0
to
\u00a0
the
\u00a0
delivery
\u00a0
terms.
The
\u00a0
transaction
\u00a0
price
\u00a0
is
\u00a0
mainly
\u00a0
fixed
\u00a0
but
\u00a0
often
\u00a0
may
\u00a0
include
\u00a0
variable
\u00a0
considerations,
\u00a0
such
\u00a0
as
\u00a0
liquidated
damages,
\u00a0
performance
\u00a0
bonuses
\u00a0
and
\u00a0
discounts.
\u00a0
Variable
\u00a0
consideration
\u00a0
is
\u00a0
included
\u00a0
in
\u00a0
the
\u00a0
revenue
\u00a0
only
\u00a0
to
the
\u00a0
extent
\u00a0
that
\u00a0
it
\u00a0
is
\u00a0
highly
\u00a0
probable
\u00a0
that
\u00a0
the
\u00a0
amount
\u00a0
will
\u00a0
not
\u00a0
be
\u00a0
subject
\u00a0
to
\u00a0
significant
\u00a0
reversal.
\u00a0
Transaction
prices
\u00a0
including
\u00a0
variable
\u00a0
components
\u00a0
are
\u00a0
reassessed
\u00a0
at
\u00a0
each
\u00a0
reporting
\u00a0
date.
W\u00e4rtsil\u00e4
\u00a0
often
\u00a0
requires
\u00a0
advance
\u00a0
payments
\u00a0
from
\u00a0
its
\u00a0
customers
\u00a0
or
\u00a0
invoice
\u00a0
customers
\u00a0
based
\u00a0
on
\u00a0
milestones.
Payment
\u00a0
terms
\u00a0
are
\u00a0
typical
\u00a0
to
\u00a0
the
\u00a0
business
\u00a0
and
\u00a0
advances
\u00a0
received
\u00a0
or
\u00a0
contract
\u00a0
assets
\u00a0
do
\u00a0
not
\u00a0
contain
financing
\u00a0
component
\u00a0
as
\u00a0
payment
\u00a0
schedules
\u00a0
follows
\u00a0
the
\u00a0
timing
\u00a0
of
\u00a0
the
\u00a0
performance
\u00a0
obligation
\u00a0
to
\u00a0
be
\u00a0
satisfied.
W\u00e4rtsil\u00e4
\u00a0
focuses
\u00a0
on
\u00a0
the
\u00a0
marine
\u00a0
and
\u00a0
energy
\u00a0
markets
\u00a0
with
\u00a0
products,
\u00a0
solutions,
\u00a0
and
\u00a0
services.
\u00a0
Revenue
\u00a0
from
contracts
\u00a0
with
\u00a0
customers
\u00a0
is
\u00a0
derived
\u00a0
from
\u00a0
four
\u00a0
revenue
\u00a0
types:
\u00a0
products,
\u00a0
goods
\u00a0
and
\u00a0
services,
\u00a0
projects,
\u00a0
and
long-term
\u00a0
agreements.
\u00a0
All
\u00a0
these
\u00a0
revenue
\u00a0
types
\u00a0
are
\u00a0
represented
\u00a0
within
\u00a0
all
\u00a0
reportable
\u00a0
segments
\u00a0
and
\u00a0
other
business
\u00a0
activities:
\u00a0
Marine
\u00a0
Power,
\u00a0
Marine
\u00a0
Systems,
\u00a0
Voyage,
\u00a0
Energy
\u00a0
and
\u00a0
Portfolio
\u00a0
Business.
Product
\u00a0
sales
\u00a0
consist
\u00a0
of
\u00a0
sales
\u00a0
of
\u00a0
spare
\u00a0
parts
\u00a0
and
\u00a0
standard
\u00a0
equipment,
\u00a0
for
\u00a0
which
\u00a0
the
\u00a0
revenue
\u00a0
is
\u00a0
recognised
at
\u00a0
a
\u00a0
point
\u00a0
in
\u00a0
time
\u00a0
when
\u00a0
the
\u00a0
control
\u00a0
of
\u00a0
the
\u00a0
product
\u00a0
has
\u00a0
transferred
\u00a0
to
\u00a0
the
\u00a0
customer,
\u00a0
in
\u00a0
general
\u00a0
upon
\u00a0
delivery
of
\u00a0
the
\u00a0
goods.
\u00a0
Product
\u00a0
sale
\u00a0
contracts
\u00a0
typically
\u00a0
include
\u00a0
one
\u00a0
performance
\u00a0
obligation.
Goods
\u00a0
and
\u00a0
services
\u00a0
-type
\u00a0
of
\u00a0
revenue
\u00a0
involves
\u00a0
short-term
\u00a0
field
\u00a0
service
\u00a0
jobs,
\u00a0
including
\u00a0
the
\u00a0
delivery
\u00a0
of
\u00a0
a
combination
\u00a0
of
\u00a0
service
\u00a0
and
\u00a0
equipment.
\u00a0
The
\u00a0
revenue
\u00a0
is
\u00a0
recognised
\u00a0
at
\u00a0
a
\u00a0
point
\u00a0
in
\u00a0
time
\u00a0
when
\u00a0
the
\u00a0
service
\u00a0
is
rendered.
\u00a0
Goods
\u00a0
and
\u00a0
service
\u00a0
-type
\u00a0
contracts,
\u00a0
generally
\u00a0
include
\u00a0
one
\u00a0
performance
\u00a0
obligation.
Projects
\u00a0
are
\u00a0
of
\u00a0
both
\u00a0
short-
\u00a0
and
\u00a0
long-term
\u00a0
in
\u00a0
duration.
\u00a0
Depending
\u00a0
on
\u00a0
the
\u00a0
contract
\u00a0
terms
\u00a0
and
\u00a0
the
\u00a0
duration
\u00a0
of
the
\u00a0
project,
\u00a0
the
\u00a0
revenue
\u00a0
is
\u00a0
recognised
\u00a0
at
\u00a0
a
\u00a0
point
\u00a0
in
\u00a0
time
\u00a0
or
\u00a0
over
\u00a0
time.
\u00a0
Revenue
\u00a0
from
\u00a0
tailor-made
\u00a0
equipment
delivery
\u00a0
projects
\u00a0
is
\u00a0
recognised
\u00a0
at
\u00a0
a
\u00a0
point
\u00a0
in
\u00a0
time
\u00a0
when
\u00a0
the
\u00a0
control
\u00a0
of
\u00a0
the
\u00a0
equipment
\u00a0
is
\u00a0
transferred,
\u00a0
in
\u00a0
general
upon
\u00a0
delivery.
\u00a0
These
\u00a0
contracts
\u00a0
generally
\u00a0
represent
\u00a0
one
\u00a0
performance
\u00a0
obligation,
\u00a0
but
\u00a0
under
\u00a0
certain
circumstances
\u00a0
they
\u00a0
can
\u00a0
contain
\u00a0
multiple
\u00a0
performance
\u00a0
obligations
\u00a0
when
\u00a0
a
\u00a0
contract
\u00a0
contains
\u00a0
multiple
\u00a0
units
\u00a0
of
delivery.
\u00a0
Tailor
\u00a0
-made
\u00a0
equipment
\u00a0
sales
\u00a0
are
\u00a0
mainly
\u00a0
in
\u00a0
Marine
\u00a0
Power
\u00a0
for
\u00a0
example
\u00a0
engine
\u00a0
and
\u00a0
propulsion
\u00a0
sales
and
\u00a0
scrubber
\u00a0
system
\u00a0
sales
\u00a0
in
\u00a0
Marine
\u00a0
Systems.
In
\u00a0
long-
\u00a0
term
\u00a0
projects
\u00a0
such
\u00a0
as
\u00a0
large-scale
\u00a0
systems
\u00a0
i.e.,
\u00a0
power
\u00a0
plants
\u00a0
and
\u00a0
energy
\u00a0
storages
\u00a0
in
\u00a0
Energy,
\u00a0
and
gas
\u00a0
solutions
\u00a0
construction
\u00a0
contracts
\u00a0
in
\u00a0
Marine
\u00a0
Systems
\u00a0
or
\u00a0
equipment
\u00a0
deliveries
\u00a0
which
\u00a0
require
\u00a0
engineering,
the
\u00a0
revenue
\u00a0
is
\u00a0
recognised
\u00a0
over
\u00a0
time
\u00a0
as
\u00a0
the
\u00a0
asset
\u00a0
produced
\u00a0
does
\u00a0
not
\u00a0
have
\u00a0
alternative
\u00a0
use
\u00a0
and
\u00a0
the
\u00a0
Group
has
\u00a0
an
\u00a0
enforceable
\u00a0
right
\u00a0
to
\u00a0
payment.
\u00a0
These
\u00a0
contracts
\u00a0
usually
\u00a0
contain
\u00a0
one
\u00a0
performance
\u00a0
obligation.
\u00a0
The
progress
\u00a0
is
\u00a0
measured
\u00a0
by
\u00a0
using
\u00a0
the
\u00a0
cost-to-cost
\u00a0
method,
\u00a0
where
\u00a0
sales
\u00a0
and
\u00a0
profits
\u00a0
are
\u00a0
recognised
\u00a0
after
considering
\u00a0
the
\u00a0
ratio
\u00a0
of
\u00a0
accumulated
\u00a0
costs
\u00a0
to
\u00a0
estimated
\u00a0
total
\u00a0
costs
\u00a0
to
\u00a0
complete
\u00a0
each
\u00a0
contract.
\u00a0
Revenue
from
\u00a0
service-related
\u00a0
projects,
\u00a0
such
\u00a0
as
\u00a0
modernisation
\u00a0
and
\u00a0
upgrade
\u00a0
projects
\u00a0
are
\u00a0
recognised
\u00a0
over
\u00a0
time
because
\u00a0
the
\u00a0
customer
\u00a0
typically
\u00a0
controls
\u00a0
the
\u00a0
asset
\u00a0
that
\u00a0
is
\u00a0
enhanced.
\u00a0
Service-related
\u00a0
projects
\u00a0
usually
\u00a0
contain
one
\u00a0
performance
\u00a0
obligation.
Long-term
\u00a0
agreements
\u00a0
include
\u00a0
long-term
\u00a0
operating
\u00a0
and
\u00a0
maintenance
\u00a0
agreements
\u00a0
for
\u00a0
which
\u00a0
the
\u00a0
revenue
\u00a0
is
recognised
\u00a0
over
\u00a0
time
\u00a0
because
\u00a0
the
\u00a0
customer
\u00a0
simultaneously
\u00a0
receives
\u00a0
and
\u00a0
consumes
\u00a0
the
\u00a0
service
\u00a0
provided.
Measuring
\u00a0
progress
\u00a0
is
\u00a0
based
\u00a0
on
\u00a0
cost-to-cost
\u00a0
method,
\u00a0
costs
\u00a0
of
\u00a0
actual
\u00a0
services
\u00a0
provided
\u00a0
as
\u00a0
a
\u00a0
proportion
\u00a0
of
the
\u00a0
costs
\u00a0
of
\u00a0
total
\u00a0
services
\u00a0
to
\u00a0
be
\u00a0
rendered.
\u00a0
These
\u00a0
contracts
\u00a0
typically
\u00a0
contain
\u00a0
one
\u00a0
performance
\u00a0
obligation
\u00a0
per
installation.
\u00a0
Long-term
\u00a0
agreements
\u00a0
mainly
\u00a0
generate
\u00a0
revenue
\u00a0
in
\u00a0
Energy
\u00a0
and
\u00a0
in
\u00a0
Marine
\u00a0
Power.
Contracts
\u00a0
with
\u00a0
customers
\u00a0
often
\u00a0
include
\u00a0
warranties
\u00a0
in
\u00a0
line
\u00a0
with
\u00a0
W\u00e4rtsil\u00e4\u2019s
\u00a0
General
\u00a0
terms
\u00a0
and
\u00a0
conditions,
which
\u00a0
are
\u00a0
regarded
\u00a0
as
\u00a0
part
\u00a0
of
\u00a0
the
\u00a0
promise
\u00a0
to
\u00a0
the
\u00a0
customer.
\u00a0
Typically,
\u00a0
the
\u00a0
standard
\u00a0
warranty
\u00a0
period
\u00a0
is
\u00a0
one
year
\u00a0
from
\u00a0
the
\u00a0
delivery
\u00a0
onwards.
\u00a0
Extended
\u00a0
warranties
\u00a0
or
\u00a0
warranties
\u00a0
purchased
\u00a0
as
\u00a0
an
\u00a0
option
\u00a0
are
\u00a0
identified
\u00a0
as
separate
\u00a0
performance
\u00a0
obligations
\u00a0
with
\u00a0
revenue
\u00a0
being
\u00a0
recognised
\u00a0
evenly
\u00a0
over
\u00a0
the
\u00a0
warranty
\u00a0
period.
The
\u00a0
Group
\u00a0
also
\u00a0
applies
\u00a0
the
\u00a0
practical
\u00a0
expedient
\u00a0
stated
\u00a0
in
\u00a0
IFRS
\u00a0
15.94
\u00a0
according
\u00a0
to
\u00a0
which
\u00a0
an
\u00a0
entity
\u00a0
can
recognise
\u00a0
the
\u00a0
incremental
\u00a0
costs
\u00a0
of
\u00a0
obtaining
\u00a0
a
\u00a0
contract
\u00a0
as
\u00a0
an
\u00a0
expense
\u00a0
when
\u00a0
incurred
\u00a0
if
\u00a0
the
\u00a0
amortisation
period
\u00a0
of
\u00a0
the
\u00a0
asset
\u00a0
that
\u00a0
the
\u00a0
entity
\u00a0
would
\u00a0
have
\u00a0
recognised
\u00a0
is
\u00a0
one
\u00a0
year
\u00a0
or
\u00a0
less.
\u00a0
W\u00e4rtsil\u00e4
\u00a0
has
\u00a0
not
\u00a0
incurred
\u00a0
any
costs
\u00a0
for
\u00a0
obtaining
\u00a0
a
\u00a0
contract
\u00a0
to
\u00a0
be
\u00a0
recognised
\u00a0
as
\u00a0
an
\u00a0
asset.
Information
\u00a0
on
\u00a0
contract
\u00a0
assets
\u00a0
and
\u00a0
liabilities
\u00a0
is
\u00a0
available
\u00a0
in
\u00a0
Note
\u00a0
4.2.
\u00a0
Trade
\u00a0
receivables
\u00a0
and
\u00a0
contract
\u00a0
assets
and
\u00a0
liabilities.
Accounting
\u00a0
estimates
\u00a0
and
\u00a0
judgements
Revenue
\u00a0
from
\u00a0
certain
\u00a0
projects
\u00a0
and
\u00a0
long-term
\u00a0
agreements
\u00a0
is
\u00a0
recognised
\u00a0
over
\u00a0
time
\u00a0
according
\u00a0
to
\u00a0
the
\u00a0
input
method
\u00a0
when
\u00a0
the
\u00a0
profit
\u00a0
on
\u00a0
the
\u00a0
project
\u00a0
or
\u00a0
agreement
\u00a0
can
\u00a0
be
\u00a0
reliably
\u00a0
determined.
\u00a0
The
\u00a0
progress
\u00a0
and
\u00a0
the
profitability
\u00a0
are
\u00a0
based
\u00a0
on
\u00a0
the
\u00a0
management\u2019s
\u00a0
estimates,
\u00a0
which
\u00a0
require
\u00a0
significant
\u00a0
judgement
\u00a0
concerning
\u00a0
the
stage
\u00a0
of
\u00a0
completion,
\u00a0
the
\u00a0
cost
\u00a0
to
\u00a0
complete,
\u00a0
and
\u00a0
the
\u00a0
time
\u00a0
of
\u00a0
completion.
\u00a0
These
\u00a0
estimates
\u00a0
are
\u00a0
reviewed
regularly.
\u00a0
Recognised
\u00a0
revenue
\u00a0
and
\u00a0
costs
\u00a0
recorded
\u00a0
are
\u00a0
adjusted
\u00a0
during
\u00a0
the
\u00a0
project
\u00a0
when
\u00a0
assumptions
concerning
\u00a0
the
\u00a0
outcome
\u00a0
of
\u00a0
the
\u00a0
entire
\u00a0
project
\u00a0
are
\u00a0
updated.
\u00a0
Changes
\u00a0
in
\u00a0
assumptions
\u00a0
relate
\u00a0
to
\u00a0
changes
\u00a0
in
\u00a0
the
project\u2019s
\u00a0
or
\u00a0
agreement\u2019s
\u00a0
schedule,
\u00a0
the
\u00a0
scope
\u00a0
of
\u00a0
supply,
\u00a0
technology,
\u00a0
costs,
\u00a0
and
\u00a0
any
\u00a0
other
\u00a0
relevant
\u00a0
factors.
Establishing
\u00a0
whether
\u00a0
distinct
\u00a0
goods
\u00a0
or
\u00a0
services
\u00a0
are
\u00a0
considered
\u00a0
as
\u00a0
separate
\u00a0
performance
\u00a0
obligations
requires
\u00a0
judgement
\u00a0
and
\u00a0
might
\u00a0
impact
\u00a0
the
\u00a0
timing
\u00a0
and
\u00a0
amount
\u00a0
of
\u00a0
revenue
\u00a0
recognition.
Project
\u00a0
business
\u00a0
contracts
\u00a0
usually
\u00a0
involve
\u00a0
elements
\u00a0
of
\u00a0
variable
\u00a0
consideration.
\u00a0
At
\u00a0
each
\u00a0
reporting
\u00a0
date,
management
\u00a0
reassesses
\u00a0
the
\u00a0
transaction
\u00a0
price,
\u00a0
which
\u00a0
requires
\u00a0
significant
\u00a0
judgement
\u00a0
as
\u00a0
it
\u00a0
affects
\u00a0
the
\u00a0
timing
of
\u00a0
the
\u00a0
revenue
\u00a0
recognition.
\u00a0
The
\u00a0
valuation
\u00a0
of
\u00a0
accounts
\u00a0
receivables
\u00a0
also
\u00a0
includes
\u00a0
estimates
\u00a0
mainly
concerning
\u00a0
the
\u00a0
recoverability
\u00a0
of
\u00a0
receivables.
Determining
\u00a0
whether
\u00a0
different
\u00a0
contracts
\u00a0
with
\u00a0
the
\u00a0
same
\u00a0
customer
\u00a0
are
\u00a0
accounted
\u00a0
for
\u00a0
as
\u00a0
one
\u00a0
contract
\u00a0
involves
the
\u00a0
use
\u00a0
of
\u00a0
judgement,
\u00a0
as
\u00a0
it
\u00a0
requires
\u00a0
an
\u00a0
assessment
\u00a0
of
\u00a0
whether
\u00a0
the
\u00a0
contracts
\u00a0
are
\u00a0
negotiated
\u00a0
together
\u00a0
or
linked
\u00a0
in
\u00a0
any
\u00a0
other
\u00a0
way.
\u00a0
The
\u00a0
timing
\u00a0
and
\u00a0
amount
\u00a0
of
\u00a0
revenue
\u00a0
recognition
\u00a0
can
\u00a0
vary
\u00a0
depending
\u00a0
on
\u00a0
whether
\u00a0
two
contracts
\u00a0
are
\u00a0
accounted
\u00a0
for
\u00a0
separately,
\u00a0
or
\u00a0
as
\u00a0
one
\u00a0
single
\u00a0
arrangement.
Warranty
\u00a0
provisions
\u00a0
are
\u00a0
recorded
\u00a0
on
\u00a0
the
\u00a0
recognition
\u00a0
of
\u00a0
revenue.
\u00a0
The
\u00a0
provision
\u00a0
is
\u00a0
based
\u00a0
on
\u00a0
the
\u00a0
accumulated
experience
\u00a0
of
\u00a0
the
\u00a0
level
\u00a0
of
\u00a0
warranty
\u00a0
needed
\u00a0
to
\u00a0
manage
\u00a0
future
\u00a0
and
\u00a0
current
\u00a0
cost
\u00a0
claims.
\u00a0
Products
\u00a0
can
\u00a0
contain
new
\u00a0
and
\u00a0
complex
\u00a0
technology
\u00a0
that
\u00a0
can
\u00a0
affect
\u00a0
warranty
\u00a0
estimates,
\u00a0
with
\u00a0
the
\u00a0
result
\u00a0
that
\u00a0
earlier
\u00a0
recognised
provisions
\u00a0
are
\u00a0
not
\u00a0
always
\u00a0
sufficient.
Net
\u00a0
sales
\u00a0
by
\u00a0
revenue
\u00a0
type
\u00a0
and
\u00a0
timing
\u00a0
of
\u00a0
satisfying
\u00a0
performance
\u00a0
obligations
2022
MEUR
Marine
Power
Marine
Systems
Voyage
Energy
Portfolio
Business
Total
At
\u00a0
a
\u00a0
point
\u00a0
in
\u00a0
time
Products
725
162
32
409
24
1,353
Goods
\u00a0
and
\u00a0
services
362
79
48
107
4
599
Projects
618
126
117
344
30
1,235
Total
1,705
367
197
860
58
3,187
Over
\u00a0
time
Projects
55
394
60
1,493
51
2,054
Long-term
\u00a0
agreements
222
4
7
368
1
602
Total
278
398
67
1,860
52
2,655
Total
1,982
765
264
2,721
109
5,842
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:743700G7A9J1PHM3X223", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "ID_89": { "value": "
2021
MEUR
Marine
Power
Marine
\u00a0
Systems
Voyage
Energy
Portfolio
Business
Total
Net
\u00a0
sales
1,863
654
279
1,861
121
4,778
Depreciation,
\u00a0
amortisation
\u00a0
and
\u00a0
impairment
-73
-20
-23
-31
-14
-162
Share
\u00a0
of
\u00a0
result
\u00a0
of
\u00a0
associates
\u00a0
and
\u00a0
joint
\u00a0
ventures
3
3
Operating
\u00a0
result
180
47
-39
134
-9
314
as
\u00a0
a
\u00a0
percentage
\u00a0
of
\u00a0
net
\u00a0
sales
\u00a0
(%)
9.7
7.2
-14.1
7.2
-7.5
6.6
Items
\u00a0
affecting
\u00a0
comparability
-15
-4
-12
-2
-11
-43
Comparable
\u00a0
operating
\u00a0
result
195
52
-28
136
2
357
as
\u00a0
a
\u00a0
percentage
\u00a0
of
\u00a0
net
\u00a0
sales
\u00a0
(%)
10.5
7.9
-9.9
7.3
1.6
7.5
2021
MEUR
Marine
Power
Marine
Systems
Voyage
Energy
Portfolio
Business
Total
At
\u00a0
a
\u00a0
point
\u00a0
in
\u00a0
time
Products
632
137
22
351
23
1,165
Goods
\u00a0
and
\u00a0
services
321
65
50
92
8
535
Projects
681
183
130
298
39
1,332
Total
1,634
385
201
741
70
3,032
Over
\u00a0
time
Projects
71
266
73
792
50
1,252
Long-term
\u00a0
agreements
157
3
5
328
494
Total
229
269
78
1,120
50
1,746
Total
1,863
654
279
1,861
121
4,778
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:743700G7A9J1PHM3X223", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00" } }, "ID_90": { "value": "
Alternative
\u00a0
performance
\u00a0
measures
W\u00e4rtsil\u00e4
\u00a0
provides
\u00a0
certain
\u00a0
financial
\u00a0
performance
\u00a0
measures,
\u00a0
which
\u00a0
are
\u00a0
not
\u00a0
defined
\u00a0
by
\u00a0
IFRS.
\u00a0
These
\u00a0
alternative
performance
\u00a0
measures
\u00a0
are
\u00a0
followed
\u00a0
and
\u00a0
used
\u00a0
by
\u00a0
management
\u00a0
to
\u00a0
measure
\u00a0
the
\u00a0
Group's
\u00a0
performance
\u00a0
and
financial
\u00a0
position,
\u00a0
and
\u00a0
also
\u00a0
to
\u00a0
provide
\u00a0
useful
\u00a0
information
\u00a0
to
\u00a0
the
\u00a0
capital
\u00a0
markets.
The
\u00a0
alternative
\u00a0
performance
\u00a0
measures
\u00a0
should
\u00a0
not
\u00a0
be
\u00a0
evaluated
\u00a0
in
\u00a0
isolation
\u00a0
from
\u00a0
the
\u00a0
corresponding
\u00a0
IFRS
measures.
\u00a0
The
\u00a0
alternative
\u00a0
performance
\u00a0
measure
\u00a0
calculation
\u00a0
definitions
\u00a0
are
\u00a0
disclosed
\u00a0
in
\u00a0
Calculations
\u00a0
of
financial
\u00a0
ratios.
W\u00e4rtsil\u00e4
\u00a0
discloses
\u00a0
certain
\u00a0
comparable
\u00a0
performance
\u00a0
measures
\u00a0
to
\u00a0
enhance
\u00a0
comparability
\u00a0
between
\u00a0
periods.
Certain
\u00a0
income
\u00a0
and
\u00a0
expenses
\u00a0
are
\u00a0
presented
\u00a0
as
\u00a0
items
\u00a0
affecting
\u00a0
comparability
\u00a0
when
\u00a0
they
\u00a0
have
\u00a0
significant
impact
\u00a0
on
\u00a0
the
\u00a0
consolidated
\u00a0
statement
\u00a0
of
\u00a0
income.
\u00a0
Items
\u00a0
affecting
\u00a0
comparability
\u00a0
consist
\u00a0
of
\u00a0
income
\u00a0
and
expenses,
\u00a0
which
\u00a0
result
\u00a0
from
\u00a0
restructuring
\u00a0
activities
\u00a0
aiming
\u00a0
to
\u00a0
adjust
\u00a0
the
\u00a0
capacity
\u00a0
of
\u00a0
W\u00e4rtsil\u00e4\u2019s
\u00a0
operations.
\u00a0
They
may
\u00a0
also
\u00a0
include
\u00a0
other
\u00a0
income
\u00a0
and
\u00a0
expenses
\u00a0
incurred
\u00a0
outside
\u00a0
W\u00e4rtsil\u00e4\u2019s
\u00a0
normal
\u00a0
course
\u00a0
of
\u00a0
business,
\u00a0
such
\u00a0
as
impairment
\u00a0
charges,
\u00a0
acquisition
\u00a0
related
\u00a0
costs,
\u00a0
settlements
\u00a0
recorded
\u00a0
as
\u00a0
a
\u00a0
result
\u00a0
of
\u00a0
legal
\u00a0
proceedings
\u00a0
with
\u00a0
third
parties,
\u00a0
or
\u00a0
unforeseen
\u00a0
obligations
\u00a0
from
\u00a0
earlier
\u00a0
discontinued
\u00a0
businesses.
The
\u00a0
reconciliation
\u00a0
of
\u00a0
the
\u00a0
comparable
\u00a0
operating
\u00a0
result
\u00a0
to
\u00a0
the
\u00a0
operating
\u00a0
result
\u00a0
is
\u00a0
presented
\u00a0
in
\u00a0
the
\u00a0
table
\u00a0
below.
Measures
\u00a0
of
\u00a0
profit
\u00a0
and
\u00a0
items
\u00a0
affecting
\u00a0
comparability
The
\u00a0
following
\u00a0
items
\u00a0
are
\u00a0
reported
\u00a0
as
\u00a0
items
\u00a0
affecting
\u00a0
comparability.
Provisions
\u00a0
and
\u00a0
write-downs
\u00a0
related
\u00a0
to
\u00a0
Russia-Ukraine
\u00a0
war
After
\u00a0
Russia\u2019s
\u00a0
attack
\u00a0
on
\u00a0
Ukraine,
\u00a0
W\u00e4rtsil\u00e4
\u00a0
suspended
\u00a0
all
\u00a0
deliveries,
\u00a0
sales,
\u00a0
orders,
\u00a0
and
\u00a0
bidding
\u00a0
to
\u00a0
Russia.
W\u00e4rtsil\u00e4
\u00a0
complies
\u00a0
with
\u00a0
all
\u00a0
trade
\u00a0
sanctions
\u00a0
applicable
\u00a0
to
\u00a0
its
\u00a0
operations.
\u00a0
In
\u00a0
the
\u00a0
current
\u00a0
environment,
\u00a0
it
\u00a0
is
\u00a0
not
viable
\u00a0
for
\u00a0
W\u00e4rtsil\u00e4
\u00a0
to
\u00a0
maintain
\u00a0
activities
\u00a0
in
\u00a0
Russia,
\u00a0
and
\u00a0
therefore
\u00a0
all
\u00a0
operations
\u00a0
in
\u00a0
Russia
\u00a0
have
\u00a0
been
\u00a0
adjusted
and
\u00a0
closed
\u00a0
in
\u00a0
accordance
\u00a0
with
\u00a0
the
\u00a0
local
\u00a0
regulations.
W\u00e4rtsil\u00e4
\u00a0
completed
\u00a0
its
\u00a0
orderly
\u00a0
exit
\u00a0
from
\u00a0
the
\u00a0
Russian
\u00a0
market
\u00a0
in
\u00a0
July.
\u00a0
As
\u00a0
part
\u00a0
of
\u00a0
the
\u00a0
exit,
\u00a0
W\u00e4rtsil\u00e4
\u00a0
divested
Transas
\u00a0
Newbuilding
\u00a0
Limited
\u00a0
and
\u00a0
Transas
\u00a0
Navigator
\u00a0
Ltd.
\u00a0
in
\u00a0
June,
\u00a0
and
\u00a0
Vostok
\u00a0
LLC
\u00a0
in
\u00a0
July.
\u00a0
In
\u00a0
addition,
\u00a0
the
W\u00e4rtsil\u00e4
\u00a0
Digital
\u00a0
Technologies
\u00a0
office
\u00a0
in
\u00a0
Saint
\u00a0
Petersburg
\u00a0
was
\u00a0
closed.
\u00a0
The
\u00a0
disposals\u2019
\u00a0
financial
\u00a0
impact
\u00a0
was
included
\u00a0
in
\u00a0
the
\u00a0
write-downs
\u00a0
recognised
\u00a0
already
\u00a0
during
\u00a0
the
\u00a0
first
\u00a0
quarter.
In
\u00a0
the
\u00a0
first
\u00a0
quarter
\u00a0
of
\u00a0
2022,
\u00a0
W\u00e4rtsil\u00e4
\u00a0
recognised
\u00a0
provisions
\u00a0
and
\u00a0
write-downs
\u00a0
of
\u00a0
EUR
\u00a0
200
\u00a0
million
\u00a0
related
\u00a0
to
closure
\u00a0
of
\u00a0
operations
\u00a0
in
\u00a0
Russia.
\u00a0
The
\u00a0
financial
\u00a0
statements
\u00a0
include
\u00a0
approximately
\u00a0
an
\u00a0
impairment
\u00a0
of
\u00a0
EUR
\u00a0
47
million
\u00a0
related
\u00a0
to
\u00a0
Voyage
\u00a0
goodwill,
\u00a0
an
\u00a0
impairment
\u00a0
of
\u00a0
EUR
\u00a0
25
\u00a0
million
\u00a0
related
\u00a0
to
\u00a0
other
\u00a0
intangible
\u00a0
assets,
\u00a0
an
impairment
\u00a0
of
\u00a0
EUR
\u00a0
7
\u00a0
million
\u00a0
related
\u00a0
to
\u00a0
capitalised
\u00a0
development
\u00a0
projects,
\u00a0
a
\u00a0
loss
\u00a0
of
\u00a0
EUR
\u00a0
28
\u00a0
million
\u00a0
related
\u00a0
to
divesting
\u00a0
the
\u00a0
Russian
\u00a0
entities,
\u00a0
a
\u00a0
write-down
\u00a0
of
\u00a0
inventories
\u00a0
of
\u00a0
EUR
\u00a0
40
\u00a0
million,
\u00a0
provisions
\u00a0
of
\u00a0
EUR
\u00a0
23
\u00a0
million,
\u00a0
and
other
\u00a0
costs
\u00a0
of
\u00a0
EUR
\u00a0
29
\u00a0
million.
Ramp-down
\u00a0
of
\u00a0
manufacturing
\u00a0
in
\u00a0
Trieste
In
\u00a0
July,
\u00a0
W\u00e4rtsil\u00e4
\u00a0
announced
\u00a0
the
\u00a0
plan
\u00a0
to
\u00a0
discontinue
\u00a0
the
\u00a0
manufacturing
\u00a0
in
\u00a0
Trieste
\u00a0
,
\u00a0
Italy.
\u00a0
The
\u00a0
financial
\u00a0
statements
include
\u00a0
a
\u00a0
provision
\u00a0
of
\u00a0
EUR
\u00a0
47
\u00a0
million
\u00a0
for
\u00a0
employee
\u00a0
benefit
\u00a0
expenses,
\u00a0
an
\u00a0
impairment
\u00a0
of
\u00a0
EUR
\u00a0
14
\u00a0
million
\u00a0
related
to
\u00a0
non-current
\u00a0
assets,
\u00a0
and
\u00a0
other
\u00a0
costs
\u00a0
of
\u00a0
EUR
\u00a0
28
\u00a0
million,
\u00a0
consisting
\u00a0
mainly
\u00a0
of
\u00a0
provisions
\u00a0
for
\u00a0
onerous
\u00a0
contracts
and
\u00a0
realised
\u00a0
cost
\u00a0
of
\u00a0
idle
\u00a0
capacity.
Divestment
\u00a0
of
\u00a0
American
\u00a0
Hydro
In
\u00a0
December,
\u00a0
W\u00e4rtsil\u00e4
\u00a0
announced
\u00a0
the
\u00a0
divestment
\u00a0
of
\u00a0
American
\u00a0
Hydro.
\u00a0
Completion
\u00a0
of
\u00a0
the
\u00a0
transaction
\u00a0
is
expected
\u00a0
in
\u00a0
the
\u00a0
first
\u00a0
half
\u00a0
of
\u00a0
2023.
\u00a0
American
\u00a0
Hydro
\u00a0
has
\u00a0
been
\u00a0
classified
\u00a0
as
\u00a0
asset
\u00a0
held
\u00a0
for
\u00a0
sale.
\u00a0
An
\u00a0
impairment
\u00a0
of
EUR
\u00a0
15
\u00a0
million
\u00a0
and
\u00a0
a
\u00a0
provision,
\u00a0
as
\u00a0
well
\u00a0
as
\u00a0
other
\u00a0
costs,
\u00a0
of
\u00a0
EUR
\u00a0
13
\u00a0
million
\u00a0
have
\u00a0
been
\u00a0
reported
\u00a0
as
\u00a0
items
\u00a0
affecting
comparability.
Other
\u00a0
items
\u00a0
affecting
\u00a0
comparability
In
\u00a0
addition,
\u00a0
W\u00e4rtsil\u00e4
\u00a0
has
\u00a0
recognised
\u00a0
an
\u00a0
impairment
\u00a0
of
\u00a0
EUR
\u00a0
13
\u00a0
million,
\u00a0
net
\u00a0
gain
\u00a0
from
\u00a0
disposals
\u00a0
of
\u00a0
EUR
\u00a0
4
\u00a0
million,
employee
\u00a0
benefit
\u00a0
expenses
\u00a0
of
\u00a0
EUR
\u00a0
4
\u00a0
million,
\u00a0
and
\u00a0
other
\u00a0
costs
\u00a0
related
\u00a0
to
\u00a0
restructuring
\u00a0
activities
\u00a0
of
\u00a0
EUR
\u00a0
20
million.
MEUR
2022
2021
Comparable
\u00a0
adjusted
\u00a0
EBITA
349
388
Purchase
\u00a0
price
\u00a0
allocation
\u00a0
amortisation
-23
-31
Comparable
\u00a0
operating
\u00a0
result
325
357
Items
\u00a0
affecting
\u00a0
comparability:
Social
\u00a0
plan
\u00a0
costs
-51
-14
Impairment
\u00a0
and
\u00a0
write-downs
-162
-10
Gains
\u00a0
and
\u00a0
losses
\u00a0
from
\u00a0
disposals
-24
-1
Other
\u00a0
costs
-115
-18
Items
\u00a0
affecting
\u00a0
comparability,
\u00a0
total
-351
-43
Operating
\u00a0
result
-26
314
", "dimensions": { "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory", "language": "en", "entity": "scheme:743700G7A9J1PHM3X223", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "ID_91": { "value": "
Entity
\u00a0
wide
\u00a0
information
In
\u00a0
addition
\u00a0
to
\u00a0
segment
\u00a0
information,
\u00a0
W\u00e4rtsil\u00e4
\u00a0
reports
\u00a0
the
\u00a0
service
\u00a0
net
\u00a0
sales
\u00a0
for
\u00a0
all
\u00a0
segments
\u00a0
and
\u00a0
for
\u00a0
other
business
\u00a0
activities.
W\u00e4rtsil\u00e4
\u00a0
continues
\u00a0
to
\u00a0
report
\u00a0
information
\u00a0
on
\u00a0
the
\u00a0
geographical
\u00a0
areas
\u00a0
Finland,
\u00a0
other
\u00a0
European
\u00a0
countries,
\u00a0
Asia,
\u00a0
the
Americas,
\u00a0
and
\u00a0
other.
\u00a0
In
\u00a0
the
\u00a0
geographical
\u00a0
information
\u00a0
provided,
\u00a0
net
\u00a0
sales
\u00a0
are
\u00a0
split
\u00a0
by
\u00a0
customer
\u00a0
destination
\u00a0
and
non-current
\u00a0
assets
\u00a0
by
\u00a0
origin.
\u00a0
Non-current
\u00a0
assets
\u00a0
consist
\u00a0
of
\u00a0
goodwill,
\u00a0
intangible
\u00a0
assets,
\u00a0
property,
\u00a0
plant
\u00a0
and
equipment,
\u00a0
right-of-use
\u00a0
assets,
\u00a0
and
\u00a0
investments
\u00a0
in
\u00a0
associates
\u00a0
and
\u00a0
joint
\u00a0
ventures.
Geographical
\u00a0
information
During
\u00a0
the
\u00a0
financial
\u00a0
period
\u00a0
1
\u00a0
January
\u00a0
-
\u00a0
31
\u00a0
December
\u00a0
2022
\u00a0
and
\u00a0
1
\u00a0
January
\u00a0
-
\u00a0
31
\u00a0
December
\u00a0
2021
\u00a0
W\u00e4rtsil\u00e4
\u00a0
did
\u00a0
not
have
\u00a0
any
\u00a0
individual
\u00a0
significant
\u00a0
customers.
\u00a0
Of
\u00a0
the
\u00a0
total
\u00a0
net
\u00a0
sales,
\u00a0
sales
\u00a0
to
\u00a0
the
\u00a0
USA
\u00a0
represented
\u00a0
19%
\u00a0
(16)
\u00a0
and
sales
\u00a0
to
\u00a0
China
\u00a0
8%
\u00a0
(9).
Service
\u00a0
net
\u00a0
sales
*
\u00a0
Comparison
\u00a0
figures
\u00a0
have
\u00a0
been
\u00a0
adjusted
\u00a0
to
\u00a0
reflect
\u00a0
a
\u00a0
change
\u00a0
in
\u00a0
categorisation
\u00a0
between
\u00a0
equipment
\u00a0
and
\u00a0
service
net
\u00a0
sales.
MEUR
2022
2021
Net
\u00a0
sales
Finland
47
73
Other
\u00a0
European
\u00a0
countries
1,671
1,518
Asia
1,482
1,464
The
\u00a0
Americas
2,062
1,286
Other
580
437
Total
5,842
4,778
Non-current
\u00a0
assets
Finland
555
409
Other
\u00a0
European
\u00a0
countries
1,364
1,533
Asia
108
112
The
\u00a0
Americas
237
246
Other
6
7
Total
2,270
2,307
MEUR
2022
2021
Net
\u00a0
sales
Marine
\u00a0
Power,
\u00a0
service*
1,403
1,201
Marine
\u00a0
Systems,
\u00a0
service*
231
204
Voyage,
\u00a0
service
109
105
Energy,
\u00a0
service
958
891
Portfolio
\u00a0
Business,
\u00a0
service
75
67
Total
2,775
2,467
2.2.
\u00a0
REVENUE
\u00a0
RECOGNITION
Accounting
\u00a0
principles
According
\u00a0
to
\u00a0
revenue
\u00a0
recognition
\u00a0
principles,
\u00a0
revenue
\u00a0
is
\u00a0
recognised
\u00a0
when
\u00a0
control
\u00a0
of
\u00a0
the
\u00a0
goods
\u00a0
or
\u00a0
services
\u00a0
is
transferred
\u00a0
to
\u00a0
the
\u00a0
customer
\u00a0
at
\u00a0
an
\u00a0
amount
\u00a0
that
\u00a0
reflects
\u00a0
the
\u00a0
consideration
\u00a0
to
\u00a0
which
\u00a0
the
\u00a0
Group
\u00a0
expects
\u00a0
to
\u00a0
be
entitled
\u00a0
in
\u00a0
exchange
\u00a0
for
\u00a0
those
\u00a0
goods
\u00a0
and
\u00a0
services.
\u00a0
The
\u00a0
Group
\u00a0
recognises
\u00a0
revenue
\u00a0
when
\u00a0
it
\u00a0
satisfies
\u00a0
an
identified
\u00a0
performance
\u00a0
obligation
\u00a0
by
\u00a0
transferring
\u00a0
promised
\u00a0
goods
\u00a0
or
\u00a0
services
\u00a0
to
\u00a0
the
\u00a0
customer.
\u00a0
Goods
\u00a0
and
services
\u00a0
are
\u00a0
generally
\u00a0
considered
\u00a0
to
\u00a0
be
\u00a0
transferred
\u00a0
when
\u00a0
the
\u00a0
customer
\u00a0
obtains
\u00a0
control
\u00a0
of
\u00a0
them.
\u00a0
Such
control
\u00a0
is
\u00a0
transferred
\u00a0
either
\u00a0
at
\u00a0
a
\u00a0
point
\u00a0
in
\u00a0
time
\u00a0
or
\u00a0
over
\u00a0
time.
\u00a0
Revenue
\u00a0
recognised
\u00a0
by
\u00a0
the
\u00a0
reporting
\u00a0
date
corresponds
\u00a0
to
\u00a0
the
\u00a0
benefit
\u00a0
of
\u00a0
the
\u00a0
service
\u00a0
provided
\u00a0
by
\u00a0
W\u00e4rtsil\u00e4
\u00a0
to
\u00a0
the
\u00a0
customer.
\u00a0
Revenue
\u00a0
is
\u00a0
presented
\u00a0
net
\u00a0
of
indirect
\u00a0
sales
\u00a0
taxes,
\u00a0
liquidated
\u00a0
damages,
\u00a0
and
\u00a0
discounts.
Revenue
\u00a0
recognised
\u00a0
over
\u00a0
time
\u00a0
is
\u00a0
measured
\u00a0
in
\u00a0
accordance
\u00a0
with
\u00a0
the
\u00a0
input
\u00a0
method
\u00a0
(progress
\u00a0
measured
based
\u00a0
on
\u00a0
costs
\u00a0
incurred)
\u00a0
when
\u00a0
the
\u00a0
outcome
\u00a0
of
\u00a0
the
\u00a0
contract
\u00a0
can
\u00a0
be
\u00a0
estimated
\u00a0
reliably.
\u00a0
When
\u00a0
the
\u00a0
outcome
cannot
\u00a0
be
\u00a0
reliably
\u00a0
determined,
\u00a0
the
\u00a0
costs
\u00a0
arising
\u00a0
are
\u00a0
expensed
\u00a0
in
\u00a0
the
\u00a0
same
\u00a0
reporting
\u00a0
period
\u00a0
in
\u00a0
which
\u00a0
they
occur,
\u00a0
but
\u00a0
the
\u00a0
revenue
\u00a0
is
\u00a0
recorded
\u00a0
only
\u00a0
to
\u00a0
the
\u00a0
extent
\u00a0
that
\u00a0
the
\u00a0
company
\u00a0
will
\u00a0
receive
\u00a0
an
\u00a0
amount
corresponding
\u00a0
to
\u00a0
actual
\u00a0
costs.
\u00a0
Any
\u00a0
losses
\u00a0
are
\u00a0
expensed
\u00a0
immediately.
\u00a0
If
\u00a0
revenue
\u00a0
for
\u00a0
goods
\u00a0
and
\u00a0
services
\u00a0
is
recognised
\u00a0
at
\u00a0
a
\u00a0
point
\u00a0
in
\u00a0
time,
\u00a0
it
\u00a0
is
\u00a0
when
\u00a0
control
\u00a0
is
\u00a0
transferred
\u00a0
to
\u00a0
the
\u00a0
customer.
\u00a0
The
\u00a0
transfer
\u00a0
of
\u00a0
control
\u00a0
is
based
\u00a0
mainly
\u00a0
on
\u00a0
transferring
\u00a0
risks
\u00a0
and
\u00a0
rewards
\u00a0
according
\u00a0
to
\u00a0
the
\u00a0
delivery
\u00a0
terms.
The
\u00a0
transaction
\u00a0
price
\u00a0
is
\u00a0
mainly
\u00a0
fixed
\u00a0
but
\u00a0
often
\u00a0
may
\u00a0
include
\u00a0
variable
\u00a0
considerations,
\u00a0
such
\u00a0
as
\u00a0
liquidated
damages,
\u00a0
performance
\u00a0
bonuses
\u00a0
and
\u00a0
discounts.
\u00a0
Variable
\u00a0
consideration
\u00a0
is
\u00a0
included
\u00a0
in
\u00a0
the
\u00a0
revenue
\u00a0
only
\u00a0
to
the
\u00a0
extent
\u00a0
that
\u00a0
it
\u00a0
is
\u00a0
highly
\u00a0
probable
\u00a0
that
\u00a0
the
\u00a0
amount
\u00a0
will
\u00a0
not
\u00a0
be
\u00a0
subject
\u00a0
to
\u00a0
significant
\u00a0
reversal.
\u00a0
Transaction
prices
\u00a0
including
\u00a0
variable
\u00a0
components
\u00a0
are
\u00a0
reassessed
\u00a0
at
\u00a0
each
\u00a0
reporting
\u00a0
date.
W\u00e4rtsil\u00e4
\u00a0
often
\u00a0
requires
\u00a0
advance
\u00a0
payments
\u00a0
from
\u00a0
its
\u00a0
customers
\u00a0
or
\u00a0
invoice
\u00a0
customers
\u00a0
based
\u00a0
on
\u00a0
milestones.
Payment
\u00a0
terms
\u00a0
are
\u00a0
typical
\u00a0
to
\u00a0
the
\u00a0
business
\u00a0
and
\u00a0
advances
\u00a0
received
\u00a0
or
\u00a0
contract
\u00a0
assets
\u00a0
do
\u00a0
not
\u00a0
contain
financing
\u00a0
component
\u00a0
as
\u00a0
payment
\u00a0
schedules
\u00a0
follows
\u00a0
the
\u00a0
timing
\u00a0
of
\u00a0
the
\u00a0
performance
\u00a0
obligation
\u00a0
to
\u00a0
be
\u00a0
satisfied.
W\u00e4rtsil\u00e4
\u00a0
focuses
\u00a0
on
\u00a0
the
\u00a0
marine
\u00a0
and
\u00a0
energy
\u00a0
markets
\u00a0
with
\u00a0
products,
\u00a0
solutions,
\u00a0
and
\u00a0
services.
\u00a0
Revenue
\u00a0
from
contracts
\u00a0
with
\u00a0
customers
\u00a0
is
\u00a0
derived
\u00a0
from
\u00a0
four
\u00a0
revenue
\u00a0
types:
\u00a0
products,
\u00a0
goods
\u00a0
and
\u00a0
services,
\u00a0
projects,
\u00a0
and
long-term
\u00a0
agreements.
\u00a0
All
\u00a0
these
\u00a0
revenue
\u00a0
types
\u00a0
are
\u00a0
represented
\u00a0
within
\u00a0
all
\u00a0
reportable
\u00a0
segments
\u00a0
and
\u00a0
other
business
\u00a0
activities:
\u00a0
Marine
\u00a0
Power,
\u00a0
Marine
\u00a0
Systems,
\u00a0
Voyage,
\u00a0
Energy
\u00a0
and
\u00a0
Portfolio
\u00a0
Business.
Product
\u00a0
sales
\u00a0
consist
\u00a0
of
\u00a0
sales
\u00a0
of
\u00a0
spare
\u00a0
parts
\u00a0
and
\u00a0
standard
\u00a0
equipment,
\u00a0
for
\u00a0
which
\u00a0
the
\u00a0
revenue
\u00a0
is
\u00a0
recognised
at
\u00a0
a
\u00a0
point
\u00a0
in
\u00a0
time
\u00a0
when
\u00a0
the
\u00a0
control
\u00a0
of
\u00a0
the
\u00a0
product
\u00a0
has
\u00a0
transferred
\u00a0
to
\u00a0
the
\u00a0
customer,
\u00a0
in
\u00a0
general
\u00a0
upon
\u00a0
delivery
of
\u00a0
the
\u00a0
goods.
\u00a0
Product
\u00a0
sale
\u00a0
contracts
\u00a0
typically
\u00a0
include
\u00a0
one
\u00a0
performance
\u00a0
obligation.
Goods
\u00a0
and
\u00a0
services
\u00a0
-type
\u00a0
of
\u00a0
revenue
\u00a0
involves
\u00a0
short-term
\u00a0
field
\u00a0
service
\u00a0
jobs,
\u00a0
including
\u00a0
the
\u00a0
delivery
\u00a0
of
\u00a0
a
combination
\u00a0
of
\u00a0
service
\u00a0
and
\u00a0
equipment.
\u00a0
The
\u00a0
revenue
\u00a0
is
\u00a0
recognised
\u00a0
at
\u00a0
a
\u00a0
point
\u00a0
in
\u00a0
time
\u00a0
when
\u00a0
the
\u00a0
service
\u00a0
is
rendered.
\u00a0
Goods
\u00a0
and
\u00a0
service
\u00a0
-type
\u00a0
contracts,
\u00a0
generally
\u00a0
include
\u00a0
one
\u00a0
performance
\u00a0
obligation.
Projects
\u00a0
are
\u00a0
of
\u00a0
both
\u00a0
short-
\u00a0
and
\u00a0
long-term
\u00a0
in
\u00a0
duration.
\u00a0
Depending
\u00a0
on
\u00a0
the
\u00a0
contract
\u00a0
terms
\u00a0
and
\u00a0
the
\u00a0
duration
\u00a0
of
the
\u00a0
project,
\u00a0
the
\u00a0
revenue
\u00a0
is
\u00a0
recognised
\u00a0
at
\u00a0
a
\u00a0
point
\u00a0
in
\u00a0
time
\u00a0
or
\u00a0
over
\u00a0
time.
\u00a0
Revenue
\u00a0
from
\u00a0
tailor-made
\u00a0
equipment
delivery
\u00a0
projects
\u00a0
is
\u00a0
recognised
\u00a0
at
\u00a0
a
\u00a0
point
\u00a0
in
\u00a0
time
\u00a0
when
\u00a0
the
\u00a0
control
\u00a0
of
\u00a0
the
\u00a0
equipment
\u00a0
is
\u00a0
transferred,
\u00a0
in
\u00a0
general
upon
\u00a0
delivery.
\u00a0
These
\u00a0
contracts
\u00a0
generally
\u00a0
represent
\u00a0
one
\u00a0
performance
\u00a0
obligation,
\u00a0
but
\u00a0
under
\u00a0
certain
circumstances
\u00a0
they
\u00a0
can
\u00a0
contain
\u00a0
multiple
\u00a0
performance
\u00a0
obligations
\u00a0
when
\u00a0
a
\u00a0
contract
\u00a0
contains
\u00a0
multiple
\u00a0
units
\u00a0
of
delivery.
\u00a0
Tailor
\u00a0
-made
\u00a0
equipment
\u00a0
sales
\u00a0
are
\u00a0
mainly
\u00a0
in
\u00a0
Marine
\u00a0
Power
\u00a0
for
\u00a0
example
\u00a0
engine
\u00a0
and
\u00a0
propulsion
\u00a0
sales
and
\u00a0
scrubber
\u00a0
system
\u00a0
sales
\u00a0
in
\u00a0
Marine
\u00a0
Systems.
In
\u00a0
long-
\u00a0
term
\u00a0
projects
\u00a0
such
\u00a0
as
\u00a0
large-scale
\u00a0
systems
\u00a0
i.e.,
\u00a0
power
\u00a0
plants
\u00a0
and
\u00a0
energy
\u00a0
storages
\u00a0
in
\u00a0
Energy,
\u00a0
and
gas
\u00a0
solutions
\u00a0
construction
\u00a0
contracts
\u00a0
in
\u00a0
Marine
\u00a0
Systems
\u00a0
or
\u00a0
equipment
\u00a0
deliveries
\u00a0
which
\u00a0
require
\u00a0
engineering,
the
\u00a0
revenue
\u00a0
is
\u00a0
recognised
\u00a0
over
\u00a0
time
\u00a0
as
\u00a0
the
\u00a0
asset
\u00a0
produced
\u00a0
does
\u00a0
not
\u00a0
have
\u00a0
alternative
\u00a0
use
\u00a0
and
\u00a0
the
\u00a0
Group
has
\u00a0
an
\u00a0
enforceable
\u00a0
right
\u00a0
to
\u00a0
payment.
\u00a0
These
\u00a0
contracts
\u00a0
usually
\u00a0
contain
\u00a0
one
\u00a0
performance
\u00a0
obligation.
\u00a0
The
progress
\u00a0
is
\u00a0
measured
\u00a0
by
\u00a0
using
\u00a0
the
\u00a0
cost-to-cost
\u00a0
method,
\u00a0
where
\u00a0
sales
\u00a0
and
\u00a0
profits
\u00a0
are
\u00a0
recognised
\u00a0
after
considering
\u00a0
the
\u00a0
ratio
\u00a0
of
\u00a0
accumulated
\u00a0
costs
\u00a0
to
\u00a0
estimated
\u00a0
total
\u00a0
costs
\u00a0
to
\u00a0
complete
\u00a0
each
\u00a0
contract.
\u00a0
Revenue
from
\u00a0
service-related
\u00a0
projects,
\u00a0
such
\u00a0
as
\u00a0
modernisation
\u00a0
and
\u00a0
upgrade
\u00a0
projects
\u00a0
are
\u00a0
recognised
\u00a0
over
\u00a0
time
because
\u00a0
the
\u00a0
customer
\u00a0
typically
\u00a0
controls
\u00a0
the
\u00a0
asset
\u00a0
that
\u00a0
is
\u00a0
enhanced.
\u00a0
Service-related
\u00a0
projects
\u00a0
usually
\u00a0
contain
one
\u00a0
performance
\u00a0
obligation.
Long-term
\u00a0
agreements
\u00a0
include
\u00a0
long-term
\u00a0
operating
\u00a0
and
\u00a0
maintenance
\u00a0
agreements
\u00a0
for
\u00a0
which
\u00a0
the
\u00a0
revenue
\u00a0
is
recognised
\u00a0
over
\u00a0
time
\u00a0
because
\u00a0
the
\u00a0
customer
\u00a0
simultaneously
\u00a0
receives
\u00a0
and
\u00a0
consumes
\u00a0
the
\u00a0
service
\u00a0
provided.
Measuring
\u00a0
progress
\u00a0
is
\u00a0
based
\u00a0
on
\u00a0
cost-to-cost
\u00a0
method,
\u00a0
costs
\u00a0
of
\u00a0
actual
\u00a0
services
\u00a0
provided
\u00a0
as
\u00a0
a
\u00a0
proportion
\u00a0
of
the
\u00a0
costs
\u00a0
of
\u00a0
total
\u00a0
services
\u00a0
to
\u00a0
be
\u00a0
rendered.
\u00a0
These
\u00a0
contracts
\u00a0
typically
\u00a0
contain
\u00a0
one
\u00a0
performance
\u00a0
obligation
\u00a0
per
installation.
\u00a0
Long-term
\u00a0
agreements
\u00a0
mainly
\u00a0
generate
\u00a0
revenue
\u00a0
in
\u00a0
Energy
\u00a0
and
\u00a0
in
\u00a0
Marine
\u00a0
Power.
Contracts
\u00a0
with
\u00a0
customers
\u00a0
often
\u00a0
include
\u00a0
warranties
\u00a0
in
\u00a0
line
\u00a0
with
\u00a0
W\u00e4rtsil\u00e4\u2019s
\u00a0
General
\u00a0
terms
\u00a0
and
\u00a0
conditions,
which
\u00a0
are
\u00a0
regarded
\u00a0
as
\u00a0
part
\u00a0
of
\u00a0
the
\u00a0
promise
\u00a0
to
\u00a0
the
\u00a0
customer.
\u00a0
Typically,
\u00a0
the
\u00a0
standard
\u00a0
warranty
\u00a0
period
\u00a0
is
\u00a0
one
year
\u00a0
from
\u00a0
the
\u00a0
delivery
\u00a0
onwards.
\u00a0
Extended
\u00a0
warranties
\u00a0
or
\u00a0
warranties
\u00a0
purchased
\u00a0
as
\u00a0
an
\u00a0
option
\u00a0
are
\u00a0
identified
\u00a0
as
separate
\u00a0
performance
\u00a0
obligations
\u00a0
with
\u00a0
revenue
\u00a0
being
\u00a0
recognised
\u00a0
evenly
\u00a0
over
\u00a0
the
\u00a0
warranty
\u00a0
period.
The
\u00a0
Group
\u00a0
also
\u00a0
applies
\u00a0
the
\u00a0
practical
\u00a0
expedient
\u00a0
stated
\u00a0
in
\u00a0
IFRS
\u00a0
15.94
\u00a0
according
\u00a0
to
\u00a0
which
\u00a0
an
\u00a0
entity
\u00a0
can
recognise
\u00a0
the
\u00a0
incremental
\u00a0
costs
\u00a0
of
\u00a0
obtaining
\u00a0
a
\u00a0
contract
\u00a0
as
\u00a0
an
\u00a0
expense
\u00a0
when
\u00a0
incurred
\u00a0
if
\u00a0
the
\u00a0
amortisation
period
\u00a0
of
\u00a0
the
\u00a0
asset
\u00a0
that
\u00a0
the
\u00a0
entity
\u00a0
would
\u00a0
have
\u00a0
recognised
\u00a0
is
\u00a0
one
\u00a0
year
\u00a0
or
\u00a0
less.
\u00a0
W\u00e4rtsil\u00e4
\u00a0
has
\u00a0
not
\u00a0
incurred
\u00a0
any
costs
\u00a0
for
\u00a0
obtaining
\u00a0
a
\u00a0
contract
\u00a0
to
\u00a0
be
\u00a0
recognised
\u00a0
as
\u00a0
an
\u00a0
asset.
Information
\u00a0
on
\u00a0
contract
\u00a0
assets
\u00a0
and
\u00a0
liabilities
\u00a0
is
\u00a0
available
\u00a0
in
\u00a0
Note
\u00a0
4.2.
\u00a0
Trade
\u00a0
receivables
\u00a0
and
\u00a0
contract
\u00a0
assets
and
\u00a0
liabilities.
Accounting
\u00a0
estimates
\u00a0
and
\u00a0
judgements
Revenue
\u00a0
from
\u00a0
certain
\u00a0
projects
\u00a0
and
\u00a0
long-term
\u00a0
agreements
\u00a0
is
\u00a0
recognised
\u00a0
over
\u00a0
time
\u00a0
according
\u00a0
to
\u00a0
the
\u00a0
input
method
\u00a0
when
\u00a0
the
\u00a0
profit
\u00a0
on
\u00a0
the
\u00a0
project
\u00a0
or
\u00a0
agreement
\u00a0
can
\u00a0
be
\u00a0
reliably
\u00a0
determined.
\u00a0
The
\u00a0
progress
\u00a0
and
\u00a0
the
profitability
\u00a0
are
\u00a0
based
\u00a0
on
\u00a0
the
\u00a0
management\u2019s
\u00a0
estimates,
\u00a0
which
\u00a0
require
\u00a0
significant
\u00a0
judgement
\u00a0
concerning
\u00a0
the
stage
\u00a0
of
\u00a0
completion,
\u00a0
the
\u00a0
cost
\u00a0
to
\u00a0
complete,
\u00a0
and
\u00a0
the
\u00a0
time
\u00a0
of
\u00a0
completion.
\u00a0
These
\u00a0
estimates
\u00a0
are
\u00a0
reviewed
regularly.
\u00a0
Recognised
\u00a0
revenue
\u00a0
and
\u00a0
costs
\u00a0
recorded
\u00a0
are
\u00a0
adjusted
\u00a0
during
\u00a0
the
\u00a0
project
\u00a0
when
\u00a0
assumptions
concerning
\u00a0
the
\u00a0
outcome
\u00a0
of
\u00a0
the
\u00a0
entire
\u00a0
project
\u00a0
are
\u00a0
updated.
\u00a0
Changes
\u00a0
in
\u00a0
assumptions
\u00a0
relate
\u00a0
to
\u00a0
changes
\u00a0
in
\u00a0
the
project\u2019s
\u00a0
or
\u00a0
agreement\u2019s
\u00a0
schedule,
\u00a0
the
\u00a0
scope
\u00a0
of
\u00a0
supply,
\u00a0
technology,
\u00a0
costs,
\u00a0
and
\u00a0
any
\u00a0
other
\u00a0
relevant
\u00a0
factors.
Establishing
\u00a0
whether
\u00a0
distinct
\u00a0
goods
\u00a0
or
\u00a0
services
\u00a0
are
\u00a0
considered
\u00a0
as
\u00a0
separate
\u00a0
performance
\u00a0
obligations
requires
\u00a0
judgement
\u00a0
and
\u00a0
might
\u00a0
impact
\u00a0
the
\u00a0
timing
\u00a0
and
\u00a0
amount
\u00a0
of
\u00a0
revenue
\u00a0
recognition.
Project
\u00a0
business
\u00a0
contracts
\u00a0
usually
\u00a0
involve
\u00a0
elements
\u00a0
of
\u00a0
variable
\u00a0
consideration.
\u00a0
At
\u00a0
each
\u00a0
reporting
\u00a0
date,
management
\u00a0
reassesses
\u00a0
the
\u00a0
transaction
\u00a0
price,
\u00a0
which
\u00a0
requires
\u00a0
significant
\u00a0
judgement
\u00a0
as
\u00a0
it
\u00a0
affects
\u00a0
the
\u00a0
timing
of
\u00a0
the
\u00a0
revenue
\u00a0
recognition.
\u00a0
The
\u00a0
valuation
\u00a0
of
\u00a0
accounts
\u00a0
receivables
\u00a0
also
\u00a0
includes
\u00a0
estimates
\u00a0
mainly
concerning
\u00a0
the
\u00a0
recoverability
\u00a0
of
\u00a0
receivables.
Determining
\u00a0
whether
\u00a0
different
\u00a0
contracts
\u00a0
with
\u00a0
the
\u00a0
same
\u00a0
customer
\u00a0
are
\u00a0
accounted
\u00a0
for
\u00a0
as
\u00a0
one
\u00a0
contract
\u00a0
involves
the
\u00a0
use
\u00a0
of
\u00a0
judgement,
\u00a0
as
\u00a0
it
\u00a0
requires
\u00a0
an
\u00a0
assessment
\u00a0
of
\u00a0
whether
\u00a0
the
\u00a0
contracts
\u00a0
are
\u00a0
negotiated
\u00a0
together
\u00a0
or
linked
\u00a0
in
\u00a0
any
\u00a0
other
\u00a0
way.
\u00a0
The
\u00a0
timing
\u00a0
and
\u00a0
amount
\u00a0
of
\u00a0
revenue
\u00a0
recognition
\u00a0
can
\u00a0
vary
\u00a0
depending
\u00a0
on
\u00a0
whether
\u00a0
two
contracts
\u00a0
are
\u00a0
accounted
\u00a0
for
\u00a0
separately,
\u00a0
or
\u00a0
as
\u00a0
one
\u00a0
single
\u00a0
arrangement.
Warranty
\u00a0
provisions
\u00a0
are
\u00a0
recorded
\u00a0
on
\u00a0
the
\u00a0
recognition
\u00a0
of
\u00a0
revenue.
\u00a0
The
\u00a0
provision
\u00a0
is
\u00a0
based
\u00a0
on
\u00a0
the
\u00a0
accumulated
experience
\u00a0
of
\u00a0
the
\u00a0
level
\u00a0
of
\u00a0
warranty
\u00a0
needed
\u00a0
to
\u00a0
manage
\u00a0
future
\u00a0
and
\u00a0
current
\u00a0
cost
\u00a0
claims.
\u00a0
Products
\u00a0
can
\u00a0
contain
new
\u00a0
and
\u00a0
complex
\u00a0
technology
\u00a0
that
\u00a0
can
\u00a0
affect
\u00a0
warranty
\u00a0
estimates,
\u00a0
with
\u00a0
the
\u00a0
result
\u00a0
that
\u00a0
earlier
\u00a0
recognised
provisions
\u00a0
are
\u00a0
not
\u00a0
always
\u00a0
sufficient.
Net
\u00a0
sales
\u00a0
by
\u00a0
revenue
\u00a0
type
\u00a0
and
\u00a0
timing
\u00a0
of
\u00a0
satisfying
\u00a0
performance
\u00a0
obligations
2022
MEUR
Marine
Power
Marine
Systems
Voyage
Energy
Portfolio
Business
Total
At
\u00a0
a
\u00a0
point
\u00a0
in
\u00a0
time
Products
725
162
32
409
24
1,353
Goods
\u00a0
and
\u00a0
services
362
79
48
107
4
599
Projects
618
126
117
344
30
1,235
Total
1,705
367
197
860
58
3,187
Over
\u00a0
time
Projects
55
394
60
1,493
51
2,054
Long-term
\u00a0
agreements
222
4
7
368
1
602
Total
278
398
67
1,860
52
2,655
Total
1,982
765
264
2,721
109
5,842
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:743700G7A9J1PHM3X223", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "ID_93": { "value": "
Accounting
\u00a0
principles
According
\u00a0
to
\u00a0
revenue
\u00a0
recognition
\u00a0
principles,
\u00a0
revenue
\u00a0
is
\u00a0
recognised
\u00a0
when
\u00a0
control
\u00a0
of
\u00a0
the
\u00a0
goods
\u00a0
or
\u00a0
services
\u00a0
is
transferred
\u00a0
to
\u00a0
the
\u00a0
customer
\u00a0
at
\u00a0
an
\u00a0
amount
\u00a0
that
\u00a0
reflects
\u00a0
the
\u00a0
consideration
\u00a0
to
\u00a0
which
\u00a0
the
\u00a0
Group
\u00a0
expects
\u00a0
to
\u00a0
be
entitled
\u00a0
in
\u00a0
exchange
\u00a0
for
\u00a0
those
\u00a0
goods
\u00a0
and
\u00a0
services.
\u00a0
The
\u00a0
Group
\u00a0
recognises
\u00a0
revenue
\u00a0
when
\u00a0
it
\u00a0
satisfies
\u00a0
an
identified
\u00a0
performance
\u00a0
obligation
\u00a0
by
\u00a0
transferring
\u00a0
promised
\u00a0
goods
\u00a0
or
\u00a0
services
\u00a0
to
\u00a0
the
\u00a0
customer.
\u00a0
Goods
\u00a0
and
services
\u00a0
are
\u00a0
generally
\u00a0
considered
\u00a0
to
\u00a0
be
\u00a0
transferred
\u00a0
when
\u00a0
the
\u00a0
customer
\u00a0
obtains
\u00a0
control
\u00a0
of
\u00a0
them.
\u00a0
Such
control
\u00a0
is
\u00a0
transferred
\u00a0
either
\u00a0
at
\u00a0
a
\u00a0
point
\u00a0
in
\u00a0
time
\u00a0
or
\u00a0
over
\u00a0
time.
\u00a0
Revenue
\u00a0
recognised
\u00a0
by
\u00a0
the
\u00a0
reporting
\u00a0
date
corresponds
\u00a0
to
\u00a0
the
\u00a0
benefit
\u00a0
of
\u00a0
the
\u00a0
service
\u00a0
provided
\u00a0
by
\u00a0
W\u00e4rtsil\u00e4
\u00a0
to
\u00a0
the
\u00a0
customer.
\u00a0
Revenue
\u00a0
is
\u00a0
presented
\u00a0
net
\u00a0
of
indirect
\u00a0
sales
\u00a0
taxes,
\u00a0
liquidated
\u00a0
damages,
\u00a0
and
\u00a0
discounts.
Revenue
\u00a0
recognised
\u00a0
over
\u00a0
time
\u00a0
is
\u00a0
measured
\u00a0
in
\u00a0
accordance
\u00a0
with
\u00a0
the
\u00a0
input
\u00a0
method
\u00a0
(progress
\u00a0
measured
based
\u00a0
on
\u00a0
costs
\u00a0
incurred)
\u00a0
when
\u00a0
the
\u00a0
outcome
\u00a0
of
\u00a0
the
\u00a0
contract
\u00a0
can
\u00a0
be
\u00a0
estimated
\u00a0
reliably.
\u00a0
When
\u00a0
the
\u00a0
outcome
cannot
\u00a0
be
\u00a0
reliably
\u00a0
determined,
\u00a0
the
\u00a0
costs
\u00a0
arising
\u00a0
are
\u00a0
expensed
\u00a0
in
\u00a0
the
\u00a0
same
\u00a0
reporting
\u00a0
period
\u00a0
in
\u00a0
which
\u00a0
they
occur,
\u00a0
but
\u00a0
the
\u00a0
revenue
\u00a0
is
\u00a0
recorded
\u00a0
only
\u00a0
to
\u00a0
the
\u00a0
extent
\u00a0
that
\u00a0
the
\u00a0
company
\u00a0
will
\u00a0
receive
\u00a0
an
\u00a0
amount
corresponding
\u00a0
to
\u00a0
actual
\u00a0
costs.
\u00a0
Any
\u00a0
losses
\u00a0
are
\u00a0
expensed
\u00a0
immediately.
\u00a0
If
\u00a0
revenue
\u00a0
for
\u00a0
goods
\u00a0
and
\u00a0
services
\u00a0
is
recognised
\u00a0
at
\u00a0
a
\u00a0
point
\u00a0
in
\u00a0
time,
\u00a0
it
\u00a0
is
\u00a0
when
\u00a0
control
\u00a0
is
\u00a0
transferred
\u00a0
to
\u00a0
the
\u00a0
customer.
\u00a0
The
\u00a0
transfer
\u00a0
of
\u00a0
control
\u00a0
is
based
\u00a0
mainly
\u00a0
on
\u00a0
transferring
\u00a0
risks
\u00a0
and
\u00a0
rewards
\u00a0
according
\u00a0
to
\u00a0
the
\u00a0
delivery
\u00a0
terms.
The
\u00a0
transaction
\u00a0
price
\u00a0
is
\u00a0
mainly
\u00a0
fixed
\u00a0
but
\u00a0
often
\u00a0
may
\u00a0
include
\u00a0
variable
\u00a0
considerations,
\u00a0
such
\u00a0
as
\u00a0
liquidated
damages,
\u00a0
performance
\u00a0
bonuses
\u00a0
and
\u00a0
discounts.
\u00a0
Variable
\u00a0
consideration
\u00a0
is
\u00a0
included
\u00a0
in
\u00a0
the
\u00a0
revenue
\u00a0
only
\u00a0
to
the
\u00a0
extent
\u00a0
that
\u00a0
it
\u00a0
is
\u00a0
highly
\u00a0
probable
\u00a0
that
\u00a0
the
\u00a0
amount
\u00a0
will
\u00a0
not
\u00a0
be
\u00a0
subject
\u00a0
to
\u00a0
significant
\u00a0
reversal.
\u00a0
Transaction
prices
\u00a0
including
\u00a0
variable
\u00a0
components
\u00a0
are
\u00a0
reassessed
\u00a0
at
\u00a0
each
\u00a0
reporting
\u00a0
date.
W\u00e4rtsil\u00e4
\u00a0
often
\u00a0
requires
\u00a0
advance
\u00a0
payments
\u00a0
from
\u00a0
its
\u00a0
customers
\u00a0
or
\u00a0
invoice
\u00a0
customers
\u00a0
based
\u00a0
on
\u00a0
milestones.
Payment
\u00a0
terms
\u00a0
are
\u00a0
typical
\u00a0
to
\u00a0
the
\u00a0
business
\u00a0
and
\u00a0
advances
\u00a0
received
\u00a0
or
\u00a0
contract
\u00a0
assets
\u00a0
do
\u00a0
not
\u00a0
contain
financing
\u00a0
component
\u00a0
as
\u00a0
payment
\u00a0
schedules
\u00a0
follows
\u00a0
the
\u00a0
timing
\u00a0
of
\u00a0
the
\u00a0
performance
\u00a0
obligation
\u00a0
to
\u00a0
be
\u00a0
satisfied.
W\u00e4rtsil\u00e4
\u00a0
focuses
\u00a0
on
\u00a0
the
\u00a0
marine
\u00a0
and
\u00a0
energy
\u00a0
markets
\u00a0
with
\u00a0
products,
\u00a0
solutions,
\u00a0
and
\u00a0
services.
\u00a0
Revenue
\u00a0
from
contracts
\u00a0
with
\u00a0
customers
\u00a0
is
\u00a0
derived
\u00a0
from
\u00a0
four
\u00a0
revenue
\u00a0
types:
\u00a0
products,
\u00a0
goods
\u00a0
and
\u00a0
services,
\u00a0
projects,
\u00a0
and
long-term
\u00a0
agreements.
\u00a0
All
\u00a0
these
\u00a0
revenue
\u00a0
types
\u00a0
are
\u00a0
represented
\u00a0
within
\u00a0
all
\u00a0
reportable
\u00a0
segments
\u00a0
and
\u00a0
other
business
\u00a0
activities:
\u00a0
Marine
\u00a0
Power,
\u00a0
Marine
\u00a0
Systems,
\u00a0
Voyage,
\u00a0
Energy
\u00a0
and
\u00a0
Portfolio
\u00a0
Business.
Product
\u00a0
sales
\u00a0
consist
\u00a0
of
\u00a0
sales
\u00a0
of
\u00a0
spare
\u00a0
parts
\u00a0
and
\u00a0
standard
\u00a0
equipment,
\u00a0
for
\u00a0
which
\u00a0
the
\u00a0
revenue
\u00a0
is
\u00a0
recognised
at
\u00a0
a
\u00a0
point
\u00a0
in
\u00a0
time
\u00a0
when
\u00a0
the
\u00a0
control
\u00a0
of
\u00a0
the
\u00a0
product
\u00a0
has
\u00a0
transferred
\u00a0
to
\u00a0
the
\u00a0
customer,
\u00a0
in
\u00a0
general
\u00a0
upon
\u00a0
delivery
of
\u00a0
the
\u00a0
goods.
\u00a0
Product
\u00a0
sale
\u00a0
contracts
\u00a0
typically
\u00a0
include
\u00a0
one
\u00a0
performance
\u00a0
obligation.
Goods
\u00a0
and
\u00a0
services
\u00a0
-type
\u00a0
of
\u00a0
revenue
\u00a0
involves
\u00a0
short-term
\u00a0
field
\u00a0
service
\u00a0
jobs,
\u00a0
including
\u00a0
the
\u00a0
delivery
\u00a0
of
\u00a0
a
combination
\u00a0
of
\u00a0
service
\u00a0
and
\u00a0
equipment.
\u00a0
The
\u00a0
revenue
\u00a0
is
\u00a0
recognised
\u00a0
at
\u00a0
a
\u00a0
point
\u00a0
in
\u00a0
time
\u00a0
when
\u00a0
the
\u00a0
service
\u00a0
is
rendered.
\u00a0
Goods
\u00a0
and
\u00a0
service
\u00a0
-type
\u00a0
contracts,
\u00a0
generally
\u00a0
include
\u00a0
one
\u00a0
performance
\u00a0
obligation.
Projects
\u00a0
are
\u00a0
of
\u00a0
both
\u00a0
short-
\u00a0
and
\u00a0
long-term
\u00a0
in
\u00a0
duration.
\u00a0
Depending
\u00a0
on
\u00a0
the
\u00a0
contract
\u00a0
terms
\u00a0
and
\u00a0
the
\u00a0
duration
\u00a0
of
the
\u00a0
project,
\u00a0
the
\u00a0
revenue
\u00a0
is
\u00a0
recognised
\u00a0
at
\u00a0
a
\u00a0
point
\u00a0
in
\u00a0
time
\u00a0
or
\u00a0
over
\u00a0
time.
\u00a0
Revenue
\u00a0
from
\u00a0
tailor-made
\u00a0
equipment
delivery
\u00a0
projects
\u00a0
is
\u00a0
recognised
\u00a0
at
\u00a0
a
\u00a0
point
\u00a0
in
\u00a0
time
\u00a0
when
\u00a0
the
\u00a0
control
\u00a0
of
\u00a0
the
\u00a0
equipment
\u00a0
is
\u00a0
transferred,
\u00a0
in
\u00a0
general
upon
\u00a0
delivery.
\u00a0
These
\u00a0
contracts
\u00a0
generally
\u00a0
represent
\u00a0
one
\u00a0
performance
\u00a0
obligation,
\u00a0
but
\u00a0
under
\u00a0
certain
circumstances
\u00a0
they
\u00a0
can
\u00a0
contain
\u00a0
multiple
\u00a0
performance
\u00a0
obligations
\u00a0
when
\u00a0
a
\u00a0
contract
\u00a0
contains
\u00a0
multiple
\u00a0
units
\u00a0
of
delivery.
\u00a0
Tailor
\u00a0
-made
\u00a0
equipment
\u00a0
sales
\u00a0
are
\u00a0
mainly
\u00a0
in
\u00a0
Marine
\u00a0
Power
\u00a0
for
\u00a0
example
\u00a0
engine
\u00a0
and
\u00a0
propulsion
\u00a0
sales
and
\u00a0
scrubber
\u00a0
system
\u00a0
sales
\u00a0
in
\u00a0
Marine
\u00a0
Systems.
In
\u00a0
long-
\u00a0
term
\u00a0
projects
\u00a0
such
\u00a0
as
\u00a0
large-scale
\u00a0
systems
\u00a0
i.e.,
\u00a0
power
\u00a0
plants
\u00a0
and
\u00a0
energy
\u00a0
storages
\u00a0
in
\u00a0
Energy,
\u00a0
and
gas
\u00a0
solutions
\u00a0
construction
\u00a0
contracts
\u00a0
in
\u00a0
Marine
\u00a0
Systems
\u00a0
or
\u00a0
equipment
\u00a0
deliveries
\u00a0
which
\u00a0
require
\u00a0
engineering,
the
\u00a0
revenue
\u00a0
is
\u00a0
recognised
\u00a0
over
\u00a0
time
\u00a0
as
\u00a0
the
\u00a0
asset
\u00a0
produced
\u00a0
does
\u00a0
not
\u00a0
have
\u00a0
alternative
\u00a0
use
\u00a0
and
\u00a0
the
\u00a0
Group
has
\u00a0
an
\u00a0
enforceable
\u00a0
right
\u00a0
to
\u00a0
payment.
\u00a0
These
\u00a0
contracts
\u00a0
usually
\u00a0
contain
\u00a0
one
\u00a0
performance
\u00a0
obligation.
\u00a0
The
progress
\u00a0
is
\u00a0
measured
\u00a0
by
\u00a0
using
\u00a0
the
\u00a0
cost-to-cost
\u00a0
method,
\u00a0
where
\u00a0
sales
\u00a0
and
\u00a0
profits
\u00a0
are
\u00a0
recognised
\u00a0
after
considering
\u00a0
the
\u00a0
ratio
\u00a0
of
\u00a0
accumulated
\u00a0
costs
\u00a0
to
\u00a0
estimated
\u00a0
total
\u00a0
costs
\u00a0
to
\u00a0
complete
\u00a0
each
\u00a0
contract.
\u00a0
Revenue
from
\u00a0
service-related
\u00a0
projects,
\u00a0
such
\u00a0
as
\u00a0
modernisation
\u00a0
and
\u00a0
upgrade
\u00a0
projects
\u00a0
are
\u00a0
recognised
\u00a0
over
\u00a0
time
because
\u00a0
the
\u00a0
customer
\u00a0
typically
\u00a0
controls
\u00a0
the
\u00a0
asset
\u00a0
that
\u00a0
is
\u00a0
enhanced.
\u00a0
Service-related
\u00a0
projects
\u00a0
usually
\u00a0
contain
one
\u00a0
performance
\u00a0
obligation.
Long-term
\u00a0
agreements
\u00a0
include
\u00a0
long-term
\u00a0
operating
\u00a0
and
\u00a0
maintenance
\u00a0
agreements
\u00a0
for
\u00a0
which
\u00a0
the
\u00a0
revenue
\u00a0
is
recognised
\u00a0
over
\u00a0
time
\u00a0
because
\u00a0
the
\u00a0
customer
\u00a0
simultaneously
\u00a0
receives
\u00a0
and
\u00a0
consumes
\u00a0
the
\u00a0
service
\u00a0
provided.
Measuring
\u00a0
progress
\u00a0
is
\u00a0
based
\u00a0
on
\u00a0
cost-to-cost
\u00a0
method,
\u00a0
costs
\u00a0
of
\u00a0
actual
\u00a0
services
\u00a0
provided
\u00a0
as
\u00a0
a
\u00a0
proportion
\u00a0
of
the
\u00a0
costs
\u00a0
of
\u00a0
total
\u00a0
services
\u00a0
to
\u00a0
be
\u00a0
rendered.
\u00a0
These
\u00a0
contracts
\u00a0
typically
\u00a0
contain
\u00a0
one
\u00a0
performance
\u00a0
obligation
\u00a0
per
installation.
\u00a0
Long-term
\u00a0
agreements
\u00a0
mainly
\u00a0
generate
\u00a0
revenue
\u00a0
in
\u00a0
Energy
\u00a0
and
\u00a0
in
\u00a0
Marine
\u00a0
Power.
Contracts
\u00a0
with
\u00a0
customers
\u00a0
often
\u00a0
include
\u00a0
warranties
\u00a0
in
\u00a0
line
\u00a0
with
\u00a0
W\u00e4rtsil\u00e4\u2019s
\u00a0
General
\u00a0
terms
\u00a0
and
\u00a0
conditions,
which
\u00a0
are
\u00a0
regarded
\u00a0
as
\u00a0
part
\u00a0
of
\u00a0
the
\u00a0
promise
\u00a0
to
\u00a0
the
\u00a0
customer.
\u00a0
Typically,
\u00a0
the
\u00a0
standard
\u00a0
warranty
\u00a0
period
\u00a0
is
\u00a0
one
year
\u00a0
from
\u00a0
the
\u00a0
delivery
\u00a0
onwards.
\u00a0
Extended
\u00a0
warranties
\u00a0
or
\u00a0
warranties
\u00a0
purchased
\u00a0
as
\u00a0
an
\u00a0
option
\u00a0
are
\u00a0
identified
\u00a0
as
separate
\u00a0
performance
\u00a0
obligations
\u00a0
with
\u00a0
revenue
\u00a0
being
\u00a0
recognised
\u00a0
evenly
\u00a0
over
\u00a0
the
\u00a0
warranty
\u00a0
period.
The
\u00a0
Group
\u00a0
also
\u00a0
applies
\u00a0
the
\u00a0
practical
\u00a0
expedient
\u00a0
stated
\u00a0
in
\u00a0
IFRS
\u00a0
15.94
\u00a0
according
\u00a0
to
\u00a0
which
\u00a0
an
\u00a0
entity
\u00a0
can
recognise
\u00a0
the
\u00a0
incremental
\u00a0
costs
\u00a0
of
\u00a0
obtaining
\u00a0
a
\u00a0
contract
\u00a0
as
\u00a0
an
\u00a0
expense
\u00a0
when
\u00a0
incurred
\u00a0
if
\u00a0
the
\u00a0
amortisation
period
\u00a0
of
\u00a0
the
\u00a0
asset
\u00a0
that
\u00a0
the
\u00a0
entity
\u00a0
would
\u00a0
have
\u00a0
recognised
\u00a0
is
\u00a0
one
\u00a0
year
\u00a0
or
\u00a0
less.
\u00a0
W\u00e4rtsil\u00e4
\u00a0
has
\u00a0
not
\u00a0
incurred
\u00a0
any
costs
\u00a0
for
\u00a0
obtaining
\u00a0
a
\u00a0
contract
\u00a0
to
\u00a0
be
\u00a0
recognised
\u00a0
as
\u00a0
an
\u00a0
asset.
Information
\u00a0
on
\u00a0
contract
\u00a0
assets
\u00a0
and
\u00a0
liabilities
\u00a0
is
\u00a0
available
\u00a0
in
\u00a0
Note
\u00a0
4.2.
\u00a0
Trade
\u00a0
receivables
\u00a0
and
\u00a0
contract
\u00a0
assets
and
\u00a0
liabilities.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:743700G7A9J1PHM3X223", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "ID_106": { "value": "
The
\u00a0
transaction
\u00a0
price
\u00a0
is
\u00a0
mainly
\u00a0
fixed
\u00a0
but
\u00a0
often
\u00a0
may
\u00a0
include
\u00a0
variable
\u00a0
considerations,
\u00a0
such
\u00a0
as
\u00a0
liquidated
damages,
\u00a0
performance
\u00a0
bonuses
\u00a0
and
\u00a0
discounts.
\u00a0
Variable
\u00a0
consideration
\u00a0
is
\u00a0
included
\u00a0
in
\u00a0
the
\u00a0
revenue
\u00a0
only
\u00a0
to
the
\u00a0
extent
\u00a0
that
\u00a0
it
\u00a0
is
\u00a0
highly
\u00a0
probable
\u00a0
that
\u00a0
the
\u00a0
amount
\u00a0
will
\u00a0
not
\u00a0
be
\u00a0
subject
\u00a0
to
\u00a0
significant
\u00a0
reversal.
\u00a0
Transaction
prices
\u00a0
including
\u00a0
variable
\u00a0
components
\u00a0
are
\u00a0
reassessed
\u00a0
at
\u00a0
each
\u00a0
reporting
\u00a0
date.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscountsAndRebatesExplanatory", "language": "en", "entity": "scheme:743700G7A9J1PHM3X223", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "ID_92": { "value": "
2021
MEUR
Marine
Power
Marine
Systems
Voyage
Energy
Portfolio
Business
Total
At
\u00a0
a
\u00a0
point
\u00a0
in
\u00a0
time
Products
632
137
22
351
23
1,165
Goods
\u00a0
and
\u00a0
services
321
65
50
92
8
535
Projects
681
183
130
298
39
1,332
Total
1,634
385
201
741
70
3,032
Over
\u00a0
time
Projects
71
266
73
792
50
1,252
Long-term
\u00a0
agreements
157
3
5
328
494
Total
229
269
78
1,120
50
1,746
Total
1,863
654
279
1,861
121
4,778
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:743700G7A9J1PHM3X223", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00" } }, "ID_85": { "value": "
2.3.
\u00a0
OTHER
\u00a0
OPERATING
\u00a0
INCOME
\u00a0
AND
\u00a0
EXPENSES
Accounting
\u00a0
principles
Other
\u00a0
operating
\u00a0
income
\u00a0
and
\u00a0
expenses
\u00a0
do
\u00a0
not
\u00a0
directly
\u00a0
relate
\u00a0
to
\u00a0
the
\u00a0
operating
\u00a0
activities.
Other
\u00a0
operating
\u00a0
income
\u00a0
includes,
\u00a0
for
\u00a0
example,
\u00a0
gains
\u00a0
from
\u00a0
the
\u00a0
sale
\u00a0
of
\u00a0
assets
\u00a0
and
\u00a0
regular
\u00a0
incomes,
\u00a0
such
\u00a0
as
rental
\u00a0
income,
\u00a0
and
\u00a0
gains
\u00a0
relating
\u00a0
to
\u00a0
business
\u00a0
combinations,
\u00a0
which
\u00a0
have
\u00a0
not
\u00a0
been
\u00a0
derived
\u00a0
from
\u00a0
primary
activities.
\u00a0
Other
\u00a0
operating
\u00a0
income
\u00a0
includes
\u00a0
also
\u00a0
grants.
\u00a0
Governmental
\u00a0
and
\u00a0
other
\u00a0
grants
\u00a0
are
\u00a0
recognised
\u00a0
in
the
\u00a0
statement
\u00a0
of
\u00a0
income
\u00a0
on
\u00a0
a
\u00a0
systematic
\u00a0
basis
\u00a0
in
\u00a0
the
\u00a0
same
\u00a0
periods
\u00a0
in
\u00a0
which
\u00a0
the
\u00a0
expenses
\u00a0
are
\u00a0
incurred.
Other
\u00a0
operating
\u00a0
expenses
\u00a0
include,
\u00a0
for
\u00a0
example,
\u00a0
travel
\u00a0
costs,
\u00a0
legal
\u00a0
and
\u00a0
consultancy
\u00a0
costs,
\u00a0
rental
\u00a0
costs,
voluntary
\u00a0
personnel
\u00a0
related
\u00a0
costs,
\u00a0
and
\u00a0
administrative
\u00a0
costs.
\u00a0
Also,
\u00a0
expenses
\u00a0
related
\u00a0
to
\u00a0
short-term
\u00a0
lease
contracts
\u00a0
and
\u00a0
lease
\u00a0
contracts
\u00a0
of
\u00a0
low-value
\u00a0
assets
\u00a0
are
\u00a0
recognised
\u00a0
in
\u00a0
other
\u00a0
operating
\u00a0
expenses.
\u00a0
In
\u00a0
addition,
losses
\u00a0
related
\u00a0
to
\u00a0
the
\u00a0
sale
\u00a0
of
\u00a0
assets,
\u00a0
as
\u00a0
well
\u00a0
as
\u00a0
losses
\u00a0
arising
\u00a0
from
\u00a0
modifications
\u00a0
and
\u00a0
terminations
\u00a0
of
\u00a0
lease
agreements,
\u00a0
are
\u00a0
recognised
\u00a0
in
\u00a0
other
\u00a0
operating
\u00a0
expenses.
Other
\u00a0
operating
\u00a0
income
*
\u00a0
Expenses
\u00a0
related
\u00a0
to
\u00a0
cancelled
\u00a0
orders
\u00a0
are
\u00a0
recognised
\u00a0
on
\u00a0
respective
\u00a0
expense
\u00a0
accounts.
**
\u00a0
The
\u00a0
portion
\u00a0
of
\u00a0
ineffective
\u00a0
hedging
\u00a0
is
\u00a0
EUR
\u00a0
2
\u00a0
million
\u00a0
(2).
***
\u00a0
Other
\u00a0
does
\u00a0
not
\u00a0
include
\u00a0
any
\u00a0
significant
\u00a0
single
\u00a0
items.
Other
\u00a0
operating
\u00a0
expenses
*
\u00a0
The
\u00a0
portion
\u00a0
of
\u00a0
ineffective
\u00a0
hedging
\u00a0
is
\u00a0
EUR
\u00a0
2
\u00a0
million
\u00a0
(4).
**
\u00a0
Other
\u00a0
includes
\u00a0
loss
\u00a0
on
\u00a0
sales
\u00a0
of
\u00a0
fixed
\u00a0
assets
\u00a0
of
\u00a0
EUR
\u00a0
31
\u00a0
million
\u00a0
(3).
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:743700G7A9J1PHM3X223", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "ID_87": { "value": "
Other
\u00a0
operating
\u00a0
income
***
\u00a0
Other
\u00a0
does
\u00a0
not
\u00a0
include
\u00a0
any
\u00a0
significant
\u00a0
single
\u00a0
items.
**
\u00a0
The
\u00a0
portion
\u00a0
of
\u00a0
ineffective
\u00a0
hedging
\u00a0
is
\u00a0
EUR
\u00a0
2
\u00a0
million
\u00a0
(2).
*
\u00a0
Expenses
\u00a0
related
\u00a0
to
\u00a0
cancelled
\u00a0
orders
\u00a0
are
\u00a0
recognised
\u00a0
on
\u00a0
respective
\u00a0
expense
\u00a0
accounts.
MEUR
2022
2021
Capital
\u00a0
gains
8
3
Government
\u00a0
grants
16
15
Sale
\u00a0
of
\u00a0
scrapped
\u00a0
material
3
2
Sale
\u00a0
of
\u00a0
by-products
6
4
Rental
\u00a0
income
1
Income
\u00a0
related
\u00a0
to
\u00a0
cancelled
\u00a0
orders*
0
23
Insurance
\u00a0
indemnities
5
7
Gains
\u00a0
on
\u00a0
derivatives
\u00a0
not
\u00a0
included
\u00a0
in
\u00a0
hedge
\u00a0
accounting
\u00a0
and
\u00a0
ineffective
\u00a0
hedging**
13
11
Other***
19
19
Total
70
85
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:743700G7A9J1PHM3X223", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "ID_86": { "value": "
*
\u00a0
The
\u00a0
portion
\u00a0
of
\u00a0
ineffective
\u00a0
hedging
\u00a0
is
\u00a0
EUR
\u00a0
2
\u00a0
million
\u00a0
(4).
**
\u00a0
Other
\u00a0
includes
\u00a0
loss
\u00a0
on
\u00a0
sales
\u00a0
of
\u00a0
fixed
\u00a0
assets
\u00a0
of
\u00a0
EUR
\u00a0
31
\u00a0
million
\u00a0
(3).
Other
\u00a0
operating
\u00a0
expenses
MEUR
2022
2021
Travel
\u00a0
costs
129
84
Rental
\u00a0
costs
44
41
Legal
\u00a0
and
\u00a0
consultancy
\u00a0
costs
117
81
Information
\u00a0
technology
\u00a0
costs
81
66
Other
\u00a0
personnel
\u00a0
related
\u00a0
costs
60
49
Administrative
\u00a0
costs
41
38
Losses
\u00a0
on
\u00a0
derivatives
\u00a0
not
\u00a0
included
\u00a0
in
\u00a0
hedge
\u00a0
accounting
\u00a0
and
\u00a0
ineffective
\u00a0
hedging*
21
11
Other**
146
97
Total
638
467
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:743700G7A9J1PHM3X223", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "ID_108": { "value": "
2.4.
\u00a0
MATERIAL
\u00a0
AND
\u00a0
SERVICES
Accounting
\u00a0
principles
Material
\u00a0
and
\u00a0
services
\u00a0
expenses
\u00a0
relate
\u00a0
to
\u00a0
purchases
\u00a0
of
\u00a0
goods
\u00a0
and
\u00a0
consumables
\u00a0
from
\u00a0
suppliers
\u00a0
for
manufacturing
\u00a0
less
\u00a0
discounts
\u00a0
and
\u00a0
tax
\u00a0
refunds
\u00a0
related
\u00a0
to
\u00a0
purchases.
\u00a0
Exchange
\u00a0
gains
\u00a0
or
\u00a0
losses
\u00a0
on
\u00a0
accounts
payable
\u00a0
are
\u00a0
included.
MEUR
2022
2021
Purchases
\u00a0
during
\u00a0
the
\u00a0
financial
\u00a0
period
-2,459
-1,679
Change
\u00a0
in
\u00a0
inventories
198
-5
Change
\u00a0
in
\u00a0
inventories
\u00a0
of
\u00a0
finished
\u00a0
goods
\u00a0
&
\u00a0
work
\u00a0
in
\u00a0
progress
-68
4
Work
\u00a0
performed
\u00a0
by
\u00a0
the
\u00a0
Group
\u00a0
and
\u00a0
capitalised
24
18
External
\u00a0
services
-1,366
-1,030
Total
-3,671
-2,691
The
\u00a0
change
\u00a0
in
\u00a0
inventories
\u00a0
includes
\u00a0
inventory
\u00a0
write-downs
\u00a0
resulting
\u00a0
from
\u00a0
the
\u00a0
impacts
\u00a0
of
\u00a0
Russia-Ukraine
\u00a0
war
amounting
\u00a0
to
\u00a0
EUR
\u00a0
40
\u00a0
million.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory", "language": "en", "entity": "scheme:743700G7A9J1PHM3X223", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "ID_83": { "value": "
The
\u00a0
measurement
\u00a0
of
\u00a0
the
\u00a0
share-based
\u00a0
long-term
\u00a0
incentive
\u00a0
schemes
\u00a0
is
\u00a0
dependent
\u00a0
on
\u00a0
the
\u00a0
terms
\u00a0
of
\u00a0
the
respective
\u00a0
scheme.
\u00a0
Incentive
\u00a0
rights,
\u00a0
which
\u00a0
are
\u00a0
settled
\u00a0
with
\u00a0
company\u2019s
\u00a0
shares,
\u00a0
are
\u00a0
measured
\u00a0
at
\u00a0
fair
\u00a0
value
\u00a0
at
grant
\u00a0
date.
\u00a0
Incentive
\u00a0
rights,
\u00a0
which
\u00a0
are
\u00a0
settled
\u00a0
with
\u00a0
cash,
\u00a0
are
\u00a0
measured
\u00a0
at
\u00a0
fair
\u00a0
value
\u00a0
at
\u00a0
each
\u00a0
reporting
\u00a0
date
with
\u00a0
the
\u00a0
change
\u00a0
recognised
\u00a0
in
\u00a0
the
\u00a0
statement
\u00a0
of
\u00a0
income.
Market
\u00a0
based
\u00a0
vesting
\u00a0
conditions,
\u00a0
such
\u00a0
as
\u00a0
share
\u00a0
price
\u00a0
development,
\u00a0
are
\u00a0
considered
\u00a0
when
\u00a0
determining
\u00a0
the
fair
\u00a0
value
\u00a0
of
\u00a0
the
\u00a0
incentive
\u00a0
right.
\u00a0
Non-market
\u00a0
vesting
\u00a0
conditions,
\u00a0
such
\u00a0
as
\u00a0
Economic
\u00a0
Value
\u00a0
Added,
\u00a0
or
\u00a0
service
time
\u00a0
required
\u00a0
are
\u00a0
considered
\u00a0
when
\u00a0
estimating
\u00a0
the
\u00a0
number
\u00a0
of
\u00a0
shares
\u00a0
to
\u00a0
vest.
\u00a0
Estimates
\u00a0
of
\u00a0
the
\u00a0
number
\u00a0
of
shares
\u00a0
to
\u00a0
vest
\u00a0
are
\u00a0
revised
\u00a0
at
\u00a0
the
\u00a0
end
\u00a0
of
\u00a0
each
\u00a0
reporting
\u00a0
period
\u00a0
and
\u00a0
the
\u00a0
change
\u00a0
is
\u00a0
recognised
\u00a0
through
\u00a0
the
statement
\u00a0
of
\u00a0
income.
Cost
\u00a0
of
\u00a0
the
\u00a0
share-based
\u00a0
long-term
\u00a0
incentive
\u00a0
schemes
\u00a0
is
\u00a0
recognised
\u00a0
as
\u00a0
employee
\u00a0
benefit
\u00a0
expense
\u00a0
in
\u00a0
the
statement
\u00a0
of
\u00a0
income
\u00a0
over
\u00a0
the
\u00a0
service
\u00a0
period
\u00a0
required
\u00a0
in
\u00a0
the
\u00a0
scheme.
\u00a0
For
\u00a0
incentive
\u00a0
rights
\u00a0
settled
\u00a0
with
company\u2019s
\u00a0
shares
\u00a0
the
\u00a0
expense
\u00a0
is
\u00a0
recognised
\u00a0
against
\u00a0
equity,
\u00a0
and
\u00a0
for
\u00a0
incentive
\u00a0
rights
\u00a0
settled
\u00a0
with
\u00a0
cash
\u00a0
the
expense
\u00a0
is
\u00a0
recognised
\u00a0
against
\u00a0
liabilities.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:743700G7A9J1PHM3X223", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "ID_84": { "value": "
Long-term
\u00a0
incentive
\u00a0
schemes
Wages
\u00a0
and
\u00a0
salaries
\u00a0
include
\u00a0
EUR
\u00a0
1
\u00a0
million
\u00a0
(8)
\u00a0
in
\u00a0
expenses
\u00a0
arising
\u00a0
from
\u00a0
share-based
\u00a0
long-term
\u00a0
incentive
schemes.
\u00a0
At
\u00a0
the
\u00a0
end
\u00a0
of
\u00a0
2022,
\u00a0
W\u00e4rtsil\u00e4
\u00a0
had
\u00a0
three
\u00a0
active
\u00a0
long-term
\u00a0
incentive
\u00a0
schemes.
The
\u00a0
long-term
\u00a0
incentive
\u00a0
scheme
\u00a0
for
\u00a0
period
\u00a0
2020-2022
\u00a0
is
\u00a0
tied
\u00a0
to
\u00a0
the
\u00a0
price
\u00a0
development
\u00a0
of
\u00a0
the
\u00a0
company\u2019s
\u00a0
share
during
\u00a0
a
\u00a0
three-year
\u00a0
period,
\u00a0
and
\u00a0
an
\u00a0
upper
\u00a0
limit
\u00a0
is
\u00a0
set
\u00a0
for
\u00a0
the
\u00a0
payable
\u00a0
incentive.
\u00a0
When
\u00a0
an
\u00a0
incentive
\u00a0
scheme
\u00a0
ends
and
\u00a0
the
\u00a0
employment
\u00a0
requirement
\u00a0
is
\u00a0
fulfilled,
\u00a0
the
\u00a0
incentive
\u00a0
is
\u00a0
settled
\u00a0
with
\u00a0
company
\u00a0
shares.
\u00a0
The
\u00a0
Board
\u00a0
of
Management
\u00a0
members
\u00a0
shall
\u00a0
acquire
\u00a0
W\u00e4rtsil\u00e4
\u00a0
shares
\u00a0
with
\u00a0
50%
\u00a0
of
\u00a0
the
\u00a0
net
\u00a0
incentive
\u00a0
received,
\u00a0
until
\u00a0
the
\u00a0
share
ownership
\u00a0
corresponding
\u00a0
to
\u00a0
the
\u00a0
individuals'
\u00a0
annual
\u00a0
gross
\u00a0
base
\u00a0
salary
\u00a0
level
\u00a0
has
\u00a0
been
\u00a0
achieved.
\u00a0
The
\u00a0
2020-2022
incentive
\u00a0
scheme
\u00a0
comprises
\u00a0
6,158,500
\u00a0
rights.
\u00a0
The
\u00a0
share
\u00a0
price
\u00a0
basis
\u00a0
is
\u00a0
EUR
\u00a0
11.10
\u00a0
and
\u00a0
the
\u00a0
incentive
\u00a0
scheme
takes
\u00a0
into
\u00a0
account
\u00a0
100%
\u00a0
of
\u00a0
dividends
\u00a0
paid,
\u00a0
and
\u00a0
the
\u00a0
paid
\u00a0
bonus
\u00a0
cannot
\u00a0
exceed
\u00a0
EUR
\u00a0
4.31
\u00a0
per
\u00a0
incentive
\u00a0
right
\u00a0
in
the
\u00a0
2020-2022
\u00a0
scheme.
\u00a0
The
\u00a0
fair
\u00a0
value
\u00a0
determined
\u00a0
at
\u00a0
grant
\u00a0
date
\u00a0
for
\u00a0
the
\u00a0
incentive
\u00a0
right
\u00a0
in
\u00a0
2020-2022
\u00a0
scheme
\u00a0
is
EUR
\u00a0
1.34.
The
\u00a0
long-term
\u00a0
incentive
\u00a0
scheme
\u00a0
for
\u00a0
period
\u00a0
2021-2023
\u00a0
is
\u00a0
a
\u00a0
performance
\u00a0
share
\u00a0
plan.
\u00a0
The
\u00a0
participants
\u00a0
are
granted
\u00a0
company
\u00a0
shares
\u00a0
if
\u00a0
the
\u00a0
pre-determined
\u00a0
minimum
\u00a0
level
\u00a0
in
\u00a0
company\u2019s
\u00a0
Economic
\u00a0
Value
\u00a0
Added
\u00a0
is
\u00a0
reached
and
\u00a0
employment
\u00a0
requirement
\u00a0
for
\u00a0
the
\u00a0
period
\u00a0
is
\u00a0
met.
\u00a0
The
\u00a0
number
\u00a0
of
\u00a0
shares
\u00a0
depends
\u00a0
on
\u00a0
the
\u00a0
level
\u00a0
of
\u00a0
achievement
and
\u00a0
is
\u00a0
capped
\u00a0
to
\u00a0
175%
\u00a0
of
\u00a0
the
\u00a0
target
\u00a0
level.
\u00a0
There
\u00a0
is
\u00a0
also
\u00a0
a
\u00a0
cap
\u00a0
set
\u00a0
to
\u00a0
the
\u00a0
pay-out
\u00a0
in
\u00a0
relation
\u00a0
to
\u00a0
individuals\u2019
\u00a0
base
pay
\u00a0
at
\u00a0
grant
\u00a0
date.
\u00a0
On
\u00a0
target
\u00a0
level,
\u00a0
the
\u00a0
scheme
\u00a0
would
\u00a0
entitle
\u00a0
the
\u00a0
participants
\u00a0
to
\u00a0
a
\u00a0
total
\u00a0
reward
\u00a0
of
\u00a0
1,371,499
shares.
\u00a0
In
\u00a0
certain
\u00a0
countries
\u00a0
the
\u00a0
equivalent
\u00a0
reward
\u00a0
would
\u00a0
be
\u00a0
settled
\u00a0
with
\u00a0
cash
\u00a0
due
\u00a0
to
\u00a0
local
\u00a0
legislation.
\u00a0
The
\u00a0
fair
value
\u00a0
of
\u00a0
the
\u00a0
share
\u00a0
determined
\u00a0
at
\u00a0
grant
\u00a0
date
\u00a0
for
\u00a0
accounting
\u00a0
of
\u00a0
2021-2023
\u00a0
scheme
\u00a0
is
\u00a0
EUR
\u00a0
8.42.
The
\u00a0
long-term
\u00a0
incentive
\u00a0
scheme
\u00a0
for
\u00a0
period
\u00a0
2022-2024
\u00a0
is
\u00a0
also
\u00a0
a
\u00a0
performance
\u00a0
share
\u00a0
plan.
\u00a0
The
\u00a0
participants
\u00a0
are
granted
\u00a0
company
\u00a0
shares
\u00a0
if
\u00a0
the
\u00a0
pre-determined
\u00a0
minimum
\u00a0
level
\u00a0
in
\u00a0
company\u2019s
\u00a0
Economic
\u00a0
Value
\u00a0
Added
\u00a0
(85%
weight)
\u00a0
and
\u00a0
Sustainability
\u00a0
targets
\u00a0
(15%
\u00a0
weight)
\u00a0
are
\u00a0
reached,
\u00a0
as
\u00a0
well
\u00a0
as
\u00a0
employment
\u00a0
requirement
\u00a0
for
\u00a0
the
\u00a0
period
is
\u00a0
met.
\u00a0
The
\u00a0
number
\u00a0
of
\u00a0
shares
\u00a0
depends
\u00a0
on
\u00a0
the
\u00a0
level
\u00a0
of
\u00a0
achievement
\u00a0
and
\u00a0
is
\u00a0
capped
\u00a0
to
\u00a0
175%
\u00a0
of
\u00a0
the
\u00a0
target
\u00a0
level.
There
\u00a0
is
\u00a0
also
\u00a0
a
\u00a0
cap
\u00a0
set
\u00a0
to
\u00a0
the
\u00a0
pay-out
\u00a0
in
\u00a0
relation
\u00a0
to
\u00a0
individuals\u2019
\u00a0
base
\u00a0
pay
\u00a0
at
\u00a0
grant
\u00a0
date.
\u00a0
On
\u00a0
target
\u00a0
level,
\u00a0
the
scheme
\u00a0
would
\u00a0
entitle
\u00a0
the
\u00a0
participants
\u00a0
to
\u00a0
a
\u00a0
total
\u00a0
reward
\u00a0
of
\u00a0
1,223,777
\u00a0
shares.
\u00a0
In
\u00a0
certain
\u00a0
countries
\u00a0
the
\u00a0
equivalent
reward
\u00a0
would
\u00a0
be
\u00a0
settled
\u00a0
with
\u00a0
cash
\u00a0
due
\u00a0
to
\u00a0
local
\u00a0
legislation.
\u00a0
The
\u00a0
fair
\u00a0
value
\u00a0
of
\u00a0
the
\u00a0
share
\u00a0
determined
\u00a0
at
\u00a0
grant
\u00a0
date
for
\u00a0
accounting
\u00a0
of
\u00a0
2022-2024
\u00a0
scheme
\u00a0
is
\u00a0
EUR
\u00a0
9.53.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:743700G7A9J1PHM3X223", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "ID_82": { "value": "
2.6.
\u00a0
INCOME
\u00a0
TAXES
Accounting
\u00a0
principles
The
\u00a0
statement
\u00a0
of
\u00a0
income
\u00a0
includes
\u00a0
taxes
\u00a0
payable
\u00a0
based
\u00a0
on
\u00a0
the
\u00a0
Group\u2019s
\u00a0
consolidated
\u00a0
taxable
\u00a0
income
\u00a0
for
\u00a0
the
financial
\u00a0
period
\u00a0
in
\u00a0
accordance
\u00a0
with
\u00a0
local
\u00a0
tax
\u00a0
regulations,
\u00a0
tax
\u00a0
adjustments
\u00a0
for
\u00a0
previous
\u00a0
financial
\u00a0
periods,
\u00a0
and
changes
\u00a0
in
\u00a0
deferred
\u00a0
taxes.
\u00a0
Tax
\u00a0
effects
\u00a0
related
\u00a0
to
\u00a0
transactions
\u00a0
recognised
\u00a0
through
\u00a0
the
\u00a0
statement
\u00a0
of
\u00a0
income
and
\u00a0
other
\u00a0
events
\u00a0
are
\u00a0
recognised
\u00a0
in
\u00a0
the
\u00a0
statement
\u00a0
of
\u00a0
income.
\u00a0
Tax
\u00a0
effects
\u00a0
related
\u00a0
to
\u00a0
transactions
\u00a0
or
\u00a0
other
events
\u00a0
to
\u00a0
be
\u00a0
presented
\u00a0
as
\u00a0
components
\u00a0
of
\u00a0
other
\u00a0
comprehensive
\u00a0
income
\u00a0
or
\u00a0
directly
\u00a0
in
\u00a0
equity
\u00a0
are
\u00a0
also
recognised,
\u00a0
respectively,
\u00a0
in
\u00a0
other
\u00a0
comprehensive
\u00a0
income
\u00a0
or
\u00a0
directly
\u00a0
in
\u00a0
equity.
The
\u00a0
current
\u00a0
income
\u00a0
tax
\u00a0
charge
\u00a0
is
\u00a0
calculated
\u00a0
according
\u00a0
to
\u00a0
tax
\u00a0
laws
\u00a0
enacted,
\u00a0
or
\u00a0
substantively
\u00a0
enacted,
\u00a0
on
\u00a0
the
balance
\u00a0
sheet
\u00a0
date
\u00a0
in
\u00a0
the
\u00a0
countries
\u00a0
where
\u00a0
the
\u00a0
company
\u00a0
and
\u00a0
its
\u00a0
subsidiaries
\u00a0
operate
\u00a0
and
\u00a0
generate
\u00a0
taxable
income.
Accounting
\u00a0
estimates
\u00a0
and
\u00a0
judgements
The
\u00a0
Group
\u00a0
is
\u00a0
subject
\u00a0
to
\u00a0
income
\u00a0
taxes
\u00a0
in
\u00a0
several
\u00a0
jurisdictions
\u00a0
and
\u00a0
the
\u00a0
computation
\u00a0
of
\u00a0
the
\u00a0
Group\u00b4s
\u00a0
income
\u00a0
tax
expense
\u00a0
and
\u00a0
income
\u00a0
tax
\u00a0
liabilities
\u00a0
require
\u00a0
judgement
\u00a0
and
\u00a0
estimation.
\u00a0
Income
\u00a0
tax
\u00a0
positions
\u00a0
are
\u00a0
regularly
evaluated
\u00a0
by
\u00a0
the
\u00a0
management
\u00a0
to
\u00a0
identify
\u00a0
situations
\u00a0
when
\u00a0
there
\u00a0
might
\u00a0
be
\u00a0
uncertainty
\u00a0
due
\u00a0
to
\u00a0
tax
\u00a0
regulation
being
\u00a0
subject
\u00a0
to
\u00a0
interpretation.
\u00a0
Provisions
\u00a0
for
\u00a0
these
\u00a0
uncertain
\u00a0
tax
\u00a0
positions
\u00a0
are
\u00a0
recognised
\u00a0
when
\u00a0
it
\u00a0
is
considered
\u00a0
more
\u00a0
likely
\u00a0
than
\u00a0
not
\u00a0
that
\u00a0
the
\u00a0
positions
\u00a0
will
\u00a0
be
\u00a0
challenged
\u00a0
by
\u00a0
the
\u00a0
tax
\u00a0
authorities.
\u00a0
The
\u00a0
provision
recognised
\u00a0
is
\u00a0
based
\u00a0
on
\u00a0
the
\u00a0
estimation
\u00a0
of
\u00a0
the
\u00a0
amount
\u00a0
of
\u00a0
the
\u00a0
final
\u00a0
taxes
\u00a0
to
\u00a0
be
\u00a0
paid
\u00a0
to
\u00a0
the
\u00a0
tax
\u00a0
authorities.
*
\u00a0
Includes
\u00a0
approximately
\u00a0
EUR
\u00a0
-19
\u00a0
million
\u00a0
related
\u00a0
to
\u00a0
non-deductible
\u00a0
losses
\u00a0
of
\u00a0
EUR
\u00a0
76
\u00a0
million
\u00a0
resulting
\u00a0
from
Russia-Ukraine
\u00a0
war.
**
\u00a0
Other
\u00a0
taxes
\u00a0
consist
\u00a0
mainly
\u00a0
of
\u00a0
withholding
\u00a0
taxes
\u00a0
not
\u00a0
utilised
\u00a0
and
\u00a0
taxes
\u00a0
not
\u00a0
directly
\u00a0
based
\u00a0
on
\u00a0
taxable
\u00a0
income.
Income
\u00a0
taxes
\u00a0
related
\u00a0
to
\u00a0
other
\u00a0
comprehensive
\u00a0
income
\u00a0
are
\u00a0
presented
\u00a0
in
\u00a0
Consolidated
\u00a0
statement
\u00a0
of
comprehensive
\u00a0
income.
\u00a0
Changes
\u00a0
in
\u00a0
deferred
\u00a0
tax
\u00a0
assets
\u00a0
and
\u00a0
liabilities
\u00a0
are
\u00a0
presented
\u00a0
in
\u00a0
Note
\u00a0
4.6.
\u00a0
Deferred
taxes.
In
\u00a0
some
\u00a0
countries
\u00a0
W\u00e4rtsil\u00e4
\u00a0
is
\u00a0
subject
\u00a0
to
\u00a0
tax
\u00a0
audits,
\u00a0
which
\u00a0
can
\u00a0
result
\u00a0
in
\u00a0
tax
\u00a0
reassessment
\u00a0
decisions
\u00a0
and
obligations
\u00a0
to
\u00a0
pay
\u00a0
additional
\u00a0
taxes
\u00a0
and
\u00a0
related
\u00a0
payments.
MEUR
2022
2021
Income
\u00a0
taxes
for
\u00a0
the
\u00a0
financial
\u00a0
period
-80
-88
for
\u00a0
prior
\u00a0
financial
\u00a0
periods
6
-9
Change
\u00a0
in
\u00a0
deferred
\u00a0
tax
origination
\u00a0
and
\u00a0
reversal
\u00a0
of
\u00a0
temporary
\u00a0
differences
47
-5
changes
\u00a0
in
\u00a0
tax
\u00a0
rates
-1
Total
-27
-103
Reconciliation
\u00a0
of
\u00a0
effective
\u00a0
tax
\u00a0
rate:
Result
\u00a0
before
\u00a0
taxes
-32
296
Tax
\u00a0
calculated
\u00a0
at
\u00a0
the
\u00a0
domestic
\u00a0
corporate
\u00a0
tax
\u00a0
rate
\u00a0
20.0%
6
-59
Effect
\u00a0
of
\u00a0
changed
\u00a0
tax
\u00a0
rates
-1
Effect
\u00a0
of
\u00a0
different
\u00a0
tax
\u00a0
rates
\u00a0
in
\u00a0
foreign
\u00a0
subsidiaries
3
Effect
\u00a0
of
\u00a0
income
\u00a0
not
\u00a0
subject
\u00a0
to
\u00a0
tax
\u00a0
and
\u00a0
non
\u00a0
-deductible
\u00a0
expenses*
-21
-4
Effect
\u00a0
of
\u00a0
share
\u00a0
of
\u00a0
result
\u00a0
of
\u00a0
associates
\u00a0
and
\u00a0
joint
\u00a0
ventures
1
1
Utilisation
\u00a0
of
\u00a0
previously
\u00a0
unrecognised
\u00a0
tax
\u00a0
losses
\u00a0
carried
\u00a0
forward
-2
1
Unrecognised
\u00a0
taxes
\u00a0
on
\u00a0
losses
\u00a0
carried
\u00a0
forward
-3
-18
Other
\u00a0
taxes**
-14
-11
Other
\u00a0
temporary
\u00a0
differences
-2
-1
Income
\u00a0
taxes
\u00a0
for
\u00a0
prior
\u00a0
financial
\u00a0
periods
6
-9
Tax
\u00a0
charge
\u00a0
in
\u00a0
the
\u00a0
consolidated
\u00a0
statement
\u00a0
of
\u00a0
income
-27
-103
Effective
\u00a0
tax
\u00a0
rate
\u00a0
(%)
-84.1
34.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:743700G7A9J1PHM3X223", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "ID_81": { "value": "
Accounting
\u00a0
principles
The
\u00a0
statement
\u00a0
of
\u00a0
income
\u00a0
includes
\u00a0
taxes
\u00a0
payable
\u00a0
based
\u00a0
on
\u00a0
the
\u00a0
Group\u2019s
\u00a0
consolidated
\u00a0
taxable
\u00a0
income
\u00a0
for
\u00a0
the
financial
\u00a0
period
\u00a0
in
\u00a0
accordance
\u00a0
with
\u00a0
local
\u00a0
tax
\u00a0
regulations,
\u00a0
tax
\u00a0
adjustments
\u00a0
for
\u00a0
previous
\u00a0
financial
\u00a0
periods,
\u00a0
and
changes
\u00a0
in
\u00a0
deferred
\u00a0
taxes.
\u00a0
Tax
\u00a0
effects
\u00a0
related
\u00a0
to
\u00a0
transactions
\u00a0
recognised
\u00a0
through
\u00a0
the
\u00a0
statement
\u00a0
of
\u00a0
income
and
\u00a0
other
\u00a0
events
\u00a0
are
\u00a0
recognised
\u00a0
in
\u00a0
the
\u00a0
statement
\u00a0
of
\u00a0
income.
\u00a0
Tax
\u00a0
effects
\u00a0
related
\u00a0
to
\u00a0
transactions
\u00a0
or
\u00a0
other
events
\u00a0
to
\u00a0
be
\u00a0
presented
\u00a0
as
\u00a0
components
\u00a0
of
\u00a0
other
\u00a0
comprehensive
\u00a0
income
\u00a0
or
\u00a0
directly
\u00a0
in
\u00a0
equity
\u00a0
are
\u00a0
also
recognised,
\u00a0
respectively,
\u00a0
in
\u00a0
other
\u00a0
comprehensive
\u00a0
income
\u00a0
or
\u00a0
directly
\u00a0
in
\u00a0
equity.
The
\u00a0
current
\u00a0
income
\u00a0
tax
\u00a0
charge
\u00a0
is
\u00a0
calculated
\u00a0
according
\u00a0
to
\u00a0
tax
\u00a0
laws
\u00a0
enacted,
\u00a0
or
\u00a0
substantively
\u00a0
enacted,
\u00a0
on
\u00a0
the
balance
\u00a0
sheet
\u00a0
date
\u00a0
in
\u00a0
the
\u00a0
countries
\u00a0
where
\u00a0
the
\u00a0
company
\u00a0
and
\u00a0
its
\u00a0
subsidiaries
\u00a0
operate
\u00a0
and
\u00a0
generate
\u00a0
taxable
income.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:743700G7A9J1PHM3X223", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "ID_80": { "value": "
2.7.
\u00a0
EARNINGS
\u00a0
PER
\u00a0
SHARE
Earnings
\u00a0
per
\u00a0
share
\u00a0
(EPS)
\u00a0
is
\u00a0
calculated
\u00a0
by
\u00a0
dividing
\u00a0
the
\u00a0
result
\u00a0
for
\u00a0
the
\u00a0
financial
\u00a0
period
\u00a0
attributable
\u00a0
to
\u00a0
equity
holders
\u00a0
of
\u00a0
the
\u00a0
parent
\u00a0
company
\u00a0
by
\u00a0
the
\u00a0
weighted
\u00a0
average
\u00a0
number
\u00a0
of
\u00a0
shares
\u00a0
outstanding
\u00a0
during
\u00a0
the
\u00a0
period.
Equity-settled
\u00a0
share-based
\u00a0
payments
W\u00e4rtsil\u00e4
\u00a0
has
\u00a0
long-term
\u00a0
incentive
\u00a0
schemes,
\u00a0
which
\u00a0
can
\u00a0
be
\u00a0
settled
\u00a0
in
\u00a0
company
\u00a0
shares.
\u00a0
These
\u00a0
contingently
issuable
\u00a0
ordinary
\u00a0
shares
\u00a0
are
\u00a0
issuable
\u00a0
when
\u00a0
certain
\u00a0
pre-defined
\u00a0
conditions
\u00a0
in
\u00a0
the
\u00a0
incentive
\u00a0
programmes
\u00a0
are
\u00a0
met
during
\u00a0
a
\u00a0
timeframe
\u00a0
set
\u00a0
in
\u00a0
the
\u00a0
incentive
\u00a0
programmes\u2019
\u00a0
conditions.
\u00a0
If
\u00a0
the
\u00a0
settlement
\u00a0
would
\u00a0
happen
\u00a0
at
\u00a0
the
\u00a0
reporting
date,
\u00a0
it
\u00a0
would
\u00a0
result
\u00a0
in
\u00a0
issuing
\u00a0
160,213
\u00a0
shares.
\u00a0
These
\u00a0
shares
\u00a0
are
\u00a0
considered
\u00a0
as
\u00a0
potential
\u00a0
ordinary
\u00a0
shares
causing
\u00a0
dilutive
\u00a0
effect
\u00a0
to
\u00a0
the
\u00a0
EPS.
Additional
\u00a0
information
\u00a0
on
\u00a0
the
\u00a0
number
\u00a0
of
\u00a0
shares
\u00a0
is
\u00a0
presented
\u00a0
in
\u00a0
Note
\u00a0
5.5.
\u00a0
Equity.
MEUR
2022
2021
Result
\u00a0
for
\u00a0
the
\u00a0
financial
\u00a0
period
\u00a0
attributable
\u00a0
to
\u00a0
equity
\u00a0
holders
\u00a0
of
\u00a0
the
\u00a0
parent
\u00a0
company
-65
194
Weighted
\u00a0
average
\u00a0
number
\u00a0
of
\u00a0
shares
\u00a0
outstanding
\u00a0
during
\u00a0
the
\u00a0
period
590,023,390
590,579,335
Weighted
\u00a0
average
\u00a0
number
\u00a0
of
\u00a0
dilutive
\u00a0
potential
\u00a0
ordinary
\u00a0
shares
\u00a0
during
\u00a0
the
\u00a0
period
160,213
1,326,045
Weighted
\u00a0
average
\u00a0
number
\u00a0
of
\u00a0
shares
\u00a0
outstanding
\u00a0
during
\u00a0
the
\u00a0
period
\u00a0
to
\u00a0
be
\u00a0
used
\u00a0
in
\u00a0
the
calculation
\u00a0
of
\u00a0
diluted
\u00a0
EPS
590,183,603
591,905,380
Earnings
\u00a0
per
\u00a0
share
\u00a0
attributable
\u00a0
to
\u00a0
equity
\u00a0
holders
\u00a0
of
\u00a0
the
\u00a0
parent
\u00a0
company:
Earnings
\u00a0
per
\u00a0
share
\u00a0
(EPS),
\u00a0
basic,
\u00a0
EUR
-0.11
0.33
Earnings
\u00a0
per
\u00a0
share
\u00a0
(EPS),
\u00a0
diluted,
\u00a0
EUR
-0.11
0.33
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:743700G7A9J1PHM3X223", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "ID_78": { "value": "
3.1.
\u00a0
GOODWILL
Accounting
\u00a0
principles
Goodwill
\u00a0
is
\u00a0
the
\u00a0
difference
\u00a0
between
\u00a0
the
\u00a0
aggregate
\u00a0
of
\u00a0
the
\u00a0
acquisition-date
\u00a0
fair
\u00a0
value
\u00a0
of
\u00a0
the
\u00a0
consideration
transferred,
\u00a0
and
\u00a0
the
\u00a0
acquirer\u2019s
\u00a0
share
\u00a0
of
\u00a0
the
\u00a0
company\u2019s
\u00a0
net
\u00a0
identifiable
\u00a0
assets
\u00a0
and
\u00a0
liabilities
\u00a0
measured
\u00a0
at
\u00a0
fair
value
\u00a0
on
\u00a0
the
\u00a0
acquisition
\u00a0
date.
\u00a0
The
\u00a0
consideration
\u00a0
is
\u00a0
measured
\u00a0
at
\u00a0
fair
\u00a0
value,
\u00a0
including
\u00a0
also
\u00a0
the
\u00a0
acquirer\u2019s
previously
\u00a0
held
\u00a0
equity
\u00a0
interest.
Goodwill
\u00a0
allocation
Goodwill
\u00a0
arising
\u00a0
from
\u00a0
business
\u00a0
acquisitions
\u00a0
has
\u00a0
been
\u00a0
allocated
\u00a0
to
\u00a0
the
\u00a0
operating
\u00a0
segments
\u00a0
and
\u00a0
other
business
\u00a0
activities,
\u00a0
which
\u00a0
are
\u00a0
also
\u00a0
the
\u00a0
Group\u2019s
\u00a0
cash
\u00a0
generating
\u00a0
units
\u00a0
in
\u00a0
impairment
\u00a0
testing
\u00a0
of
\u00a0
goodwill.
These
\u00a0
are
\u00a0
Marine
\u00a0
Power,
\u00a0
Marine
\u00a0
Systems,
\u00a0
Voyage,
\u00a0
Energy,
\u00a0
and
\u00a0
Portfolio
\u00a0
Business.
Impairment
\u00a0
of
\u00a0
goodwill
The
\u00a0
carrying
\u00a0
amount
\u00a0
of
\u00a0
goodwill
\u00a0
allocated
\u00a0
to
\u00a0
cash
\u00a0
generating
\u00a0
units
\u00a0
(CGU)
\u00a0
is
\u00a0
reviewed
\u00a0
annually
\u00a0
for
\u00a0
signs
\u00a0
of
possible
\u00a0
impairment,
\u00a0
or
\u00a0
more
\u00a0
frequently
\u00a0
should
\u00a0
any
\u00a0
indication
\u00a0
of
\u00a0
impairment
\u00a0
arise.
\u00a0
If
\u00a0
any
\u00a0
such
\u00a0
indication
exists,
\u00a0
the
\u00a0
recoverable
\u00a0
amount
\u00a0
of
\u00a0
the
\u00a0
goodwill
\u00a0
is
\u00a0
estimated.
\u00a0
In
\u00a0
order
\u00a0
to
\u00a0
define
\u00a0
a
\u00a0
possible
\u00a0
impairment,
\u00a0
the
Group\u2019s
\u00a0
assets
\u00a0
are
\u00a0
divided
\u00a0
into
\u00a0
the
\u00a0
smallest
\u00a0
possible
\u00a0
cash
\u00a0
generating
\u00a0
units,
\u00a0
which
\u00a0
are
\u00a0
mainly
\u00a0
independent
of
\u00a0
other
\u00a0
units,
\u00a0
and
\u00a0
the
\u00a0
cash
\u00a0
flows
\u00a0
of
\u00a0
which
\u00a0
are
\u00a0
separately
\u00a0
identifiable
\u00a0
and
\u00a0
to
\u00a0
a
\u00a0
large
\u00a0
extent
\u00a0
independent
\u00a0
of
the
\u00a0
cash
\u00a0
flows
\u00a0
of
\u00a0
other
\u00a0
similar
\u00a0
units.
An
\u00a0
impairment
\u00a0
loss
\u00a0
is
\u00a0
recognised
\u00a0
when
\u00a0
the
\u00a0
carrying
\u00a0
amount
\u00a0
of
\u00a0
an
\u00a0
asset
\u00a0
is
\u00a0
greater
\u00a0
than
\u00a0
its
\u00a0
recoverable
amount.
\u00a0
The
\u00a0
recoverable
\u00a0
amount
\u00a0
is
\u00a0
the
\u00a0
higher
\u00a0
of
\u00a0
an
\u00a0
asset\u2019s
\u00a0
fair
\u00a0
value
\u00a0
less
\u00a0
costs
\u00a0
to
\u00a0
sell
\u00a0
and
\u00a0
its
\u00a0
value
\u00a0
in
\u00a0
use.
The
\u00a0
value
\u00a0
in
\u00a0
use
\u00a0
for
\u00a0
goodwill
\u00a0
is
\u00a0
based
\u00a0
on
\u00a0
the
\u00a0
expected
\u00a0
discounted
\u00a0
future
\u00a0
net
\u00a0
cash
\u00a0
flows
\u00a0
resulting
\u00a0
from
\u00a0
the
asset
\u00a0
or
\u00a0
cash
\u00a0
generating
\u00a0
unit.
A
\u00a0
pre-tax
\u00a0
rate,
\u00a0
which
\u00a0
reflects
\u00a0
the
\u00a0
markets\u2019
\u00a0
position
\u00a0
on
\u00a0
the
\u00a0
time
\u00a0
value
\u00a0
of
\u00a0
money
\u00a0
and
\u00a0
asset-specific
\u00a0
risks,
\u00a0
is
used
\u00a0
as
\u00a0
the
\u00a0
discount
\u00a0
rate.
An
\u00a0
impairment
\u00a0
loss
\u00a0
is
\u00a0
recognised
\u00a0
immediately
\u00a0
as
\u00a0
depreciation,
\u00a0
amortisation
\u00a0
and
\u00a0
impairment
\u00a0
in
\u00a0
the
statement
\u00a0
of
\u00a0
income.
\u00a0
An
\u00a0
impairment
\u00a0
loss
\u00a0
recognised
\u00a0
for
\u00a0
goodwill
\u00a0
is
\u00a0
not
\u00a0
reversed
\u00a0
under
\u00a0
any
\u00a0
circumstances.
Accounting
\u00a0
estimates
\u00a0
and
\u00a0
judgements
The
\u00a0
recoverable
\u00a0
amounts
\u00a0
of
\u00a0
goodwill
\u00a0
are
\u00a0
determined
\u00a0
for
\u00a0
all
\u00a0
cash
\u00a0
generating
\u00a0
units
\u00a0
annually,
\u00a0
or
\u00a0
more
\u00a0
often
\u00a0
if
there
\u00a0
is
\u00a0
an
\u00a0
indication
\u00a0
of
\u00a0
an
\u00a0
impairment,
\u00a0
where
\u00a0
its
\u00a0
value
\u00a0
in
\u00a0
use
\u00a0
is
\u00a0
determined.
\u00a0
The
\u00a0
value
\u00a0
in
\u00a0
use
\u00a0
is
\u00a0
determined
using
\u00a0
estimates
\u00a0
of
\u00a0
future
\u00a0
cash
\u00a0
flows,
\u00a0
which
\u00a0
are
\u00a0
impacted
\u00a0
by
\u00a0
future
\u00a0
market
\u00a0
development,
\u00a0
such
\u00a0
as
\u00a0
growth
and
\u00a0
profitability,
\u00a0
as
\u00a0
well
\u00a0
as
\u00a0
other
\u00a0
significant
\u00a0
factors.
\u00a0
The
\u00a0
most
\u00a0
important
\u00a0
factors
\u00a0
underlying
\u00a0
such
\u00a0
estimates
are
\u00a0
the
\u00a0
net
\u00a0
sales
\u00a0
growth
\u00a0
in
\u00a0
the
\u00a0
market
\u00a0
area,
\u00a0
the
\u00a0
operating
\u00a0
margin,
\u00a0
the
\u00a0
useful
\u00a0
life
\u00a0
of
\u00a0
the
\u00a0
assets,
\u00a0
future
investment
\u00a0
needs,
\u00a0
and
\u00a0
the
\u00a0
discount
\u00a0
rate.
\u00a0
Changes
\u00a0
in
\u00a0
these
\u00a0
assumptions
\u00a0
can
\u00a0
significantly
\u00a0
affect
\u00a0
the
expected
\u00a0
future
\u00a0
cash
\u00a0
flows.
Goodwill
\u00a0
2022
In
\u00a0
June
\u00a0
2022,
\u00a0
W\u00e4rtsil\u00e4
\u00a0
acquired
\u00a0
100%
\u00a0
of
\u00a0
Altyn
\u00a0
Consulting
\u00a0
Inc.
\u00a0
(PortLink)
\u00a0
from
\u00a0
which
\u00a0
goodwill
\u00a0
of
\u00a0
EUR
\u00a0
7
\u00a0
million
was
\u00a0
recognised.
\u00a0
Goodwill
\u00a0
from
\u00a0
the
\u00a0
acquisition
\u00a0
was
\u00a0
allocated
\u00a0
to
\u00a0
cash
\u00a0
generating
\u00a0
unit
\u00a0
Voyage.
Impairment
\u00a0
of
\u00a0
goodwill
\u00a0
relates
\u00a0
to
\u00a0
additional
\u00a0
impairment
\u00a0
testing
\u00a0
of
\u00a0
cash
\u00a0
generating
\u00a0
unit
\u00a0
Voyage
\u00a0
performed
\u00a0
in
\u00a0
the
first
\u00a0
quarter
\u00a0
of
\u00a0
2022.
\u00a0
Additional
\u00a0
impairment
\u00a0
testing
\u00a0
was
\u00a0
performed
\u00a0
due
\u00a0
to
\u00a0
the
\u00a0
uncertainties
\u00a0
in
\u00a0
the
\u00a0
operating
environment
\u00a0
resulting
\u00a0
from
\u00a0
Russia-Ukraine
\u00a0
war.
Reclassification
\u00a0
to
\u00a0
assets
\u00a0
held
\u00a0
for
\u00a0
sale
\u00a0
and
\u00a0
impairment
\u00a0
relate
\u00a0
to
\u00a0
business
\u00a0
unit
\u00a0
American
\u00a0
Hydro.
\u00a0
American
Hydro
\u00a0
belongs
\u00a0
to
\u00a0
Portfolio
\u00a0
Business.
\u00a0
The
\u00a0
total
\u00a0
impact
\u00a0
of
\u00a0
the
\u00a0
reclassification
\u00a0
on
\u00a0
the
\u00a0
result
\u00a0
for
\u00a0
the
\u00a0
financial
\u00a0
period
is
\u00a0
presented
\u00a0
in
\u00a0
Note
\u00a0
6.4.
\u00a0
Assets
\u00a0
held
\u00a0
for
\u00a0
sale.
Additional
\u00a0
impairment
\u00a0
testing
\u00a0
of
\u00a0
cash
\u00a0
generating
\u00a0
unit
\u00a0
Voyage
Due
\u00a0
to
\u00a0
the
\u00a0
uncertainties
\u00a0
in
\u00a0
the
\u00a0
operating
\u00a0
environment
\u00a0
resulting
\u00a0
from
\u00a0
Russia-Ukraine
\u00a0
war,
\u00a0
W\u00e4rtsil\u00e4
\u00a0
performed
an
\u00a0
additional
\u00a0
impairment
\u00a0
testing
\u00a0
of
\u00a0
goodwill
\u00a0
during
\u00a0
the
\u00a0
first
\u00a0
quarter
\u00a0
of
\u00a0
2022
\u00a0
for
\u00a0
cash
\u00a0
generating
\u00a0
unit
\u00a0
Voyage.
The
\u00a0
recoverable
\u00a0
amount
\u00a0
of
\u00a0
the
\u00a0
CGU
\u00a0
was
\u00a0
based
\u00a0
on
\u00a0
four-year
\u00a0
cash
\u00a0
flow
\u00a0
projections.
\u00a0
Cash
\u00a0
flows
\u00a0
beyond
\u00a0
the
four-year
\u00a0
period
\u00a0
were
\u00a0
calculated
\u00a0
using
\u00a0
a
\u00a0
terminal
\u00a0
value
\u00a0
method.
\u00a0
Due
\u00a0
to
\u00a0
exceptionally
\u00a0
volatile
\u00a0
circumstances,
\u00a0
a
weighted
\u00a0
average
\u00a0
of
\u00a0
different
\u00a0
scenarios
\u00a0
was
\u00a0
applied.
\u00a0
As
\u00a0
a
\u00a0
result
\u00a0
of
\u00a0
the
\u00a0
additional
\u00a0
impairment
\u00a0
testing,
\u00a0
an
impairment
\u00a0
loss
\u00a0
of
\u00a0
EUR
\u00a0
47
\u00a0
million
\u00a0
was
\u00a0
recognised
\u00a0
in
\u00a0
the
\u00a0
statement
\u00a0
of
\u00a0
income
\u00a0
related
\u00a0
to
\u00a0
goodwill.
Annual
\u00a0
impairment
\u00a0
testing
\u00a0
of
\u00a0
goodwill
The
\u00a0
Group
\u00a0
performed
\u00a0
its
\u00a0
annual
\u00a0
impairment
\u00a0
testing
\u00a0
of
\u00a0
goodwill
\u00a0
during
\u00a0
the
\u00a0
third
\u00a0
quarter
\u00a0
of
\u00a0
the
\u00a0
year.
\u00a0
W\u00e4rtsil\u00e4
compared
\u00a0
the
\u00a0
recoverable
\u00a0
amount
\u00a0
of
\u00a0
each
\u00a0
business
\u00a0
against
\u00a0
its
\u00a0
carrying
\u00a0
amount
\u00a0
to
\u00a0
define
\u00a0
whether
\u00a0
there
\u00a0
were
any
\u00a0
indications
\u00a0
of
\u00a0
goodwill
\u00a0
impairment.
For
\u00a0
Marine
\u00a0
Power,
\u00a0
Marine
\u00a0
Systems,
\u00a0
Voyage,
\u00a0
and
\u00a0
Energy,
\u00a0
the
\u00a0
recoverable
\u00a0
amounts
\u00a0
were
\u00a0
defined
\u00a0
based
\u00a0
on
\u00a0
the
discounted
\u00a0
cash
\u00a0
flow
\u00a0
method,
\u00a0
derived
\u00a0
from
\u00a0
the
\u00a0
order
\u00a0
book
\u00a0
and
\u00a0
five-year
\u00a0
cash
\u00a0
flow
\u00a0
projections
\u00a0
from
\u00a0
strategic
plans.
\u00a0
The
\u00a0
estimated
\u00a0
cash
\u00a0
flows
\u00a0
of
\u00a0
the
\u00a0
CGUs
\u00a0
were
\u00a0
based
\u00a0
on
\u00a0
the
\u00a0
utilisation
\u00a0
of
\u00a0
existing
\u00a0
property,
\u00a0
plant,
\u00a0
and
equipment
\u00a0
in
\u00a0
their
\u00a0
current
\u00a0
condition
\u00a0
with
\u00a0
normal
\u00a0
maintenance
\u00a0
capital
\u00a0
expenditure,
\u00a0
excluding
\u00a0
any
\u00a0
potential
future
\u00a0
acquisitions.
\u00a0
Cash
\u00a0
flows
\u00a0
beyond
\u00a0
the
\u00a0
five-year
\u00a0
period
\u00a0
were
\u00a0
calculated
\u00a0
using
\u00a0
the
\u00a0
terminal
\u00a0
value
\u00a0
method.
Also
\u00a0
for
\u00a0
business
\u00a0
units
\u00a0
under
\u00a0
the
\u00a0
Portfolio
\u00a0
Business,
\u00a0
the
\u00a0
recoverable
\u00a0
amounts
\u00a0
were
\u00a0
defined
\u00a0
based
\u00a0
on
\u00a0
the
discounted
\u00a0
cash
\u00a0
flow
\u00a0
method.
\u00a0
Cash
\u00a0
flows
\u00a0
beyond
\u00a0
the
\u00a0
five-year
\u00a0
period
\u00a0
were
\u00a0
calculated
\u00a0
using
\u00a0
the
\u00a0
terminal
\u00a0
value
method.
The
\u00a0
terminal
\u00a0
growth
\u00a0
rate
\u00a0
used
\u00a0
in
\u00a0
projections
\u00a0
is
\u00a0
based
\u00a0
on
\u00a0
management\u2019s
\u00a0
assessment
\u00a0
on
\u00a0
conservative
\u00a0
long-term
growth.
\u00a0
The
\u00a0
terminal
\u00a0
growth
\u00a0
rate
\u00a0
used
\u00a0
in
\u00a0
the
\u00a0
calculation
\u00a0
were:
The
\u00a0
key
\u00a0
driver
\u00a0
for
\u00a0
the
\u00a0
valuation
\u00a0
is
\u00a0
growth
\u00a0
in
\u00a0
the
\u00a0
global
\u00a0
economy,
\u00a0
and
\u00a0
in
\u00a0
particular,
\u00a0
the
\u00a0
development
\u00a0
of
\u00a0
the
global
\u00a0
power
\u00a0
market,
\u00a0
the
\u00a0
global
\u00a0
shipbuilding
\u00a0
industry,
\u00a0
and
\u00a0
the
\u00a0
demand
\u00a0
for
\u00a0
any
\u00a0
related
\u00a0
services.
\u00a0
The
\u00a0
projected
development
\u00a0
of
\u00a0
total
\u00a0
costs
\u00a0
in
\u00a0
the
\u00a0
market
\u00a0
affects
\u00a0
the
\u00a0
profitability,
\u00a0
whereas
\u00a0
no
\u00a0
single
\u00a0
cost
\u00a0
item
\u00a0
is
\u00a0
considered
\u00a0
to
have
\u00a0
a
\u00a0
material
\u00a0
impact.
\u00a0
The
\u00a0
valuation
\u00a0
driver
\u00a0
for
\u00a0
new
\u00a0
equipment
\u00a0
sales
\u00a0
is
\u00a0
growth
\u00a0
in
\u00a0
the
\u00a0
global
\u00a0
economy,
whereas
\u00a0
for
\u00a0
after
\u00a0
sales
\u00a0
the
\u00a0
drivers
\u00a0
are
\u00a0
also
\u00a0
the
\u00a0
demand
\u00a0
for
\u00a0
related
\u00a0
services
\u00a0
and
\u00a0
the
\u00a0
projected
\u00a0
development
\u00a0
in
labour
\u00a0
costs.
The
\u00a0
applied
\u00a0
discount
\u00a0
rates
\u00a0
are
\u00a0
the
\u00a0
weighted
\u00a0
average
\u00a0
pre-tax
\u00a0
cost
\u00a0
of
\u00a0
capital
\u00a0
(WACC)
\u00a0
for
\u00a0
each
\u00a0
CGU
\u00a0
as
\u00a0
defined
by
\u00a0
W\u00e4rtsil\u00e4.
\u00a0
The
\u00a0
components
\u00a0
of
\u00a0
the
\u00a0
WACC
\u00a0
rates
\u00a0
are
\u00a0
risk-free
\u00a0
rate,
\u00a0
market
\u00a0
risk
\u00a0
premium,
\u00a0
industry
\u00a0
specific
\u00a0
beta,
cost
\u00a0
of
\u00a0
debt
\u00a0
and
\u00a0
debt
\u00a0
equity
\u00a0
ratio.
\u00a0
W\u00e4rtsil\u00e4
\u00a0
has
\u00a0
used
\u00a0
the
\u00a0
following
\u00a0
WACC
\u00a0
rates
\u00a0
for
\u00a0
each
\u00a0
CGU:
As
\u00a0
a
\u00a0
result
\u00a0
of
\u00a0
the
\u00a0
impairment
\u00a0
test,
\u00a0
no
\u00a0
impairment
\u00a0
loss
\u00a0
for
\u00a0
the
\u00a0
CGUs
\u00a0
was
\u00a0
recognised
\u00a0
for
\u00a0
the
\u00a0
financial
\u00a0
period
ended
\u00a0
on
\u00a0
31
\u00a0
December
\u00a0
2022.
\u00a0
The
\u00a0
recoverable
\u00a0
amounts
\u00a0
of
\u00a0
Marine
\u00a0
Power,
\u00a0
Marine
\u00a0
Systems,
\u00a0
and
\u00a0
Energy
\u00a0
CGUs
exceeded
\u00a0
their
\u00a0
respective
\u00a0
carrying
\u00a0
values
\u00a0
substantially.
\u00a0
Also,
\u00a0
the
\u00a0
recoverable
\u00a0
amount
\u00a0
of
\u00a0
Portfolio
\u00a0
Business
exceeded
\u00a0
its
\u00a0
respective
\u00a0
carrying
\u00a0
value.
The
\u00a0
defined
\u00a0
recoverable
\u00a0
amount
\u00a0
of
\u00a0
Voyage
\u00a0
CGU
\u00a0
also
\u00a0
exceeded
\u00a0
the
\u00a0
carrying
\u00a0
amount
\u00a0
of
\u00a0
the
\u00a0
unit
\u00a0
in
\u00a0
the
\u00a0
annual
impairment
\u00a0
test.
\u00a0
There
\u00a0
was
\u00a0
no
\u00a0
additional
\u00a0
impairment
\u00a0
recognised
\u00a0
after
\u00a0
the
\u00a0
additional
\u00a0
impairment
\u00a0
testing
conducted
\u00a0
during
\u00a0
the
\u00a0
first
\u00a0
quarter
\u00a0
of
\u00a0
2022.
The
\u00a0
key
\u00a0
assumptions
\u00a0
for
\u00a0
Voyage
\u00a0
CGU
\u00a0
relate
\u00a0
to
\u00a0
forecasted
\u00a0
profitability
\u00a0
of
\u00a0
the
\u00a0
unit
\u00a0
and
\u00a0
to
\u00a0
terminal
\u00a0
growth
\u00a0
rate
\u00a0
of
the
\u00a0
unit.
\u00a0
Voyage
\u00a0
is
\u00a0
estimated
\u00a0
to
\u00a0
break
\u00a0
even
\u00a0
within
\u00a0
the
\u00a0
next
\u00a0
few
\u00a0
years
\u00a0
on
\u00a0
the
\u00a0
EBITDA
\u00a0
level.
\u00a0
Key
\u00a0
assumptions
used
\u00a0
in
\u00a0
the
\u00a0
testing
\u00a0
for
\u00a0
terminal
\u00a0
values
\u00a0
are
\u00a0
the
\u00a0
estimated
\u00a0
terminal
\u00a0
growth
\u00a0
rate
\u00a0
of
\u00a0
2.5%
\u00a0
and
\u00a0
that
\u00a0
the
\u00a0
profitability,
i.e.
\u00a0
comparable
\u00a0
operating
\u00a0
result,
\u00a0
as
\u00a0
a
\u00a0
percentage
\u00a0
of
\u00a0
net
\u00a0
sales,
\u00a0
would
\u00a0
amount
\u00a0
to
\u00a0
10%.
\u00a0
In
\u00a0
the
\u00a0
testing
\u00a0
performed,
the
\u00a0
recoverable
\u00a0
amount
\u00a0
of
\u00a0
Voyage
\u00a0
exceeded
\u00a0
its
\u00a0
carrying
\u00a0
amount
\u00a0
by
\u00a0
EUR
\u00a0
163
\u00a0
million.
\u00a0
Any
\u00a0
future
\u00a0
negative
changes
\u00a0
in
\u00a0
these
\u00a0
assumptions
\u00a0
would
\u00a0
have
\u00a0
an
\u00a0
adverse
\u00a0
impact
\u00a0
on
\u00a0
the
\u00a0
valuation
\u00a0
of
\u00a0
the
\u00a0
business.
According
\u00a0
to
\u00a0
the
\u00a0
measuring
\u00a0
requirements
\u00a0
related
\u00a0
to
\u00a0
assets
\u00a0
held
\u00a0
for
\u00a0
sale,
\u00a0
W\u00e4rtsil\u00e4
\u00a0
has
\u00a0
written
\u00a0
down
\u00a0
certain
assets
\u00a0
after
\u00a0
the
\u00a0
annual
\u00a0
impairment
\u00a0
test.
\u00a0
Write
\u00a0
-downs
\u00a0
related
\u00a0
to
\u00a0
goodwill
\u00a0
were
\u00a0
recognised
\u00a0
due
\u00a0
to
\u00a0
the
classification
\u00a0
of
\u00a0
business
\u00a0
unit
\u00a0
American
\u00a0
Hydro
\u00a0
as
\u00a0
assets
\u00a0
held
\u00a0
for
\u00a0
sale.
\u00a0
There
\u00a0
are
\u00a0
no
\u00a0
other
\u00a0
indications
\u00a0
of
impairment
\u00a0
of
\u00a0
goodwill
\u00a0
after
\u00a0
the
\u00a0
annual
\u00a0
impairment
\u00a0
testing.
Sensitivity
\u00a0
analysis
The
\u00a0
management
\u00a0
has
\u00a0
assessed
\u00a0
that
\u00a0
no
\u00a0
reasonable
\u00a0
possible
\u00a0
changes
\u00a0
in
\u00a0
the
\u00a0
key
\u00a0
assumptions
\u00a0
would
\u00a0
cause
\u00a0
the
carrying
\u00a0
amount
\u00a0
of
\u00a0
any
\u00a0
CGU
\u00a0
to
\u00a0
exceed
\u00a0
its
\u00a0
recoverable
\u00a0
amount.
\u00a0
A
\u00a0
sensitivity
\u00a0
analysis
\u00a0
has
\u00a0
been
\u00a0
carried
\u00a0
out
\u00a0
for
the
\u00a0
valuation
\u00a0
of
\u00a0
the
\u00a0
recoverable
\u00a0
amount
\u00a0
for
\u00a0
each
\u00a0
CGU
\u00a0
by
\u00a0
changing
\u00a0
the
\u00a0
assumptions
\u00a0
used
\u00a0
in
\u00a0
the
\u00a0
calculation.
\u00a0
A
change
\u00a0
in
\u00a0
an
\u00a0
assumption
\u00a0
that
\u00a0
would
\u00a0
cause
\u00a0
the
\u00a0
recoverable
\u00a0
amount
\u00a0
to
\u00a0
equal
\u00a0
the
\u00a0
carrying
\u00a0
amount
\u00a0
is
\u00a0
presented
in
\u00a0
the
\u00a0
table
\u00a0
below
\u00a0
separately
\u00a0
for
\u00a0
each
\u00a0
CGU.
In
\u00a0
management\u2019s
\u00a0
opinion,
\u00a0
the
\u00a0
changes
\u00a0
in
\u00a0
the
\u00a0
basic
\u00a0
assumptions
\u00a0
shall
\u00a0
not
\u00a0
be
\u00a0
seen
\u00a0
as
\u00a0
an
\u00a0
indication
\u00a0
that
\u00a0
these
factors
\u00a0
are
\u00a0
likely
\u00a0
to
\u00a0
materialise.
\u00a0
The
\u00a0
sensitivity
\u00a0
analyses
\u00a0
are
\u00a0
hypothetical
\u00a0
and
\u00a0
should
\u00a0
therefore
\u00a0
be
\u00a0
treated
\u00a0
with
caution.
MEUR
2022
W\u00e4rtsil\u00e4
\u00a0
Group
W\u00e4rtsil\u00e4
\u00a0
on
\u00a0
1
\u00a0
January
1,374
Changes
\u00a0
in
\u00a0
exchange
\u00a0
rates
-22
Acquisitions
7
Impairment
-47
Reclassification
\u00a0
to
\u00a0
assets
\u00a0
held
\u00a0
for
\u00a0
sale
\u00a0
and
\u00a0
impairment
-24
W\u00e4rtsil\u00e4
\u00a0
on
\u00a0
31
\u00a0
December
1,288
MEUR
Marine
Power
Marine
Systems
Voyage
Energy
Portfolio
Business
Total
W\u00e4rtsil\u00e4
\u00a0
on
\u00a0
31
\u00a0
December
\u00a0
2022
544
168
59
511
5
1,288
Terminal
\u00a0
growth
\u00a0
rate,
\u00a0
%
2022
Marine
\u00a0
Power
1.5
Marine
\u00a0
Systems
1.5
Voyage
2.5
Energy
2.0
Portfolio
\u00a0
Business
1.0
WACC
\u00a0
rate,
\u00a0
%
2022
Marine
\u00a0
Power
10.0
Marine
\u00a0
Systems
10.1
Voyage
10.2
Energy
10.6
Portfolio
\u00a0
Business
11.1
-
Change
Marine
\u00a0
Power
Pre-tax
\u00a0
discount
\u00a0
rate
increase
\u00a0
more
\u00a0
than
\u00a0
21
\u00a0
percentage
\u00a0
points
Terminal
\u00a0
growth
\u00a0
rate
decrease
\u00a0
more
\u00a0
than
\u00a0
41
\u00a0
percentage
\u00a0
points
Profitability
decrease
\u00a0
more
\u00a0
than
\u00a0
68
\u00a0
percentage
Marine
\u00a0
Systems
Pre-tax
\u00a0
discount
\u00a0
rate
increase
\u00a0
more
\u00a0
than
\u00a0
18
\u00a0
percentage
\u00a0
points
Terminal
\u00a0
growth
\u00a0
rate
decrease
\u00a0
more
\u00a0
than
\u00a0
35
\u00a0
percentage
\u00a0
points
Profitability
decrease
\u00a0
more
\u00a0
than
\u00a0
65
\u00a0
percentage
Voyage
Pre-tax
\u00a0
discount
\u00a0
rate
increase
\u00a0
more
\u00a0
than
\u00a0
5
\u00a0
percentage
\u00a0
points
Terminal
\u00a0
growth
\u00a0
rate
decrease
\u00a0
more
\u00a0
than
\u00a0
5
\u00a0
percentage
\u00a0
points
Profitability
decrease
\u00a0
more
\u00a0
than
\u00a0
43
\u00a0
percentage
Energy
Pre-tax
\u00a0
discount
\u00a0
rate
increase
\u00a0
more
\u00a0
than
\u00a0
29
\u00a0
percentage
\u00a0
points
Terminal
\u00a0
growth
\u00a0
rate
decrease
\u00a0
over
\u00a0
100
\u00a0
percentage
\u00a0
points
Profitability
decrease
\u00a0
more
\u00a0
than
\u00a0
75
\u00a0
percentage
Portfolio
\u00a0
Business
Pre-tax
\u00a0
discount
\u00a0
rate
increase
\u00a0
more
\u00a0
than
\u00a0
2.0
\u00a0
percentage
\u00a0
points
Terminal
\u00a0
growth
\u00a0
rate
decrease
\u00a0
more
\u00a0
than
\u00a0
1.9
\u00a0
percentage
\u00a0
points
Profitability
decrease
\u00a0
more
\u00a0
than
\u00a0
14.2
\u00a0
percentage
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:743700G7A9J1PHM3X223", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "ID_77": { "value": "
Accounting
\u00a0
principles
Goodwill
\u00a0
is
\u00a0
the
\u00a0
difference
\u00a0
between
\u00a0
the
\u00a0
aggregate
\u00a0
of
\u00a0
the
\u00a0
acquisition-date
\u00a0
fair
\u00a0
value
\u00a0
of
\u00a0
the
\u00a0
consideration
transferred,
\u00a0
and
\u00a0
the
\u00a0
acquirer\u2019s
\u00a0
share
\u00a0
of
\u00a0
the
\u00a0
company\u2019s
\u00a0
net
\u00a0
identifiable
\u00a0
assets
\u00a0
and
\u00a0
liabilities
\u00a0
measured
\u00a0
at
\u00a0
fair
value
\u00a0
on
\u00a0
the
\u00a0
acquisition
\u00a0
date.
\u00a0
The
\u00a0
consideration
\u00a0
is
\u00a0
measured
\u00a0
at
\u00a0
fair
\u00a0
value,
\u00a0
including
\u00a0
also
\u00a0
the
\u00a0
acquirer\u2019s
previously
\u00a0
held
\u00a0
equity
\u00a0
interest.
Goodwill
\u00a0
allocation
Goodwill
\u00a0
arising
\u00a0
from
\u00a0
business
\u00a0
acquisitions
\u00a0
has
\u00a0
been
\u00a0
allocated
\u00a0
to
\u00a0
the
\u00a0
operating
\u00a0
segments
\u00a0
and
\u00a0
other
business
\u00a0
activities,
\u00a0
which
\u00a0
are
\u00a0
also
\u00a0
the
\u00a0
Group\u2019s
\u00a0
cash
\u00a0
generating
\u00a0
units
\u00a0
in
\u00a0
impairment
\u00a0
testing
\u00a0
of
\u00a0
goodwill.
These
\u00a0
are
\u00a0
Marine
\u00a0
Power,
\u00a0
Marine
\u00a0
Systems,
\u00a0
Voyage,
\u00a0
Energy,
\u00a0
and
\u00a0
Portfolio
\u00a0
Business.
Impairment
\u00a0
of
\u00a0
goodwill
The
\u00a0
carrying
\u00a0
amount
\u00a0
of
\u00a0
goodwill
\u00a0
allocated
\u00a0
to
\u00a0
cash
\u00a0
generating
\u00a0
units
\u00a0
(CGU)
\u00a0
is
\u00a0
reviewed
\u00a0
annually
\u00a0
for
\u00a0
signs
\u00a0
of
possible
\u00a0
impairment,
\u00a0
or
\u00a0
more
\u00a0
frequently
\u00a0
should
\u00a0
any
\u00a0
indication
\u00a0
of
\u00a0
impairment
\u00a0
arise.
\u00a0
If
\u00a0
any
\u00a0
such
\u00a0
indication
exists,
\u00a0
the
\u00a0
recoverable
\u00a0
amount
\u00a0
of
\u00a0
the
\u00a0
goodwill
\u00a0
is
\u00a0
estimated.
\u00a0
In
\u00a0
order
\u00a0
to
\u00a0
define
\u00a0
a
\u00a0
possible
\u00a0
impairment,
\u00a0
the
Group\u2019s
\u00a0
assets
\u00a0
are
\u00a0
divided
\u00a0
into
\u00a0
the
\u00a0
smallest
\u00a0
possible
\u00a0
cash
\u00a0
generating
\u00a0
units,
\u00a0
which
\u00a0
are
\u00a0
mainly
\u00a0
independent
of
\u00a0
other
\u00a0
units,
\u00a0
and
\u00a0
the
\u00a0
cash
\u00a0
flows
\u00a0
of
\u00a0
which
\u00a0
are
\u00a0
separately
\u00a0
identifiable
\u00a0
and
\u00a0
to
\u00a0
a
\u00a0
large
\u00a0
extent
\u00a0
independent
\u00a0
of
the
\u00a0
cash
\u00a0
flows
\u00a0
of
\u00a0
other
\u00a0
similar
\u00a0
units.
An
\u00a0
impairment
\u00a0
loss
\u00a0
is
\u00a0
recognised
\u00a0
when
\u00a0
the
\u00a0
carrying
\u00a0
amount
\u00a0
of
\u00a0
an
\u00a0
asset
\u00a0
is
\u00a0
greater
\u00a0
than
\u00a0
its
\u00a0
recoverable
amount.
\u00a0
The
\u00a0
recoverable
\u00a0
amount
\u00a0
is
\u00a0
the
\u00a0
higher
\u00a0
of
\u00a0
an
\u00a0
asset\u2019s
\u00a0
fair
\u00a0
value
\u00a0
less
\u00a0
costs
\u00a0
to
\u00a0
sell
\u00a0
and
\u00a0
its
\u00a0
value
\u00a0
in
\u00a0
use.
The
\u00a0
value
\u00a0
in
\u00a0
use
\u00a0
for
\u00a0
goodwill
\u00a0
is
\u00a0
based
\u00a0
on
\u00a0
the
\u00a0
expected
\u00a0
discounted
\u00a0
future
\u00a0
net
\u00a0
cash
\u00a0
flows
\u00a0
resulting
\u00a0
from
\u00a0
the
asset
\u00a0
or
\u00a0
cash
\u00a0
generating
\u00a0
unit.
A
\u00a0
pre-tax
\u00a0
rate,
\u00a0
which
\u00a0
reflects
\u00a0
the
\u00a0
markets\u2019
\u00a0
position
\u00a0
on
\u00a0
the
\u00a0
time
\u00a0
value
\u00a0
of
\u00a0
money
\u00a0
and
\u00a0
asset-specific
\u00a0
risks,
\u00a0
is
used
\u00a0
as
\u00a0
the
\u00a0
discount
\u00a0
rate.
An
\u00a0
impairment
\u00a0
loss
\u00a0
is
\u00a0
recognised
\u00a0
immediately
\u00a0
as
\u00a0
depreciation,
\u00a0
amortisation
\u00a0
and
\u00a0
impairment
\u00a0
in
\u00a0
the
statement
\u00a0
of
\u00a0
income.
\u00a0
An
\u00a0
impairment
\u00a0
loss
\u00a0
recognised
\u00a0
for
\u00a0
goodwill
\u00a0
is
\u00a0
not
\u00a0
reversed
\u00a0
under
\u00a0
any
\u00a0
circumstances.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:743700G7A9J1PHM3X223", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "ID_79": { "value": "
Goodwill
\u00a0
2021
During
\u00a0
2021,
\u00a0
W\u00e4rtsil\u00e4
\u00a0
classified
\u00a0
Delivery
\u00a0
Centre
\u00a0
Santander
\u00a0
as
\u00a0
assets
\u00a0
held
\u00a0
for
\u00a0
sale.
\u00a0
Delivery
\u00a0
Centre
\u00a0
Santander
belongs
\u00a0
to
\u00a0
Marine
\u00a0
Power.
Annual
\u00a0
impairment
\u00a0
testing
\u00a0
of
\u00a0
goodwill
The
\u00a0
Group
\u00a0
performed
\u00a0
its
\u00a0
annual
\u00a0
impairment
\u00a0
testing
\u00a0
of
\u00a0
goodwill
\u00a0
during
\u00a0
the
\u00a0
third
\u00a0
quarter
\u00a0
of
\u00a0
the
\u00a0
year.
\u00a0
W\u00e4rtsil\u00e4
compared
\u00a0
the
\u00a0
recoverable
\u00a0
amount
\u00a0
of
\u00a0
each
\u00a0
business
\u00a0
against
\u00a0
its
\u00a0
carrying
\u00a0
amount
\u00a0
to
\u00a0
define
\u00a0
whether
\u00a0
there
\u00a0
were
any
\u00a0
indications
\u00a0
of
\u00a0
goodwill
\u00a0
impairment.
For
\u00a0
Marine
\u00a0
Power,
\u00a0
Marine
\u00a0
Systems,
\u00a0
Voyage,
\u00a0
and
\u00a0
Energy,
\u00a0
the
\u00a0
recoverable
\u00a0
amounts
\u00a0
were
\u00a0
defined
\u00a0
based
\u00a0
on
\u00a0
the
discounted
\u00a0
cash
\u00a0
flow
\u00a0
method,
\u00a0
derived
\u00a0
from
\u00a0
the
\u00a0
order
\u00a0
book
\u00a0
and
\u00a0
five-year
\u00a0
cash
\u00a0
flow
\u00a0
projections
\u00a0
from
\u00a0
strategic
plans.
\u00a0
The
\u00a0
estimated
\u00a0
cash
\u00a0
flows
\u00a0
of
\u00a0
the
\u00a0
CGUs
\u00a0
were
\u00a0
based
\u00a0
on
\u00a0
the
\u00a0
utilisation
\u00a0
of
\u00a0
existing
\u00a0
property,
\u00a0
plant,
\u00a0
and
equipment
\u00a0
in
\u00a0
their
\u00a0
current
\u00a0
condition
\u00a0
with
\u00a0
normal
\u00a0
maintenance
\u00a0
capital
\u00a0
expenditure,
\u00a0
excluding
\u00a0
any
\u00a0
potential
future
\u00a0
acquisitions.
\u00a0
Cash
\u00a0
flows
\u00a0
beyond
\u00a0
the
\u00a0
five-year
\u00a0
period
\u00a0
were
\u00a0
calculated
\u00a0
using
\u00a0
the
\u00a0
terminal
\u00a0
value
\u00a0
method.
For
\u00a0
business
\u00a0
units
\u00a0
under
\u00a0
the
\u00a0
Portfolio
\u00a0
Business,
\u00a0
the
\u00a0
recoverable
\u00a0
amounts
\u00a0
were
\u00a0
mainly
\u00a0
defined
\u00a0
based
\u00a0
on
\u00a0
the
discounted
\u00a0
cash
\u00a0
flow
\u00a0
method.
\u00a0
For
\u00a0
one
\u00a0
business
\u00a0
unit,
\u00a0
which
\u00a0
was
\u00a0
classified
\u00a0
as
\u00a0
assets
\u00a0
held
\u00a0
for
\u00a0
sale
\u00a0
at
\u00a0
the
\u00a0
time
\u00a0
of
the
\u00a0
testing,
\u00a0
the
\u00a0
recoverable
\u00a0
amount
\u00a0
was
\u00a0
defined
\u00a0
based
\u00a0
on
\u00a0
estimations
\u00a0
of
\u00a0
the
\u00a0
selling
\u00a0
price
\u00a0
on
\u00a0
cash-free,
\u00a0
debt-
free
\u00a0
basis.
The
\u00a0
terminal
\u00a0
growth
\u00a0
rate
\u00a0
used
\u00a0
in
\u00a0
projections
\u00a0
is
\u00a0
based
\u00a0
on
\u00a0
management\u2019s
\u00a0
assessment
\u00a0
on
\u00a0
conservative
\u00a0
long-term
growth.
\u00a0
The
\u00a0
terminal
\u00a0
growth
\u00a0
rate
\u00a0
used
\u00a0
in
\u00a0
the
\u00a0
calculation
\u00a0
were:
The
\u00a0
key
\u00a0
driver
\u00a0
for
\u00a0
the
\u00a0
valuation
\u00a0
is
\u00a0
growth
\u00a0
in
\u00a0
the
\u00a0
global
\u00a0
economy,
\u00a0
and
\u00a0
in
\u00a0
particular,
\u00a0
the
\u00a0
development
\u00a0
of
\u00a0
the
global
\u00a0
power
\u00a0
market,
\u00a0
the
\u00a0
global
\u00a0
shipbuilding
\u00a0
industry,
\u00a0
and
\u00a0
the
\u00a0
demand
\u00a0
for
\u00a0
any
\u00a0
related
\u00a0
services.
\u00a0
The
\u00a0
projected
development
\u00a0
of
\u00a0
total
\u00a0
costs
\u00a0
in
\u00a0
the
\u00a0
market
\u00a0
affects
\u00a0
the
\u00a0
profitability,
\u00a0
whereas
\u00a0
no
\u00a0
single
\u00a0
cost
\u00a0
item
\u00a0
is
\u00a0
considered
\u00a0
to
have
\u00a0
a
\u00a0
material
\u00a0
impact.
\u00a0
The
\u00a0
valuation
\u00a0
driver
\u00a0
for
\u00a0
new
\u00a0
equipment
\u00a0
sales
\u00a0
is
\u00a0
growth
\u00a0
in
\u00a0
the
\u00a0
global
\u00a0
economy,
whereas
\u00a0
for
\u00a0
after
\u00a0
sales
\u00a0
the
\u00a0
drivers
\u00a0
are
\u00a0
also
\u00a0
the
\u00a0
demand
\u00a0
for
\u00a0
related
\u00a0
services
\u00a0
and
\u00a0
the
\u00a0
projected
\u00a0
development
\u00a0
in
labour
\u00a0
costs.
The
\u00a0
applied
\u00a0
discount
\u00a0
rates
\u00a0
are
\u00a0
the
\u00a0
weighted
\u00a0
average
\u00a0
pre-tax
\u00a0
cost
\u00a0
of
\u00a0
capital
\u00a0
(WACC)
\u00a0
for
\u00a0
each
\u00a0
CGU
\u00a0
as
\u00a0
defined
by
\u00a0
W\u00e4rtsil\u00e4.
\u00a0
The
\u00a0
components
\u00a0
of
\u00a0
the
\u00a0
WACC
\u00a0
rates
\u00a0
are
\u00a0
risk-free
\u00a0
rate,
\u00a0
market
\u00a0
risk
\u00a0
premium,
\u00a0
industry
\u00a0
specific
\u00a0
beta,
cost
\u00a0
of
\u00a0
debt
\u00a0
and
\u00a0
debt
\u00a0
equity
\u00a0
ratio.
\u00a0
W\u00e4rtsil\u00e4
\u00a0
has
\u00a0
used
\u00a0
the
\u00a0
following
\u00a0
WACC
\u00a0
rates
\u00a0
for
\u00a0
each
\u00a0
CGU:
As
\u00a0
a
\u00a0
result
\u00a0
of
\u00a0
the
\u00a0
impairment
\u00a0
test,
\u00a0
no
\u00a0
impairment
\u00a0
loss
\u00a0
for
\u00a0
the
\u00a0
CGUs
\u00a0
was
\u00a0
recognised
\u00a0
for
\u00a0
the
\u00a0
financial
\u00a0
period
ended
\u00a0
on
\u00a0
30
\u00a0
September
\u00a0
2021.
\u00a0
The
\u00a0
recoverable
\u00a0
amounts
\u00a0
of
\u00a0
Marine
\u00a0
Power,
\u00a0
Marine
\u00a0
Systems,
\u00a0
and
\u00a0
Energy
\u00a0
CGUs
exceeded
\u00a0
their
\u00a0
respective
\u00a0
carrying
\u00a0
values
\u00a0
substantially.
Also,
\u00a0
the
\u00a0
defined
\u00a0
recoverable
\u00a0
amount
\u00a0
of
\u00a0
Voyage
\u00a0
CGU
\u00a0
exceeded
\u00a0
the
\u00a0
carrying
\u00a0
amount
\u00a0
of
\u00a0
the
\u00a0
unit
\u00a0
materially.
\u00a0
The
key
\u00a0
assumption
\u00a0
for
\u00a0
Voyage
\u00a0
CGU
\u00a0
is
\u00a0
that
\u00a0
Voyage
\u00a0
is
\u00a0
estimated
\u00a0
to
\u00a0
break
\u00a0
even
\u00a0
within
\u00a0
the
\u00a0
next
\u00a0
few
\u00a0
years
\u00a0
on
\u00a0
the
EBITDA
\u00a0
level
\u00a0
and
\u00a0
that
\u00a0
its
\u00a0
growth
\u00a0
rate
\u00a0
will
\u00a0
exceed
\u00a0
the
\u00a0
Group
\u00a0
average.
\u00a0
Any
\u00a0
future
\u00a0
negative
\u00a0
changes
\u00a0
in
\u00a0
these
assumptions
\u00a0
would
\u00a0
have
\u00a0
an
\u00a0
adverse
\u00a0
impact
\u00a0
on
\u00a0
the
\u00a0
valuation
\u00a0
of
\u00a0
the
\u00a0
business.
According
\u00a0
to
\u00a0
the
\u00a0
measuring
\u00a0
requirements
\u00a0
related
\u00a0
to
\u00a0
assets
\u00a0
held
\u00a0
for
\u00a0
sale,
\u00a0
W\u00e4rtsil\u00e4
\u00a0
has
\u00a0
written
\u00a0
down
\u00a0
certain
assets
\u00a0
in
\u00a0
Portfolio
\u00a0
Business
\u00a0
in
\u00a0
2021.
\u00a0
These
\u00a0
assets
\u00a0
were
\u00a0
classified
\u00a0
as
\u00a0
assets
\u00a0
held
\u00a0
for
\u00a0
sale
\u00a0
already
\u00a0
in
\u00a0
prior
financial
\u00a0
year.
\u00a0
Part
\u00a0
of
\u00a0
these
\u00a0
write-downs
\u00a0
relate
\u00a0
to
\u00a0
goodwill.
\u00a0
However,
\u00a0
based
\u00a0
on
\u00a0
the
\u00a0
testing
\u00a0
conducted
\u00a0
in
\u00a0
the
annual
\u00a0
impairment
\u00a0
test,
\u00a0
there
\u00a0
was
\u00a0
no
\u00a0
additional
\u00a0
impairment
\u00a0
noted
\u00a0
for
\u00a0
Portfolio
\u00a0
Business.
There
\u00a0
are
\u00a0
no
\u00a0
recent
\u00a0
indications
\u00a0
of
\u00a0
impairment
\u00a0
of
\u00a0
goodwill
\u00a0
after
\u00a0
the
\u00a0
annual
\u00a0
impairment
\u00a0
testing.
Sensitivity
\u00a0
analysis
The
\u00a0
management
\u00a0
has
\u00a0
assessed
\u00a0
that
\u00a0
no
\u00a0
reasonable
\u00a0
possible
\u00a0
changes
\u00a0
in
\u00a0
the
\u00a0
key
\u00a0
assumptions
\u00a0
would
\u00a0
cause
\u00a0
the
carrying
\u00a0
amount
\u00a0
of
\u00a0
any
\u00a0
CGU
\u00a0
to
\u00a0
exceed
\u00a0
its
\u00a0
recoverable
\u00a0
amount.
\u00a0
A
\u00a0
sensitivity
\u00a0
analysis
\u00a0
has
\u00a0
been
\u00a0
carried
\u00a0
out
\u00a0
for
the
\u00a0
valuation
\u00a0
of
\u00a0
the
\u00a0
recoverable
\u00a0
amount
\u00a0
for
\u00a0
each
\u00a0
CGU
\u00a0
by
\u00a0
changing
\u00a0
the
\u00a0
assumptions
\u00a0
used
\u00a0
in
\u00a0
the
\u00a0
calculation.
\u00a0
A
change
\u00a0
in
\u00a0
an
\u00a0
assumption
\u00a0
that
\u00a0
would
\u00a0
cause
\u00a0
the
\u00a0
recoverable
\u00a0
amount
\u00a0
to
\u00a0
equal
\u00a0
the
\u00a0
carrying
\u00a0
amount
\u00a0
is
\u00a0
presented
in
\u00a0
the
\u00a0
table
\u00a0
below
\u00a0
separately
\u00a0
for
\u00a0
each
\u00a0
CGU.
In
\u00a0
management\u2019s
\u00a0
opinion,
\u00a0
the
\u00a0
changes
\u00a0
in
\u00a0
the
\u00a0
basic
\u00a0
assumptions
\u00a0
shall
\u00a0
not
\u00a0
be
\u00a0
seen
\u00a0
as
\u00a0
an
\u00a0
indication
\u00a0
that
\u00a0
these
factors
\u00a0
are
\u00a0
likely
\u00a0
to
\u00a0
materialise.
\u00a0
The
\u00a0
sensitivity
\u00a0
analyses
\u00a0
are
\u00a0
hypothetical
\u00a0
and
\u00a0
should
\u00a0
therefore
\u00a0
be
\u00a0
treated
\u00a0
with
caution.
MEUR
2021
W\u00e4rtsil\u00e4
\u00a0
Group
W\u00e4rtsil\u00e4
\u00a0
on
\u00a0
1
\u00a0
January
1,325
Changes
\u00a0
in
\u00a0
exchange
\u00a0
rates
49
Reclassification
\u00a0
to
\u00a0
assets
\u00a0
held
\u00a0
for
\u00a0
sale
-1
W\u00e4rtsil\u00e4
\u00a0
on
\u00a0
31
\u00a0
December
1,374
MEUR
Marine
Power
Marine
Systems
Voyage
Energy
Portfolio
Business
Total
W\u00e4rtsil\u00e4
\u00a0
on
\u00a0
31
\u00a0
December
\u00a0
2021
553
171
101
520
28
1,374
Terminal
\u00a0
growth
\u00a0
rate,
\u00a0
%
2021
Marine
\u00a0
Power
1.5
Marine
\u00a0
Systems
1.5
Voyage
2.5
Energy
2.0
Portfolio
\u00a0
Business
1.0
WACC
\u00a0
rate,
\u00a0
%
2021
Marine
\u00a0
Power
8.0
Marine
\u00a0
Systems
7.7
Voyage
8.1
Energy
8.3
Portfolio
\u00a0
Business
8.4
-
Change
Marine
\u00a0
Power
Pre-tax
\u00a0
discount
\u00a0
rate
increase
\u00a0
more
\u00a0
than
\u00a0
17
\u00a0
percentage
\u00a0
points
Terminal
\u00a0
growth
\u00a0
rate
decrease
\u00a0
more
\u00a0
than
\u00a0
23
\u00a0
percentage
\u00a0
points
Profitability
decrease
\u00a0
more
\u00a0
than
\u00a0
63
\u00a0
percentage
Marine
\u00a0
Systems
Pre-tax
\u00a0
discount
\u00a0
rate
increase
\u00a0
more
\u00a0
than
\u00a0
31
\u00a0
percentage
\u00a0
points
Terminal
\u00a0
growth
\u00a0
rate
decrease
\u00a0
more
\u00a0
than
\u00a0
148
\u00a0
percentage
\u00a0
points
Profitability
decrease
\u00a0
more
\u00a0
than
\u00a0
81
\u00a0
percentage
Voyage
Pre-tax
\u00a0
discount
\u00a0
rate
increase
\u00a0
more
\u00a0
than
\u00a0
7
\u00a0
percentage
\u00a0
points
Terminal
\u00a0
growth
\u00a0
rate
decrease
\u00a0
more
\u00a0
than
\u00a0
7
\u00a0
percentage
\u00a0
points
Profitability
decrease
\u00a0
more
\u00a0
than
\u00a0
56
\u00a0
percentage
Energy
Pre-tax
\u00a0
discount
\u00a0
rate
increase
\u00a0
more
\u00a0
than
\u00a0
22
\u00a0
percentage
\u00a0
points
Terminal
\u00a0
growth
\u00a0
rate
decrease
\u00a0
more
\u00a0
than
\u00a0
37
\u00a0
percentage
\u00a0
points
Profitability
decrease
\u00a0
more
\u00a0
than
\u00a0
71
\u00a0
percentage
Portfolio
\u00a0
Business
Pre-tax
\u00a0
discount
\u00a0
rate
increase
\u00a0
more
\u00a0
than
\u00a0
1.4
\u00a0
percentage
\u00a0
points
Terminal
\u00a0
growth
\u00a0
rate
decrease
\u00a0
more
\u00a0
than
\u00a0
1.2
\u00a0
percentage
\u00a0
points
Profitability
decrease
\u00a0
more
\u00a0
than
\u00a0
14.3
\u00a0
percentage
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:743700G7A9J1PHM3X223", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00" } }, "ID_75": { "value": "
3.2.
\u00a0
OTHER
\u00a0
INTANGIBLE
\u00a0
ASSETS
Accounting
\u00a0
principles
Research
\u00a0
and
\u00a0
development
\u00a0
costs
Research
\u00a0
costs
\u00a0
are
\u00a0
expensed
\u00a0
in
\u00a0
the
\u00a0
reporting
\u00a0
period
\u00a0
during
\u00a0
which
\u00a0
they
\u00a0
occur.
\u00a0
Development
\u00a0
costs
\u00a0
are
capitalised
\u00a0
when
\u00a0
it
\u00a0
is
\u00a0
probable
\u00a0
that
\u00a0
the
\u00a0
development
\u00a0
project
\u00a0
will
\u00a0
generate
\u00a0
future
\u00a0
economic
\u00a0
benefits
\u00a0
for
\u00a0
the
Group
\u00a0
and
\u00a0
when
\u00a0
the
\u00a0
related
\u00a0
criteria,
\u00a0
including
\u00a0
commercial
\u00a0
and
\u00a0
technological
\u00a0
feasibility,
\u00a0
have
\u00a0
been
\u00a0
met.
These
\u00a0
projects
\u00a0
involve
\u00a0
the
\u00a0
development
\u00a0
of
\u00a0
new
\u00a0
or
\u00a0
significantly
\u00a0
improved
\u00a0
products
\u00a0
or
\u00a0
production
\u00a0
processes.
Earlier
\u00a0
expensed
\u00a0
development
\u00a0
costs
\u00a0
are
\u00a0
not
\u00a0
capitalised.
Capitalised
\u00a0
development
\u00a0
costs
\u00a0
are
\u00a0
measured
\u00a0
at
\u00a0
cost
\u00a0
less
\u00a0
accumulated
\u00a0
amortisations
\u00a0
and
\u00a0
impairment.
Capitalised
\u00a0
development
\u00a0
costs
\u00a0
are
\u00a0
amortised
\u00a0
and
\u00a0
the
\u00a0
cost
\u00a0
of
\u00a0
buildings,
\u00a0
machinery,
\u00a0
and
\u00a0
facilities
\u00a0
for
development
\u00a0
depreciated
\u00a0
on
\u00a0
a
\u00a0
straight-line
\u00a0
basis
\u00a0
over
\u00a0
their
\u00a0
expected
\u00a0
useful
\u00a0
lives
\u00a0
of
\u00a0
5-10
\u00a0
years.
Amortisations
\u00a0
are
\u00a0
started
\u00a0
when
\u00a0
the
\u00a0
asset
\u00a0
is
\u00a0
completed
\u00a0
and
\u00a0
can
\u00a0
be
\u00a0
taken
\u00a0
into
\u00a0
use.
\u00a0
Before
\u00a0
that,
\u00a0
the
\u00a0
asset
\u00a0
is
tested
\u00a0
annually
\u00a0
for
\u00a0
impairment.
\u00a0
Grants
\u00a0
received
\u00a0
for
\u00a0
research
\u00a0
and
\u00a0
development
\u00a0
are
\u00a0
reported
\u00a0
as
\u00a0
other
operating
\u00a0
income.
\u00a0
Grants
\u00a0
related
\u00a0
to
\u00a0
capitalised
\u00a0
development
\u00a0
costs
\u00a0
are
\u00a0
netted
\u00a0
with
\u00a0
the
\u00a0
costs
\u00a0
incurred
\u00a0
before
the
\u00a0
capitalisation.
Other
\u00a0
intangible
\u00a0
assets
Other
\u00a0
intangible
\u00a0
assets
\u00a0
are
\u00a0
recognised
\u00a0
at
\u00a0
cost
\u00a0
if
\u00a0
the
\u00a0
cost
\u00a0
is
\u00a0
reliably
\u00a0
measurable
\u00a0
and
\u00a0
the
\u00a0
future
\u00a0
economic
benefits
\u00a0
for
\u00a0
the
\u00a0
Group
\u00a0
are
\u00a0
probable.
\u00a0
W\u00e4rtsil\u00e4\u2019s
\u00a0
other
\u00a0
intangible
\u00a0
assets
\u00a0
include
\u00a0
patents,
\u00a0
licenses,
\u00a0
software,
customer
\u00a0
relations
\u00a0
and
\u00a0
other
\u00a0
intellectual
\u00a0
property
\u00a0
rights
\u00a0
that
\u00a0
can
\u00a0
be
\u00a0
transferred
\u00a0
to
\u00a0
a
\u00a0
third
\u00a0
party.
\u00a0
These
\u00a0
are
measured
\u00a0
at
\u00a0
cost,
\u00a0
except
\u00a0
for
\u00a0
intangible
\u00a0
assets
\u00a0
identified
\u00a0
in
\u00a0
connection
\u00a0
with
\u00a0
acquisitions,
\u00a0
which
\u00a0
are
measured
\u00a0
at
\u00a0
the
\u00a0
fair
\u00a0
value
\u00a0
at
\u00a0
the
\u00a0
acquisition
\u00a0
date.
\u00a0
The
\u00a0
cost
\u00a0
of
\u00a0
intangible
\u00a0
assets
\u00a0
comprises
\u00a0
the
\u00a0
purchase
price
\u00a0
and
\u00a0
all
\u00a0
costs
\u00a0
that
\u00a0
can
\u00a0
be
\u00a0
directly
\u00a0
attributed
\u00a0
to
\u00a0
preparing
\u00a0
an
\u00a0
asset
\u00a0
for
\u00a0
its
\u00a0
intended
\u00a0
use.
Other
\u00a0
intangible
\u00a0
assets
\u00a0
are
\u00a0
amortised
\u00a0
on
\u00a0
a
\u00a0
straight-line
\u00a0
basis
\u00a0
over
\u00a0
their
\u00a0
estimated
\u00a0
useful
\u00a0
lives.
\u00a0
Intangible
assets,
\u00a0
for
\u00a0
which
\u00a0
the
\u00a0
time
\u00a0
limit
\u00a0
for
\u00a0
the
\u00a0
right
\u00a0
of
\u00a0
use
\u00a0
is
\u00a0
agreed,
\u00a0
are
\u00a0
amortised
\u00a0
over
\u00a0
the
\u00a0
life
\u00a0
of
\u00a0
the
\u00a0
contract.
Intangible
\u00a0
assets
\u00a0
identified
\u00a0
in
\u00a0
connection
\u00a0
with
\u00a0
acquisitions
\u00a0
are
\u00a0
amortised
\u00a0
over
\u00a0
their
\u00a0
delivery
\u00a0
times
\u00a0
or
estimated
\u00a0
useful
\u00a0
lives.
The
\u00a0
general
\u00a0
guidelines
\u00a0
for
\u00a0
scheduled
\u00a0
amortisation
\u00a0
are:
\u2022
\u00a0
Software
\u00a0
3-7
\u00a0
years
\u2022
\u00a0
Development
\u00a0
expenses
\u00a0
5-10
\u00a0
years
\u2022
\u00a0
Other
\u00a0
intangible
\u00a0
assets
\u00a0
5-20
\u00a0
years
The
\u00a0
amortisation
\u00a0
of
\u00a0
intangible
\u00a0
assets
\u00a0
is
\u00a0
discontinued
\u00a0
when
\u00a0
an
\u00a0
item
\u00a0
is
\u00a0
classified
\u00a0
as
\u00a0
held
\u00a0
for
\u00a0
sale.
A
\u00a0
gain
\u00a0
or
\u00a0
loss
\u00a0
arising
\u00a0
from
\u00a0
the
\u00a0
sale
\u00a0
of
\u00a0
intangible
\u00a0
assets
\u00a0
is
\u00a0
recognised
\u00a0
as
\u00a0
other
\u00a0
operating
\u00a0
income
\u00a0
or
\u00a0
other
operating
\u00a0
expenses
\u00a0
in
\u00a0
the
\u00a0
statement
\u00a0
of
\u00a0
income.
Impairment
\u00a0
of
\u00a0
assets
The
\u00a0
carrying
\u00a0
amounts
\u00a0
of
\u00a0
assets
\u00a0
are
\u00a0
reviewed
\u00a0
annually
\u00a0
for
\u00a0
signs
\u00a0
of
\u00a0
possible
\u00a0
impairment
\u00a0
or
\u00a0
more
\u00a0
frequently
should
\u00a0
any
\u00a0
indication
\u00a0
of
\u00a0
impairment
\u00a0
arise.
\u00a0
If
\u00a0
any
\u00a0
such
\u00a0
indication
\u00a0
exists,
\u00a0
the
\u00a0
recoverable
\u00a0
amount
\u00a0
of
\u00a0
the
\u00a0
asset
is
\u00a0
estimated
\u00a0
and
\u00a0
compared
\u00a0
to
\u00a0
the
\u00a0
carrying
\u00a0
amount
\u00a0
of
\u00a0
the
\u00a0
asset.
\u00a0
An
\u00a0
impairment
\u00a0
loss
\u00a0
is
\u00a0
recognised
\u00a0
when
\u00a0
the
carrying
\u00a0
amount
\u00a0
of
\u00a0
an
\u00a0
asset
\u00a0
is
\u00a0
greater
\u00a0
than
\u00a0
its
\u00a0
recoverable
\u00a0
amount.
\u00a0
The
\u00a0
recoverable
\u00a0
amount
\u00a0
is
\u00a0
the
\u00a0
higher
\u00a0
of
an
\u00a0
asset\u2019s
\u00a0
fair
\u00a0
value
\u00a0
less
\u00a0
costs
\u00a0
to
\u00a0
sell
\u00a0
and
\u00a0
its
\u00a0
value
\u00a0
in
\u00a0
use.
An
\u00a0
impairment
\u00a0
loss
\u00a0
is
\u00a0
recognised
\u00a0
immediately
as
\u00a0
depreciation,
\u00a0
amortisation
\u00a0
and
\u00a0
impairment
in
\u00a0
the
statement
\u00a0
of
\u00a0
income.
\u00a0
In
\u00a0
connection
\u00a0
with
\u00a0
the
\u00a0
recognition
\u00a0
of
\u00a0
the
\u00a0
impairment
\u00a0
loss,
\u00a0
the
\u00a0
useful
\u00a0
life
\u00a0
of
\u00a0
the
amortisable
\u00a0
asset
\u00a0
is
\u00a0
reassessed.
\u00a0
An
\u00a0
earlier
\u00a0
impairment
\u00a0
loss
\u00a0
recognised
\u00a0
for
\u00a0
an
\u00a0
asset
\u00a0
is
\u00a0
reversed
\u00a0
if
\u00a0
the
estimates
\u00a0
used
\u00a0
to
\u00a0
determine
\u00a0
the
\u00a0
recoverable
\u00a0
amount
\u00a0
change.
\u00a0
However,
\u00a0
any
\u00a0
reversal
\u00a0
of
\u00a0
impairment
\u00a0
shall
not
\u00a0
exceed
\u00a0
the
\u00a0
asset\u2019s
\u00a0
carrying
\u00a0
amount
\u00a0
if
\u00a0
no
\u00a0
impairment
\u00a0
loss
\u00a0
would
\u00a0
have
\u00a0
been
\u00a0
recognised.
Accounting
\u00a0
estimates
\u00a0
and
\u00a0
judgements
Assessing
\u00a0
the
\u00a0
probability
\u00a0
of
\u00a0
expected
\u00a0
future
\u00a0
economic
\u00a0
benefits
\u00a0
and
\u00a0
the
\u00a0
useful
\u00a0
lives
\u00a0
of
\u00a0
intangible
\u00a0
assets
require
\u00a0
management
\u00a0
judgement.
\u00a0
The
\u00a0
estimated
\u00a0
useful
\u00a0
lives
\u00a0
and
\u00a0
the
\u00a0
residual
\u00a0
values
\u00a0
are
\u00a0
reviewed
\u00a0
at
\u00a0
least
\u00a0
at
the
\u00a0
end
\u00a0
of
\u00a0
each
\u00a0
reporting
\u00a0
period,
\u00a0
and
\u00a0
if
\u00a0
they
\u00a0
differ
\u00a0
significantly
\u00a0
from
\u00a0
previous
\u00a0
estimates,
\u00a0
the
\u00a0
amortisation
periods
\u00a0
are
\u00a0
adjusted
\u00a0
accordingly.
\u00a0
Also,
\u00a0
assessing
\u00a0
any
\u00a0
indication
\u00a0
of
\u00a0
impairment
\u00a0
requires
\u00a0
management
judgement.
2022
Development
\u00a0
costs
\u00a0
for
\u00a0
internally
\u00a0
generated
\u00a0
assets
\u00a0
capitalised
\u00a0
during
\u00a0
the
\u00a0
financial
\u00a0
period
\u00a0
amounted
\u00a0
to
\u00a0
EUR
\u00a0
67
million
\u00a0
(51).
\u00a0
The
\u00a0
carrying
\u00a0
amount
\u00a0
was
\u00a0
EUR
\u00a0
256
\u00a0
million
\u00a0
(223).
Purchase
\u00a0
price
\u00a0
allocation
\u00a0
amortisation
\u00a0
amounted
\u00a0
to
\u00a0
EUR
\u00a0
23
\u00a0
million
\u00a0
(31)
\u00a0
and
\u00a0
the
\u00a0
related
\u00a0
carrying
\u00a0
amount
\u00a0
was
EUR
\u00a0
92
\u00a0
million
\u00a0
(141).
During
\u00a0
2022,
\u00a0
an
\u00a0
impairment
\u00a0
of
\u00a0
EUR
\u00a0
7
\u00a0
million
\u00a0
related
\u00a0
to
\u00a0
development
\u00a0
expenses,
\u00a0
as
\u00a0
well
\u00a0
as
\u00a0
an
\u00a0
impairment
\u00a0
of
EUR
\u00a0
25
\u00a0
million
\u00a0
related
\u00a0
to
\u00a0
other
\u00a0
intangible
\u00a0
assets,
\u00a0
have
\u00a0
been
\u00a0
recognised
\u00a0
in
\u00a0
the
\u00a0
statement
\u00a0
of
\u00a0
income
\u00a0
as
\u00a0
a
\u00a0
result
of
\u00a0
the
\u00a0
impacts
\u00a0
of
\u00a0
Russia-Ukraine
\u00a0
war.
\u00a0
Both
\u00a0
impairments
\u00a0
are
\u00a0
recognised
\u00a0
in
\u00a0
Voyage.
\u00a0
In
\u00a0
addition,
\u00a0
an
\u00a0
impairment
\u00a0
of
\u00a0
EUR
\u00a0
9
\u00a0
million
\u00a0
is
\u00a0
recognised
\u00a0
in
\u00a0
Marine
\u00a0
Power
\u00a0
due
\u00a0
to
\u00a0
a
\u00a0
development
\u00a0
project
\u00a0
being
terminated.
MEUR
Develop-
ment
expenses
Construc-
tion
\u00a0
in
progress
\u00a0
and
\u00a0
advances
paid
Other
\u00a0
intangible
\u00a0
assets
Total
\u00a0
Cost
\u00a0
on
\u00a0
1
\u00a0
January
\u00a0
2022
211
148
841
1,200
Changes
\u00a0
in
\u00a0
exchange
\u00a0
rates
-1
-1
-6
-7
Additions
3
73
9
85
Decreases
\u00a0
and
\u00a0
other
\u00a0
changes
-10
0
-20
-29
Reclassifications
41
-45
4
0
Cost
\u00a0
on
\u00a0
31
\u00a0
December
\u00a0
2022
245
176
829
1,249
Accumulated
\u00a0
amortisation
\u00a0
and
\u00a0
impairment
\u00a0
on
\u00a0
1
\u00a0
January
\u00a0
2022
-128
-1
-670
-799
Changes
\u00a0
in
\u00a0
exchange
\u00a0
rates
0
0
8
8
Accumulated
\u00a0
amortisation
\u00a0
on
\u00a0
decreases
\u00a0
and
\u00a0
other
\u00a0
changes
10
0
16
25
Amortisation
\u00a0
during
\u00a0
the
\u00a0
financial
\u00a0
period
-18
0
-31
-49
Impairment
-16
0
-26
-42
Accumulated
\u00a0
amortisation
\u00a0
and
\u00a0
impairment
\u00a0
on
\u00a0
31
December
\u00a0
2022
-153
-1
-704
-857
Carrying
\u00a0
amount
\u00a0
on
\u00a0
31
\u00a0
December
\u00a0
2022
92
175
126
392
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:743700G7A9J1PHM3X223", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "ID_74": { "value": "
Accounting
\u00a0
principles
Research
\u00a0
and
\u00a0
development
\u00a0
costs
Research
\u00a0
costs
\u00a0
are
\u00a0
expensed
\u00a0
in
\u00a0
the
\u00a0
reporting
\u00a0
period
\u00a0
during
\u00a0
which
\u00a0
they
\u00a0
occur.
\u00a0
Development
\u00a0
costs
\u00a0
are
capitalised
\u00a0
when
\u00a0
it
\u00a0
is
\u00a0
probable
\u00a0
that
\u00a0
the
\u00a0
development
\u00a0
project
\u00a0
will
\u00a0
generate
\u00a0
future
\u00a0
economic
\u00a0
benefits
\u00a0
for
\u00a0
the
Group
\u00a0
and
\u00a0
when
\u00a0
the
\u00a0
related
\u00a0
criteria,
\u00a0
including
\u00a0
commercial
\u00a0
and
\u00a0
technological
\u00a0
feasibility,
\u00a0
have
\u00a0
been
\u00a0
met.
These
\u00a0
projects
\u00a0
involve
\u00a0
the
\u00a0
development
\u00a0
of
\u00a0
new
\u00a0
or
\u00a0
significantly
\u00a0
improved
\u00a0
products
\u00a0
or
\u00a0
production
\u00a0
processes.
Earlier
\u00a0
expensed
\u00a0
development
\u00a0
costs
\u00a0
are
\u00a0
not
\u00a0
capitalised.
Capitalised
\u00a0
development
\u00a0
costs
\u00a0
are
\u00a0
measured
\u00a0
at
\u00a0
cost
\u00a0
less
\u00a0
accumulated
\u00a0
amortisations
\u00a0
and
\u00a0
impairment.
Capitalised
\u00a0
development
\u00a0
costs
\u00a0
are
\u00a0
amortised
\u00a0
and
\u00a0
the
\u00a0
cost
\u00a0
of
\u00a0
buildings,
\u00a0
machinery,
\u00a0
and
\u00a0
facilities
\u00a0
for
development
\u00a0
depreciated
\u00a0
on
\u00a0
a
\u00a0
straight-line
\u00a0
basis
\u00a0
over
\u00a0
their
\u00a0
expected
\u00a0
useful
\u00a0
lives
\u00a0
of
\u00a0
5-10
\u00a0
years.
Amortisations
\u00a0
are
\u00a0
started
\u00a0
when
\u00a0
the
\u00a0
asset
\u00a0
is
\u00a0
completed
\u00a0
and
\u00a0
can
\u00a0
be
\u00a0
taken
\u00a0
into
\u00a0
use.
\u00a0
Before
\u00a0
that,
\u00a0
the
\u00a0
asset
\u00a0
is
tested
\u00a0
annually
\u00a0
for
\u00a0
impairment.
\u00a0
Grants
\u00a0
received
\u00a0
for
\u00a0
research
\u00a0
and
\u00a0
development
\u00a0
are
\u00a0
reported
\u00a0
as
\u00a0
other
operating
\u00a0
income.
\u00a0
Grants
\u00a0
related
\u00a0
to
\u00a0
capitalised
\u00a0
development
\u00a0
costs
\u00a0
are
\u00a0
netted
\u00a0
with
\u00a0
the
\u00a0
costs
\u00a0
incurred
\u00a0
before
the
\u00a0
capitalisation.
Other
\u00a0
intangible
\u00a0
assets
Other
\u00a0
intangible
\u00a0
assets
\u00a0
are
\u00a0
recognised
\u00a0
at
\u00a0
cost
\u00a0
if
\u00a0
the
\u00a0
cost
\u00a0
is
\u00a0
reliably
\u00a0
measurable
\u00a0
and
\u00a0
the
\u00a0
future
\u00a0
economic
benefits
\u00a0
for
\u00a0
the
\u00a0
Group
\u00a0
are
\u00a0
probable.
\u00a0
W\u00e4rtsil\u00e4\u2019s
\u00a0
other
\u00a0
intangible
\u00a0
assets
\u00a0
include
\u00a0
patents,
\u00a0
licenses,
\u00a0
software,
customer
\u00a0
relations
\u00a0
and
\u00a0
other
\u00a0
intellectual
\u00a0
property
\u00a0
rights
\u00a0
that
\u00a0
can
\u00a0
be
\u00a0
transferred
\u00a0
to
\u00a0
a
\u00a0
third
\u00a0
party.
\u00a0
These
\u00a0
are
measured
\u00a0
at
\u00a0
cost,
\u00a0
except
\u00a0
for
\u00a0
intangible
\u00a0
assets
\u00a0
identified
\u00a0
in
\u00a0
connection
\u00a0
with
\u00a0
acquisitions,
\u00a0
which
\u00a0
are
measured
\u00a0
at
\u00a0
the
\u00a0
fair
\u00a0
value
\u00a0
at
\u00a0
the
\u00a0
acquisition
\u00a0
date.
\u00a0
The
\u00a0
cost
\u00a0
of
\u00a0
intangible
\u00a0
assets
\u00a0
comprises
\u00a0
the
\u00a0
purchase
price
\u00a0
and
\u00a0
all
\u00a0
costs
\u00a0
that
\u00a0
can
\u00a0
be
\u00a0
directly
\u00a0
attributed
\u00a0
to
\u00a0
preparing
\u00a0
an
\u00a0
asset
\u00a0
for
\u00a0
its
\u00a0
intended
\u00a0
use.
Other
\u00a0
intangible
\u00a0
assets
\u00a0
are
\u00a0
amortised
\u00a0
on
\u00a0
a
\u00a0
straight-line
\u00a0
basis
\u00a0
over
\u00a0
their
\u00a0
estimated
\u00a0
useful
\u00a0
lives.
\u00a0
Intangible
assets,
\u00a0
for
\u00a0
which
\u00a0
the
\u00a0
time
\u00a0
limit
\u00a0
for
\u00a0
the
\u00a0
right
\u00a0
of
\u00a0
use
\u00a0
is
\u00a0
agreed,
\u00a0
are
\u00a0
amortised
\u00a0
over
\u00a0
the
\u00a0
life
\u00a0
of
\u00a0
the
\u00a0
contract.
Intangible
\u00a0
assets
\u00a0
identified
\u00a0
in
\u00a0
connection
\u00a0
with
\u00a0
acquisitions
\u00a0
are
\u00a0
amortised
\u00a0
over
\u00a0
their
\u00a0
delivery
\u00a0
times
\u00a0
or
estimated
\u00a0
useful
\u00a0
lives.
The
\u00a0
general
\u00a0
guidelines
\u00a0
for
\u00a0
scheduled
\u00a0
amortisation
\u00a0
are:
\u2022
\u00a0
Software
\u00a0
3-7
\u00a0
years
\u2022
\u00a0
Development
\u00a0
expenses
\u00a0
5-10
\u00a0
years
\u2022
\u00a0
Other
\u00a0
intangible
\u00a0
assets
\u00a0
5-20
\u00a0
years
The
\u00a0
amortisation
\u00a0
of
\u00a0
intangible
\u00a0
assets
\u00a0
is
\u00a0
discontinued
\u00a0
when
\u00a0
an
\u00a0
item
\u00a0
is
\u00a0
classified
\u00a0
as
\u00a0
held
\u00a0
for
\u00a0
sale.
A
\u00a0
gain
\u00a0
or
\u00a0
loss
\u00a0
arising
\u00a0
from
\u00a0
the
\u00a0
sale
\u00a0
of
\u00a0
intangible
\u00a0
assets
\u00a0
is
\u00a0
recognised
\u00a0
as
\u00a0
other
\u00a0
operating
\u00a0
income
\u00a0
or
\u00a0
other
operating
\u00a0
expenses
\u00a0
in
\u00a0
the
\u00a0
statement
\u00a0
of
\u00a0
income.
Impairment
\u00a0
of
\u00a0
assets
The
\u00a0
carrying
\u00a0
amounts
\u00a0
of
\u00a0
assets
\u00a0
are
\u00a0
reviewed
\u00a0
annually
\u00a0
for
\u00a0
signs
\u00a0
of
\u00a0
possible
\u00a0
impairment
\u00a0
or
\u00a0
more
\u00a0
frequently
should
\u00a0
any
\u00a0
indication
\u00a0
of
\u00a0
impairment
\u00a0
arise.
\u00a0
If
\u00a0
any
\u00a0
such
\u00a0
indication
\u00a0
exists,
\u00a0
the
\u00a0
recoverable
\u00a0
amount
\u00a0
of
\u00a0
the
\u00a0
asset
is
\u00a0
estimated
\u00a0
and
\u00a0
compared
\u00a0
to
\u00a0
the
\u00a0
carrying
\u00a0
amount
\u00a0
of
\u00a0
the
\u00a0
asset.
\u00a0
An
\u00a0
impairment
\u00a0
loss
\u00a0
is
\u00a0
recognised
\u00a0
when
\u00a0
the
carrying
\u00a0
amount
\u00a0
of
\u00a0
an
\u00a0
asset
\u00a0
is
\u00a0
greater
\u00a0
than
\u00a0
its
\u00a0
recoverable
\u00a0
amount.
\u00a0
The
\u00a0
recoverable
\u00a0
amount
\u00a0
is
\u00a0
the
\u00a0
higher
\u00a0
of
an
\u00a0
asset\u2019s
\u00a0
fair
\u00a0
value
\u00a0
less
\u00a0
costs
\u00a0
to
\u00a0
sell
\u00a0
and
\u00a0
its
\u00a0
value
\u00a0
in
\u00a0
use.
An
\u00a0
impairment
\u00a0
loss
\u00a0
is
\u00a0
recognised
\u00a0
immediately
as
\u00a0
depreciation,
\u00a0
amortisation
\u00a0
and
\u00a0
impairment
in
\u00a0
the
statement
\u00a0
of
\u00a0
income.
\u00a0
In
\u00a0
connection
\u00a0
with
\u00a0
the
\u00a0
recognition
\u00a0
of
\u00a0
the
\u00a0
impairment
\u00a0
loss,
\u00a0
the
\u00a0
useful
\u00a0
life
\u00a0
of
\u00a0
the
amortisable
\u00a0
asset
\u00a0
is
\u00a0
reassessed.
\u00a0
An
\u00a0
earlier
\u00a0
impairment
\u00a0
loss
\u00a0
recognised
\u00a0
for
\u00a0
an
\u00a0
asset
\u00a0
is
\u00a0
reversed
\u00a0
if
\u00a0
the
estimates
\u00a0
used
\u00a0
to
\u00a0
determine
\u00a0
the
\u00a0
recoverable
\u00a0
amount
\u00a0
change.
\u00a0
However,
\u00a0
any
\u00a0
reversal
\u00a0
of
\u00a0
impairment
\u00a0
shall
not
\u00a0
exceed
\u00a0
the
\u00a0
asset\u2019s
\u00a0
carrying
\u00a0
amount
\u00a0
if
\u00a0
no
\u00a0
impairment
\u00a0
loss
\u00a0
would
\u00a0
have
\u00a0
been
\u00a0
recognised.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:743700G7A9J1PHM3X223", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "ID_101": { "value": "
Research
\u00a0
and
\u00a0
development
\u00a0
costs
Research
\u00a0
costs
\u00a0
are
\u00a0
expensed
\u00a0
in
\u00a0
the
\u00a0
reporting
\u00a0
period
\u00a0
during
\u00a0
which
\u00a0
they
\u00a0
occur.
\u00a0
Development
\u00a0
costs
\u00a0
are
capitalised
\u00a0
when
\u00a0
it
\u00a0
is
\u00a0
probable
\u00a0
that
\u00a0
the
\u00a0
development
\u00a0
project
\u00a0
will
\u00a0
generate
\u00a0
future
\u00a0
economic
\u00a0
benefits
\u00a0
for
\u00a0
the
Group
\u00a0
and
\u00a0
when
\u00a0
the
\u00a0
related
\u00a0
criteria,
\u00a0
including
\u00a0
commercial
\u00a0
and
\u00a0
technological
\u00a0
feasibility,
\u00a0
have
\u00a0
been
\u00a0
met.
These
\u00a0
projects
\u00a0
involve
\u00a0
the
\u00a0
development
\u00a0
of
\u00a0
new
\u00a0
or
\u00a0
significantly
\u00a0
improved
\u00a0
products
\u00a0
or
\u00a0
production
\u00a0
processes.
Earlier
\u00a0
expensed
\u00a0
development
\u00a0
costs
\u00a0
are
\u00a0
not
\u00a0
capitalised.
Capitalised
\u00a0
development
\u00a0
costs
\u00a0
are
\u00a0
measured
\u00a0
at
\u00a0
cost
\u00a0
less
\u00a0
accumulated
\u00a0
amortisations
\u00a0
and
\u00a0
impairment.
Capitalised
\u00a0
development
\u00a0
costs
\u00a0
are
\u00a0
amortised
\u00a0
and
\u00a0
the
\u00a0
cost
\u00a0
of
\u00a0
buildings,
\u00a0
machinery,
\u00a0
and
\u00a0
facilities
\u00a0
for
development
\u00a0
depreciated
\u00a0
on
\u00a0
a
\u00a0
straight-line
\u00a0
basis
\u00a0
over
\u00a0
their
\u00a0
expected
\u00a0
useful
\u00a0
lives
\u00a0
of
\u00a0
5-10
\u00a0
years.
Amortisations
\u00a0
are
\u00a0
started
\u00a0
when
\u00a0
the
\u00a0
asset
\u00a0
is
\u00a0
completed
\u00a0
and
\u00a0
can
\u00a0
be
\u00a0
taken
\u00a0
into
\u00a0
use.
\u00a0
Before
\u00a0
that,
\u00a0
the
\u00a0
asset
\u00a0
is
tested
\u00a0
annually
\u00a0
for
\u00a0
impairment.
\u00a0
Grants
\u00a0
received
\u00a0
for
\u00a0
research
\u00a0
and
\u00a0
development
\u00a0
are
\u00a0
reported
\u00a0
as
\u00a0
other
operating
\u00a0
income.
\u00a0
Grants
\u00a0
related
\u00a0
to
\u00a0
capitalised
\u00a0
development
\u00a0
costs
\u00a0
are
\u00a0
netted
\u00a0
with
\u00a0
the
\u00a0
costs
\u00a0
incurred
\u00a0
before
the
\u00a0
capitalisation.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:743700G7A9J1PHM3X223", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "ID_76": { "value": "
2021
MEUR
Develop-
ment
expenses
Construc-
tion
\u00a0
in
progress
\u00a0
and
\u00a0
advances
paid
Other
\u00a0
intangible
\u00a0
assets
Total
\u00a0
Cost
\u00a0
on
\u00a0
1
\u00a0
January
\u00a0
2021
182
123
829
1,134
Changes
\u00a0
in
\u00a0
exchange
\u00a0
rates
1
16
17
Additions
2
53
6
61
Decreases
\u00a0
and
\u00a0
other
\u00a0
changes
1
-12
-12
Reclassifications
25
-28
3
Cost
\u00a0
on
\u00a0
31
\u00a0
December
\u00a0
2021
211
148
841
1,200
Accumulated
\u00a0
amortisation
\u00a0
and
\u00a0
impairment
\u00a0
on
\u00a0
1
\u00a0
January
\u00a0
2021
-115
-1
-628
-743
Changes
\u00a0
in
\u00a0
exchange
\u00a0
rates
-13
-13
Accumulated
\u00a0
amortisation
\u00a0
on
\u00a0
decreases
\u00a0
and
\u00a0
other
\u00a0
changes
-1
11
10
Amortisation
\u00a0
during
\u00a0
the
\u00a0
financial
\u00a0
period
-13
-39
-53
Accumulated
\u00a0
amortisation
\u00a0
and
\u00a0
impairment
\u00a0
on
\u00a0
31
December
\u00a0
2021
-128
-1
-670
-799
Carrying
\u00a0
amount
\u00a0
on
\u00a0
31
\u00a0
December
\u00a0
2021
83
147
171
401
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:743700G7A9J1PHM3X223", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00" } }, "ID_72": { "value": "
3.3.
\u00a0
PROPERTY,
\u00a0
PLANT
\u00a0
AND
\u00a0
EQUIPMENT
Accounting
\u00a0
principles
Property,
\u00a0
plant
\u00a0
and
\u00a0
equipment
\u00a0
acquired
\u00a0
by
\u00a0
the
\u00a0
Group
\u00a0
are
\u00a0
measured
\u00a0
in
\u00a0
the
\u00a0
statement
\u00a0
of
\u00a0
financial
\u00a0
position
\u00a0
at
cost
\u00a0
less
\u00a0
accumulated
\u00a0
depreciation
\u00a0
and
\u00a0
impairment
\u00a0
losses.
\u00a0
The
\u00a0
cost
\u00a0
of
\u00a0
an
\u00a0
asset
\u00a0
includes
\u00a0
costs
\u00a0
directly
attributed
\u00a0
to
\u00a0
preparing
\u00a0
the
\u00a0
asset
\u00a0
for
\u00a0
its
\u00a0
intended
\u00a0
use.
\u00a0
Grants
\u00a0
received
\u00a0
are
\u00a0
reported
\u00a0
as
\u00a0
a
\u00a0
reduction
\u00a0
in
\u00a0
costs.
The
\u00a0
property,
\u00a0
plant
\u00a0
and
\u00a0
equipment
\u00a0
of
\u00a0
acquired
\u00a0
subsidiaries
\u00a0
are
\u00a0
measured
\u00a0
at
\u00a0
their
\u00a0
fair
\u00a0
value
\u00a0
at
\u00a0
the
acquisition
\u00a0
date.
\u00a0
The
\u00a0
borrowing
\u00a0
costs
\u00a0
that
\u00a0
are
\u00a0
directly
\u00a0
attributable
\u00a0
to
\u00a0
the
\u00a0
asset
\u00a0
acquisition,
\u00a0
construction
\u00a0
or
production,
\u00a0
and
\u00a0
to
\u00a0
the
\u00a0
completion
\u00a0
of
\u00a0
the
\u00a0
asset
\u00a0
for
\u00a0
its
\u00a0
intended
\u00a0
use
\u00a0
or
\u00a0
sale
\u00a0
requiring
\u00a0
necessarily
\u00a0
a
considerable
\u00a0
length
\u00a0
of
\u00a0
time,
\u00a0
will
\u00a0
be
\u00a0
capitalised
\u00a0
in
\u00a0
the
\u00a0
statement
\u00a0
of
\u00a0
financial
\u00a0
position
\u00a0
as
\u00a0
part
\u00a0
of
\u00a0
the
\u00a0
cost
\u00a0
of
\u00a0
the
asset.
\u00a0
Other
\u00a0
than
\u00a0
directly
\u00a0
attributable
\u00a0
borrowing,
\u00a0
costs
\u00a0
are
\u00a0
expensed
\u00a0
in
\u00a0
the
\u00a0
period
\u00a0
in
\u00a0
which
\u00a0
they
\u00a0
are
incurred.
Subsequent
\u00a0
expenditure
\u00a0
is
\u00a0
included
\u00a0
in
\u00a0
the
\u00a0
cost
\u00a0
of
\u00a0
an
\u00a0
asset
\u00a0
only
\u00a0
if
\u00a0
the
\u00a0
future
\u00a0
economic
\u00a0
benefits
\u00a0
are
\u00a0
probable
and
\u00a0
the
\u00a0
costs
\u00a0
are
\u00a0
reliably
\u00a0
measurable.
\u00a0
Expenditure
\u00a0
related
\u00a0
to
\u00a0
regular,
\u00a0
extensive
\u00a0
inspections
\u00a0
and
maintenance
\u00a0
is
\u00a0
treated
\u00a0
as
\u00a0
an
\u00a0
investment,
\u00a0
capitalised
\u00a0
and
\u00a0
depreciated
\u00a0
during
\u00a0
the
\u00a0
useful
\u00a0
life.
\u00a0
All
\u00a0
other
expenditure,
\u00a0
such
\u00a0
as
\u00a0
ordinary
\u00a0
maintenance
\u00a0
and
\u00a0
repairs,
\u00a0
is
\u00a0
recognised
\u00a0
in
\u00a0
the
\u00a0
statement
\u00a0
of
\u00a0
income
\u00a0
as
\u00a0
an
expense
\u00a0
as
\u00a0
incurred.
Depreciation
\u00a0
is
\u00a0
based
\u00a0
on
\u00a0
the
\u00a0
following
\u00a0
estimated
\u00a0
useful
\u00a0
lives:
\u2022
\u00a0
Buildings
\u00a0
10-40
\u00a0
years
\u2022
\u00a0
Machinery
\u00a0
and
\u00a0
equipment
\u00a0
5-20
\u00a0
years
\u2022
\u00a0
Other
\u00a0
tangible
\u00a0
assets
\u00a0
3-10
\u00a0
years
Depreciation
\u00a0
is
\u00a0
expensed
\u00a0
on
\u00a0
a
\u00a0
straight-line
\u00a0
basis
\u00a0
over
\u00a0
the
\u00a0
estimated
\u00a0
useful
\u00a0
lives
\u00a0
of
\u00a0
the
\u00a0
assets.
\u00a0
Land
\u00a0
is
\u00a0
not
depreciated,
\u00a0
as
\u00a0
its
\u00a0
useful
\u00a0
life
\u00a0
is
\u00a0
considered
\u00a0
as
\u00a0
infinite.
\u00a0
The
\u00a0
estimated
\u00a0
useful
\u00a0
lives
\u00a0
and
\u00a0
the
\u00a0
residual
\u00a0
values
\u00a0
are
reviewed
\u00a0
at
\u00a0
least
\u00a0
at
\u00a0
the
\u00a0
end
\u00a0
of
\u00a0
each
\u00a0
reporting
\u00a0
period,
\u00a0
and
\u00a0
if
\u00a0
they
\u00a0
differ
\u00a0
significantly
\u00a0
from
\u00a0
previous
\u00a0
estimates,
the
\u00a0
depreciation
\u00a0
periods
\u00a0
are
\u00a0
adjusted
\u00a0
accordingly.
\u00a0
Depreciation
\u00a0
of
\u00a0
property,
\u00a0
plant
\u00a0
and
\u00a0
equipment
\u00a0
is
discontinued
\u00a0
when
\u00a0
an
\u00a0
item
\u00a0
is
\u00a0
classified
\u00a0
as
\u00a0
held
\u00a0
for
\u00a0
sale.
A
\u00a0
gain
\u00a0
or
\u00a0
loss
\u00a0
arising
\u00a0
from
\u00a0
the
\u00a0
sale
\u00a0
of
\u00a0
property,
\u00a0
plant
\u00a0
and
\u00a0
equipment
\u00a0
is
\u00a0
recognised
\u00a0
as
\u00a0
other
\u00a0
operating
income
\u00a0
or
\u00a0
other
\u00a0
operating
\u00a0
expenses
\u00a0
in
\u00a0
the
\u00a0
statement
\u00a0
of
\u00a0
income.
Impairment
\u00a0
of
\u00a0
assets
The
\u00a0
carrying
\u00a0
amounts
\u00a0
of
\u00a0
assets
\u00a0
are
\u00a0
reviewed
\u00a0
annually
\u00a0
for
\u00a0
signs
\u00a0
of
\u00a0
possible
\u00a0
impairment,
\u00a0
or
\u00a0
more
\u00a0
frequently
should
\u00a0
any
\u00a0
indication
\u00a0
of
\u00a0
impairment
\u00a0
arise.
\u00a0
If
\u00a0
any
\u00a0
such
\u00a0
indication
\u00a0
exists,
\u00a0
the
\u00a0
recoverable
\u00a0
amount
\u00a0
of
\u00a0
the
\u00a0
asset
is
\u00a0
estimated
\u00a0
and
\u00a0
compared
\u00a0
to
\u00a0
the
\u00a0
carrying
\u00a0
amount
\u00a0
of
\u00a0
the
\u00a0
asset.
\u00a0
An
\u00a0
impairment
\u00a0
loss
\u00a0
is
\u00a0
recognised
\u00a0
when
\u00a0
the
carrying
\u00a0
amount
\u00a0
of
\u00a0
an
\u00a0
asset
\u00a0
is
\u00a0
greater
\u00a0
than
\u00a0
its
\u00a0
recoverable
\u00a0
amount.
\u00a0
The
\u00a0
recoverable
\u00a0
amount
\u00a0
is
\u00a0
the
\u00a0
higher
\u00a0
of
an
\u00a0
asset\u2019s
\u00a0
fair
\u00a0
value
\u00a0
less
\u00a0
costs
\u00a0
to
\u00a0
sell
\u00a0
and
\u00a0
its
\u00a0
value
\u00a0
in
\u00a0
use.
An
\u00a0
impairment
\u00a0
loss
\u00a0
is
\u00a0
recognised
\u00a0
immediately
\u00a0
as
depreciation,
\u00a0
amortisation
\u00a0
and
\u00a0
impairment
in
\u00a0
the
statement
\u00a0
of
\u00a0
income.
\u00a0
In
\u00a0
connection
\u00a0
with
\u00a0
the
\u00a0
recognition
\u00a0
of
\u00a0
the
\u00a0
impairment
\u00a0
loss,
\u00a0
the
\u00a0
useful
\u00a0
life
\u00a0
of
\u00a0
the
depreciable
\u00a0
asset
\u00a0
is
\u00a0
reassessed.
\u00a0
An
\u00a0
earlier
\u00a0
impairment
\u00a0
loss
\u00a0
recognised
\u00a0
for
\u00a0
an
\u00a0
asset
\u00a0
is
\u00a0
reversed
\u00a0
if
\u00a0
the
estimates
\u00a0
used
\u00a0
to
\u00a0
determine
\u00a0
the
\u00a0
recoverable
\u00a0
amount
\u00a0
change.
\u00a0
However,
\u00a0
any
\u00a0
reversal
\u00a0
of
\u00a0
impairment
\u00a0
shall
not
\u00a0
exceed
\u00a0
the
\u00a0
asset\u2019s
\u00a0
carrying
\u00a0
amount
\u00a0
if
\u00a0
no
\u00a0
impairment
\u00a0
loss
\u00a0
would
\u00a0
have
\u00a0
been
\u00a0
recognised.
Accounting
\u00a0
estimates
\u00a0
and
\u00a0
judgements
Assessing
\u00a0
the
\u00a0
probability
\u00a0
of
\u00a0
expected
\u00a0
future
\u00a0
economic
\u00a0
benefits
\u00a0
and
\u00a0
useful
\u00a0
lives
\u00a0
of
\u00a0
property,
\u00a0
plant
\u00a0
and
equipment
\u00a0
require
\u00a0
management
\u00a0
judgement.
\u00a0
The
\u00a0
estimated
\u00a0
useful
\u00a0
lives
\u00a0
and
\u00a0
residual
\u00a0
values
\u00a0
are
\u00a0
reviewed
\u00a0
at
least
\u00a0
at
\u00a0
the
\u00a0
end
\u00a0
of
\u00a0
each
\u00a0
reporting
\u00a0
period,
\u00a0
and
\u00a0
if
\u00a0
they
\u00a0
differ
\u00a0
significantly
\u00a0
from
\u00a0
previous
\u00a0
estimates,
\u00a0
the
depreciation
\u00a0
periods
\u00a0
are
\u00a0
adjusted
\u00a0
accordingly.
\u00a0
Also,
\u00a0
assessing
\u00a0
any
\u00a0
indication
\u00a0
of
\u00a0
impairment
\u00a0
requires
management
\u00a0
judgement.
2022
MEUR
Land
\u00a0
and
\u00a0
water
Build-
ings
\u00a0
and
\u00a0
struc-
tures
Machin-
ery
\u00a0
and
\u00a0
equip-
ment
Construc-
tion
\u00a0
in
\u00a0
progress
\u00a0
and
\u00a0
ad-
vances
paid
Other
tangible
assets
Total
Cost
\u00a0
on
\u00a0
1
\u00a0
January
\u00a0
2022
24
270
796
77
29
1,197
Changes
\u00a0
in
\u00a0
exchange
\u00a0
rates
0
1
3
0
0
4
Acquisitions
\u00a0
and
\u00a0
disposals
0
0
-2
0
0
-2
Additions
1
2
24
42
2
72
Decreases
-1
-14
-53
0
-1
-70
Reclassifications
-2
-23
-11
-29
0
-65
Cost
\u00a0
on
\u00a0
31
\u00a0
December
\u00a0
2022
22
235
758
90
31
1,136
Accumulated
\u00a0
depreciation
\u00a0
and
\u00a0
impairment
\u00a0
on
\u00a0
1
January
\u00a0
2022
-1
-184
-675
0
-24
-884
Changes
\u00a0
in
\u00a0
exchange
\u00a0
rates
0
-1
-3
0
0
-3
Accumulated
\u00a0
depreciation
\u00a0
on
\u00a0
decreases
\u00a0
and
disposals
0
10
52
0
1
62
Depreciation
\u00a0
during
\u00a0
the
\u00a0
financial
\u00a0
period
0
-9
-33
0
-2
-45
Impairment
-1
-10
-3
0
0
-14
Reclassifications
0
25
27
0
0
53
Accumulated
\u00a0
depreciation
\u00a0
and
\u00a0
impairment
on
\u00a0
31
\u00a0
December
\u00a0
2022
-1
-170
-636
0
-25
-832
Carrying
\u00a0
amount
\u00a0
on
\u00a0
31
\u00a0
December
\u00a0
2022
21
65
122
90
5
304
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:743700G7A9J1PHM3X223", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "ID_71": { "value": "
Accounting
\u00a0
principles
Property,
\u00a0
plant
\u00a0
and
\u00a0
equipment
\u00a0
acquired
\u00a0
by
\u00a0
the
\u00a0
Group
\u00a0
are
\u00a0
measured
\u00a0
in
\u00a0
the
\u00a0
statement
\u00a0
of
\u00a0
financial
\u00a0
position
\u00a0
at
cost
\u00a0
less
\u00a0
accumulated
\u00a0
depreciation
\u00a0
and
\u00a0
impairment
\u00a0
losses.
\u00a0
The
\u00a0
cost
\u00a0
of
\u00a0
an
\u00a0
asset
\u00a0
includes
\u00a0
costs
\u00a0
directly
attributed
\u00a0
to
\u00a0
preparing
\u00a0
the
\u00a0
asset
\u00a0
for
\u00a0
its
\u00a0
intended
\u00a0
use.
\u00a0
Grants
\u00a0
received
\u00a0
are
\u00a0
reported
\u00a0
as
\u00a0
a
\u00a0
reduction
\u00a0
in
\u00a0
costs.
The
\u00a0
property,
\u00a0
plant
\u00a0
and
\u00a0
equipment
\u00a0
of
\u00a0
acquired
\u00a0
subsidiaries
\u00a0
are
\u00a0
measured
\u00a0
at
\u00a0
their
\u00a0
fair
\u00a0
value
\u00a0
at
\u00a0
the
acquisition
\u00a0
date.
\u00a0
The
\u00a0
borrowing
\u00a0
costs
\u00a0
that
\u00a0
are
\u00a0
directly
\u00a0
attributable
\u00a0
to
\u00a0
the
\u00a0
asset
\u00a0
acquisition,
\u00a0
construction
\u00a0
or
production,
\u00a0
and
\u00a0
to
\u00a0
the
\u00a0
completion
\u00a0
of
\u00a0
the
\u00a0
asset
\u00a0
for
\u00a0
its
\u00a0
intended
\u00a0
use
\u00a0
or
\u00a0
sale
\u00a0
requiring
\u00a0
necessarily
\u00a0
a
considerable
\u00a0
length
\u00a0
of
\u00a0
time,
\u00a0
will
\u00a0
be
\u00a0
capitalised
\u00a0
in
\u00a0
the
\u00a0
statement
\u00a0
of
\u00a0
financial
\u00a0
position
\u00a0
as
\u00a0
part
\u00a0
of
\u00a0
the
\u00a0
cost
\u00a0
of
\u00a0
the
asset.
\u00a0
Other
\u00a0
than
\u00a0
directly
\u00a0
attributable
\u00a0
borrowing,
\u00a0
costs
\u00a0
are
\u00a0
expensed
\u00a0
in
\u00a0
the
\u00a0
period
\u00a0
in
\u00a0
which
\u00a0
they
\u00a0
are
incurred.
Subsequent
\u00a0
expenditure
\u00a0
is
\u00a0
included
\u00a0
in
\u00a0
the
\u00a0
cost
\u00a0
of
\u00a0
an
\u00a0
asset
\u00a0
only
\u00a0
if
\u00a0
the
\u00a0
future
\u00a0
economic
\u00a0
benefits
\u00a0
are
\u00a0
probable
and
\u00a0
the
\u00a0
costs
\u00a0
are
\u00a0
reliably
\u00a0
measurable.
\u00a0
Expenditure
\u00a0
related
\u00a0
to
\u00a0
regular,
\u00a0
extensive
\u00a0
inspections
\u00a0
and
maintenance
\u00a0
is
\u00a0
treated
\u00a0
as
\u00a0
an
\u00a0
investment,
\u00a0
capitalised
\u00a0
and
\u00a0
depreciated
\u00a0
during
\u00a0
the
\u00a0
useful
\u00a0
life.
\u00a0
All
\u00a0
other
expenditure,
\u00a0
such
\u00a0
as
\u00a0
ordinary
\u00a0
maintenance
\u00a0
and
\u00a0
repairs,
\u00a0
is
\u00a0
recognised
\u00a0
in
\u00a0
the
\u00a0
statement
\u00a0
of
\u00a0
income
\u00a0
as
\u00a0
an
expense
\u00a0
as
\u00a0
incurred.
Depreciation
\u00a0
is
\u00a0
based
\u00a0
on
\u00a0
the
\u00a0
following
\u00a0
estimated
\u00a0
useful
\u00a0
lives:
\u2022
\u00a0
Buildings
\u00a0
10-40
\u00a0
years
\u2022
\u00a0
Machinery
\u00a0
and
\u00a0
equipment
\u00a0
5-20
\u00a0
years
\u2022
\u00a0
Other
\u00a0
tangible
\u00a0
assets
\u00a0
3-10
\u00a0
years
Depreciation
\u00a0
is
\u00a0
expensed
\u00a0
on
\u00a0
a
\u00a0
straight-line
\u00a0
basis
\u00a0
over
\u00a0
the
\u00a0
estimated
\u00a0
useful
\u00a0
lives
\u00a0
of
\u00a0
the
\u00a0
assets.
\u00a0
Land
\u00a0
is
\u00a0
not
depreciated,
\u00a0
as
\u00a0
its
\u00a0
useful
\u00a0
life
\u00a0
is
\u00a0
considered
\u00a0
as
\u00a0
infinite.
\u00a0
The
\u00a0
estimated
\u00a0
useful
\u00a0
lives
\u00a0
and
\u00a0
the
\u00a0
residual
\u00a0
values
\u00a0
are
reviewed
\u00a0
at
\u00a0
least
\u00a0
at
\u00a0
the
\u00a0
end
\u00a0
of
\u00a0
each
\u00a0
reporting
\u00a0
period,
\u00a0
and
\u00a0
if
\u00a0
they
\u00a0
differ
\u00a0
significantly
\u00a0
from
\u00a0
previous
\u00a0
estimates,
the
\u00a0
depreciation
\u00a0
periods
\u00a0
are
\u00a0
adjusted
\u00a0
accordingly.
\u00a0
Depreciation
\u00a0
of
\u00a0
property,
\u00a0
plant
\u00a0
and
\u00a0
equipment
\u00a0
is
discontinued
\u00a0
when
\u00a0
an
\u00a0
item
\u00a0
is
\u00a0
classified
\u00a0
as
\u00a0
held
\u00a0
for
\u00a0
sale.
A
\u00a0
gain
\u00a0
or
\u00a0
loss
\u00a0
arising
\u00a0
from
\u00a0
the
\u00a0
sale
\u00a0
of
\u00a0
property,
\u00a0
plant
\u00a0
and
\u00a0
equipment
\u00a0
is
\u00a0
recognised
\u00a0
as
\u00a0
other
\u00a0
operating
income
\u00a0
or
\u00a0
other
\u00a0
operating
\u00a0
expenses
\u00a0
in
\u00a0
the
\u00a0
statement
\u00a0
of
\u00a0
income.
Impairment
\u00a0
of
\u00a0
assets
The
\u00a0
carrying
\u00a0
amounts
\u00a0
of
\u00a0
assets
\u00a0
are
\u00a0
reviewed
\u00a0
annually
\u00a0
for
\u00a0
signs
\u00a0
of
\u00a0
possible
\u00a0
impairment,
\u00a0
or
\u00a0
more
\u00a0
frequently
should
\u00a0
any
\u00a0
indication
\u00a0
of
\u00a0
impairment
\u00a0
arise.
\u00a0
If
\u00a0
any
\u00a0
such
\u00a0
indication
\u00a0
exists,
\u00a0
the
\u00a0
recoverable
\u00a0
amount
\u00a0
of
\u00a0
the
\u00a0
asset
is
\u00a0
estimated
\u00a0
and
\u00a0
compared
\u00a0
to
\u00a0
the
\u00a0
carrying
\u00a0
amount
\u00a0
of
\u00a0
the
\u00a0
asset.
\u00a0
An
\u00a0
impairment
\u00a0
loss
\u00a0
is
\u00a0
recognised
\u00a0
when
\u00a0
the
carrying
\u00a0
amount
\u00a0
of
\u00a0
an
\u00a0
asset
\u00a0
is
\u00a0
greater
\u00a0
than
\u00a0
its
\u00a0
recoverable
\u00a0
amount.
\u00a0
The
\u00a0
recoverable
\u00a0
amount
\u00a0
is
\u00a0
the
\u00a0
higher
\u00a0
of
an
\u00a0
asset\u2019s
\u00a0
fair
\u00a0
value
\u00a0
less
\u00a0
costs
\u00a0
to
\u00a0
sell
\u00a0
and
\u00a0
its
\u00a0
value
\u00a0
in
\u00a0
use.
An
\u00a0
impairment
\u00a0
loss
\u00a0
is
\u00a0
recognised
\u00a0
immediately
\u00a0
as
depreciation,
\u00a0
amortisation
\u00a0
and
\u00a0
impairment
in
\u00a0
the
statement
\u00a0
of
\u00a0
income.
\u00a0
In
\u00a0
connection
\u00a0
with
\u00a0
the
\u00a0
recognition
\u00a0
of
\u00a0
the
\u00a0
impairment
\u00a0
loss,
\u00a0
the
\u00a0
useful
\u00a0
life
\u00a0
of
\u00a0
the
depreciable
\u00a0
asset
\u00a0
is
\u00a0
reassessed.
\u00a0
An
\u00a0
earlier
\u00a0
impairment
\u00a0
loss
\u00a0
recognised
\u00a0
for
\u00a0
an
\u00a0
asset
\u00a0
is
\u00a0
reversed
\u00a0
if
\u00a0
the
estimates
\u00a0
used
\u00a0
to
\u00a0
determine
\u00a0
the
\u00a0
recoverable
\u00a0
amount
\u00a0
change.
\u00a0
However,
\u00a0
any
\u00a0
reversal
\u00a0
of
\u00a0
impairment
\u00a0
shall
not
\u00a0
exceed
\u00a0
the
\u00a0
asset\u2019s
\u00a0
carrying
\u00a0
amount
\u00a0
if
\u00a0
no
\u00a0
impairment
\u00a0
loss
\u00a0
would
\u00a0
have
\u00a0
been
\u00a0
recognised.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:743700G7A9J1PHM3X223", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "ID_104": { "value": "
Depreciation
\u00a0
is
\u00a0
based
\u00a0
on
\u00a0
the
\u00a0
following
\u00a0
estimated
\u00a0
useful
\u00a0
lives:
\u2022
\u00a0
Buildings
\u00a0
10-40
\u00a0
years
\u2022
\u00a0
Machinery
\u00a0
and
\u00a0
equipment
\u00a0
5-20
\u00a0
years
\u2022
\u00a0
Other
\u00a0
tangible
\u00a0
assets
\u00a0
3-10
\u00a0
years
Depreciation
\u00a0
is
\u00a0
expensed
\u00a0
on
\u00a0
a
\u00a0
straight-line
\u00a0
basis
\u00a0
over
\u00a0
the
\u00a0
estimated
\u00a0
useful
\u00a0
lives
\u00a0
of
\u00a0
the
\u00a0
assets.
\u00a0
Land
\u00a0
is
\u00a0
not
depreciated,
\u00a0
as
\u00a0
its
\u00a0
useful
\u00a0
life
\u00a0
is
\u00a0
considered
\u00a0
as
\u00a0
infinite.
\u00a0
The
\u00a0
estimated
\u00a0
useful
\u00a0
lives
\u00a0
and
\u00a0
the
\u00a0
residual
\u00a0
values
\u00a0
are
reviewed
\u00a0
at
\u00a0
least
\u00a0
at
\u00a0
the
\u00a0
end
\u00a0
of
\u00a0
each
\u00a0
reporting
\u00a0
period,
\u00a0
and
\u00a0
if
\u00a0
they
\u00a0
differ
\u00a0
significantly
\u00a0
from
\u00a0
previous
\u00a0
estimates,
the
\u00a0
depreciation
\u00a0
periods
\u00a0
are
\u00a0
adjusted
\u00a0
accordingly.
\u00a0
Depreciation
\u00a0
of
\u00a0
property,
\u00a0
plant
\u00a0
and
\u00a0
equipment
\u00a0
is
discontinued
\u00a0
when
\u00a0
an
\u00a0
item
\u00a0
is
\u00a0
classified
\u00a0
as
\u00a0
held
\u00a0
for
\u00a0
sale.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:743700G7A9J1PHM3X223", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "ID_73": { "value": "
2021
MEUR
Land
\u00a0
and
\u00a0
water
Build-
ings
\u00a0
and
\u00a0
struc-
tures
Machin-
ery
\u00a0
and
\u00a0
equip-
ment
Construc-
tion
\u00a0
in
\u00a0
progress
\u00a0
and
advances
\u00a0
paid
Other
tangible
assets
Total
Cost
\u00a0
on
\u00a0
1
\u00a0
January
\u00a0
2021
25
270
782
32
26
1,135
Changes
\u00a0
in
\u00a0
exchange
\u00a0
rates
4
9
14
Additions
2
19
57
3
82
Decreases
-1
-6
-23
-1
-31
Reclassifications
1
9
-12
-2
Cost
\u00a0
on
\u00a0
31
\u00a0
December
\u00a0
2021
24
270
796
77
29
1,197
Accumulated
\u00a0
depreciation
\u00a0
and
\u00a0
impairment
\u00a0
on
\u00a0
1
January
\u00a0
2021
-1
-176
-654
-22
-853
Changes
\u00a0
in
\u00a0
exchange
\u00a0
rates
-2
-7
-9
Accumulated
\u00a0
depreciation
\u00a0
on
\u00a0
decreases
\u00a0
and
disposals
6
23
29
Depreciation
\u00a0
during
\u00a0
the
\u00a0
financial
\u00a0
period
-11
-37
-2
-50
Impairment
-1
Reclassifications
-1
Accumulated
\u00a0
depreciation
\u00a0
and
\u00a0
impairment
on
\u00a0
31
\u00a0
December
\u00a0
2021
-1
-184
-675
-24
-884
Carrying
\u00a0
amount
\u00a0
on
\u00a0
31
\u00a0
December
\u00a0
2021
23
86
121
77
5
312
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:743700G7A9J1PHM3X223", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00" } }, "ID_70": { "value": "
3.4.
\u00a0
LEASES
Accounting
\u00a0
principles
The
\u00a0
Group's
\u00a0
capitalised
\u00a0
lease
\u00a0
agreements
\u00a0
consist
\u00a0
mainly
\u00a0
of
\u00a0
land,
\u00a0
buildings
\u00a0
used
\u00a0
as
\u00a0
office
\u00a0
premises,
factories,
\u00a0
workshops,
\u00a0
vehicles,
\u00a0
and
\u00a0
production
\u00a0
machinery
\u00a0
and
\u00a0
equipment.
\u00a0
The
\u00a0
average
\u00a0
lease
\u00a0
period
\u00a0
for
buildings
\u00a0
is
\u00a0
approximately
\u00a0
eight
\u00a0
years,
\u00a0
and
\u00a0
for
\u00a0
machinery
\u00a0
and
\u00a0
equipment
\u00a0
approximately
\u00a0
four
\u00a0
years.
\u00a0
The
Group
\u00a0
recognises
\u00a0
a
\u00a0
right-of-use
\u00a0
(ROU)
\u00a0
asset
\u00a0
and
\u00a0
a
\u00a0
lease
\u00a0
liability
\u00a0
at
\u00a0
the
\u00a0
commencement
\u00a0
of
\u00a0
the
\u00a0
lease.
Whether
\u00a0
a
\u00a0
contract
\u00a0
contains
\u00a0
a
\u00a0
lease
\u00a0
is
\u00a0
determined
\u00a0
based
\u00a0
on
\u00a0
whether
\u00a0
W\u00e4rtsil\u00e4
\u00a0
has
\u00a0
the
\u00a0
right
\u00a0
to
\u00a0
control
\u00a0
the
use
\u00a0
of
\u00a0
an
\u00a0
identified
\u00a0
asset
\u00a0
for
\u00a0
a
\u00a0
period
\u00a0
of
\u00a0
time.
At
\u00a0
the
\u00a0
commencement
\u00a0
date,
\u00a0
a
\u00a0
right-of-use
\u00a0
asset
\u00a0
as
\u00a0
defined
\u00a0
by
\u00a0
IFRS
\u00a0
16
\u00a0
is
\u00a0
measured
\u00a0
at
\u00a0
cost.
\u00a0
The
\u00a0
cost
\u00a0
of
\u00a0
the
right-of-use
\u00a0
asset
\u00a0
shall
\u00a0
comprise
\u00a0
the
\u00a0
amount
\u00a0
of
\u00a0
the
\u00a0
initial
\u00a0
measurement
\u00a0
of
\u00a0
the
\u00a0
lease
\u00a0
liability,
\u00a0
any
\u00a0
lease
payments
\u00a0
made
\u00a0
at
\u00a0
or
\u00a0
before
\u00a0
the
\u00a0
commencement
\u00a0
date
\u00a0
(less
\u00a0
any
\u00a0
lease
\u00a0
incentives
\u00a0
received),
\u00a0
any
\u00a0
initial
\u00a0
direct
costs
\u00a0
incurred
\u00a0
by
\u00a0
the
\u00a0
lessee
\u00a0
and
\u00a0
an
\u00a0
estimate
\u00a0
of
\u00a0
costs
\u00a0
to
\u00a0
be
\u00a0
incurred
\u00a0
by
\u00a0
the
\u00a0
lessee
\u00a0
in
\u00a0
dismantling
\u00a0
and
removing
\u00a0
the
\u00a0
underlying
\u00a0
asset,
\u00a0
restoring
\u00a0
the
\u00a0
site
\u00a0
on
\u00a0
which
\u00a0
it
\u00a0
is
\u00a0
located
\u00a0
or
\u00a0
restoring
\u00a0
the
\u00a0
underlying
\u00a0
asset
\u00a0
to
the
\u00a0
condition
\u00a0
required
\u00a0
by
\u00a0
the
\u00a0
terms
\u00a0
and
\u00a0
conditions
\u00a0
of
\u00a0
the
\u00a0
lease,
\u00a0
unless
\u00a0
those
\u00a0
costs
\u00a0
are
\u00a0
incurred
\u00a0
to
\u00a0
produce
inventories.
The
\u00a0
nominal
\u00a0
lease
\u00a0
liability
\u00a0
is
\u00a0
initially
\u00a0
measured
\u00a0
at
\u00a0
the
\u00a0
present
\u00a0
value
\u00a0
of
\u00a0
the
\u00a0
lease
\u00a0
payments
\u00a0
over
\u00a0
the
\u00a0
lease
term.
\u00a0
The
\u00a0
lease
\u00a0
payments
\u00a0
include
\u00a0
fixed
\u00a0
payments,
\u00a0
amounts
\u00a0
to
\u00a0
be
\u00a0
expected
\u00a0
to
\u00a0
be
\u00a0
paid
\u00a0
under
\u00a0
residual
\u00a0
value
guarantees,
\u00a0
the
\u00a0
exercise
\u00a0
price
\u00a0
of
\u00a0
reasonably
\u00a0
certain
\u00a0
extension
\u00a0
options,
\u00a0
and
\u00a0
payments
\u00a0
of
\u00a0
penalties
\u00a0
for
terminating
\u00a0
a
\u00a0
lease
\u00a0
in
\u00a0
case
\u00a0
this
\u00a0
reflects
\u00a0
the
\u00a0
lease
\u00a0
term.
\u00a0
The
\u00a0
lease
\u00a0
payments
\u00a0
are
\u00a0
discounted
\u00a0
using
\u00a0
the
interest
\u00a0
rate
\u00a0
implicit
\u00a0
in
\u00a0
the
\u00a0
lease
\u00a0
if
\u00a0
this
\u00a0
rate
\u00a0
can
\u00a0
be
\u00a0
readily
\u00a0
determined.
\u00a0
Otherwise,
\u00a0
the
\u00a0
lessee\u00b4s
\u00a0
incremental
borrowing
\u00a0
rate
\u00a0
is
\u00a0
used.
\u00a0
The
\u00a0
incremental
\u00a0
borrowing
\u00a0
rates
\u00a0
used
\u00a0
are
\u00a0
the
\u00a0
sum
\u00a0
of
\u00a0
relevant
\u00a0
interbank
\u00a0
rates
\u00a0
and
the
\u00a0
average
\u00a0
margin
\u00a0
of
\u00a0
the
\u00a0
Group
\u00a0
loan
\u00a0
portfolio
\u00a0
and
\u00a0
are
\u00a0
currency
\u00a0
specific.
The
\u00a0
initial
\u00a0
measurement
\u00a0
of
\u00a0
the
\u00a0
lease
\u00a0
payments
\u00a0
does
\u00a0
not
\u00a0
include
\u00a0
possible
\u00a0
variable
\u00a0
elements.
\u00a0
Variable
\u00a0
lease
payments
\u00a0
not
\u00a0
included
\u00a0
in
\u00a0
the
\u00a0
initial
\u00a0
measurement
\u00a0
of
\u00a0
the
\u00a0
lease
\u00a0
liability
\u00a0
are
\u00a0
recognised
\u00a0
directly
\u00a0
in
\u00a0
the
statement
\u00a0
of
\u00a0
income
\u00a0
as
\u00a0
other
\u00a0
operating
\u00a0
expenses.
The
\u00a0
lease
\u00a0
term
\u00a0
is
\u00a0
the
\u00a0
non-cancellable
\u00a0
period
\u00a0
of
\u00a0
the
\u00a0
lease
\u00a0
together
\u00a0
with
\u00a0
the
\u00a0
period
\u00a0
covered
\u00a0
by
\u00a0
an
\u00a0
option
\u00a0
to
extend
\u00a0
or
\u00a0
terminate
\u00a0
if
\u00a0
the
\u00a0
lessee
\u00a0
is
\u00a0
reasonably
\u00a0
certain
\u00a0
to
\u00a0
exercise
\u00a0
the
\u00a0
option.
Subsequently,
\u00a0
the
\u00a0
right-of-use
\u00a0
assets
\u00a0
are
\u00a0
measured
\u00a0
at
\u00a0
initial
\u00a0
measurement
\u00a0
less
\u00a0
accumulated
\u00a0
depreciation
and
\u00a0
impairment
\u00a0
losses.
\u00a0
The
\u00a0
right-of-use
\u00a0
assets
\u00a0
are
\u00a0
depreciated
\u00a0
and
\u00a0
interest
\u00a0
on
\u00a0
lease
\u00a0
liabilities
\u00a0
recognised
in
\u00a0
interest
\u00a0
expenses
\u00a0
in
\u00a0
the
\u00a0
statement
\u00a0
of
\u00a0
income
\u00a0
over
\u00a0
the
\u00a0
lease
\u00a0
term.
\u00a0
The
\u00a0
lease
\u00a0
liabilities
\u00a0
are
\u00a0
subsequently
measured
\u00a0
at
\u00a0
initial
\u00a0
recognition
\u00a0
less
\u00a0
occurring
\u00a0
lease
\u00a0
payments
\u00a0
that
\u00a0
are
\u00a0
allocated
\u00a0
to
\u00a0
the
\u00a0
principal.
Lease
\u00a0
payments
\u00a0
are
\u00a0
presented
\u00a0
as
\u00a0
repayments
\u00a0
of
\u00a0
liabilities
\u00a0
and
\u00a0
related
\u00a0
interest
\u00a0
expenses.
\u00a0
The
\u00a0
lease
payments
\u00a0
are
\u00a0
presented
\u00a0
in
\u00a0
the
\u00a0
cash
\u00a0
flow
\u00a0
from
\u00a0
financing
\u00a0
activities,
\u00a0
and
\u00a0
the
\u00a0
interest
\u00a0
related
\u00a0
to
\u00a0
leases
\u00a0
are
presented
\u00a0
in
\u00a0
the
\u00a0
cash
\u00a0
flow
\u00a0
from
\u00a0
operating
\u00a0
activities.
\u00a0
Lease
\u00a0
payments
\u00a0
related
\u00a0
to
\u00a0
short-term
\u00a0
leases,
\u00a0
low-value
assets,
\u00a0
and
\u00a0
variable
\u00a0
payments
\u00a0
are
\u00a0
presented
\u00a0
in
\u00a0
the
\u00a0
cash
\u00a0
flow
\u00a0
from
\u00a0
operating
\u00a0
activities.
Contracts
\u00a0
may
\u00a0
combine
\u00a0
different
\u00a0
kinds
\u00a0
of
\u00a0
obligations
\u00a0
to
\u00a0
the
\u00a0
supplier,
\u00a0
which
\u00a0
might
\u00a0
be
\u00a0
a
\u00a0
combination
\u00a0
of
\u00a0
lease
components
\u00a0
or
\u00a0
a
\u00a0
combination
\u00a0
of
\u00a0
lease
\u00a0
and
\u00a0
non-lease
\u00a0
components.
\u00a0
These
\u00a0
lease
\u00a0
and
\u00a0
non-lease
\u00a0
components
are
\u00a0
accounted
\u00a0
for
\u00a0
separately
\u00a0
and
\u00a0
the
\u00a0
consideration
\u00a0
is
\u00a0
allocated
\u00a0
between
\u00a0
the
\u00a0
components
\u00a0
based
\u00a0
on
\u00a0
relative
stand-alone
\u00a0
selling
\u00a0
prices.
\u00a0
Should
\u00a0
separating
\u00a0
the
\u00a0
components
\u00a0
not
\u00a0
be
\u00a0
possible,
\u00a0
judgement
\u00a0
is
\u00a0
used
\u00a0
to
allocate
\u00a0
the
\u00a0
non-lease
\u00a0
component
\u00a0
in
\u00a0
the
\u00a0
accounting.
\u00a0
The
\u00a0
selection
\u00a0
of
\u00a0
separating
\u00a0
the
\u00a0
non-lease
\u00a0
component
or
\u00a0
not
\u00a0
from
\u00a0
the
\u00a0
lease,
\u00a0
is
\u00a0
applied
\u00a0
to
\u00a0
the
\u00a0
whole
\u00a0
asset
\u00a0
class,
\u00a0
buildings,
\u00a0
and
\u00a0
machinery
\u00a0
and
\u00a0
equipment.
Modifications
\u00a0
to
\u00a0
lease
\u00a0
agreements
\u00a0
may
\u00a0
result
\u00a0
in
\u00a0
adjustments
\u00a0
to
\u00a0
existing
\u00a0
right-of-use
\u00a0
assets
\u00a0
and
\u00a0
lease
liabilities.
\u00a0
A
\u00a0
gain
\u00a0
or
\u00a0
loss
\u00a0
arising
\u00a0
from
\u00a0
a
\u00a0
modification
\u00a0
or
\u00a0
a
\u00a0
termination
\u00a0
of
\u00a0
a
\u00a0
lease
\u00a0
agreement
\u00a0
is
\u00a0
recognised
\u00a0
as
other
\u00a0
operating
\u00a0
income
\u00a0
or
\u00a0
other
\u00a0
operating
\u00a0
expenses
\u00a0
in
\u00a0
the
\u00a0
statement
\u00a0
of
\u00a0
income.
The
\u00a0
Group
\u00a0
applies
\u00a0
the
\u00a0
two
\u00a0
available
\u00a0
exemptions,
\u00a0
which
\u00a0
relate
\u00a0
to
\u00a0
either
\u00a0
short-term
\u00a0
contracts,
\u00a0
in
\u00a0
which
\u00a0
the
lease
\u00a0
term
\u00a0
is
\u00a0
less
\u00a0
than
\u00a0
12
\u00a0
months,
\u00a0
or
\u00a0
low-value
\u00a0
assets,
\u00a0
which
\u00a0
are
\u00a0
expensed
\u00a0
to
\u00a0
other
\u00a0
operating
\u00a0
expenses.
Accounting
\u00a0
estimates
\u00a0
and
\u00a0
judgements
Management
\u00a0
is
\u00a0
required
\u00a0
to
\u00a0
consider
\u00a0
the
\u00a0
duration
\u00a0
of
\u00a0
the
\u00a0
lease
\u00a0
term
\u00a0
if
\u00a0
there
\u00a0
is
\u00a0
an
\u00a0
option
\u00a0
for
\u00a0
extension,
\u00a0
early
termination
\u00a0
or
\u00a0
purchase,
\u00a0
as
\u00a0
well
\u00a0
as
\u00a0
determine
\u00a0
the
\u00a0
lease
\u00a0
term
\u00a0
for
\u00a0
agreements
\u00a0
with
\u00a0
indefinite
\u00a0
lease
\u00a0
term.
When
\u00a0
evaluating
\u00a0
the
\u00a0
probability
\u00a0
of
\u00a0
the
\u00a0
option
\u00a0
being
\u00a0
exercised
\u00a0
and,
\u00a0
therefore,
\u00a0
the
\u00a0
duration
\u00a0
of
\u00a0
the
\u00a0
lease
\u00a0
term,
management
\u00a0
considers
\u00a0
all
\u00a0
known
\u00a0
facts
\u00a0
and
\u00a0
circumstances,
\u00a0
for
\u00a0
example,
\u00a0
businesses\u2019
\u00a0
short-
\u00a0
and
\u00a0
long-term
strategies
\u00a0
that
\u00a0
create
\u00a0
a
\u00a0
financial
\u00a0
incentive
\u00a0
to
\u00a0
exercise,
\u00a0
or
\u00a0
not
\u00a0
to
\u00a0
exercise
\u00a0
the
\u00a0
option.
The
\u00a0
residual
\u00a0
value
\u00a0
guarantees
\u00a0
related
\u00a0
to
\u00a0
the
\u00a0
Sustainable
\u00a0
Technology
\u00a0
Hub
\u00a0
in
\u00a0
Vaasa
\u00a0
that
\u00a0
are
\u00a0
not
\u00a0
considered
\u00a0
in
capitalised
\u00a0
lease
\u00a0
payments
\u00a0
are
\u00a0
disclosed
\u00a0
in
\u00a0
Note
\u00a0
7.1.
\u00a0
Collateral,
\u00a0
contingent
\u00a0
liabilities,
\u00a0
and
\u00a0
other
\u00a0
commitments.
MEUR
2022
2021
Land
\u00a0
and
\u00a0
buildings,
\u00a0
right-of-use
\u00a0
assets
Carrying
\u00a0
amount
\u00a0
on
\u00a0
1
\u00a0
January
181
151
Changes
\u00a0
in
\u00a0
exchange
\u00a0
rates
-1
3
Acquisitions
\u00a0
and
\u00a0
disposals
-3
-1
Additions
118
75
Depreciation
\u00a0
and
\u00a0
impairment
-43
-41
Decreases
\u00a0
and
\u00a0
reclassifications
-5
-6
Carrying
\u00a0
amount
\u00a0
on
\u00a0
31
\u00a0
December
248
181
Machinery
\u00a0
and
\u00a0
equipment,
\u00a0
right
\u00a0
-of-use
\u00a0
assets
Carrying
\u00a0
amount
\u00a0
on
\u00a0
1
\u00a0
January
11
11
Additions
6
7
Depreciation
\u00a0
and
\u00a0
impairment
-6
-6
Carrying
\u00a0
amount
\u00a0
on
\u00a0
31
\u00a0
December
10
11
Lease
\u00a0
liabilities
Carrying
\u00a0
amount
\u00a0
on
\u00a0
1
\u00a0
January
197
166
Changes
\u00a0
in
\u00a0
exchange
\u00a0
rates
-2
3
Acquisitions
\u00a0
and
\u00a0
disposals
-2
Additions
123
82
Payments
-46
-47
Other
\u00a0
adjustments
-4
-8
Carrying
\u00a0
amount
\u00a0
on
\u00a0
31
\u00a0
December
266
197
Total
\u00a0
lease
\u00a0
liabilities
Non-current
223
157
Current
43
39
MEUR
2022
2021
Amounts
\u00a0
recognised
\u00a0
in
\u00a0
statement
\u00a0
of
\u00a0
income
Depreciation
\u00a0
and
\u00a0
impairment
\u00a0
of
\u00a0
right-of-use
\u00a0
assets
-49
-47
Interest
\u00a0
expenses
-4
-4
Expense
\u00a0
-
\u00a0
short-term
\u00a0
leases
-28
-28
Expense
\u00a0
-
\u00a0
leases
\u00a0
of
\u00a0
low-value
\u00a0
assets
-6
-5
Expense
\u00a0
-
\u00a0
variable
\u00a0
lease
\u00a0
payments
-8
-5
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:743700G7A9J1PHM3X223", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "ID_69": { "value": "
Accounting
\u00a0
principles
The
\u00a0
Group's
\u00a0
capitalised
\u00a0
lease
\u00a0
agreements
\u00a0
consist
\u00a0
mainly
\u00a0
of
\u00a0
land,
\u00a0
buildings
\u00a0
used
\u00a0
as
\u00a0
office
\u00a0
premises,
factories,
\u00a0
workshops,
\u00a0
vehicles,
\u00a0
and
\u00a0
production
\u00a0
machinery
\u00a0
and
\u00a0
equipment.
\u00a0
The
\u00a0
average
\u00a0
lease
\u00a0
period
\u00a0
for
buildings
\u00a0
is
\u00a0
approximately
\u00a0
eight
\u00a0
years,
\u00a0
and
\u00a0
for
\u00a0
machinery
\u00a0
and
\u00a0
equipment
\u00a0
approximately
\u00a0
four
\u00a0
years.
\u00a0
The
Group
\u00a0
recognises
\u00a0
a
\u00a0
right-of-use
\u00a0
(ROU)
\u00a0
asset
\u00a0
and
\u00a0
a
\u00a0
lease
\u00a0
liability
\u00a0
at
\u00a0
the
\u00a0
commencement
\u00a0
of
\u00a0
the
\u00a0
lease.
Whether
\u00a0
a
\u00a0
contract
\u00a0
contains
\u00a0
a
\u00a0
lease
\u00a0
is
\u00a0
determined
\u00a0
based
\u00a0
on
\u00a0
whether
\u00a0
W\u00e4rtsil\u00e4
\u00a0
has
\u00a0
the
\u00a0
right
\u00a0
to
\u00a0
control
\u00a0
the
use
\u00a0
of
\u00a0
an
\u00a0
identified
\u00a0
asset
\u00a0
for
\u00a0
a
\u00a0
period
\u00a0
of
\u00a0
time.
At
\u00a0
the
\u00a0
commencement
\u00a0
date,
\u00a0
a
\u00a0
right-of-use
\u00a0
asset
\u00a0
as
\u00a0
defined
\u00a0
by
\u00a0
IFRS
\u00a0
16
\u00a0
is
\u00a0
measured
\u00a0
at
\u00a0
cost.
\u00a0
The
\u00a0
cost
\u00a0
of
\u00a0
the
right-of-use
\u00a0
asset
\u00a0
shall
\u00a0
comprise
\u00a0
the
\u00a0
amount
\u00a0
of
\u00a0
the
\u00a0
initial
\u00a0
measurement
\u00a0
of
\u00a0
the
\u00a0
lease
\u00a0
liability,
\u00a0
any
\u00a0
lease
payments
\u00a0
made
\u00a0
at
\u00a0
or
\u00a0
before
\u00a0
the
\u00a0
commencement
\u00a0
date
\u00a0
(less
\u00a0
any
\u00a0
lease
\u00a0
incentives
\u00a0
received),
\u00a0
any
\u00a0
initial
\u00a0
direct
costs
\u00a0
incurred
\u00a0
by
\u00a0
the
\u00a0
lessee
\u00a0
and
\u00a0
an
\u00a0
estimate
\u00a0
of
\u00a0
costs
\u00a0
to
\u00a0
be
\u00a0
incurred
\u00a0
by
\u00a0
the
\u00a0
lessee
\u00a0
in
\u00a0
dismantling
\u00a0
and
removing
\u00a0
the
\u00a0
underlying
\u00a0
asset,
\u00a0
restoring
\u00a0
the
\u00a0
site
\u00a0
on
\u00a0
which
\u00a0
it
\u00a0
is
\u00a0
located
\u00a0
or
\u00a0
restoring
\u00a0
the
\u00a0
underlying
\u00a0
asset
\u00a0
to
the
\u00a0
condition
\u00a0
required
\u00a0
by
\u00a0
the
\u00a0
terms
\u00a0
and
\u00a0
conditions
\u00a0
of
\u00a0
the
\u00a0
lease,
\u00a0
unless
\u00a0
those
\u00a0
costs
\u00a0
are
\u00a0
incurred
\u00a0
to
\u00a0
produce
inventories.
The
\u00a0
nominal
\u00a0
lease
\u00a0
liability
\u00a0
is
\u00a0
initially
\u00a0
measured
\u00a0
at
\u00a0
the
\u00a0
present
\u00a0
value
\u00a0
of
\u00a0
the
\u00a0
lease
\u00a0
payments
\u00a0
over
\u00a0
the
\u00a0
lease
term.
\u00a0
The
\u00a0
lease
\u00a0
payments
\u00a0
include
\u00a0
fixed
\u00a0
payments,
\u00a0
amounts
\u00a0
to
\u00a0
be
\u00a0
expected
\u00a0
to
\u00a0
be
\u00a0
paid
\u00a0
under
\u00a0
residual
\u00a0
value
guarantees,
\u00a0
the
\u00a0
exercise
\u00a0
price
\u00a0
of
\u00a0
reasonably
\u00a0
certain
\u00a0
extension
\u00a0
options,
\u00a0
and
\u00a0
payments
\u00a0
of
\u00a0
penalties
\u00a0
for
terminating
\u00a0
a
\u00a0
lease
\u00a0
in
\u00a0
case
\u00a0
this
\u00a0
reflects
\u00a0
the
\u00a0
lease
\u00a0
term.
\u00a0
The
\u00a0
lease
\u00a0
payments
\u00a0
are
\u00a0
discounted
\u00a0
using
\u00a0
the
interest
\u00a0
rate
\u00a0
implicit
\u00a0
in
\u00a0
the
\u00a0
lease
\u00a0
if
\u00a0
this
\u00a0
rate
\u00a0
can
\u00a0
be
\u00a0
readily
\u00a0
determined.
\u00a0
Otherwise,
\u00a0
the
\u00a0
lessee\u00b4s
\u00a0
incremental
borrowing
\u00a0
rate
\u00a0
is
\u00a0
used.
\u00a0
The
\u00a0
incremental
\u00a0
borrowing
\u00a0
rates
\u00a0
used
\u00a0
are
\u00a0
the
\u00a0
sum
\u00a0
of
\u00a0
relevant
\u00a0
interbank
\u00a0
rates
\u00a0
and
the
\u00a0
average
\u00a0
margin
\u00a0
of
\u00a0
the
\u00a0
Group
\u00a0
loan
\u00a0
portfolio
\u00a0
and
\u00a0
are
\u00a0
currency
\u00a0
specific.
The
\u00a0
initial
\u00a0
measurement
\u00a0
of
\u00a0
the
\u00a0
lease
\u00a0
payments
\u00a0
does
\u00a0
not
\u00a0
include
\u00a0
possible
\u00a0
variable
\u00a0
elements.
\u00a0
Variable
\u00a0
lease
payments
\u00a0
not
\u00a0
included
\u00a0
in
\u00a0
the
\u00a0
initial
\u00a0
measurement
\u00a0
of
\u00a0
the
\u00a0
lease
\u00a0
liability
\u00a0
are
\u00a0
recognised
\u00a0
directly
\u00a0
in
\u00a0
the
statement
\u00a0
of
\u00a0
income
\u00a0
as
\u00a0
other
\u00a0
operating
\u00a0
expenses.
The
\u00a0
lease
\u00a0
term
\u00a0
is
\u00a0
the
\u00a0
non-cancellable
\u00a0
period
\u00a0
of
\u00a0
the
\u00a0
lease
\u00a0
together
\u00a0
with
\u00a0
the
\u00a0
period
\u00a0
covered
\u00a0
by
\u00a0
an
\u00a0
option
\u00a0
to
extend
\u00a0
or
\u00a0
terminate
\u00a0
if
\u00a0
the
\u00a0
lessee
\u00a0
is
\u00a0
reasonably
\u00a0
certain
\u00a0
to
\u00a0
exercise
\u00a0
the
\u00a0
option.
Subsequently,
\u00a0
the
\u00a0
right-of-use
\u00a0
assets
\u00a0
are
\u00a0
measured
\u00a0
at
\u00a0
initial
\u00a0
measurement
\u00a0
less
\u00a0
accumulated
\u00a0
depreciation
and
\u00a0
impairment
\u00a0
losses.
\u00a0
The
\u00a0
right-of-use
\u00a0
assets
\u00a0
are
\u00a0
depreciated
\u00a0
and
\u00a0
interest
\u00a0
on
\u00a0
lease
\u00a0
liabilities
\u00a0
recognised
in
\u00a0
interest
\u00a0
expenses
\u00a0
in
\u00a0
the
\u00a0
statement
\u00a0
of
\u00a0
income
\u00a0
over
\u00a0
the
\u00a0
lease
\u00a0
term.
\u00a0
The
\u00a0
lease
\u00a0
liabilities
\u00a0
are
\u00a0
subsequently
measured
\u00a0
at
\u00a0
initial
\u00a0
recognition
\u00a0
less
\u00a0
occurring
\u00a0
lease
\u00a0
payments
\u00a0
that
\u00a0
are
\u00a0
allocated
\u00a0
to
\u00a0
the
\u00a0
principal.
Lease
\u00a0
payments
\u00a0
are
\u00a0
presented
\u00a0
as
\u00a0
repayments
\u00a0
of
\u00a0
liabilities
\u00a0
and
\u00a0
related
\u00a0
interest
\u00a0
expenses.
\u00a0
The
\u00a0
lease
payments
\u00a0
are
\u00a0
presented
\u00a0
in
\u00a0
the
\u00a0
cash
\u00a0
flow
\u00a0
from
\u00a0
financing
\u00a0
activities,
\u00a0
and
\u00a0
the
\u00a0
interest
\u00a0
related
\u00a0
to
\u00a0
leases
\u00a0
are
presented
\u00a0
in
\u00a0
the
\u00a0
cash
\u00a0
flow
\u00a0
from
\u00a0
operating
\u00a0
activities.
\u00a0
Lease
\u00a0
payments
\u00a0
related
\u00a0
to
\u00a0
short-term
\u00a0
leases,
\u00a0
low-value
assets,
\u00a0
and
\u00a0
variable
\u00a0
payments
\u00a0
are
\u00a0
presented
\u00a0
in
\u00a0
the
\u00a0
cash
\u00a0
flow
\u00a0
from
\u00a0
operating
\u00a0
activities.
Contracts
\u00a0
may
\u00a0
combine
\u00a0
different
\u00a0
kinds
\u00a0
of
\u00a0
obligations
\u00a0
to
\u00a0
the
\u00a0
supplier,
\u00a0
which
\u00a0
might
\u00a0
be
\u00a0
a
\u00a0
combination
\u00a0
of
\u00a0
lease
components
\u00a0
or
\u00a0
a
\u00a0
combination
\u00a0
of
\u00a0
lease
\u00a0
and
\u00a0
non-lease
\u00a0
components.
\u00a0
These
\u00a0
lease
\u00a0
and
\u00a0
non-lease
\u00a0
components
are
\u00a0
accounted
\u00a0
for
\u00a0
separately
\u00a0
and
\u00a0
the
\u00a0
consideration
\u00a0
is
\u00a0
allocated
\u00a0
between
\u00a0
the
\u00a0
components
\u00a0
based
\u00a0
on
\u00a0
relative
stand-alone
\u00a0
selling
\u00a0
prices.
\u00a0
Should
\u00a0
separating
\u00a0
the
\u00a0
components
\u00a0
not
\u00a0
be
\u00a0
possible,
\u00a0
judgement
\u00a0
is
\u00a0
used
\u00a0
to
allocate
\u00a0
the
\u00a0
non-lease
\u00a0
component
\u00a0
in
\u00a0
the
\u00a0
accounting.
\u00a0
The
\u00a0
selection
\u00a0
of
\u00a0
separating
\u00a0
the
\u00a0
non-lease
\u00a0
component
or
\u00a0
not
\u00a0
from
\u00a0
the
\u00a0
lease,
\u00a0
is
\u00a0
applied
\u00a0
to
\u00a0
the
\u00a0
whole
\u00a0
asset
\u00a0
class,
\u00a0
buildings,
\u00a0
and
\u00a0
machinery
\u00a0
and
\u00a0
equipment.
Modifications
\u00a0
to
\u00a0
lease
\u00a0
agreements
\u00a0
may
\u00a0
result
\u00a0
in
\u00a0
adjustments
\u00a0
to
\u00a0
existing
\u00a0
right-of-use
\u00a0
assets
\u00a0
and
\u00a0
lease
liabilities.
\u00a0
A
\u00a0
gain
\u00a0
or
\u00a0
loss
\u00a0
arising
\u00a0
from
\u00a0
a
\u00a0
modification
\u00a0
or
\u00a0
a
\u00a0
termination
\u00a0
of
\u00a0
a
\u00a0
lease
\u00a0
agreement
\u00a0
is
\u00a0
recognised
\u00a0
as
other
\u00a0
operating
\u00a0
income
\u00a0
or
\u00a0
other
\u00a0
operating
\u00a0
expenses
\u00a0
in
\u00a0
the
\u00a0
statement
\u00a0
of
\u00a0
income.
The
\u00a0
Group
\u00a0
applies
\u00a0
the
\u00a0
two
\u00a0
available
\u00a0
exemptions,
\u00a0
which
\u00a0
relate
\u00a0
to
\u00a0
either
\u00a0
short-term
\u00a0
contracts,
\u00a0
in
\u00a0
which
\u00a0
the
lease
\u00a0
term
\u00a0
is
\u00a0
less
\u00a0
than
\u00a0
12
\u00a0
months,
\u00a0
or
\u00a0
low-value
\u00a0
assets,
\u00a0
which
\u00a0
are
\u00a0
expensed
\u00a0
to
\u00a0
other
\u00a0
operating
\u00a0
expenses.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:743700G7A9J1PHM3X223", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "ID_68": { "value": "
3.5.
\u00a0
DEPRECIATION,
\u00a0
AMORTISATION
\u00a0
AND
\u00a0
IMPAIRMENT
MEUR
2022
2021
Development
\u00a0
expenses
18
13
Purchase
\u00a0
price
\u00a0
allocation
\u00a0
amortisation
23
31
Other
\u00a0
intangible
\u00a0
assets
8
8
Buildings
\u00a0
and
\u00a0
structures
9
11
Land
\u00a0
and
\u00a0
buildings,
\u00a0
right-of
\u00a0
-use
\u00a0
assets
43
41
Machinery
\u00a0
and
\u00a0
equipment
33
37
Machinery
\u00a0
and
\u00a0
equipment,
\u00a0
right
\u00a0
-of-use
\u00a0
assets
6
6
Other
\u00a0
tangible
\u00a0
assets
2
2
Impairment
120
12
Total
263
162
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:743700G7A9J1PHM3X223", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "ID_54": { "value": "
4.1.
\u00a0
INVENTORIES
Accounting
\u00a0
principles
Inventories
\u00a0
are
\u00a0
valued
\u00a0
at
\u00a0
the
\u00a0
lower
\u00a0
of
\u00a0
cost
\u00a0
and
\u00a0
net
\u00a0
realisable
\u00a0
value.
Net
\u00a0
realisable
\u00a0
value
\u00a0
is
\u00a0
the
\u00a0
estimated
selling
\u00a0
price
\u00a0
in
\u00a0
the
\u00a0
ordinary
\u00a0
course
\u00a0
of
\u00a0
business,
\u00a0
less
\u00a0
the
\u00a0
estimated
\u00a0
costs
\u00a0
of
\u00a0
completion
\u00a0
and
\u00a0
costs
\u00a0
necessary
to
\u00a0
make
\u00a0
the
\u00a0
sale.
Materials
\u00a0
and
\u00a0
consumables
\u00a0
are
\u00a0
valued
\u00a0
at
\u00a0
weighted
\u00a0
average
\u00a0
cost
\u00a0
or
\u00a0
at
\u00a0
moving
\u00a0
average
\u00a0
price.
\u00a0
Finished
products
\u00a0
are
\u00a0
valued
\u00a0
at
\u00a0
direct
\u00a0
purchasing
\u00a0
and
\u00a0
manufacturing
\u00a0
costs
\u00a0
plus
\u00a0
allocated
\u00a0
purchasing
\u00a0
and
manufacturing
\u00a0
overhead
\u00a0
costs.
\u00a0
Work
\u00a0
in
\u00a0
progress
\u00a0
includes
\u00a0
costs
\u00a0
for
\u00a0
direct
\u00a0
labour
\u00a0
and
\u00a0
material
\u00a0
costs,
\u00a0
and
allocated
\u00a0
overhead
\u00a0
costs
\u00a0
related
\u00a0
to
\u00a0
manufacturing
\u00a0
and
\u00a0
purchasing
\u00a0
when
\u00a0
control
\u00a0
has
\u00a0
not
\u00a0
yet
\u00a0
been
transferred
\u00a0
to
\u00a0
the
\u00a0
customer.
Inventories
\u00a0
are
\u00a0
presented
\u00a0
net
\u00a0
of
\u00a0
provision
\u00a0
for
\u00a0
obsolete
\u00a0
inventories.
Accounting
\u00a0
estimates
\u00a0
and
\u00a0
judgements
Writing
\u00a0
down
\u00a0
inventories
\u00a0
to
\u00a0
net
\u00a0
realisable
\u00a0
value
\u00a0
due
\u00a0
to
\u00a0
obsolete
\u00a0
and
\u00a0
excess
\u00a0
stock,
\u00a0
is
\u00a0
performed
\u00a0
based
\u00a0
on
the
\u00a0
management\u2019s
\u00a0
best
\u00a0
estimate
\u00a0
on
\u00a0
the
\u00a0
balance
\u00a0
sheet
\u00a0
date.
A
\u00a0
systematic
\u00a0
and
\u00a0
continuous
\u00a0
evaluation
\u00a0
of
inventory
\u00a0
ageing,
\u00a0
turn-over,
\u00a0
and
\u00a0
composition
\u00a0
compared
\u00a0
to
\u00a0
anticipated
\u00a0
future
\u00a0
use,
\u00a0
is
\u00a0
the
\u00a0
basis
\u00a0
for
\u00a0
the
estimates.
In
\u00a0
2022,
\u00a0
EUR
\u00a0
49
\u00a0
million
\u00a0
(13)
\u00a0
impairment
\u00a0
for
\u00a0
obsolete
\u00a0
inventories
\u00a0
has
\u00a0
been
\u00a0
recognised
\u00a0
in
\u00a0
the
\u00a0
statement
\u00a0
of
income.
\u00a0
Inventory
\u00a0
write-downs
\u00a0
resulting
\u00a0
from
\u00a0
the
\u00a0
impacts
\u00a0
of
\u00a0
Russia-Ukraine
\u00a0
war
\u00a0
amount
\u00a0
to
\u00a0
EUR
\u00a0
40
\u00a0
million.
The
\u00a0
total
\u00a0
value
\u00a0
of
\u00a0
inventories
\u00a0
related
\u00a0
to
\u00a0
assets
\u00a0
held
\u00a0
for
\u00a0
sale
\u00a0
amounts
\u00a0
to
\u00a0
EUR
\u00a0
1
\u00a0
million
\u00a0
(4).
MEUR
2022
2021
Materials
\u00a0
and
\u00a0
consumables
699
453
Work
\u00a0
in
\u00a0
progress
559
626
Finished
\u00a0
products
40
49
Advances
\u00a0
paid
\u00a0
63
58
Total
1,361
1,185
", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:743700G7A9J1PHM3X223", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "ID_55": { "value": "
Accounting
\u00a0
principles
Inventories
\u00a0
are
\u00a0
valued
\u00a0
at
\u00a0
the
\u00a0
lower
\u00a0
of
\u00a0
cost
\u00a0
and
\u00a0
net
\u00a0
realisable
\u00a0
value.
Net
\u00a0
realisable
\u00a0
value
\u00a0
is
\u00a0
the
\u00a0
estimated
selling
\u00a0
price
\u00a0
in
\u00a0
the
\u00a0
ordinary
\u00a0
course
\u00a0
of
\u00a0
business,
\u00a0
less
\u00a0
the
\u00a0
estimated
\u00a0
costs
\u00a0
of
\u00a0
completion
\u00a0
and
\u00a0
costs
\u00a0
necessary
to
\u00a0
make
\u00a0
the
\u00a0
sale.
Materials
\u00a0
and
\u00a0
consumables
\u00a0
are
\u00a0
valued
\u00a0
at
\u00a0
weighted
\u00a0
average
\u00a0
cost
\u00a0
or
\u00a0
at
\u00a0
moving
\u00a0
average
\u00a0
price.
\u00a0
Finished
products
\u00a0
are
\u00a0
valued
\u00a0
at
\u00a0
direct
\u00a0
purchasing
\u00a0
and
\u00a0
manufacturing
\u00a0
costs
\u00a0
plus
\u00a0
allocated
\u00a0
purchasing
\u00a0
and
manufacturing
\u00a0
overhead
\u00a0
costs.
\u00a0
Work
\u00a0
in
\u00a0
progress
\u00a0
includes
\u00a0
costs
\u00a0
for
\u00a0
direct
\u00a0
labour
\u00a0
and
\u00a0
material
\u00a0
costs,
\u00a0
and
allocated
\u00a0
overhead
\u00a0
costs
\u00a0
related
\u00a0
to
\u00a0
manufacturing
\u00a0
and
\u00a0
purchasing
\u00a0
when
\u00a0
control
\u00a0
has
\u00a0
not
\u00a0
yet
\u00a0
been
transferred
\u00a0
to
\u00a0
the
\u00a0
customer.
Inventories
\u00a0
are
\u00a0
presented
\u00a0
net
\u00a0
of
\u00a0
provision
\u00a0
for
\u00a0
obsolete
\u00a0
inventories.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:743700G7A9J1PHM3X223", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "ID_58": { "value": "
4.2.
\u00a0
TRADE
\u00a0
RECEIVABLES
\u00a0
AND
\u00a0
CONTRACT
\u00a0
ASSETS
\u00a0
AND
\u00a0
LIABILITIES
Accounting
\u00a0
principles
Trade
\u00a0
receivables
\u00a0
are
\u00a0
recognised
\u00a0
when
\u00a0
the
\u00a0
right
\u00a0
to
\u00a0
consideration
\u00a0
becomes
\u00a0
unconditional.
\u00a0
The
\u00a0
Group\u2019s
trade
\u00a0
receivables
\u00a0
are
\u00a0
measured
\u00a0
at
\u00a0
amortised
\u00a0
cost,
\u00a0
which
\u00a0
is
\u00a0
the
\u00a0
original
\u00a0
invoiced
\u00a0
amount
\u00a0
less
\u00a0
an
\u00a0
estimated
valuation
\u00a0
allowance
\u00a0
for
\u00a0
impairment.
\u00a0
The
\u00a0
Group
\u00a0
assesses
\u00a0
any
\u00a0
possible
\u00a0
increase
\u00a0
in
\u00a0
the
\u00a0
credit
\u00a0
risk
\u00a0
for
\u00a0
trade
receivables
\u00a0
and
\u00a0
contract
\u00a0
assets
\u00a0
measured
\u00a0
at
\u00a0
amortised
\u00a0
cost
\u00a0
at
\u00a0
the
\u00a0
end
\u00a0
of
\u00a0
each
\u00a0
reporting
\u00a0
period
\u00a0
individually.
The
\u00a0
methodology
\u00a0
applied
\u00a0
depends
\u00a0
on
\u00a0
whether
\u00a0
there
\u00a0
has
\u00a0
been
\u00a0
a
\u00a0
significant
\u00a0
increase
\u00a0
in
\u00a0
credit
\u00a0
risk.
\u00a0
If
\u00a0
there
has
\u00a0
been
\u00a0
a
\u00a0
significant
\u00a0
increase
\u00a0
in
\u00a0
credit
\u00a0
risk,
\u00a0
the
\u00a0
loss
\u00a0
allowance
\u00a0
is
\u00a0
estimated
\u00a0
at
\u00a0
an
\u00a0
amount
\u00a0
equal
\u00a0
to
\u00a0
lifetime
expected
\u00a0
credit
\u00a0
losses
\u00a0
at
\u00a0
the
\u00a0
current
\u00a0
reporting
\u00a0
date.
For
\u00a0
trade
\u00a0
receivables
\u00a0
and
\u00a0
contract
\u00a0
assets,
\u00a0
a
\u00a0
simplified
\u00a0
approach
\u00a0
is
\u00a0
used,
\u00a0
and
\u00a0
the
\u00a0
loss
\u00a0
allowance
\u00a0
is
measured
\u00a0
at
\u00a0
the
\u00a0
estimate
\u00a0
of
\u00a0
the
\u00a0
lifetime
\u00a0
expected
\u00a0
credit
\u00a0
losses.
\u00a0
The
\u00a0
Group
\u00a0
uses
\u00a0
a
\u00a0
provision
\u00a0
matrix
\u00a0
for
estimating
\u00a0
the
\u00a0
expected
\u00a0
credit
\u00a0
loss
\u00a0
where
\u00a0
receivables
\u00a0
are
\u00a0
segregated
\u00a0
depending
\u00a0
on
\u00a0
the
\u00a0
ageing
\u00a0
category
and
\u00a0
the
\u00a0
origin
\u00a0
of
\u00a0
the
\u00a0
receivable.
\u00a0
The
\u00a0
Group
\u00a0
has
\u00a0
an
\u00a0
effective
\u00a0
collection
\u00a0
process
\u00a0
in
\u00a0
place
\u00a0
which
\u00a0
decreases
\u00a0
the
possible
\u00a0
risk
\u00a0
of
\u00a0
credit
\u00a0
losses.
\u00a0
Also,
\u00a0
to
\u00a0
mitigate
\u00a0
the
\u00a0
credit
\u00a0
risk,
\u00a0
advance
\u00a0
payments
\u00a0
and
\u00a0
payment
\u00a0
guarantees
are
\u00a0
in
\u00a0
use.
\u00a0
In
\u00a0
calculating
\u00a0
the
\u00a0
expected
\u00a0
credit
\u00a0
loss
\u00a0
rates,
\u00a0
the
\u00a0
Group
\u00a0
considers
\u00a0
historical
\u00a0
loss
\u00a0
rates
\u00a0
for
\u00a0
each
category,
\u00a0
and
\u00a0
adjusts
\u00a0
for
\u00a0
forward
\u00a0
looking
\u00a0
macroeconomic
\u00a0
data.
\u00a0
Based
\u00a0
on
\u00a0
the
\u00a0
analysis,
\u00a0
for
\u00a0
trade
\u00a0
receivables
not
\u00a0
due,
\u00a0
or
\u00a0
a
\u00a0
maximum
\u00a0
of
\u00a0
359
\u00a0
days
\u00a0
overdue,
\u00a0
as
\u00a0
well
\u00a0
as
\u00a0
contract
\u00a0
assets,
\u00a0
an
\u00a0
impairment
\u00a0
of
\u00a0
0.1%-2.0%
\u00a0
is
made.
\u00a0
In
\u00a0
addition
\u00a0
to
\u00a0
that,
\u00a0
trade
\u00a0
receivables
\u00a0
more
\u00a0
than
\u00a0
360
\u00a0
days
\u00a0
old
\u00a0
are
\u00a0
assessed
\u00a0
individually
\u00a0
for
impairment.
\u00a0
Examples
\u00a0
of
\u00a0
events
\u00a0
giving
\u00a0
rise
\u00a0
to
\u00a0
impairment
\u00a0
include
\u00a0
a
\u00a0
debtor\u2019s
\u00a0
serious
\u00a0
financial
\u00a0
problems,
\u00a0
and
a
\u00a0
debtor\u2019s
\u00a0
probable
\u00a0
bankruptcy
\u00a0
or
\u00a0
other
\u00a0
financial
\u00a0
arrangement.
Trade
\u00a0
receivables
\u00a0
are
\u00a0
permanently
\u00a0
written
\u00a0
off
\u00a0
when
\u00a0
there
\u00a0
is
\u00a0
no
\u00a0
reasonable
\u00a0
expectation
\u00a0
of
\u00a0
recovery.
The
\u00a0
Group
\u00a0
may
\u00a0
sell
\u00a0
undivided
\u00a0
interests
\u00a0
in
\u00a0
trade
\u00a0
receivables
\u00a0
on
\u00a0
an
\u00a0
ongoing
\u00a0
and
\u00a0
one-time
\u00a0
basis
\u00a0
to
\u00a0
lending
institutions.
\u00a0
Financial
\u00a0
assets
\u00a0
sold
\u00a0
under
\u00a0
these
\u00a0
arrangements
\u00a0
are
\u00a0
excluded
\u00a0
from
\u00a0
trade
\u00a0
receivables
\u00a0
in
\u00a0
the
statement
\u00a0
of
\u00a0
financial
\u00a0
position
\u00a0
at
\u00a0
the
\u00a0
time
\u00a0
of
\u00a0
payment
\u00a0
from
\u00a0
the
\u00a0
acquirer,
\u00a0
providing
\u00a0
that
\u00a0
substantially
\u00a0
all
\u00a0
risks
and
\u00a0
rewards
\u00a0
have
\u00a0
been
\u00a0
transferred.
\u00a0
If
\u00a0
the
\u00a0
acquirer
\u00a0
has
\u00a0
not
\u00a0
settled
\u00a0
payment
\u00a0
to
\u00a0
the
\u00a0
extent
\u00a0
that
\u00a0
the
\u00a0
ownership,
risk,
\u00a0
and
\u00a0
control
\u00a0
over
\u00a0
the
\u00a0
receivable
\u00a0
have
\u00a0
been
\u00a0
substantially
\u00a0
transferred,
\u00a0
then
\u00a0
such
\u00a0
financial
\u00a0
assets
\u00a0
sold
\u00a0
are
re-recognised
\u00a0
in
\u00a0
the
\u00a0
statement
\u00a0
of
\u00a0
financial
\u00a0
position
\u00a0
at
\u00a0
the
\u00a0
end
\u00a0
of
\u00a0
the
\u00a0
reporting
\u00a0
period.
Contract
\u00a0
assets
\u00a0
and
\u00a0
liabilities
\u00a0
are
\u00a0
related
\u00a0
to
\u00a0
contracts
\u00a0
with
\u00a0
customers.
When
\u00a0
control
\u00a0
over
\u00a0
goods
\u00a0
or
\u00a0
services
\u00a0
is
\u00a0
transferred
\u00a0
to
\u00a0
a
\u00a0
customer
\u00a0
before
\u00a0
the
\u00a0
customer
\u00a0
pays
\u00a0
the
consideration,
\u00a0
the
\u00a0
receivable
\u00a0
is
\u00a0
recognised
\u00a0
as
\u00a0
a
\u00a0
contract
\u00a0
asset.
\u00a0
The
\u00a0
contract
\u00a0
asset
\u00a0
represents
\u00a0
the
\u00a0
right
\u00a0
to
future
\u00a0
consideration.
\u00a0
Contract
\u00a0
assets
\u00a0
primarily
\u00a0
relate
\u00a0
to
\u00a0
the
\u00a0
Group\u2019s
\u00a0
right
\u00a0
to
\u00a0
consideration
\u00a0
for
\u00a0
transferred
goods
\u00a0
or
\u00a0
services,
\u00a0
but
\u00a0
which
\u00a0
is
\u00a0
not
\u00a0
yet
\u00a0
billed
\u00a0
at
\u00a0
the
\u00a0
reporting
\u00a0
date.
\u00a0
The
\u00a0
contract
\u00a0
assets
\u00a0
are
\u00a0
transferred
\u00a0
to
trade
\u00a0
receivables
\u00a0
when
\u00a0
the
\u00a0
rights
\u00a0
become
\u00a0
unconditional.
When
\u00a0
the
\u00a0
customer
\u00a0
pays
\u00a0
consideration
\u00a0
in
\u00a0
advance,
\u00a0
or
\u00a0
when
\u00a0
the
\u00a0
consideration
\u00a0
is
\u00a0
due
\u00a0
before
\u00a0
transferring
\u00a0
the
contractual
\u00a0
performance
\u00a0
obligation,
\u00a0
the
\u00a0
amount
\u00a0
received
\u00a0
in
\u00a0
advance
\u00a0
is
\u00a0
presented
\u00a0
as
\u00a0
a
\u00a0
contract
\u00a0
liability.
Contract
\u00a0
liabilities
\u00a0
are
\u00a0
recognised
\u00a0
as
\u00a0
revenue
\u00a0
when
\u00a0
the
\u00a0
Group
\u00a0
performs
\u00a0
under
\u00a0
the
\u00a0
contract.
\u00a0
Advances
received
\u00a0
and
\u00a0
deferred
\u00a0
revenue
\u00a0
relate
\u00a0
to
\u00a0
payments
\u00a0
received,
\u00a0
or
\u00a0
invoicing
\u00a0
in
\u00a0
excess
\u00a0
of
\u00a0
revenue
\u00a0
recognised.
Accounting
\u00a0
estimates
\u00a0
and
\u00a0
judgements
Estimated
\u00a0
expected
\u00a0
credit
\u00a0
loss
\u00a0
provisions
\u00a0
are
\u00a0
based
\u00a0
on
\u00a0
management\u2019s
\u00a0
best
\u00a0
judgement.
\u00a0
Management
judgement
\u00a0
includes
\u00a0
past
\u00a0
years\u2019
\u00a0
experience
\u00a0
and
\u00a0
a
\u00a0
forward-looking
\u00a0
understanding
\u00a0
of
\u00a0
the
\u00a0
client\u2019s
\u00a0
payment
behaviour
\u00a0
and
\u00a0
economic
\u00a0
situation.
\u00a0
In
\u00a0
addition,
\u00a0
assessing
\u00a0
whether
\u00a0
it
\u00a0
is
\u00a0
probable
\u00a0
that
\u00a0
the
\u00a0
consideration
\u00a0
from
contracts
\u00a0
with
\u00a0
customers
\u00a0
will
\u00a0
be
\u00a0
collected
\u00a0
requires
\u00a0
judgement,
\u00a0
and
\u00a0
might
\u00a0
impact
\u00a0
the
\u00a0
timing
\u00a0
and
\u00a0
amount
\u00a0
of
revenue
\u00a0
recognition.
Contract
\u00a0
assets
\u00a0
and
\u00a0
liabilities
The
\u00a0
contract
\u00a0
assets
\u00a0
and
\u00a0
liabilities
\u00a0
arise
\u00a0
from
\u00a0
long-term
\u00a0
agreements
\u00a0
and
\u00a0
projects
\u00a0
recognised
\u00a0
over
\u00a0
time,
\u00a0
such
\u00a0
as
gas
\u00a0
solutions
\u00a0
construction
\u00a0
contracts,
\u00a0
integrated
\u00a0
solutions
\u00a0
projects,
\u00a0
and
\u00a0
energy
\u00a0
solutions
\u00a0
turnkey
\u00a0
contracts.
EUR
\u00a0
3,871
\u00a0
million
\u00a0
(3,763)
\u00a0
of
\u00a0
unsatisfied
\u00a0
performance
\u00a0
obligations
\u00a0
is
\u00a0
expected
\u00a0
to
\u00a0
be
\u00a0
recognised
\u00a0
during
\u00a0
next
year,
\u00a0
and
\u00a0
the
\u00a0
remaining
\u00a0
later.
Ageing
\u00a0
of
\u00a0
trade
\u00a0
receivables
In
\u00a0
2022,
\u00a0
the
\u00a0
result
\u00a0
impact
\u00a0
of
\u00a0
write-offs
\u00a0
was
\u00a0
EUR
\u00a0
-2
\u00a0
million
\u00a0
(-6).
Impairment
The
\u00a0
Group
\u00a0
sells
\u00a0
trade
\u00a0
receivables
\u00a0
in
\u00a0
an
\u00a0
amount
\u00a0
that
\u00a0
is
\u00a0
currently
\u00a0
not
\u00a0
significant
\u00a0
compared
\u00a0
to
\u00a0
the
\u00a0
trade
receivables
\u00a0
as
\u00a0
a
\u00a0
whole.
\u00a0
Sold
\u00a0
receivables
\u00a0
have
\u00a0
been
\u00a0
de-recognised
\u00a0
in
\u00a0
the
\u00a0
statement
\u00a0
of
\u00a0
financial
\u00a0
position.
MEUR
2022
2021
Trade
\u00a0
receivables
1,113
896
Contract
\u00a0
assets
729
684
Contract
\u00a0
liabilities
Advances
\u00a0
received
527
498
Deferred
\u00a0
income
678
770
Trade
\u00a0
receivables
\u00a0
and
\u00a0
contract
\u00a0
assets
Non-current
11
26
Current
1,832
1,554
Contract
\u00a0
liabilities
Non-current
60
37
Current
1,145
1,231
Revenue
\u00a0
recognised
\u00a0
in
\u00a0
the
\u00a0
financial
\u00a0
period
\u00a0
that
\u00a0
was
\u00a0
included
\u00a0
in
\u00a0
the
\u00a0
contract
\u00a0
liability
\u00a0
on
\u00a0
1
January
1,231
926
Unsatisfied
\u00a0
performance
\u00a0
obligations,
\u00a0
all
\u00a0
revenue
\u00a0
types
7,493
7,599
of
\u00a0
which
\u00a0
remaining
\u00a0
performance
\u00a0
obligations
\u00a0
from
\u00a0
projects
\u00a0
and
\u00a0
contracts
\u00a0
under
execution
4,205
4,763
-
2022
2021
MEUR
Trade
\u00a0
receivables
of
\u00a0
which
\u00a0
impaired
Trade
\u00a0
receivables
of
\u00a0
which
\u00a0
impaired
Not
\u00a0
past
\u00a0
due
779
3
692
3
Past
\u00a0
due
\u00a0
1\u201330
\u00a0
days
170
0
93
Past
\u00a0
due
\u00a0
31\u2013180
\u00a0
days
117
1
89
1
Past
\u00a0
due
\u00a0
181\u2013360
\u00a0
days
53
3
16
Past
\u00a0
due
\u00a0
1
\u00a0
year
81
79
85
75
Total
1,201
87
975
79
MEUR
2022
2021
Impairment
\u00a0
on
\u00a0
1
\u00a0
January
79
61
Money
\u00a0
received
-8
-13
Increase
\u00a0
in
\u00a0
loss
\u00a0
allowance
\u00a0
recognised
19
38
Receivables
\u00a0
written
\u00a0
off
\u00a0
during
\u00a0
the
\u00a0
period
\u00a0
as
\u00a0
uncollectible
-2
-6
Impairment
\u00a0
on
\u00a0
31
\u00a0
December
87
79
MEUR
Cash
\u00a0
flow
hedges
Fair
\u00a0
value
\u00a0
reserve
\u00a0
on
\u00a0
1
\u00a0
January
\u00a0
2021
-13
Taxes
\u00a0
related
\u00a0
to
\u00a0
fair
\u00a0
value
\u00a0
adjustments
4
Fair
\u00a0
value
\u00a0
reserve
\u00a0
on
\u00a0
1
\u00a0
January
\u00a0
2021
-9
Transferred
\u00a0
to
\u00a0
the
\u00a0
statement
\u00a0
of
\u00a0
income,
\u00a0
net
\u00a0
of
\u00a0
taxes
2
Fair
\u00a0
value
\u00a0
adjustments
-12
Taxes
\u00a0
related
\u00a0
to
\u00a0
fair
\u00a0
value
\u00a0
adjustments
1
Fair
\u00a0
value
\u00a0
reserve
\u00a0
on
\u00a0
31
\u00a0
December
\u00a0
2021
-18
Transferred
\u00a0
to
\u00a0
the
\u00a0
statement
\u00a0
of
\u00a0
income,
\u00a0
net
\u00a0
of
\u00a0
taxes
2
Fair
\u00a0
value
\u00a0
adjustments
33
Taxes
\u00a0
related
\u00a0
to
\u00a0
fair
\u00a0
value
\u00a0
adjustments
-7
Fair
\u00a0
value
\u00a0
reserve
\u00a0
on
\u00a0
31
\u00a0
December
\u00a0
2022
9
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:743700G7A9J1PHM3X223", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "ID_56": { "value": "
Accounting
\u00a0
principles
Trade
\u00a0
receivables
\u00a0
are
\u00a0
recognised
\u00a0
when
\u00a0
the
\u00a0
right
\u00a0
to
\u00a0
consideration
\u00a0
becomes
\u00a0
unconditional.
\u00a0
The
\u00a0
Group\u2019s
trade
\u00a0
receivables
\u00a0
are
\u00a0
measured
\u00a0
at
\u00a0
amortised
\u00a0
cost,
\u00a0
which
\u00a0
is
\u00a0
the
\u00a0
original
\u00a0
invoiced
\u00a0
amount
\u00a0
less
\u00a0
an
\u00a0
estimated
valuation
\u00a0
allowance
\u00a0
for
\u00a0
impairment.
\u00a0
The
\u00a0
Group
\u00a0
assesses
\u00a0
any
\u00a0
possible
\u00a0
increase
\u00a0
in
\u00a0
the
\u00a0
credit
\u00a0
risk
\u00a0
for
\u00a0
trade
receivables
\u00a0
and
\u00a0
contract
\u00a0
assets
\u00a0
measured
\u00a0
at
\u00a0
amortised
\u00a0
cost
\u00a0
at
\u00a0
the
\u00a0
end
\u00a0
of
\u00a0
each
\u00a0
reporting
\u00a0
period
\u00a0
individually.
The
\u00a0
methodology
\u00a0
applied
\u00a0
depends
\u00a0
on
\u00a0
whether
\u00a0
there
\u00a0
has
\u00a0
been
\u00a0
a
\u00a0
significant
\u00a0
increase
\u00a0
in
\u00a0
credit
\u00a0
risk.
\u00a0
If
\u00a0
there
has
\u00a0
been
\u00a0
a
\u00a0
significant
\u00a0
increase
\u00a0
in
\u00a0
credit
\u00a0
risk,
\u00a0
the
\u00a0
loss
\u00a0
allowance
\u00a0
is
\u00a0
estimated
\u00a0
at
\u00a0
an
\u00a0
amount
\u00a0
equal
\u00a0
to
\u00a0
lifetime
expected
\u00a0
credit
\u00a0
losses
\u00a0
at
\u00a0
the
\u00a0
current
\u00a0
reporting
\u00a0
date.
For
\u00a0
trade
\u00a0
receivables
\u00a0
and
\u00a0
contract
\u00a0
assets,
\u00a0
a
\u00a0
simplified
\u00a0
approach
\u00a0
is
\u00a0
used,
\u00a0
and
\u00a0
the
\u00a0
loss
\u00a0
allowance
\u00a0
is
measured
\u00a0
at
\u00a0
the
\u00a0
estimate
\u00a0
of
\u00a0
the
\u00a0
lifetime
\u00a0
expected
\u00a0
credit
\u00a0
losses.
\u00a0
The
\u00a0
Group
\u00a0
uses
\u00a0
a
\u00a0
provision
\u00a0
matrix
\u00a0
for
estimating
\u00a0
the
\u00a0
expected
\u00a0
credit
\u00a0
loss
\u00a0
where
\u00a0
receivables
\u00a0
are
\u00a0
segregated
\u00a0
depending
\u00a0
on
\u00a0
the
\u00a0
ageing
\u00a0
category
and
\u00a0
the
\u00a0
origin
\u00a0
of
\u00a0
the
\u00a0
receivable.
\u00a0
The
\u00a0
Group
\u00a0
has
\u00a0
an
\u00a0
effective
\u00a0
collection
\u00a0
process
\u00a0
in
\u00a0
place
\u00a0
which
\u00a0
decreases
\u00a0
the
possible
\u00a0
risk
\u00a0
of
\u00a0
credit
\u00a0
losses.
\u00a0
Also,
\u00a0
to
\u00a0
mitigate
\u00a0
the
\u00a0
credit
\u00a0
risk,
\u00a0
advance
\u00a0
payments
\u00a0
and
\u00a0
payment
\u00a0
guarantees
are
\u00a0
in
\u00a0
use.
\u00a0
In
\u00a0
calculating
\u00a0
the
\u00a0
expected
\u00a0
credit
\u00a0
loss
\u00a0
rates,
\u00a0
the
\u00a0
Group
\u00a0
considers
\u00a0
historical
\u00a0
loss
\u00a0
rates
\u00a0
for
\u00a0
each
category,
\u00a0
and
\u00a0
adjusts
\u00a0
for
\u00a0
forward
\u00a0
looking
\u00a0
macroeconomic
\u00a0
data.
\u00a0
Based
\u00a0
on
\u00a0
the
\u00a0
analysis,
\u00a0
for
\u00a0
trade
\u00a0
receivables
not
\u00a0
due,
\u00a0
or
\u00a0
a
\u00a0
maximum
\u00a0
of
\u00a0
359
\u00a0
days
\u00a0
overdue,
\u00a0
as
\u00a0
well
\u00a0
as
\u00a0
contract
\u00a0
assets,
\u00a0
an
\u00a0
impairment
\u00a0
of
\u00a0
0.1%-2.0%
\u00a0
is
made.
\u00a0
In
\u00a0
addition
\u00a0
to
\u00a0
that,
\u00a0
trade
\u00a0
receivables
\u00a0
more
\u00a0
than
\u00a0
360
\u00a0
days
\u00a0
old
\u00a0
are
\u00a0
assessed
\u00a0
individually
\u00a0
for
impairment.
\u00a0
Examples
\u00a0
of
\u00a0
events
\u00a0
giving
\u00a0
rise
\u00a0
to
\u00a0
impairment
\u00a0
include
\u00a0
a
\u00a0
debtor\u2019s
\u00a0
serious
\u00a0
financial
\u00a0
problems,
\u00a0
and
a
\u00a0
debtor\u2019s
\u00a0
probable
\u00a0
bankruptcy
\u00a0
or
\u00a0
other
\u00a0
financial
\u00a0
arrangement.
Trade
\u00a0
receivables
\u00a0
are
\u00a0
permanently
\u00a0
written
\u00a0
off
\u00a0
when
\u00a0
there
\u00a0
is
\u00a0
no
\u00a0
reasonable
\u00a0
expectation
\u00a0
of
\u00a0
recovery.
The
\u00a0
Group
\u00a0
may
\u00a0
sell
\u00a0
undivided
\u00a0
interests
\u00a0
in
\u00a0
trade
\u00a0
receivables
\u00a0
on
\u00a0
an
\u00a0
ongoing
\u00a0
and
\u00a0
one-time
\u00a0
basis
\u00a0
to
\u00a0
lending
institutions.
\u00a0
Financial
\u00a0
assets
\u00a0
sold
\u00a0
under
\u00a0
these
\u00a0
arrangements
\u00a0
are
\u00a0
excluded
\u00a0
from
\u00a0
trade
\u00a0
receivables
\u00a0
in
\u00a0
the
statement
\u00a0
of
\u00a0
financial
\u00a0
position
\u00a0
at
\u00a0
the
\u00a0
time
\u00a0
of
\u00a0
payment
\u00a0
from
\u00a0
the
\u00a0
acquirer,
\u00a0
providing
\u00a0
that
\u00a0
substantially
\u00a0
all
\u00a0
risks
and
\u00a0
rewards
\u00a0
have
\u00a0
been
\u00a0
transferred.
\u00a0
If
\u00a0
the
\u00a0
acquirer
\u00a0
has
\u00a0
not
\u00a0
settled
\u00a0
payment
\u00a0
to
\u00a0
the
\u00a0
extent
\u00a0
that
\u00a0
the
\u00a0
ownership,
risk,
\u00a0
and
\u00a0
control
\u00a0
over
\u00a0
the
\u00a0
receivable
\u00a0
have
\u00a0
been
\u00a0
substantially
\u00a0
transferred,
\u00a0
then
\u00a0
such
\u00a0
financial
\u00a0
assets
\u00a0
sold
\u00a0
are
re-recognised
\u00a0
in
\u00a0
the
\u00a0
statement
\u00a0
of
\u00a0
financial
\u00a0
position
\u00a0
at
\u00a0
the
\u00a0
end
\u00a0
of
\u00a0
the
\u00a0
reporting
\u00a0
period.
Contract
\u00a0
assets
\u00a0
and
\u00a0
liabilities
\u00a0
are
\u00a0
related
\u00a0
to
\u00a0
contracts
\u00a0
with
\u00a0
customers.
When
\u00a0
control
\u00a0
over
\u00a0
goods
\u00a0
or
\u00a0
services
\u00a0
is
\u00a0
transferred
\u00a0
to
\u00a0
a
\u00a0
customer
\u00a0
before
\u00a0
the
\u00a0
customer
\u00a0
pays
\u00a0
the
consideration,
\u00a0
the
\u00a0
receivable
\u00a0
is
\u00a0
recognised
\u00a0
as
\u00a0
a
\u00a0
contract
\u00a0
asset.
\u00a0
The
\u00a0
contract
\u00a0
asset
\u00a0
represents
\u00a0
the
\u00a0
right
\u00a0
to
future
\u00a0
consideration.
\u00a0
Contract
\u00a0
assets
\u00a0
primarily
\u00a0
relate
\u00a0
to
\u00a0
the
\u00a0
Group\u2019s
\u00a0
right
\u00a0
to
\u00a0
consideration
\u00a0
for
\u00a0
transferred
goods
\u00a0
or
\u00a0
services,
\u00a0
but
\u00a0
which
\u00a0
is
\u00a0
not
\u00a0
yet
\u00a0
billed
\u00a0
at
\u00a0
the
\u00a0
reporting
\u00a0
date.
\u00a0
The
\u00a0
contract
\u00a0
assets
\u00a0
are
\u00a0
transferred
\u00a0
to
trade
\u00a0
receivables
\u00a0
when
\u00a0
the
\u00a0
rights
\u00a0
become
\u00a0
unconditional.
When
\u00a0
the
\u00a0
customer
\u00a0
pays
\u00a0
consideration
\u00a0
in
\u00a0
advance,
\u00a0
or
\u00a0
when
\u00a0
the
\u00a0
consideration
\u00a0
is
\u00a0
due
\u00a0
before
\u00a0
transferring
\u00a0
the
contractual
\u00a0
performance
\u00a0
obligation,
\u00a0
the
\u00a0
amount
\u00a0
received
\u00a0
in
\u00a0
advance
\u00a0
is
\u00a0
presented
\u00a0
as
\u00a0
a
\u00a0
contract
\u00a0
liability.
Contract
\u00a0
liabilities
\u00a0
are
\u00a0
recognised
\u00a0
as
\u00a0
revenue
\u00a0
when
\u00a0
the
\u00a0
Group
\u00a0
performs
\u00a0
under
\u00a0
the
\u00a0
contract.
\u00a0
Advances
received
\u00a0
and
\u00a0
deferred
\u00a0
revenue
\u00a0
relate
\u00a0
to
\u00a0
payments
\u00a0
received,
\u00a0
or
\u00a0
invoicing
\u00a0
in
\u00a0
excess
\u00a0
of
\u00a0
revenue
\u00a0
recognised.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:743700G7A9J1PHM3X223", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "ID_57": { "value": "
Trade
\u00a0
receivables
\u00a0
are
\u00a0
recognised
\u00a0
when
\u00a0
the
\u00a0
right
\u00a0
to
\u00a0
consideration
\u00a0
becomes
\u00a0
unconditional.
\u00a0
The
\u00a0
Group\u2019s
trade
\u00a0
receivables
\u00a0
are
\u00a0
measured
\u00a0
at
\u00a0
amortised
\u00a0
cost,
\u00a0
which
\u00a0
is
\u00a0
the
\u00a0
original
\u00a0
invoiced
\u00a0
amount
\u00a0
less
\u00a0
an
\u00a0
estimated
valuation
\u00a0
allowance
\u00a0
for
\u00a0
impairment.
\u00a0
The
\u00a0
Group
\u00a0
assesses
\u00a0
any
\u00a0
possible
\u00a0
increase
\u00a0
in
\u00a0
the
\u00a0
credit
\u00a0
risk
\u00a0
for
\u00a0
trade
receivables
\u00a0
and
\u00a0
contract
\u00a0
assets
\u00a0
measured
\u00a0
at
\u00a0
amortised
\u00a0
cost
\u00a0
at
\u00a0
the
\u00a0
end
\u00a0
of
\u00a0
each
\u00a0
reporting
\u00a0
period
\u00a0
individually.
The
\u00a0
methodology
\u00a0
applied
\u00a0
depends
\u00a0
on
\u00a0
whether
\u00a0
there
\u00a0
has
\u00a0
been
\u00a0
a
\u00a0
significant
\u00a0
increase
\u00a0
in
\u00a0
credit
\u00a0
risk.
\u00a0
If
\u00a0
there
has
\u00a0
been
\u00a0
a
\u00a0
significant
\u00a0
increase
\u00a0
in
\u00a0
credit
\u00a0
risk,
\u00a0
the
\u00a0
loss
\u00a0
allowance
\u00a0
is
\u00a0
estimated
\u00a0
at
\u00a0
an
\u00a0
amount
\u00a0
equal
\u00a0
to
\u00a0
lifetime
expected
\u00a0
credit
\u00a0
losses
\u00a0
at
\u00a0
the
\u00a0
current
\u00a0
reporting
\u00a0
date.
For
\u00a0
trade
\u00a0
receivables
\u00a0
and
\u00a0
contract
\u00a0
assets,
\u00a0
a
\u00a0
simplified
\u00a0
approach
\u00a0
is
\u00a0
used,
\u00a0
and
\u00a0
the
\u00a0
loss
\u00a0
allowance
\u00a0
is
measured
\u00a0
at
\u00a0
the
\u00a0
estimate
\u00a0
of
\u00a0
the
\u00a0
lifetime
\u00a0
expected
\u00a0
credit
\u00a0
losses.
\u00a0
The
\u00a0
Group
\u00a0
uses
\u00a0
a
\u00a0
provision
\u00a0
matrix
\u00a0
for
estimating
\u00a0
the
\u00a0
expected
\u00a0
credit
\u00a0
loss
\u00a0
where
\u00a0
receivables
\u00a0
are
\u00a0
segregated
\u00a0
depending
\u00a0
on
\u00a0
the
\u00a0
ageing
\u00a0
category
and
\u00a0
the
\u00a0
origin
\u00a0
of
\u00a0
the
\u00a0
receivable.
\u00a0
The
\u00a0
Group
\u00a0
has
\u00a0
an
\u00a0
effective
\u00a0
collection
\u00a0
process
\u00a0
in
\u00a0
place
\u00a0
which
\u00a0
decreases
\u00a0
the
possible
\u00a0
risk
\u00a0
of
\u00a0
credit
\u00a0
losses.
\u00a0
Also,
\u00a0
to
\u00a0
mitigate
\u00a0
the
\u00a0
credit
\u00a0
risk,
\u00a0
advance
\u00a0
payments
\u00a0
and
\u00a0
payment
\u00a0
guarantees
are
\u00a0
in
\u00a0
use.
\u00a0
In
\u00a0
calculating
\u00a0
the
\u00a0
expected
\u00a0
credit
\u00a0
loss
\u00a0
rates,
\u00a0
the
\u00a0
Group
\u00a0
considers
\u00a0
historical
\u00a0
loss
\u00a0
rates
\u00a0
for
\u00a0
each
category,
\u00a0
and
\u00a0
adjusts
\u00a0
for
\u00a0
forward
\u00a0
looking
\u00a0
macroeconomic
\u00a0
data.
\u00a0
Based
\u00a0
on
\u00a0
the
\u00a0
analysis,
\u00a0
for
\u00a0
trade
\u00a0
receivables
not
\u00a0
due,
\u00a0
or
\u00a0
a
\u00a0
maximum
\u00a0
of
\u00a0
359
\u00a0
days
\u00a0
overdue,
\u00a0
as
\u00a0
well
\u00a0
as
\u00a0
contract
\u00a0
assets,
\u00a0
an
\u00a0
impairment
\u00a0
of
\u00a0
0.1%-2.0%
\u00a0
is
made.
\u00a0
In
\u00a0
addition
\u00a0
to
\u00a0
that,
\u00a0
trade
\u00a0
receivables
\u00a0
more
\u00a0
than
\u00a0
360
\u00a0
days
\u00a0
old
\u00a0
are
\u00a0
assessed
\u00a0
individually
\u00a0
for
impairment.
\u00a0
Examples
\u00a0
of
\u00a0
events
\u00a0
giving
\u00a0
rise
\u00a0
to
\u00a0
impairment
\u00a0
include
\u00a0
a
\u00a0
debtor\u2019s
\u00a0
serious
\u00a0
financial
\u00a0
problems,
\u00a0
and
a
\u00a0
debtor\u2019s
\u00a0
probable
\u00a0
bankruptcy
\u00a0
or
\u00a0
other
\u00a0
financial
\u00a0
arrangement.
Trade
\u00a0
receivables
\u00a0
are
\u00a0
permanently
\u00a0
written
\u00a0
off
\u00a0
when
\u00a0
there
\u00a0
is
\u00a0
no
\u00a0
reasonable
\u00a0
expectation
\u00a0
of
\u00a0
recovery.
Impairment
\u00a0
of
\u00a0
assets
The
\u00a0
carrying
\u00a0
amounts
\u00a0
of
\u00a0
assets
\u00a0
are
\u00a0
reviewed
\u00a0
annually
\u00a0
for
\u00a0
signs
\u00a0
of
\u00a0
possible
\u00a0
impairment,
\u00a0
or
\u00a0
more
\u00a0
frequently
should
\u00a0
any
\u00a0
indication
\u00a0
of
\u00a0
impairment
\u00a0
arise.
\u00a0
If
\u00a0
any
\u00a0
such
\u00a0
indication
\u00a0
exists,
\u00a0
the
\u00a0
recoverable
\u00a0
amount
\u00a0
of
\u00a0
the
\u00a0
asset
is
\u00a0
estimated
\u00a0
and
\u00a0
compared
\u00a0
to
\u00a0
the
\u00a0
carrying
\u00a0
amount
\u00a0
of
\u00a0
the
\u00a0
asset.
\u00a0
An
\u00a0
impairment
\u00a0
loss
\u00a0
is
\u00a0
recognised
\u00a0
when
\u00a0
the
carrying
\u00a0
amount
\u00a0
of
\u00a0
an
\u00a0
asset
\u00a0
is
\u00a0
greater
\u00a0
than
\u00a0
its
\u00a0
recoverable
\u00a0
amount.
\u00a0
The
\u00a0
recoverable
\u00a0
amount
\u00a0
is
\u00a0
the
\u00a0
higher
\u00a0
of
an
\u00a0
asset\u2019s
\u00a0
fair
\u00a0
value
\u00a0
less
\u00a0
costs
\u00a0
to
\u00a0
sell
\u00a0
and
\u00a0
its
\u00a0
value
\u00a0
in
\u00a0
use.
An
\u00a0
impairment
\u00a0
loss
\u00a0
is
\u00a0
recognised
\u00a0
immediately
\u00a0
as
depreciation,
\u00a0
amortisation
\u00a0
and
\u00a0
impairment
in
\u00a0
the
statement
\u00a0
of
\u00a0
income.
\u00a0
In
\u00a0
connection
\u00a0
with
\u00a0
the
\u00a0
recognition
\u00a0
of
\u00a0
the
\u00a0
impairment
\u00a0
loss,
\u00a0
the
\u00a0
useful
\u00a0
life
\u00a0
of
\u00a0
the
depreciable
\u00a0
asset
\u00a0
is
\u00a0
reassessed.
\u00a0
An
\u00a0
earlier
\u00a0
impairment
\u00a0
loss
\u00a0
recognised
\u00a0
for
\u00a0
an
\u00a0
asset
\u00a0
is
\u00a0
reversed
\u00a0
if
\u00a0
the
estimates
\u00a0
used
\u00a0
to
\u00a0
determine
\u00a0
the
\u00a0
recoverable
\u00a0
amount
\u00a0
change.
\u00a0
However,
\u00a0
any
\u00a0
reversal
\u00a0
of
\u00a0
impairment
\u00a0
shall
not
\u00a0
exceed
\u00a0
the
\u00a0
asset\u2019s
\u00a0
carrying
\u00a0
amount
\u00a0
if
\u00a0
no
\u00a0
impairment
\u00a0
loss
\u00a0
would
\u00a0
have
\u00a0
been
\u00a0
recognised.
Impairment
\u00a0
of
\u00a0
assets
The
\u00a0
carrying
\u00a0
amounts
\u00a0
of
\u00a0
assets
\u00a0
are
\u00a0
reviewed
\u00a0
annually
\u00a0
for
\u00a0
signs
\u00a0
of
\u00a0
possible
\u00a0
impairment
\u00a0
or
\u00a0
more
\u00a0
frequently
should
\u00a0
any
\u00a0
indication
\u00a0
of
\u00a0
impairment
\u00a0
arise.
\u00a0
If
\u00a0
any
\u00a0
such
\u00a0
indication
\u00a0
exists,
\u00a0
the
\u00a0
recoverable
\u00a0
amount
\u00a0
of
\u00a0
the
\u00a0
asset
is
\u00a0
estimated
\u00a0
and
\u00a0
compared
\u00a0
to
\u00a0
the
\u00a0
carrying
\u00a0
amount
\u00a0
of
\u00a0
the
\u00a0
asset.
\u00a0
An
\u00a0
impairment
\u00a0
loss
\u00a0
is
\u00a0
recognised
\u00a0
when
\u00a0
the
carrying
\u00a0
amount
\u00a0
of
\u00a0
an
\u00a0
asset
\u00a0
is
\u00a0
greater
\u00a0
than
\u00a0
its
\u00a0
recoverable
\u00a0
amount.
\u00a0
The
\u00a0
recoverable
\u00a0
amount
\u00a0
is
\u00a0
the
\u00a0
higher
\u00a0
of
an
\u00a0
asset\u2019s
\u00a0
fair
\u00a0
value
\u00a0
less
\u00a0
costs
\u00a0
to
\u00a0
sell
\u00a0
and
\u00a0
its
\u00a0
value
\u00a0
in
\u00a0
use.
An
\u00a0
impairment
\u00a0
loss
\u00a0
is
\u00a0
recognised
\u00a0
immediately
as
\u00a0
depreciation,
\u00a0
amortisation
\u00a0
and
\u00a0
impairment
in
\u00a0
the
statement
\u00a0
of
\u00a0
income.
\u00a0
In
\u00a0
connection
\u00a0
with
\u00a0
the
\u00a0
recognition
\u00a0
of
\u00a0
the
\u00a0
impairment
\u00a0
loss,
\u00a0
the
\u00a0
useful
\u00a0
life
\u00a0
of
\u00a0
the
amortisable
\u00a0
asset
\u00a0
is
\u00a0
reassessed.
\u00a0
An
\u00a0
earlier
\u00a0
impairment
\u00a0
loss
\u00a0
recognised
\u00a0
for
\u00a0
an
\u00a0
asset
\u00a0
is
\u00a0
reversed
\u00a0
if
\u00a0
the
estimates
\u00a0
used
\u00a0
to
\u00a0
determine
\u00a0
the
\u00a0
recoverable
\u00a0
amount
\u00a0
change.
\u00a0
However,
\u00a0
any
\u00a0
reversal
\u00a0
of
\u00a0
impairment
\u00a0
shall
not
\u00a0
exceed
\u00a0
the
\u00a0
asset\u2019s
\u00a0
carrying
\u00a0
amount
\u00a0
if
\u00a0
no
\u00a0
impairment
\u00a0
loss
\u00a0
would
\u00a0
have
\u00a0
been
\u00a0
recognised.
Impairment
\u00a0
of
\u00a0
goodwill
The
\u00a0
carrying
\u00a0
amount
\u00a0
of
\u00a0
goodwill
\u00a0
allocated
\u00a0
to
\u00a0
cash
\u00a0
generating
\u00a0
units
\u00a0
(CGU)
\u00a0
is
\u00a0
reviewed
\u00a0
annually
\u00a0
for
\u00a0
signs
\u00a0
of
possible
\u00a0
impairment,
\u00a0
or
\u00a0
more
\u00a0
frequently
\u00a0
should
\u00a0
any
\u00a0
indication
\u00a0
of
\u00a0
impairment
\u00a0
arise.
\u00a0
If
\u00a0
any
\u00a0
such
\u00a0
indication
exists,
\u00a0
the
\u00a0
recoverable
\u00a0
amount
\u00a0
of
\u00a0
the
\u00a0
goodwill
\u00a0
is
\u00a0
estimated.
\u00a0
In
\u00a0
order
\u00a0
to
\u00a0
define
\u00a0
a
\u00a0
possible
\u00a0
impairment,
\u00a0
the
Group\u2019s
\u00a0
assets
\u00a0
are
\u00a0
divided
\u00a0
into
\u00a0
the
\u00a0
smallest
\u00a0
possible
\u00a0
cash
\u00a0
generating
\u00a0
units,
\u00a0
which
\u00a0
are
\u00a0
mainly
\u00a0
independent
of
\u00a0
other
\u00a0
units,
\u00a0
and
\u00a0
the
\u00a0
cash
\u00a0
flows
\u00a0
of
\u00a0
which
\u00a0
are
\u00a0
separately
\u00a0
identifiable
\u00a0
and
\u00a0
to
\u00a0
a
\u00a0
large
\u00a0
extent
\u00a0
independent
\u00a0
of
the
\u00a0
cash
\u00a0
flows
\u00a0
of
\u00a0
other
\u00a0
similar
\u00a0
units.
An
\u00a0
impairment
\u00a0
loss
\u00a0
is
\u00a0
recognised
\u00a0
when
\u00a0
the
\u00a0
carrying
\u00a0
amount
\u00a0
of
\u00a0
an
\u00a0
asset
\u00a0
is
\u00a0
greater
\u00a0
than
\u00a0
its
\u00a0
recoverable
amount.
\u00a0
The
\u00a0
recoverable
\u00a0
amount
\u00a0
is
\u00a0
the
\u00a0
higher
\u00a0
of
\u00a0
an
\u00a0
asset\u2019s
\u00a0
fair
\u00a0
value
\u00a0
less
\u00a0
costs
\u00a0
to
\u00a0
sell
\u00a0
and
\u00a0
its
\u00a0
value
\u00a0
in
\u00a0
use.
The
\u00a0
value
\u00a0
in
\u00a0
use
\u00a0
for
\u00a0
goodwill
\u00a0
is
\u00a0
based
\u00a0
on
\u00a0
the
\u00a0
expected
\u00a0
discounted
\u00a0
future
\u00a0
net
\u00a0
cash
\u00a0
flows
\u00a0
resulting
\u00a0
from
\u00a0
the
asset
\u00a0
or
\u00a0
cash
\u00a0
generating
\u00a0
unit.
A
\u00a0
pre-tax
\u00a0
rate,
\u00a0
which
\u00a0
reflects
\u00a0
the
\u00a0
markets\u2019
\u00a0
position
\u00a0
on
\u00a0
the
\u00a0
time
\u00a0
value
\u00a0
of
\u00a0
money
\u00a0
and
\u00a0
asset-specific
\u00a0
risks,
\u00a0
is
used
\u00a0
as
\u00a0
the
\u00a0
discount
\u00a0
rate.
An
\u00a0
impairment
\u00a0
loss
\u00a0
is
\u00a0
recognised
\u00a0
immediately
\u00a0
as
\u00a0
depreciation,
\u00a0
amortisation
\u00a0
and
\u00a0
impairment
\u00a0
in
\u00a0
the
statement
\u00a0
of
\u00a0
income.
\u00a0
An
\u00a0
impairment
\u00a0
loss
\u00a0
recognised
\u00a0
for
\u00a0
goodwill
\u00a0
is
\u00a0
not
\u00a0
reversed
\u00a0
under
\u00a0
any
\u00a0
circumstances.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:743700G7A9J1PHM3X223", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "ID_18": { "value": "
Impairment
MEUR
2022
2021
Impairment
\u00a0
on
\u00a0
1
\u00a0
January
79
61
Money
\u00a0
received
-8
-13
Increase
\u00a0
in
\u00a0
loss
\u00a0
allowance
\u00a0
recognised
19
38
Receivables
\u00a0
written
\u00a0
off
\u00a0
during
\u00a0
the
\u00a0
period
\u00a0
as
\u00a0
uncollectible
-2
-6
Impairment
\u00a0
on
\u00a0
31
\u00a0
December
87
79
", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:743700G7A9J1PHM3X223", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "ID_59": { "value": "
4.3.
\u00a0
OTHER
\u00a0
RECEIVABLES
Accounting
\u00a0
principles
Other
\u00a0
receivables
\u00a0
are
\u00a0
recognised
\u00a0
at
\u00a0
amortised
\u00a0
cost.
*
\u00a0
Other
\u00a0
receivables
\u00a0
include
\u00a0
payroll
\u00a0
related
\u00a0
tax
\u00a0
receivables
\u00a0
of
\u00a0
EUR
\u00a0
8
\u00a0
million
\u00a0
(7)
\u00a0
in
\u00a0
Brazil,
\u00a0
which
\u00a0
are
\u00a0
not
\u00a0
likely
\u00a0
to
be
\u00a0
utilised
\u00a0
within
\u00a0
a
\u00a0
year.
MEUR
2022
2021
Derivatives
59
17
Interest
\u00a0
and
\u00a0
other
\u00a0
financial
\u00a0
items
3
5
Insurance
\u00a0
receivables
3
3
Rental
\u00a0
accruals
4
2
Prepaid
\u00a0
expenses
2
3
Other
\u00a0
accruals
42
34
Loan
\u00a0
receivables
1
2
Defined
\u00a0
benefit
\u00a0
plans
17
6
VAT
\u00a0
receivables
170
134
Other*
64
57
Total
366
263
Non-current
57
17
Current
309
246
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:743700G7A9J1PHM3X223", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "ID_61": { "value": "
4.4.
\u00a0
TRADE
\u00a0
PAYABLES
\u00a0
AND
\u00a0
OTHER
\u00a0
LIABILITIES
Accounting
\u00a0
principles
Trade
\u00a0
payables
\u00a0
and
\u00a0
other
\u00a0
liabilities
\u00a0
are
\u00a0
initially
\u00a0
recognised
\u00a0
at
\u00a0
fair
\u00a0
value
\u00a0
and
\u00a0
subsequently
\u00a0
measured
\u00a0
at
amortised
\u00a0
cost.
*
\u00a0
EUR
\u00a0
511
\u00a0
million
\u00a0
(299)
\u00a0
of
\u00a0
the
\u00a0
trade
\u00a0
payables
\u00a0
were
\u00a0
eligible
\u00a0
for
\u00a0
Supply
\u00a0
Chain
\u00a0
Finance
\u00a0
programmes
\u00a0
provided
\u00a0
by
banks
\u00a0
to
\u00a0
W\u00e4rtsil\u00e4\u2019s
\u00a0
suppliers.
MEUR
2022
2021
Trade
\u00a0
payables*
1,041
714
Accrued
\u00a0
expenses
286
313
Personnel
\u00a0
costs
143
179
Derivatives
18
23
Interest
\u00a0
and
\u00a0
other
\u00a0
financial
\u00a0
items
5
5
Other
\u00a0
accruals
39
34
VAT
\u00a0
liabilities
43
54
Other
106
68
Total
1,683
1,390
Non-current
5
1
Current
1,677
1,390
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:743700G7A9J1PHM3X223", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "ID_60": { "value": "
Accounting
\u00a0
principles
Trade
\u00a0
payables
\u00a0
and
\u00a0
other
\u00a0
liabilities
\u00a0
are
\u00a0
initially
\u00a0
recognised
\u00a0
at
\u00a0
fair
\u00a0
value
\u00a0
and
\u00a0
subsequently
\u00a0
measured
\u00a0
at
amortised
\u00a0
cost.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:743700G7A9J1PHM3X223", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "ID_63": { "value": "
4.5.
\u00a0
PROVISIONS
Accounting
\u00a0
principles
Provisions
\u00a0
are
\u00a0
recognised
\u00a0
in
\u00a0
the
\u00a0
statement
\u00a0
of
\u00a0
financial
\u00a0
position
\u00a0
when
\u00a0
the
\u00a0
Group
\u00a0
has
\u00a0
a
\u00a0
present
\u00a0
legal
\u00a0
or
constructive
\u00a0
obligation
\u00a0
as
\u00a0
a
\u00a0
result
\u00a0
of
\u00a0
a
\u00a0
past
\u00a0
event,
\u00a0
and
\u00a0
it
\u00a0
is
\u00a0
probable
\u00a0
that
\u00a0
an
\u00a0
outflow
\u00a0
of
\u00a0
economic
\u00a0
benefits
\u00a0
will
be
\u00a0
required
\u00a0
to
\u00a0
settle
\u00a0
the
\u00a0
obligation
\u00a0
and
\u00a0
a
\u00a0
reliable
\u00a0
estimate
\u00a0
can
\u00a0
be
\u00a0
made
\u00a0
of
\u00a0
the
\u00a0
amount
\u00a0
of
\u00a0
the
\u00a0
obligation.
Provisions
\u00a0
can
\u00a0
arise,
\u00a0
for
\u00a0
example,
\u00a0
from
\u00a0
warranties,
\u00a0
environmental
\u00a0
risks,
\u00a0
litigation,
\u00a0
foreseeable
\u00a0
losses
\u00a0
on
projects,
\u00a0
and
\u00a0
restructuring
\u00a0
costs.
\u00a0
The
\u00a0
amount
\u00a0
to
\u00a0
be
\u00a0
recognised
\u00a0
as
\u00a0
provisions
\u00a0
corresponds
\u00a0
to
\u00a0
the
management\u2019s
\u00a0
best
\u00a0
estimate
\u00a0
of
\u00a0
the
\u00a0
expenses
\u00a0
that
\u00a0
will
\u00a0
be
\u00a0
necessary
\u00a0
to
\u00a0
meet
\u00a0
the
\u00a0
existing
\u00a0
obligation
\u00a0
at
\u00a0
the
end
\u00a0
of
\u00a0
the
\u00a0
reporting
\u00a0
period.
Warranty
\u00a0
provisions
\u00a0
include
\u00a0
estimated
\u00a0
future
\u00a0
warranty
\u00a0
costs
\u00a0
relating
\u00a0
to
\u00a0
products
\u00a0
delivered.
\u00a0
The
\u00a0
amount
\u00a0
of
future
\u00a0
warranty
\u00a0
costs
\u00a0
is
\u00a0
based
\u00a0
on
\u00a0
accumulated
\u00a0
historical
\u00a0
experience.
\u00a0
Typically,
\u00a0
the
\u00a0
standard
\u00a0
warranty
period
\u00a0
is
\u00a0
one
\u00a0
year
\u00a0
from
\u00a0
the
\u00a0
delivery
\u00a0
onwards.
Onerous
\u00a0
contracts
\u00a0
are
\u00a0
contracts
\u00a0
in
\u00a0
which
\u00a0
the
\u00a0
unavoidable
\u00a0
costs
\u00a0
of
\u00a0
meeting
\u00a0
the
\u00a0
obligations
\u00a0
exceed
\u00a0
the
economic
\u00a0
benefits
\u00a0
expected.
\u00a0
The
\u00a0
present
\u00a0
obligation
\u00a0
under
\u00a0
the
\u00a0
contract
\u00a0
is
\u00a0
measured
\u00a0
and
\u00a0
a
\u00a0
provision
\u00a0
is
recognised
\u00a0
to
\u00a0
reflect
\u00a0
the
\u00a0
expected
\u00a0
loss.
Provisions
\u00a0
for
\u00a0
restructuring
\u00a0
costs
\u00a0
are
\u00a0
made
\u00a0
once
\u00a0
the
\u00a0
restructuring
\u00a0
plan
\u00a0
has
\u00a0
been
\u00a0
approved
\u00a0
and
\u00a0
the
implementation
\u00a0
started,
\u00a0
or
\u00a0
the
\u00a0
personnel
\u00a0
concerned
\u00a0
have
\u00a0
been
\u00a0
informed
\u00a0
of
\u00a0
the
\u00a0
terms.
\u00a0
The
\u00a0
plan
\u00a0
must
indicate
\u00a0
which
\u00a0
activities
\u00a0
and
\u00a0
personnel
\u00a0
will
\u00a0
be
\u00a0
affected,
\u00a0
as
\u00a0
well
\u00a0
as
\u00a0
the
\u00a0
timing
\u00a0
and
\u00a0
cost
\u00a0
of
\u00a0
implementation.
The
\u00a0
Group
\u00a0
is
\u00a0
a
\u00a0
defendant
\u00a0
in
\u00a0
a
\u00a0
number
\u00a0
of
\u00a0
legal
\u00a0
cases
\u00a0
which
\u00a0
arise
\u00a0
out
\u00a0
of,
\u00a0
or
\u00a0
are
\u00a0
incidental
\u00a0
to,
\u00a0
the
\u00a0
ordinary
course
\u00a0
of
\u00a0
its
\u00a0
business.
\u00a0
These
\u00a0
lawsuits
\u00a0
concern
\u00a0
mainly
\u00a0
issues,
\u00a0
such
\u00a0
as
\u00a0
contractual
\u00a0
and
\u00a0
other
\u00a0
liability,
\u00a0
labour
relations,
\u00a0
property
\u00a0
damage
\u00a0
and
\u00a0
regulatory
\u00a0
matters.
\u00a0
The
\u00a0
Group
\u00a0
receives
\u00a0
from
\u00a0
time
\u00a0
to
\u00a0
time
\u00a0
claims
\u00a0
of
\u00a0
different
amounts
\u00a0
and
\u00a0
with
\u00a0
varying
\u00a0
degrees
\u00a0
of
\u00a0
substantiation.
\u00a0
It
\u00a0
is
\u00a0
the
\u00a0
Group\u2019s
\u00a0
policy
\u00a0
to
\u00a0
provide
\u00a0
for
\u00a0
amounts
\u00a0
related
to
\u00a0
the
\u00a0
claims,
\u00a0
as
\u00a0
well
\u00a0
as
\u00a0
for
\u00a0
the
\u00a0
litigation
\u00a0
and
\u00a0
arbitration
\u00a0
matters
\u00a0
when
\u00a0
an
\u00a0
unfavourable
\u00a0
outcome
\u00a0
is
\u00a0
probable
and
\u00a0
the
\u00a0
amount
\u00a0
of
\u00a0
loss
\u00a0
can
\u00a0
be
\u00a0
reasonably
\u00a0
estimated.
Accounting
\u00a0
estimates
\u00a0
and
\u00a0
judgements
The
\u00a0
Group
\u00a0
is
\u00a0
a
\u00a0
defendant
\u00a0
in
\u00a0
a
\u00a0
number
\u00a0
of
\u00a0
legal
\u00a0
cases
\u00a0
arising
\u00a0
from
\u00a0
its
\u00a0
business
\u00a0
operations.
\u00a0
A
\u00a0
provision
\u00a0
for
\u00a0
a
court
\u00a0
case
\u00a0
is
\u00a0
recognised
\u00a0
when
\u00a0
an
\u00a0
unfavourable
\u00a0
result
\u00a0
is
\u00a0
probable,
\u00a0
and
\u00a0
the
\u00a0
loss
\u00a0
can
\u00a0
be
\u00a0
determined
\u00a0
with
reasonable
\u00a0
certainty.
\u00a0
The
\u00a0
final
\u00a0
result
\u00a0
can
\u00a0
differ
\u00a0
from
\u00a0
these
\u00a0
estimates.
2022
Provisions
\u00a0
resulting
\u00a0
from
\u00a0
the
\u00a0
impacts
\u00a0
of
\u00a0
Russia-Ukraine
\u00a0
war
\u00a0
amount
\u00a0
to
\u00a0
EUR
\u00a0
23
\u00a0
million
\u00a0
in
\u00a0
total.
\u00a0
These
\u00a0
include
provisions
\u00a0
concerning
\u00a0
foreseeable
\u00a0
losses,
\u00a0
restructuring,
\u00a0
litigation,
\u00a0
and
\u00a0
other
\u00a0
provisions.
\u00a0
Provisions
\u00a0
for
restructuring
\u00a0
include
\u00a0
EUR
\u00a0
47
\u00a0
million
\u00a0
related
\u00a0
to
\u00a0
the
\u00a0
ramp-down
\u00a0
of
\u00a0
manufacturing
\u00a0
in
\u00a0
Trieste,
\u00a0
Italy.
There
\u00a0
is
\u00a0
currently
\u00a0
one
\u00a0
unusually
\u00a0
sizeable
\u00a0
claim,
\u00a0
but
\u00a0
it
\u00a0
is
\u00a0
highly
\u00a0
unlikely
\u00a0
that
\u00a0
the
\u00a0
outcome
\u00a0
of
\u00a0
it
\u00a0
will
\u00a0
be
unfavourable.
MEUR
Litigation
Warranties
Onerous
\u00a0
contracts
Restruc-
turing
Other
\u00a0
provisions
Total
Provisions
\u00a0
on
\u00a0
1
\u00a0
January
\u00a0
2022
10
162
65
7
70
314
Changes
\u00a0
in
\u00a0
exchange
\u00a0
rates
0
-2
-1
0
0
-2
Disposals
0
0
0
0
0
-1
Additions
10
47
122
59
27
266
Used
\u00a0
provisions
-8
-53
-93
-3
-14
-171
Released
\u00a0
provisions
0
0
-5
-1
-3
-9
Provisions
\u00a0
on
\u00a0
31
\u00a0
December
\u00a0
2022
12
155
88
62
80
397
Non-current
85
Current
311
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:743700G7A9J1PHM3X223", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "ID_62": { "value": "
Accounting
\u00a0
principles
Provisions
\u00a0
are
\u00a0
recognised
\u00a0
in
\u00a0
the
\u00a0
statement
\u00a0
of
\u00a0
financial
\u00a0
position
\u00a0
when
\u00a0
the
\u00a0
Group
\u00a0
has
\u00a0
a
\u00a0
present
\u00a0
legal
\u00a0
or
constructive
\u00a0
obligation
\u00a0
as
\u00a0
a
\u00a0
result
\u00a0
of
\u00a0
a
\u00a0
past
\u00a0
event,
\u00a0
and
\u00a0
it
\u00a0
is
\u00a0
probable
\u00a0
that
\u00a0
an
\u00a0
outflow
\u00a0
of
\u00a0
economic
\u00a0
benefits
\u00a0
will
be
\u00a0
required
\u00a0
to
\u00a0
settle
\u00a0
the
\u00a0
obligation
\u00a0
and
\u00a0
a
\u00a0
reliable
\u00a0
estimate
\u00a0
can
\u00a0
be
\u00a0
made
\u00a0
of
\u00a0
the
\u00a0
amount
\u00a0
of
\u00a0
the
\u00a0
obligation.
Provisions
\u00a0
can
\u00a0
arise,
\u00a0
for
\u00a0
example,
\u00a0
from
\u00a0
warranties,
\u00a0
environmental
\u00a0
risks,
\u00a0
litigation,
\u00a0
foreseeable
\u00a0
losses
\u00a0
on
projects,
\u00a0
and
\u00a0
restructuring
\u00a0
costs.
\u00a0
The
\u00a0
amount
\u00a0
to
\u00a0
be
\u00a0
recognised
\u00a0
as
\u00a0
provisions
\u00a0
corresponds
\u00a0
to
\u00a0
the
management\u2019s
\u00a0
best
\u00a0
estimate
\u00a0
of
\u00a0
the
\u00a0
expenses
\u00a0
that
\u00a0
will
\u00a0
be
\u00a0
necessary
\u00a0
to
\u00a0
meet
\u00a0
the
\u00a0
existing
\u00a0
obligation
\u00a0
at
\u00a0
the
end
\u00a0
of
\u00a0
the
\u00a0
reporting
\u00a0
period.
Warranty
\u00a0
provisions
\u00a0
include
\u00a0
estimated
\u00a0
future
\u00a0
warranty
\u00a0
costs
\u00a0
relating
\u00a0
to
\u00a0
products
\u00a0
delivered.
\u00a0
The
\u00a0
amount
\u00a0
of
future
\u00a0
warranty
\u00a0
costs
\u00a0
is
\u00a0
based
\u00a0
on
\u00a0
accumulated
\u00a0
historical
\u00a0
experience.
\u00a0
Typically,
\u00a0
the
\u00a0
standard
\u00a0
warranty
period
\u00a0
is
\u00a0
one
\u00a0
year
\u00a0
from
\u00a0
the
\u00a0
delivery
\u00a0
onwards.
Onerous
\u00a0
contracts
\u00a0
are
\u00a0
contracts
\u00a0
in
\u00a0
which
\u00a0
the
\u00a0
unavoidable
\u00a0
costs
\u00a0
of
\u00a0
meeting
\u00a0
the
\u00a0
obligations
\u00a0
exceed
\u00a0
the
economic
\u00a0
benefits
\u00a0
expected.
\u00a0
The
\u00a0
present
\u00a0
obligation
\u00a0
under
\u00a0
the
\u00a0
contract
\u00a0
is
\u00a0
measured
\u00a0
and
\u00a0
a
\u00a0
provision
\u00a0
is
recognised
\u00a0
to
\u00a0
reflect
\u00a0
the
\u00a0
expected
\u00a0
loss.
Provisions
\u00a0
for
\u00a0
restructuring
\u00a0
costs
\u00a0
are
\u00a0
made
\u00a0
once
\u00a0
the
\u00a0
restructuring
\u00a0
plan
\u00a0
has
\u00a0
been
\u00a0
approved
\u00a0
and
\u00a0
the
implementation
\u00a0
started,
\u00a0
or
\u00a0
the
\u00a0
personnel
\u00a0
concerned
\u00a0
have
\u00a0
been
\u00a0
informed
\u00a0
of
\u00a0
the
\u00a0
terms.
\u00a0
The
\u00a0
plan
\u00a0
must
indicate
\u00a0
which
\u00a0
activities
\u00a0
and
\u00a0
personnel
\u00a0
will
\u00a0
be
\u00a0
affected,
\u00a0
as
\u00a0
well
\u00a0
as
\u00a0
the
\u00a0
timing
\u00a0
and
\u00a0
cost
\u00a0
of
\u00a0
implementation.
The
\u00a0
Group
\u00a0
is
\u00a0
a
\u00a0
defendant
\u00a0
in
\u00a0
a
\u00a0
number
\u00a0
of
\u00a0
legal
\u00a0
cases
\u00a0
which
\u00a0
arise
\u00a0
out
\u00a0
of,
\u00a0
or
\u00a0
are
\u00a0
incidental
\u00a0
to,
\u00a0
the
\u00a0
ordinary
course
\u00a0
of
\u00a0
its
\u00a0
business.
\u00a0
These
\u00a0
lawsuits
\u00a0
concern
\u00a0
mainly
\u00a0
issues,
\u00a0
such
\u00a0
as
\u00a0
contractual
\u00a0
and
\u00a0
other
\u00a0
liability,
\u00a0
labour
relations,
\u00a0
property
\u00a0
damage
\u00a0
and
\u00a0
regulatory
\u00a0
matters.
\u00a0
The
\u00a0
Group
\u00a0
receives
\u00a0
from
\u00a0
time
\u00a0
to
\u00a0
time
\u00a0
claims
\u00a0
of
\u00a0
different
amounts
\u00a0
and
\u00a0
with
\u00a0
varying
\u00a0
degrees
\u00a0
of
\u00a0
substantiation.
\u00a0
It
\u00a0
is
\u00a0
the
\u00a0
Group\u2019s
\u00a0
policy
\u00a0
to
\u00a0
provide
\u00a0
for
\u00a0
amounts
\u00a0
related
to
\u00a0
the
\u00a0
claims,
\u00a0
as
\u00a0
well
\u00a0
as
\u00a0
for
\u00a0
the
\u00a0
litigation
\u00a0
and
\u00a0
arbitration
\u00a0
matters
\u00a0
when
\u00a0
an
\u00a0
unfavourable
\u00a0
outcome
\u00a0
is
\u00a0
probable
and
\u00a0
the
\u00a0
amount
\u00a0
of
\u00a0
loss
\u00a0
can
\u00a0
be
\u00a0
reasonably
\u00a0
estimated.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:743700G7A9J1PHM3X223", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "ID_64": { "value": "
2021
MEUR
Litigation
Warranties
Onerous
\u00a0
contracts
Restruc-
turing
Other
\u00a0
provisions
Total
Provisions
\u00a0
on
\u00a0
1
\u00a0
January
\u00a0
2021
10
174
80
9
50
324
Changes
\u00a0
in
\u00a0
exchange
\u00a0
rates
3
2
1
6
Additions
6
43
76
9
41
176
Used
\u00a0
provisions
-6
-58
-85
-10
-11
-169
Released
\u00a0
provisions
-1
-9
-1
-11
-22
Provisions
\u00a0
on
\u00a0
31
\u00a0
December
\u00a0
2021
10
162
65
7
70
314
Non-current
73
Current
241
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:743700G7A9J1PHM3X223", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00" } }, "ID_23": { "value": "
4.6.
\u00a0
DEFERRED
\u00a0
TAXES
Accounting
\u00a0
principles
Deferred
\u00a0
tax
\u00a0
liabilities
\u00a0
and
\u00a0
assets
\u00a0
are
\u00a0
calculated
\u00a0
on
\u00a0
temporary
\u00a0
differences
\u00a0
arising
\u00a0
from
\u00a0
the
\u00a0
difference
between
\u00a0
the
\u00a0
tax
\u00a0
basis
\u00a0
of
\u00a0
assets
\u00a0
and
\u00a0
liabilities,
\u00a0
and
\u00a0
the
\u00a0
carrying
\u00a0
values
\u00a0
using
\u00a0
the
\u00a0
enacted
\u00a0
or
\u00a0
substantially
enacted
\u00a0
tax
\u00a0
rates
\u00a0
at
\u00a0
the
\u00a0
end
\u00a0
of
\u00a0
the
\u00a0
reporting
\u00a0
period.
\u00a0
The
\u00a0
statement
\u00a0
of
\u00a0
financial
\u00a0
position
\u00a0
includes
\u00a0
deferred
tax
\u00a0
liabilities
\u00a0
in
\u00a0
their
\u00a0
entirety
\u00a0
and
\u00a0
deferred
\u00a0
tax
\u00a0
assets
\u00a0
at
\u00a0
their
\u00a0
estimated
\u00a0
probable
\u00a0
amount.
Deferred
\u00a0
tax
\u00a0
assets
\u00a0
and
\u00a0
liabilities
\u00a0
are
\u00a0
offset
\u00a0
when
\u00a0
there
\u00a0
is
\u00a0
a
\u00a0
legally
\u00a0
enforceable
\u00a0
right
\u00a0
to
\u00a0
offset
\u00a0
current
\u00a0
tax
assets
\u00a0
against
\u00a0
current
\u00a0
tax
\u00a0
liabilities,
\u00a0
and
\u00a0
when
\u00a0
the
\u00a0
deferred
\u00a0
tax
\u00a0
assets
\u00a0
and
\u00a0
liabilities
\u00a0
relate
\u00a0
to
\u00a0
income
\u00a0
taxes
levied
\u00a0
by
\u00a0
the
\u00a0
same
\u00a0
taxation
\u00a0
authority
\u00a0
on
\u00a0
either
\u00a0
the
\u00a0
same
\u00a0
taxable
\u00a0
entity,
\u00a0
or
\u00a0
different
\u00a0
taxable
\u00a0
entities
\u00a0
which
intend
\u00a0
to
\u00a0
settle
\u00a0
the
\u00a0
balances
\u00a0
on
\u00a0
a
\u00a0
net
\u00a0
basis.
Accounting
\u00a0
estimates
\u00a0
and
\u00a0
judgements
Estimates
\u00a0
of
\u00a0
tax
\u00a0
liabilities
\u00a0
and
\u00a0
receivables
\u00a0
relate
\u00a0
mainly
\u00a0
to
\u00a0
the
\u00a0
expected
\u00a0
result
\u00a0
of
\u00a0
ongoing
\u00a0
tax
\u00a0
audits,
\u00a0
and
\u00a0
to
the
\u00a0
recognition
\u00a0
of
\u00a0
deferred
\u00a0
tax
\u00a0
receivables
\u00a0
from
\u00a0
tax
\u00a0
losses.
\u00a0
Deferred
\u00a0
tax
\u00a0
assets
\u00a0
on
\u00a0
unutilised
\u00a0
tax
\u00a0
losses
\u00a0
and
other
\u00a0
temporary
\u00a0
differences
\u00a0
are
\u00a0
recognised
\u00a0
to
\u00a0
the
\u00a0
extent
\u00a0
it
\u00a0
is
\u00a0
highly
\u00a0
probable
\u00a0
that
\u00a0
taxable
\u00a0
profit
\u00a0
is
\u00a0
available.
No
\u00a0
deferred
\u00a0
tax
\u00a0
assets
\u00a0
are
\u00a0
recognised
\u00a0
from
\u00a0
tax
\u00a0
losses
\u00a0
when
\u00a0
there
\u00a0
is
\u00a0
uncertainty
\u00a0
of
\u00a0
their
\u00a0
utilisation.
Changes
\u00a0
in
\u00a0
deferred
\u00a0
taxes
\u00a0
during
\u00a0
2022
On
\u00a0
31
\u00a0
December
\u00a0
2022,
\u00a0
the
\u00a0
Group
\u00a0
had
\u00a0
temporary
\u00a0
differences
\u00a0
on
\u00a0
which
\u00a0
no
\u00a0
deferred
\u00a0
tax
\u00a0
assets
\u00a0
were
\u00a0
booked,
totalling
\u00a0
EUR
\u00a0
77
\u00a0
million
\u00a0
(79),
\u00a0
as
\u00a0
it
\u00a0
is
\u00a0
uncertain
\u00a0
if
\u00a0
they
\u00a0
will
\u00a0
be
\u00a0
realised.
\u00a0
Most
\u00a0
of
\u00a0
the
\u00a0
unrecognised
\u00a0
deferred
\u00a0
tax
assets
\u00a0
are
\u00a0
related
\u00a0
to
\u00a0
cumulative
\u00a0
tax
\u00a0
losses.
\u00a0
Of
\u00a0
these,
\u00a0
EUR
\u00a0
9
\u00a0
million
\u00a0
(9)
\u00a0
will
\u00a0
expire
\u00a0
within
\u00a0
the
\u00a0
next
\u00a0
five
\u00a0
years
\u00a0
and
the
\u00a0
rest
\u00a0
will
\u00a0
expire
\u00a0
later
\u00a0
or
\u00a0
never.
\u00a0
Most
\u00a0
of
\u00a0
the
\u00a0
cumulative
\u00a0
tax
\u00a0
losses
\u00a0
on
\u00a0
which
\u00a0
deferred
\u00a0
tax
\u00a0
assets
\u00a0
have
\u00a0
been
booked
\u00a0
will
\u00a0
never
\u00a0
expire.
MEUR
1
\u00a0
January
2022
Recog-
nised
\u00a0
in
\u00a0
the
\u00a0
con-
solidated
statement
of
\u00a0
income
Other
\u00a0
compre-
hensive
\u00a0
income
Transla
\u00a0
-
tion
\u00a0
dif-
ferences
Acquisi-
tions
\u00a0
and
\u00a0
disposals
31
December
2022
Deferred
\u00a0
tax
\u00a0
assets
Tax
\u00a0
loss
\u00a0
carry-forwards
39
2
0
-1
0
41
Pension
\u00a0
obligations
20
-3
-7
0
0
10
Provisions
37
25
0
0
0
62
Elimination
\u00a0
of
\u00a0
intragroup
\u00a0
margin
\u00a0
in
\u00a0
inventories
7
1
0
0
0
8
Fair
\u00a0
value
\u00a0
reserve
5
0
-4
1
0
1
Other
\u00a0
temporary
\u00a0
differences
58
17
0
-1
-1
73
Total
167
43
-11
-2
-1
195
Deferred
\u00a0
tax
\u00a0
liabilities
Intangible
\u00a0
assets
\u00a0
and
\u00a0
property,
\u00a0
plant
\u00a0
and
equipment
43
-12
0
0
32
Fair
\u00a0
value
\u00a0
reserve
0
0
4
0
0
4
Other
\u00a0
temporary
\u00a0
differences
22
7
1
0
-1
29
Total
65
-6
5
0
-1
65
Net
\u00a0
deferred
\u00a0
tax
\u00a0
assets/liabilities
101
49
-16
-2
0
130
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:743700G7A9J1PHM3X223", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "ID_65": { "value": "
Accounting
\u00a0
principles
Deferred
\u00a0
tax
\u00a0
liabilities
\u00a0
and
\u00a0
assets
\u00a0
are
\u00a0
calculated
\u00a0
on
\u00a0
temporary
\u00a0
differences
\u00a0
arising
\u00a0
from
\u00a0
the
\u00a0
difference
between
\u00a0
the
\u00a0
tax
\u00a0
basis
\u00a0
of
\u00a0
assets
\u00a0
and
\u00a0
liabilities,
\u00a0
and
\u00a0
the
\u00a0
carrying
\u00a0
values
\u00a0
using
\u00a0
the
\u00a0
enacted
\u00a0
or
\u00a0
substantially
enacted
\u00a0
tax
\u00a0
rates
\u00a0
at
\u00a0
the
\u00a0
end
\u00a0
of
\u00a0
the
\u00a0
reporting
\u00a0
period.
\u00a0
The
\u00a0
statement
\u00a0
of
\u00a0
financial
\u00a0
position
\u00a0
includes
\u00a0
deferred
tax
\u00a0
liabilities
\u00a0
in
\u00a0
their
\u00a0
entirety
\u00a0
and
\u00a0
deferred
\u00a0
tax
\u00a0
assets
\u00a0
at
\u00a0
their
\u00a0
estimated
\u00a0
probable
\u00a0
amount.
Deferred
\u00a0
tax
\u00a0
assets
\u00a0
and
\u00a0
liabilities
\u00a0
are
\u00a0
offset
\u00a0
when
\u00a0
there
\u00a0
is
\u00a0
a
\u00a0
legally
\u00a0
enforceable
\u00a0
right
\u00a0
to
\u00a0
offset
\u00a0
current
\u00a0
tax
assets
\u00a0
against
\u00a0
current
\u00a0
tax
\u00a0
liabilities,
\u00a0
and
\u00a0
when
\u00a0
the
\u00a0
deferred
\u00a0
tax
\u00a0
assets
\u00a0
and
\u00a0
liabilities
\u00a0
relate
\u00a0
to
\u00a0
income
\u00a0
taxes
levied
\u00a0
by
\u00a0
the
\u00a0
same
\u00a0
taxation
\u00a0
authority
\u00a0
on
\u00a0
either
\u00a0
the
\u00a0
same
\u00a0
taxable
\u00a0
entity,
\u00a0
or
\u00a0
different
\u00a0
taxable
\u00a0
entities
\u00a0
which
intend
\u00a0
to
\u00a0
settle
\u00a0
the
\u00a0
balances
\u00a0
on
\u00a0
a
\u00a0
net
\u00a0
basis.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTaxesOtherThanIncomeTaxExplanatory", "language": "en", "entity": "scheme:743700G7A9J1PHM3X223", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "ID_22": { "value": "
Changes
\u00a0
in
\u00a0
deferred
\u00a0
taxes
\u00a0
during
\u00a0
2021
MEUR
1
\u00a0
January
2021
Recog-
nised
\u00a0
in
\u00a0
the
\u00a0
con-
solidated
statement
of
\u00a0
income
Other
\u00a0
compre-
hensive
\u00a0
income
Transla
\u00a0
-
tion
\u00a0
dif-
ferences
Acquisi-
tions
31
December
2021
Deferred
\u00a0
tax
\u00a0
assets
Tax
\u00a0
loss
\u00a0
carry-forwards
58
-19
39
Pension
\u00a0
obligations
25
-2
-2
-1
20
Provisions
36
1
37
Elimination
\u00a0
of
\u00a0
intragroup
\u00a0
margin
\u00a0
in
\u00a0
inventories
7
7
Fair
\u00a0
value
\u00a0
reserve
6
-2
1
5
Other
\u00a0
temporary
\u00a0
differences
63
4
1
-10
58
Reclassification
\u00a0
to
\u00a0
assets
\u00a0
held
\u00a0
for
\u00a0
sale
-12
12
Total
183
-17
-4
3
167
Deferred
\u00a0
tax
\u00a0
liabilities
Intangible
\u00a0
assets
\u00a0
and
\u00a0
property,
\u00a0
plant
\u00a0
and
equipment
50
-7
1
-1
43
Fair
\u00a0
value
\u00a0
reserve
2
-2
Other
\u00a0
temporary
\u00a0
differences
36
-5
1
-10
22
Reclassification
\u00a0
to
\u00a0
assets
\u00a0
held
\u00a0
for
\u00a0
sale
-12
12
Total
76
-12
-2
2
65
Net
\u00a0
deferred
\u00a0
tax
\u00a0
assets/liabilities
107
-5
-2
1
101
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:743700G7A9J1PHM3X223", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00" } }, "ID_67": { "value": "
4.7.
\u00a0
PENSION
\u00a0
OBLIGATIONS
Accounting
\u00a0
principles
Group
\u00a0
companies
\u00a0
in
\u00a0
different
\u00a0
countries
\u00a0
have
\u00a0
various
\u00a0
pension
\u00a0
plans
\u00a0
in
\u00a0
accordance
\u00a0
with
\u00a0
local
\u00a0
conditions
\u00a0
and
practices.
\u00a0
These
\u00a0
pension
\u00a0
plans
\u00a0
are
\u00a0
classified
\u00a0
either
\u00a0
as
\u00a0
defined
\u00a0
contribution
\u00a0
or
\u00a0
defined
\u00a0
benefit
\u00a0
plans.
Defined
\u00a0
benefit
\u00a0
plans
\u00a0
are
\u00a0
funded
\u00a0
through
\u00a0
contributions
\u00a0
to
\u00a0
pension
\u00a0
funds
\u00a0
or
\u00a0
pension
\u00a0
insurance
\u00a0
companies.
Defined
\u00a0
benefit
\u00a0
plans
\u00a0
may
\u00a0
be
\u00a0
unfunded
\u00a0
or
\u00a0
wholly
\u00a0
or
\u00a0
partly
\u00a0
funded.
\u00a0
The
\u00a0
present
\u00a0
value
\u00a0
of
\u00a0
the
\u00a0
obligation
arising
\u00a0
from
\u00a0
the
\u00a0
defined
\u00a0
benefit
\u00a0
plans
\u00a0
is
\u00a0
determined
\u00a0
per
\u00a0
each
\u00a0
plan
\u00a0
using
\u00a0
actuarial
\u00a0
techniques,
\u00a0
the
\u00a0
projected
unit
\u00a0
credit
\u00a0
method.
\u00a0
The
\u00a0
Group
\u00a0
recognises
\u00a0
the
\u00a0
defined
\u00a0
benefit
\u00a0
obligation,
\u00a0
net
\u00a0
of
\u00a0
fair
\u00a0
value
\u00a0
of
\u00a0
the
\u00a0
plan
\u00a0
assets,
at
\u00a0
the
\u00a0
end
\u00a0
of
\u00a0
the
\u00a0
financial
\u00a0
period.
Actuarial
\u00a0
gains
\u00a0
and
\u00a0
losses
\u00a0
and
\u00a0
other
\u00a0
re-measurements
\u00a0
of
\u00a0
the
\u00a0
net
\u00a0
defined
\u00a0
benefit
\u00a0
obligation
\u00a0
are
\u00a0
recognised
immediately
\u00a0
in
\u00a0
the
\u00a0
statement
\u00a0
of
\u00a0
other
\u00a0
comprehensive
\u00a0
income.
\u00a0
Current
\u00a0
service
\u00a0
cost
\u00a0
is
\u00a0
the
\u00a0
present
\u00a0
value
\u00a0
of
the
\u00a0
post-employment
\u00a0
benefit,
\u00a0
which
\u00a0
is
\u00a0
earned
\u00a0
by
\u00a0
the
\u00a0
employees
\u00a0
during
\u00a0
the
\u00a0
year.
\u00a0
The
\u00a0
Group
\u00a0
determines
\u00a0
the
net
\u00a0
interest
\u00a0
expense
\u00a0
on
\u00a0
the
\u00a0
net
\u00a0
defined
\u00a0
benefit
\u00a0
plan
\u00a0
by
\u00a0
applying
\u00a0
the
\u00a0
discount
\u00a0
rate
\u00a0
used
\u00a0
to
\u00a0
measure
\u00a0
the
defined
\u00a0
benefit
\u00a0
obligation.
\u00a0
Service
\u00a0
cost
\u00a0
is
\u00a0
recognised
\u00a0
in
\u00a0
employee
\u00a0
benefit
\u00a0
expenses
\u00a0
and
\u00a0
the
\u00a0
net
\u00a0
interest
\u00a0
in
financial
\u00a0
expenses.
\u00a0
The
\u00a0
defined
\u00a0
benefit
\u00a0
plans
\u00a0
are
\u00a0
calculated
\u00a0
by
\u00a0
qualified
\u00a0
actuaries.
In
\u00a0
addition
\u00a0
to
\u00a0
defined
\u00a0
benefit
\u00a0
plans,
\u00a0
W\u00e4rtsil\u00e4
\u00a0
has
\u00a0
other
\u00a0
long-term
\u00a0
employee
\u00a0
benefits,
\u00a0
which
\u00a0
are
\u00a0
presented
separately
\u00a0
from
\u00a0
the
\u00a0
defined
\u00a0
benefit
\u00a0
plans.
\u00a0
As
\u00a0
with
\u00a0
the
\u00a0
accounting
\u00a0
for
\u00a0
a
\u00a0
defined
\u00a0
benefit
\u00a0
plan,
\u00a0
for
\u00a0
any
\u00a0
other
long-term
\u00a0
benefit
\u00a0
the
\u00a0
Group
\u00a0
recognises
\u00a0
a
\u00a0
liability
\u00a0
for
\u00a0
the
\u00a0
obligation,
\u00a0
net
\u00a0
of
\u00a0
the
\u00a0
fair
\u00a0
value
\u00a0
of
\u00a0
the
\u00a0
plan
\u00a0
assets,
\u00a0
if
any.
\u00a0
Changes
\u00a0
in
\u00a0
other
\u00a0
long-term
\u00a0
employee
\u00a0
benefits
\u00a0
are
\u00a0
recognised
\u00a0
in
\u00a0
the
\u00a0
statement
\u00a0
of
\u00a0
income.
Accounting
\u00a0
principles
\u00a0
for
\u00a0
defined
\u00a0
contribution
\u00a0
plans
\u00a0
are
\u00a0
presented
\u00a0
in
\u00a0
Note
\u00a0
2.5.
\u00a0
Employee
\u00a0
benefit
\u00a0
expenses.
Accounting
\u00a0
estimates
\u00a0
and
\u00a0
judgements
Estimates
\u00a0
of
\u00a0
pension
\u00a0
obligations
\u00a0
regarding
\u00a0
each
\u00a0
defined
\u00a0
benefit
\u00a0
plan
\u00a0
are
\u00a0
based
\u00a0
on
\u00a0
actuarial
\u00a0
estimates
\u00a0
of
factors,
\u00a0
including
\u00a0
future
\u00a0
salary
\u00a0
increases,
\u00a0
discount
\u00a0
rates,
\u00a0
and
\u00a0
return
\u00a0
on
\u00a0
plan
\u00a0
assets.
\u00a0
Changes
\u00a0
in
\u00a0
these
assumptions
\u00a0
can
\u00a0
significantly
\u00a0
affect
\u00a0
the
\u00a0
Group\u2019s
\u00a0
pension
\u00a0
obligations
\u00a0
and
\u00a0
pension
\u00a0
costs.
W\u00e4rtsil\u00e4
\u00a0
has
\u00a0
defined
\u00a0
benefit
\u00a0
plans
\u00a0
for
\u00a0
its
\u00a0
employees
\u00a0
mainly
\u00a0
in
\u00a0
Europe
\u00a0
and
\u00a0
Asia.
\u00a0
The
\u00a0
major
\u00a0
plans
\u00a0
are
\u00a0
located
\u00a0
in
Switzerland,
\u00a0
Germany,
\u00a0
United
\u00a0
Kingdom
\u00a0
and
\u00a0
Sweden.
\u00a0
The
\u00a0
Swiss
\u00a0
defined
\u00a0
benefit
\u00a0
plan
\u00a0
accounts
\u00a0
for
\u00a0
38%
\u00a0
of
\u00a0
the
Group's
\u00a0
total
\u00a0
defined
\u00a0
benefit
\u00a0
obligations
\u00a0
and
\u00a0
61%
\u00a0
of
\u00a0
the
\u00a0
plans'
\u00a0
assets.
\u00a0
Most
\u00a0
of
\u00a0
the
\u00a0
plans
\u00a0
provide
\u00a0
a
\u00a0
lifetime
pension
\u00a0
to
\u00a0
the
\u00a0
members
\u00a0
at
\u00a0
the
\u00a0
normal
\u00a0
retirement
\u00a0
age,
\u00a0
but
\u00a0
there
\u00a0
are
\u00a0
also
\u00a0
plans
\u00a0
that
\u00a0
provide
\u00a0
a
\u00a0
lump
\u00a0
sum
payment
\u00a0
at
\u00a0
the
\u00a0
retirement
\u00a0
date.
\u00a0
Most
\u00a0
of
\u00a0
these
\u00a0
defined
\u00a0
benefit
\u00a0
pension
\u00a0
plans
\u00a0
are
\u00a0
managed
\u00a0
by
\u00a0
pension
\u00a0
funds.
Their
\u00a0
assets
\u00a0
are
\u00a0
not
\u00a0
included
\u00a0
in
\u00a0
the
\u00a0
Group's
\u00a0
assets.
\u00a0
The
\u00a0
plans'
\u00a0
assets
\u00a0
are
\u00a0
typically
\u00a0
invested
\u00a0
according
\u00a0
to
\u00a0
the
investment
\u00a0
strategies
\u00a0
approved
\u00a0
by
\u00a0
the
\u00a0
funds'
\u00a0
Board
\u00a0
of
\u00a0
Trustees,
\u00a0
or
\u00a0
in
\u00a0
some
\u00a0
cases
\u00a0
are
\u00a0
completely
\u00a0
administered
by
\u00a0
insurance
\u00a0
companies.
\u00a0
W\u00e4rtsil\u00e4
\u00a0
Group
\u00a0
companies
\u00a0
make
\u00a0
their
\u00a0
payments
\u00a0
to
\u00a0
pension
\u00a0
funds
\u00a0
in
\u00a0
accordance
\u00a0
with
local
\u00a0
legislation
\u00a0
and
\u00a0
practice.
\u00a0
Authorised
\u00a0
actuaries
\u00a0
in
\u00a0
each
\u00a0
country
\u00a0
have
\u00a0
performed
\u00a0
the
\u00a0
actuarial
\u00a0
calculations
required
\u00a0
for
\u00a0
the
\u00a0
defined
\u00a0
benefit
\u00a0
plans.
The
\u00a0
Swiss
\u00a0
plan
W\u00e4rtsil\u00e4
\u00a0
operates
\u00a0
a
\u00a0
defined
\u00a0
benefit
\u00a0
plan
\u00a0
in
\u00a0
Switzerland
\u00a0
in
\u00a0
accordance
\u00a0
with
\u00a0
the
\u00a0
local
\u00a0
pension
\u00a0
laws
\u00a0
and
regulations.
\u00a0
The
\u00a0
plan
\u00a0
provides
\u00a0
benefits
\u00a0
to
\u00a0
the
\u00a0
members
\u00a0
in
\u00a0
the
\u00a0
form
\u00a0
of
\u00a0
a
\u00a0
pension
\u00a0
payable
\u00a0
after
\u00a0
retirement.
\u00a0
The
level
\u00a0
of
\u00a0
benefits
\u00a0
provided
\u00a0
depends
\u00a0
on
\u00a0
the
\u00a0
accrued
\u00a0
retirement
\u00a0
savings
\u00a0
capital,
\u00a0
which
\u00a0
is
\u00a0
a
\u00a0
result
\u00a0
of
\u00a0
contributions
paid
\u00a0
up
\u00a0
to
\u00a0
retirement
\u00a0
plus
\u00a0
respective
\u00a0
interest.
\u00a0
The
\u00a0
plan
\u00a0
is
\u00a0
run
\u00a0
as
\u00a0
a
\u00a0
pension
\u00a0
fund
\u00a0
by
\u00a0
the
\u00a0
Board
\u00a0
of
\u00a0
Trustees
separately
\u00a0
from
\u00a0
the
\u00a0
company.
Contributions
\u00a0
to
\u00a0
the
\u00a0
plan
\u00a0
are
\u00a0
paid
\u00a0
both
\u00a0
by
\u00a0
the
\u00a0
employees,
\u00a0
as
\u00a0
well
\u00a0
as
\u00a0
by
\u00a0
the
\u00a0
employers
\u00a0
based
\u00a0
on
\u00a0
a
\u00a0
percentage
of
\u00a0
the
\u00a0
insured
\u00a0
salary
\u00a0
as
\u00a0
defined
\u00a0
in
\u00a0
the
\u00a0
pension
\u00a0
fund
\u00a0
regulations.
\u00a0
Contributions
\u00a0
by
\u00a0
the
\u00a0
employers
\u00a0
vary
depending
\u00a0
on
\u00a0
the
\u00a0
age
\u00a0
of
\u00a0
the
\u00a0
employee,
\u00a0
and
\u00a0
cover
\u00a0
on
\u00a0
average
\u00a0
two
\u00a0
thirds
\u00a0
of
\u00a0
the
\u00a0
total
\u00a0
contributions.
The
\u00a0
investment
\u00a0
strategy
\u00a0
for
\u00a0
a
\u00a0
pension
\u00a0
fund's
\u00a0
asset
\u00a0
is
\u00a0
the
\u00a0
responsibility
\u00a0
of
\u00a0
the
\u00a0
Board
\u00a0
of
\u00a0
Trustees.
\u00a0
Assets
\u00a0
are
invested
\u00a0
in
\u00a0
accordance
\u00a0
with
\u00a0
the
\u00a0
strategy
\u00a0
and
\u00a0
the
\u00a0
corridors
\u00a0
for
\u00a0
different
\u00a0
investment
\u00a0
categories
\u00a0
as
\u00a0
defined
\u00a0
by
local
\u00a0
laws.
\u00a0
Other
\u00a0
risks
\u00a0
of
\u00a0
the
\u00a0
plan
\u00a0
are
\u00a0
the
\u00a0
longevity
\u00a0
of
\u00a0
plan
\u00a0
members,
\u00a0
as
\u00a0
well
\u00a0
as
\u00a0
the
\u00a0
death
\u00a0
or
\u00a0
disability
\u00a0
of
employees
\u00a0
before
\u00a0
their
\u00a0
retirement.
\u00a0
The
\u00a0
pension
\u00a0
plan
\u00a0
is
\u00a0
reinsured
\u00a0
for
\u00a0
the
\u00a0
risk
\u00a0
of
\u00a0
death
\u00a0
and
\u00a0
disability
\u00a0
until
\u00a0
31
December
\u00a0
2022.
\u00a0
Inflationary
\u00a0
increases
\u00a0
for
\u00a0
pensions
\u00a0
in
\u00a0
payment
\u00a0
are
\u00a0
at
\u00a0
the
\u00a0
discretion
\u00a0
of
\u00a0
the
\u00a0
Board
\u00a0
of
\u00a0
Trustees
when
\u00a0
benefits
\u00a0
paid
\u00a0
by
\u00a0
the
\u00a0
plan
\u00a0
are
\u00a0
exceeding
\u00a0
the
\u00a0
minimum
\u00a0
level
\u00a0
required
\u00a0
by
\u00a0
law.
The
\u00a0
German
\u00a0
plans
W\u00e4rtsil\u00e4
\u00a0
operates
\u00a0
defined
\u00a0
benefit
\u00a0
plans
\u00a0
in
\u00a0
Germany
\u00a0
in
\u00a0
accordance
\u00a0
with
\u00a0
local
\u00a0
pension
\u00a0
laws
\u00a0
and
\u00a0
regulations.
\u00a0
The
plans
\u00a0
provide
\u00a0
benefits
\u00a0
to
\u00a0
the
\u00a0
members
\u00a0
in
\u00a0
the
\u00a0
form
\u00a0
of
\u00a0
a
\u00a0
pension
\u00a0
payable
\u00a0
after
\u00a0
retirement.
\u00a0
The
\u00a0
level
\u00a0
of
\u00a0
benefits
provided
\u00a0
depends
\u00a0
on
\u00a0
the
\u00a0
accrued
\u00a0
retirement
\u00a0
savings
\u00a0
capital,
\u00a0
which
\u00a0
is
\u00a0
a
\u00a0
result
\u00a0
of
\u00a0
contributions
\u00a0
paid
\u00a0
up
\u00a0
to
retirement
\u00a0
plus
\u00a0
respective
\u00a0
interest.
\u00a0
The
\u00a0
plans
\u00a0
vary
\u00a0
from
\u00a0
unfunded
\u00a0
plans,
\u00a0
to
\u00a0
a
\u00a0
plan
\u00a0
run
\u00a0
as
\u00a0
a
\u00a0
pension
\u00a0
fund.
In
\u00a0
some
\u00a0
of
\u00a0
the
\u00a0
plans,
\u00a0
contributions
\u00a0
are
\u00a0
paid
\u00a0
to
\u00a0
the
\u00a0
plan,
\u00a0
both
\u00a0
by
\u00a0
the
\u00a0
employees
\u00a0
and
\u00a0
the
\u00a0
employers
\u00a0
based
\u00a0
on
\u00a0
a
percentage
\u00a0
of
\u00a0
the
\u00a0
insured
\u00a0
salary
\u00a0
as
\u00a0
defined
\u00a0
in
\u00a0
the
\u00a0
pension
\u00a0
fund
\u00a0
regulations.
\u00a0
However,
\u00a0
in
\u00a0
some
\u00a0
plans
\u00a0
only
\u00a0
the
employer
\u00a0
is
\u00a0
obliged
\u00a0
to
\u00a0
make
\u00a0
the
\u00a0
payments.
\u00a0
Contributions
\u00a0
by
\u00a0
the
\u00a0
employers
\u00a0
vary
\u00a0
depending
\u00a0
on
\u00a0
the
\u00a0
age
\u00a0
of
\u00a0
the
employee,
\u00a0
the
\u00a0
duration
\u00a0
of
\u00a0
the
\u00a0
employment,
\u00a0
and
\u00a0
also
\u00a0
on
\u00a0
the
\u00a0
position
\u00a0
of
\u00a0
the
\u00a0
employee.
The
\u00a0
main
\u00a0
risks
\u00a0
of
\u00a0
the
\u00a0
plans
\u00a0
are
\u00a0
the
\u00a0
longevity
\u00a0
of
\u00a0
plan
\u00a0
members,
\u00a0
and
\u00a0
the
\u00a0
death
\u00a0
or
\u00a0
disability
\u00a0
of
\u00a0
employees
\u00a0
before
their
\u00a0
retirement.
\u00a0
In
\u00a0
a
\u00a0
funded
\u00a0
plan,
\u00a0
the
\u00a0
investment
\u00a0
strategy
\u00a0
chosen
\u00a0
also
\u00a0
includes
\u00a0
certain
\u00a0
risk.
\u00a0
Inflationary
increases
\u00a0
for
\u00a0
pensions
\u00a0
in
\u00a0
payment
\u00a0
are
\u00a0
valuated
\u00a0
on
\u00a0
a
\u00a0
yearly
\u00a0
basis.
Plan
\u00a0
assets
\u00a0
invested
\u00a0
in:
The
\u00a0
main
\u00a0
actuarial
\u00a0
assumptions
\u00a0
at
\u00a0
the
\u00a0
end
\u00a0
of
\u00a0
the
\u00a0
financial
\u00a0
period
\u00a0
are
\u00a0
(expressed
\u00a0
as
\u00a0
weighted
averages):
On
\u00a0
31
\u00a0
December
\u00a0
2022,
\u00a0
the
\u00a0
weighted
\u00a0
average
\u00a0
duration
\u00a0
of
\u00a0
the
\u00a0
defined
\u00a0
benefit
\u00a0
obligation
\u00a0
was
\u00a0
9
\u00a0
years
\u00a0
(10).
\u00a0
The
Group
\u00a0
expects
\u00a0
to
\u00a0
contribute
\u00a0
EUR
\u00a0
3
\u00a0
million
\u00a0
(6)
\u00a0
to
\u00a0
the
\u00a0
plans
\u00a0
during
\u00a0
the
\u00a0
next
\u00a0
financial
\u00a0
period.
Assumptions
\u00a0
regarding
\u00a0
future
\u00a0
mortality
\u00a0
are
\u00a0
set
\u00a0
based
\u00a0
on
\u00a0
actuarial
\u00a0
advice
\u00a0
in
\u00a0
accordance
\u00a0
with
\u00a0
the
\u00a0
published
statistics
\u00a0
and
\u00a0
experience
\u00a0
in
\u00a0
each
\u00a0
country.
\u00a0
These
\u00a0
assumptions
\u00a0
translate
\u00a0
into
\u00a0
a
\u00a0
weighted
\u00a0
average
\u00a0
life
expectancy
\u00a0
in
\u00a0
years
\u00a0
for
\u00a0
a
\u00a0
pensioner
\u00a0
at
\u00a0
the
\u00a0
retirement
\u00a0
age
\u00a0
as
\u00a0
follows:
The
\u00a0
following
\u00a0
table
\u00a0
presents
\u00a0
a
\u00a0
sensitivity
\u00a0
analysis
\u00a0
for
\u00a0
each
\u00a0
significant
\u00a0
actuarial
\u00a0
assumption
\u00a0
showing
\u00a0
how
\u00a0
the
defined
\u00a0
benefit
\u00a0
obligation
\u00a0
would
\u00a0
have
\u00a0
been
\u00a0
affected
\u00a0
by
\u00a0
changes
\u00a0
in
\u00a0
the
\u00a0
relevant
\u00a0
actuarial
\u00a0
assumption
\u00a0
that
\u00a0
were
reasonably
\u00a0
possible
\u00a0
at
\u00a0
the
\u00a0
end
\u00a0
of
\u00a0
the
\u00a0
financial
\u00a0
period.
\u00a0
This
\u00a0
sensitivity
\u00a0
analysis
\u00a0
applies
\u00a0
to
\u00a0
the
\u00a0
defined
\u00a0
benefit
obligation
\u00a0
only
\u00a0
and
\u00a0
not
\u00a0
to
\u00a0
the
\u00a0
net
\u00a0
defined
\u00a0
benefit
\u00a0
pension
\u00a0
liability
\u00a0
in
\u00a0
its
\u00a0
entirety.
Sensitivity
\u00a0
analysis
2.5.
\u00a0
EMPLOYEE
\u00a0
BENEFIT
\u00a0
EXPENSES
Accounting
\u00a0
principles
Employee
\u00a0
benefits
\u00a0
are
\u00a0
all
\u00a0
forms
\u00a0
of
\u00a0
consideration
\u00a0
given
\u00a0
in
\u00a0
exchange
\u00a0
for
\u00a0
services
\u00a0
rendered
\u00a0
by
\u00a0
employees
\u00a0
or
for
\u00a0
the
\u00a0
termination
\u00a0
of
\u00a0
employment.
\u00a0
In
\u00a0
addition,
\u00a0
the
\u00a0
Group
\u00a0
has
\u00a0
personnel
\u00a0
expenses
\u00a0
related
\u00a0
to
\u00a0
share-based
payments
\u00a0
and
\u00a0
other
\u00a0
personnel
\u00a0
expenses.
The
\u00a0
measurement
\u00a0
of
\u00a0
the
\u00a0
share-based
\u00a0
long-term
\u00a0
incentive
\u00a0
schemes
\u00a0
is
\u00a0
dependent
\u00a0
on
\u00a0
the
\u00a0
terms
\u00a0
of
\u00a0
the
respective
\u00a0
scheme.
\u00a0
Incentive
\u00a0
rights,
\u00a0
which
\u00a0
are
\u00a0
settled
\u00a0
with
\u00a0
company\u2019s
\u00a0
shares,
\u00a0
are
\u00a0
measured
\u00a0
at
\u00a0
fair
\u00a0
value
\u00a0
at
grant
\u00a0
date.
\u00a0
Incentive
\u00a0
rights,
\u00a0
which
\u00a0
are
\u00a0
settled
\u00a0
with
\u00a0
cash,
\u00a0
are
\u00a0
measured
\u00a0
at
\u00a0
fair
\u00a0
value
\u00a0
at
\u00a0
each
\u00a0
reporting
\u00a0
date
with
\u00a0
the
\u00a0
change
\u00a0
recognised
\u00a0
in
\u00a0
the
\u00a0
statement
\u00a0
of
\u00a0
income.
Market
\u00a0
based
\u00a0
vesting
\u00a0
conditions,
\u00a0
such
\u00a0
as
\u00a0
share
\u00a0
price
\u00a0
development,
\u00a0
are
\u00a0
considered
\u00a0
when
\u00a0
determining
\u00a0
the
fair
\u00a0
value
\u00a0
of
\u00a0
the
\u00a0
incentive
\u00a0
right.
\u00a0
Non-market
\u00a0
vesting
\u00a0
conditions,
\u00a0
such
\u00a0
as
\u00a0
Economic
\u00a0
Value
\u00a0
Added,
\u00a0
or
\u00a0
service
time
\u00a0
required
\u00a0
are
\u00a0
considered
\u00a0
when
\u00a0
estimating
\u00a0
the
\u00a0
number
\u00a0
of
\u00a0
shares
\u00a0
to
\u00a0
vest.
\u00a0
Estimates
\u00a0
of
\u00a0
the
\u00a0
number
\u00a0
of
shares
\u00a0
to
\u00a0
vest
\u00a0
are
\u00a0
revised
\u00a0
at
\u00a0
the
\u00a0
end
\u00a0
of
\u00a0
each
\u00a0
reporting
\u00a0
period
\u00a0
and
\u00a0
the
\u00a0
change
\u00a0
is
\u00a0
recognised
\u00a0
through
\u00a0
the
statement
\u00a0
of
\u00a0
income.
Cost
\u00a0
of
\u00a0
the
\u00a0
share-based
\u00a0
long-term
\u00a0
incentive
\u00a0
schemes
\u00a0
is
\u00a0
recognised
\u00a0
as
\u00a0
employee
\u00a0
benefit
\u00a0
expense
\u00a0
in
\u00a0
the
statement
\u00a0
of
\u00a0
income
\u00a0
over
\u00a0
the
\u00a0
service
\u00a0
period
\u00a0
required
\u00a0
in
\u00a0
the
\u00a0
scheme.
\u00a0
For
\u00a0
incentive
\u00a0
rights
\u00a0
settled
\u00a0
with
company\u2019s
\u00a0
shares
\u00a0
the
\u00a0
expense
\u00a0
is
\u00a0
recognised
\u00a0
against
\u00a0
equity,
\u00a0
and
\u00a0
for
\u00a0
incentive
\u00a0
rights
\u00a0
settled
\u00a0
with
\u00a0
cash
\u00a0
the
expense
\u00a0
is
\u00a0
recognised
\u00a0
against
\u00a0
liabilities.
When
\u00a0
company
\u00a0
is
\u00a0
obliged
\u00a0
to
\u00a0
withhold
\u00a0
and
\u00a0
settle
\u00a0
with
\u00a0
cash
\u00a0
employee\u2019s
\u00a0
tax
\u00a0
obligation
\u00a0
associated
\u00a0
with
\u00a0
the
shares
\u00a0
vested
\u00a0
to
\u00a0
tax
\u00a0
authority,
\u00a0
the
\u00a0
portion
\u00a0
is
\u00a0
accounted
\u00a0
in
\u00a0
the
\u00a0
same
\u00a0
manner
\u00a0
as
\u00a0
the
\u00a0
portion,
\u00a0
which
\u00a0
is
\u00a0
settled
with
\u00a0
shares.
The
\u00a0
Group
\u00a0
companies
\u00a0
have
\u00a0
various
\u00a0
pension
\u00a0
and
\u00a0
other
\u00a0
post-employment
\u00a0
benefit
\u00a0
plans
\u00a0
in
\u00a0
accordance
\u00a0
with
local
\u00a0
conditions
\u00a0
and
\u00a0
practices
\u00a0
worldwide.
\u00a0
These
\u00a0
plans
\u00a0
are
\u00a0
classified
\u00a0
either
\u00a0
as
\u00a0
defined
\u00a0
contribution
\u00a0
plans
\u00a0
or
defined
\u00a0
benefit
\u00a0
plans.
In
\u00a0
defined
\u00a0
contribution
\u00a0
plans,
\u00a0
the
\u00a0
Group
\u00a0
pays
\u00a0
fixed
\u00a0
contributions
\u00a0
into
\u00a0
a
\u00a0
separate
\u00a0
entity,
\u00a0
such
\u00a0
as
\u00a0
an
insurance
\u00a0
company.
\u00a0
The
\u00a0
Group
\u00a0
has
\u00a0
no
\u00a0
legal
\u00a0
or
\u00a0
constructive
\u00a0
obligation
\u00a0
to
\u00a0
pay
\u00a0
further
\u00a0
contributions
\u00a0
if
\u00a0
the
fund
\u00a0
does
\u00a0
not
\u00a0
hold
\u00a0
sufficient
\u00a0
assets
\u00a0
to
\u00a0
pay
\u00a0
employee
\u00a0
benefits.
\u00a0
The
\u00a0
contributions
\u00a0
are
\u00a0
recognised
\u00a0
in
employee
\u00a0
benefit
\u00a0
expenses
\u00a0
in
\u00a0
the
\u00a0
statement
\u00a0
of
\u00a0
income
\u00a0
in
\u00a0
the
\u00a0
period
\u00a0
to
\u00a0
which
\u00a0
they
\u00a0
relate.
Accounting
\u00a0
principles
\u00a0
for
\u00a0
defined
\u00a0
benefit
\u00a0
plans
\u00a0
are
\u00a0
presented
\u00a0
in
\u00a0
Note
\u00a0
4.7.
\u00a0
Pension
\u00a0
obligations.
Management
\u00a0
remuneration
\u00a0
is
\u00a0
specified
\u00a0
in
\u00a0
Note
\u00a0
7.2.
\u00a0
Related
\u00a0
party
\u00a0
disclosures.
Long-term
\u00a0
incentive
\u00a0
schemes
Wages
\u00a0
and
\u00a0
salaries
\u00a0
include
\u00a0
EUR
\u00a0
1
\u00a0
million
\u00a0
(8)
\u00a0
in
\u00a0
expenses
\u00a0
arising
\u00a0
from
\u00a0
share-based
\u00a0
long-term
\u00a0
incentive
schemes.
\u00a0
At
\u00a0
the
\u00a0
end
\u00a0
of
\u00a0
2022,
\u00a0
W\u00e4rtsil\u00e4
\u00a0
had
\u00a0
three
\u00a0
active
\u00a0
long-term
\u00a0
incentive
\u00a0
schemes.
The
\u00a0
long-term
\u00a0
incentive
\u00a0
scheme
\u00a0
for
\u00a0
period
\u00a0
2020-2022
\u00a0
is
\u00a0
tied
\u00a0
to
\u00a0
the
\u00a0
price
\u00a0
development
\u00a0
of
\u00a0
the
\u00a0
company\u2019s
\u00a0
share
during
\u00a0
a
\u00a0
three-year
\u00a0
period,
\u00a0
and
\u00a0
an
\u00a0
upper
\u00a0
limit
\u00a0
is
\u00a0
set
\u00a0
for
\u00a0
the
\u00a0
payable
\u00a0
incentive.
\u00a0
When
\u00a0
an
\u00a0
incentive
\u00a0
scheme
\u00a0
ends
and
\u00a0
the
\u00a0
employment
\u00a0
requirement
\u00a0
is
\u00a0
fulfilled,
\u00a0
the
\u00a0
incentive
\u00a0
is
\u00a0
settled
\u00a0
with
\u00a0
company
\u00a0
shares.
\u00a0
The
\u00a0
Board
\u00a0
of
Management
\u00a0
members
\u00a0
shall
\u00a0
acquire
\u00a0
W\u00e4rtsil\u00e4
\u00a0
shares
\u00a0
with
\u00a0
50%
\u00a0
of
\u00a0
the
\u00a0
net
\u00a0
incentive
\u00a0
received,
\u00a0
until
\u00a0
the
\u00a0
share
ownership
\u00a0
corresponding
\u00a0
to
\u00a0
the
\u00a0
individuals'
\u00a0
annual
\u00a0
gross
\u00a0
base
\u00a0
salary
\u00a0
level
\u00a0
has
\u00a0
been
\u00a0
achieved.
\u00a0
The
\u00a0
2020-2022
incentive
\u00a0
scheme
\u00a0
comprises
\u00a0
6,158,500
\u00a0
rights.
\u00a0
The
\u00a0
share
\u00a0
price
\u00a0
basis
\u00a0
is
\u00a0
EUR
\u00a0
11.10
\u00a0
and
\u00a0
the
\u00a0
incentive
\u00a0
scheme
takes
\u00a0
into
\u00a0
account
\u00a0
100%
\u00a0
of
\u00a0
dividends
\u00a0
paid,
\u00a0
and
\u00a0
the
\u00a0
paid
\u00a0
bonus
\u00a0
cannot
\u00a0
exceed
\u00a0
EUR
\u00a0
4.31
\u00a0
per
\u00a0
incentive
\u00a0
right
\u00a0
in
the
\u00a0
2020-2022
\u00a0
scheme.
\u00a0
The
\u00a0
fair
\u00a0
value
\u00a0
determined
\u00a0
at
\u00a0
grant
\u00a0
date
\u00a0
for
\u00a0
the
\u00a0
incentive
\u00a0
right
\u00a0
in
\u00a0
2020-2022
\u00a0
scheme
\u00a0
is
EUR
\u00a0
1.34.
The
\u00a0
long-term
\u00a0
incentive
\u00a0
scheme
\u00a0
for
\u00a0
period
\u00a0
2021-2023
\u00a0
is
\u00a0
a
\u00a0
performance
\u00a0
share
\u00a0
plan.
\u00a0
The
\u00a0
participants
\u00a0
are
granted
\u00a0
company
\u00a0
shares
\u00a0
if
\u00a0
the
\u00a0
pre-determined
\u00a0
minimum
\u00a0
level
\u00a0
in
\u00a0
company\u2019s
\u00a0
Economic
\u00a0
Value
\u00a0
Added
\u00a0
is
\u00a0
reached
and
\u00a0
employment
\u00a0
requirement
\u00a0
for
\u00a0
the
\u00a0
period
\u00a0
is
\u00a0
met.
\u00a0
The
\u00a0
number
\u00a0
of
\u00a0
shares
\u00a0
depends
\u00a0
on
\u00a0
the
\u00a0
level
\u00a0
of
\u00a0
achievement
and
\u00a0
is
\u00a0
capped
\u00a0
to
\u00a0
175%
\u00a0
of
\u00a0
the
\u00a0
target
\u00a0
level.
\u00a0
There
\u00a0
is
\u00a0
also
\u00a0
a
\u00a0
cap
\u00a0
set
\u00a0
to
\u00a0
the
\u00a0
pay-out
\u00a0
in
\u00a0
relation
\u00a0
to
\u00a0
individuals\u2019
\u00a0
base
pay
\u00a0
at
\u00a0
grant
\u00a0
date.
\u00a0
On
\u00a0
target
\u00a0
level,
\u00a0
the
\u00a0
scheme
\u00a0
would
\u00a0
entitle
\u00a0
the
\u00a0
participants
\u00a0
to
\u00a0
a
\u00a0
total
\u00a0
reward
\u00a0
of
\u00a0
1,371,499
shares.
\u00a0
In
\u00a0
certain
\u00a0
countries
\u00a0
the
\u00a0
equivalent
\u00a0
reward
\u00a0
would
\u00a0
be
\u00a0
settled
\u00a0
with
\u00a0
cash
\u00a0
due
\u00a0
to
\u00a0
local
\u00a0
legislation.
\u00a0
The
\u00a0
fair
value
\u00a0
of
\u00a0
the
\u00a0
share
\u00a0
determined
\u00a0
at
\u00a0
grant
\u00a0
date
\u00a0
for
\u00a0
accounting
\u00a0
of
\u00a0
2021-2023
\u00a0
scheme
\u00a0
is
\u00a0
EUR
\u00a0
8.42.
The
\u00a0
long-term
\u00a0
incentive
\u00a0
scheme
\u00a0
for
\u00a0
period
\u00a0
2022-2024
\u00a0
is
\u00a0
also
\u00a0
a
\u00a0
performance
\u00a0
share
\u00a0
plan.
\u00a0
The
\u00a0
participants
\u00a0
are
granted
\u00a0
company
\u00a0
shares
\u00a0
if
\u00a0
the
\u00a0
pre-determined
\u00a0
minimum
\u00a0
level
\u00a0
in
\u00a0
company\u2019s
\u00a0
Economic
\u00a0
Value
\u00a0
Added
\u00a0
(85%
weight)
\u00a0
and
\u00a0
Sustainability
\u00a0
targets
\u00a0
(15%
\u00a0
weight)
\u00a0
are
\u00a0
reached,
\u00a0
as
\u00a0
well
\u00a0
as
\u00a0
employment
\u00a0
requirement
\u00a0
for
\u00a0
the
\u00a0
period
is
\u00a0
met.
\u00a0
The
\u00a0
number
\u00a0
of
\u00a0
shares
\u00a0
depends
\u00a0
on
\u00a0
the
\u00a0
level
\u00a0
of
\u00a0
achievement
\u00a0
and
\u00a0
is
\u00a0
capped
\u00a0
to
\u00a0
175%
\u00a0
of
\u00a0
the
\u00a0
target
\u00a0
level.
There
\u00a0
is
\u00a0
also
\u00a0
a
\u00a0
cap
\u00a0
set
\u00a0
to
\u00a0
the
\u00a0
pay-out
\u00a0
in
\u00a0
relation
\u00a0
to
\u00a0
individuals\u2019
\u00a0
base
\u00a0
pay
\u00a0
at
\u00a0
grant
\u00a0
date.
\u00a0
On
\u00a0
target
\u00a0
level,
\u00a0
the
scheme
\u00a0
would
\u00a0
entitle
\u00a0
the
\u00a0
participants
\u00a0
to
\u00a0
a
\u00a0
total
\u00a0
reward
\u00a0
of
\u00a0
1,223,777
\u00a0
shares.
\u00a0
In
\u00a0
certain
\u00a0
countries
\u00a0
the
\u00a0
equivalent
reward
\u00a0
would
\u00a0
be
\u00a0
settled
\u00a0
with
\u00a0
cash
\u00a0
due
\u00a0
to
\u00a0
local
\u00a0
legislation.
\u00a0
The
\u00a0
fair
\u00a0
value
\u00a0
of
\u00a0
the
\u00a0
share
\u00a0
determined
\u00a0
at
\u00a0
grant
\u00a0
date
for
\u00a0
accounting
\u00a0
of
\u00a0
2022-2024
\u00a0
scheme
\u00a0
is
\u00a0
EUR
\u00a0
9.53.
MEUR
2022
2021
Wages
\u00a0
and
\u00a0
salaries
1,104
1,009
Pension
\u00a0
costs
Defined
\u00a0
benefit
\u00a0
plans
4
9
Defined
\u00a0
contribution
\u00a0
plans
78
77
Other
\u00a0
compulsory
\u00a0
personnel
\u00a0
costs
173
136
Total
1,359
1,230
MEUR
2022
2021
Present
\u00a0
value
\u00a0
of
\u00a0
unfunded
\u00a0
defined
\u00a0
benefit
\u00a0
obligations
74
102
Present
\u00a0
value
\u00a0
of
\u00a0
funded
\u00a0
defined
\u00a0
benefit
\u00a0
obligations
138
181
Fair
\u00a0
value
\u00a0
of
\u00a0
plan
\u00a0
assets
-142
-164
Net
\u00a0
liability
\u00a0
in
\u00a0
the
\u00a0
statement
\u00a0
of
\u00a0
financial
\u00a0
position
71
120
%
Present
value
\u00a0
of
defined
benefit
obligations
Fair
value
of
\u00a0
plan
assets
Switzerland
38
61
Germany
18
23
Other
\u00a0
Europe
32
Asia
13
16
Total
100
100
MEUR
Present
value
\u00a0
of
defined
benefit
obligation
Fair
value
of
\u00a0
plan
assets
Net
defined
benefit
liability
Balance
\u00a0
on
\u00a0
1
\u00a0
January
\u00a0
2021
290
-151
139
Changes
\u00a0
in
\u00a0
exchange
\u00a0
rates
7
-7
Acquisitions
\u00a0
and
\u00a0
disposals
-2
-1
Recognised
\u00a0
in
\u00a0
the
\u00a0
statement
\u00a0
of
\u00a0
income:
Current
\u00a0
service
\u00a0
cost
8
8
Interest
\u00a0
cost
\u00a0
(+)
\u00a0
/
\u00a0
interest
\u00a0
income
\u00a0
(-)
3
-2
1
Remeasurements
\u00a0
recognised
\u00a0
in
\u00a0
other
\u00a0
comprehensive
\u00a0
income:
Return
\u00a0
on
\u00a0
plan
\u00a0
assets,
\u00a0
excluding
\u00a0
interest
\u00a0
income
-5
-5
Experience
\u00a0
adjustments
1
1
Changes
\u00a0
in
\u00a0
demographic
\u00a0
assumptions
-3
-3
Changes
\u00a0
in
\u00a0
financial
\u00a0
assumptions
-4
-4
Contribution
\u00a0
paid
\u00a0
by
\u00a0
the
\u00a0
plan
\u00a0
members
1
-1
Contribution
\u00a0
paid
\u00a0
by
\u00a0
the
\u00a0
employer
-7
-7
Benefits
\u00a0
paid
-19
9
-10
Balance
\u00a0
on
\u00a0
31
\u00a0
December
\u00a0
2021
282
-164
120
Balance
\u00a0
on
\u00a0
1
\u00a0
January
\u00a0
2022
282
-164
120
Changes
\u00a0
in
\u00a0
exchange
\u00a0
rates
-1
-1
-2
Recognised
\u00a0
in
\u00a0
the
\u00a0
statement
\u00a0
of
\u00a0
income:
Current
\u00a0
service
\u00a0
cost
7
7
Past
\u00a0
service
\u00a0
cost
\u00a0
(-
\u00a0
credit)
-1
-1
Gains
\u00a0
(-)
\u00a0
/
\u00a0
losses
\u00a0
(+)
\u00a0
on
\u00a0
curtailments
\u00a0
and
\u00a0
settlements
-2
-2
Interest
\u00a0
cost
\u00a0
(+)
\u00a0
/
\u00a0
interest
\u00a0
income
\u00a0
(-)
5
-4
1
Remeasurements
\u00a0
recognised
\u00a0
in
\u00a0
other
\u00a0
comprehensive
\u00a0
income:
Return
\u00a0
on
\u00a0
plan
\u00a0
assets,
\u00a0
excluding
\u00a0
interest
\u00a0
income
31
31
Experience
\u00a0
adjustments
4
4
Changes
\u00a0
in
\u00a0
financial
\u00a0
assumptions
-71
-71
Contribution
\u00a0
paid
\u00a0
by
\u00a0
the
\u00a0
plan
\u00a0
members
1
-1
Contribution
\u00a0
paid
\u00a0
by
\u00a0
the
\u00a0
employer
-9
-9
Benefits
\u00a0
paid
-15
7
-8
Balance
\u00a0
on
\u00a0
31
\u00a0
December
\u00a0
2022
210
-142
71
%
2022
2021
Shares
\u00a0
and
\u00a0
other
\u00a0
equity
\u00a0
instruments
14
18
Bonds
\u00a0
and
\u00a0
other
\u00a0
debt
\u00a0
instruments
39
40
Property
19
18
Other
\u00a0
assets
28
23
%
2022
2021
Discount
\u00a0
rate
3.60
1.27
Future
\u00a0
salary
\u00a0
growth
2.24
2.22
Future
\u00a0
pension
\u00a0
growth
0.96
1.10
-
2022
2021
Plan
\u00a0
participants
\u00a0
retiring
\u00a0
at
\u00a0
the
\u00a0
end
\u00a0
of
\u00a0
the
\u00a0
financial
\u00a0
period:
Male
16.9
17.4
Female
19.2
19.7
Plan
\u00a0
participants
\u00a0
retiring
\u00a0
20
\u00a0
years
\u00a0
after
\u00a0
the
\u00a0
end
\u00a0
of
\u00a0
the
\u00a0
financial
\u00a0
period:
Male
16.7
17.1
Female
18.7
19.1
-
Effect
\u00a0
to
\u00a0
defined
benefit
\u00a0
obligation,
\u00a0
MEUR
Change
\u00a0
in
assumption
2022
2021
Discount
\u00a0
rate
increase
\u00a0
1%
-22
-37
Discount
\u00a0
rate
decrease
\u00a0
1%
25
45
Future
\u00a0
salary
\u00a0
growth
increase
\u00a0
1%
5
9
Future
\u00a0
salary
\u00a0
growth
decrease
\u00a0
1%
-5
-7
Future
\u00a0
pension
\u00a0
growth
increase
\u00a0
1%
16
28
Future
\u00a0
pension
\u00a0
growth
decrease
\u00a0
1%
-8
-16
MEUR
2022
2021
Net
\u00a0
defined
\u00a0
benefit
\u00a0
assets
\u00a0
on
\u00a0
31
\u00a0
December
17
6
Net
\u00a0
defined
\u00a0
benefit
\u00a0
liabilities
\u00a0
on
\u00a0
31
\u00a0
December
89
126
Liability
\u00a0
for
\u00a0
other
\u00a0
long-term
\u00a0
employee
\u00a0
benefits
\u00a0
on
\u00a0
31
\u00a0
December
22
19
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:743700G7A9J1PHM3X223", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "ID_66": { "value": "
Accounting
\u00a0
principles
Group
\u00a0
companies
\u00a0
in
\u00a0
different
\u00a0
countries
\u00a0
have
\u00a0
various
\u00a0
pension
\u00a0
plans
\u00a0
in
\u00a0
accordance
\u00a0
with
\u00a0
local
\u00a0
conditions
\u00a0
and
practices.
\u00a0
These
\u00a0
pension
\u00a0
plans
\u00a0
are
\u00a0
classified
\u00a0
either
\u00a0
as
\u00a0
defined
\u00a0
contribution
\u00a0
or
\u00a0
defined
\u00a0
benefit
\u00a0
plans.
Defined
\u00a0
benefit
\u00a0
plans
\u00a0
are
\u00a0
funded
\u00a0
through
\u00a0
contributions
\u00a0
to
\u00a0
pension
\u00a0
funds
\u00a0
or
\u00a0
pension
\u00a0
insurance
\u00a0
companies.
Defined
\u00a0
benefit
\u00a0
plans
\u00a0
may
\u00a0
be
\u00a0
unfunded
\u00a0
or
\u00a0
wholly
\u00a0
or
\u00a0
partly
\u00a0
funded.
\u00a0
The
\u00a0
present
\u00a0
value
\u00a0
of
\u00a0
the
\u00a0
obligation
arising
\u00a0
from
\u00a0
the
\u00a0
defined
\u00a0
benefit
\u00a0
plans
\u00a0
is
\u00a0
determined
\u00a0
per
\u00a0
each
\u00a0
plan
\u00a0
using
\u00a0
actuarial
\u00a0
techniques,
\u00a0
the
\u00a0
projected
unit
\u00a0
credit
\u00a0
method.
\u00a0
The
\u00a0
Group
\u00a0
recognises
\u00a0
the
\u00a0
defined
\u00a0
benefit
\u00a0
obligation,
\u00a0
net
\u00a0
of
\u00a0
fair
\u00a0
value
\u00a0
of
\u00a0
the
\u00a0
plan
\u00a0
assets,
at
\u00a0
the
\u00a0
end
\u00a0
of
\u00a0
the
\u00a0
financial
\u00a0
period.
Actuarial
\u00a0
gains
\u00a0
and
\u00a0
losses
\u00a0
and
\u00a0
other
\u00a0
re-measurements
\u00a0
of
\u00a0
the
\u00a0
net
\u00a0
defined
\u00a0
benefit
\u00a0
obligation
\u00a0
are
\u00a0
recognised
immediately
\u00a0
in
\u00a0
the
\u00a0
statement
\u00a0
of
\u00a0
other
\u00a0
comprehensive
\u00a0
income.
\u00a0
Current
\u00a0
service
\u00a0
cost
\u00a0
is
\u00a0
the
\u00a0
present
\u00a0
value
\u00a0
of
the
\u00a0
post-employment
\u00a0
benefit,
\u00a0
which
\u00a0
is
\u00a0
earned
\u00a0
by
\u00a0
the
\u00a0
employees
\u00a0
during
\u00a0
the
\u00a0
year.
\u00a0
The
\u00a0
Group
\u00a0
determines
\u00a0
the
net
\u00a0
interest
\u00a0
expense
\u00a0
on
\u00a0
the
\u00a0
net
\u00a0
defined
\u00a0
benefit
\u00a0
plan
\u00a0
by
\u00a0
applying
\u00a0
the
\u00a0
discount
\u00a0
rate
\u00a0
used
\u00a0
to
\u00a0
measure
\u00a0
the
defined
\u00a0
benefit
\u00a0
obligation.
\u00a0
Service
\u00a0
cost
\u00a0
is
\u00a0
recognised
\u00a0
in
\u00a0
employee
\u00a0
benefit
\u00a0
expenses
\u00a0
and
\u00a0
the
\u00a0
net
\u00a0
interest
\u00a0
in
financial
\u00a0
expenses.
\u00a0
The
\u00a0
defined
\u00a0
benefit
\u00a0
plans
\u00a0
are
\u00a0
calculated
\u00a0
by
\u00a0
qualified
\u00a0
actuaries.
In
\u00a0
addition
\u00a0
to
\u00a0
defined
\u00a0
benefit
\u00a0
plans,
\u00a0
W\u00e4rtsil\u00e4
\u00a0
has
\u00a0
other
\u00a0
long-term
\u00a0
employee
\u00a0
benefits,
\u00a0
which
\u00a0
are
\u00a0
presented
separately
\u00a0
from
\u00a0
the
\u00a0
defined
\u00a0
benefit
\u00a0
plans.
\u00a0
As
\u00a0
with
\u00a0
the
\u00a0
accounting
\u00a0
for
\u00a0
a
\u00a0
defined
\u00a0
benefit
\u00a0
plan,
\u00a0
for
\u00a0
any
\u00a0
other
long-term
\u00a0
benefit
\u00a0
the
\u00a0
Group
\u00a0
recognises
\u00a0
a
\u00a0
liability
\u00a0
for
\u00a0
the
\u00a0
obligation,
\u00a0
net
\u00a0
of
\u00a0
the
\u00a0
fair
\u00a0
value
\u00a0
of
\u00a0
the
\u00a0
plan
\u00a0
assets,
\u00a0
if
any.
\u00a0
Changes
\u00a0
in
\u00a0
other
\u00a0
long-term
\u00a0
employee
\u00a0
benefits
\u00a0
are
\u00a0
recognised
\u00a0
in
\u00a0
the
\u00a0
statement
\u00a0
of
\u00a0
income.
Accounting
\u00a0
principles
\u00a0
for
\u00a0
defined
\u00a0
contribution
\u00a0
plans
\u00a0
are
\u00a0
presented
\u00a0
in
\u00a0
Note
\u00a0
2.5.
\u00a0
Employee
\u00a0
benefit
\u00a0
expenses.
Accounting
\u00a0
principles
Employee
\u00a0
benefits
\u00a0
are
\u00a0
all
\u00a0
forms
\u00a0
of
\u00a0
consideration
\u00a0
given
\u00a0
in
\u00a0
exchange
\u00a0
for
\u00a0
services
\u00a0
rendered
\u00a0
by
\u00a0
employees
\u00a0
or
for
\u00a0
the
\u00a0
termination
\u00a0
of
\u00a0
employment.
\u00a0
In
\u00a0
addition,
\u00a0
the
\u00a0
Group
\u00a0
has
\u00a0
personnel
\u00a0
expenses
\u00a0
related
\u00a0
to
\u00a0
share-based
payments
\u00a0
and
\u00a0
other
\u00a0
personnel
\u00a0
expenses.
The
\u00a0
measurement
\u00a0
of
\u00a0
the
\u00a0
share-based
\u00a0
long-term
\u00a0
incentive
\u00a0
schemes
\u00a0
is
\u00a0
dependent
\u00a0
on
\u00a0
the
\u00a0
terms
\u00a0
of
\u00a0
the
respective
\u00a0
scheme.
\u00a0
Incentive
\u00a0
rights,
\u00a0
which
\u00a0
are
\u00a0
settled
\u00a0
with
\u00a0
company\u2019s
\u00a0
shares,
\u00a0
are
\u00a0
measured
\u00a0
at
\u00a0
fair
\u00a0
value
\u00a0
at
grant
\u00a0
date.
\u00a0
Incentive
\u00a0
rights,
\u00a0
which
\u00a0
are
\u00a0
settled
\u00a0
with
\u00a0
cash,
\u00a0
are
\u00a0
measured
\u00a0
at
\u00a0
fair
\u00a0
value
\u00a0
at
\u00a0
each
\u00a0
reporting
\u00a0
date
with
\u00a0
the
\u00a0
change
\u00a0
recognised
\u00a0
in
\u00a0
the
\u00a0
statement
\u00a0
of
\u00a0
income.
Market
\u00a0
based
\u00a0
vesting
\u00a0
conditions,
\u00a0
such
\u00a0
as
\u00a0
share
\u00a0
price
\u00a0
development,
\u00a0
are
\u00a0
considered
\u00a0
when
\u00a0
determining
\u00a0
the
fair
\u00a0
value
\u00a0
of
\u00a0
the
\u00a0
incentive
\u00a0
right.
\u00a0
Non-market
\u00a0
vesting
\u00a0
conditions,
\u00a0
such
\u00a0
as
\u00a0
Economic
\u00a0
Value
\u00a0
Added,
\u00a0
or
\u00a0
service
time
\u00a0
required
\u00a0
are
\u00a0
considered
\u00a0
when
\u00a0
estimating
\u00a0
the
\u00a0
number
\u00a0
of
\u00a0
shares
\u00a0
to
\u00a0
vest.
\u00a0
Estimates
\u00a0
of
\u00a0
the
\u00a0
number
\u00a0
of
shares
\u00a0
to
\u00a0
vest
\u00a0
are
\u00a0
revised
\u00a0
at
\u00a0
the
\u00a0
end
\u00a0
of
\u00a0
each
\u00a0
reporting
\u00a0
period
\u00a0
and
\u00a0
the
\u00a0
change
\u00a0
is
\u00a0
recognised
\u00a0
through
\u00a0
the
statement
\u00a0
of
\u00a0
income.
Cost
\u00a0
of
\u00a0
the
\u00a0
share-based
\u00a0
long-term
\u00a0
incentive
\u00a0
schemes
\u00a0
is
\u00a0
recognised
\u00a0
as
\u00a0
employee
\u00a0
benefit
\u00a0
expense
\u00a0
in
\u00a0
the
statement
\u00a0
of
\u00a0
income
\u00a0
over
\u00a0
the
\u00a0
service
\u00a0
period
\u00a0
required
\u00a0
in
\u00a0
the
\u00a0
scheme.
\u00a0
For
\u00a0
incentive
\u00a0
rights
\u00a0
settled
\u00a0
with
company\u2019s
\u00a0
shares
\u00a0
the
\u00a0
expense
\u00a0
is
\u00a0
recognised
\u00a0
against
\u00a0
equity,
\u00a0
and
\u00a0
for
\u00a0
incentive
\u00a0
rights
\u00a0
settled
\u00a0
with
\u00a0
cash
\u00a0
the
expense
\u00a0
is
\u00a0
recognised
\u00a0
against
\u00a0
liabilities.
When
\u00a0
company
\u00a0
is
\u00a0
obliged
\u00a0
to
\u00a0
withhold
\u00a0
and
\u00a0
settle
\u00a0
with
\u00a0
cash
\u00a0
employee\u2019s
\u00a0
tax
\u00a0
obligation
\u00a0
associated
\u00a0
with
\u00a0
the
shares
\u00a0
vested
\u00a0
to
\u00a0
tax
\u00a0
authority,
\u00a0
the
\u00a0
portion
\u00a0
is
\u00a0
accounted
\u00a0
in
\u00a0
the
\u00a0
same
\u00a0
manner
\u00a0
as
\u00a0
the
\u00a0
portion,
\u00a0
which
\u00a0
is
\u00a0
settled
with
\u00a0
shares.
The
\u00a0
Group
\u00a0
companies
\u00a0
have
\u00a0
various
\u00a0
pension
\u00a0
and
\u00a0
other
\u00a0
post-employment
\u00a0
benefit
\u00a0
plans
\u00a0
in
\u00a0
accordance
\u00a0
with
local
\u00a0
conditions
\u00a0
and
\u00a0
practices
\u00a0
worldwide.
\u00a0
These
\u00a0
plans
\u00a0
are
\u00a0
classified
\u00a0
either
\u00a0
as
\u00a0
defined
\u00a0
contribution
\u00a0
plans
\u00a0
or
defined
\u00a0
benefit
\u00a0
plans.
In
\u00a0
defined
\u00a0
contribution
\u00a0
plans,
\u00a0
the
\u00a0
Group
\u00a0
pays
\u00a0
fixed
\u00a0
contributions
\u00a0
into
\u00a0
a
\u00a0
separate
\u00a0
entity,
\u00a0
such
\u00a0
as
\u00a0
an
insurance
\u00a0
company.
\u00a0
The
\u00a0
Group
\u00a0
has
\u00a0
no
\u00a0
legal
\u00a0
or
\u00a0
constructive
\u00a0
obligation
\u00a0
to
\u00a0
pay
\u00a0
further
\u00a0
contributions
\u00a0
if
\u00a0
the
fund
\u00a0
does
\u00a0
not
\u00a0
hold
\u00a0
sufficient
\u00a0
assets
\u00a0
to
\u00a0
pay
\u00a0
employee
\u00a0
benefits.
\u00a0
The
\u00a0
contributions
\u00a0
are
\u00a0
recognised
\u00a0
in
employee
\u00a0
benefit
\u00a0
expenses
\u00a0
in
\u00a0
the
\u00a0
statement
\u00a0
of
\u00a0
income
\u00a0
in
\u00a0
the
\u00a0
period
\u00a0
to
\u00a0
which
\u00a0
they
\u00a0
relate.
Accounting
\u00a0
principles
\u00a0
for
\u00a0
defined
\u00a0
benefit
\u00a0
plans
\u00a0
are
\u00a0
presented
\u00a0
in
\u00a0
Note
\u00a0
4.7.
\u00a0
Pension
\u00a0
obligations.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:743700G7A9J1PHM3X223", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "ID_35": { "value": "
Accounting
\u00a0
principles
The
\u00a0
net
\u00a0
interest
\u00a0
related
\u00a0
to
\u00a0
pension
\u00a0
obligations
\u00a0
is
\u00a0
recognised
\u00a0
in
\u00a0
the
\u00a0
financial
\u00a0
statement
\u00a0
as
\u00a0
financial
\u00a0
expenses.
Also,
\u00a0
gains
\u00a0
and
\u00a0
losses
\u00a0
from
\u00a0
fair
\u00a0
valuation
\u00a0
and
\u00a0
disposal
\u00a0
and
\u00a0
impairments
\u00a0
of
\u00a0
other
\u00a0
shares
\u00a0
are
\u00a0
included
\u00a0
in
financial
\u00a0
income
\u00a0
and
\u00a0
expenses.
Changes
\u00a0
in
\u00a0
the
\u00a0
fair
\u00a0
value
\u00a0
of
\u00a0
interest
\u00a0
rate
\u00a0
hedges
\u00a0
against
\u00a0
W\u00e4rtsil\u00e4
\u00a0
Group\u2019s
\u00a0
loan
\u00a0
portfolio
\u00a0
are
\u00a0
immediately
recognised
\u00a0
in
\u00a0
financial
\u00a0
income
\u00a0
or
\u00a0
expenses
\u00a0
in
\u00a0
the
\u00a0
statement
\u00a0
of
\u00a0
income.
\u00a0
The
\u00a0
fair
\u00a0
value
\u00a0
of
\u00a0
interest
\u00a0
rate
\u00a0
swaps
\u00a0
is
calculated
\u00a0
by
\u00a0
discounting
\u00a0
the
\u00a0
future
\u00a0
cash
\u00a0
flows.
Exchange
\u00a0
rate
\u00a0
differences
\u00a0
related
\u00a0
to
\u00a0
financial
\u00a0
assets
\u00a0
and
\u00a0
financial
\u00a0
liabilities
\u00a0
are
\u00a0
reported
\u00a0
as
\u00a0
financial
\u00a0
items
\u00a0
in
the
\u00a0
statement
\u00a0
of
\u00a0
income,
\u00a0
except
\u00a0
exchange
\u00a0
rate
\u00a0
differences
\u00a0
related
\u00a0
to
\u00a0
non-current
\u00a0
debt
\u00a0
that
\u00a0
is
\u00a0
part
\u00a0
of
\u00a0
the
Group's
\u00a0
net
\u00a0
investment
\u00a0
in
\u00a0
a
\u00a0
subsidiary.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:743700G7A9J1PHM3X223", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "ID_105": { "value": "
The
\u00a0
net
\u00a0
interest
\u00a0
related
\u00a0
to
\u00a0
pension
\u00a0
obligations
\u00a0
is
\u00a0
recognised
\u00a0
in
\u00a0
the
\u00a0
financial
\u00a0
statement
\u00a0
as
\u00a0
financial
\u00a0
expenses.
Also,
\u00a0
gains
\u00a0
and
\u00a0
losses
\u00a0
from
\u00a0
fair
\u00a0
valuation
\u00a0
and
\u00a0
disposal
\u00a0
and
\u00a0
impairments
\u00a0
of
\u00a0
other
\u00a0
shares
\u00a0
are
\u00a0
included
\u00a0
in
financial
\u00a0
income
\u00a0
and
\u00a0
expenses.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:743700G7A9J1PHM3X223", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "ID_21": { "value": "
*
\u00a0
In
\u00a0
2021,
\u00a0
exchange
\u00a0
rate
\u00a0
differences
\u00a0
from
\u00a0
unhedged
\u00a0
internal
\u00a0
loans,
\u00a0
EUR
\u00a0
-3
\u00a0
million,
\u00a0
were
\u00a0
included
\u00a0
in
\u00a0
exchange
rate
\u00a0
differences.
5.1.
\u00a0
FINANCIAL
\u00a0
INCOME
\u00a0
AND
\u00a0
EXPENSES
Accounting
\u00a0
principles
The
\u00a0
net
\u00a0
interest
\u00a0
related
\u00a0
to
\u00a0
pension
\u00a0
obligations
\u00a0
is
\u00a0
recognised
\u00a0
in
\u00a0
the
\u00a0
financial
\u00a0
statement
\u00a0
as
\u00a0
financial
\u00a0
expenses.
Also,
\u00a0
gains
\u00a0
and
\u00a0
losses
\u00a0
from
\u00a0
fair
\u00a0
valuation
\u00a0
and
\u00a0
disposal
\u00a0
and
\u00a0
impairments
\u00a0
of
\u00a0
other
\u00a0
shares
\u00a0
are
\u00a0
included
\u00a0
in
financial
\u00a0
income
\u00a0
and
\u00a0
expenses.
Changes
\u00a0
in
\u00a0
the
\u00a0
fair
\u00a0
value
\u00a0
of
\u00a0
interest
\u00a0
rate
\u00a0
hedges
\u00a0
against
\u00a0
W\u00e4rtsil\u00e4
\u00a0
Group\u2019s
\u00a0
loan
\u00a0
portfolio
\u00a0
are
\u00a0
immediately
recognised
\u00a0
in
\u00a0
financial
\u00a0
income
\u00a0
or
\u00a0
expenses
\u00a0
in
\u00a0
the
\u00a0
statement
\u00a0
of
\u00a0
income.
\u00a0
The
\u00a0
fair
\u00a0
value
\u00a0
of
\u00a0
interest
\u00a0
rate
\u00a0
swaps
\u00a0
is
calculated
\u00a0
by
\u00a0
discounting
\u00a0
the
\u00a0
future
\u00a0
cash
\u00a0
flows.
Exchange
\u00a0
rate
\u00a0
differences
\u00a0
related
\u00a0
to
\u00a0
financial
\u00a0
assets
\u00a0
and
\u00a0
financial
\u00a0
liabilities
\u00a0
are
\u00a0
reported
\u00a0
as
\u00a0
financial
\u00a0
items
\u00a0
in
the
\u00a0
statement
\u00a0
of
\u00a0
income,
\u00a0
except
\u00a0
exchange
\u00a0
rate
\u00a0
differences
\u00a0
related
\u00a0
to
\u00a0
non-current
\u00a0
debt
\u00a0
that
\u00a0
is
\u00a0
part
\u00a0
of
\u00a0
the
Group's
\u00a0
net
\u00a0
investment
\u00a0
in
\u00a0
a
\u00a0
subsidiary.
MEUR
2022
2021
Interest
\u00a0
income
\u00a0
on
\u00a0
loans
\u00a0
and
\u00a0
receivables
2
4
Interest
\u00a0
income
\u00a0
on
\u00a0
financial
\u00a0
assets
\u00a0
at
\u00a0
fair
\u00a0
value
\u00a0
through
\u00a0
the
\u00a0
statement
\u00a0
of
\u00a0
income
14
8
Interest
\u00a0
income
\u00a0
on
\u00a0
investments
\u00a0
at
\u00a0
amortised
\u00a0
cost
3
1
Changes
\u00a0
in
\u00a0
fair
\u00a0
values
\u00a0
of
\u00a0
financial
\u00a0
assets/liabilities
\u00a0
at
\u00a0
fair
\u00a0
value
\u00a0
through
\u00a0
the
\u00a0
statement
\u00a0
of
income
10
1
Other
\u00a0
financial
\u00a0
income
2
1
Total
\u00a0
financial
\u00a0
income
30
15
Interest
\u00a0
expenses
\u00a0
on
\u00a0
financial
\u00a0
liabilities
\u00a0
recognised
\u00a0
at
\u00a0
amortised
\u00a0
cost
-10
-11
Interest
\u00a0
expenses
\u00a0
on
\u00a0
lease
\u00a0
liabilities
\u00a0
recognised
\u00a0
at
\u00a0
amortised
\u00a0
cost
-4
-4
Interest
\u00a0
expenses
\u00a0
on
\u00a0
financial
\u00a0
liabilities
\u00a0
at
\u00a0
fair
\u00a0
value
\u00a0
through
\u00a0
the
\u00a0
statement
\u00a0
of
\u00a0
income
-18
-10
Net
\u00a0
interest
\u00a0
from
\u00a0
defined
\u00a0
benefit
\u00a0
plans
-1
-1
Changes
\u00a0
in
\u00a0
fair
\u00a0
values
\u00a0
of
\u00a0
financial
\u00a0
assets/liabilities
\u00a0
at
\u00a0
fair
\u00a0
value
\u00a0
through
\u00a0
the
\u00a0
statement
\u00a0
of
income
4
5
Exchange
\u00a0
rate
\u00a0
differences*
-1
-4
Fee
\u00a0
expenses
-1
-2
Other
\u00a0
financial
\u00a0
expenses
-4
-5
Total
\u00a0
financial
\u00a0
expenses
-37
-33
Total
-6
-18
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:743700G7A9J1PHM3X223", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "ID_38": { "value": "
5.2.
\u00a0
FINANCIAL
\u00a0
ASSETS
\u00a0
AND
\u00a0
LIABILITIES
\u00a0
BY
\u00a0
MEASUREMENT
\u00a0
CATEGORY
Accounting
\u00a0
principles
Financial
\u00a0
instruments
Financial
\u00a0
instruments
\u00a0
are
\u00a0
initially
\u00a0
recognised
\u00a0
at
\u00a0
fair
\u00a0
value.
\u00a0
Subsequently,
\u00a0
financial
\u00a0
assets
\u00a0
are
\u00a0
classified
\u00a0
and
measured
\u00a0
at
\u00a0
amortised
\u00a0
cost
\u00a0
or
\u00a0
at
\u00a0
fair
\u00a0
value
\u00a0
through
\u00a0
statement
\u00a0
of
\u00a0
income.
\u00a0
The
\u00a0
classification
\u00a0
of
\u00a0
financial
assets
\u00a0
is
\u00a0
defined
\u00a0
by
\u00a0
the
\u00a0
business
\u00a0
model
\u00a0
and
\u00a0
the
\u00a0
cash
\u00a0
flow
\u00a0
characteristics
\u00a0
of
\u00a0
the
\u00a0
asset.
\u00a0
Financial
\u00a0
liabilities
are
\u00a0
subsequently
\u00a0
classified
\u00a0
and
\u00a0
measured
\u00a0
at
\u00a0
amortised
\u00a0
cost
\u00a0
or
\u00a0
at
\u00a0
fair
\u00a0
value
\u00a0
through
\u00a0
statement
\u00a0
of
\u00a0
income.
Financial
\u00a0
instruments
\u00a0
are
\u00a0
classified
\u00a0
as
\u00a0
current
\u00a0
financial
\u00a0
instruments
\u00a0
unless
\u00a0
the
\u00a0
maturity
\u00a0
of
\u00a0
the
\u00a0
financial
instrument
\u00a0
exceeds
\u00a0
12
\u00a0
months
\u00a0
from
\u00a0
the
\u00a0
reporting
\u00a0
date.
\u00a0
Financial
\u00a0
instruments
\u00a0
are
\u00a0
derecognised
\u00a0
only
\u00a0
when
the
\u00a0
financial
\u00a0
instrument
\u00a0
is
\u00a0
extinguished,
\u00a0
or
\u00a0
when
\u00a0
the
\u00a0
contractually
\u00a0
specified
\u00a0
right
\u00a0
or
\u00a0
obligation
\u00a0
is
\u00a0
discharged,
cancelled,
\u00a0
or
\u00a0
when
\u00a0
it
\u00a0
expires.
\u00a0
The
\u00a0
status
\u00a0
of
\u00a0
financial
\u00a0
instruments
\u00a0
is
\u00a0
evaluated
\u00a0
at
\u00a0
each
\u00a0
reporting
\u00a0
date.
Financial
\u00a0
instruments
\u00a0
at
\u00a0
amortised
\u00a0
cost
Financial
\u00a0
assets
Financial
\u00a0
assets
\u00a0
measured
\u00a0
at
\u00a0
amortised
\u00a0
cost
\u00a0
include
\u00a0
cash
\u00a0
and
\u00a0
cash
\u00a0
equivalents,
\u00a0
investments
\u00a0
in
\u00a0
debt
instruments,
\u00a0
commercial
\u00a0
papers,
\u00a0
trade
\u00a0
receivables
\u00a0
and
\u00a0
other
\u00a0
receivables.
\u00a0
The
\u00a0
assets
\u00a0
are
\u00a0
initially
recognised
\u00a0
at
\u00a0
fair
\u00a0
value
\u00a0
less
\u00a0
the
\u00a0
transaction
\u00a0
costs,
\u00a0
and
\u00a0
are
\u00a0
subsequently
\u00a0
measured
\u00a0
at
\u00a0
amortised
\u00a0
cost
\u00a0
by
using
\u00a0
the
\u00a0
effective
\u00a0
interest
\u00a0
rate
\u00a0
method.
\u00a0
These
\u00a0
assets
\u00a0
are
\u00a0
held
\u00a0
for
\u00a0
collecting
\u00a0
contractual
\u00a0
cash
\u00a0
flows,
\u00a0
which
are
\u00a0
solely
\u00a0
payments
\u00a0
of
\u00a0
principal
\u00a0
and
\u00a0
interest.
\u00a0
Interest
\u00a0
income
\u00a0
is
\u00a0
recognised
\u00a0
as
\u00a0
financial
\u00a0
income
\u00a0
in
\u00a0
the
statement
\u00a0
of
\u00a0
income.
The
\u00a0
expected
\u00a0
credit
\u00a0
losses
\u00a0
associated
\u00a0
with
\u00a0
investments
\u00a0
in
\u00a0
debt
\u00a0
instruments
\u00a0
and
\u00a0
commercial
\u00a0
papers
\u00a0
carried
at
\u00a0
amortised
\u00a0
cost
\u00a0
are
\u00a0
assessed
\u00a0
on
\u00a0
a
\u00a0
forward-looking
\u00a0
basis
\u00a0
based
\u00a0
on
\u00a0
investment
\u00a0
maturity
\u00a0
dates
\u00a0
and
counterparty
\u00a0
credit
\u00a0
risk
\u00a0
on
\u00a0
a
\u00a0
quarterly
\u00a0
basis.
The
\u00a0
Group
\u00a0
applies
\u00a0
the
\u00a0
simplified
\u00a0
method
\u00a0
in
\u00a0
IFRS
\u00a0
9
\u00a0
for
\u00a0
the
\u00a0
expected
\u00a0
credit
\u00a0
losses
\u00a0
from
\u00a0
its
\u00a0
trade
\u00a0
receivables.
This
\u00a0
requires
\u00a0
expected
\u00a0
lifetime
\u00a0
credit
\u00a0
losses
\u00a0
to
\u00a0
be
\u00a0
recognised
\u00a0
from
\u00a0
the
\u00a0
initial
\u00a0
recognition
\u00a0
of
\u00a0
the
\u00a0
receivables,
as
\u00a0
defined
\u00a0
in
\u00a0
Note
\u00a0
4.2.
\u00a0
Trade
\u00a0
receivables
\u00a0
and
\u00a0
contract
\u00a0
assets
\u00a0
and
\u00a0
liabilities.
Financial
\u00a0
Liabilities
Financial
\u00a0
liabilities
\u00a0
measured
\u00a0
at
\u00a0
amortised
\u00a0
cost
\u00a0
include
\u00a0
trade
\u00a0
and
\u00a0
other
\u00a0
payables,
\u00a0
loans,
\u00a0
and
\u00a0
borrowings.
These
\u00a0
liabilities
\u00a0
are
\u00a0
initially
\u00a0
recognised
\u00a0
at
\u00a0
fair
\u00a0
value
\u00a0
less
\u00a0
the
\u00a0
transaction
\u00a0
costs
\u00a0
related
\u00a0
to
\u00a0
the
\u00a0
acquisition
\u00a0
of
these
\u00a0
liabilities.
\u00a0
The
\u00a0
liabilities
\u00a0
are
\u00a0
subsequently
\u00a0
classified
\u00a0
and
\u00a0
measured
\u00a0
using
\u00a0
the
\u00a0
effective
\u00a0
interest
\u00a0
rate
method
\u00a0
by
\u00a0
amortising
\u00a0
the
\u00a0
discounted
\u00a0
interest
\u00a0
payments
\u00a0
over
\u00a0
the
\u00a0
maturity
\u00a0
of
\u00a0
the
\u00a0
liabilities.
\u00a0
Interest
\u00a0
expense
is
\u00a0
recognised
\u00a0
in
\u00a0
the
\u00a0
financial
\u00a0
expense
\u00a0
in
\u00a0
the
\u00a0
statement
\u00a0
of
\u00a0
income.
Financial
\u00a0
instruments
\u00a0
at
\u00a0
fair
\u00a0
value
\u00a0
through
\u00a0
the
\u00a0
statement
\u00a0
of
\u00a0
income
Financial
\u00a0
assets
Financial
\u00a0
assets
\u00a0
measured
\u00a0
at
\u00a0
fair
\u00a0
value
\u00a0
through
\u00a0
the
\u00a0
statement
\u00a0
of
\u00a0
income
\u00a0
include
\u00a0
other
\u00a0
financial
investments,
\u00a0
other
\u00a0
short-term
\u00a0
cash
\u00a0
investments
\u00a0
and
\u00a0
derivatives.
\u00a0
These
\u00a0
financial
\u00a0
investments
\u00a0
include
W\u00e4rtsil\u00e4\u2019s
\u00a0
investments
\u00a0
in
\u00a0
other
\u00a0
companies
\u00a0
(both
\u00a0
listed
\u00a0
and
\u00a0
unlisted
\u00a0
shares).
Changes
\u00a0
in
\u00a0
fair
\u00a0
value
\u00a0
and
\u00a0
gains
\u00a0
and
\u00a0
losses
\u00a0
at
\u00a0
derecognition
\u00a0
of
\u00a0
these
\u00a0
financial
\u00a0
assets
\u00a0
are
\u00a0
recognised
\u00a0
in
\u00a0
the
statement
\u00a0
of
\u00a0
income.
Gains
\u00a0
and
\u00a0
losses
\u00a0
from
\u00a0
fair
\u00a0
valuation
\u00a0
and
\u00a0
the
\u00a0
disposal
\u00a0
of
\u00a0
shares
\u00a0
that
\u00a0
are
\u00a0
attributable
\u00a0
to
\u00a0
operating
\u00a0
activities
are
\u00a0
included
\u00a0
in
\u00a0
operating
\u00a0
income,
\u00a0
while
\u00a0
gains
\u00a0
and
\u00a0
losses
\u00a0
from
\u00a0
fair
\u00a0
valuation
\u00a0
and
\u00a0
the
\u00a0
disposal
\u00a0
of
\u00a0
other
shares
\u00a0
are
\u00a0
included
\u00a0
in
\u00a0
financial
\u00a0
income
\u00a0
and
\u00a0
expenses.
Financial
\u00a0
liabilities
Financial
\u00a0
liabilities
\u00a0
recognised
\u00a0
at
\u00a0
fair
\u00a0
value
\u00a0
through
\u00a0
the
\u00a0
statement
\u00a0
of
\u00a0
income
\u00a0
include
\u00a0
derivatives
\u00a0
that
\u00a0
are
\u00a0
not
eligible
\u00a0
for
\u00a0
hedge
\u00a0
accounting.
Changes
\u00a0
in
\u00a0
fair
\u00a0
value
\u00a0
and
\u00a0
gains
\u00a0
and
\u00a0
losses
\u00a0
at
\u00a0
derecognition
\u00a0
of
\u00a0
these
\u00a0
financial
\u00a0
assets
\u00a0
are
\u00a0
recognised
\u00a0
in
\u00a0
the
statement
\u00a0
of
\u00a0
income.
Information
\u00a0
on
\u00a0
measurement
\u00a0
categories
\u00a0
of
\u00a0
derivatives
\u00a0
and
\u00a0
financial
\u00a0
instruments
\u00a0
in
\u00a0
hedge
\u00a0
accounting
\u00a0
are
presented
\u00a0
in
\u00a0
Note
\u00a0
5.7.
\u00a0
Derivative
\u00a0
financial
\u00a0
instruments.
2022
*
\u00a0
In
\u00a0
addition,
\u00a0
the
\u00a0
Group
\u00a0
has
\u00a0
cash
\u00a0
and
\u00a0
cash
\u00a0
equivalents
\u00a0
measured
\u00a0
at
\u00a0
amortised
\u00a0
cost
\u00a0
of
\u00a0
EUR
\u00a0
3
\u00a0
million
\u00a0
related
\u00a0
to
assets
\u00a0
held
\u00a0
for
\u00a0
sale.
Fair
\u00a0
value
\u00a0
hierarchy
Accounting
\u00a0
principles
W\u00e4rtsil\u00e4
\u00a0
uses
\u00a0
the
\u00a0
following
\u00a0
categorisation
\u00a0
for
\u00a0
determining
\u00a0
and
\u00a0
disclosing
\u00a0
the
\u00a0
fair
\u00a0
value
\u00a0
of
\u00a0
financial
\u00a0
instruments
by
\u00a0
valuation
\u00a0
technique:
Level
\u00a0
1:
\u00a0
The
\u00a0
quoted
\u00a0
prices
\u00a0
for
\u00a0
the
\u00a0
financial
\u00a0
instruments
\u00a0
are
\u00a0
directly
\u00a0
and
\u00a0
regularly
\u00a0
available
\u00a0
on
\u00a0
active
\u00a0
publicly
traded
\u00a0
markets
\u00a0
or
\u00a0
other
\u00a0
publicly
\u00a0
available
\u00a0
sources.
Level
\u00a0
2:
\u00a0
The
\u00a0
prices
\u00a0
for
\u00a0
the
\u00a0
financial
\u00a0
instruments
\u00a0
are
\u00a0
determined
\u00a0
by
\u00a0
using
\u00a0
a
\u00a0
valuation
\u00a0
method
\u00a0
for
\u00a0
which
\u00a0
the
\u00a0
input
data
\u00a0
is
\u00a0
directly
\u00a0
or
\u00a0
indirectly
\u00a0
available
\u00a0
on
\u00a0
a
\u00a0
publicly
\u00a0
traded
\u00a0
markets
\u00a0
or
\u00a0
other
\u00a0
publicly
\u00a0
available
\u00a0
sources.
Level
\u00a0
3:
\u00a0
The
\u00a0
financial
\u00a0
instruments
\u00a0
are
\u00a0
categorised
\u00a0
into
\u00a0
level
\u00a0
3
\u00a0
fair
\u00a0
value
\u00a0
if
\u00a0
the
\u00a0
prices
\u00a0
for
\u00a0
the
\u00a0
inputs
\u00a0
of
\u00a0
the
valuation
\u00a0
method
\u00a0
are
\u00a0
not
\u00a0
publicly
\u00a0
available,
\u00a0
and
\u00a0
when
\u00a0
the
\u00a0
financial
\u00a0
instruments
\u00a0
are
\u00a0
measured
\u00a0
using
\u00a0
an
independent
\u00a0
valuation
\u00a0
method.
\u00a0
Specific
\u00a0
valuation
\u00a0
techniques
\u00a0
used
\u00a0
to
\u00a0
value
\u00a0
financial
\u00a0
instruments
\u00a0
include:
\u2022
\u00a0
the
\u00a0
fair
\u00a0
value
\u00a0
of
\u00a0
forward
\u00a0
foreign
\u00a0
exchange
\u00a0
contracts
\u00a0
is
\u00a0
determined
\u00a0
by
\u00a0
using
\u00a0
forward
\u00a0
rates
\u00a0
at
\u00a0
the
\u00a0
closing
\u00a0
date
\u2022
\u00a0
the
\u00a0
fair
\u00a0
value
\u00a0
of
\u00a0
interest
\u00a0
rate
\u00a0
swaps
\u00a0
is
\u00a0
calculated
\u00a0
as
\u00a0
being
\u00a0
the
\u00a0
present
\u00a0
value
\u00a0
of
\u00a0
the
\u00a0
estimated
\u00a0
future
\u00a0
cash
\u00a0
flows
based
\u00a0
on
\u00a0
observable
\u00a0
yield
\u00a0
curves
\u2022
\u00a0
the
\u00a0
use
\u00a0
of
\u00a0
quoted
\u00a0
market
\u00a0
prices
\u00a0
or
\u00a0
dealer
\u00a0
quotes
\u00a0
for
\u00a0
similar
\u00a0
instruments
*
\u00a0
Measured
\u00a0
at
\u00a0
amortised
\u00a0
cost
\u00a0
in
\u00a0
the
\u00a0
statement
\u00a0
of
\u00a0
financial
\u00a0
position.
Additional
\u00a0
information
\u00a0
on
\u00a0
financial
\u00a0
liabilities
\u00a0
is
\u00a0
presented
\u00a0
in
\u00a0
Note
\u00a0
5.6.
\u00a0
Maturity
\u00a0
analysis
\u00a0
of
\u00a0
financial
\u00a0
liabilities.
Other
\u00a0
investments
Other
\u00a0
investments
\u00a0
include
\u00a0
unlisted
\u00a0
shares
\u00a0
carried
\u00a0
at
\u00a0
fair
\u00a0
value.
\u00a0
These
\u00a0
investments
\u00a0
are
\u00a0
valued
\u00a0
using
\u00a0
certain
DCF
\u00a0
models
\u00a0
where
\u00a0
critical
\u00a0
assumptions
\u00a0
relate
\u00a0
to
\u00a0
WACC
\u00a0
level
\u00a0
and
\u00a0
expected
\u00a0
cash
\u00a0
flows
\u00a0
from
\u00a0
future
\u00a0
dividends.
However,
\u00a0
the
\u00a0
results
\u00a0
from
\u00a0
different
\u00a0
scenarios
\u00a0
vary
\u00a0
a
\u00a0
lot.
\u00a0
The
\u00a0
management
\u00a0
therefore
\u00a0
considers
\u00a0
that
\u00a0
the
valuation
\u00a0
at
\u00a0
amortised
\u00a0
cost
\u00a0
is
\u00a0
the
\u00a0
best
\u00a0
estimate
\u00a0
of
\u00a0
fair
\u00a0
value.
In
\u00a0
2022,
\u00a0
the
\u00a0
cost
\u00a0
for
\u00a0
other
\u00a0
unlisted
\u00a0
shares
\u00a0
(level
\u00a0
3)
\u00a0
was
\u00a0
EUR
\u00a0
19
\u00a0
million
\u00a0
(18),
\u00a0
and
\u00a0
the
\u00a0
market
\u00a0
value
\u00a0
of
\u00a0
them
\u00a0
was
EUR
\u00a0
19
\u00a0
million
\u00a0
(18).
5.6.
\u00a0
MATURITY
\u00a0
ANALYSIS
\u00a0
OF
\u00a0
FINANCIAL
\u00a0
LIABILITIES
2022
*
\u00a0
Interest
\u00a0
expenses
\u00a0
for
\u00a0
long-term
\u00a0
loans
\u00a0
are
\u00a0
calculated
\u00a0
by
\u00a0
using
\u00a0
the
\u00a0
average
\u00a0
interest
\u00a0
rate
\u00a0
prevailing
\u00a0
on
\u00a0
31
December
\u00a0
2022.
**
\u00a0
Valuation
\u00a0
for
\u00a0
interest
\u00a0
rate
\u00a0
derivatives
\u00a0
with
\u00a0
negative
\u00a0
market
\u00a0
value
\u00a0
by
\u00a0
maturity
\u00a0
date.
\u00a0
Nominal
\u00a0
contractual
amounts
\u00a0
are
\u00a0
presented
\u00a0
in
\u00a0
Note
\u00a0
5.7.
\u00a0
Derivative
\u00a0
financial
\u00a0
instruments.
Fair
\u00a0
values
\u00a0
of
\u00a0
financial
\u00a0
liabilities,
\u00a0
as
\u00a0
well
\u00a0
as
\u00a0
information
\u00a0
on
\u00a0
measurement
\u00a0
categories
\u00a0
of
\u00a0
financial
\u00a0
liabilities,
\u00a0
are
presented
\u00a0
in
\u00a0
Note
\u00a0
5.2.
\u00a0
Financial
\u00a0
assets
\u00a0
and
\u00a0
liabilities
\u00a0
by
\u00a0
measurement
\u00a0
category.
MEUR
Measured
at
\u00a0
amortised
cost
At
\u00a0
fair
\u00a0
value
\u00a0
through
\u00a0
the
\u00a0
statement
\u00a0
of
\u00a0
income
Carrying
\u00a0
amounts
\u00a0
of
\u00a0
the
\u00a0
statement
\u00a0
of
\u00a0
financial
\u00a0
position
\u00a0
items
Fair
\u00a0
value
Non-current
\u00a0
financial
\u00a0
assets
Interest-bearing
\u00a0
investments
4
4
4
Trade
\u00a0
receivables
11
11
11
Derivatives
26
26
26
Other
\u00a0
investments
19
19
19
Other
\u00a0
receivables
1
1
1
Current
\u00a0
financial
\u00a0
assets
Trade
\u00a0
receivables
1,101
1,101
1,101
Trade
\u00a0
receivables
\u00a0
for
\u00a0
sale
2
2
2
Derivatives
33
33
33
Other
\u00a0
financial
\u00a0
receivables
3
3
3
Cash
\u00a0
and
\u00a0
cash
\u00a0
equivalents
452
9
461
461
Carrying
\u00a0
amount
\u00a0
by
\u00a0
measurement
\u00a0
category
1,568
93
1,661
1,661
Non-current
\u00a0
financial
\u00a0
liabilities
Interest-bearing
\u00a0
debt
740
740
726
Derivatives
1
1
1
Current
\u00a0
financial
\u00a0
liabilities
Interest-bearing
\u00a0
debt
209
209
209
Trade
\u00a0
payables
1,041
1,041
1,041
Derivatives
17
17
17
Other
\u00a0
financial
\u00a0
liabilities
5
5
5
Carrying
\u00a0
amount
\u00a0
by
\u00a0
measurement
\u00a0
category
1,995
18
2,013
1,999
-
2022
2021
MEUR
Level
\u00a0
2
Level
\u00a0
3
Level
\u00a0
2
Level
\u00a0
3
Financial
\u00a0
assets
Other
\u00a0
investments
19
18
Interest-bearing
\u00a0
investments,
\u00a0
non-current
4
5
Other
\u00a0
receivables,
\u00a0
non-current
1
2
Derivatives
59
17
Financial
\u00a0
liabilities
Interest-bearing
\u00a0
debt,
\u00a0
non-current*
726
855
Derivatives
18
23
-
MEUR
2022
2021
Carrying
\u00a0
amount
\u00a0
on
\u00a0
1
\u00a0
January
18
19
Acquired
\u00a0
shares
1
1
Impairment
0
-2
Carrying
\u00a0
amount
\u00a0
on
\u00a0
31
\u00a0
December
19
18
Current
Non-
current
MEUR
<
\u00a0
1
\u00a0
year
1\u20133
\u00a0
years
3\u20135
\u00a0
years
>
\u00a0
5
\u00a0
years
Total
Loans
\u00a0
from
\u00a0
other
\u00a0
financial
\u00a0
institutions*
166
224
245
47
683
Lease
\u00a0
liabilities
47
71
49
106
273
Trade
\u00a0
payables
1,041
1,041
Interest
\u00a0
rate
\u00a0
derivatives,
\u00a0
payable
79
81
3
1
164
Interest
\u00a0
rate
\u00a0
derivatives,
\u00a0
receivable
-77
-93
-11
-5
-186
Foreign
\u00a0
exchange
\u00a0
forwards,
\u00a0
payable
1,666
1,666
Foreign
\u00a0
exchange
\u00a0
forwards,
\u00a0
receivable
-1,686
-1,686
Other
\u00a0
liabilities
5
5
Total
1,242
283
287
149
1,960
*
\u00a0
Estimated
\u00a0
interest
\u00a0
expenses,
\u00a0
total
8
11
5
1
24
Estimated
\u00a0
contractual
\u00a0
cash
\u00a0
flows
1,250
294
291
150
1,984
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:743700G7A9J1PHM3X223", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "ID_36": { "value": "
Accounting
\u00a0
principles
Financial
\u00a0
instruments
Financial
\u00a0
instruments
\u00a0
are
\u00a0
initially
\u00a0
recognised
\u00a0
at
\u00a0
fair
\u00a0
value.
\u00a0
Subsequently,
\u00a0
financial
\u00a0
assets
\u00a0
are
\u00a0
classified
\u00a0
and
measured
\u00a0
at
\u00a0
amortised
\u00a0
cost
\u00a0
or
\u00a0
at
\u00a0
fair
\u00a0
value
\u00a0
through
\u00a0
statement
\u00a0
of
\u00a0
income.
\u00a0
The
\u00a0
classification
\u00a0
of
\u00a0
financial
assets
\u00a0
is
\u00a0
defined
\u00a0
by
\u00a0
the
\u00a0
business
\u00a0
model
\u00a0
and
\u00a0
the
\u00a0
cash
\u00a0
flow
\u00a0
characteristics
\u00a0
of
\u00a0
the
\u00a0
asset.
\u00a0
Financial
\u00a0
liabilities
are
\u00a0
subsequently
\u00a0
classified
\u00a0
and
\u00a0
measured
\u00a0
at
\u00a0
amortised
\u00a0
cost
\u00a0
or
\u00a0
at
\u00a0
fair
\u00a0
value
\u00a0
through
\u00a0
statement
\u00a0
of
\u00a0
income.
Financial
\u00a0
instruments
\u00a0
are
\u00a0
classified
\u00a0
as
\u00a0
current
\u00a0
financial
\u00a0
instruments
\u00a0
unless
\u00a0
the
\u00a0
maturity
\u00a0
of
\u00a0
the
\u00a0
financial
instrument
\u00a0
exceeds
\u00a0
12
\u00a0
months
\u00a0
from
\u00a0
the
\u00a0
reporting
\u00a0
date.
\u00a0
Financial
\u00a0
instruments
\u00a0
are
\u00a0
derecognised
\u00a0
only
\u00a0
when
the
\u00a0
financial
\u00a0
instrument
\u00a0
is
\u00a0
extinguished,
\u00a0
or
\u00a0
when
\u00a0
the
\u00a0
contractually
\u00a0
specified
\u00a0
right
\u00a0
or
\u00a0
obligation
\u00a0
is
\u00a0
discharged,
cancelled,
\u00a0
or
\u00a0
when
\u00a0
it
\u00a0
expires.
\u00a0
The
\u00a0
status
\u00a0
of
\u00a0
financial
\u00a0
instruments
\u00a0
is
\u00a0
evaluated
\u00a0
at
\u00a0
each
\u00a0
reporting
\u00a0
date.
Financial
\u00a0
instruments
\u00a0
at
\u00a0
amortised
\u00a0
cost
Financial
\u00a0
assets
Financial
\u00a0
assets
\u00a0
measured
\u00a0
at
\u00a0
amortised
\u00a0
cost
\u00a0
include
\u00a0
cash
\u00a0
and
\u00a0
cash
\u00a0
equivalents,
\u00a0
investments
\u00a0
in
\u00a0
debt
instruments,
\u00a0
commercial
\u00a0
papers,
\u00a0
trade
\u00a0
receivables
\u00a0
and
\u00a0
other
\u00a0
receivables.
\u00a0
The
\u00a0
assets
\u00a0
are
\u00a0
initially
recognised
\u00a0
at
\u00a0
fair
\u00a0
value
\u00a0
less
\u00a0
the
\u00a0
transaction
\u00a0
costs,
\u00a0
and
\u00a0
are
\u00a0
subsequently
\u00a0
measured
\u00a0
at
\u00a0
amortised
\u00a0
cost
\u00a0
by
using
\u00a0
the
\u00a0
effective
\u00a0
interest
\u00a0
rate
\u00a0
method.
\u00a0
These
\u00a0
assets
\u00a0
are
\u00a0
held
\u00a0
for
\u00a0
collecting
\u00a0
contractual
\u00a0
cash
\u00a0
flows,
\u00a0
which
are
\u00a0
solely
\u00a0
payments
\u00a0
of
\u00a0
principal
\u00a0
and
\u00a0
interest.
\u00a0
Interest
\u00a0
income
\u00a0
is
\u00a0
recognised
\u00a0
as
\u00a0
financial
\u00a0
income
\u00a0
in
\u00a0
the
statement
\u00a0
of
\u00a0
income.
The
\u00a0
expected
\u00a0
credit
\u00a0
losses
\u00a0
associated
\u00a0
with
\u00a0
investments
\u00a0
in
\u00a0
debt
\u00a0
instruments
\u00a0
and
\u00a0
commercial
\u00a0
papers
\u00a0
carried
at
\u00a0
amortised
\u00a0
cost
\u00a0
are
\u00a0
assessed
\u00a0
on
\u00a0
a
\u00a0
forward-looking
\u00a0
basis
\u00a0
based
\u00a0
on
\u00a0
investment
\u00a0
maturity
\u00a0
dates
\u00a0
and
counterparty
\u00a0
credit
\u00a0
risk
\u00a0
on
\u00a0
a
\u00a0
quarterly
\u00a0
basis.
The
\u00a0
Group
\u00a0
applies
\u00a0
the
\u00a0
simplified
\u00a0
method
\u00a0
in
\u00a0
IFRS
\u00a0
9
\u00a0
for
\u00a0
the
\u00a0
expected
\u00a0
credit
\u00a0
losses
\u00a0
from
\u00a0
its
\u00a0
trade
\u00a0
receivables.
This
\u00a0
requires
\u00a0
expected
\u00a0
lifetime
\u00a0
credit
\u00a0
losses
\u00a0
to
\u00a0
be
\u00a0
recognised
\u00a0
from
\u00a0
the
\u00a0
initial
\u00a0
recognition
\u00a0
of
\u00a0
the
\u00a0
receivables,
as
\u00a0
defined
\u00a0
in
\u00a0
Note
\u00a0
4.2.
\u00a0
Trade
\u00a0
receivables
\u00a0
and
\u00a0
contract
\u00a0
assets
\u00a0
and
\u00a0
liabilities.
Financial
\u00a0
Liabilities
Financial
\u00a0
liabilities
\u00a0
measured
\u00a0
at
\u00a0
amortised
\u00a0
cost
\u00a0
include
\u00a0
trade
\u00a0
and
\u00a0
other
\u00a0
payables,
\u00a0
loans,
\u00a0
and
\u00a0
borrowings.
These
\u00a0
liabilities
\u00a0
are
\u00a0
initially
\u00a0
recognised
\u00a0
at
\u00a0
fair
\u00a0
value
\u00a0
less
\u00a0
the
\u00a0
transaction
\u00a0
costs
\u00a0
related
\u00a0
to
\u00a0
the
\u00a0
acquisition
\u00a0
of
these
\u00a0
liabilities.
\u00a0
The
\u00a0
liabilities
\u00a0
are
\u00a0
subsequently
\u00a0
classified
\u00a0
and
\u00a0
measured
\u00a0
using
\u00a0
the
\u00a0
effective
\u00a0
interest
\u00a0
rate
method
\u00a0
by
\u00a0
amortising
\u00a0
the
\u00a0
discounted
\u00a0
interest
\u00a0
payments
\u00a0
over
\u00a0
the
\u00a0
maturity
\u00a0
of
\u00a0
the
\u00a0
liabilities.
\u00a0
Interest
\u00a0
expense
is
\u00a0
recognised
\u00a0
in
\u00a0
the
\u00a0
financial
\u00a0
expense
\u00a0
in
\u00a0
the
\u00a0
statement
\u00a0
of
\u00a0
income.
Financial
\u00a0
instruments
\u00a0
at
\u00a0
fair
\u00a0
value
\u00a0
through
\u00a0
the
\u00a0
statement
\u00a0
of
\u00a0
income
Financial
\u00a0
assets
Financial
\u00a0
assets
\u00a0
measured
\u00a0
at
\u00a0
fair
\u00a0
value
\u00a0
through
\u00a0
the
\u00a0
statement
\u00a0
of
\u00a0
income
\u00a0
include
\u00a0
other
\u00a0
financial
investments,
\u00a0
other
\u00a0
short-term
\u00a0
cash
\u00a0
investments
\u00a0
and
\u00a0
derivatives.
\u00a0
These
\u00a0
financial
\u00a0
investments
\u00a0
include
W\u00e4rtsil\u00e4\u2019s
\u00a0
investments
\u00a0
in
\u00a0
other
\u00a0
companies
\u00a0
(both
\u00a0
listed
\u00a0
and
\u00a0
unlisted
\u00a0
shares).
Changes
\u00a0
in
\u00a0
fair
\u00a0
value
\u00a0
and
\u00a0
gains
\u00a0
and
\u00a0
losses
\u00a0
at
\u00a0
derecognition
\u00a0
of
\u00a0
these
\u00a0
financial
\u00a0
assets
\u00a0
are
\u00a0
recognised
\u00a0
in
\u00a0
the
statement
\u00a0
of
\u00a0
income.
Gains
\u00a0
and
\u00a0
losses
\u00a0
from
\u00a0
fair
\u00a0
valuation
\u00a0
and
\u00a0
the
\u00a0
disposal
\u00a0
of
\u00a0
shares
\u00a0
that
\u00a0
are
\u00a0
attributable
\u00a0
to
\u00a0
operating
\u00a0
activities
are
\u00a0
included
\u00a0
in
\u00a0
operating
\u00a0
income,
\u00a0
while
\u00a0
gains
\u00a0
and
\u00a0
losses
\u00a0
from
\u00a0
fair
\u00a0
valuation
\u00a0
and
\u00a0
the
\u00a0
disposal
\u00a0
of
\u00a0
other
shares
\u00a0
are
\u00a0
included
\u00a0
in
\u00a0
financial
\u00a0
income
\u00a0
and
\u00a0
expenses.
Financial
\u00a0
liabilities
Financial
\u00a0
liabilities
\u00a0
recognised
\u00a0
at
\u00a0
fair
\u00a0
value
\u00a0
through
\u00a0
the
\u00a0
statement
\u00a0
of
\u00a0
income
\u00a0
include
\u00a0
derivatives
\u00a0
that
\u00a0
are
\u00a0
not
eligible
\u00a0
for
\u00a0
hedge
\u00a0
accounting.
Changes
\u00a0
in
\u00a0
fair
\u00a0
value
\u00a0
and
\u00a0
gains
\u00a0
and
\u00a0
losses
\u00a0
at
\u00a0
derecognition
\u00a0
of
\u00a0
these
\u00a0
financial
\u00a0
assets
\u00a0
are
\u00a0
recognised
\u00a0
in
\u00a0
the
statement
\u00a0
of
\u00a0
income.
Information
\u00a0
on
\u00a0
measurement
\u00a0
categories
\u00a0
of
\u00a0
derivatives
\u00a0
and
\u00a0
financial
\u00a0
instruments
\u00a0
in
\u00a0
hedge
\u00a0
accounting
\u00a0
are
presented
\u00a0
in
\u00a0
Note
\u00a0
5.7.
\u00a0
Derivative
\u00a0
financial
\u00a0
instruments.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:743700G7A9J1PHM3X223", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "ID_49": { "value": "
Financial
\u00a0
instruments
\u00a0
at
\u00a0
fair
\u00a0
value
\u00a0
through
\u00a0
the
\u00a0
statement
\u00a0
of
\u00a0
income
Financial
\u00a0
assets
Financial
\u00a0
assets
\u00a0
measured
\u00a0
at
\u00a0
fair
\u00a0
value
\u00a0
through
\u00a0
the
\u00a0
statement
\u00a0
of
\u00a0
income
\u00a0
include
\u00a0
other
\u00a0
financial
investments,
\u00a0
other
\u00a0
short-term
\u00a0
cash
\u00a0
investments
\u00a0
and
\u00a0
derivatives.
\u00a0
These
\u00a0
financial
\u00a0
investments
\u00a0
include
W\u00e4rtsil\u00e4\u2019s
\u00a0
investments
\u00a0
in
\u00a0
other
\u00a0
companies
\u00a0
(both
\u00a0
listed
\u00a0
and
\u00a0
unlisted
\u00a0
shares).
Changes
\u00a0
in
\u00a0
fair
\u00a0
value
\u00a0
and
\u00a0
gains
\u00a0
and
\u00a0
losses
\u00a0
at
\u00a0
derecognition
\u00a0
of
\u00a0
these
\u00a0
financial
\u00a0
assets
\u00a0
are
\u00a0
recognised
\u00a0
in
\u00a0
the
statement
\u00a0
of
\u00a0
income.
Gains
\u00a0
and
\u00a0
losses
\u00a0
from
\u00a0
fair
\u00a0
valuation
\u00a0
and
\u00a0
the
\u00a0
disposal
\u00a0
of
\u00a0
shares
\u00a0
that
\u00a0
are
\u00a0
attributable
\u00a0
to
\u00a0
operating
\u00a0
activities
are
\u00a0
included
\u00a0
in
\u00a0
operating
\u00a0
income,
\u00a0
while
\u00a0
gains
\u00a0
and
\u00a0
losses
\u00a0
from
\u00a0
fair
\u00a0
valuation
\u00a0
and
\u00a0
the
\u00a0
disposal
\u00a0
of
\u00a0
other
shares
\u00a0
are
\u00a0
included
\u00a0
in
\u00a0
financial
\u00a0
income
\u00a0
and
\u00a0
expenses.
Financial
\u00a0
liabilities
Financial
\u00a0
liabilities
\u00a0
recognised
\u00a0
at
\u00a0
fair
\u00a0
value
\u00a0
through
\u00a0
the
\u00a0
statement
\u00a0
of
\u00a0
income
\u00a0
include
\u00a0
derivatives
\u00a0
that
\u00a0
are
\u00a0
not
eligible
\u00a0
for
\u00a0
hedge
\u00a0
accounting.
Changes
\u00a0
in
\u00a0
fair
\u00a0
value
\u00a0
and
\u00a0
gains
\u00a0
and
\u00a0
losses
\u00a0
at
\u00a0
derecognition
\u00a0
of
\u00a0
these
\u00a0
financial
\u00a0
assets
\u00a0
are
\u00a0
recognised
\u00a0
in
\u00a0
the
statement
\u00a0
of
\u00a0
income.
MEUR
Measured
at
\u00a0
amortised
cost
At
\u00a0
fair
\u00a0
value
\u00a0
through
\u00a0
the
\u00a0
statement
\u00a0
of
\u00a0
income
Carrying
\u00a0
amounts
\u00a0
of
\u00a0
the
\u00a0
statement
\u00a0
of
\u00a0
financial
\u00a0
position
\u00a0
items
Fair
\u00a0
value
Non-current
\u00a0
financial
\u00a0
assets
Interest-bearing
\u00a0
investments
4
4
4
Trade
\u00a0
receivables
11
11
11
Derivatives
26
26
26
Other
\u00a0
investments
19
19
19
Other
\u00a0
receivables
1
1
1
Current
\u00a0
financial
\u00a0
assets
Trade
\u00a0
receivables
1,101
1,101
1,101
Trade
\u00a0
receivables
\u00a0
for
\u00a0
sale
2
2
2
Derivatives
33
33
33
Other
\u00a0
financial
\u00a0
receivables
3
3
3
Cash
\u00a0
and
\u00a0
cash
\u00a0
equivalents
452
9
461
461
Carrying
\u00a0
amount
\u00a0
by
\u00a0
measurement
\u00a0
category
1,568
93
1,661
1,661
Non-current
\u00a0
financial
\u00a0
liabilities
Interest-bearing
\u00a0
debt
740
740
726
Derivatives
1
1
1
Current
\u00a0
financial
\u00a0
liabilities
Interest-bearing
\u00a0
debt
209
209
209
Trade
\u00a0
payables
1,041
1,041
1,041
Derivatives
17
17
17
Other
\u00a0
financial
\u00a0
liabilities
5
5
5
Carrying
\u00a0
amount
\u00a0
by
\u00a0
measurement
\u00a0
category
1,995
18
2,013
1,999
-
2022
2021
MEUR
Level
\u00a0
2
Level
\u00a0
3
Level
\u00a0
2
Level
\u00a0
3
Financial
\u00a0
assets
Other
\u00a0
investments
19
18
Interest-bearing
\u00a0
investments,
\u00a0
non-current
4
5
Other
\u00a0
receivables,
\u00a0
non-current
1
2
Derivatives
59
17
Financial
\u00a0
liabilities
Interest-bearing
\u00a0
debt,
\u00a0
non-current*
726
855
Derivatives
18
23
-
MEUR
2022
2021
Carrying
\u00a0
amount
\u00a0
on
\u00a0
1
\u00a0
January
18
19
Acquired
\u00a0
shares
1
1
Impairment
0
-2
Carrying
\u00a0
amount
\u00a0
on
\u00a0
31
\u00a0
December
19
18
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:743700G7A9J1PHM3X223", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "ID_39": { "value": "
2021
2021
MEUR
Measured
at
\u00a0
amortised
cost
At
\u00a0
fair
\u00a0
value
\u00a0
through
\u00a0
the
\u00a0
statement
\u00a0
of
\u00a0
income
Carrying
\u00a0
amounts
\u00a0
of
\u00a0
the
\u00a0
statement
\u00a0
of
\u00a0
financial
\u00a0
position
\u00a0
items
Fair
\u00a0
value
Non-current
\u00a0
financial
\u00a0
assets
Interest-bearing
\u00a0
investments
5
5
5
Trade
\u00a0
receivables
26
26
26
Derivatives
1
1
1
Other
\u00a0
investments
18
18
18
Other
\u00a0
receivables
2
2
2
Current
\u00a0
financial
\u00a0
assets
Interest-bearing
\u00a0
receivables
Trade
\u00a0
receivables
869
869
869
Trade
\u00a0
receivables
\u00a0
for
\u00a0
sale
1
1
1
Derivatives
16
16
16
Other
\u00a0
financial
\u00a0
receivables
5
5
5
Cash
\u00a0
and
\u00a0
cash
\u00a0
equivalents
723
241
964
964
Carrying
\u00a0
amount
\u00a0
by
\u00a0
measurement
\u00a0
category
1,625
282
1,906
1,906
Non-current
\u00a0
financial
\u00a0
liabilities
Interest-bearing
\u00a0
debt
851
851
855
Derivatives
9
9
9
Current
\u00a0
financial
\u00a0
liabilities
Interest-bearing
\u00a0
debt
121
121
121
Trade
\u00a0
payables
714
714
714
Derivatives
14
14
14
Other
\u00a0
financial
\u00a0
liabilities
5
5
5
Carrying
\u00a0
amount
\u00a0
by
\u00a0
measurement
\u00a0
category
1,692
23
1,714
1,718
Current
Non-
current
MEUR
<
\u00a0
1
\u00a0
year
1\u20133
\u00a0
years
3\u20135
\u00a0
years
>
\u00a0
5
\u00a0
years
Total
Loans
\u00a0
from
\u00a0
other
\u00a0
financial
\u00a0
institutions*
82
287
302
104
776
Lease
\u00a0
liabilities
43
61
40
71
216
Trade
\u00a0
payables
714
714
Interest
\u00a0
rate
\u00a0
derivatives**
7
2
9
Foreign
\u00a0
exchange
\u00a0
forwards,
\u00a0
payable
2,077
2,077
Foreign
\u00a0
exchange
\u00a0
forwards,
\u00a0
receivable
-2,079
-2,079
Other
\u00a0
liabilities
5
5
Total
844
356
342
178
1,719
*
\u00a0
Estimated
\u00a0
interest
\u00a0
expenses,
\u00a0
total
5
7
3
1
16
Estimated
\u00a0
contractual
\u00a0
cash
\u00a0
flows
848
363
345
178
1,735
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:743700G7A9J1PHM3X223", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00" } }, "ID_47": { "value": "
MEUR
Measured
at
\u00a0
amortised
cost
At
\u00a0
fair
\u00a0
value
\u00a0
through
\u00a0
the
\u00a0
statement
\u00a0
of
\u00a0
income
Carrying
\u00a0
amounts
\u00a0
of
\u00a0
the
\u00a0
statement
\u00a0
of
\u00a0
financial
\u00a0
position
\u00a0
items
Fair
\u00a0
value
Non-current
\u00a0
financial
\u00a0
assets
Interest-bearing
\u00a0
investments
5
5
5
Trade
\u00a0
receivables
26
26
26
Derivatives
1
1
1
Other
\u00a0
investments
18
18
18
Other
\u00a0
receivables
2
2
2
Current
\u00a0
financial
\u00a0
assets
Interest-bearing
\u00a0
receivables
Trade
\u00a0
receivables
869
869
869
Trade
\u00a0
receivables
\u00a0
for
\u00a0
sale
1
1
1
Derivatives
16
16
16
Other
\u00a0
financial
\u00a0
receivables
5
5
5
Cash
\u00a0
and
\u00a0
cash
\u00a0
equivalents
723
241
964
964
Carrying
\u00a0
amount
\u00a0
by
\u00a0
measurement
\u00a0
category
1,625
282
1,906
1,906
Non-current
\u00a0
financial
\u00a0
liabilities
Interest-bearing
\u00a0
debt
851
851
855
Derivatives
9
9
9
Current
\u00a0
financial
\u00a0
liabilities
Interest-bearing
\u00a0
debt
121
121
121
Trade
\u00a0
payables
714
714
714
Derivatives
14
14
14
Other
\u00a0
financial
\u00a0
liabilities
5
5
5
Carrying
\u00a0
amount
\u00a0
by
\u00a0
measurement
\u00a0
category
1,692
23
1,714
1,718
", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:743700G7A9J1PHM3X223", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00" } }, "ID_50": { "value": "
MEUR
Measured
at
\u00a0
amortised
cost
At
\u00a0
fair
\u00a0
value
\u00a0
through
\u00a0
the
\u00a0
statement
\u00a0
of
\u00a0
income
Carrying
\u00a0
amounts
\u00a0
of
\u00a0
the
\u00a0
statement
\u00a0
of
\u00a0
financial
\u00a0
position
\u00a0
items
Fair
\u00a0
value
Non-current
\u00a0
financial
\u00a0
assets
Interest-bearing
\u00a0
investments
5
5
5
Trade
\u00a0
receivables
26
26
26
Derivatives
1
1
1
Other
\u00a0
investments
18
18
18
Other
\u00a0
receivables
2
2
2
Current
\u00a0
financial
\u00a0
assets
Interest-bearing
\u00a0
receivables
Trade
\u00a0
receivables
869
869
869
Trade
\u00a0
receivables
\u00a0
for
\u00a0
sale
1
1
1
Derivatives
16
16
16
Other
\u00a0
financial
\u00a0
receivables
5
5
5
Cash
\u00a0
and
\u00a0
cash
\u00a0
equivalents
723
241
964
964
Carrying
\u00a0
amount
\u00a0
by
\u00a0
measurement
\u00a0
category
1,625
282
1,906
1,906
Non-current
\u00a0
financial
\u00a0
liabilities
Interest-bearing
\u00a0
debt
851
851
855
Derivatives
9
9
9
Current
\u00a0
financial
\u00a0
liabilities
Interest-bearing
\u00a0
debt
121
121
121
Trade
\u00a0
payables
714
714
714
Derivatives
14
14
14
Other
\u00a0
financial
\u00a0
liabilities
5
5
5
Carrying
\u00a0
amount
\u00a0
by
\u00a0
measurement
\u00a0
category
1,692
23
1,714
1,718
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:743700G7A9J1PHM3X223", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00" } }, "ID_37": { "value": "
Accounting
\u00a0
principles
W\u00e4rtsil\u00e4
\u00a0
uses
\u00a0
the
\u00a0
following
\u00a0
categorisation
\u00a0
for
\u00a0
determining
\u00a0
and
\u00a0
disclosing
\u00a0
the
\u00a0
fair
\u00a0
value
\u00a0
of
\u00a0
financial
\u00a0
instruments
by
\u00a0
valuation
\u00a0
technique:
Level
\u00a0
1:
\u00a0
The
\u00a0
quoted
\u00a0
prices
\u00a0
for
\u00a0
the
\u00a0
financial
\u00a0
instruments
\u00a0
are
\u00a0
directly
\u00a0
and
\u00a0
regularly
\u00a0
available
\u00a0
on
\u00a0
active
\u00a0
publicly
traded
\u00a0
markets
\u00a0
or
\u00a0
other
\u00a0
publicly
\u00a0
available
\u00a0
sources.
Level
\u00a0
2:
\u00a0
The
\u00a0
prices
\u00a0
for
\u00a0
the
\u00a0
financial
\u00a0
instruments
\u00a0
are
\u00a0
determined
\u00a0
by
\u00a0
using
\u00a0
a
\u00a0
valuation
\u00a0
method
\u00a0
for
\u00a0
which
\u00a0
the
\u00a0
input
data
\u00a0
is
\u00a0
directly
\u00a0
or
\u00a0
indirectly
\u00a0
available
\u00a0
on
\u00a0
a
\u00a0
publicly
\u00a0
traded
\u00a0
markets
\u00a0
or
\u00a0
other
\u00a0
publicly
\u00a0
available
\u00a0
sources.
Level
\u00a0
3:
\u00a0
The
\u00a0
financial
\u00a0
instruments
\u00a0
are
\u00a0
categorised
\u00a0
into
\u00a0
level
\u00a0
3
\u00a0
fair
\u00a0
value
\u00a0
if
\u00a0
the
\u00a0
prices
\u00a0
for
\u00a0
the
\u00a0
inputs
\u00a0
of
\u00a0
the
valuation
\u00a0
method
\u00a0
are
\u00a0
not
\u00a0
publicly
\u00a0
available,
\u00a0
and
\u00a0
when
\u00a0
the
\u00a0
financial
\u00a0
instruments
\u00a0
are
\u00a0
measured
\u00a0
using
\u00a0
an
independent
\u00a0
valuation
\u00a0
method.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:743700G7A9J1PHM3X223", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "ID_107": { "value": "
Accounting
\u00a0
principles
Cash
\u00a0
and
\u00a0
cash
\u00a0
equivalents
\u00a0
comprise
\u00a0
cash
\u00a0
in
\u00a0
hand,
\u00a0
deposits
\u00a0
held
\u00a0
at
\u00a0
call
\u00a0
with
\u00a0
banks,
\u00a0
and
\u00a0
other
\u00a0
short-term
cash
\u00a0
investments.
\u00a0
Other
\u00a0
short-term
\u00a0
cash
\u00a0
investments
\u00a0
are
\u00a0
highly
\u00a0
liquid
\u00a0
investments
\u00a0
that
\u00a0
are
\u00a0
subject
\u00a0
to
\u00a0
only
minor
\u00a0
fluctuations
\u00a0
in
\u00a0
value,
\u00a0
and
\u00a0
which
\u00a0
have
\u00a0
a
\u00a0
maturity
\u00a0
of
\u00a0
up
\u00a0
to
\u00a0
three
\u00a0
months
\u00a0
on
\u00a0
the
\u00a0
date
\u00a0
of
\u00a0
acquisition.
Cash
\u00a0
in
\u00a0
hand
\u00a0
and
\u00a0
deposits
\u00a0
held
\u00a0
at
\u00a0
call
\u00a0
are
\u00a0
presented
\u00a0
at
\u00a0
amortised
\u00a0
cost.
\u00a0
Other
\u00a0
cash
\u00a0
investments
\u00a0
are
\u00a0
mainly
measured
\u00a0
at
\u00a0
fair
\u00a0
value,
\u00a0
except
\u00a0
for
\u00a0
commercial
\u00a0
paper
\u00a0
investments
\u00a0
that
\u00a0
are
\u00a0
presented
\u00a0
at
\u00a0
amortised
\u00a0
cost.
Credit
\u00a0
accounts
\u00a0
related
\u00a0
to
\u00a0
Group
\u00a0
cash
\u00a0
pool
\u00a0
accounts
\u00a0
are
\u00a0
included
\u00a0
in
\u00a0
current
\u00a0
financial
\u00a0
liabilities.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:743700G7A9J1PHM3X223", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "ID_40": { "value": "
*
\u00a0
EUR
\u00a0
151
\u00a0
million
\u00a0
(178)
\u00a0
of
\u00a0
cash
\u00a0
and
\u00a0
bank
\u00a0
balances
\u00a0
relate
\u00a0
to
\u00a0
cash
\u00a0
in
\u00a0
countries
\u00a0
where
\u00a0
repatriation
\u00a0
is
\u00a0
limited
\u00a0
due
to
\u00a0
local
\u00a0
regulation
\u00a0
and,
\u00a0
consequently,
\u00a0
the
\u00a0
cash
\u00a0
is
\u00a0
not
\u00a0
immediately
\u00a0
available
\u00a0
to
\u00a0
the
\u00a0
parent
\u00a0
company.
\u00a0
There
\u00a0
are
no
\u00a0
restrictions
\u00a0
to
\u00a0
use
\u00a0
the
\u00a0
cash
\u00a0
and
\u00a0
bank
\u00a0
balances
\u00a0
locally.
In
\u00a0
2022,
\u00a0
the
\u00a0
Group
\u00a0
also
\u00a0
had
\u00a0
cash
\u00a0
and
\u00a0
cash
\u00a0
equivalents
\u00a0
of
\u00a0
EUR
\u00a0
3
\u00a0
million
\u00a0
related
\u00a0
to
\u00a0
assets
\u00a0
held
\u00a0
for
\u00a0
sale.
5.3.
\u00a0
CASH
\u00a0
AND
\u00a0
CASH
\u00a0
EQUIVALENTS
Accounting
\u00a0
principles
Cash
\u00a0
and
\u00a0
cash
\u00a0
equivalents
\u00a0
comprise
\u00a0
cash
\u00a0
in
\u00a0
hand,
\u00a0
deposits
\u00a0
held
\u00a0
at
\u00a0
call
\u00a0
with
\u00a0
banks,
\u00a0
and
\u00a0
other
\u00a0
short-term
cash
\u00a0
investments.
\u00a0
Other
\u00a0
short-term
\u00a0
cash
\u00a0
investments
\u00a0
are
\u00a0
highly
\u00a0
liquid
\u00a0
investments
\u00a0
that
\u00a0
are
\u00a0
subject
\u00a0
to
\u00a0
only
minor
\u00a0
fluctuations
\u00a0
in
\u00a0
value,
\u00a0
and
\u00a0
which
\u00a0
have
\u00a0
a
\u00a0
maturity
\u00a0
of
\u00a0
up
\u00a0
to
\u00a0
three
\u00a0
months
\u00a0
on
\u00a0
the
\u00a0
date
\u00a0
of
\u00a0
acquisition.
Cash
\u00a0
in
\u00a0
hand
\u00a0
and
\u00a0
deposits
\u00a0
held
\u00a0
at
\u00a0
call
\u00a0
are
\u00a0
presented
\u00a0
at
\u00a0
amortised
\u00a0
cost.
\u00a0
Other
\u00a0
cash
\u00a0
investments
\u00a0
are
\u00a0
mainly
measured
\u00a0
at
\u00a0
fair
\u00a0
value,
\u00a0
except
\u00a0
for
\u00a0
commercial
\u00a0
paper
\u00a0
investments
\u00a0
that
\u00a0
are
\u00a0
presented
\u00a0
at
\u00a0
amortised
\u00a0
cost.
Credit
\u00a0
accounts
\u00a0
related
\u00a0
to
\u00a0
Group
\u00a0
cash
\u00a0
pool
\u00a0
accounts
\u00a0
are
\u00a0
included
\u00a0
in
\u00a0
current
\u00a0
financial
\u00a0
liabilities.
MEUR
2022
2021
Cash
\u00a0
and
\u00a0
bank
\u00a0
balances*
452
708
Cash
\u00a0
equivalents
9
256
Total
461
964
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:743700G7A9J1PHM3X223", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "ID_42": { "value": "
5.5.
\u00a0
EQUITY
Equity
\u00a0
consists
\u00a0
of
\u00a0
share
\u00a0
capital,
\u00a0
share
\u00a0
premium,
\u00a0
translation
\u00a0
differences,
\u00a0
fair
\u00a0
value
\u00a0
reserve,
\u00a0
remeasurements
\u00a0
of
defined
\u00a0
benefit
\u00a0
liabilities
\u00a0
and
\u00a0
retained
\u00a0
earnings.
Share
\u00a0
capital
\u00a0
and
\u00a0
number
\u00a0
of
\u00a0
shares
In
\u00a0
2021,
\u00a0
the
\u00a0
Board
\u00a0
of
\u00a0
Directors
\u00a0
of
\u00a0
W\u00e4rtsil\u00e4
\u00a0
Corporation
\u00a0
decided
\u00a0
to
\u00a0
use
\u00a0
the
\u00a0
authorisation
\u00a0
given
\u00a0
by
\u00a0
the
\u00a0
Annual
General
\u00a0
Meeting
\u00a0
repurchase
\u00a0
the
\u00a0
company\u2019s
\u00a0
own
\u00a0
shares.
\u00a0
The
\u00a0
repurchases
\u00a0
started
\u00a0
on
\u00a0
27
\u00a0
April
\u00a0
2021
\u00a0
and
\u00a0
ended
on
\u00a0
5
\u00a0
May
\u00a0
2021.
\u00a0
Following
\u00a0
the
\u00a0
repurchases,
\u00a0
the
\u00a0
company
\u00a0
holds
\u00a0
a
\u00a0
total
\u00a0
of
\u00a0
1,700,000
\u00a0
shares.
\u00a0
The
\u00a0
repurchased
shares
\u00a0
are
\u00a0
to
\u00a0
be
\u00a0
used
\u00a0
for
\u00a0
pay-outs
\u00a0
under
\u00a0
the
\u00a0
share-based
\u00a0
incentive
\u00a0
programmes
\u00a0
of
\u00a0
W\u00e4rtsil\u00e4
\u00a0
Corporation.
W\u00e4rtsil\u00e4's
\u00a0
share
\u00a0
does
\u00a0
not
\u00a0
have
\u00a0
a
\u00a0
nominal
\u00a0
value.
\u00a0
W\u00e4rtsil\u00e4
\u00a0
has
\u00a0
one
\u00a0
series
\u00a0
of
\u00a0
shares.
\u00a0
Each
\u00a0
share
\u00a0
is
\u00a0
assigned
\u00a0
one
vote
\u00a0
in
\u00a0
the
\u00a0
Annual
\u00a0
General
\u00a0
Meeting
\u00a0
and
\u00a0
has
\u00a0
an
\u00a0
equal
\u00a0
right
\u00a0
to
\u00a0
dividend.
Share
\u00a0
Capital
The
\u00a0
subscription
\u00a0
price
\u00a0
of
\u00a0
a
\u00a0
share
\u00a0
received
\u00a0
by
\u00a0
the
\u00a0
company
\u00a0
in
\u00a0
connection
\u00a0
with
\u00a0
share
\u00a0
issues
\u00a0
is
\u00a0
credited
\u00a0
to
\u00a0
the
share
\u00a0
capital,
\u00a0
unless
\u00a0
it
\u00a0
is
\u00a0
provided
\u00a0
in
\u00a0
the
\u00a0
share
\u00a0
issue
\u00a0
decision
\u00a0
that
\u00a0
a
\u00a0
part
\u00a0
of
\u00a0
the
\u00a0
subscription
\u00a0
price
\u00a0
is
\u00a0
to
\u00a0
be
recorded
\u00a0
in
\u00a0
the
\u00a0
fund
\u00a0
for
\u00a0
invested
\u00a0
non-restricted
\u00a0
equity.
Share
\u00a0
Premium
Share
\u00a0
premium
\u00a0
is
\u00a0
restricted
\u00a0
equity.
\u00a0
It
\u00a0
may
\u00a0
be
\u00a0
reduced
\u00a0
in
\u00a0
accordance
\u00a0
with
\u00a0
the
\u00a0
rules
\u00a0
applying
\u00a0
to
\u00a0
decreasing
share
\u00a0
capital
\u00a0
in
\u00a0
accordance
\u00a0
with
\u00a0
the
\u00a0
Finnish
\u00a0
Limited
\u00a0
Liability
\u00a0
Companies
\u00a0
Act.
\u00a0
It
\u00a0
can
\u00a0
also
\u00a0
be
\u00a0
used
\u00a0
to
\u00a0
increase
the
\u00a0
share
\u00a0
capital.
Translation
\u00a0
differences
Translating
\u00a0
foreign
\u00a0
subsidiaries'
\u00a0
financial
\u00a0
statements
\u00a0
by
\u00a0
using
\u00a0
different
\u00a0
exchange
\u00a0
rates
\u00a0
in
\u00a0
the
\u00a0
statement
\u00a0
of
comprehensive
\u00a0
income
\u00a0
and
\u00a0
in
\u00a0
the
\u00a0
statement
\u00a0
of
\u00a0
financial
\u00a0
position
\u00a0
causes
\u00a0
translation
\u00a0
differences,
\u00a0
which
\u00a0
are
recognised
\u00a0
in
\u00a0
equity.
\u00a0
Translation
\u00a0
differences
\u00a0
of
\u00a0
foreign
\u00a0
subsidiaries\u2019
\u00a0
acquisition
\u00a0
cost
\u00a0
eliminations
\u00a0
and
\u00a0
post-
acquisition
\u00a0
gains
\u00a0
and
\u00a0
losses
\u00a0
are
\u00a0
also
\u00a0
presented
\u00a0
in
\u00a0
equity.
\u00a0
Also,
\u00a0
translation
\u00a0
differences
\u00a0
arising
\u00a0
from
\u00a0
subsidiary
net
\u00a0
investments
\u00a0
and
\u00a0
non-current
\u00a0
subsidiary
\u00a0
loans
\u00a0
without
\u00a0
agreed
\u00a0
settlement
\u00a0
dates
\u00a0
are
\u00a0
presented
\u00a0
in
\u00a0
equity.
\u00a0
The
change
\u00a0
in
\u00a0
translation
\u00a0
differences
\u00a0
is
\u00a0
recognised
\u00a0
in
\u00a0
other
\u00a0
comprehensive
\u00a0
income.
Fair
\u00a0
value
\u00a0
reserve
Fair
\u00a0
value
\u00a0
reserve
\u00a0
includes
\u00a0
the
\u00a0
changes
\u00a0
in
\u00a0
fair
\u00a0
value
\u00a0
of
\u00a0
derivative
\u00a0
financial
\u00a0
instruments
\u00a0
if
\u00a0
the
\u00a0
hedging
\u00a0
is
effective
\u00a0
and
\u00a0
eligible
\u00a0
for
\u00a0
hedge
\u00a0
accounting,
\u00a0
and
\u00a0
the
\u00a0
hedge
\u00a0
relationship
\u00a0
is
\u00a0
still
\u00a0
continuing.
\u00a0
The
\u00a0
changes
\u00a0
in
\u00a0
items
included
\u00a0
in
\u00a0
fair
\u00a0
value
\u00a0
reserve
\u00a0
are
\u00a0
recognised
\u00a0
in
\u00a0
other
\u00a0
comprehensive
\u00a0
income.
In
\u00a0
2022,
\u00a0
EUR
\u00a0
33
\u00a0
million
\u00a0
(-12)
\u00a0
of
\u00a0
fair
\u00a0
value
\u00a0
adjustments
\u00a0
related
\u00a0
to
\u00a0
cash
\u00a0
flow
\u00a0
hedges
\u00a0
was
\u00a0
recognised
\u00a0
in
\u00a0
equity.
EUR
\u00a0
3
\u00a0
million
\u00a0
(4)
\u00a0
of
\u00a0
the
\u00a0
fair
\u00a0
value
\u00a0
adjustments
\u00a0
was
\u00a0
transferred
\u00a0
from
\u00a0
equity
\u00a0
to
\u00a0
the
\u00a0
statement
\u00a0
of
\u00a0
income
\u00a0
as
\u00a0
result
from
\u00a0
net
\u00a0
position
\u00a0
hedges
\u00a0
during
\u00a0
2022.
Parent
\u00a0
company's
\u00a0
distributable
\u00a0
funds
Accounting
\u00a0
principles
The
\u00a0
dividend
\u00a0
proposed
\u00a0
by
\u00a0
the
\u00a0
Board
\u00a0
of
\u00a0
Directors
\u00a0
is
\u00a0
deducted
\u00a0
from
\u00a0
distributable
\u00a0
equity
\u00a0
when
\u00a0
approved
\u00a0
by
\u00a0
the
company\u2019s
\u00a0
Annual
\u00a0
General
\u00a0
Meeting.
\u00a0
Unpaid
\u00a0
dividends
\u00a0
are
\u00a0
presented
\u00a0
as
\u00a0
liability
\u00a0
in
\u00a0
the
\u00a0
consolidated
\u00a0
financial
statements.
After
\u00a0
the
\u00a0
balance
\u00a0
sheet
\u00a0
date,
\u00a0
the
\u00a0
Board
\u00a0
of
\u00a0
Directors
\u00a0
proposed
\u00a0
that
\u00a0
a
\u00a0
dividend
\u00a0
of
\u00a0
EUR
0.26
\u00a0
per
\u00a0
share
\u00a0
be
\u00a0
paid
for
\u00a0
the
\u00a0
financial
\u00a0
period
\u00a0
2022,
\u00a0
the
\u00a0
total
\u00a0
dividend
\u00a0
payable
\u00a0
being
\u00a0
EUR
\u00a0
153
\u00a0
million.
\u00a0
The
\u00a0
remaining
\u00a0
part
\u00a0
of
\u00a0
the
retained
\u00a0
profits
\u00a0
will
\u00a0
be
\u00a0
carried
\u00a0
further
\u00a0
in
\u00a0
the
\u00a0
unrestricted
\u00a0
equity.
\u00a0
For
\u00a0
the
\u00a0
result
\u00a0
for
\u00a0
the
\u00a0
financial
\u00a0
period
\u00a0
2021,
\u00a0
a
dividend
\u00a0
of
\u00a0
EUR
0.24
\u00a0
per
\u00a0
share
\u00a0
was
\u00a0
distributed,
\u00a0
totalling
\u00a0
EUR
\u00a0
142
\u00a0
million,
\u00a0
and
\u00a0
the
\u00a0
rest
\u00a0
of
\u00a0
the
\u00a0
retained
\u00a0
profits
were
\u00a0
carried
\u00a0
further
\u00a0
in
\u00a0
the
\u00a0
unrestricted
\u00a0
equity.
Additional
\u00a0
information
\u00a0
on
\u00a0
equity
\u00a0
is
\u00a0
presented
\u00a0
in
\u00a0
Notes
\u00a0
to
\u00a0
the
\u00a0
parent
\u00a0
company
\u00a0
financial
\u00a0
statements,
\u00a0
in
\u00a0
Note
\u00a0
10.
Shareholders'
\u00a0
equity.
MEUR
Share
\u00a0
capital
Share
capital
Share
premium
Total
1
\u00a0
January
\u00a0
2021
336
61
397
31
\u00a0
December
\u00a0
2021
336
61
397
31
\u00a0
December
\u00a0
2022
336
61
397
Number
\u00a0
of
\u00a0
shares
\u00a0
and
\u00a0
votes
Number
\u00a0
of
\u00a0
shares
\u00a0
outstanding
\u00a0
on
\u00a0
31
\u00a0
December
\u00a0
2021
590,023,390
Number
\u00a0
of
\u00a0
shares
\u00a0
outstanding
\u00a0
on
\u00a0
31
\u00a0
December
\u00a0
2022
590,023,390
Weighted
\u00a0
average
\u00a0
number
\u00a0
of
\u00a0
shares
\u00a0
outstanding
\u00a0
during
\u00a0
the
\u00a0
period
590,023,390
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:743700G7A9J1PHM3X223", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "ID_44": { "value": "
Share
\u00a0
capital
\u00a0
and
\u00a0
number
\u00a0
of
\u00a0
shares
In
\u00a0
2021,
\u00a0
the
\u00a0
Board
\u00a0
of
\u00a0
Directors
\u00a0
of
\u00a0
W\u00e4rtsil\u00e4
\u00a0
Corporation
\u00a0
decided
\u00a0
to
\u00a0
use
\u00a0
the
\u00a0
authorisation
\u00a0
given
\u00a0
by
\u00a0
the
\u00a0
Annual
General
\u00a0
Meeting
\u00a0
repurchase
\u00a0
the
\u00a0
company\u2019s
\u00a0
own
\u00a0
shares.
\u00a0
The
\u00a0
repurchases
\u00a0
started
\u00a0
on
\u00a0
27
\u00a0
April
\u00a0
2021
\u00a0
and
\u00a0
ended
on
\u00a0
5
\u00a0
May
\u00a0
2021.
\u00a0
Following
\u00a0
the
\u00a0
repurchases,
\u00a0
the
\u00a0
company
\u00a0
holds
\u00a0
a
\u00a0
total
\u00a0
of
\u00a0
1,700,000
\u00a0
shares.
\u00a0
The
\u00a0
repurchased
shares
\u00a0
are
\u00a0
to
\u00a0
be
\u00a0
used
\u00a0
for
\u00a0
pay-outs
\u00a0
under
\u00a0
the
\u00a0
share-based
\u00a0
incentive
\u00a0
programmes
\u00a0
of
\u00a0
W\u00e4rtsil\u00e4
\u00a0
Corporation.
MEUR
Share
\u00a0
capital
Share
capital
Share
premium
Total
1
\u00a0
January
\u00a0
2021
336
61
397
31
\u00a0
December
\u00a0
2021
336
61
397
31
\u00a0
December
\u00a0
2022
336
61
397
Number
\u00a0
of
\u00a0
shares
\u00a0
and
\u00a0
votes
Number
\u00a0
of
\u00a0
shares
\u00a0
outstanding
\u00a0
on
\u00a0
31
\u00a0
December
\u00a0
2021
590,023,390
Number
\u00a0
of
\u00a0
shares
\u00a0
outstanding
\u00a0
on
\u00a0
31
\u00a0
December
\u00a0
2022
590,023,390
Weighted
\u00a0
average
\u00a0
number
\u00a0
of
\u00a0
shares
\u00a0
outstanding
\u00a0
during
\u00a0
the
\u00a0
period
590,023,390
", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:743700G7A9J1PHM3X223", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "ID_99": { "value": "
Share
\u00a0
Capital
The
\u00a0
subscription
\u00a0
price
\u00a0
of
\u00a0
a
\u00a0
share
\u00a0
received
\u00a0
by
\u00a0
the
\u00a0
company
\u00a0
in
\u00a0
connection
\u00a0
with
\u00a0
share
\u00a0
issues
\u00a0
is
\u00a0
credited
\u00a0
to
\u00a0
the
share
\u00a0
capital,
\u00a0
unless
\u00a0
it
\u00a0
is
\u00a0
provided
\u00a0
in
\u00a0
the
\u00a0
share
\u00a0
issue
\u00a0
decision
\u00a0
that
\u00a0
a
\u00a0
part
\u00a0
of
\u00a0
the
\u00a0
subscription
\u00a0
price
\u00a0
is
\u00a0
to
\u00a0
be
recorded
\u00a0
in
\u00a0
the
\u00a0
fund
\u00a0
for
\u00a0
invested
\u00a0
non-restricted
\u00a0
equity.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:743700G7A9J1PHM3X223", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "ID_45": { "value": "
Translation
\u00a0
differences
Translating
\u00a0
foreign
\u00a0
subsidiaries'
\u00a0
financial
\u00a0
statements
\u00a0
by
\u00a0
using
\u00a0
different
\u00a0
exchange
\u00a0
rates
\u00a0
in
\u00a0
the
\u00a0
statement
\u00a0
of
comprehensive
\u00a0
income
\u00a0
and
\u00a0
in
\u00a0
the
\u00a0
statement
\u00a0
of
\u00a0
financial
\u00a0
position
\u00a0
causes
\u00a0
translation
\u00a0
differences,
\u00a0
which
\u00a0
are
recognised
\u00a0
in
\u00a0
equity.
\u00a0
Translation
\u00a0
differences
\u00a0
of
\u00a0
foreign
\u00a0
subsidiaries\u2019
\u00a0
acquisition
\u00a0
cost
\u00a0
eliminations
\u00a0
and
\u00a0
post-
acquisition
\u00a0
gains
\u00a0
and
\u00a0
losses
\u00a0
are
\u00a0
also
\u00a0
presented
\u00a0
in
\u00a0
equity.
\u00a0
Also,
\u00a0
translation
\u00a0
differences
\u00a0
arising
\u00a0
from
\u00a0
subsidiary
net
\u00a0
investments
\u00a0
and
\u00a0
non-current
\u00a0
subsidiary
\u00a0
loans
\u00a0
without
\u00a0
agreed
\u00a0
settlement
\u00a0
dates
\u00a0
are
\u00a0
presented
\u00a0
in
\u00a0
equity.
\u00a0
The
change
\u00a0
in
\u00a0
translation
\u00a0
differences
\u00a0
is
\u00a0
recognised
\u00a0
in
\u00a0
other
\u00a0
comprehensive
\u00a0
income.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:743700G7A9J1PHM3X223", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "ID_43": { "value": "
Accounting
\u00a0
principles
The
\u00a0
dividend
\u00a0
proposed
\u00a0
by
\u00a0
the
\u00a0
Board
\u00a0
of
\u00a0
Directors
\u00a0
is
\u00a0
deducted
\u00a0
from
\u00a0
distributable
\u00a0
equity
\u00a0
when
\u00a0
approved
\u00a0
by
\u00a0
the
company\u2019s
\u00a0
Annual
\u00a0
General
\u00a0
Meeting.
\u00a0
Unpaid
\u00a0
dividends
\u00a0
are
\u00a0
presented
\u00a0
as
\u00a0
liability
\u00a0
in
\u00a0
the
\u00a0
consolidated
\u00a0
financial
statements.
After
\u00a0
the
\u00a0
balance
\u00a0
sheet
\u00a0
date,
\u00a0
the
\u00a0
Board
\u00a0
of
\u00a0
Directors
\u00a0
proposed
\u00a0
that
\u00a0
a
\u00a0
dividend
\u00a0
of
\u00a0
EUR
0.26
\u00a0
per
\u00a0
share
\u00a0
be
\u00a0
paid
for
\u00a0
the
\u00a0
financial
\u00a0
period
\u00a0
2022,
\u00a0
the
\u00a0
total
\u00a0
dividend
\u00a0
payable
\u00a0
being
\u00a0
EUR
\u00a0
153
\u00a0
million.
\u00a0
The
\u00a0
remaining
\u00a0
part
\u00a0
of
\u00a0
the
retained
\u00a0
profits
\u00a0
will
\u00a0
be
\u00a0
carried
\u00a0
further
\u00a0
in
\u00a0
the
\u00a0
unrestricted
\u00a0
equity.
\u00a0
For
\u00a0
the
\u00a0
result
\u00a0
for
\u00a0
the
\u00a0
financial
\u00a0
period
\u00a0
2021,
\u00a0
a
dividend
\u00a0
of
\u00a0
EUR
0.24
\u00a0
per
\u00a0
share
\u00a0
was
\u00a0
distributed,
\u00a0
totalling
\u00a0
EUR
\u00a0
142
\u00a0
million,
\u00a0
and
\u00a0
the
\u00a0
rest
\u00a0
of
\u00a0
the
\u00a0
retained
\u00a0
profits
were
\u00a0
carried
\u00a0
further
\u00a0
in
\u00a0
the
\u00a0
unrestricted
\u00a0
equity.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:743700G7A9J1PHM3X223", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "ID_41": { "value": "
Accounting
\u00a0
principles
The
\u00a0
dividend
\u00a0
proposed
\u00a0
by
\u00a0
the
\u00a0
Board
\u00a0
of
\u00a0
Directors
\u00a0
is
\u00a0
deducted
\u00a0
from
\u00a0
distributable
\u00a0
equity
\u00a0
when
\u00a0
approved
\u00a0
by
\u00a0
the
company\u2019s
\u00a0
Annual
\u00a0
General
\u00a0
Meeting.
\u00a0
Unpaid
\u00a0
dividends
\u00a0
are
\u00a0
presented
\u00a0
as
\u00a0
liability
\u00a0
in
\u00a0
the
\u00a0
consolidated
\u00a0
financial
statements.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:743700G7A9J1PHM3X223", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "ID_98": { "value": "0.26", "decimals": 2, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:743700G7A9J1PHM3X223", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "ID_97": { "value": "0.24", "decimals": 2, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:743700G7A9J1PHM3X223", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "ID_46": { "value": "
5.7.
\u00a0
DERIVATIVE
\u00a0
FINANCIAL
\u00a0
INSTRUMENTS
Accounting
\u00a0
principles
Derivatives
\u00a0
and
\u00a0
hedge
\u00a0
accounting
Derivatives
\u00a0
including
\u00a0
embedded
\u00a0
derivatives
\u00a0
are
\u00a0
initially
\u00a0
recognised
\u00a0
on
\u00a0
the
\u00a0
statement
\u00a0
of
\u00a0
financial
\u00a0
position
at
fair
\u00a0
value
\u00a0
and
\u00a0
are
\u00a0
subsequently
\u00a0
classified
\u00a0
and
\u00a0
measured
\u00a0
at
\u00a0
their
\u00a0
fair
\u00a0
value
\u00a0
at
\u00a0
the
\u00a0
end
\u00a0
of
\u00a0
each
\u00a0
reporting
period.
\u00a0
Gains
\u00a0
and
\u00a0
losses
\u00a0
from
\u00a0
the
\u00a0
fair
\u00a0
value
\u00a0
measurement
\u00a0
are
\u00a0
recognised
\u00a0
in
\u00a0
the
\u00a0
statement
\u00a0
of
\u00a0
income
\u00a0
as
determined
\u00a0
by
\u00a0
the
\u00a0
purpose
\u00a0
of
\u00a0
the
\u00a0
derivatives.
\u00a0
W\u00e4rtsil\u00e4
\u00a0
has
\u00a0
policies
\u00a0
and
\u00a0
processes
\u00a0
in
\u00a0
place
\u00a0
to
\u00a0
identify
\u00a0
embedded
\u00a0
derivatives.
Hedge
\u00a0
accounting
W\u00e4rtsil\u00e4
\u00a0
hedges
\u00a0
in
\u00a0
net
\u00a0
position
\u00a0
its
\u00a0
sales
\u00a0
and
\u00a0
purchases
\u00a0
in
\u00a0
foreign
\u00a0
currencies
\u00a0
with
\u00a0
foreign
\u00a0
exchange
forwards
\u00a0
or
\u00a0
currency
\u00a0
options,
\u00a0
and
\u00a0
W\u00e4rtsil\u00e4
\u00a0
applies
\u00a0
hedge
\u00a0
accounting
\u00a0
according
\u00a0
to
\u00a0
IFRS
\u00a0
9
\u00a0
to
\u00a0
the
\u00a0
majority
\u00a0
of
these
\u00a0
foreign
\u00a0
exchange
\u00a0
forwards.
\u00a0
Forward
\u00a0
points
\u00a0
are
\u00a0
excluded
\u00a0
from
\u00a0
the
\u00a0
hedge
\u00a0
relationship
\u00a0
and
\u00a0
they
\u00a0
are
booked
\u00a0
directly
\u00a0
in
\u00a0
the
\u00a0
statement
\u00a0
of
\u00a0
income
\u00a0
as
\u00a0
financial
\u00a0
income
\u00a0
or
\u00a0
expenses.
\u00a0
In
\u00a0
case
\u00a0
of
\u00a0
a
\u00a0
hedge
\u00a0
being
\u00a0
fully
or
\u00a0
partially
\u00a0
discontinued,
\u00a0
the
\u00a0
discontinued
\u00a0
portion
\u00a0
is
\u00a0
immediately
\u00a0
recognised
\u00a0
in
\u00a0
the
\u00a0
statement
\u00a0
of
\u00a0
income
\u00a0
as
other
\u00a0
operating
\u00a0
income
\u00a0
or
\u00a0
expenses.
The
\u00a0
Group
\u00a0
documents
\u00a0
the
\u00a0
relationship
\u00a0
between
\u00a0
each
\u00a0
hedging
\u00a0
instrument
\u00a0
and
\u00a0
the
\u00a0
hedged
\u00a0
item
\u00a0
upon
entering
\u00a0
into
\u00a0
a
\u00a0
hedging
\u00a0
arrangement,
\u00a0
along
\u00a0
with
\u00a0
the
\u00a0
risk
\u00a0
management
\u00a0
objective
\u00a0
and
\u00a0
the
\u00a0
strategy
\u00a0
applied.
Through
\u00a0
this
\u00a0
process,
\u00a0
the
\u00a0
hedging
\u00a0
instrument
\u00a0
is
\u00a0
linked
\u00a0
to
\u00a0
the
\u00a0
relevant
\u00a0
assets
\u00a0
and
\u00a0
liabilities,
\u00a0
projected
business
\u00a0
transactions,
\u00a0
or
\u00a0
binding
\u00a0
contracts.
W\u00e4rtsil\u00e4
\u00a0
designates
\u00a0
its
\u00a0
hedge
\u00a0
relationships
\u00a0
of
\u00a0
foreign
\u00a0
exchange
\u00a0
hedges
\u00a0
as
\u00a0
either
\u00a0
hedges
\u00a0
of
\u00a0
highly
\u00a0
probable
forecast
\u00a0
transactions
\u00a0
or
\u00a0
firm
\u00a0
commitments.
\u00a0
Hedge
\u00a0
accounting
\u00a0
relationships
\u00a0
are
\u00a0
designated
\u00a0
up
\u00a0
to
\u00a0
the
\u00a0
point
\u00a0
of
recognition
\u00a0
of
\u00a0
the
\u00a0
related
\u00a0
receivable
\u00a0
or
\u00a0
payable.
The
\u00a0
Group
\u00a0
uses
\u00a0
a
\u00a0
hedge
\u00a0
designation
\u00a0
for
\u00a0
foreign
\u00a0
exchange
hedging,
\u00a0
where
\u00a0
critical
\u00a0
terms,
\u00a0
currency
\u00a0
and
amount,
\u00a0
match
\u00a0
or
\u00a0
are
\u00a0
closely
\u00a0
aligned
\u00a0
between
\u00a0
the
\u00a0
hedging
\u00a0
instrument
\u00a0
and
\u00a0
the
\u00a0
hedged
\u00a0
item.
\u00a0
The
\u00a0
hedge
ratio
\u00a0
is
\u00a0
typically
\u00a0
100%.
\u00a0
Since
\u00a0
underlying
\u00a0
risks
\u00a0
match,
\u00a0
hedging
\u00a0
instruments
\u00a0
are
\u00a0
considered
\u00a0
to
\u00a0
offset
\u00a0
any
changes
\u00a0
related
\u00a0
to
\u00a0
the
\u00a0
hedged
\u00a0
transactions.
\u00a0
However,
\u00a0
W\u00e4rtsil\u00e4
\u00a0
applies
\u00a0
a
\u00a0
roll-forward
\u00a0
strategy
\u00a0
where
derivatives
\u00a0
are
\u00a0
roll-forwarded
\u00a0
or
\u00a0
terminated
\u00a0
early
\u00a0
to
\u00a0
match
\u00a0
these
\u00a0
underlying
\u00a0
transactions.
\u00a0
Hedge
effectiveness
\u00a0
requirements
\u00a0
are
\u00a0
assessed
\u00a0
in
\u00a0
accordance
\u00a0
with
\u00a0
IFRS
\u00a0
9
\u00a0
requirements,
\u00a0
including
\u00a0
requirements
for
\u00a0
economic
\u00a0
relationship,
\u00a0
credit
\u00a0
risk
\u00a0
and
\u00a0
hedge
\u00a0
ratio.
As
\u00a0
external
\u00a0
hedges
\u00a0
are
\u00a0
typically
\u00a0
made
\u00a0
for
\u00a0
short
\u00a0
maturities
\u00a0
(up
\u00a0
to
\u00a0
1
\u00a0
year)
\u00a0
and
\u00a0
only
\u00a0
high
\u00a0
credit
\u00a0
quality
\u00a0
(A-
minimum
\u00a0
rating
\u00a0
requirement)
\u00a0
counterparties
\u00a0
are
\u00a0
utilised,
\u00a0
counterparty
\u00a0
credit
\u00a0
risk
\u00a0
is
\u00a0
expected
\u00a0
to
\u00a0
have
minimal
\u00a0
effect
\u00a0
on
\u00a0
hedge
\u00a0
valuations.
\u00a0
Due
\u00a0
to
\u00a0
some
\u00a0
underlying
\u00a0
hedged
\u00a0
cash
\u00a0
flows
\u00a0
having
\u00a0
longer
\u00a0
maturities
than
\u00a0
related
\u00a0
hedges,
\u00a0
the
\u00a0
changes
\u00a0
in
\u00a0
present
\u00a0
value
\u00a0
of
\u00a0
the
\u00a0
hedge
\u00a0
and
\u00a0
the
\u00a0
underlying
\u00a0
cash
\u00a0
flow
\u00a0
do
\u00a0
not
\u00a0
always
fully
\u00a0
offset
\u00a0
each
\u00a0
other
\u00a0
during
\u00a0
the
\u00a0
lifetime
\u00a0
of
\u00a0
a
\u00a0
hedge.
\u00a0
This
\u00a0
source
\u00a0
of
\u00a0
ineffectiveness
\u00a0
is
\u00a0
calculated
\u00a0
on
\u00a0
a
quarterly
\u00a0
basis
\u00a0
and
\u00a0
recognised
\u00a0
in
\u00a0
the
\u00a0
statement
\u00a0
of
\u00a0
income
\u00a0
as
\u00a0
financial
\u00a0
income
\u00a0
or
\u00a0
expenses
\u00a0
at
\u00a0
Group
\u00a0
level.
Additionally
\u00a0
hedge
\u00a0
accounting
\u00a0
may
\u00a0
be
\u00a0
applied
\u00a0
to
\u00a0
interest
\u00a0
rate
\u00a0
hedges.
\u00a0
In
\u00a0
these
\u00a0
cases,
\u00a0
critical
\u00a0
terms,
\u00a0
floating
rate
\u00a0
reference
\u00a0
rate,
\u00a0
and
\u00a0
amortisation
\u00a0
schedule,
\u00a0
are
\u00a0
matched
\u00a0
so
\u00a0
the
\u00a0
hedge
\u00a0
is
\u00a0
expected
\u00a0
to
\u00a0
be
\u00a0
highly
\u00a0
effective.
As
\u00a0
only
\u00a0
high
\u00a0
credit
\u00a0
quality
\u00a0
counterparties
\u00a0
under
\u00a0
ISDA
\u00a0
Master
\u00a0
Agreements
\u00a0
are
\u00a0
utilised,
\u00a0
counterparty
\u00a0
credit
risk
\u00a0
is
\u00a0
expected
\u00a0
to
\u00a0
have
\u00a0
minimal
\u00a0
effect
\u00a0
on
\u00a0
hedge
\u00a0
valuations.
Cash
\u00a0
flow
\u00a0
hedge
Changes
\u00a0
in
\u00a0
the
\u00a0
fair
\u00a0
value
\u00a0
of
\u00a0
derivative
\u00a0
contracts
\u00a0
designated
\u00a0
and
\u00a0
qualifying
\u00a0
as
\u00a0
cash
\u00a0
flow
\u00a0
hedges
\u00a0
are
recognised
\u00a0
in
\u00a0
other
\u00a0
comprehensive
\u00a0
income
\u00a0
and
\u00a0
presented
\u00a0
in
\u00a0
the
\u00a0
fair
\u00a0
value
\u00a0
reserve
\u00a0
in
\u00a0
equity,
\u00a0
provided
\u00a0
that
the
\u00a0
hedging
\u00a0
is
\u00a0
effective.
In
\u00a0
the
\u00a0
case
\u00a0
of
\u00a0
foreign
\u00a0
exchange
\u00a0
forwards,
\u00a0
the
\u00a0
spot
\u00a0
element
\u00a0
is
\u00a0
included
\u00a0
for
\u00a0
the
hedging
\u00a0
relationship
\u00a0
whereas
\u00a0
forward
\u00a0
points
\u00a0
have
\u00a0
been
\u00a0
excluded
\u00a0
from
\u00a0
the
\u00a0
hedge
\u00a0
designation.
Any
\u00a0
gain
\u00a0
or
loss
\u00a0
in
\u00a0
the
\u00a0
fair
\u00a0
value
\u00a0
reserve
\u00a0
related
\u00a0
to
\u00a0
derivatives
\u00a0
accumulated
\u00a0
through
\u00a0
other
\u00a0
comprehensive
\u00a0
income
\u00a0
is
reported
\u00a0
in
\u00a0
the
\u00a0
statement
\u00a0
of
\u00a0
income
\u00a0
in
\u00a0
the
\u00a0
same
\u00a0
period
\u00a0
as
\u00a0
any
\u00a0
transactions
\u00a0
relating
\u00a0
to
\u00a0
the
\u00a0
hedged
obligations
\u00a0
or
\u00a0
estimates.
\u00a0
Result
\u00a0
from
\u00a0
net
\u00a0
position
\u00a0
hedges
\u00a0
is
\u00a0
reported
\u00a0
on
\u00a0
a
\u00a0
separate
\u00a0
line
\u00a0
in
\u00a0
the
\u00a0
statement
\u00a0
of
income.
\u00a0
Basis
\u00a0
adjustments
\u00a0
related
\u00a0
to
\u00a0
derivatives
\u00a0
are
\u00a0
reported
\u00a0
in
\u00a0
contract
\u00a0
assets,
\u00a0
contract
\u00a0
liabilities,
\u00a0
and
inventories,
\u00a0
according
\u00a0
to
\u00a0
the
\u00a0
hedged
\u00a0
item.
\u00a0
The
\u00a0
ineffective
\u00a0
portion
\u00a0
is
\u00a0
immediately
\u00a0
recognised
\u00a0
in
\u00a0
the
statement
\u00a0
of
\u00a0
income
\u00a0
as
\u00a0
other
\u00a0
operating
\u00a0
income
\u00a0
or
\u00a0
expenses.
\u00a0
Changes
\u00a0
in
\u00a0
fair
\u00a0
value
\u00a0
of
\u00a0
foreign
\u00a0
exchange
derivatives
\u00a0
due
\u00a0
to
\u00a0
interest
\u00a0
rate
\u00a0
differentials
\u00a0
(impact
\u00a0
of
\u00a0
forward
\u00a0
points)
\u00a0
are
\u00a0
recognised
\u00a0
in
\u00a0
the
\u00a0
statement
\u00a0
of
income
\u00a0
as
\u00a0
financial
\u00a0
income
\u00a0
or
\u00a0
expenses.
Cash
\u00a0
flow
\u00a0
hedge
\u00a0
against
\u00a0
a
\u00a0
variable
\u00a0
interest
\u00a0
rate
\u00a0
in
\u00a0
a
\u00a0
lease
\u00a0
contract
\u00a0
is
\u00a0
included
\u00a0
in
\u00a0
depreciations
\u00a0
and
\u00a0
financial
income
\u00a0
and
\u00a0
expenses.
More
\u00a0
information
\u00a0
on
\u00a0
fair
\u00a0
value
\u00a0
adjustments
\u00a0
related
\u00a0
to
\u00a0
cash
\u00a0
flow
\u00a0
hedges
\u00a0
is
\u00a0
presented
\u00a0
in
\u00a0
Note
\u00a0
5.5.
\u00a0
Equity,
and
\u00a0
more
\u00a0
information
\u00a0
on
\u00a0
the
\u00a0
ineffective
\u00a0
portion
\u00a0
of
\u00a0
cash
\u00a0
flow
\u00a0
hedges
\u00a0
is
\u00a0
presented
\u00a0
in
\u00a0
Note
\u00a0
5.1.
\u00a0
Financial
income
\u00a0
and
\u00a0
expenses.
The
\u00a0
Group
\u00a0
applies
\u00a0
hedge
\u00a0
accounting
\u00a0
to
\u00a0
the
\u00a0
majority
\u00a0
of
\u00a0
its
\u00a0
foreign
\u00a0
currency
\u00a0
forward
\u00a0
contracts.
The
\u00a0
open
\u00a0
operative
\u00a0
currency
\u00a0
positions
\u00a0
including
\u00a0
financing
\u00a0
are
\u00a0
hedged
\u00a0
by
\u00a0
using
\u00a0
derivative
\u00a0
financial
\u00a0
instruments
according
\u00a0
to
\u00a0
the
\u00a0
table
\u00a0
below.
Nominal
\u00a0
amounts
\u00a0
for
\u00a0
hedged
\u00a0
foreign
\u00a0
exchange
\u00a0
items
\u00a0
and
\u00a0
hedging
\u00a0
instruments
*
\u00a0
EUR
\u00a0
is
\u00a0
not
\u00a0
considered
\u00a0
to
\u00a0
be
\u00a0
a
\u00a0
currency
\u00a0
risk
\u00a0
for
\u00a0
the
\u00a0
parent
\u00a0
company.
**
\u00a0
Other
\u00a0
currencies
\u00a0
do
\u00a0
not
\u00a0
include
\u00a0
any
\u00a0
material
\u00a0
single
\u00a0
currencies.
Net
\u00a0
loans
\u00a0
include
\u00a0
non-euro
\u00a0
intragroup
\u00a0
loans
\u00a0
and
\u00a0
deposits
\u00a0
given
\u00a0
by
\u00a0
the
\u00a0
parent
\u00a0
company.
IFRS
\u00a0
hedge
\u00a0
accounting
\u00a0
has
\u00a0
been
\u00a0
applied
\u00a0
to
\u00a0
EUR
\u00a0
946
\u00a0
million
\u00a0
(1,417)
\u00a0
currency
\u00a0
forwards.
\u00a0
In
\u00a0
2022
\u00a0
and
\u00a0
2021,
\u00a0
no
options
\u00a0
were
\u00a0
used
\u00a0
for
\u00a0
hedging.
\u00a0
A
\u00a0
5%
\u00a0
change
\u00a0
in
\u00a0
the
\u00a0
exchange
\u00a0
rates
\u00a0
would
\u00a0
cause
\u00a0
from
\u00a0
these
\u00a0
currency
\u00a0
forwards
an
\u00a0
approximately
\u00a0
EUR
\u00a0
35
\u00a0
million
\u00a0
(73)
\u00a0
impact
\u00a0
on
\u00a0
the
\u00a0
equity
\u00a0
related
\u00a0
to
\u00a0
hedge
\u00a0
accounting.
\u00a0
Both
\u00a0
comparison
figures
\u00a0
have
\u00a0
been
\u00a0
restated
\u00a0
to
\u00a0
reflect
\u00a0
net
\u00a0
position
\u00a0
hedging.
\u00a0
As
\u00a0
all
\u00a0
material
\u00a0
fixed
\u00a0
sales
\u00a0
and
\u00a0
purchase
\u00a0
contracts
are
\u00a0
hedged,
\u00a0
the
\u00a0
profit
\u00a0
and
\u00a0
loss
\u00a0
sensitivity
\u00a0
of
\u00a0
foreign
\u00a0
exchange
\u00a0
from
\u00a0
operations
\u00a0
(excluding
\u00a0
internal
\u00a0
financing)
\u00a0
is
considered
\u00a0
minimal.
*
\u00a0
Includes
\u00a0
2026
\u00a0
and
\u00a0
later
\u00a0
for
\u00a0
comparison
\u00a0
period.
Derivatives
In
\u00a0
addition,
\u00a0
the
\u00a0
Group
\u00a0
had
\u00a0
copper
\u00a0
swaps
\u00a0
amounting
\u00a0
to
\u00a0
1,190
\u00a0
tons
\u00a0
(933)
\u00a0
valued
\u00a0
at
\u00a0
EUR
\u00a0
9
\u00a0
million
\u00a0
(8).
Foreign
\u00a0
currency
\u00a0
forward
\u00a0
contracts
\u00a0
are
\u00a0
against
\u00a0
transactional
\u00a0
risks
\u00a0
and
\u00a0
fall
\u00a0
due
\u00a0
during
\u00a0
the
\u00a0
following
\u00a0
12
\u00a0
months
(12).
\u00a0
A
\u00a0
currency
\u00a0
forward
\u00a0
is
\u00a0
considered
\u00a0
closed
\u00a0
when
\u00a0
there
\u00a0
are
\u00a0
offsetting
\u00a0
cash
\u00a0
flows
\u00a0
in
\u00a0
the
\u00a0
same
\u00a0
currency
\u00a0
with
the
\u00a0
same
\u00a0
value
\u00a0
date.
\u00a0
Interest
\u00a0
rate
\u00a0
swaps
\u00a0
are
\u00a0
denominated
\u00a0
in
\u00a0
euros
\u00a0
and
\u00a0
their
\u00a0
average
\u00a0
maturity
\u00a0
is
\u00a0
74
\u00a0
months
(52).
\u00a0
The
\u00a0
average
\u00a0
maturity
\u00a0
for
\u00a0
cross
\u00a0
currency
\u00a0
swaps
\u00a0
is
\u00a0
16
\u00a0
months
\u00a0
(31).
Changes
\u00a0
in
\u00a0
the
\u00a0
market
\u00a0
value
\u00a0
of
\u00a0
interest
\u00a0
rate
\u00a0
derivatives
\u00a0
are
\u00a0
usually
\u00a0
immediately
\u00a0
recognised
\u00a0
in
\u00a0
the
\u00a0
statement
\u00a0
of
income
\u00a0
as
\u00a0
financial
\u00a0
income
\u00a0
or
\u00a0
expenses.
\u00a0
However,
\u00a0
cash
\u00a0
flow
\u00a0
hedge
\u00a0
accounting
\u00a0
in
\u00a0
accordance
\u00a0
with
\u00a0
IFRS
\u00a0
9
\u00a0
is
applied
\u00a0
to
\u00a0
a
\u00a0
EUR
\u00a0
125
\u00a0
million
\u00a0
(128)
\u00a0
amortising
\u00a0
interest
\u00a0
rate
\u00a0
swap
\u00a0
maturing
\u00a0
in
\u00a0
2031.
\u00a0
The
\u00a0
interest
\u00a0
rate
\u00a0
hedge
swaps
\u00a0
variable
\u00a0
interest
\u00a0
payments
\u00a0
of
\u00a0
a
\u00a0
large
\u00a0
lease
\u00a0
agreement,
\u00a0
to
\u00a0
fixed
\u00a0
interest
\u00a0
payments.
\u00a0
As
\u00a0
the
\u00a0
hedge
\u00a0
and
\u00a0
the
underlying
\u00a0
cash
\u00a0
flow
\u00a0
have
\u00a0
matching
\u00a0
critical
\u00a0
terms,
\u00a0
the
\u00a0
hedge
\u00a0
ratio
\u00a0
is
\u00a0
1:1
\u00a0
and
\u00a0
the
\u00a0
hedge
\u00a0
is
\u00a0
expected
\u00a0
to
\u00a0
be
\u00a0
highly
effective.
\u00a0
In
\u00a0
2022,
\u00a0
a
\u00a0
EUR
\u00a0
21
\u00a0
million
\u00a0
(-2)
\u00a0
fair
\u00a0
value
\u00a0
adjustment
\u00a0
related
\u00a0
to
\u00a0
cash
\u00a0
flow
\u00a0
hedge
\u00a0
was
\u00a0
recognised
\u00a0
in
other
\u00a0
comprehensive
\u00a0
income.
\u00a0
Realised
\u00a0
and
\u00a0
accrued
\u00a0
interest
\u00a0
is
\u00a0
recognised
\u00a0
in
\u00a0
the
\u00a0
statement
\u00a0
of
\u00a0
income
\u00a0
as
depreciations
\u00a0
and
\u00a0
financial
\u00a0
income
\u00a0
or
\u00a0
expenses.
In
\u00a0
2022,
\u00a0
no
\u00a0
embedded
\u00a0
derivatives
\u00a0
were
\u00a0
identified.
Normally
\u00a0
all
\u00a0
of
\u00a0
the
\u00a0
Groups'
\u00a0
derivatives
\u00a0
are
\u00a0
carried
\u00a0
out
\u00a0
according
\u00a0
to
\u00a0
International
\u00a0
Swaps
\u00a0
and
\u00a0
Derivatives
Association's
\u00a0
Master
\u00a0
Agreements
\u00a0
(ISDA).
\u00a0
In
\u00a0
case
\u00a0
of
\u00a0
an
\u00a0
event
\u00a0
of
\u00a0
default
\u00a0
under
\u00a0
these
\u00a0
agreements,
\u00a0
the
\u00a0
non-
defaulting
\u00a0
party
\u00a0
may
\u00a0
request
\u00a0
early
\u00a0
termination
\u00a0
and
\u00a0
set-off
\u00a0
of
\u00a0
all
\u00a0
outstanding
\u00a0
transactions.
\u00a0
These
\u00a0
agreements
\u00a0
do
not
\u00a0
meet
\u00a0
the
\u00a0
criteria
\u00a0
for
\u00a0
offsetting
\u00a0
in
\u00a0
the
\u00a0
statement
\u00a0
of
\u00a0
financial
\u00a0
position.
\u00a0
The
\u00a0
following
\u00a0
table
\u00a0
sets
\u00a0
out
\u00a0
the
\u00a0
carrying
amounts
\u00a0
of
\u00a0
recognised
\u00a0
financial
\u00a0
instruments
\u00a0
that
\u00a0
are
\u00a0
subject
\u00a0
to
\u00a0
the
\u00a0
above
\u00a0
agreements.
Financial
\u00a0
instruments
\u00a0
at
\u00a0
fair
\u00a0
value
\u00a0
through
\u00a0
the
\u00a0
statement
\u00a0
of
\u00a0
income
Financial
\u00a0
assets
Financial
\u00a0
assets
\u00a0
measured
\u00a0
at
\u00a0
fair
\u00a0
value
\u00a0
through
\u00a0
the
\u00a0
statement
\u00a0
of
\u00a0
income
\u00a0
include
\u00a0
other
\u00a0
financial
investments,
\u00a0
other
\u00a0
short-term
\u00a0
cash
\u00a0
investments
\u00a0
and
\u00a0
derivatives.
\u00a0
These
\u00a0
financial
\u00a0
investments
\u00a0
include
W\u00e4rtsil\u00e4\u2019s
\u00a0
investments
\u00a0
in
\u00a0
other
\u00a0
companies
\u00a0
(both
\u00a0
listed
\u00a0
and
\u00a0
unlisted
\u00a0
shares).
Changes
\u00a0
in
\u00a0
fair
\u00a0
value
\u00a0
and
\u00a0
gains
\u00a0
and
\u00a0
losses
\u00a0
at
\u00a0
derecognition
\u00a0
of
\u00a0
these
\u00a0
financial
\u00a0
assets
\u00a0
are
\u00a0
recognised
\u00a0
in
\u00a0
the
statement
\u00a0
of
\u00a0
income.
Gains
\u00a0
and
\u00a0
losses
\u00a0
from
\u00a0
fair
\u00a0
valuation
\u00a0
and
\u00a0
the
\u00a0
disposal
\u00a0
of
\u00a0
shares
\u00a0
that
\u00a0
are
\u00a0
attributable
\u00a0
to
\u00a0
operating
\u00a0
activities
are
\u00a0
included
\u00a0
in
\u00a0
operating
\u00a0
income,
\u00a0
while
\u00a0
gains
\u00a0
and
\u00a0
losses
\u00a0
from
\u00a0
fair
\u00a0
valuation
\u00a0
and
\u00a0
the
\u00a0
disposal
\u00a0
of
\u00a0
other
shares
\u00a0
are
\u00a0
included
\u00a0
in
\u00a0
financial
\u00a0
income
\u00a0
and
\u00a0
expenses.
Financial
\u00a0
liabilities
Financial
\u00a0
liabilities
\u00a0
recognised
\u00a0
at
\u00a0
fair
\u00a0
value
\u00a0
through
\u00a0
the
\u00a0
statement
\u00a0
of
\u00a0
income
\u00a0
include
\u00a0
derivatives
\u00a0
that
\u00a0
are
\u00a0
not
eligible
\u00a0
for
\u00a0
hedge
\u00a0
accounting.
Changes
\u00a0
in
\u00a0
fair
\u00a0
value
\u00a0
and
\u00a0
gains
\u00a0
and
\u00a0
losses
\u00a0
at
\u00a0
derecognition
\u00a0
of
\u00a0
these
\u00a0
financial
\u00a0
assets
\u00a0
are
\u00a0
recognised
\u00a0
in
\u00a0
the
statement
\u00a0
of
\u00a0
income.
2022
2021
MEUR
Against
hedge
accounting
Against
net
loans
Against
other
items
Against
hedge
accounting
Against
net
loans
Against
other
items
Currency
\u00a0
forwards,
\u00a0
nominal
amount
\u00a0
(both
\u00a0
legs)
EUR*
952
432
291
1,399
204
439
USD
567
180
773
56
184
NOK
132
156
242
176
GBP
8
54
78
51
32
37
CHF
46
84
3
52
53
10
CNY
14
11
1
32
11
AUD
16
34
43
31
14
MXN
14
41
53
SGD
16
15
1
22
15
SEK
40
1
9
28
1
6
CAD
25
13
2
38
3
Other
\u00a0
currencies**
62
64
99
48
Total
\u00a0
amount
\u00a0
of
\u00a0
currency
derivatives
\u00a0
(single
\u00a0
leg)
946
432
302
1,417
204
456
MEUR
2022
of
\u00a0
which
closed
2021
of
\u00a0
which
closed
Nominal
\u00a0
values
\u00a0
of
\u00a0
derivative
\u00a0
financial
\u00a0
instruments
\u00a0
(level
2)
Interest
\u00a0
rate
\u00a0
swaps
205
408
Cross
\u00a0
currency
\u00a0
swaps
142
153
Non-deliverable
\u00a0
forwards,
\u00a0
included
\u00a0
in
\u00a0
hedge
\u00a0
accounting
5
Currency
\u00a0
forwards,
\u00a0
included
\u00a0
in
\u00a0
hedge
\u00a0
accounting
942
626
1,417
676
Currency
\u00a0
forwards,
\u00a0
no
\u00a0
hedge
\u00a0
accounting
735
301
660
179
Total
2,028
927
2,639
855
Fair
\u00a0
values
\u00a0
of
\u00a0
derivative
\u00a0
financial
\u00a0
instruments
\u00a0
(level
\u00a0
2)
Interest
\u00a0
rate
\u00a0
swaps
26
-4
Cross
\u00a0
currency
\u00a0
swaps
-6
-5
Currency
\u00a0
forwards,
\u00a0
included
\u00a0
in
\u00a0
hedge
\u00a0
accounting
12
-1
Currency
\u00a0
forwards,
\u00a0
no
\u00a0
hedge
\u00a0
accounting
9
3
Total
41
-6
-
MEUR
2022
2021
Gross
\u00a0
fair
\u00a0
values
\u00a0
of
\u00a0
derivative
\u00a0
financial
\u00a0
instruments
\u00a0
subject
\u00a0
to
\u00a0
ISDAs
Assets
Interest
\u00a0
rate
\u00a0
swaps
26
Currency
\u00a0
forwards
33
16
Total
59
17
Liabilities
Interest
\u00a0
rate
\u00a0
swaps
-4
Cross
\u00a0
currency
\u00a0
swaps
-6
-5
Currency
\u00a0
forwards
-11
-14
Total
-18
-23
Net
\u00a0
fair
\u00a0
values
\u00a0
of
\u00a0
derivative
\u00a0
financial
\u00a0
instruments
\u00a0
subject
\u00a0
to
\u00a0
ISDAs
Assets
46
4
Liabilities
-5
-10
Total
41
-6
MEUR
Measured
at
\u00a0
amortised
cost
At
\u00a0
fair
\u00a0
value
\u00a0
through
\u00a0
the
\u00a0
statement
\u00a0
of
\u00a0
income
Carrying
\u00a0
amounts
\u00a0
of
\u00a0
the
\u00a0
statement
\u00a0
of
\u00a0
financial
\u00a0
position
\u00a0
items
Fair
\u00a0
value
Non-current
\u00a0
financial
\u00a0
assets
Interest-bearing
\u00a0
investments
4
4
4
Trade
\u00a0
receivables
11
11
11
Derivatives
26
26
26
Other
\u00a0
investments
19
19
19
Other
\u00a0
receivables
1
1
1
Current
\u00a0
financial
\u00a0
assets
Trade
\u00a0
receivables
1,101
1,101
1,101
Trade
\u00a0
receivables
\u00a0
for
\u00a0
sale
2
2
2
Derivatives
33
33
33
Other
\u00a0
financial
\u00a0
receivables
3
3
3
Cash
\u00a0
and
\u00a0
cash
\u00a0
equivalents
452
9
461
461
Carrying
\u00a0
amount
\u00a0
by
\u00a0
measurement
\u00a0
category
1,568
93
1,661
1,661
Non-current
\u00a0
financial
\u00a0
liabilities
Interest-bearing
\u00a0
debt
740
740
726
Derivatives
1
1
1
Current
\u00a0
financial
\u00a0
liabilities
Interest-bearing
\u00a0
debt
209
209
209
Trade
\u00a0
payables
1,041
1,041
1,041
Derivatives
17
17
17
Other
\u00a0
financial
\u00a0
liabilities
5
5
5
Carrying
\u00a0
amount
\u00a0
by
\u00a0
measurement
\u00a0
category
1,995
18
2,013
1,999
-
2022
2021
MEUR
Level
\u00a0
2
Level
\u00a0
3
Level
\u00a0
2
Level
\u00a0
3
Financial
\u00a0
assets
Other
\u00a0
investments
19
18
Interest-bearing
\u00a0
investments,
\u00a0
non-current
4
5
Other
\u00a0
receivables,
\u00a0
non-current
1
2
Derivatives
59
17
Financial
\u00a0
liabilities
Interest-bearing
\u00a0
debt,
\u00a0
non-current*
726
855
Derivatives
18
23
-
2022
2021
MEUR
Hedged
cash
flows,
net
amount
Hedges,
net
amount
Hedges,
gross
amount
Hedged
cash
flows,
net
amount
Hedges,
net
amount
Hedges,
gross
amount
Nominal
\u00a0
amounts
EUR
73
79
952
257
257
1,399
USD
297
299
567
657
653
773
NOK
130
132
132
221
222
242
GBP
12
8
8
47
44
51
MXN
18
14
14
38
37
53
CNY
13
14
14
33
32
32
SGD
16
16
16
19
18
22
CHF
40
42
46
53
48
52
CAD
28
25
25
30
31
38
Other
\u00a0
currencies
77
74
118
116
107
171
Total
702
703
1,893
1,471
1,449
2,833
MEUR
2022
2021
External
\u00a0
currency
\u00a0
forwards
\u00a0
under
\u00a0
hedge
\u00a0
accounting
\u00a0
by
\u00a0
year
2022
-
1,417
2023
946
-
Hedged
\u00a0
highly
\u00a0
probable
\u00a0
forecasted
\u00a0
cash
\u00a0
flows
\u00a0
by
\u00a0
year
2022
-
1,934
2023
1,902
226
2024
145
56
2025
46
44
2026
5
151*
2027\u2013
1
-
", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:743700G7A9J1PHM3X223", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "ID_48": { "value": "
Accounting
\u00a0
principles
Derivatives
\u00a0
and
\u00a0
hedge
\u00a0
accounting
Derivatives
\u00a0
including
\u00a0
embedded
\u00a0
derivatives
\u00a0
are
\u00a0
initially
\u00a0
recognised
\u00a0
on
\u00a0
the
\u00a0
statement
\u00a0
of
\u00a0
financial
\u00a0
position
at
fair
\u00a0
value
\u00a0
and
\u00a0
are
\u00a0
subsequently
\u00a0
classified
\u00a0
and
\u00a0
measured
\u00a0
at
\u00a0
their
\u00a0
fair
\u00a0
value
\u00a0
at
\u00a0
the
\u00a0
end
\u00a0
of
\u00a0
each
\u00a0
reporting
period.
\u00a0
Gains
\u00a0
and
\u00a0
losses
\u00a0
from
\u00a0
the
\u00a0
fair
\u00a0
value
\u00a0
measurement
\u00a0
are
\u00a0
recognised
\u00a0
in
\u00a0
the
\u00a0
statement
\u00a0
of
\u00a0
income
\u00a0
as
determined
\u00a0
by
\u00a0
the
\u00a0
purpose
\u00a0
of
\u00a0
the
\u00a0
derivatives.
\u00a0
W\u00e4rtsil\u00e4
\u00a0
has
\u00a0
policies
\u00a0
and
\u00a0
processes
\u00a0
in
\u00a0
place
\u00a0
to
\u00a0
identify
\u00a0
embedded
\u00a0
derivatives.
Hedge
\u00a0
accounting
W\u00e4rtsil\u00e4
\u00a0
hedges
\u00a0
in
\u00a0
net
\u00a0
position
\u00a0
its
\u00a0
sales
\u00a0
and
\u00a0
purchases
\u00a0
in
\u00a0
foreign
\u00a0
currencies
\u00a0
with
\u00a0
foreign
\u00a0
exchange
forwards
\u00a0
or
\u00a0
currency
\u00a0
options,
\u00a0
and
\u00a0
W\u00e4rtsil\u00e4
\u00a0
applies
\u00a0
hedge
\u00a0
accounting
\u00a0
according
\u00a0
to
\u00a0
IFRS
\u00a0
9
\u00a0
to
\u00a0
the
\u00a0
majority
\u00a0
of
these
\u00a0
foreign
\u00a0
exchange
\u00a0
forwards.
\u00a0
Forward
\u00a0
points
\u00a0
are
\u00a0
excluded
\u00a0
from
\u00a0
the
\u00a0
hedge
\u00a0
relationship
\u00a0
and
\u00a0
they
\u00a0
are
booked
\u00a0
directly
\u00a0
in
\u00a0
the
\u00a0
statement
\u00a0
of
\u00a0
income
\u00a0
as
\u00a0
financial
\u00a0
income
\u00a0
or
\u00a0
expenses.
\u00a0
In
\u00a0
case
\u00a0
of
\u00a0
a
\u00a0
hedge
\u00a0
being
\u00a0
fully
or
\u00a0
partially
\u00a0
discontinued,
\u00a0
the
\u00a0
discontinued
\u00a0
portion
\u00a0
is
\u00a0
immediately
\u00a0
recognised
\u00a0
in
\u00a0
the
\u00a0
statement
\u00a0
of
\u00a0
income
\u00a0
as
other
\u00a0
operating
\u00a0
income
\u00a0
or
\u00a0
expenses.
The
\u00a0
Group
\u00a0
documents
\u00a0
the
\u00a0
relationship
\u00a0
between
\u00a0
each
\u00a0
hedging
\u00a0
instrument
\u00a0
and
\u00a0
the
\u00a0
hedged
\u00a0
item
\u00a0
upon
entering
\u00a0
into
\u00a0
a
\u00a0
hedging
\u00a0
arrangement,
\u00a0
along
\u00a0
with
\u00a0
the
\u00a0
risk
\u00a0
management
\u00a0
objective
\u00a0
and
\u00a0
the
\u00a0
strategy
\u00a0
applied.
Through
\u00a0
this
\u00a0
process,
\u00a0
the
\u00a0
hedging
\u00a0
instrument
\u00a0
is
\u00a0
linked
\u00a0
to
\u00a0
the
\u00a0
relevant
\u00a0
assets
\u00a0
and
\u00a0
liabilities,
\u00a0
projected
business
\u00a0
transactions,
\u00a0
or
\u00a0
binding
\u00a0
contracts.
W\u00e4rtsil\u00e4
\u00a0
designates
\u00a0
its
\u00a0
hedge
\u00a0
relationships
\u00a0
of
\u00a0
foreign
\u00a0
exchange
\u00a0
hedges
\u00a0
as
\u00a0
either
\u00a0
hedges
\u00a0
of
\u00a0
highly
\u00a0
probable
forecast
\u00a0
transactions
\u00a0
or
\u00a0
firm
\u00a0
commitments.
\u00a0
Hedge
\u00a0
accounting
\u00a0
relationships
\u00a0
are
\u00a0
designated
\u00a0
up
\u00a0
to
\u00a0
the
\u00a0
point
\u00a0
of
recognition
\u00a0
of
\u00a0
the
\u00a0
related
\u00a0
receivable
\u00a0
or
\u00a0
payable.
The
\u00a0
Group
\u00a0
uses
\u00a0
a
\u00a0
hedge
\u00a0
designation
\u00a0
for
\u00a0
foreign
\u00a0
exchange
hedging,
\u00a0
where
\u00a0
critical
\u00a0
terms,
\u00a0
currency
\u00a0
and
amount,
\u00a0
match
\u00a0
or
\u00a0
are
\u00a0
closely
\u00a0
aligned
\u00a0
between
\u00a0
the
\u00a0
hedging
\u00a0
instrument
\u00a0
and
\u00a0
the
\u00a0
hedged
\u00a0
item.
\u00a0
The
\u00a0
hedge
ratio
\u00a0
is
\u00a0
typically
\u00a0
100%.
\u00a0
Since
\u00a0
underlying
\u00a0
risks
\u00a0
match,
\u00a0
hedging
\u00a0
instruments
\u00a0
are
\u00a0
considered
\u00a0
to
\u00a0
offset
\u00a0
any
changes
\u00a0
related
\u00a0
to
\u00a0
the
\u00a0
hedged
\u00a0
transactions.
\u00a0
However,
\u00a0
W\u00e4rtsil\u00e4
\u00a0
applies
\u00a0
a
\u00a0
roll-forward
\u00a0
strategy
\u00a0
where
derivatives
\u00a0
are
\u00a0
roll-forwarded
\u00a0
or
\u00a0
terminated
\u00a0
early
\u00a0
to
\u00a0
match
\u00a0
these
\u00a0
underlying
\u00a0
transactions.
\u00a0
Hedge
effectiveness
\u00a0
requirements
\u00a0
are
\u00a0
assessed
\u00a0
in
\u00a0
accordance
\u00a0
with
\u00a0
IFRS
\u00a0
9
\u00a0
requirements,
\u00a0
including
\u00a0
requirements
for
\u00a0
economic
\u00a0
relationship,
\u00a0
credit
\u00a0
risk
\u00a0
and
\u00a0
hedge
\u00a0
ratio.
As
\u00a0
external
\u00a0
hedges
\u00a0
are
\u00a0
typically
\u00a0
made
\u00a0
for
\u00a0
short
\u00a0
maturities
\u00a0
(up
\u00a0
to
\u00a0
1
\u00a0
year)
\u00a0
and
\u00a0
only
\u00a0
high
\u00a0
credit
\u00a0
quality
\u00a0
(A-
minimum
\u00a0
rating
\u00a0
requirement)
\u00a0
counterparties
\u00a0
are
\u00a0
utilised,
\u00a0
counterparty
\u00a0
credit
\u00a0
risk
\u00a0
is
\u00a0
expected
\u00a0
to
\u00a0
have
minimal
\u00a0
effect
\u00a0
on
\u00a0
hedge
\u00a0
valuations.
\u00a0
Due
\u00a0
to
\u00a0
some
\u00a0
underlying
\u00a0
hedged
\u00a0
cash
\u00a0
flows
\u00a0
having
\u00a0
longer
\u00a0
maturities
than
\u00a0
related
\u00a0
hedges,
\u00a0
the
\u00a0
changes
\u00a0
in
\u00a0
present
\u00a0
value
\u00a0
of
\u00a0
the
\u00a0
hedge
\u00a0
and
\u00a0
the
\u00a0
underlying
\u00a0
cash
\u00a0
flow
\u00a0
do
\u00a0
not
\u00a0
always
fully
\u00a0
offset
\u00a0
each
\u00a0
other
\u00a0
during
\u00a0
the
\u00a0
lifetime
\u00a0
of
\u00a0
a
\u00a0
hedge.
\u00a0
This
\u00a0
source
\u00a0
of
\u00a0
ineffectiveness
\u00a0
is
\u00a0
calculated
\u00a0
on
\u00a0
a
quarterly
\u00a0
basis
\u00a0
and
\u00a0
recognised
\u00a0
in
\u00a0
the
\u00a0
statement
\u00a0
of
\u00a0
income
\u00a0
as
\u00a0
financial
\u00a0
income
\u00a0
or
\u00a0
expenses
\u00a0
at
\u00a0
Group
\u00a0
level.
Additionally
\u00a0
hedge
\u00a0
accounting
\u00a0
may
\u00a0
be
\u00a0
applied
\u00a0
to
\u00a0
interest
\u00a0
rate
\u00a0
hedges.
\u00a0
In
\u00a0
these
\u00a0
cases,
\u00a0
critical
\u00a0
terms,
\u00a0
floating
rate
\u00a0
reference
\u00a0
rate,
\u00a0
and
\u00a0
amortisation
\u00a0
schedule,
\u00a0
are
\u00a0
matched
\u00a0
so
\u00a0
the
\u00a0
hedge
\u00a0
is
\u00a0
expected
\u00a0
to
\u00a0
be
\u00a0
highly
\u00a0
effective.
As
\u00a0
only
\u00a0
high
\u00a0
credit
\u00a0
quality
\u00a0
counterparties
\u00a0
under
\u00a0
ISDA
\u00a0
Master
\u00a0
Agreements
\u00a0
are
\u00a0
utilised,
\u00a0
counterparty
\u00a0
credit
risk
\u00a0
is
\u00a0
expected
\u00a0
to
\u00a0
have
\u00a0
minimal
\u00a0
effect
\u00a0
on
\u00a0
hedge
\u00a0
valuations.
Cash
\u00a0
flow
\u00a0
hedge
Changes
\u00a0
in
\u00a0
the
\u00a0
fair
\u00a0
value
\u00a0
of
\u00a0
derivative
\u00a0
contracts
\u00a0
designated
\u00a0
and
\u00a0
qualifying
\u00a0
as
\u00a0
cash
\u00a0
flow
\u00a0
hedges
\u00a0
are
recognised
\u00a0
in
\u00a0
other
\u00a0
comprehensive
\u00a0
income
\u00a0
and
\u00a0
presented
\u00a0
in
\u00a0
the
\u00a0
fair
\u00a0
value
\u00a0
reserve
\u00a0
in
\u00a0
equity,
\u00a0
provided
\u00a0
that
the
\u00a0
hedging
\u00a0
is
\u00a0
effective.
In
\u00a0
the
\u00a0
case
\u00a0
of
\u00a0
foreign
\u00a0
exchange
\u00a0
forwards,
\u00a0
the
\u00a0
spot
\u00a0
element
\u00a0
is
\u00a0
included
\u00a0
for
\u00a0
the
hedging
\u00a0
relationship
\u00a0
whereas
\u00a0
forward
\u00a0
points
\u00a0
have
\u00a0
been
\u00a0
excluded
\u00a0
from
\u00a0
the
\u00a0
hedge
\u00a0
designation.
Any
\u00a0
gain
\u00a0
or
loss
\u00a0
in
\u00a0
the
\u00a0
fair
\u00a0
value
\u00a0
reserve
\u00a0
related
\u00a0
to
\u00a0
derivatives
\u00a0
accumulated
\u00a0
through
\u00a0
other
\u00a0
comprehensive
\u00a0
income
\u00a0
is
reported
\u00a0
in
\u00a0
the
\u00a0
statement
\u00a0
of
\u00a0
income
\u00a0
in
\u00a0
the
\u00a0
same
\u00a0
period
\u00a0
as
\u00a0
any
\u00a0
transactions
\u00a0
relating
\u00a0
to
\u00a0
the
\u00a0
hedged
obligations
\u00a0
or
\u00a0
estimates.
\u00a0
Result
\u00a0
from
\u00a0
net
\u00a0
position
\u00a0
hedges
\u00a0
is
\u00a0
reported
\u00a0
on
\u00a0
a
\u00a0
separate
\u00a0
line
\u00a0
in
\u00a0
the
\u00a0
statement
\u00a0
of
income.
\u00a0
Basis
\u00a0
adjustments
\u00a0
related
\u00a0
to
\u00a0
derivatives
\u00a0
are
\u00a0
reported
\u00a0
in
\u00a0
contract
\u00a0
assets,
\u00a0
contract
\u00a0
liabilities,
\u00a0
and
inventories,
\u00a0
according
\u00a0
to
\u00a0
the
\u00a0
hedged
\u00a0
item.
\u00a0
The
\u00a0
ineffective
\u00a0
portion
\u00a0
is
\u00a0
immediately
\u00a0
recognised
\u00a0
in
\u00a0
the
statement
\u00a0
of
\u00a0
income
\u00a0
as
\u00a0
other
\u00a0
operating
\u00a0
income
\u00a0
or
\u00a0
expenses.
\u00a0
Changes
\u00a0
in
\u00a0
fair
\u00a0
value
\u00a0
of
\u00a0
foreign
\u00a0
exchange
derivatives
\u00a0
due
\u00a0
to
\u00a0
interest
\u00a0
rate
\u00a0
differentials
\u00a0
(impact
\u00a0
of
\u00a0
forward
\u00a0
points)
\u00a0
are
\u00a0
recognised
\u00a0
in
\u00a0
the
\u00a0
statement
\u00a0
of
income
\u00a0
as
\u00a0
financial
\u00a0
income
\u00a0
or
\u00a0
expenses.
Cash
\u00a0
flow
\u00a0
hedge
\u00a0
against
\u00a0
a
\u00a0
variable
\u00a0
interest
\u00a0
rate
\u00a0
in
\u00a0
a
\u00a0
lease
\u00a0
contract
\u00a0
is
\u00a0
included
\u00a0
in
\u00a0
depreciations
\u00a0
and
\u00a0
financial
income
\u00a0
and
\u00a0
expenses.
More
\u00a0
information
\u00a0
on
\u00a0
fair
\u00a0
value
\u00a0
adjustments
\u00a0
related
\u00a0
to
\u00a0
cash
\u00a0
flow
\u00a0
hedges
\u00a0
is
\u00a0
presented
\u00a0
in
\u00a0
Note
\u00a0
5.5.
\u00a0
Equity,
and
\u00a0
more
\u00a0
information
\u00a0
on
\u00a0
the
\u00a0
ineffective
\u00a0
portion
\u00a0
of
\u00a0
cash
\u00a0
flow
\u00a0
hedges
\u00a0
is
\u00a0
presented
\u00a0
in
\u00a0
Note
\u00a0
5.1.
\u00a0
Financial
income
\u00a0
and
\u00a0
expenses.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:743700G7A9J1PHM3X223", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "ID_52": { "value": "
5.8.
\u00a0
FINANCIAL
\u00a0
RISKS
General
W\u00e4rtsil\u00e4
\u00a0
has
\u00a0
a
\u00a0
centralised
\u00a0
Group
\u00a0
Treasury,
\u00a0
which
\u00a0
has
\u00a0
two
\u00a0
main
\u00a0
objectives:
\u00a0
1)
\u00a0
to
\u00a0
arrange
\u00a0
adequate
\u00a0
funding
\u00a0
for
the
\u00a0
Group\u2019s
\u00a0
underlying
\u00a0
operations
\u00a0
on
\u00a0
competitive
\u00a0
terms
\u00a0
and
\u00a0
2)
\u00a0
to
\u00a0
identify
\u00a0
and
\u00a0
evaluate
\u00a0
the
\u00a0
financial
\u00a0
risks
\u00a0
within
the
\u00a0
Group
\u00a0
and
\u00a0
implement
\u00a0
the
\u00a0
hedges
\u00a0
for
\u00a0
the
\u00a0
Group
\u00a0
companies.
The
\u00a0
objective
\u00a0
is
\u00a0
to
\u00a0
hedge
\u00a0
against
\u00a0
unfavourable
\u00a0
changes
\u00a0
in
\u00a0
the
\u00a0
financial
\u00a0
markets
\u00a0
and
\u00a0
to
\u00a0
minimise
\u00a0
the
\u00a0
impact
\u00a0
of
foreign
\u00a0
exchange,
\u00a0
interest
\u00a0
rate,
\u00a0
credit,
\u00a0
and
\u00a0
liquidity
\u00a0
risks
\u00a0
on
\u00a0
the
\u00a0
Group\u2019s
\u00a0
cash
\u00a0
reserves,
\u00a0
profits,
\u00a0
and
\u00a0
shareholder
equity.
The
\u00a0
Financial
\u00a0
Risk
\u00a0
Policy
\u00a0
is
\u00a0
approved
\u00a0
by
\u00a0
the
\u00a0
Board
\u00a0
of
\u00a0
Directors.
\u00a0
The
\u00a0
Group
\u00a0
Treasury
\u00a0
employs
\u00a0
only
\u00a0
such
instruments
\u00a0
whose
\u00a0
market
\u00a0
value
\u00a0
and
\u00a0
risk
\u00a0
profile
\u00a0
it
\u00a0
can
\u00a0
reliably
\u00a0
monitor.
Foreign
\u00a0
exchange
\u00a0
risk
Foreign
\u00a0
exchange
\u00a0
exposures
\u00a0
are
\u00a0
monitored
\u00a0
at
\u00a0
the
\u00a0
Business
\u00a0
level,
\u00a0
hedged
\u00a0
at
\u00a0
a
\u00a0
subsidiary
\u00a0
level
\u00a0
against
\u00a0
the
Group
\u00a0
Treasury,
\u00a0
and
\u00a0
then
\u00a0
netted
\u00a0
and
\u00a0
covered
\u00a0
externally
\u00a0
at
\u00a0
Group
\u00a0
level
\u00a0
by
\u00a0
the
\u00a0
Group
\u00a0
Treasury.
\u00a0
All
\u00a0
material
sales
\u00a0
and
\u00a0
purchase
\u00a0
contracts
\u00a0
with
\u00a0
fixed
\u00a0
foreign
\u00a0
currency
\u00a0
amounts,
\u00a0
including
\u00a0
both
\u00a0
future
\u00a0
cash
\u00a0
flows
\u00a0
and
\u00a0
related
accounts
\u00a0
receivable
\u00a0
and
\u00a0
payable,
\u00a0
are
\u00a0
hedged.
\u00a0
The
\u00a0
estimated
\u00a0
future
\u00a0
commercial
\u00a0
exposures
\u00a0
are
\u00a0
evaluated
\u00a0
by
the
\u00a0
Businesses,
\u00a0
and
\u00a0
the
\u00a0
level
\u00a0
of
\u00a0
hedging
\u00a0
is
\u00a0
decided
\u00a0
by
\u00a0
the
\u00a0
Board
\u00a0
of
\u00a0
Management.
\u00a0
Hedge
\u00a0
accounting
\u00a0
in
accordance
\u00a0
with
\u00a0
IFRS
\u00a0
9
\u00a0
is
\u00a0
applied
\u00a0
to
\u00a0
most
\u00a0
of
\u00a0
the
\u00a0
hedges
\u00a0
of
\u00a0
these
\u00a0
exposures.
\u00a0
The
\u00a0
hedges
\u00a0
cover
\u00a0
such
\u00a0
time
periods
\u00a0
that
\u00a0
both
\u00a0
the
\u00a0
sales
\u00a0
prices
\u00a0
and
\u00a0
purchase
\u00a0
costs
\u00a0
can
\u00a0
be
\u00a0
adjusted
\u00a0
to
\u00a0
new
\u00a0
relevant
\u00a0
exchange
\u00a0
rates.
\u00a0
These
periods
\u00a0
vary
\u00a0
among
\u00a0
Group
\u00a0
companies
\u00a0
from
\u00a0
one
\u00a0
month
\u00a0
to
\u00a0
two
\u00a0
years.
\u00a0
The
\u00a0
Group
\u00a0
also
\u00a0
hedges
\u00a0
its
\u00a0
position
\u00a0
of
\u00a0
the
statement
\u00a0
of
\u00a0
financial
\u00a0
position,
\u00a0
which
\u00a0
includes
\u00a0
cash
\u00a0
balances,
\u00a0
loans/deposits,
\u00a0
as
\u00a0
well
\u00a0
as
\u00a0
other
\u00a0
receivables
\u00a0
and
payables
\u00a0
denominated
\u00a0
in
\u00a0
foreign
\u00a0
currencies.
As
\u00a0
field
\u00a0
service
\u00a0
work
\u00a0
is
\u00a0
invoiced
\u00a0
in
\u00a0
local
\u00a0
currencies,
\u00a0
there
\u00a0
is
\u00a0
some
\u00a0
foreign
\u00a0
exchange
\u00a0
change
\u00a0
related
\u00a0
volatility
\u00a0
in
the
\u00a0
consolidated
\u00a0
net
\u00a0
sales.
\u00a0
However,
\u00a0
the
\u00a0
effect
\u00a0
on
\u00a0
the
\u00a0
profitability
\u00a0
is
\u00a0
limited
\u00a0
as
\u00a0
the
\u00a0
related
\u00a0
costs
\u00a0
are
\u00a0
in
\u00a0
the
same
\u00a0
currency.
\u00a0
Spare
\u00a0
part
\u00a0
sales
\u00a0
are
\u00a0
based
\u00a0
on
\u00a0
a
\u00a0
euro
\u00a0
price
\u00a0
list
\u00a0
and
\u00a0
related
\u00a0
purchases
\u00a0
in
\u00a0
non-euro
\u00a0
currencies
are
\u00a0
hedged,
\u00a0
so
\u00a0
the
\u00a0
effect
\u00a0
from
\u00a0
foreign
\u00a0
currency
\u00a0
rate
\u00a0
changes
\u00a0
on
\u00a0
spare
\u00a0
part
\u00a0
sales
\u00a0
is
\u00a0
minimal.
\u00a0
As
project/hardware
\u00a0
sales/purchases,
\u00a0
as
\u00a0
well
\u00a0
as
\u00a0
estimated
\u00a0
currency
\u00a0
exposures
\u00a0
from
\u00a0
long-term
\u00a0
agreements,
\u00a0
are
hedged,
\u00a0
the
\u00a0
Group
\u00a0
does
\u00a0
not
\u00a0
expect
\u00a0
significant
\u00a0
gains/losses
\u00a0
from
\u00a0
foreign
\u00a0
exchange
\u00a0
rate
\u00a0
changes
\u00a0
in
\u00a0
2023
related
\u00a0
to
\u00a0
its
\u00a0
operations,
\u00a0
excluding
\u00a0
internal
\u00a0
financing.
The
\u00a0
instruments,
\u00a0
and
\u00a0
their
\u00a0
nominal
\u00a0
values,
\u00a0
used
\u00a0
to
\u00a0
hedge
\u00a0
the
\u00a0
Group\u2019s
\u00a0
foreign
\u00a0
exchange
\u00a0
exposures
\u00a0
are
\u00a0
listed
in
\u00a0
Note
\u00a0
5.7.
\u00a0
Derivative
\u00a0
financial
\u00a0
instruments.
Since
\u00a0
W\u00e4rtsil\u00e4
\u00a0
has
\u00a0
subsidiaries
\u00a0
and
\u00a0
joint
\u00a0
ventures
\u00a0
outside
\u00a0
the
\u00a0
euro
\u00a0
zone,
\u00a0
the
\u00a0
Group\u2019s
\u00a0
equity,
\u00a0
goodwill
\u00a0
and
purchase
\u00a0
price
\u00a0
allocations
\u00a0
are
\u00a0
sensitive
\u00a0
to
\u00a0
exchange
\u00a0
rate
\u00a0
fluctuations.
\u00a0
At
\u00a0
the
\u00a0
end
\u00a0
of
\u00a0
2022,
\u00a0
the
\u00a0
net
\u00a0
assets
\u00a0
of
W\u00e4rtsil\u00e4\u2019s
\u00a0
foreign
\u00a0
subsidiaries
\u00a0
and
\u00a0
joint
\u00a0
ventures
\u00a0
outside
\u00a0
the
\u00a0
euro
\u00a0
zone
\u00a0
totalled
\u00a0
EUR
\u00a0
998
\u00a0
million
\u00a0
(963).
\u00a0
In
addition,
\u00a0
goodwill
\u00a0
and
\u00a0
purchase
\u00a0
price
\u00a0
allocations
\u00a0
from
\u00a0
acquisitions
\u00a0
nominated
\u00a0
in
\u00a0
foreign
\u00a0
currencies
\u00a0
amounted
to
\u00a0
EUR
\u00a0
845
\u00a0
million
\u00a0
(900).
\u00a0
In
\u00a0
2022,
\u00a0
the
\u00a0
translation
\u00a0
differences
\u00a0
recognised
\u00a0
in
\u00a0
other
\u00a0
comprehensive
\u00a0
income
mainly
\u00a0
come
\u00a0
from
\u00a0
changes
\u00a0
in
\u00a0
the
\u00a0
GBP
\u00a0
exchange
\u00a0
rate.
Approximately
\u00a0
44%
\u00a0
(60)
\u00a0
of
\u00a0
sales
\u00a0
and
\u00a0
50%
\u00a0
(54)
\u00a0
of
\u00a0
operating
\u00a0
costs
\u00a0
were
\u00a0
denominated
\u00a0
in
\u00a0
euros,
\u00a0
and
approximately
\u00a0
40%
\u00a0
(25)
\u00a0
of
\u00a0
sales
\u00a0
and
\u00a0
24%
\u00a0
(18)
\u00a0
of
\u00a0
operating
\u00a0
costs
\u00a0
were
\u00a0
denominated
\u00a0
in
\u00a0
US
\u00a0
dollars.
\u00a0
The
remainder
\u00a0
were
\u00a0
split
\u00a0
between
\u00a0
several
\u00a0
currencies.
\u00a0
The
\u00a0
Group\u2019s
\u00a0
profits
\u00a0
and
\u00a0
competitiveness
\u00a0
are
\u00a0
also
\u00a0
indirectly
affected
\u00a0
by
\u00a0
the
\u00a0
home
\u00a0
currencies
\u00a0
(USD,
\u00a0
GBP,
\u00a0
JPY
\u00a0
and
\u00a0
KRW)
\u00a0
of
\u00a0
its
\u00a0
main
\u00a0
competitors.
As
W\u00e4rtsil\u00e4's operations are global
,
\u00a0
they
\u00a0
often
\u00a0
involve
\u00a0
currency
\u00a0
risks.
\u00a0
The
\u00a0
largest
\u00a0
operative
\u00a0
currency
\u00a0
positions
(excluding
\u00a0
financing)
\u00a0
open
\u00a0
as
\u00a0
of
\u00a0
31
\u00a0
December
\u00a0
2022
\u00a0
by
\u00a0
currency
\u00a0
pair
\u00a0
are
\u00a0
listed
\u00a0
below.
2022
As
\u00a0
the
\u00a0
main
\u00a0
funding
\u00a0
currency
\u00a0
for
\u00a0
the
\u00a0
Group,
\u00a0
including
\u00a0
the
\u00a0
Group
\u00a0
Treasury,
\u00a0
is
\u00a0
the
\u00a0
euro
\u00a0
and
\u00a0
since
\u00a0
the
subsidiaries
\u00a0
are
\u00a0
normally
\u00a0
funded
\u00a0
in
\u00a0
their
\u00a0
home
\u00a0
currencies
\u00a0
by
\u00a0
the
\u00a0
Group
\u00a0
Treasury,
\u00a0
the
\u00a0
Group
\u00a0
Treasury
\u00a0
had
\u00a0
the
following
\u00a0
related
\u00a0
open
\u00a0
currency
\u00a0
positions
\u00a0
as
\u00a0
of
\u00a0
31
\u00a0
December
\u00a0
2022.
*
\u00a0
The
\u00a0
other
\u00a0
currencies
\u00a0
do
\u00a0
not
\u00a0
net
\u00a0
as
\u00a0
they
\u00a0
are
\u00a0
of
\u00a0
different
\u00a0
currencies.
**
\u00a0
External
\u00a0
JPY
\u00a0
loans
\u00a0
are
\u00a0
fully
\u00a0
hedged
\u00a0
with
\u00a0
cross
\u00a0
currency
\u00a0
swaps.
Some
\u00a0
Group
\u00a0
companies
\u00a0
in
\u00a0
countries
\u00a0
whose
\u00a0
currencies
\u00a0
are
\u00a0
not
\u00a0
fully
\u00a0
convertible,
\u00a0
such
\u00a0
as
\u00a0
Brazil,
\u00a0
Indonesia,
Philippines,
\u00a0
and
\u00a0
South
\u00a0
Korea,
\u00a0
have
\u00a0
unhedged,
\u00a0
intercompany
\u00a0
loans
\u00a0
nominated
\u00a0
either
\u00a0
in
\u00a0
EUR
\u00a0
or
\u00a0
USD,
\u00a0
which
may
\u00a0
result
\u00a0
in
\u00a0
some
\u00a0
foreign
\u00a0
exchange
\u00a0
differences.
\u00a0
The
\u00a0
total
\u00a0
amount
\u00a0
of
\u00a0
these
\u00a0
loans
\u00a0
is
\u00a0
EUR
\u00a0
82
\u00a0
million
\u00a0
(41).
W\u00e4rtsil\u00e4
\u00a0
does
\u00a0
not
\u00a0
hedge
\u00a0
translation
\u00a0
risk.
\u00a0
The
\u00a0
most
\u00a0
significant
\u00a0
currencies
\u00a0
for
\u00a0
W\u00e4rtsil\u00e4
\u00a0
are
\u00a0
presented
\u00a0
in
\u00a0
Note
\u00a0
6.6.
Exchange
\u00a0
rates.
Interest
\u00a0
rate
\u00a0
risk
W\u00e4rtsil\u00e4
\u00a0
is
\u00a0
exposed
\u00a0
to
\u00a0
interest
\u00a0
rate
\u00a0
risk
\u00a0
primarily
\u00a0
through
\u00a0
market
\u00a0
value
\u00a0
changes
\u00a0
to
\u00a0
the
\u00a0
net
\u00a0
debt
\u00a0
portfolio
\u00a0
(price
risk),
\u00a0
as
\u00a0
well
\u00a0
as
\u00a0
through
\u00a0
changes
\u00a0
in
\u00a0
interest
\u00a0
rates
\u00a0
(re-fixing
\u00a0
on
\u00a0
rollovers).
\u00a0
Interest
\u00a0
rate
\u00a0
risk
\u00a0
is
\u00a0
managed
\u00a0
by
constantly
\u00a0
monitoring
\u00a0
the
\u00a0
market
\u00a0
value
\u00a0
of
\u00a0
the
\u00a0
financial
\u00a0
instruments
\u00a0
and
\u00a0
by
\u00a0
using
\u00a0
sensitivity
\u00a0
analysis.
Interest-bearing
\u00a0
loan
\u00a0
capital
\u00a0
at
\u00a0
the
\u00a0
end
\u00a0
of
\u00a0
2022
\u00a0
totalled
\u00a0
EUR
\u00a0
683
\u00a0
million
\u00a0
(776).
\u00a0
The
\u00a0
average
\u00a0
interest
\u00a0
rate
\u00a0
was
1.4%
\u00a0
(0.6)
\u00a0
and
\u00a0
the
\u00a0
average
\u00a0
re-fixing
\u00a0
time
\u00a0
12
\u00a0
months
\u00a0
(14).
W\u00e4rtsil\u00e4
\u00a0
spreads
\u00a0
its
\u00a0
interest
\u00a0
rate
\u00a0
risk
\u00a0
exposure
\u00a0
by
\u00a0
taking
\u00a0
both
\u00a0
fixed
\u00a0
and
\u00a0
floating
\u00a0
rate
\u00a0
loans.
\u00a0
The
\u00a0
share
\u00a0
of
\u00a0
fixed
rate
\u00a0
loans
\u00a0
as
\u00a0
a
\u00a0
proportion
\u00a0
of
\u00a0
the
\u00a0
total
\u00a0
debt
\u00a0
can
\u00a0
vary
\u00a0
between
\u00a0
30
\u00a0
and
\u00a0
70%.
\u00a0
W\u00e4rtsil\u00e4
\u00a0
hedges
\u00a0
its
\u00a0
loan
\u00a0
portfolio
\u00a0
by
using
\u00a0
derivative
\u00a0
instruments,
\u00a0
such
\u00a0
as
\u00a0
interest
\u00a0
rate
\u00a0
swaps,
\u00a0
futures
\u00a0
and
\u00a0
options.
At
\u00a0
the
\u00a0
end
\u00a0
of
\u00a0
2022,
\u00a0
a
\u00a0
one
\u00a0
percentage
\u00a0
point
\u00a0
parallel
\u00a0
decrease/increase
\u00a0
of
\u00a0
the
\u00a0
yield
\u00a0
curve
\u00a0
would
\u00a0
have
\u00a0
resulted
\u00a0
in
a
\u00a0
EUR
\u00a0
10
\u00a0
million
\u00a0
(17)
\u00a0
increase/decrease
\u00a0
in
\u00a0
the
\u00a0
value
\u00a0
of
\u00a0
the
\u00a0
net
\u00a0
debt
\u00a0
portfolio,
\u00a0
including
\u00a0
derivatives.
\u00a0
A
\u00a0
one
percentage
\u00a0
point
\u00a0
change
\u00a0
in
\u00a0
the
\u00a0
interest
\u00a0
level
\u00a0
would
\u00a0
cause
\u00a0
a
\u00a0
EUR
\u00a0
3
\u00a0
million
\u00a0
(1)
\u00a0
change
\u00a0
in
\u00a0
the
\u00a0
following
\u00a0
year\u2019s
interest
\u00a0
expenses
\u00a0
from
\u00a0
the
\u00a0
debt
\u00a0
portfolio,
\u00a0
including
\u00a0
derivatives.
\u00a0
In
\u00a0
both
\u00a0
analyses,
\u00a0
the
\u00a0
debt
\u00a0
portfolio
\u00a0
as
\u00a0
of
\u00a0
31
December
\u00a0
2022
\u00a0
is
\u00a0
used.
As
\u00a0
the
\u00a0
main
\u00a0
funding
\u00a0
currency
\u00a0
of
\u00a0
the
\u00a0
Group
\u00a0
is
\u00a0
Euro,
\u00a0
the
\u00a0
IBOR
\u00a0
reform
\u00a0
does
\u00a0
not
\u00a0
have
\u00a0
a
\u00a0
significant
\u00a0
impact
\u00a0
on
\u00a0
the
Group\u2019s
\u00a0
financial
\u00a0
arrangements.
\u00a0
Due
\u00a0
to
\u00a0
the
\u00a0
reform,
\u00a0
the
\u00a0
reference
\u00a0
interest
\u00a0
rate
\u00a0
of
\u00a0
long-term
\u00a0
JPY
\u00a0
loans
\u00a0
and
\u00a0
the
related
\u00a0
cross
\u00a0
currency
\u00a0
swaps
\u00a0
have
\u00a0
been
\u00a0
amended,
\u00a0
and
\u00a0
the
\u00a0
reference
\u00a0
rates
\u00a0
for
\u00a0
the
\u00a0
Group\u2019s
\u00a0
cash
\u00a0
pool
\u00a0
bank
accounts
\u00a0
have
\u00a0
been
\u00a0
changed
\u00a0
in
\u00a0
cases
\u00a0
where
\u00a0
a
\u00a0
rate
\u00a0
would
\u00a0
have
\u00a0
been
\u00a0
discontinued.
Additional
\u00a0
information
\u00a0
related
\u00a0
to
\u00a0
loans
\u00a0
can
\u00a0
be
\u00a0
found
\u00a0
in
\u00a0
Note
\u00a0
5.2.
\u00a0
Financial
\u00a0
assets
\u00a0
and
\u00a0
liabilities
\u00a0
by
measurement
\u00a0
category
\u00a0
and
\u00a0
Note
\u00a0
5.6.
\u00a0
Maturity
\u00a0
analysis
\u00a0
of
\u00a0
financial
\u00a0
liabilities.
\u00a0
Information
\u00a0
on
\u00a0
interest
\u00a0
rate
derivatives
\u00a0
is
\u00a0
presented
\u00a0
in
\u00a0
Note
\u00a0
5.7.
\u00a0
Derivative
\u00a0
financial
\u00a0
instruments.
Liquidity
\u00a0
and
\u00a0
refinancing
\u00a0
risk
W\u00e4rtsil\u00e4
\u00a0
ensures
\u00a0
sufficient
\u00a0
liquidity
\u00a0
at
\u00a0
all
\u00a0
times
\u00a0
by
\u00a0
efficient
\u00a0
cash
\u00a0
management
\u00a0
and
\u00a0
by
\u00a0
maintaining
\u00a0
sufficient
available
\u00a0
committed
\u00a0
and
\u00a0
uncommitted
\u00a0
credit
\u00a0
lines.
\u00a0
Refinancing
\u00a0
risk
\u00a0
is
\u00a0
managed
\u00a0
by
\u00a0
having
\u00a0
a
\u00a0
balanced
\u00a0
and
sufficiently
\u00a0
long
\u00a0
loan
\u00a0
portfolio.
The
\u00a0
existing
\u00a0
loan
\u00a0
facilities
\u00a0
include:
\u2022
\u00a0
Committed
\u00a0
Revolving
\u00a0
Credit
\u00a0
Facilities
\u00a0
totalling
\u00a0
EUR
\u00a0
650
\u00a0
million
\u00a0
(650).
\u2022
\u00a0
Finnish
\u00a0
Commercial
\u00a0
Paper
\u00a0
programmes
\u00a0
totalling
\u00a0
EUR
\u00a0
850
\u00a0
million
\u00a0
(850).
The
\u00a0
average
\u00a0
maturity
\u00a0
of
\u00a0
the
\u00a0
non-current
\u00a0
debt
\u00a0
is
\u00a0
28
\u00a0
months
\u00a0
(36)
\u00a0
and
\u00a0
the
\u00a0
average
\u00a0
maturity
\u00a0
of
\u00a0
the
\u00a0
confirmed
credit
\u00a0
lines
\u00a0
is
\u00a0
24
\u00a0
months
\u00a0
(23).
\u00a0
Additional
\u00a0
information
\u00a0
in
\u00a0
Note
\u00a0
5.6.
\u00a0
Maturity
\u00a0
analysis
\u00a0
of
\u00a0
financial
\u00a0
liabilities.
At
\u00a0
year-end,
\u00a0
the
\u00a0
Group
\u00a0
had
\u00a0
cash
\u00a0
and
\u00a0
cash
\u00a0
equivalents
\u00a0
totalling
\u00a0
EUR
\u00a0
461
\u00a0
million
\u00a0
(964).
\u00a0
The
\u00a0
Group
\u00a0
also
\u00a0
had
cash
\u00a0
and
\u00a0
cash
\u00a0
equivalents
\u00a0
of
\u00a0
EUR
\u00a0
3
\u00a0
million
\u00a0
related
\u00a0
to
\u00a0
assets
\u00a0
held
\u00a0
for
\u00a0
sale,
\u00a0
as
\u00a0
well
\u00a0
as
\u00a0
EUR
\u00a0
650
\u00a0
million
\u00a0
(650)
\u00a0
of
non-utilised
\u00a0
committed
\u00a0
credit
\u00a0
facilities.
\u00a0
Commercial
\u00a0
Paper
\u00a0
Programmes
\u00a0
were
\u00a0
not
\u00a0
utilised
\u00a0
on
\u00a0
31
\u00a0
December
\u00a0
2022
nor
\u00a0
on
\u00a0
31
\u00a0
December
\u00a0
2021.
Committed
\u00a0
Revolving
\u00a0
Credit
\u00a0
Facilities,
\u00a0
as
\u00a0
well
\u00a0
as
\u00a0
the
\u00a0
parent
\u00a0
company's
\u00a0
long-term
\u00a0
loans,
\u00a0
include
\u00a0
a
\u00a0
financial
covenant
\u00a0
(solvency
\u00a0
ratio).
\u00a0
The
\u00a0
solvency
\u00a0
ratio
\u00a0
is
\u00a0
expected
\u00a0
to
\u00a0
remain
\u00a0
clearly
\u00a0
over
\u00a0
the
\u00a0
covenant
\u00a0
level
\u00a0
for
\u00a0
the
foreseeable
\u00a0
future.
Revolving
\u00a0
credit
\u00a0
facilities
Credit
\u00a0
risk
Responsibility
\u00a0
for
\u00a0
managing
\u00a0
the
\u00a0
credit
\u00a0
risks
\u00a0
associated
\u00a0
with
\u00a0
ordinary
\u00a0
commercial
\u00a0
activities
\u00a0
lies
\u00a0
with
\u00a0
the
Businesses
\u00a0
and
\u00a0
the
\u00a0
Group
\u00a0
companies.
\u00a0
Major
\u00a0
trade
\u00a0
and
\u00a0
project
\u00a0
finance
\u00a0
credit
\u00a0
risks
\u00a0
are
\u00a0
minimised
\u00a0
by
transferring
\u00a0
risks
\u00a0
to
\u00a0
banks,
\u00a0
insurance
\u00a0
companies,
\u00a0
and
\u00a0
export
\u00a0
credit
\u00a0
organisations.
The
\u00a0
credit
\u00a0
risks
\u00a0
related
\u00a0
to
\u00a0
the
\u00a0
placement
\u00a0
of
\u00a0
liquid
\u00a0
funds
\u00a0
and
\u00a0
to
\u00a0
trading
\u00a0
in
\u00a0
financial
\u00a0
instruments
\u00a0
are
\u00a0
minimised
\u00a0
by
setting
\u00a0
explicit
\u00a0
limits
\u00a0
for
\u00a0
the
\u00a0
counterparties,
\u00a0
and
\u00a0
by
\u00a0
making
\u00a0
agreements
\u00a0
only
\u00a0
with
\u00a0
the
\u00a0
most
\u00a0
reputable
\u00a0
domestic
and
\u00a0
international
\u00a0
banks
\u00a0
and
\u00a0
financial
\u00a0
institutions.
\u00a0
As
\u00a0
only
\u00a0
high
\u00a0
credit
\u00a0
quality
\u00a0
(A-
\u00a0
minimum
\u00a0
rating
\u00a0
requirement)
counterparties
\u00a0
are
\u00a0
utilised
\u00a0
for
\u00a0
derivative
\u00a0
financial
\u00a0
instruments,
\u00a0
and
\u00a0
the
\u00a0
transactions
\u00a0
are
\u00a0
made
\u00a0
under
\u00a0
ISDA
Master
\u00a0
Agreements,
\u00a0
no
\u00a0
credit
\u00a0
losses
\u00a0
are
\u00a0
expected
\u00a0
from
\u00a0
these
\u00a0
instruments.
The
\u00a0
Group
\u00a0
companies
\u00a0
deposit
\u00a0
the
\u00a0
maximum
\u00a0
amount
\u00a0
of
\u00a0
their
\u00a0
liquid
\u00a0
financial
\u00a0
assets
\u00a0
with
\u00a0
the
\u00a0
centralised
\u00a0
treasury
when
\u00a0
local
\u00a0
laws
\u00a0
and
\u00a0
central
\u00a0
bank
\u00a0
regulations
\u00a0
allow
\u00a0
it.
\u00a0
The
\u00a0
Group\u2019s
\u00a0
funds
\u00a0
are
\u00a0
placed
\u00a0
in
\u00a0
instruments
\u00a0
with
sufficient
\u00a0
liquidity
\u00a0
(current
\u00a0
bank
\u00a0
deposits
\u00a0
or
\u00a0
Finnish
\u00a0
Commercial
\u00a0
Papers)
\u00a0
and
\u00a0
rating
\u00a0
(at
\u00a0
least
\u00a0
single-A
\u00a0
rated
instruments
\u00a0
or
\u00a0
other
\u00a0
instruments
\u00a0
approved
\u00a0
by
\u00a0
the
\u00a0
Group\u2019s
\u00a0
CFO).
\u00a0
These
\u00a0
placements
\u00a0
are
\u00a0
constantly
\u00a0
monitored
by
\u00a0
the
\u00a0
Group
\u00a0
Treasury,
\u00a0
and
\u00a0
W\u00e4rtsil\u00e4
\u00a0
does
\u00a0
not
\u00a0
expect
\u00a0
any
\u00a0
future
\u00a0
defaults
\u00a0
from
\u00a0
the
\u00a0
placements.
The
\u00a0
expected
\u00a0
credit
\u00a0
losses
\u00a0
associated
\u00a0
with
\u00a0
investments
\u00a0
carried
\u00a0
at
\u00a0
amortised
\u00a0
cost
\u00a0
are
\u00a0
assessed
\u00a0
on
\u00a0
a
\u00a0
forward-
looking
\u00a0
basis
\u00a0
based
\u00a0
on
\u00a0
investment
\u00a0
maturity
\u00a0
dates,
\u00a0
and
\u00a0
counterparty
\u00a0
credit
\u00a0
risk
\u00a0
on
\u00a0
a
\u00a0
quarterly
\u00a0
basis.
\u00a0
As
\u00a0
of
\u00a0
31
December
\u00a0
2022,
\u00a0
the
\u00a0
expected
\u00a0
credit
\u00a0
loss
\u00a0
was
\u00a0
not
\u00a0
material.
The
\u00a0
expected
\u00a0
credit
\u00a0
losses
\u00a0
are
\u00a0
presented
\u00a0
in
\u00a0
Note
\u00a0
4.2.
\u00a0
Trade
\u00a0
receivables
\u00a0
and
\u00a0
contract
\u00a0
assets
\u00a0
and
\u00a0
liabilities.
Equity
\u00a0
price
\u00a0
risk
W\u00e4rtsil\u00e4
\u00a0
has
\u00a0
equity
\u00a0
investments
\u00a0
totalling
\u00a0
EUR
\u00a0
12
\u00a0
million
\u00a0
(12)
\u00a0
in
\u00a0
power
\u00a0
plant
\u00a0
companies,
\u00a0
most
\u00a0
of
\u00a0
which
\u00a0
are
located
\u00a0
in
\u00a0
developing
\u00a0
countries
\u00a0
and
\u00a0
performing
\u00a0
well
\u00a0
according
\u00a0
to
\u00a0
expectations.
\u00a0
Additional
\u00a0
information
\u00a0
is
\u00a0
given
in
\u00a0
Note
\u00a0
5.2.
\u00a0
Financial
\u00a0
assets
\u00a0
and
\u00a0
liabilities
\u00a0
by
\u00a0
measurement
\u00a0
category.
Capital
\u00a0
risk
\u00a0
management
W\u00e4rtsil\u00e4\u2019s
\u00a0
policy
\u00a0
is
\u00a0
to
\u00a0
secure
\u00a0
a
\u00a0
strong
\u00a0
capital
\u00a0
base,
\u00a0
both
\u00a0
to
\u00a0
maintain
\u00a0
the
\u00a0
confidence
\u00a0
of
\u00a0
investors
\u00a0
and
\u00a0
creditors
and
\u00a0
for
\u00a0
the
\u00a0
future
\u00a0
development
\u00a0
of
\u00a0
the
\u00a0
business.
\u00a0
The
\u00a0
capital
\u00a0
is
\u00a0
defined
\u00a0
as
\u00a0
total
\u00a0
equity,
\u00a0
including
\u00a0
non-controlling
interests
\u00a0
and
\u00a0
net
\u00a0
interest-bearing
\u00a0
debt.
\u00a0
The
\u00a0
target
\u00a0
for
\u00a0
W\u00e4rtsil\u00e4
\u00a0
is
\u00a0
to
\u00a0
maintain
\u00a0
gearing
\u00a0
below
\u00a0
0.50
\u00a0
and
\u00a0
to
\u00a0
pay
\u00a0
a
dividend
\u00a0
of
\u00a0
at
\u00a0
least
\u00a0
50%
\u00a0
of
\u00a0
earnings
\u00a0
over
\u00a0
the
\u00a0
cycle.
2022
2021
MEUR
Loans
Deposits
Net
Loans
Deposits
Net
Intragroup
\u00a0
loans/deposits
USD
24
239
215
160
216
56
GBP
80
26
54
76
43
32
CHF
84
84
53
53
MXN
1
44
44
1
1
AUD
34
34
31
31
SGD
15
15
17
17
CNY
11
11
11
11
CAD
13
13
9
9
Other
\u00a0
currencies*
1
1
1
1
External
\u00a0
loans/deposits
JPY
142
142
153**
153
Total
331
383
612
443
330
366
MEUR
2022
2021
Fixed
\u00a0
rate
\u00a0
loans
213
250
Floating
\u00a0
rate
\u00a0
loans
471
526
Derivatives
204
404
Share
\u00a0
of
\u00a0
fixed
\u00a0
rate
\u00a0
loans
\u00a0
of
\u00a0
total
\u00a0
loans
\u00a0
(including
\u00a0
derivatives),
\u00a0
%
61
84
MEUR
2022
2021
Year
Maturing
Available
(end
\u00a0
of
period)
Maturing
Available
(end
\u00a0
of
period)
2021
-
-
650
2022
650
140
510
2023
230
420
230
280
2024
130
290
130
150
2025
100
190
100
50
2026
50
140
50
2027
140
-
MEUR
2022
2021
Lease
\u00a0
liabilities,
\u00a0
non-current
223
157
Other
\u00a0
interest-bearing
\u00a0
debt,
\u00a0
non-current
517
694
Lease
\u00a0
liabilities,
\u00a0
current
43
39
Other
\u00a0
interest-bearing
\u00a0
debt,
\u00a0
current
166
82
Total
\u00a0
interest-bearing
\u00a0
liabilities
949
973
Interest-bearing
\u00a0
receivables
-4
-5
Cash
\u00a0
and
\u00a0
cash
\u00a0
equivalents
-461
-964
Cash
\u00a0
and
\u00a0
cash
\u00a0
equivalents
\u00a0
pertaining
\u00a0
to
\u00a0
assets
\u00a0
held
\u00a0
for
\u00a0
sale
-3
Total
\u00a0
interest-bearing
\u00a0
assets
-468
-969
Total
\u00a0
net
\u00a0
interest-bearing
\u00a0
debt
481
4
Total
\u00a0
equity
2,146
2,323
Gearing
0.23
0.00
In
\u00a0
the
\u00a0
capital
\u00a0
management
\u00a0
W\u00e4rtsil\u00e4
\u00a0
also
\u00a0
follows
\u00a0
the
\u00a0
gearing
\u00a0
development:
Equity
\u00a0
and
\u00a0
liabilities
6,606
6,523
Advances
\u00a0
received
-527
-498
6,079
6,025
Solvency
\u00a0
ratio,
\u00a0
%
35.3
38.6
-
Statement
\u00a0
of
\u00a0
financial
position
Estimated
\u00a0
cash
\u00a0
flows
MEUR
Base
currency
received
Base
currency
paid
Base
currency
received
Base
currency
paid
Net
EUR/USD
117
204
138
294
244
EUR/NOK
59
68
183
2
173
USD/NOK
29
7
163
185
EUR/GBP
27
30
87
9
75
EUR/CNY
25
26
90
5
85
EUR/CHF
19
5
49
63
USD/CNY
4
3
64
64
EUR/AED
11
10
35
1
35
EUR/AUD
5
5
36
4
32
GBP/USD
32
7
1
10
16
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:743700G7A9J1PHM3X223", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "ID_10": { "value": "W\u00e4rtsil\u00e4's operations are global", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:743700G7A9J1PHM3X223", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "ID_53": { "value": "
2021
Statement
\u00a0
of
\u00a0
financial
position
Estimated
\u00a0
cash
\u00a0
flows
MEUR
Base
currency
received
Base
currency
paid
Base
currency
received
Base
currency
paid
Net
EUR/USD
71
196
154
934
905
USD/NOK
36
8
400
429
EUR/NOK
94
48
156
4
198
EUR/CNY
25
22
107
3
106
EUR/GBP
28
21
88
6
89
EUR/AUD
5
5
18
77
59
EUR/SGD
17
11
26
32
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:743700G7A9J1PHM3X223", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00" } }, "ID_51": { "value": "
Credit
\u00a0
risk
Responsibility
\u00a0
for
\u00a0
managing
\u00a0
the
\u00a0
credit
\u00a0
risks
\u00a0
associated
\u00a0
with
\u00a0
ordinary
\u00a0
commercial
\u00a0
activities
\u00a0
lies
\u00a0
with
\u00a0
the
Businesses
\u00a0
and
\u00a0
the
\u00a0
Group
\u00a0
companies.
\u00a0
Major
\u00a0
trade
\u00a0
and
\u00a0
project
\u00a0
finance
\u00a0
credit
\u00a0
risks
\u00a0
are
\u00a0
minimised
\u00a0
by
transferring
\u00a0
risks
\u00a0
to
\u00a0
banks,
\u00a0
insurance
\u00a0
companies,
\u00a0
and
\u00a0
export
\u00a0
credit
\u00a0
organisations.
The
\u00a0
credit
\u00a0
risks
\u00a0
related
\u00a0
to
\u00a0
the
\u00a0
placement
\u00a0
of
\u00a0
liquid
\u00a0
funds
\u00a0
and
\u00a0
to
\u00a0
trading
\u00a0
in
\u00a0
financial
\u00a0
instruments
\u00a0
are
\u00a0
minimised
\u00a0
by
setting
\u00a0
explicit
\u00a0
limits
\u00a0
for
\u00a0
the
\u00a0
counterparties,
\u00a0
and
\u00a0
by
\u00a0
making
\u00a0
agreements
\u00a0
only
\u00a0
with
\u00a0
the
\u00a0
most
\u00a0
reputable
\u00a0
domestic
and
\u00a0
international
\u00a0
banks
\u00a0
and
\u00a0
financial
\u00a0
institutions.
\u00a0
As
\u00a0
only
\u00a0
high
\u00a0
credit
\u00a0
quality
\u00a0
(A-
\u00a0
minimum
\u00a0
rating
\u00a0
requirement)
counterparties
\u00a0
are
\u00a0
utilised
\u00a0
for
\u00a0
derivative
\u00a0
financial
\u00a0
instruments,
\u00a0
and
\u00a0
the
\u00a0
transactions
\u00a0
are
\u00a0
made
\u00a0
under
\u00a0
ISDA
Master
\u00a0
Agreements,
\u00a0
no
\u00a0
credit
\u00a0
losses
\u00a0
are
\u00a0
expected
\u00a0
from
\u00a0
these
\u00a0
instruments.
The
\u00a0
Group
\u00a0
companies
\u00a0
deposit
\u00a0
the
\u00a0
maximum
\u00a0
amount
\u00a0
of
\u00a0
their
\u00a0
liquid
\u00a0
financial
\u00a0
assets
\u00a0
with
\u00a0
the
\u00a0
centralised
\u00a0
treasury
when
\u00a0
local
\u00a0
laws
\u00a0
and
\u00a0
central
\u00a0
bank
\u00a0
regulations
\u00a0
allow
\u00a0
it.
\u00a0
The
\u00a0
Group\u2019s
\u00a0
funds
\u00a0
are
\u00a0
placed
\u00a0
in
\u00a0
instruments
\u00a0
with
sufficient
\u00a0
liquidity
\u00a0
(current
\u00a0
bank
\u00a0
deposits
\u00a0
or
\u00a0
Finnish
\u00a0
Commercial
\u00a0
Papers)
\u00a0
and
\u00a0
rating
\u00a0
(at
\u00a0
least
\u00a0
single-A
\u00a0
rated
instruments
\u00a0
or
\u00a0
other
\u00a0
instruments
\u00a0
approved
\u00a0
by
\u00a0
the
\u00a0
Group\u2019s
\u00a0
CFO).
\u00a0
These
\u00a0
placements
\u00a0
are
\u00a0
constantly
\u00a0
monitored
by
\u00a0
the
\u00a0
Group
\u00a0
Treasury,
\u00a0
and
\u00a0
W\u00e4rtsil\u00e4
\u00a0
does
\u00a0
not
\u00a0
expect
\u00a0
any
\u00a0
future
\u00a0
defaults
\u00a0
from
\u00a0
the
\u00a0
placements.
The
\u00a0
expected
\u00a0
credit
\u00a0
losses
\u00a0
associated
\u00a0
with
\u00a0
investments
\u00a0
carried
\u00a0
at
\u00a0
amortised
\u00a0
cost
\u00a0
are
\u00a0
assessed
\u00a0
on
\u00a0
a
\u00a0
forward-
looking
\u00a0
basis
\u00a0
based
\u00a0
on
\u00a0
investment
\u00a0
maturity
\u00a0
dates,
\u00a0
and
\u00a0
counterparty
\u00a0
credit
\u00a0
risk
\u00a0
on
\u00a0
a
\u00a0
quarterly
\u00a0
basis.
\u00a0
As
\u00a0
of
\u00a0
31
December
\u00a0
2022,
\u00a0
the
\u00a0
expected
\u00a0
credit
\u00a0
loss
\u00a0
was
\u00a0
not
\u00a0
material.
The
\u00a0
expected
\u00a0
credit
\u00a0
losses
\u00a0
are
\u00a0
presented
\u00a0
in
\u00a0
Note
\u00a0
4.2.
\u00a0
Trade
\u00a0
receivables
\u00a0
and
\u00a0
contract
\u00a0
assets
\u00a0
and
\u00a0
liabilities.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:743700G7A9J1PHM3X223", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "ID_27": { "value": "
6.1.
\u00a0
SUBSIDIARIES
Accounting
\u00a0
principles
The
\u00a0
consolidated
\u00a0
financial
\u00a0
statements
\u00a0
include
\u00a0
the
\u00a0
parent
\u00a0
company
\u00a0
W\u00e4rtsil\u00e4
\u00a0
Corporation
\u00a0
and
\u00a0
all
\u00a0
subsidiaries
over
\u00a0
which
\u00a0
the
\u00a0
Group
\u00a0
has
\u00a0
control.
\u00a0
The
\u00a0
Group
\u00a0
controls
\u00a0
an
\u00a0
entity
\u00a0
when
\u00a0
the
\u00a0
Group
\u00a0
is
\u00a0
exposed
\u00a0
to,
\u00a0
or
\u00a0
has
\u00a0
rights
\u00a0
to,
variable
\u00a0
returns
\u00a0
from
\u00a0
its
\u00a0
involvement
\u00a0
with
\u00a0
the
\u00a0
entity
\u00a0
and
\u00a0
has
\u00a0
the
\u00a0
ability
\u00a0
to
\u00a0
affect
\u00a0
those
\u00a0
returns
\u00a0
through
\u00a0
its
\u00a0
power
to
\u00a0
direct
\u00a0
the
\u00a0
activities
\u00a0
of
\u00a0
the
\u00a0
entity.
\u00a0
When
\u00a0
the
\u00a0
Group
\u00a0
has
\u00a0
less
\u00a0
than
\u00a0
a
\u00a0
majority
\u00a0
of
\u00a0
voting
\u00a0
or
\u00a0
similar
\u00a0
rights
\u00a0
in
\u00a0
an
entity,
\u00a0
the
\u00a0
Group
\u00a0
considers
\u00a0
all
\u00a0
relevant
\u00a0
facts
\u00a0
and
\u00a0
circumstances
\u00a0
in
\u00a0
assessing
\u00a0
whether
\u00a0
it
\u00a0
has
\u00a0
power
\u00a0
over
\u00a0
an
entity,
\u00a0
including
\u00a0
the
\u00a0
contractual
\u00a0
arrangements,
\u00a0
voting
\u00a0
rights,
\u00a0
and
\u00a0
potential
\u00a0
voting
\u00a0
rights.
\u00a0
The
\u00a0
Group
\u00a0
reassesses
whether
\u00a0
it
\u00a0
controls
\u00a0
an
\u00a0
entity
\u00a0
if
\u00a0
facts
\u00a0
and
\u00a0
circumstances
\u00a0
indicate
\u00a0
that
\u00a0
there
\u00a0
are
\u00a0
changes
\u00a0
to
\u00a0
the
\u00a0
elements
\u00a0
of
control.
The
\u00a0
financial
\u00a0
information
\u00a0
from
\u00a0
subsidiaries
\u00a0
in
\u00a0
countries
\u00a0
with
\u00a0
hyperinflation
\u00a0
are
\u00a0
adjusted
\u00a0
according
\u00a0
to
\u00a0
IAS
\u00a0
29,
when
\u00a0
the
\u00a0
impact
\u00a0
of
\u00a0
the
\u00a0
hyperinflation
\u00a0
is
\u00a0
considered
\u00a0
material
\u00a0
for
\u00a0
the
\u00a0
consolidated
\u00a0
financial
\u00a0
statements.
*
\u00a0
Despite
\u00a0
share
\u00a0
percentage
\u00a0
being
\u00a0
less
\u00a0
than
\u00a0
100,
\u00a0
the
\u00a0
subsidiary
\u00a0
is
\u00a0
considered
\u00a0
to
\u00a0
be
\u00a0
fully
\u00a0
controlled
\u00a0
by
\u00a0
the
Group.
Non-controlling
\u00a0
interests
\u00a0
are
\u00a0
not
\u00a0
significant
\u00a0
in
\u00a0
the
\u00a0
Group's
\u00a0
activities
\u00a0
and
\u00a0
cash
\u00a0
flows
\u00a0
in
\u00a0
individual
\u00a0
subsidiaries.
The
\u00a0
list
\u00a0
excludes
\u00a0
subsidiaries,
\u00a0
which
\u00a0
do
\u00a0
not
\u00a0
have
\u00a0
a
\u00a0
significant
\u00a0
impact
\u00a0
on
\u00a0
the
\u00a0
profit
\u00a0
or
\u00a0
assets
\u00a0
of
\u00a0
the
\u00a0
Group.
\u00a0
A
complete
\u00a0
list
\u00a0
of
\u00a0
shares
\u00a0
and
\u00a0
securities
\u00a0
in
\u00a0
accordance
\u00a0
with
\u00a0
the
\u00a0
Finnish
\u00a0
Accounting
\u00a0
Ordinance
\u00a0
is
\u00a0
included
\u00a0
in
\u00a0
the
official
\u00a0
financial
\u00a0
statements
\u00a0
of
\u00a0
the
\u00a0
parent
\u00a0
company
\u00a0
prepared
\u00a0
in
\u00a0
accordance
\u00a0
with
\u00a0
the
\u00a0
Finnish
\u00a0
Accounting
Standards
\u00a0
(FAS).
Geo-
graph-
ical
\u00a0
area
Company
\u00a0
name
\u00a0
Location
Activities
Share
%
Europe
W\u00e4rtsil\u00e4
\u00a0
Cyprus
\u00a0
Limited
Cyprus
Sales
\u00a0
and
\u00a0
services
100.0
W\u00e4rtsil\u00e4
\u00a0
Danmark
\u00a0
A/S
Denmark
Sales
\u00a0
and
\u00a0
services
100.0
W\u00e4rtsil\u00e4
\u00a0
Lyngs\u00f8
\u00a0
Marine
\u00a0
A/S
Denmark
Sales
\u00a0
and
\u00a0
services
100.0
W\u00e4rtsil\u00e4
\u00a0
BLRT
\u00a0
Estonia
\u00a0
O\u00fc
Estonia
Sales
\u00a0
and
\u00a0
services
51.7
W\u00e4rtsil\u00e4
\u00a0
Finland
\u00a0
Oy
Finland
Production,
\u00a0
sales
\u00a0
and
services
100.0
W\u00e4rtsil\u00e4
\u00a0
Projects
\u00a0
Oy
Finland
Sales
\u00a0
and
\u00a0
services
100.0
W\u00e4rtsil\u00e4
\u00a0
Solutions
\u00a0
Oy
Finland
Sales
\u00a0
and
\u00a0
services
100.0
W\u00e4rtsil\u00e4
\u00a0
Technology
\u00a0
Oy
\u00a0
Ab
Finland
Holding
100.0
W\u00e4rtsil\u00e4
\u00a0
Voyage
\u00a0
Oy
Finland
Sales
\u00a0
and
\u00a0
services
100.0
W\u00e4rtsil\u00e4
\u00a0
France
\u00a0
S.A.S.
France
Sales
\u00a0
and
\u00a0
services
100.0
W\u00e4rtsil\u00e4
\u00a0
Voyage
\u00a0
Mediterranean
\u00a0
SAS
France
Sales
\u00a0
and
\u00a0
services
100.0
W\u00e4rtsil\u00e4
\u00a0
Deutschland
\u00a0
GmbH
Germany
Sales
\u00a0
and
\u00a0
services
100.0
W\u00e4rtsil\u00e4
\u00a0
SAM
\u00a0
Electronics
\u00a0
GmbH
Germany
Sales
\u00a0
and
\u00a0
services
100.0
W\u00e4rtsil\u00e4
\u00a0
Voyage
\u00a0
Germany
\u00a0
GmbH
Germany
Sales
\u00a0
and
\u00a0
services
100.0
W\u00e4rtsil\u00e4
\u00a0
Serck
\u00a0
Como
\u00a0
GmbH
Germany
Sales
\u00a0
and
\u00a0
services
100.0
W\u00e4rtsil\u00e4
\u00a0
Voyage
\u00a0
GmbH
Germany
Sales
\u00a0
and
\u00a0
services
100.0
W\u00e4rtsil\u00e4
\u00a0
Guidance
\u00a0
Marine
\u00a0
Ltd
the
\u00a0
United
\u00a0
Kingdom
Sales
\u00a0
and
\u00a0
services
100.0
W\u00e4rtsil\u00e4
\u00a0
Puregas
\u00a0
Solutions
\u00a0
Ltd
the
\u00a0
United
\u00a0
Kingdom
Sales
\u00a0
and
\u00a0
services
100.0
W\u00e4rtsil\u00e4
\u00a0
UK
\u00a0
Ltd
the
\u00a0
United
\u00a0
Kingdom
Production,
\u00a0
sales
\u00a0
and
services
100.0
W\u00e4rtsil\u00e4
\u00a0
Voyage
\u00a0
UK
\u00a0
Limited
the
\u00a0
United
\u00a0
Kingdom
Sales
\u00a0
and
\u00a0
services
100.0
Ships
\u00a0
Electronic
\u00a0
Services
\u00a0
Ltd
the
\u00a0
United
\u00a0
Kingdom
Sales
\u00a0
and
\u00a0
services
100.0
Greenham
\u00a0
Regis
\u00a0
Ltd
the
\u00a0
United
\u00a0
Kingdom
Sales
\u00a0
and
\u00a0
services
100.0
W\u00e4rtsil\u00e4
\u00a0
Water
\u00a0
Systems
\u00a0
Ltd
the
\u00a0
United
\u00a0
Kingdom
Sales
\u00a0
and
\u00a0
services
100.0
W\u00e4rtsil\u00e4
\u00a0
Defence
\u00a0
Solutions
\u00a0
Ltd
the
\u00a0
United
\u00a0
Kingdom
Sales
\u00a0
and
\u00a0
services
100.0
W\u00e4rtsil\u00e4
\u00a0
Greece
\u00a0
S.A.
Greece
Sales
\u00a0
and
\u00a0
services
100.0
W\u00e4rtsil\u00e4
\u00a0
Hungary
\u00a0
Kft
Hungary
Sales
\u00a0
and
\u00a0
services
100.0
W\u00e4rtsil\u00e4
\u00a0
Voyage
\u00a0
Limited
Ireland
Sales
\u00a0
and
\u00a0
services
100.0
W\u00e4rtsil\u00e4
\u00a0
APSS
\u00a0
Srl
Italy
Sales
\u00a0
and
\u00a0
services
100.0
W\u00e4rtsil\u00e4
\u00a0
Italia
\u00a0
S.p.A.
Italy
Production,
\u00a0
sales
\u00a0
and
services
100.0
Trident
\u00a0
Italia
\u00a0
Srl
Italy
Sales
\u00a0
and
\u00a0
services
100.0
W\u00e4rtsil\u00e4
\u00a0
Moss
\u00a0
AS
Norway
Production,
\u00a0
sales
\u00a0
and
services
100.0
W\u00e4rtsil\u00e4
\u00a0
Norway
\u00a0
AS
Norway
Production,
\u00a0
sales
\u00a0
and
services
100.0
W\u00e4rtsil\u00e4
\u00a0
Gas
\u00a0
Solutions
\u00a0
Norway
\u00a0
AS.
Norway
Sales
\u00a0
and
\u00a0
services
100.0
W\u00e4rtsil\u00e4
\u00a0
Valmarine
\u00a0
AS
Norway
Sales
\u00a0
and
\u00a0
services
100.0
W\u00e4rtsil\u00e4
\u00a0
Polska
\u00a0
Sp.z.o.o.
Poland
Sales
\u00a0
and
\u00a0
services
100.0
W\u00e4rtsil\u00e4
\u00a0
Voyage
\u00a0
Poland
\u00a0
sp.
\u00a0
z.o.o.
Poland
Sales
\u00a0
and
\u00a0
services
100.0
W\u00e4rtsil\u00e4
\u00a0
Portugal
\u00a0
S.A.
Portugal
Sales
\u00a0
and
\u00a0
services
100.0
Wartsila
\u00a0
Voyage
\u00a0
doo
\u00a0
Beograd
Serbia
Sales
\u00a0
and
\u00a0
services
100.0
W\u00e4rtsil\u00e4
\u00a0
Ib\u00e9rica
\u00a0
S.A.
Spain
Production,
\u00a0
sales
\u00a0
and
services
100.0
Burriel
\u00a0
Navarro
\u00a0
S.L.
Spain
Sales
\u00a0
and
\u00a0
services
100.0
Trident
\u00a0
Las
\u00a0
Palmas
\u00a0
S.L.
Spain
Sales
\u00a0
and
\u00a0
services
100.0
W\u00e4rtsil\u00e4
\u00a0
Sweden
\u00a0
AB
Sweden
Production,
\u00a0
sales
\u00a0
and
services
100.0
W\u00e4rtsil\u00e4
\u00a0
Voyage
\u00a0
Sweden
\u00a0
AB
Sweden
Sales
\u00a0
and
\u00a0
services
100.0
W\u00e4rtsil\u00e4
\u00a0
Services
\u00a0
Switzerland
\u00a0
AG
Switzerland
Sales
\u00a0
and
\u00a0
services
100.0
Quantiparts
\u00a0
B.V.
The
\u00a0
Netherlands
Sales
\u00a0
and
\u00a0
services
100.0
W\u00e4rtsil\u00e4
\u00a0
Netherlands
\u00a0
B.V.
The
\u00a0
Netherlands
Production,
\u00a0
sales
\u00a0
and
services
100.0
Trident
\u00a0
B.V.
The
\u00a0
Netherlands
Sales
\u00a0
and
\u00a0
services
100.0
W\u00e4rtsil\u00e4
\u00a0
Voyage
\u00a0
Netherlands
\u00a0
B.V.
The
\u00a0
Netherlands
Sales
\u00a0
and
\u00a0
services
100.0
The
\u00a0
Americas
W\u00e4rtsil\u00e4
\u00a0
Argentina
\u00a0
S.A.
Argentina
Sales
\u00a0
and
\u00a0
services
100.0
W\u00e4rtsil\u00e4
\u00a0
Brasil
\u00a0
Ltda.
Brazil
Production,
\u00a0
sales
\u00a0
and
services
100.0
Altyn
\u00a0
Consulting
\u00a0
Inc.
Canada
Sales
\u00a0
and
\u00a0
services
100.0
W\u00e4rtsil\u00e4
\u00a0
Canada
\u00a0
Inc.
Canada
Sales
\u00a0
and
\u00a0
services
100.0
W\u00e4rtsil\u00e4
\u00a0
Chile
\u00a0
Ltda.
Chile
Sales
\u00a0
and
\u00a0
services
100.0
W\u00e4rtsil\u00e4
\u00a0
Colombia
\u00a0
S.A.
Colombia
Sales
\u00a0
and
\u00a0
services
100.0
W\u00e4rtsil\u00e4
\u00a0
Dominicana
\u00a0
Inc.
Dominican
\u00a0
Republic
Sales
\u00a0
and
\u00a0
services
100.0
W\u00e4rtsil\u00e4
\u00a0
Ecuador
\u00a0
S.A.
Ecuador
Sales
\u00a0
and
\u00a0
services
100.0
W\u00e4rtsil\u00e4
\u00a0
Guatemala
\u00a0
S.A.
Guatemala
Sales
\u00a0
and
\u00a0
services
99.0*
W\u00e4rtsil\u00e4
\u00a0
Operations
\u00a0
Guyana
\u00a0
Inc.
Guyana
Sales
\u00a0
and
\u00a0
services
100.0
W\u00e4rtsil\u00e4
\u00a0
de
\u00a0
Mexico
\u00a0
S.A.
\u00a0
de
\u00a0
C.V.
Mexico
Sales
\u00a0
and
\u00a0
services
100.0
W\u00e4rtsil\u00e4
\u00a0
Panama
\u00a0
Services
\u00a0
S.A.
Panama
Sales
\u00a0
and
\u00a0
services
100.0
W\u00e4rtsil\u00e4
\u00a0
Peru
\u00a0
S.A.C.
Peru
Sales
\u00a0
and
\u00a0
services
100.0
W\u00e4rtsil\u00e4
\u00a0
Caribbean,
\u00a0
Inc.
Puerto
\u00a0
Rico
Sales
\u00a0
and
\u00a0
services
100.0
W\u00e4rtsil\u00e4
\u00a0
Uruguay
\u00a0
S.A.
Uruguay
Sales
\u00a0
and
\u00a0
services
100.0
American
\u00a0
Hydro
\u00a0
Corporation
USA
Sales
\u00a0
and
\u00a0
services
100.0
Guidance
\u00a0
Marine
\u00a0
LLC
USA
Sales
\u00a0
and
\u00a0
services
100.0
W\u00e4rtsil\u00e4
\u00a0
Defence
\u00a0
Inc.
USA
Sales
\u00a0
and
\u00a0
services
100.0
W\u00e4rtsil\u00e4
\u00a0
North
\u00a0
America,
\u00a0
Inc.
USA
Sales
\u00a0
and
\u00a0
services
100.0
LOCK-N-STITCH
\u00a0
Inc.
USA
Sales
\u00a0
and
\u00a0
services
100.0
Wartsila
\u00a0
Voyage
\u00a0
Americas
\u00a0
Inc
USA
Sales
\u00a0
and
\u00a0
services
100.0
Asia
PT.
\u00a0
W\u00e4rtsil\u00e4
\u00a0
Indonesia
Indonesia
Sales
\u00a0
and
\u00a0
services
100.0
W\u00e4rtsil\u00e4
\u00a0
Azerbaijan
\u00a0
LLC
Azerbaijan
Sales
\u00a0
and
\u00a0
services
100.0
W\u00e4rtsil\u00e4
\u00a0
Bangladesh
\u00a0
Ltd.
Bangladesh
Sales
\u00a0
and
\u00a0
services
100.0
W\u00e4rtsil\u00e4
\u00a0
Propulsion
\u00a0
(Wuxi)
\u00a0
Co.
\u00a0
Ltd.
China
Production,
\u00a0
sales
\u00a0
and
services
100.0
W\u00e4rtsil\u00e4
\u00a0
Services
\u00a0
(Shanghai)
\u00a0
Co.
\u00a0
Ltd.
China
Sales
\u00a0
and
\u00a0
services
100.0
W\u00e4rtsil\u00e4
\u00a0
Suzhou
\u00a0
Ltd.
China
Production,
\u00a0
sales
\u00a0
and
services
100.0
W\u00e4rtsil\u00e4-CME
\u00a0
Zhenjiang
\u00a0
Propeller
\u00a0
Co.
\u00a0
Ltd.
China
Production,
\u00a0
sales
\u00a0
and
services
55.0
W\u00e4rtsil\u00e4
\u00a0
Voyage
\u00a0
Shanghai
\u00a0
Co.,
\u00a0
Ltd.
Hong
\u00a0
Kong
Sales
\u00a0
and
\u00a0
services
100.0
W\u00e4rtsil\u00e4
\u00a0
China
\u00a0
Ltd.
Hong
\u00a0
Kong
Sales
\u00a0
and
\u00a0
services
100.0
W\u00e4rtsil\u00e4
\u00a0
India
\u00a0
Private
\u00a0
Ltd.
India
Production,
\u00a0
sales
\u00a0
and
services
100.0
W\u00e4rtsil\u00e4
\u00a0
Japan
\u00a0
Ltd.
Japan
Production,
\u00a0
sales
\u00a0
and
services
100.0
W\u00e4rtsil\u00e4
\u00a0
Malaysia
\u00a0
Sdn.
\u00a0
Bhd.
Malaysia
Sales
\u00a0
and
\u00a0
services
100.0
W\u00e4rtsil\u00e4
\u00a0
Myanmar
Myanmar
Sales
\u00a0
and
\u00a0
services
100.0
W\u00e4rtsil\u00e4
\u00a0
Pakistan
\u00a0
(Pvt.)
\u00a0
Ltd.
Pakistan
Sales
\u00a0
and
\u00a0
services
100.0
W\u00e4rtsil\u00e4
\u00a0
Philippines
\u00a0
Inc.
Philippines
Sales
\u00a0
and
\u00a0
services
100.0
W\u00e4rtsil\u00e4
\u00a0
Doha
\u00a0
L.L.C.
Qatar
Sales
\u00a0
and
\u00a0
services
49.0*
W\u00e4rtsil\u00e4
\u00a0
Power
\u00a0
Contracting
\u00a0
Company
\u00a0
Ltd.
Saudi
\u00a0
Arabia
Sales
\u00a0
and
\u00a0
services
60.0
W\u00e4rtsil\u00e4
\u00a0
Singapore
\u00a0
Pte
\u00a0
Ltd
Singapore
Sales
\u00a0
and
\u00a0
services
100.0
W\u00e4rtsil\u00e4
\u00a0
Voyage
\u00a0
Pacific
\u00a0
Pte
\u00a0
Ltd
Singapore
Sales
\u00a0
and
\u00a0
services
100.0
W\u00e4rtsil\u00e4
\u00a0
Korea
\u00a0
Ltd.
South
\u00a0
Korea
Sales
\u00a0
and
\u00a0
services
100.0
W\u00e4rtsil\u00e4
\u00a0
Lanka
\u00a0
(PVT)
\u00a0
Ltd
Sri
\u00a0
Lanka
Sales
\u00a0
and
\u00a0
services
100.0
W\u00e4rtsil\u00e4
\u00a0
Taiwan
\u00a0
Ltd.
Taiwan
Sales
\u00a0
and
\u00a0
services
100.0
W\u00e4rtsil\u00e4-Enpa
\u00a0
A.S.
Turkey
Sales
\u00a0
and
\u00a0
services
51.0
W\u00e4rtsil\u00e4
\u00a0
Gulf
\u00a0
FZE
United
\u00a0
Arab
Emirates
Sales
\u00a0
and
\u00a0
services
100.0
W\u00e4rtsil\u00e4
\u00a0
Hamworthy
\u00a0
Middle
\u00a0
East
\u00a0
(FZE)
United
\u00a0
Arab
Emirates
Sales
\u00a0
and
\u00a0
services
100.0
W\u00e4rtsil\u00e4
\u00a0
LLC
United
\u00a0
Arab
Emirates
Sales
\u00a0
and
\u00a0
services
49.0*
W\u00e4rtsil\u00e4
\u00a0
Ships
\u00a0
Repairing
\u00a0
&
\u00a0
Maintenance
\u00a0
LLC
United
\u00a0
Arab
Emirates
Sales
\u00a0
and
\u00a0
services
49.0*
W\u00e4rtsil\u00e4
\u00a0
Voyage
\u00a0
Middle
\u00a0
East
\u00a0
DMCEST
\u00a0
United
\u00a0
Arab
Emirates
Sales
\u00a0
and
\u00a0
services
100.0
Wartsila
\u00a0
Samarkand
\u00a0
Energy
\u00a0
LLC
\u00a0
Uzbekistan
Sales
\u00a0
and
\u00a0
services
100.0
W\u00e4rtsil\u00e4
\u00a0
(Vietnam)
\u00a0
Company
\u00a0
Limited
Vietnam
Sales
\u00a0
and
\u00a0
services
100.0
Other
W\u00e4rtsil\u00e4
\u00a0
Australia
\u00a0
Pty
\u00a0
Ltd.
Australia
Sales
\u00a0
and
\u00a0
services
100.0
W\u00e4rtsil\u00e4
\u00a0
Burkina
\u00a0
Faso
Burkina
\u00a0
Faso
Sales
\u00a0
and
\u00a0
services
100.0
W\u00e4rtsil\u00e4
\u00a0
Central
\u00a0
Africa
\u00a0
Plc
Cameroon
Sales
\u00a0
and
\u00a0
services
100.0
Wartsila
\u00a0
Installations
\u00a0
and
\u00a0
Constructions
Egypt
Sales
\u00a0
and
\u00a0
services
100.0
W\u00e4rtsil\u00e4
\u00a0
Central
\u00a0
Africa
\u00a0
Gabon
Gabon
Sales
\u00a0
and
\u00a0
services
100.0
W\u00e4rtsil\u00e4
\u00a0
West
\u00a0
Africa
\u00a0
Guinea
\u00a0
S.A.
Guinea
Sales
\u00a0
and
\u00a0
services
100.0
W\u00e4rtsil\u00e4
\u00a0
Eastern
\u00a0
Africa
\u00a0
Limited
Kenya
Sales
\u00a0
and
\u00a0
services
100.0
W\u00e4rtsil\u00e4
\u00a0
Mauritanie
\u00a0
SA
Mauritania
Sales
\u00a0
and
\u00a0
services
100.0
W\u00e4rtsil\u00e4
\u00a0
Mocambique
\u00a0
LDA
Mozambique
Sales
\u00a0
and
\u00a0
services
100.0
W\u00e4rtsil\u00e4
\u00a0
Muscat
\u00a0
LLC
Oman
Sales
\u00a0
and
\u00a0
services
100.0
W\u00e4rtsil\u00e4
\u00a0
New
\u00a0
Zealand
\u00a0
Ltd
New
\u00a0
Zealand
Sales
\u00a0
and
\u00a0
services
100.0
W\u00e4rtsil\u00e4
\u00a0
Marine
\u00a0
&
\u00a0
Power
\u00a0
Services
\u00a0
Nigeria
\u00a0
Limited
Nigeria
Sales
\u00a0
and
\u00a0
services
100.0
W\u00e4rtsil\u00e4
\u00a0
PNG
\u00a0
Ltd
Papua
\u00a0
New
\u00a0
Guinea
Sales
\u00a0
and
\u00a0
services
100.0
W\u00e4rtsil\u00e4
\u00a0
West
\u00a0
Africa
\u00a0
S.A.
Senegal
Sales
\u00a0
and
\u00a0
services
100.0
W\u00e4rtsil\u00e4
\u00a0
Southern
\u00a0
Africa
\u00a0
(Pty)
\u00a0
Ltd.
South
\u00a0
Africa
Sales
\u00a0
and
\u00a0
services
100.0
W\u00e4rtsil\u00e4
\u00a0
South
\u00a0
Africa
\u00a0
Pty
\u00a0
Ltd
South
\u00a0
Africa
Sales
\u00a0
and
\u00a0
services
75.0*
W\u00e4rtsil\u00e4
\u00a0
Tanzania
\u00a0
Ltd
Tanzania
Sales
\u00a0
and
\u00a0
services
100.0
W\u00e4rtsil\u00e4
\u00a0
Uganda
\u00a0
Ltd.
Uganda
Sales
\u00a0
and
\u00a0
services
99.0*
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:743700G7A9J1PHM3X223", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "ID_25": { "value": "
Accounting
\u00a0
principles
The
\u00a0
consolidated
\u00a0
financial
\u00a0
statements
\u00a0
include
\u00a0
the
\u00a0
parent
\u00a0
company
\u00a0
W\u00e4rtsil\u00e4
\u00a0
Corporation
\u00a0
and
\u00a0
all
\u00a0
subsidiaries
over
\u00a0
which
\u00a0
the
\u00a0
Group
\u00a0
has
\u00a0
control.
\u00a0
The
\u00a0
Group
\u00a0
controls
\u00a0
an
\u00a0
entity
\u00a0
when
\u00a0
the
\u00a0
Group
\u00a0
is
\u00a0
exposed
\u00a0
to,
\u00a0
or
\u00a0
has
\u00a0
rights
\u00a0
to,
variable
\u00a0
returns
\u00a0
from
\u00a0
its
\u00a0
involvement
\u00a0
with
\u00a0
the
\u00a0
entity
\u00a0
and
\u00a0
has
\u00a0
the
\u00a0
ability
\u00a0
to
\u00a0
affect
\u00a0
those
\u00a0
returns
\u00a0
through
\u00a0
its
\u00a0
power
to
\u00a0
direct
\u00a0
the
\u00a0
activities
\u00a0
of
\u00a0
the
\u00a0
entity.
\u00a0
When
\u00a0
the
\u00a0
Group
\u00a0
has
\u00a0
less
\u00a0
than
\u00a0
a
\u00a0
majority
\u00a0
of
\u00a0
voting
\u00a0
or
\u00a0
similar
\u00a0
rights
\u00a0
in
\u00a0
an
entity,
\u00a0
the
\u00a0
Group
\u00a0
considers
\u00a0
all
\u00a0
relevant
\u00a0
facts
\u00a0
and
\u00a0
circumstances
\u00a0
in
\u00a0
assessing
\u00a0
whether
\u00a0
it
\u00a0
has
\u00a0
power
\u00a0
over
\u00a0
an
entity,
\u00a0
including
\u00a0
the
\u00a0
contractual
\u00a0
arrangements,
\u00a0
voting
\u00a0
rights,
\u00a0
and
\u00a0
potential
\u00a0
voting
\u00a0
rights.
\u00a0
The
\u00a0
Group
\u00a0
reassesses
whether
\u00a0
it
\u00a0
controls
\u00a0
an
\u00a0
entity
\u00a0
if
\u00a0
facts
\u00a0
and
\u00a0
circumstances
\u00a0
indicate
\u00a0
that
\u00a0
there
\u00a0
are
\u00a0
changes
\u00a0
to
\u00a0
the
\u00a0
elements
\u00a0
of
control.
The
\u00a0
financial
\u00a0
information
\u00a0
from
\u00a0
subsidiaries
\u00a0
in
\u00a0
countries
\u00a0
with
\u00a0
hyperinflation
\u00a0
are
\u00a0
adjusted
\u00a0
according
\u00a0
to
\u00a0
IAS
\u00a0
29,
when
\u00a0
the
\u00a0
impact
\u00a0
of
\u00a0
the
\u00a0
hyperinflation
\u00a0
is
\u00a0
considered
\u00a0
material
\u00a0
for
\u00a0
the
\u00a0
consolidated
\u00a0
financial
\u00a0
statements.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:743700G7A9J1PHM3X223", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "ID_17": { "value": "
6.2.
\u00a0
ACQUISITIONS
Accounting
\u00a0
principles
Acquired
\u00a0
and
\u00a0
established
\u00a0
companies
\u00a0
are
\u00a0
accounted
\u00a0
for
\u00a0
using
\u00a0
the
\u00a0
acquisition
\u00a0
method.
\u00a0
Accordingly,
\u00a0
the
purchase
\u00a0
price
\u00a0
and
\u00a0
the
\u00a0
acquired
\u00a0
company\u2019s
\u00a0
identifiable
\u00a0
assets,
\u00a0
liabilities,
\u00a0
and
\u00a0
contingent
\u00a0
liabilities
\u00a0
are
measured
\u00a0
at
\u00a0
fair
\u00a0
value
\u00a0
on
\u00a0
the
\u00a0
date
\u00a0
of
\u00a0
acquisition.
\u00a0
In
\u00a0
the
\u00a0
acquisition
\u00a0
of
\u00a0
additional
\u00a0
interest,
\u00a0
where
\u00a0
the
\u00a0
Group
already
\u00a0
has
\u00a0
control,
\u00a0
the
\u00a0
non-controlling
\u00a0
interest
\u00a0
is
\u00a0
measured
\u00a0
either
\u00a0
at
\u00a0
fair
\u00a0
value
\u00a0
or
\u00a0
at
\u00a0
the
\u00a0
non-controlling
interests\u2019
\u00a0
proportionate
\u00a0
share
\u00a0
of
\u00a0
the
\u00a0
identifiable
\u00a0
net
\u00a0
assets.
\u00a0
The
\u00a0
difference
\u00a0
between
\u00a0
the
\u00a0
purchase
\u00a0
price,
possible
\u00a0
equity
\u00a0
belonging
\u00a0
to
\u00a0
the
\u00a0
non-controlling
\u00a0
interests,
\u00a0
and
\u00a0
the
\u00a0
acquired
\u00a0
company\u2019s
\u00a0
net
\u00a0
identifiable
assets,
\u00a0
liabilities
\u00a0
and
\u00a0
contingent
\u00a0
liabilities
\u00a0
measured
\u00a0
at
\u00a0
fair
\u00a0
value,
\u00a0
is
\u00a0
goodwill.
\u00a0
Goodwill
\u00a0
is
\u00a0
tested
\u00a0
for
impairment
\u00a0
at
\u00a0
least
\u00a0
annually.
\u00a0
The
\u00a0
purchase
\u00a0
price
\u00a0
includes
\u00a0
the
\u00a0
consideration
\u00a0
paid,
\u00a0
measured
\u00a0
at
\u00a0
fair
\u00a0
value.
The
\u00a0
consideration
\u00a0
does
\u00a0
not
\u00a0
include
\u00a0
transaction
\u00a0
costs,
\u00a0
which
\u00a0
are
\u00a0
recognised
\u00a0
in
\u00a0
the
\u00a0
statement
\u00a0
of
\u00a0
income.
\u00a0
The
transaction
\u00a0
costs
\u00a0
are
\u00a0
expensed
\u00a0
in
\u00a0
the
\u00a0
same
\u00a0
reporting
\u00a0
period
\u00a0
in
\u00a0
which
\u00a0
they
\u00a0
occur,
\u00a0
except
\u00a0
those
\u00a0
costs
resulting
\u00a0
from
\u00a0
issued
\u00a0
debt
\u00a0
or
\u00a0
equity
\u00a0
instruments.
In
\u00a0
significant
\u00a0
business
\u00a0
combinations,
\u00a0
the
\u00a0
Group
\u00a0
has
\u00a0
used
\u00a0
external
\u00a0
advisors
\u00a0
when
\u00a0
estimating
\u00a0
the
\u00a0
fair
\u00a0
values
of
\u00a0
property,
\u00a0
plant
\u00a0
and
\u00a0
equipment
\u00a0
and
\u00a0
intangible
\u00a0
assets.
\u00a0
For
\u00a0
property,
\u00a0
plant
\u00a0
and
\u00a0
equipment,
\u00a0
comparisons
have
\u00a0
been
\u00a0
made
\u00a0
of
\u00a0
the
\u00a0
market
\u00a0
prices
\u00a0
of
\u00a0
similar
\u00a0
assets,
\u00a0
and
\u00a0
the
\u00a0
depreciation
\u00a0
of
\u00a0
the
\u00a0
acquired
\u00a0
assets
\u00a0
due
\u00a0
to
ageing,
\u00a0
wear,
\u00a0
and
\u00a0
other
\u00a0
similar
\u00a0
factors
\u00a0
has
\u00a0
been
\u00a0
estimated.
\u00a0
The
\u00a0
fair
\u00a0
value
\u00a0
measurement
\u00a0
of
\u00a0
intangible
assets
\u00a0
is
\u00a0
based
\u00a0
on
\u00a0
estimates
\u00a0
of
\u00a0
the
\u00a0
future
\u00a0
cash
\u00a0
flows
\u00a0
associated
\u00a0
with
\u00a0
the
\u00a0
assets.
\u00a0
The
\u00a0
acquired
\u00a0
identifiable
intangible
\u00a0
assets
\u00a0
typically
\u00a0
include
\u00a0
technology,
\u00a0
customer
\u00a0
relationships,
\u00a0
and
\u00a0
trademarks.
Any
\u00a0
contingent
\u00a0
consideration
\u00a0
(additional
\u00a0
purchase
\u00a0
price)
\u00a0
related
\u00a0
to
\u00a0
the
\u00a0
combination
\u00a0
of
\u00a0
businesses
\u00a0
is
measured
\u00a0
at
\u00a0
fair
\u00a0
value
\u00a0
on
\u00a0
the
\u00a0
date
\u00a0
of
\u00a0
acquisition.
\u00a0
It
\u00a0
is
\u00a0
classified
\u00a0
either
\u00a0
as
\u00a0
a
\u00a0
liability
\u00a0
or
\u00a0
equity.
\u00a0
Contingent
consideration
\u00a0
classified
\u00a0
as
\u00a0
a
\u00a0
liability
\u00a0
is
\u00a0
measured
\u00a0
at
\u00a0
fair
\u00a0
value
\u00a0
on
\u00a0
the
\u00a0
last
\u00a0
day
\u00a0
of
\u00a0
each
\u00a0
reporting
\u00a0
period,
\u00a0
and
the
\u00a0
resulting
\u00a0
loss
\u00a0
or
\u00a0
gain
\u00a0
is
\u00a0
recognised
\u00a0
through
\u00a0
the
\u00a0
statement
\u00a0
of
\u00a0
income.
\u00a0
Contingent
\u00a0
consideration
\u00a0
classified
as
\u00a0
equity
\u00a0
is
\u00a0
not
\u00a0
re-measured.
The
\u00a0
acquired
\u00a0
subsidiaries
\u00a0
are
\u00a0
included
\u00a0
in
\u00a0
the
\u00a0
consolidated
\u00a0
financial
\u00a0
statements
\u00a0
from
\u00a0
the
\u00a0
day
\u00a0
the
\u00a0
Group
\u00a0
has
control.
Accounting
\u00a0
estimates
\u00a0
and
\u00a0
judgements
Accounting
\u00a0
for
\u00a0
the
\u00a0
business
\u00a0
combinations
\u00a0
may
\u00a0
require
\u00a0
estimates
\u00a0
of
\u00a0
the
\u00a0
fair
\u00a0
value
\u00a0
of
\u00a0
acquired
\u00a0
assets
\u00a0
and
the
\u00a0
expected
\u00a0
amount
\u00a0
of
\u00a0
realised
\u00a0
contingent
\u00a0
consideration.
2022
In
\u00a0
June,
\u00a0
W\u00e4rtsil\u00e4
\u00a0
acquired
\u00a0
100%
\u00a0
of
\u00a0
Altyn
\u00a0
Consulting
\u00a0
Inc.
\u00a0
(PortLink),
\u00a0
a
\u00a0
global
\u00a0
port
\u00a0
solutions
\u00a0
company
headquartered
\u00a0
in
\u00a0
Vancouver,
\u00a0
Canada.
\u00a0
PortLink
\u00a0
is
\u00a0
a
\u00a0
leading
\u00a0
provider
\u00a0
of
\u00a0
port
\u00a0
efficiency
\u00a0
solutions,
\u00a0
including
\u00a0
Port
Management
\u00a0
Information
\u00a0
Systems
\u00a0
(PMIS),
\u00a0
Port
\u00a0
Community
\u00a0
Systems
\u00a0
(PCS),
\u00a0
Pilotage
\u00a0
Dispatch
\u00a0
systems
\u00a0
and
Local
\u00a0
Port
\u00a0
Services
\u00a0
(LPS).
\u00a0
The
\u00a0
move
\u00a0
will
\u00a0
speed
\u00a0
W\u00e4rtsil\u00e4
\u00a0
Voyage
\u00a0
along
\u00a0
its
\u00a0
path
\u00a0
towards
\u00a0
creating
\u00a0
an
\u00a0
end-to-end
connected
\u00a0
maritime
\u00a0
ecosystem
\u00a0
in
\u00a0
which
\u00a0
intelligent
\u00a0
port
\u00a0
logistics
\u00a0
solutions
\u00a0
play
\u00a0
a
\u00a0
nodal
\u00a0
role.
The
\u00a0
purchase
\u00a0
price
\u00a0
is
\u00a0
approximately
\u00a0
EUR
\u00a0
8
\u00a0
million
\u00a0
resulting
\u00a0
in
\u00a0
a
\u00a0
goodwill
\u00a0
of
\u00a0
approximately
\u00a0
EUR
\u00a0
7
\u00a0
million.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:743700G7A9J1PHM3X223", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "ID_28": { "value": "
Accounting
\u00a0
principles
Acquired
\u00a0
and
\u00a0
established
\u00a0
companies
\u00a0
are
\u00a0
accounted
\u00a0
for
\u00a0
using
\u00a0
the
\u00a0
acquisition
\u00a0
method.
\u00a0
Accordingly,
\u00a0
the
purchase
\u00a0
price
\u00a0
and
\u00a0
the
\u00a0
acquired
\u00a0
company\u2019s
\u00a0
identifiable
\u00a0
assets,
\u00a0
liabilities,
\u00a0
and
\u00a0
contingent
\u00a0
liabilities
\u00a0
are
measured
\u00a0
at
\u00a0
fair
\u00a0
value
\u00a0
on
\u00a0
the
\u00a0
date
\u00a0
of
\u00a0
acquisition.
\u00a0
In
\u00a0
the
\u00a0
acquisition
\u00a0
of
\u00a0
additional
\u00a0
interest,
\u00a0
where
\u00a0
the
\u00a0
Group
already
\u00a0
has
\u00a0
control,
\u00a0
the
\u00a0
non-controlling
\u00a0
interest
\u00a0
is
\u00a0
measured
\u00a0
either
\u00a0
at
\u00a0
fair
\u00a0
value
\u00a0
or
\u00a0
at
\u00a0
the
\u00a0
non-controlling
interests\u2019
\u00a0
proportionate
\u00a0
share
\u00a0
of
\u00a0
the
\u00a0
identifiable
\u00a0
net
\u00a0
assets.
\u00a0
The
\u00a0
difference
\u00a0
between
\u00a0
the
\u00a0
purchase
\u00a0
price,
possible
\u00a0
equity
\u00a0
belonging
\u00a0
to
\u00a0
the
\u00a0
non-controlling
\u00a0
interests,
\u00a0
and
\u00a0
the
\u00a0
acquired
\u00a0
company\u2019s
\u00a0
net
\u00a0
identifiable
assets,
\u00a0
liabilities
\u00a0
and
\u00a0
contingent
\u00a0
liabilities
\u00a0
measured
\u00a0
at
\u00a0
fair
\u00a0
value,
\u00a0
is
\u00a0
goodwill.
\u00a0
Goodwill
\u00a0
is
\u00a0
tested
\u00a0
for
impairment
\u00a0
at
\u00a0
least
\u00a0
annually.
\u00a0
The
\u00a0
purchase
\u00a0
price
\u00a0
includes
\u00a0
the
\u00a0
consideration
\u00a0
paid,
\u00a0
measured
\u00a0
at
\u00a0
fair
\u00a0
value.
The
\u00a0
consideration
\u00a0
does
\u00a0
not
\u00a0
include
\u00a0
transaction
\u00a0
costs,
\u00a0
which
\u00a0
are
\u00a0
recognised
\u00a0
in
\u00a0
the
\u00a0
statement
\u00a0
of
\u00a0
income.
\u00a0
The
transaction
\u00a0
costs
\u00a0
are
\u00a0
expensed
\u00a0
in
\u00a0
the
\u00a0
same
\u00a0
reporting
\u00a0
period
\u00a0
in
\u00a0
which
\u00a0
they
\u00a0
occur,
\u00a0
except
\u00a0
those
\u00a0
costs
resulting
\u00a0
from
\u00a0
issued
\u00a0
debt
\u00a0
or
\u00a0
equity
\u00a0
instruments.
In
\u00a0
significant
\u00a0
business
\u00a0
combinations,
\u00a0
the
\u00a0
Group
\u00a0
has
\u00a0
used
\u00a0
external
\u00a0
advisors
\u00a0
when
\u00a0
estimating
\u00a0
the
\u00a0
fair
\u00a0
values
of
\u00a0
property,
\u00a0
plant
\u00a0
and
\u00a0
equipment
\u00a0
and
\u00a0
intangible
\u00a0
assets.
\u00a0
For
\u00a0
property,
\u00a0
plant
\u00a0
and
\u00a0
equipment,
\u00a0
comparisons
have
\u00a0
been
\u00a0
made
\u00a0
of
\u00a0
the
\u00a0
market
\u00a0
prices
\u00a0
of
\u00a0
similar
\u00a0
assets,
\u00a0
and
\u00a0
the
\u00a0
depreciation
\u00a0
of
\u00a0
the
\u00a0
acquired
\u00a0
assets
\u00a0
due
\u00a0
to
ageing,
\u00a0
wear,
\u00a0
and
\u00a0
other
\u00a0
similar
\u00a0
factors
\u00a0
has
\u00a0
been
\u00a0
estimated.
\u00a0
The
\u00a0
fair
\u00a0
value
\u00a0
measurement
\u00a0
of
\u00a0
intangible
assets
\u00a0
is
\u00a0
based
\u00a0
on
\u00a0
estimates
\u00a0
of
\u00a0
the
\u00a0
future
\u00a0
cash
\u00a0
flows
\u00a0
associated
\u00a0
with
\u00a0
the
\u00a0
assets.
\u00a0
The
\u00a0
acquired
\u00a0
identifiable
intangible
\u00a0
assets
\u00a0
typically
\u00a0
include
\u00a0
technology,
\u00a0
customer
\u00a0
relationships,
\u00a0
and
\u00a0
trademarks.
Any
\u00a0
contingent
\u00a0
consideration
\u00a0
(additional
\u00a0
purchase
\u00a0
price)
\u00a0
related
\u00a0
to
\u00a0
the
\u00a0
combination
\u00a0
of
\u00a0
businesses
\u00a0
is
measured
\u00a0
at
\u00a0
fair
\u00a0
value
\u00a0
on
\u00a0
the
\u00a0
date
\u00a0
of
\u00a0
acquisition.
\u00a0
It
\u00a0
is
\u00a0
classified
\u00a0
either
\u00a0
as
\u00a0
a
\u00a0
liability
\u00a0
or
\u00a0
equity.
\u00a0
Contingent
consideration
\u00a0
classified
\u00a0
as
\u00a0
a
\u00a0
liability
\u00a0
is
\u00a0
measured
\u00a0
at
\u00a0
fair
\u00a0
value
\u00a0
on
\u00a0
the
\u00a0
last
\u00a0
day
\u00a0
of
\u00a0
each
\u00a0
reporting
\u00a0
period,
\u00a0
and
the
\u00a0
resulting
\u00a0
loss
\u00a0
or
\u00a0
gain
\u00a0
is
\u00a0
recognised
\u00a0
through
\u00a0
the
\u00a0
statement
\u00a0
of
\u00a0
income.
\u00a0
Contingent
\u00a0
consideration
\u00a0
classified
as
\u00a0
equity
\u00a0
is
\u00a0
not
\u00a0
re-measured.
The
\u00a0
acquired
\u00a0
subsidiaries
\u00a0
are
\u00a0
included
\u00a0
in
\u00a0
the
\u00a0
consolidated
\u00a0
financial
\u00a0
statements
\u00a0
from
\u00a0
the
\u00a0
day
\u00a0
the
\u00a0
Group
\u00a0
has
control.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:743700G7A9J1PHM3X223", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "ID_26": { "value": "
Accounting
\u00a0
estimates
\u00a0
and
\u00a0
judgements
Accounting
\u00a0
for
\u00a0
the
\u00a0
business
\u00a0
combinations
\u00a0
may
\u00a0
require
\u00a0
estimates
\u00a0
of
\u00a0
the
\u00a0
fair
\u00a0
value
\u00a0
of
\u00a0
acquired
\u00a0
assets
\u00a0
and
the
\u00a0
expected
\u00a0
amount
\u00a0
of
\u00a0
realised
\u00a0
contingent
\u00a0
consideration.
Accounting
\u00a0
estimates
\u00a0
and
\u00a0
judgements
Writing
\u00a0
down
\u00a0
inventories
\u00a0
to
\u00a0
net
\u00a0
realisable
\u00a0
value
\u00a0
due
\u00a0
to
\u00a0
obsolete
\u00a0
and
\u00a0
excess
\u00a0
stock,
\u00a0
is
\u00a0
performed
\u00a0
based
\u00a0
on
the
\u00a0
management\u2019s
\u00a0
best
\u00a0
estimate
\u00a0
on
\u00a0
the
\u00a0
balance
\u00a0
sheet
\u00a0
date.
A
\u00a0
systematic
\u00a0
and
\u00a0
continuous
\u00a0
evaluation
\u00a0
of
inventory
\u00a0
ageing,
\u00a0
turn-over,
\u00a0
and
\u00a0
composition
\u00a0
compared
\u00a0
to
\u00a0
anticipated
\u00a0
future
\u00a0
use,
\u00a0
is
\u00a0
the
\u00a0
basis
\u00a0
for
\u00a0
the
estimates.
Accounting
\u00a0
estimates
\u00a0
and
\u00a0
judgements
Estimated
\u00a0
expected
\u00a0
credit
\u00a0
loss
\u00a0
provisions
\u00a0
are
\u00a0
based
\u00a0
on
\u00a0
management\u2019s
\u00a0
best
\u00a0
judgement.
\u00a0
Management
judgement
\u00a0
includes
\u00a0
past
\u00a0
years\u2019
\u00a0
experience
\u00a0
and
\u00a0
a
\u00a0
forward-looking
\u00a0
understanding
\u00a0
of
\u00a0
the
\u00a0
client\u2019s
\u00a0
payment
behaviour
\u00a0
and
\u00a0
economic
\u00a0
situation.
\u00a0
In
\u00a0
addition,
\u00a0
assessing
\u00a0
whether
\u00a0
it
\u00a0
is
\u00a0
probable
\u00a0
that
\u00a0
the
\u00a0
consideration
\u00a0
from
contracts
\u00a0
with
\u00a0
customers
\u00a0
will
\u00a0
be
\u00a0
collected
\u00a0
requires
\u00a0
judgement,
\u00a0
and
\u00a0
might
\u00a0
impact
\u00a0
the
\u00a0
timing
\u00a0
and
\u00a0
amount
\u00a0
of
revenue
\u00a0
recognition.
Accounting
\u00a0
estimates
\u00a0
and
\u00a0
judgements
The
\u00a0
Group
\u00a0
is
\u00a0
a
\u00a0
defendant
\u00a0
in
\u00a0
a
\u00a0
number
\u00a0
of
\u00a0
legal
\u00a0
cases
\u00a0
arising
\u00a0
from
\u00a0
its
\u00a0
business
\u00a0
operations.
\u00a0
A
\u00a0
provision
\u00a0
for
\u00a0
a
court
\u00a0
case
\u00a0
is
\u00a0
recognised
\u00a0
when
\u00a0
an
\u00a0
unfavourable
\u00a0
result
\u00a0
is
\u00a0
probable,
\u00a0
and
\u00a0
the
\u00a0
loss
\u00a0
can
\u00a0
be
\u00a0
determined
\u00a0
with
reasonable
\u00a0
certainty.
\u00a0
The
\u00a0
final
\u00a0
result
\u00a0
can
\u00a0
differ
\u00a0
from
\u00a0
these
\u00a0
estimates.
Accounting
\u00a0
estimates
\u00a0
and
\u00a0
judgements
Estimates
\u00a0
of
\u00a0
tax
\u00a0
liabilities
\u00a0
and
\u00a0
receivables
\u00a0
relate
\u00a0
mainly
\u00a0
to
\u00a0
the
\u00a0
expected
\u00a0
result
\u00a0
of
\u00a0
ongoing
\u00a0
tax
\u00a0
audits,
\u00a0
and
\u00a0
to
the
\u00a0
recognition
\u00a0
of
\u00a0
deferred
\u00a0
tax
\u00a0
receivables
\u00a0
from
\u00a0
tax
\u00a0
losses.
\u00a0
Deferred
\u00a0
tax
\u00a0
assets
\u00a0
on
\u00a0
unutilised
\u00a0
tax
\u00a0
losses
\u00a0
and
other
\u00a0
temporary
\u00a0
differences
\u00a0
are
\u00a0
recognised
\u00a0
to
\u00a0
the
\u00a0
extent
\u00a0
it
\u00a0
is
\u00a0
highly
\u00a0
probable
\u00a0
that
\u00a0
taxable
\u00a0
profit
\u00a0
is
\u00a0
available.
No
\u00a0
deferred
\u00a0
tax
\u00a0
assets
\u00a0
are
\u00a0
recognised
\u00a0
from
\u00a0
tax
\u00a0
losses
\u00a0
when
\u00a0
there
\u00a0
is
\u00a0
uncertainty
\u00a0
of
\u00a0
their
\u00a0
utilisation.
Accounting
\u00a0
estimates
\u00a0
and
\u00a0
judgements
Estimates
\u00a0
of
\u00a0
pension
\u00a0
obligations
\u00a0
regarding
\u00a0
each
\u00a0
defined
\u00a0
benefit
\u00a0
plan
\u00a0
are
\u00a0
based
\u00a0
on
\u00a0
actuarial
\u00a0
estimates
\u00a0
of
factors,
\u00a0
including
\u00a0
future
\u00a0
salary
\u00a0
increases,
\u00a0
discount
\u00a0
rates,
\u00a0
and
\u00a0
return
\u00a0
on
\u00a0
plan
\u00a0
assets.
\u00a0
Changes
\u00a0
in
\u00a0
these
assumptions
\u00a0
can
\u00a0
significantly
\u00a0
affect
\u00a0
the
\u00a0
Group\u2019s
\u00a0
pension
\u00a0
obligations
\u00a0
and
\u00a0
pension
\u00a0
costs.
Accounting
\u00a0
estimates
\u00a0
and
\u00a0
judgements
Management
\u00a0
is
\u00a0
required
\u00a0
to
\u00a0
consider
\u00a0
the
\u00a0
duration
\u00a0
of
\u00a0
the
\u00a0
lease
\u00a0
term
\u00a0
if
\u00a0
there
\u00a0
is
\u00a0
an
\u00a0
option
\u00a0
for
\u00a0
extension,
\u00a0
early
termination
\u00a0
or
\u00a0
purchase,
\u00a0
as
\u00a0
well
\u00a0
as
\u00a0
determine
\u00a0
the
\u00a0
lease
\u00a0
term
\u00a0
for
\u00a0
agreements
\u00a0
with
\u00a0
indefinite
\u00a0
lease
\u00a0
term.
When
\u00a0
evaluating
\u00a0
the
\u00a0
probability
\u00a0
of
\u00a0
the
\u00a0
option
\u00a0
being
\u00a0
exercised
\u00a0
and,
\u00a0
therefore,
\u00a0
the
\u00a0
duration
\u00a0
of
\u00a0
the
\u00a0
lease
\u00a0
term,
management
\u00a0
considers
\u00a0
all
\u00a0
known
\u00a0
facts
\u00a0
and
\u00a0
circumstances,
\u00a0
for
\u00a0
example,
\u00a0
businesses\u2019
\u00a0
short-
\u00a0
and
\u00a0
long-term
strategies
\u00a0
that
\u00a0
create
\u00a0
a
\u00a0
financial
\u00a0
incentive
\u00a0
to
\u00a0
exercise,
\u00a0
or
\u00a0
not
\u00a0
to
\u00a0
exercise
\u00a0
the
\u00a0
option.
Accounting
\u00a0
estimates
\u00a0
and
\u00a0
judgements
Assessing
\u00a0
the
\u00a0
probability
\u00a0
of
\u00a0
expected
\u00a0
future
\u00a0
economic
\u00a0
benefits
\u00a0
and
\u00a0
useful
\u00a0
lives
\u00a0
of
\u00a0
property,
\u00a0
plant
\u00a0
and
equipment
\u00a0
require
\u00a0
management
\u00a0
judgement.
\u00a0
The
\u00a0
estimated
\u00a0
useful
\u00a0
lives
\u00a0
and
\u00a0
residual
\u00a0
values
\u00a0
are
\u00a0
reviewed
\u00a0
at
least
\u00a0
at
\u00a0
the
\u00a0
end
\u00a0
of
\u00a0
each
\u00a0
reporting
\u00a0
period,
\u00a0
and
\u00a0
if
\u00a0
they
\u00a0
differ
\u00a0
significantly
\u00a0
from
\u00a0
previous
\u00a0
estimates,
\u00a0
the
depreciation
\u00a0
periods
\u00a0
are
\u00a0
adjusted
\u00a0
accordingly.
\u00a0
Also,
\u00a0
assessing
\u00a0
any
\u00a0
indication
\u00a0
of
\u00a0
impairment
\u00a0
requires
management
\u00a0
judgement.
Accounting
\u00a0
estimates
\u00a0
and
\u00a0
judgements
Assessing
\u00a0
the
\u00a0
probability
\u00a0
of
\u00a0
expected
\u00a0
future
\u00a0
economic
\u00a0
benefits
\u00a0
and
\u00a0
the
\u00a0
useful
\u00a0
lives
\u00a0
of
\u00a0
intangible
\u00a0
assets
require
\u00a0
management
\u00a0
judgement.
\u00a0
The
\u00a0
estimated
\u00a0
useful
\u00a0
lives
\u00a0
and
\u00a0
the
\u00a0
residual
\u00a0
values
\u00a0
are
\u00a0
reviewed
\u00a0
at
\u00a0
least
\u00a0
at
the
\u00a0
end
\u00a0
of
\u00a0
each
\u00a0
reporting
\u00a0
period,
\u00a0
and
\u00a0
if
\u00a0
they
\u00a0
differ
\u00a0
significantly
\u00a0
from
\u00a0
previous
\u00a0
estimates,
\u00a0
the
\u00a0
amortisation
periods
\u00a0
are
\u00a0
adjusted
\u00a0
accordingly.
\u00a0
Also,
\u00a0
assessing
\u00a0
any
\u00a0
indication
\u00a0
of
\u00a0
impairment
\u00a0
requires
\u00a0
management
judgement.
Accounting
\u00a0
estimates
\u00a0
and
\u00a0
judgements
The
\u00a0
recoverable
\u00a0
amounts
\u00a0
of
\u00a0
goodwill
\u00a0
are
\u00a0
determined
\u00a0
for
\u00a0
all
\u00a0
cash
\u00a0
generating
\u00a0
units
\u00a0
annually,
\u00a0
or
\u00a0
more
\u00a0
often
\u00a0
if
there
\u00a0
is
\u00a0
an
\u00a0
indication
\u00a0
of
\u00a0
an
\u00a0
impairment,
\u00a0
where
\u00a0
its
\u00a0
value
\u00a0
in
\u00a0
use
\u00a0
is
\u00a0
determined.
\u00a0
The
\u00a0
value
\u00a0
in
\u00a0
use
\u00a0
is
\u00a0
determined
using
\u00a0
estimates
\u00a0
of
\u00a0
future
\u00a0
cash
\u00a0
flows,
\u00a0
which
\u00a0
are
\u00a0
impacted
\u00a0
by
\u00a0
future
\u00a0
market
\u00a0
development,
\u00a0
such
\u00a0
as
\u00a0
growth
and
\u00a0
profitability,
\u00a0
as
\u00a0
well
\u00a0
as
\u00a0
other
\u00a0
significant
\u00a0
factors.
\u00a0
The
\u00a0
most
\u00a0
important
\u00a0
factors
\u00a0
underlying
\u00a0
such
\u00a0
estimates
are
\u00a0
the
\u00a0
net
\u00a0
sales
\u00a0
growth
\u00a0
in
\u00a0
the
\u00a0
market
\u00a0
area,
\u00a0
the
\u00a0
operating
\u00a0
margin,
\u00a0
the
\u00a0
useful
\u00a0
life
\u00a0
of
\u00a0
the
\u00a0
assets,
\u00a0
future
investment
\u00a0
needs,
\u00a0
and
\u00a0
the
\u00a0
discount
\u00a0
rate.
\u00a0
Changes
\u00a0
in
\u00a0
these
\u00a0
assumptions
\u00a0
can
\u00a0
significantly
\u00a0
affect
\u00a0
the
expected
\u00a0
future
\u00a0
cash
\u00a0
flows.
Accounting
\u00a0
estimates
\u00a0
and
\u00a0
judgements
The
\u00a0
Group
\u00a0
is
\u00a0
subject
\u00a0
to
\u00a0
income
\u00a0
taxes
\u00a0
in
\u00a0
several
\u00a0
jurisdictions
\u00a0
and
\u00a0
the
\u00a0
computation
\u00a0
of
\u00a0
the
\u00a0
Group\u00b4s
\u00a0
income
\u00a0
tax
expense
\u00a0
and
\u00a0
income
\u00a0
tax
\u00a0
liabilities
\u00a0
require
\u00a0
judgement
\u00a0
and
\u00a0
estimation.
\u00a0
Income
\u00a0
tax
\u00a0
positions
\u00a0
are
\u00a0
regularly
evaluated
\u00a0
by
\u00a0
the
\u00a0
management
\u00a0
to
\u00a0
identify
\u00a0
situations
\u00a0
when
\u00a0
there
\u00a0
might
\u00a0
be
\u00a0
uncertainty
\u00a0
due
\u00a0
to
\u00a0
tax
\u00a0
regulation
being
\u00a0
subject
\u00a0
to
\u00a0
interpretation.
\u00a0
Provisions
\u00a0
for
\u00a0
these
\u00a0
uncertain
\u00a0
tax
\u00a0
positions
\u00a0
are
\u00a0
recognised
\u00a0
when
\u00a0
it
\u00a0
is
considered
\u00a0
more
\u00a0
likely
\u00a0
than
\u00a0
not
\u00a0
that
\u00a0
the
\u00a0
positions
\u00a0
will
\u00a0
be
\u00a0
challenged
\u00a0
by
\u00a0
the
\u00a0
tax
\u00a0
authorities.
\u00a0
The
\u00a0
provision
recognised
\u00a0
is
\u00a0
based
\u00a0
on
\u00a0
the
\u00a0
estimation
\u00a0
of
\u00a0
the
\u00a0
amount
\u00a0
of
\u00a0
the
\u00a0
final
\u00a0
taxes
\u00a0
to
\u00a0
be
\u00a0
paid
\u00a0
to
\u00a0
the
\u00a0
tax
\u00a0
authorities.
Accounting
\u00a0
estimates
\u00a0
and
\u00a0
judgements
Revenue
\u00a0
from
\u00a0
certain
\u00a0
projects
\u00a0
and
\u00a0
long-term
\u00a0
agreements
\u00a0
is
\u00a0
recognised
\u00a0
over
\u00a0
time
\u00a0
according
\u00a0
to
\u00a0
the
\u00a0
input
method
\u00a0
when
\u00a0
the
\u00a0
profit
\u00a0
on
\u00a0
the
\u00a0
project
\u00a0
or
\u00a0
agreement
\u00a0
can
\u00a0
be
\u00a0
reliably
\u00a0
determined.
\u00a0
The
\u00a0
progress
\u00a0
and
\u00a0
the
profitability
\u00a0
are
\u00a0
based
\u00a0
on
\u00a0
the
\u00a0
management\u2019s
\u00a0
estimates,
\u00a0
which
\u00a0
require
\u00a0
significant
\u00a0
judgement
\u00a0
concerning
\u00a0
the
stage
\u00a0
of
\u00a0
completion,
\u00a0
the
\u00a0
cost
\u00a0
to
\u00a0
complete,
\u00a0
and
\u00a0
the
\u00a0
time
\u00a0
of
\u00a0
completion.
\u00a0
These
\u00a0
estimates
\u00a0
are
\u00a0
reviewed
regularly.
\u00a0
Recognised
\u00a0
revenue
\u00a0
and
\u00a0
costs
\u00a0
recorded
\u00a0
are
\u00a0
adjusted
\u00a0
during
\u00a0
the
\u00a0
project
\u00a0
when
\u00a0
assumptions
concerning
\u00a0
the
\u00a0
outcome
\u00a0
of
\u00a0
the
\u00a0
entire
\u00a0
project
\u00a0
are
\u00a0
updated.
\u00a0
Changes
\u00a0
in
\u00a0
assumptions
\u00a0
relate
\u00a0
to
\u00a0
changes
\u00a0
in
\u00a0
the
project\u2019s
\u00a0
or
\u00a0
agreement\u2019s
\u00a0
schedule,
\u00a0
the
\u00a0
scope
\u00a0
of
\u00a0
supply,
\u00a0
technology,
\u00a0
costs,
\u00a0
and
\u00a0
any
\u00a0
other
\u00a0
relevant
\u00a0
factors.
Establishing
\u00a0
whether
\u00a0
distinct
\u00a0
goods
\u00a0
or
\u00a0
services
\u00a0
are
\u00a0
considered
\u00a0
as
\u00a0
separate
\u00a0
performance
\u00a0
obligations
requires
\u00a0
judgement
\u00a0
and
\u00a0
might
\u00a0
impact
\u00a0
the
\u00a0
timing
\u00a0
and
\u00a0
amount
\u00a0
of
\u00a0
revenue
\u00a0
recognition.
Project
\u00a0
business
\u00a0
contracts
\u00a0
usually
\u00a0
involve
\u00a0
elements
\u00a0
of
\u00a0
variable
\u00a0
consideration.
\u00a0
At
\u00a0
each
\u00a0
reporting
\u00a0
date,
management
\u00a0
reassesses
\u00a0
the
\u00a0
transaction
\u00a0
price,
\u00a0
which
\u00a0
requires
\u00a0
significant
\u00a0
judgement
\u00a0
as
\u00a0
it
\u00a0
affects
\u00a0
the
\u00a0
timing
of
\u00a0
the
\u00a0
revenue
\u00a0
recognition.
\u00a0
The
\u00a0
valuation
\u00a0
of
\u00a0
accounts
\u00a0
receivables
\u00a0
also
\u00a0
includes
\u00a0
estimates
\u00a0
mainly
concerning
\u00a0
the
\u00a0
recoverability
\u00a0
of
\u00a0
receivables.
Determining
\u00a0
whether
\u00a0
different
\u00a0
contracts
\u00a0
with
\u00a0
the
\u00a0
same
\u00a0
customer
\u00a0
are
\u00a0
accounted
\u00a0
for
\u00a0
as
\u00a0
one
\u00a0
contract
\u00a0
involves
the
\u00a0
use
\u00a0
of
\u00a0
judgement,
\u00a0
as
\u00a0
it
\u00a0
requires
\u00a0
an
\u00a0
assessment
\u00a0
of
\u00a0
whether
\u00a0
the
\u00a0
contracts
\u00a0
are
\u00a0
negotiated
\u00a0
together
\u00a0
or
linked
\u00a0
in
\u00a0
any
\u00a0
other
\u00a0
way.
\u00a0
The
\u00a0
timing
\u00a0
and
\u00a0
amount
\u00a0
of
\u00a0
revenue
\u00a0
recognition
\u00a0
can
\u00a0
vary
\u00a0
depending
\u00a0
on
\u00a0
whether
\u00a0
two
contracts
\u00a0
are
\u00a0
accounted
\u00a0
for
\u00a0
separately,
\u00a0
or
\u00a0
as
\u00a0
one
\u00a0
single
\u00a0
arrangement.
Warranty
\u00a0
provisions
\u00a0
are
\u00a0
recorded
\u00a0
on
\u00a0
the
\u00a0
recognition
\u00a0
of
\u00a0
revenue.
\u00a0
The
\u00a0
provision
\u00a0
is
\u00a0
based
\u00a0
on
\u00a0
the
\u00a0
accumulated
experience
\u00a0
of
\u00a0
the
\u00a0
level
\u00a0
of
\u00a0
warranty
\u00a0
needed
\u00a0
to
\u00a0
manage
\u00a0
future
\u00a0
and
\u00a0
current
\u00a0
cost
\u00a0
claims.
\u00a0
Products
\u00a0
can
\u00a0
contain
new
\u00a0
and
\u00a0
complex
\u00a0
technology
\u00a0
that
\u00a0
can
\u00a0
affect
\u00a0
warranty
\u00a0
estimates,
\u00a0
with
\u00a0
the
\u00a0
result
\u00a0
that
\u00a0
earlier
\u00a0
recognised
provisions
\u00a0
are
\u00a0
not
\u00a0
always
\u00a0
sufficient.
1.4.
\u00a0
MANAGEMENT
\u00a0
JUDGEMENT
\u00a0
AND
\u00a0
USE
\u00a0
OF
\u00a0
ESTIMATES
Preparation
\u00a0
of
\u00a0
the
\u00a0
financial
\u00a0
statements
\u00a0
in
\u00a0
accordance
\u00a0
with
\u00a0
the
\u00a0
IFRS
\u00a0
requires
\u00a0
management
\u00a0
to
\u00a0
make
judgements,
\u00a0
estimates,
\u00a0
and
\u00a0
assumptions
\u00a0
that
\u00a0
affect
\u00a0
the
\u00a0
valuation
\u00a0
of
\u00a0
the
\u00a0
reported
\u00a0
assets
\u00a0
and
\u00a0
liabilities,
\u00a0
as
\u00a0
well
as
\u00a0
other
\u00a0
information,
\u00a0
such
\u00a0
as
\u00a0
contingent
\u00a0
assets
\u00a0
and
\u00a0
liabilities
\u00a0
and
\u00a0
the
\u00a0
recognition
\u00a0
of
\u00a0
income
\u00a0
and
\u00a0
expenses
\u00a0
in
the
\u00a0
statement
\u00a0
of
\u00a0
income.
\u00a0
Although
\u00a0
these
\u00a0
continuously
\u00a0
evaluated
\u00a0
judgements,
\u00a0
estimates,
\u00a0
and
\u00a0
assumptions
\u00a0
are
based
\u00a0
on
\u00a0
management\u2019s
\u00a0
past
\u00a0
experience
\u00a0
and
\u00a0
best
\u00a0
knowledge
\u00a0
of
\u00a0
current
\u00a0
events
\u00a0
and
\u00a0
actions,
\u00a0
as
\u00a0
well
\u00a0
as
expectations
\u00a0
of
\u00a0
future
\u00a0
events,
\u00a0
actual
\u00a0
results
\u00a0
may
\u00a0
differ
\u00a0
from
\u00a0
the
\u00a0
estimates.
For
\u00a0
W\u00e4rtsil\u00e4,
\u00a0
the
\u00a0
most
\u00a0
significant
\u00a0
judgements,
\u00a0
estimates,
\u00a0
and
\u00a0
assumptions
\u00a0
made
\u00a0
by
\u00a0
the
\u00a0
management
\u00a0
relate
\u00a0
to
the
\u00a0
items
\u00a0
listed
\u00a0
below,
\u00a0
more
\u00a0
information
\u00a0
can
\u00a0
be
\u00a0
found
\u00a0
in
\u00a0
the
\u00a0
corresponding
\u00a0
note:
-
\u00a0
revenue
\u00a0
recognition,
\u00a0
especially
\u00a0
project
\u00a0
estimates
\u00a0
for
\u00a0
long-term
\u00a0
projects
\u00a0
and
\u00a0
agreements
\u00a0
(Note
\u00a0
2.2.
Revenue
\u00a0
recognition),
-
\u00a0
uncertain
\u00a0
tax
\u00a0
positions
\u00a0
(Note
\u00a0
2.6.
\u00a0
Income
\u00a0
taxes),
-
\u00a0
impairment
\u00a0
testing
\u00a0
(Note
\u00a0
3.1.
\u00a0
Goodwill),
-
\u00a0
estimating
\u00a0
useful
\u00a0
lives
\u00a0
and
\u00a0
assessing
\u00a0
indication
\u00a0
of
\u00a0
impairment
\u00a0
(Notes
\u00a0
3.2.
\u00a0
Other
\u00a0
intangible
\u00a0
assets
\u00a0
and
3.3.
\u00a0
Property,
\u00a0
plant
\u00a0
and
\u00a0
equipment),
-
\u00a0
determining
\u00a0
the
\u00a0
length
\u00a0
of
\u00a0
lease
\u00a0
terms
\u00a0
(Note
\u00a0
3.4.
\u00a0
Leases),
-
\u00a0
valuation
\u00a0
of
\u00a0
inventories
\u00a0
(Note
\u00a0
4.1.
\u00a0
Inventories),
-
\u00a0
valuation
\u00a0
of
\u00a0
trade
\u00a0
receivables
\u00a0
(Note
\u00a0
4.2.
\u00a0
Trade
\u00a0
receivables
\u00a0
and
\u00a0
contract
\u00a0
assets
\u00a0
and
\u00a0
liabilities),
-
\u00a0
recognition
\u00a0
of
\u00a0
warranty
\u00a0
provisions
\u00a0
and
\u00a0
provisions
\u00a0
for
\u00a0
legal
\u00a0
cases
\u00a0
(Note
\u00a0
4.5.
\u00a0
Provisions),
-
\u00a0
expected
\u00a0
results
\u00a0
on
\u00a0
tax
\u00a0
audits
\u00a0
and
\u00a0
deferred
\u00a0
tax
\u00a0
assets
\u00a0
from
\u00a0
tax
\u00a0
losses
\u00a0
(Note
\u00a0
4.6.
\u00a0
Deferred
\u00a0
taxes),
\u00a0
and
-
\u00a0
defined
\u00a0
pension
\u00a0
benefit
\u00a0
obligations
\u00a0
(Note
\u00a0
4.7.
\u00a0
Pension
\u00a0
obligations),
In
\u00a0
addition,
\u00a0
accounting
\u00a0
for
\u00a0
business
\u00a0
combinations
\u00a0
may
\u00a0
require
\u00a0
significant
\u00a0
management
\u00a0
judgement
\u00a0
(Note
\u00a0
6.2.
Acquisitions).
The
\u00a0
COVID-19
\u00a0
pandemic
\u00a0
has
\u00a0
caused
\u00a0
W\u00e4rtsil\u00e4
\u00a0
to
\u00a0
review
\u00a0
the
\u00a0
estimates
\u00a0
and
\u00a0
assumptions
\u00a0
used
\u00a0
in
\u00a0
the
preparation
\u00a0
of
\u00a0
the
\u00a0
consolidated
\u00a0
financial
\u00a0
statements.
\u00a0
The
\u00a0
possible
\u00a0
impact
\u00a0
of
\u00a0
the
\u00a0
situation
\u00a0
caused
\u00a0
by
\u00a0
the
coronavirus
\u00a0
pandemic
\u00a0
on
\u00a0
the
\u00a0
relevant
\u00a0
factors
\u00a0
in
\u00a0
each
\u00a0
estimate
\u00a0
have
\u00a0
been
\u00a0
considered.
\u00a0
The
\u00a0
impact
\u00a0
of
\u00a0
the
COVID-19
\u00a0
pandemic
\u00a0
on
\u00a0
estimates
\u00a0
in
\u00a0
the
\u00a0
financial
\u00a0
reporting
\u00a0
rely
\u00a0
on
\u00a0
management\u2019s
\u00a0
best
\u00a0
judgement.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:743700G7A9J1PHM3X223", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "ID_16": { "value": "
2021
In
\u00a0
2021,
\u00a0
there
\u00a0
were
\u00a0
no
\u00a0
acquisitions.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:743700G7A9J1PHM3X223", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00" } }, "ID_29": { "value": "
Accounting
\u00a0
principles
Non-current
\u00a0
assets
\u00a0
and
\u00a0
assets
\u00a0
and
\u00a0
liabilities
\u00a0
related
\u00a0
to
\u00a0
discontinued
\u00a0
operations
\u00a0
are
\u00a0
classified
\u00a0
as
\u00a0
held
\u00a0
for
sale
\u00a0
if
\u00a0
their
\u00a0
carrying
\u00a0
amounts
\u00a0
are
\u00a0
expected
\u00a0
to
\u00a0
be
\u00a0
recovered
\u00a0
primarily
\u00a0
through
\u00a0
sale
\u00a0
rather
\u00a0
than
\u00a0
through
continuing
\u00a0
use.
\u00a0
Classification
\u00a0
as
\u00a0
held
\u00a0
for
\u00a0
sale
\u00a0
requires
\u00a0
that
\u00a0
the
\u00a0
asset
\u00a0
(or
\u00a0
disposal
\u00a0
group)
\u00a0
must
\u00a0
be
\u00a0
available
for
\u00a0
immediate
\u00a0
sale
\u00a0
in
\u00a0
its
\u00a0
present
\u00a0
condition
\u00a0
subject
\u00a0
only
\u00a0
to
\u00a0
terms
\u00a0
that
\u00a0
are
\u00a0
usual
\u00a0
and
\u00a0
customary
\u00a0
for
\u00a0
sales
\u00a0
of
such
\u00a0
assets
\u00a0
(or
\u00a0
disposal
\u00a0
groups)
\u00a0
and
\u00a0
its
\u00a0
sale
\u00a0
must
\u00a0
be
\u00a0
highly
\u00a0
probable.
Prior
\u00a0
to
\u00a0
classification
\u00a0
as
\u00a0
held
\u00a0
for
\u00a0
sale,
\u00a0
the
\u00a0
assets
\u00a0
or
\u00a0
assets
\u00a0
and
\u00a0
liabilities
\u00a0
related
\u00a0
to
\u00a0
a
\u00a0
disposal
\u00a0
group
\u00a0
in
question
\u00a0
are
\u00a0
measured
\u00a0
according
\u00a0
to
\u00a0
the
\u00a0
respective
\u00a0
IFRS
\u00a0
standards.
\u00a0
From
\u00a0
the
\u00a0
date
\u00a0
of
\u00a0
classification,
\u00a0
non-
current
\u00a0
assets
\u00a0
held
\u00a0
for
\u00a0
sale
\u00a0
are
\u00a0
measured
\u00a0
at
\u00a0
the
\u00a0
lower
\u00a0
of
\u00a0
the
\u00a0
carrying
\u00a0
amount
\u00a0
and
\u00a0
the
\u00a0
fair
\u00a0
value
\u00a0
less
\u00a0
costs
to
\u00a0
sell,
\u00a0
and
\u00a0
the
\u00a0
recognition
\u00a0
of
\u00a0
depreciation
\u00a0
and
\u00a0
amortisation
\u00a0
is
\u00a0
discontinued.
Non-current
\u00a0
assets
\u00a0
held
\u00a0
for
\u00a0
sale
\u00a0
are
\u00a0
presented
\u00a0
in
\u00a0
the
\u00a0
statement
\u00a0
of
\u00a0
financial
\u00a0
position
\u00a0
separately
\u00a0
from
\u00a0
other
items.
\u00a0
The
\u00a0
comparison
\u00a0
figures
\u00a0
for
\u00a0
the
\u00a0
statement
\u00a0
of
\u00a0
financial
\u00a0
position
\u00a0
are
\u00a0
not
\u00a0
restated.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:743700G7A9J1PHM3X223", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "ID_20": { "value": "
2021
W\u00e4rtsil\u00e4
\u00a0
has
\u00a0
classified
\u00a0
Tank
\u00a0
Control
\u00a0
Systems
\u00a0
business
\u00a0
unit
\u00a0
and
\u00a0
Delivery
\u00a0
Centre
\u00a0
Santander
\u00a0
as
\u00a0
assets
\u00a0
held
\u00a0
for
sale.
\u00a0
Tank
\u00a0
Control
\u00a0
Systems
\u00a0
has
\u00a0
been
\u00a0
classified
\u00a0
as
\u00a0
assets
\u00a0
held
\u00a0
for
\u00a0
sale
\u00a0
since
\u00a0
the
\u00a0
second
\u00a0
quarter
\u00a0
of
\u00a0
2020
\u00a0
and
Delivery
\u00a0
Centre
\u00a0
Santander
\u00a0
since
\u00a0
the
\u00a0
second
\u00a0
quarter
\u00a0
of
\u00a0
2021.
In
\u00a0
September
\u00a0
2021,
\u00a0
W\u00e4rtsil\u00e4
\u00a0
announced
\u00a0
the
\u00a0
divestment
\u00a0
of
\u00a0
Tank
\u00a0
Control
\u00a0
Systems
\u00a0
business
\u00a0
unit
\u00a0
to
\u00a0
Svaneh\u00f8j,
\u00a0
a
Danish
\u00a0
gas
\u00a0
pump
\u00a0
specialist.
\u00a0
Tank
\u00a0
Control
\u00a0
Systems
\u00a0
designs,
\u00a0
manufactures,
\u00a0
sells
\u00a0
and
\u00a0
services
\u00a0
high-end
measurement
\u00a0
systems
\u00a0
for
\u00a0
gas
\u00a0
tanks
\u00a0
on
\u00a0
LNG
\u00a0
ships,
\u00a0
offshore
\u00a0
storage,
\u00a0
and
\u00a0
land-based
\u00a0
LNG
\u00a0
terminals.
\u00a0
Tank
Control
\u00a0
Systems
\u00a0
is
\u00a0
also
\u00a0
a
\u00a0
leading
\u00a0
supplier
\u00a0
of
\u00a0
safety
\u00a0
products
\u00a0
and
\u00a0
associated
\u00a0
systems
\u00a0
and
\u00a0
solutions
\u00a0
for
\u00a0
LPG
land-based
\u00a0
storage
\u00a0
and
\u00a0
underground
\u00a0
cavern
\u00a0
storage.
\u00a0
Classifying
\u00a0
Tank
\u00a0
Control
\u00a0
Systems
\u00a0
business
\u00a0
unit
\u00a0
as
assets
\u00a0
held
\u00a0
for
\u00a0
sale
\u00a0
has
\u00a0
an
\u00a0
impact
\u00a0
of
\u00a0
EUR
\u00a0
-7
\u00a0
million
\u00a0
on
\u00a0
the
\u00a0
result
\u00a0
for
\u00a0
the
\u00a0
financial
\u00a0
period
\u00a0
2021.
\u00a0
Completion
\u00a0
of
the
\u00a0
transaction
\u00a0
is
\u00a0
expected
\u00a0
in
\u00a0
the
\u00a0
first
\u00a0
quarter
\u00a0
of
\u00a0
2022.
\u00a0
Tank
\u00a0
Control
\u00a0
Systems
\u00a0
business
\u00a0
unit
\u00a0
belongs
\u00a0
to
\u00a0
Portfolio
Business.
The
\u00a0
divestment
\u00a0
of
\u00a0
Delivery
\u00a0
Centre
\u00a0
Santander
\u00a0
to
\u00a0
Javier
\u00a0
Cavada
\u00a0
Corporaci\u00f3n
\u00a0
Cantabria
\u00a0
was
\u00a0
announced
\u00a0
in
\u00a0
May
2021.
\u00a0
Completion
\u00a0
of
\u00a0
the
\u00a0
transaction
\u00a0
is
\u00a0
expected
\u00a0
in
\u00a0
the
\u00a0
first
\u00a0
quarter
\u00a0
of
\u00a0
2022.
\u00a0
Delivery
\u00a0
Centre
\u00a0
Santander
\u00a0
belongs
to
\u00a0
Marine
\u00a0
Power.
All
\u00a0
assets
\u00a0
held
\u00a0
for
\u00a0
sale
\u00a0
are
\u00a0
valued
\u00a0
at
\u00a0
the
\u00a0
lower
\u00a0
of
\u00a0
book
\u00a0
value
\u00a0
or
\u00a0
fair
\u00a0
value.
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:743700G7A9J1PHM3X223", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00" } }, "ID_19": { "value": "
Items
\u00a0
on
\u00a0
the
\u00a0
statement
\u00a0
of
\u00a0
financial
\u00a0
position
6.4.
\u00a0
ASSETS
\u00a0
HELD
\u00a0
FOR
\u00a0
SALE
Accounting
\u00a0
principles
Non-current
\u00a0
assets
\u00a0
and
\u00a0
assets
\u00a0
and
\u00a0
liabilities
\u00a0
related
\u00a0
to
\u00a0
discontinued
\u00a0
operations
\u00a0
are
\u00a0
classified
\u00a0
as
\u00a0
held
\u00a0
for
sale
\u00a0
if
\u00a0
their
\u00a0
carrying
\u00a0
amounts
\u00a0
are
\u00a0
expected
\u00a0
to
\u00a0
be
\u00a0
recovered
\u00a0
primarily
\u00a0
through
\u00a0
sale
\u00a0
rather
\u00a0
than
\u00a0
through
continuing
\u00a0
use.
\u00a0
Classification
\u00a0
as
\u00a0
held
\u00a0
for
\u00a0
sale
\u00a0
requires
\u00a0
that
\u00a0
the
\u00a0
asset
\u00a0
(or
\u00a0
disposal
\u00a0
group)
\u00a0
must
\u00a0
be
\u00a0
available
for
\u00a0
immediate
\u00a0
sale
\u00a0
in
\u00a0
its
\u00a0
present
\u00a0
condition
\u00a0
subject
\u00a0
only
\u00a0
to
\u00a0
terms
\u00a0
that
\u00a0
are
\u00a0
usual
\u00a0
and
\u00a0
customary
\u00a0
for
\u00a0
sales
\u00a0
of
such
\u00a0
assets
\u00a0
(or
\u00a0
disposal
\u00a0
groups)
\u00a0
and
\u00a0
its
\u00a0
sale
\u00a0
must
\u00a0
be
\u00a0
highly
\u00a0
probable.
Prior
\u00a0
to
\u00a0
classification
\u00a0
as
\u00a0
held
\u00a0
for
\u00a0
sale,
\u00a0
the
\u00a0
assets
\u00a0
or
\u00a0
assets
\u00a0
and
\u00a0
liabilities
\u00a0
related
\u00a0
to
\u00a0
a
\u00a0
disposal
\u00a0
group
\u00a0
in
question
\u00a0
are
\u00a0
measured
\u00a0
according
\u00a0
to
\u00a0
the
\u00a0
respective
\u00a0
IFRS
\u00a0
standards.
\u00a0
From
\u00a0
the
\u00a0
date
\u00a0
of
\u00a0
classification,
\u00a0
non-
current
\u00a0
assets
\u00a0
held
\u00a0
for
\u00a0
sale
\u00a0
are
\u00a0
measured
\u00a0
at
\u00a0
the
\u00a0
lower
\u00a0
of
\u00a0
the
\u00a0
carrying
\u00a0
amount
\u00a0
and
\u00a0
the
\u00a0
fair
\u00a0
value
\u00a0
less
\u00a0
costs
to
\u00a0
sell,
\u00a0
and
\u00a0
the
\u00a0
recognition
\u00a0
of
\u00a0
depreciation
\u00a0
and
\u00a0
amortisation
\u00a0
is
\u00a0
discontinued.
Non-current
\u00a0
assets
\u00a0
held
\u00a0
for
\u00a0
sale
\u00a0
are
\u00a0
presented
\u00a0
in
\u00a0
the
\u00a0
statement
\u00a0
of
\u00a0
financial
\u00a0
position
\u00a0
separately
\u00a0
from
\u00a0
other
items.
\u00a0
The
\u00a0
comparison
\u00a0
figures
\u00a0
for
\u00a0
the
\u00a0
statement
\u00a0
of
\u00a0
financial
\u00a0
position
\u00a0
are
\u00a0
not
\u00a0
restated.
2022
W\u00e4rtsil\u00e4
\u00a0
has
\u00a0
classified
\u00a0
business
\u00a0
unit
\u00a0
American
\u00a0
Hydro
\u00a0
and
\u00a0
certain
\u00a0
non-current
\u00a0
assets
\u00a0
related
\u00a0
to
\u00a0
ending
\u00a0
the
\u00a0
4-
stroke
\u00a0
engine
\u00a0
manufacturing
\u00a0
in
\u00a0
Trieste,
\u00a0
Italy
\u00a0
as
\u00a0
assets
\u00a0
held
\u00a0
for
\u00a0
sale.
In
\u00a0
December
\u00a0
2022,
\u00a0
W\u00e4rtsil\u00e4
\u00a0
announced
\u00a0
the
\u00a0
divestment
\u00a0
of
\u00a0
American
\u00a0
Hydro
\u00a0
to
\u00a0
Enprotech
\u00a0
Corp,
\u00a0
a
\u00a0
wholly
\u00a0
owned
subsidiary
\u00a0
of
\u00a0
publicly
\u00a0
traded
\u00a0
ITOCHU
\u00a0
Corporation
\u00a0
(ITC).
\u00a0
American
\u00a0
Hydro
\u00a0
offers
\u00a0
custom
\u00a0
hydropower
refurbishment
\u00a0
solutions
\u00a0
and
\u00a0
turbine
\u00a0
services
\u00a0
focusing
\u00a0
mainly
\u00a0
on
\u00a0
North
\u00a0
American
\u00a0
markets.
\u00a0
The
\u00a0
company
\u00a0
was
founded
\u00a0
in
\u00a0
1986
\u00a0
and
\u00a0
became
\u00a0
part
\u00a0
of
\u00a0
W\u00e4rtsil\u00e4
\u00a0
in
\u00a0
2016.
\u00a0
The
\u00a0
annual
\u00a0
revenues
\u00a0
of
\u00a0
the
\u00a0
company
\u00a0
were
approximately
\u00a0
USD
\u00a0
50
\u00a0
million
\u00a0
in
\u00a0
2021.
Classifying
\u00a0
business
\u00a0
unit
\u00a0
American
\u00a0
Hydro
\u00a0
as
\u00a0
assets
\u00a0
held
\u00a0
for
\u00a0
sale
\u00a0
has
\u00a0
an
\u00a0
impact
\u00a0
of
\u00a0
EUR
\u00a0
-24
\u00a0
million
\u00a0
on
\u00a0
the
result
\u00a0
for
\u00a0
the
\u00a0
financial
\u00a0
period
\u00a0
2022,
\u00a0
of
\u00a0
which
\u00a0
EUR
\u00a0
-15
\u00a0
million
\u00a0
relates
\u00a0
to
\u00a0
asset
\u00a0
write-offs.
\u00a0
Completion
\u00a0
of
\u00a0
the
transaction
\u00a0
is
\u00a0
expected
\u00a0
in
\u00a0
the
\u00a0
first
\u00a0
half
\u00a0
of
\u00a0
2023.
\u00a0
Business
\u00a0
unit
\u00a0
American
\u00a0
Hydro
\u00a0
belongs
\u00a0
to
\u00a0
Portfolio
\u00a0
Business.
In
\u00a0
July
\u00a0
2022,
\u00a0
W\u00e4rtsil\u00e4
\u00a0
announced
\u00a0
its
\u00a0
plan
\u00a0
to
\u00a0
ramp
\u00a0
down
\u00a0
manufacturing
\u00a0
in
\u00a0
Trieste,
\u00a0
Italy
\u00a0
and
\u00a0
to
\u00a0
centralise
\u00a0
its
\u00a0
4-
stroke
\u00a0
engine
\u00a0
manufacturing
\u00a0
in
\u00a0
Europe
\u00a0
to
\u00a0
Vaasa,
\u00a0
Finland.
\u00a0
Write
\u00a0
-offs
\u00a0
based
\u00a0
on
\u00a0
impairments
\u00a0
related
\u00a0
to
\u00a0
assets
\u00a0
in
Trieste
\u00a0
amount
\u00a0
to
\u00a0
EUR
\u00a0
-14
\u00a0
million
\u00a0
in
\u00a0
2022.
\u00a0
Engine
\u00a0
manufacturing
\u00a0
in
\u00a0
Trieste
\u00a0
belongs
\u00a0
to
\u00a0
Marine
\u00a0
Power.
All
\u00a0
assets
\u00a0
held
\u00a0
for
\u00a0
sale
\u00a0
are
\u00a0
valued
\u00a0
at
\u00a0
the
\u00a0
lower
\u00a0
of
\u00a0
book
\u00a0
value
\u00a0
or
\u00a0
fair
\u00a0
value.
In
\u00a0
2022,
\u00a0
the
\u00a0
write-down
\u00a0
of
\u00a0
assets
\u00a0
of
\u00a0
EUR
\u00a0
-30
\u00a0
million
\u00a0
relates
\u00a0
to
\u00a0
classifying
\u00a0
business
\u00a0
unit
\u00a0
American
\u00a0
Hydro
\u00a0
as
assets
\u00a0
held
\u00a0
for
\u00a0
sale
\u00a0
and
\u00a0
to
\u00a0
assets
\u00a0
in
\u00a0
Trieste,
\u00a0
Italy.
\u00a0
The
\u00a0
expense
\u00a0
is
\u00a0
recognised
\u00a0
in
\u00a0
the
\u00a0
statement
\u00a0
of
\u00a0
income
\u00a0
as
depreciation,
\u00a0
amortisation
\u00a0
and
\u00a0
impairment.
In
\u00a0
2021,
\u00a0
the
\u00a0
write-down
\u00a0
of
\u00a0
assets
\u00a0
of
\u00a0
EUR
\u00a0
-6
\u00a0
million
\u00a0
related
\u00a0
to
\u00a0
Tank
\u00a0
Control
\u00a0
Systems
\u00a0
business
\u00a0
unit,
\u00a0
which
\u00a0
had
been
\u00a0
classified
\u00a0
as
\u00a0
assets
\u00a0
held
\u00a0
for
\u00a0
sale.
\u00a0
The
\u00a0
expense
\u00a0
was
\u00a0
recognised
\u00a0
in
\u00a0
the
\u00a0
statement
\u00a0
of
\u00a0
income
\u00a0
as
depreciation,
\u00a0
amortisation
\u00a0
and
\u00a0
impairment.
MEUR
31.12.2022
31.12.2021
Goodwill
24
2
Intangible
\u00a0
assets
2
Property,
\u00a0
plant
\u00a0
and
\u00a0
equipment
28
2
Inventories
1
4
Trade
\u00a0
receivables,
\u00a0
current
17
Other
\u00a0
receivables,
\u00a0
current
9
Cash
\u00a0
and
\u00a0
cash
\u00a0
equivalents
3
Assets
\u00a0
held
\u00a0
for
\u00a0
sale
84
8
Write
\u00a0
-down
\u00a0
of
\u00a0
assets
-30
-6
Net
\u00a0
for
\u00a0
assets
\u00a0
held
\u00a0
for
\u00a0
sale
54
2
Trade
\u00a0
Payables,
\u00a0
current
10
Tax
\u00a0
liabilities,
\u00a0
current
4
Other
\u00a0
liabilities,
\u00a0
current
7
Liabilities
\u00a0
directly
\u00a0
attributable
\u00a0
to
\u00a0
assets
\u00a0
held
\u00a0
for
\u00a0
sale
22
Net
\u00a0
assets
32
2
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:743700G7A9J1PHM3X223", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "ID_31": { "value": "
6.5.
\u00a0
INVESTMENTS
\u00a0
IN
\u00a0
ASSOCIATES
\u00a0
AND
\u00a0
JOINT
\u00a0
VENTURES
Accounting
\u00a0
principles
Associated
\u00a0
companies
\u00a0
are
\u00a0
all
\u00a0
entities
\u00a0
over
\u00a0
which
\u00a0
the
\u00a0
Group
\u00a0
has
\u00a0
significant
\u00a0
influence
\u00a0
but
\u00a0
not
\u00a0
control
\u00a0
or
\u00a0
joint
control.
\u00a0
This
\u00a0
is
\u00a0
generally
\u00a0
the
\u00a0
case
\u00a0
where
\u00a0
the
\u00a0
Group
\u00a0
holds
\u00a0
between
\u00a0
20%
\u00a0
and
\u00a0
50%
\u00a0
of
\u00a0
the
\u00a0
voting
\u00a0
rights.
A
\u00a0
joint
\u00a0
venture
\u00a0
is
\u00a0
a
\u00a0
joint
\u00a0
arrangement
\u00a0
whereby
\u00a0
the
\u00a0
parties
\u00a0
that
\u00a0
have
\u00a0
joint
\u00a0
control
\u00a0
of
\u00a0
the
\u00a0
arrangement
\u00a0
have
rights
\u00a0
to
\u00a0
the
\u00a0
net
\u00a0
assets
\u00a0
of
\u00a0
the
\u00a0
joint
\u00a0
venture.
\u00a0
Joint
\u00a0
control
\u00a0
is
\u00a0
established
\u00a0
by
\u00a0
contractual
\u00a0
agreement.
Associated
\u00a0
companies
\u00a0
and
\u00a0
joint
\u00a0
ventures
\u00a0
are
\u00a0
included
\u00a0
in
\u00a0
the
\u00a0
consolidated
\u00a0
financial
\u00a0
statements
\u00a0
using
\u00a0
the
equity
\u00a0
method
\u00a0
from
\u00a0
the
\u00a0
date
\u00a0
the
\u00a0
Group\u2019s
\u00a0
significant
\u00a0
influence
\u00a0
or
\u00a0
joint
\u00a0
control
\u00a0
commences
\u00a0
until
\u00a0
the
\u00a0
date
\u00a0
it
ceases.
\u00a0
Investments
\u00a0
in
\u00a0
associates
\u00a0
are
\u00a0
initially
\u00a0
recognised
\u00a0
at
\u00a0
cost,
\u00a0
and
\u00a0
the
\u00a0
carrying
\u00a0
amount
\u00a0
is
\u00a0
increased
\u00a0
or
decreased
\u00a0
according
\u00a0
to
\u00a0
the
\u00a0
Group\u00b4s
\u00a0
share
\u00a0
of
\u00a0
changes
\u00a0
in
\u00a0
the
\u00a0
net
\u00a0
assets
\u00a0
of
\u00a0
the
\u00a0
associate
\u00a0
after
\u00a0
the
\u00a0
date
\u00a0
of
\u00a0
the
acquisition.
\u00a0
The
\u00a0
Group\u2019s
\u00a0
share
\u00a0
of
\u00a0
the
\u00a0
associated
\u00a0
company\u2019s
\u00a0
or
\u00a0
joint
\u00a0
venture\u2019s
\u00a0
profit
\u00a0
for
\u00a0
the
\u00a0
reporting
\u00a0
period
is
\u00a0
shown
\u00a0
as
\u00a0
a
\u00a0
separate
\u00a0
item
\u00a0
before
\u00a0
the
\u00a0
Group\u2019s
\u00a0
operating
\u00a0
result,
\u00a0
on
\u00a0
the
\u00a0
line
\u00a0
Share
\u00a0
of
\u00a0
result
\u00a0
of
\u00a0
associates
and
\u00a0
joint
\u00a0
ventures.
\u00a0
The
\u00a0
Group\u2019s
\u00a0
share
\u00a0
of
\u00a0
the
\u00a0
associated
\u00a0
company\u2019s
\u00a0
or
\u00a0
joint
\u00a0
venture\u2019s
\u00a0
changes
\u00a0
recognised
\u00a0
in
other
\u00a0
comprehensive
\u00a0
income
\u00a0
is
\u00a0
recognised
\u00a0
in
\u00a0
the
\u00a0
Group\u2019s
\u00a0
other
\u00a0
comprehensive
\u00a0
income.
\u00a0
W\u00e4rtsil\u00e4\u2019s
proportion
\u00a0
of
\u00a0
the
\u00a0
associated
\u00a0
company\u2019s
\u00a0
or
\u00a0
joint
\u00a0
venture\u2019s
\u00a0
post-acquisition
\u00a0
accumulated
\u00a0
equity
\u00a0
is
\u00a0
included
\u00a0
in
the
\u00a0
Group\u2019s
\u00a0
equity.
\u00a0
If
\u00a0
the
\u00a0
Group\u2019s
\u00a0
share
\u00a0
of
\u00a0
the
\u00a0
associated
\u00a0
company's
\u00a0
or
\u00a0
joint
\u00a0
venture's
\u00a0
losses
\u00a0
exceeds
\u00a0
its
interest
\u00a0
in
\u00a0
the
\u00a0
company,
\u00a0
the
\u00a0
carrying
\u00a0
amount
\u00a0
is
\u00a0
written
\u00a0
down
\u00a0
to
\u00a0
zero.
\u00a0
After
\u00a0
this,
\u00a0
losses
\u00a0
are
\u00a0
only
\u00a0
recognised
\u00a0
if
the
\u00a0
Group
\u00a0
has
\u00a0
incurred
\u00a0
obligations
\u00a0
from
\u00a0
the
\u00a0
associated
\u00a0
company
\u00a0
or
\u00a0
joint
\u00a0
venture.
The
\u00a0
accumulated
\u00a0
exchange
\u00a0
rate
\u00a0
differences
\u00a0
arising
\u00a0
from
\u00a0
the
\u00a0
consolidation
\u00a0
of
\u00a0
associated
\u00a0
companies
\u00a0
and
joint
\u00a0
ventures,
\u00a0
which
\u00a0
are
\u00a0
recognised
\u00a0
in
\u00a0
equity,
\u00a0
are
\u00a0
recognised
\u00a0
in
\u00a0
the
\u00a0
statement
\u00a0
of
\u00a0
income
\u00a0
as
\u00a0
part
\u00a0
of
\u00a0
the
\u00a0
gain
or
\u00a0
loss
\u00a0
when
\u00a0
change
\u00a0
in
\u00a0
ownership
\u00a0
occurs.
Summary
\u00a0
of
\u00a0
financial
\u00a0
information
\u00a0
(100%):
2022
CSSC
\u00a0
W\u00e4rtsil\u00e4
\u00a0
Engine
\u00a0
(Shanghai)
\u00a0
Co.,
\u00a0
Ltd.
\u00a0
manufactures
\u00a0
medium
\u00a0
and
\u00a0
large
\u00a0
bore
\u00a0
medium
\u00a0
speed
\u00a0
diesel
\u00a0
and
dual-fuel
\u00a0
engines
\u00a0
at
\u00a0
its
\u00a0
factory
\u00a0
in
\u00a0
Lingang,
\u00a0
Shanghai,
\u00a0
China.
\u00a0
W\u00e4rtsil\u00e4
\u00a0
Qiyao
\u00a0
Diesel
\u00a0
Company
\u00a0
Ltd.
\u00a0
manufactures
marine
\u00a0
auxiliary
\u00a0
engines
\u00a0
in
\u00a0
Shanghai,
\u00a0
China.
\u00a0
CSSC
\u00a0
W\u00e4rtsil\u00e4
\u00a0
Electrical
\u00a0
&
\u00a0
Automation
\u00a0
Co.,
\u00a0
Ltd.
\u00a0
manufactures
advanced
\u00a0
electronical
\u00a0
and
\u00a0
automation
\u00a0
solutions
\u00a0
for
\u00a0
the
\u00a0
cruise
\u00a0
industry.
MEUR
2022
2021
Carrying
\u00a0
amount
\u00a0
on
\u00a0
1
\u00a0
January
27
23
Share
\u00a0
of
\u00a0
result
6
3
Dividends
-2
-2
Translation
\u00a0
differences
-1
3
Impairment
-1
Carrying
\u00a0
amount
\u00a0
on
\u00a0
31
\u00a0
December
29
27
MEUR
Hold-
ing
\u00a0
%
Non-
current
\u00a0
assets
Current
assets
Equity
Non-
current
liabilities
Current
liabilities
Net
\u00a0
sales
Result
for
\u00a0
the
\u00a0
financial
period
Joint
\u00a0
ventures
W\u00e4rtsil\u00e4
\u00a0
Qiyao
\u00a0
Diesel
Company
\u00a0
Ltd.
China
50.0
7
48
24
0
30
54
6
CSSC
\u00a0
W\u00e4rtsil\u00e4
\u00a0
Electrical
&
\u00a0
Automation
\u00a0
Co.,
\u00a0
Ltd.
China
49.0
0
13
3
0
11
19
0
CSSC
\u00a0
W\u00e4rtsil\u00e4
\u00a0
Engine
(Shanghai)
\u00a0
Co.,
\u00a0
Ltd.
China
49.0
61
179
29
31
180
86
5
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:743700G7A9J1PHM3X223", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "ID_30": { "value": "
Accounting
\u00a0
principles
Associated
\u00a0
companies
\u00a0
are
\u00a0
all
\u00a0
entities
\u00a0
over
\u00a0
which
\u00a0
the
\u00a0
Group
\u00a0
has
\u00a0
significant
\u00a0
influence
\u00a0
but
\u00a0
not
\u00a0
control
\u00a0
or
\u00a0
joint
control.
\u00a0
This
\u00a0
is
\u00a0
generally
\u00a0
the
\u00a0
case
\u00a0
where
\u00a0
the
\u00a0
Group
\u00a0
holds
\u00a0
between
\u00a0
20%
\u00a0
and
\u00a0
50%
\u00a0
of
\u00a0
the
\u00a0
voting
\u00a0
rights.
A
\u00a0
joint
\u00a0
venture
\u00a0
is
\u00a0
a
\u00a0
joint
\u00a0
arrangement
\u00a0
whereby
\u00a0
the
\u00a0
parties
\u00a0
that
\u00a0
have
\u00a0
joint
\u00a0
control
\u00a0
of
\u00a0
the
\u00a0
arrangement
\u00a0
have
rights
\u00a0
to
\u00a0
the
\u00a0
net
\u00a0
assets
\u00a0
of
\u00a0
the
\u00a0
joint
\u00a0
venture.
\u00a0
Joint
\u00a0
control
\u00a0
is
\u00a0
established
\u00a0
by
\u00a0
contractual
\u00a0
agreement.
Associated
\u00a0
companies
\u00a0
and
\u00a0
joint
\u00a0
ventures
\u00a0
are
\u00a0
included
\u00a0
in
\u00a0
the
\u00a0
consolidated
\u00a0
financial
\u00a0
statements
\u00a0
using
\u00a0
the
equity
\u00a0
method
\u00a0
from
\u00a0
the
\u00a0
date
\u00a0
the
\u00a0
Group\u2019s
\u00a0
significant
\u00a0
influence
\u00a0
or
\u00a0
joint
\u00a0
control
\u00a0
commences
\u00a0
until
\u00a0
the
\u00a0
date
\u00a0
it
ceases.
\u00a0
Investments
\u00a0
in
\u00a0
associates
\u00a0
are
\u00a0
initially
\u00a0
recognised
\u00a0
at
\u00a0
cost,
\u00a0
and
\u00a0
the
\u00a0
carrying
\u00a0
amount
\u00a0
is
\u00a0
increased
\u00a0
or
decreased
\u00a0
according
\u00a0
to
\u00a0
the
\u00a0
Group\u00b4s
\u00a0
share
\u00a0
of
\u00a0
changes
\u00a0
in
\u00a0
the
\u00a0
net
\u00a0
assets
\u00a0
of
\u00a0
the
\u00a0
associate
\u00a0
after
\u00a0
the
\u00a0
date
\u00a0
of
\u00a0
the
acquisition.
\u00a0
The
\u00a0
Group\u2019s
\u00a0
share
\u00a0
of
\u00a0
the
\u00a0
associated
\u00a0
company\u2019s
\u00a0
or
\u00a0
joint
\u00a0
venture\u2019s
\u00a0
profit
\u00a0
for
\u00a0
the
\u00a0
reporting
\u00a0
period
is
\u00a0
shown
\u00a0
as
\u00a0
a
\u00a0
separate
\u00a0
item
\u00a0
before
\u00a0
the
\u00a0
Group\u2019s
\u00a0
operating
\u00a0
result,
\u00a0
on
\u00a0
the
\u00a0
line
\u00a0
Share
\u00a0
of
\u00a0
result
\u00a0
of
\u00a0
associates
and
\u00a0
joint
\u00a0
ventures.
\u00a0
The
\u00a0
Group\u2019s
\u00a0
share
\u00a0
of
\u00a0
the
\u00a0
associated
\u00a0
company\u2019s
\u00a0
or
\u00a0
joint
\u00a0
venture\u2019s
\u00a0
changes
\u00a0
recognised
\u00a0
in
other
\u00a0
comprehensive
\u00a0
income
\u00a0
is
\u00a0
recognised
\u00a0
in
\u00a0
the
\u00a0
Group\u2019s
\u00a0
other
\u00a0
comprehensive
\u00a0
income.
\u00a0
W\u00e4rtsil\u00e4\u2019s
proportion
\u00a0
of
\u00a0
the
\u00a0
associated
\u00a0
company\u2019s
\u00a0
or
\u00a0
joint
\u00a0
venture\u2019s
\u00a0
post-acquisition
\u00a0
accumulated
\u00a0
equity
\u00a0
is
\u00a0
included
\u00a0
in
the
\u00a0
Group\u2019s
\u00a0
equity.
\u00a0
If
\u00a0
the
\u00a0
Group\u2019s
\u00a0
share
\u00a0
of
\u00a0
the
\u00a0
associated
\u00a0
company's
\u00a0
or
\u00a0
joint
\u00a0
venture's
\u00a0
losses
\u00a0
exceeds
\u00a0
its
interest
\u00a0
in
\u00a0
the
\u00a0
company,
\u00a0
the
\u00a0
carrying
\u00a0
amount
\u00a0
is
\u00a0
written
\u00a0
down
\u00a0
to
\u00a0
zero.
\u00a0
After
\u00a0
this,
\u00a0
losses
\u00a0
are
\u00a0
only
\u00a0
recognised
\u00a0
if
the
\u00a0
Group
\u00a0
has
\u00a0
incurred
\u00a0
obligations
\u00a0
from
\u00a0
the
\u00a0
associated
\u00a0
company
\u00a0
or
\u00a0
joint
\u00a0
venture.
The
\u00a0
accumulated
\u00a0
exchange
\u00a0
rate
\u00a0
differences
\u00a0
arising
\u00a0
from
\u00a0
the
\u00a0
consolidation
\u00a0
of
\u00a0
associated
\u00a0
companies
\u00a0
and
joint
\u00a0
ventures,
\u00a0
which
\u00a0
are
\u00a0
recognised
\u00a0
in
\u00a0
equity,
\u00a0
are
\u00a0
recognised
\u00a0
in
\u00a0
the
\u00a0
statement
\u00a0
of
\u00a0
income
\u00a0
as
\u00a0
part
\u00a0
of
\u00a0
the
\u00a0
gain
or
\u00a0
loss
\u00a0
when
\u00a0
change
\u00a0
in
\u00a0
ownership
\u00a0
occurs.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory", "language": "en", "entity": "scheme:743700G7A9J1PHM3X223", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "ID_32": { "value": "
2021
MEUR
Hold-
ing
\u00a0
%
Non-
current
\u00a0
assets
Current
assets
Equity
Non-
current
liabilities
Current
liabilities
Net
\u00a0
sales
Result
for
\u00a0
the
\u00a0
financial
period
Joint
\u00a0
ventures
W\u00e4rtsil\u00e4
\u00a0
Qiyao
\u00a0
Diesel
Company
\u00a0
Ltd.
China
50.0
7
37
24
20
54
5
CSSC
\u00a0
W\u00e4rtsil\u00e4
\u00a0
Electrical
&
\u00a0
Automation
\u00a0
Co.,
\u00a0
Ltd.
China
49.0
6
3
4
9
CSSC
\u00a0
W\u00e4rtsil\u00e4
\u00a0
Engine
(Shanghai)
\u00a0
Co.,
\u00a0
Ltd.
China
49.0
56
117
24
34
115
75
2
Repropel
\u00a0
Sociedad
\u00a0
de
reparacao
\u00a0
de
\u00a0
helices
Portuga
l
50.0
2
1
1
-
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:743700G7A9J1PHM3X223", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00" } }, "ID_33": { "value": "
6.6.
\u00a0
EXCHANGE
\u00a0
RATES
Accounting
\u00a0
principles
Translating
\u00a0
the
\u00a0
transactions
\u00a0
in
\u00a0
foreign
\u00a0
currencies
The
\u00a0
items
\u00a0
included
\u00a0
in
\u00a0
the
\u00a0
financial
\u00a0
statements
\u00a0
are
\u00a0
initially
\u00a0
recognised
\u00a0
in
\u00a0
the
\u00a0
functional
\u00a0
currency,
\u00a0
which
\u00a0
is
defined
\u00a0
for
\u00a0
each
\u00a0
Group
\u00a0
company
\u00a0
based
\u00a0
on
\u00a0
its
\u00a0
primary
\u00a0
economic
\u00a0
environment.
\u00a0
The
\u00a0
presentation
\u00a0
currency
\u00a0
of
the
\u00a0
consolidated
\u00a0
financial
\u00a0
statements
\u00a0
is
\u00a0
the
\u00a0
euro,
\u00a0
which
\u00a0
is
\u00a0
also
\u00a0
the
\u00a0
functional
\u00a0
and
\u00a0
presentation
\u00a0
currency
\u00a0
of
W\u00e4rtsil\u00e4
\u00a0
Corporation.
Foreign
\u00a0
subsidiaries
The
\u00a0
income
\u00a0
and
\u00a0
expenses
\u00a0
for
\u00a0
statements
\u00a0
of
\u00a0
income
\u00a0
and
\u00a0
statements
\u00a0
of
\u00a0
comprehensive
\u00a0
income
\u00a0
of
\u00a0
foreign
subsidiaries
\u00a0
are
\u00a0
translated
\u00a0
into
\u00a0
euros
\u00a0
at
\u00a0
the
\u00a0
quarterly
\u00a0
average
\u00a0
exchange
\u00a0
rates.
\u00a0
Statements
\u00a0
of
\u00a0
financial
position
\u00a0
are
\u00a0
translated
\u00a0
into
\u00a0
euros
\u00a0
at
\u00a0
the
\u00a0
exchange
\u00a0
rates
\u00a0
prevailing
\u00a0
at
\u00a0
the
\u00a0
end
\u00a0
of
\u00a0
the
\u00a0
reporting
\u00a0
period.
\u00a0
The
translation
\u00a0
of
\u00a0
the
\u00a0
result
\u00a0
for
\u00a0
the
\u00a0
reporting
\u00a0
period
\u00a0
and
\u00a0
other
\u00a0
comprehensive
\u00a0
income
\u00a0
using
\u00a0
different
\u00a0
exchange
rates
\u00a0
in
\u00a0
the
\u00a0
statement
\u00a0
of
\u00a0
comprehensive
\u00a0
income
\u00a0
and
\u00a0
the
\u00a0
statement
\u00a0
of
\u00a0
financial
\u00a0
position
\u00a0
causes
\u00a0
translation
differences,
\u00a0
which
\u00a0
are
\u00a0
recognised
\u00a0
in
\u00a0
equity
\u00a0
and
\u00a0
in
\u00a0
other
\u00a0
comprehensive
\u00a0
income
\u00a0
as
\u00a0
change.
\u00a0
Translation
differences
\u00a0
of
\u00a0
foreign
\u00a0
subsidiaries\u2019
\u00a0
acquisition
\u00a0
cost
\u00a0
eliminations
\u00a0
and
\u00a0
post-acquisition
\u00a0
profits
\u00a0
and
\u00a0
losses
\u00a0
are
recognised
\u00a0
in
\u00a0
other
\u00a0
comprehensive
\u00a0
income
\u00a0
and
\u00a0
are
\u00a0
presented
\u00a0
as
\u00a0
a
\u00a0
separate
\u00a0
item
\u00a0
in
\u00a0
equity.
\u00a0
The
\u00a0
goodwill
generated
\u00a0
in
\u00a0
the
\u00a0
acquisition
\u00a0
of
\u00a0
foreign
\u00a0
entities
\u00a0
and
\u00a0
their
\u00a0
fair
\u00a0
value
\u00a0
adjustments
\u00a0
of
\u00a0
assets
\u00a0
and
\u00a0
liabilities
\u00a0
are
considered
\u00a0
as
\u00a0
assets
\u00a0
and
\u00a0
liabilities
\u00a0
of
\u00a0
foreign
\u00a0
entities,
\u00a0
which
\u00a0
are
\u00a0
translated
\u00a0
into
\u00a0
euros
\u00a0
using
\u00a0
the
\u00a0
exchange
rates
\u00a0
prevailing
\u00a0
at
\u00a0
the
\u00a0
end
\u00a0
of
\u00a0
the
\u00a0
reporting
\u00a0
period.
\u00a0
When
\u00a0
a
\u00a0
foreign
\u00a0
subsidiary
\u00a0
is
\u00a0
sold,
\u00a0
the
\u00a0
accumulated
exchange
\u00a0
rate
\u00a0
differences
\u00a0
recognised
\u00a0
in
\u00a0
the
\u00a0
equity
\u00a0
related
\u00a0
to
\u00a0
the
\u00a0
subsidiary
\u00a0
are
\u00a0
recognised
\u00a0
in
\u00a0
the
\u00a0
statement
of
\u00a0
income
\u00a0
as
\u00a0
a
\u00a0
part
\u00a0
of
\u00a0
the
\u00a0
gain
\u00a0
or
\u00a0
loss
\u00a0
on
\u00a0
sale.
Transactions
\u00a0
and
\u00a0
balances
\u00a0
in
\u00a0
foreign
\u00a0
currencies
Transactions
\u00a0
denominated
\u00a0
in
\u00a0
a
\u00a0
foreign
\u00a0
currency
\u00a0
are
\u00a0
translated
\u00a0
into
\u00a0
the
\u00a0
functional
\u00a0
currency
\u00a0
using
\u00a0
the
exchange
\u00a0
rate
\u00a0
prevailing
\u00a0
at
\u00a0
the
\u00a0
dates
\u00a0
of
\u00a0
the
\u00a0
transactions.
\u00a0
Receivables
\u00a0
and
\u00a0
liabilities
\u00a0
are
\u00a0
translated
\u00a0
at
\u00a0
the
exchange
\u00a0
rate
\u00a0
prevailing
\u00a0
at
\u00a0
the
\u00a0
end
\u00a0
of
\u00a0
the
\u00a0
reporting
\u00a0
period.
\u00a0
Exchange
\u00a0
rate
\u00a0
gains
\u00a0
and
\u00a0
losses
\u00a0
related
\u00a0
to
\u00a0
trade
receivables
\u00a0
and
\u00a0
liabilities
\u00a0
are
\u00a0
reported
\u00a0
on
\u00a0
the
\u00a0
applicable
\u00a0
line
\u00a0
in
\u00a0
the
\u00a0
statement
\u00a0
of
\u00a0
income
\u00a0
and
\u00a0
are
\u00a0
included
\u00a0
in
the
\u00a0
operating
\u00a0
result.
\u00a0
Exchange
\u00a0
rate
\u00a0
differences
\u00a0
related
\u00a0
to
\u00a0
financial
\u00a0
assets
\u00a0
and
\u00a0
financial
\u00a0
liabilities
\u00a0
are
reported
\u00a0
as
\u00a0
financial
\u00a0
items
\u00a0
in
\u00a0
the
\u00a0
statement
\u00a0
of
\u00a0
income,
\u00a0
except
\u00a0
exchange
\u00a0
rate
\u00a0
differences
\u00a0
related
\u00a0
to
\u00a0
non-
current
\u00a0
debt
\u00a0
that
\u00a0
is
\u00a0
part
\u00a0
of
\u00a0
the
\u00a0
Group's
\u00a0
net
\u00a0
investment
\u00a0
in
\u00a0
a
\u00a0
subsidiary.
\u00a0
Those
\u00a0
are
\u00a0
recognised
\u00a0
in
\u00a0
other
comprehensive
\u00a0
income
\u00a0
and
\u00a0
reported
\u00a0
as
\u00a0
translation
\u00a0
differences
\u00a0
in
\u00a0
equity.
In
\u00a0
the
\u00a0
consolidated
\u00a0
financial
\u00a0
statements,
\u00a0
there
\u00a0
are
\u00a0
approximately
\u00a0
60
\u00a0
currencies
\u00a0
consolidated.
\u00a0
The
\u00a0
most
significant
\u00a0
currencies
\u00a0
are
\u00a0
presented
\u00a0
here.
-
Closing
\u00a0
rates
Average
\u00a0
rates
31
\u00a0
December
2022
31
\u00a0
December
2021
2022
2021
AED
UAE
\u00a0
Dirham
3.91666
4.15959
3.87056
4.34679
AUD
Australian
\u00a0
Dollar
1.56930
1.56150
1.51736
1.57473
BRL
Brazilian
\u00a0
Real
5.63860
6.31010
5.44319
6.38134
CHF
Swiss
\u00a0
Franc
0.98470
1.03310
1.00517
1.08142
CNY
Yuan
\u00a0
Renminbi
7.35820
7.19470
7.08010
7.63402
DKK
Danish
\u00a0
Krone
7.43650
7.43640
7.43958
7.43705
GBP
Pound
\u00a0
Sterling
0.88693
0.84028
0.85261
0.86000
IDR
Indonesian
\u00a0
Rupiah
16,519.82000
16,100.42000
15,633.59000
16,928.51000
INR
Indian
\u00a0
Rupee
88.17100
84.22920
82.71449
87.48609
JPY
Yen
140.66000
130.38000
138.00506
129.85747
NOK
Norwegian
\u00a0
Krone
10.51380
9.98880
10.10151
10.16339
RUB
Russian
\u00a0
Ruble
76.94640
85.30040
72.77033
87.23206
SAR
Saudi
\u00a0
Riyal
4.00722
4.25155
3.95666
4.43897
SEK
Swedish
\u00a0
Krona
11.12180
10.25030
10.62744
10.14485
SGD
Singapore
\u00a0
Dollar
1.43000
1.52790
1.45197
1.58965
USD
US
\u00a0
Dollar
1.06660
1.13260
1.05388
1.18353
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:743700G7A9J1PHM3X223", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "ID_34": { "value": "
Accounting
\u00a0
principles
Translating
\u00a0
the
\u00a0
transactions
\u00a0
in
\u00a0
foreign
\u00a0
currencies
The
\u00a0
items
\u00a0
included
\u00a0
in
\u00a0
the
\u00a0
financial
\u00a0
statements
\u00a0
are
\u00a0
initially
\u00a0
recognised
\u00a0
in
\u00a0
the
\u00a0
functional
\u00a0
currency,
\u00a0
which
\u00a0
is
defined
\u00a0
for
\u00a0
each
\u00a0
Group
\u00a0
company
\u00a0
based
\u00a0
on
\u00a0
its
\u00a0
primary
\u00a0
economic
\u00a0
environment.
\u00a0
The
\u00a0
presentation
\u00a0
currency
\u00a0
of
the
\u00a0
consolidated
\u00a0
financial
\u00a0
statements
\u00a0
is
\u00a0
the
\u00a0
euro,
\u00a0
which
\u00a0
is
\u00a0
also
\u00a0
the
\u00a0
functional
\u00a0
and
\u00a0
presentation
\u00a0
currency
\u00a0
of
W\u00e4rtsil\u00e4
\u00a0
Corporation.
Foreign
\u00a0
subsidiaries
The
\u00a0
income
\u00a0
and
\u00a0
expenses
\u00a0
for
\u00a0
statements
\u00a0
of
\u00a0
income
\u00a0
and
\u00a0
statements
\u00a0
of
\u00a0
comprehensive
\u00a0
income
\u00a0
of
\u00a0
foreign
subsidiaries
\u00a0
are
\u00a0
translated
\u00a0
into
\u00a0
euros
\u00a0
at
\u00a0
the
\u00a0
quarterly
\u00a0
average
\u00a0
exchange
\u00a0
rates.
\u00a0
Statements
\u00a0
of
\u00a0
financial
position
\u00a0
are
\u00a0
translated
\u00a0
into
\u00a0
euros
\u00a0
at
\u00a0
the
\u00a0
exchange
\u00a0
rates
\u00a0
prevailing
\u00a0
at
\u00a0
the
\u00a0
end
\u00a0
of
\u00a0
the
\u00a0
reporting
\u00a0
period.
\u00a0
The
translation
\u00a0
of
\u00a0
the
\u00a0
result
\u00a0
for
\u00a0
the
\u00a0
reporting
\u00a0
period
\u00a0
and
\u00a0
other
\u00a0
comprehensive
\u00a0
income
\u00a0
using
\u00a0
different
\u00a0
exchange
rates
\u00a0
in
\u00a0
the
\u00a0
statement
\u00a0
of
\u00a0
comprehensive
\u00a0
income
\u00a0
and
\u00a0
the
\u00a0
statement
\u00a0
of
\u00a0
financial
\u00a0
position
\u00a0
causes
\u00a0
translation
differences,
\u00a0
which
\u00a0
are
\u00a0
recognised
\u00a0
in
\u00a0
equity
\u00a0
and
\u00a0
in
\u00a0
other
\u00a0
comprehensive
\u00a0
income
\u00a0
as
\u00a0
change.
\u00a0
Translation
differences
\u00a0
of
\u00a0
foreign
\u00a0
subsidiaries\u2019
\u00a0
acquisition
\u00a0
cost
\u00a0
eliminations
\u00a0
and
\u00a0
post-acquisition
\u00a0
profits
\u00a0
and
\u00a0
losses
\u00a0
are
recognised
\u00a0
in
\u00a0
other
\u00a0
comprehensive
\u00a0
income
\u00a0
and
\u00a0
are
\u00a0
presented
\u00a0
as
\u00a0
a
\u00a0
separate
\u00a0
item
\u00a0
in
\u00a0
equity.
\u00a0
The
\u00a0
goodwill
generated
\u00a0
in
\u00a0
the
\u00a0
acquisition
\u00a0
of
\u00a0
foreign
\u00a0
entities
\u00a0
and
\u00a0
their
\u00a0
fair
\u00a0
value
\u00a0
adjustments
\u00a0
of
\u00a0
assets
\u00a0
and
\u00a0
liabilities
\u00a0
are
considered
\u00a0
as
\u00a0
assets
\u00a0
and
\u00a0
liabilities
\u00a0
of
\u00a0
foreign
\u00a0
entities,
\u00a0
which
\u00a0
are
\u00a0
translated
\u00a0
into
\u00a0
euros
\u00a0
using
\u00a0
the
\u00a0
exchange
rates
\u00a0
prevailing
\u00a0
at
\u00a0
the
\u00a0
end
\u00a0
of
\u00a0
the
\u00a0
reporting
\u00a0
period.
\u00a0
When
\u00a0
a
\u00a0
foreign
\u00a0
subsidiary
\u00a0
is
\u00a0
sold,
\u00a0
the
\u00a0
accumulated
exchange
\u00a0
rate
\u00a0
differences
\u00a0
recognised
\u00a0
in
\u00a0
the
\u00a0
equity
\u00a0
related
\u00a0
to
\u00a0
the
\u00a0
subsidiary
\u00a0
are
\u00a0
recognised
\u00a0
in
\u00a0
the
\u00a0
statement
of
\u00a0
income
\u00a0
as
\u00a0
a
\u00a0
part
\u00a0
of
\u00a0
the
\u00a0
gain
\u00a0
or
\u00a0
loss
\u00a0
on
\u00a0
sale.
Transactions
\u00a0
and
\u00a0
balances
\u00a0
in
\u00a0
foreign
\u00a0
currencies
Transactions
\u00a0
denominated
\u00a0
in
\u00a0
a
\u00a0
foreign
\u00a0
currency
\u00a0
are
\u00a0
translated
\u00a0
into
\u00a0
the
\u00a0
functional
\u00a0
currency
\u00a0
using
\u00a0
the
exchange
\u00a0
rate
\u00a0
prevailing
\u00a0
at
\u00a0
the
\u00a0
dates
\u00a0
of
\u00a0
the
\u00a0
transactions.
\u00a0
Receivables
\u00a0
and
\u00a0
liabilities
\u00a0
are
\u00a0
translated
\u00a0
at
\u00a0
the
exchange
\u00a0
rate
\u00a0
prevailing
\u00a0
at
\u00a0
the
\u00a0
end
\u00a0
of
\u00a0
the
\u00a0
reporting
\u00a0
period.
\u00a0
Exchange
\u00a0
rate
\u00a0
gains
\u00a0
and
\u00a0
losses
\u00a0
related
\u00a0
to
\u00a0
trade
receivables
\u00a0
and
\u00a0
liabilities
\u00a0
are
\u00a0
reported
\u00a0
on
\u00a0
the
\u00a0
applicable
\u00a0
line
\u00a0
in
\u00a0
the
\u00a0
statement
\u00a0
of
\u00a0
income
\u00a0
and
\u00a0
are
\u00a0
included
\u00a0
in
the
\u00a0
operating
\u00a0
result.
\u00a0
Exchange
\u00a0
rate
\u00a0
differences
\u00a0
related
\u00a0
to
\u00a0
financial
\u00a0
assets
\u00a0
and
\u00a0
financial
\u00a0
liabilities
\u00a0
are
reported
\u00a0
as
\u00a0
financial
\u00a0
items
\u00a0
in
\u00a0
the
\u00a0
statement
\u00a0
of
\u00a0
income,
\u00a0
except
\u00a0
exchange
\u00a0
rate
\u00a0
differences
\u00a0
related
\u00a0
to
\u00a0
non-
current
\u00a0
debt
\u00a0
that
\u00a0
is
\u00a0
part
\u00a0
of
\u00a0
the
\u00a0
Group's
\u00a0
net
\u00a0
investment
\u00a0
in
\u00a0
a
\u00a0
subsidiary.
\u00a0
Those
\u00a0
are
\u00a0
recognised
\u00a0
in
\u00a0
other
comprehensive
\u00a0
income
\u00a0
and
\u00a0
reported
\u00a0
as
\u00a0
translation
\u00a0
differences
\u00a0
in
\u00a0
equity.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:743700G7A9J1PHM3X223", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "ID_100": { "value": "
Translating
\u00a0
the
\u00a0
transactions
\u00a0
in
\u00a0
foreign
\u00a0
currencies
The
\u00a0
items
\u00a0
included
\u00a0
in
\u00a0
the
\u00a0
financial
\u00a0
statements
\u00a0
are
\u00a0
initially
\u00a0
recognised
\u00a0
in
\u00a0
the
\u00a0
functional
\u00a0
currency,
\u00a0
which
\u00a0
is
defined
\u00a0
for
\u00a0
each
\u00a0
Group
\u00a0
company
\u00a0
based
\u00a0
on
\u00a0
its
\u00a0
primary
\u00a0
economic
\u00a0
environment.
\u00a0
The
\u00a0
presentation
\u00a0
currency
\u00a0
of
the
\u00a0
consolidated
\u00a0
financial
\u00a0
statements
\u00a0
is
\u00a0
the
\u00a0
euro,
\u00a0
which
\u00a0
is
\u00a0
also
\u00a0
the
\u00a0
functional
\u00a0
and
\u00a0
presentation
\u00a0
currency
\u00a0
of
W\u00e4rtsil\u00e4
\u00a0
Corporation.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:743700G7A9J1PHM3X223", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "ID_24": { "value": "
7.1.
\u00a0
COLLATERAL,
\u00a0
CONTINGENT
\u00a0
LIABILITIES,
\u00a0
AND
\u00a0
OTHER
\u00a0
COMMITMENTS
Accounting
\u00a0
principles
Contingent
\u00a0
liabilities
\u00a0
are
\u00a0
possible
\u00a0
obligations
\u00a0
resulting
\u00a0
from
\u00a0
previous
\u00a0
events,
\u00a0
the
\u00a0
existence
\u00a0
of
\u00a0
which
\u00a0
will
\u00a0
only
be
\u00a0
ascertained
\u00a0
once
\u00a0
the
\u00a0
uncertain
\u00a0
event
\u00a0
that
\u00a0
is
\u00a0
beyond
\u00a0
the
\u00a0
Group\u2019s
\u00a0
control
\u00a0
materialises.
\u00a0
Existing
obligations
\u00a0
that
\u00a0
are
\u00a0
not
\u00a0
likely
\u00a0
to
\u00a0
require
\u00a0
the
\u00a0
fulfilment
\u00a0
of
\u00a0
a
\u00a0
payment
\u00a0
obligation,
\u00a0
or
\u00a0
the
\u00a0
amount
\u00a0
of
\u00a0
which
\u00a0
cannot
be
\u00a0
reliably
\u00a0
determined,
\u00a0
are
\u00a0
also
\u00a0
considered
\u00a0
contingent
\u00a0
liabilities.
-
2022
2021
MEUR
Debt
\u00a0
in
\u00a0
the
\u00a0
statement
\u00a0
of
\u00a0
financial
\u00a0
position
Collateral
Debt
\u00a0
in
\u00a0
the
\u00a0
statement
\u00a0
of
\u00a0
financial
\u00a0
position
Collateral
Mortgages
\u00a0
given
\u00a0
as
\u00a0
collateral
\u00a0
for
\u00a0
liabilities
\u00a0
and
commitments
Other
\u00a0
commitments
4
10
9
10
Total
4
10
9
10
Chattel
\u00a0
mortgages
\u00a0
and
\u00a0
other
\u00a0
pledges
\u00a0
and
\u00a0
securities
given
\u00a0
as
\u00a0
collateral
\u00a0
for
\u00a0
liabilities
\u00a0
and
\u00a0
commitments
Loans
\u00a0
from
\u00a0
credit
\u00a0
institutions
0
0
1
Other
\u00a0
commitments
0
17
7
Total
0
17
1
7
MEUR
\u00a0
2022
2021
Guarantees
\u00a0
and
\u00a0
contingent
\u00a0
liabilities
on
\u00a0
behalf
\u00a0
of
\u00a0
Group
\u00a0
companies
1,037
1,065
Total
1,037
1,065
Nominal
\u00a0
amounts
\u00a0
of
\u00a0
lease
\u00a0
liabilities
Low-value
\u00a0
lease
\u00a0
liabilities
11
11
Short-term
\u00a0
lease
\u00a0
liabilities
3
4
Leases
\u00a0
not
\u00a0
yet
\u00a0
commenced,
\u00a0
but
\u00a0
to
\u00a0
which
\u00a0
W\u00e4rtsil\u00e4
\u00a0
is
\u00a0
committed
14
120
Residual
\u00a0
value
\u00a0
guarantee
90
30
Total
118
166
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:743700G7A9J1PHM3X223", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "ID_14": { "value": "
7.1.
\u00a0
COLLATERAL,
\u00a0
CONTINGENT
\u00a0
LIABILITIES,
\u00a0
AND
\u00a0
OTHER
\u00a0
COMMITMENTS
Accounting
\u00a0
principles
Contingent
\u00a0
liabilities
\u00a0
are
\u00a0
possible
\u00a0
obligations
\u00a0
resulting
\u00a0
from
\u00a0
previous
\u00a0
events,
\u00a0
the
\u00a0
existence
\u00a0
of
\u00a0
which
\u00a0
will
\u00a0
only
be
\u00a0
ascertained
\u00a0
once
\u00a0
the
\u00a0
uncertain
\u00a0
event
\u00a0
that
\u00a0
is
\u00a0
beyond
\u00a0
the
\u00a0
Group\u2019s
\u00a0
control
\u00a0
materialises.
\u00a0
Existing
obligations
\u00a0
that
\u00a0
are
\u00a0
not
\u00a0
likely
\u00a0
to
\u00a0
require
\u00a0
the
\u00a0
fulfilment
\u00a0
of
\u00a0
a
\u00a0
payment
\u00a0
obligation,
\u00a0
or
\u00a0
the
\u00a0
amount
\u00a0
of
\u00a0
which
\u00a0
cannot
be
\u00a0
reliably
\u00a0
determined,
\u00a0
are
\u00a0
also
\u00a0
considered
\u00a0
contingent
\u00a0
liabilities.
-
2022
2021
MEUR
Debt
\u00a0
in
\u00a0
the
\u00a0
statement
\u00a0
of
\u00a0
financial
\u00a0
position
Collateral
Debt
\u00a0
in
\u00a0
the
\u00a0
statement
\u00a0
of
\u00a0
financial
\u00a0
position
Collateral
Mortgages
\u00a0
given
\u00a0
as
\u00a0
collateral
\u00a0
for
\u00a0
liabilities
\u00a0
and
commitments
Other
\u00a0
commitments
4
10
9
10
Total
4
10
9
10
Chattel
\u00a0
mortgages
\u00a0
and
\u00a0
other
\u00a0
pledges
\u00a0
and
\u00a0
securities
given
\u00a0
as
\u00a0
collateral
\u00a0
for
\u00a0
liabilities
\u00a0
and
\u00a0
commitments
Loans
\u00a0
from
\u00a0
credit
\u00a0
institutions
0
0
1
Other
\u00a0
commitments
0
17
7
Total
0
17
1
7
MEUR
\u00a0
2022
2021
Guarantees
\u00a0
and
\u00a0
contingent
\u00a0
liabilities
on
\u00a0
behalf
\u00a0
of
\u00a0
Group
\u00a0
companies
1,037
1,065
Total
1,037
1,065
Nominal
\u00a0
amounts
\u00a0
of
\u00a0
lease
\u00a0
liabilities
Low-value
\u00a0
lease
\u00a0
liabilities
11
11
Short-term
\u00a0
lease
\u00a0
liabilities
3
4
Leases
\u00a0
not
\u00a0
yet
\u00a0
commenced,
\u00a0
but
\u00a0
to
\u00a0
which
\u00a0
W\u00e4rtsil\u00e4
\u00a0
is
\u00a0
committed
14
120
Residual
\u00a0
value
\u00a0
guarantee
90
30
Total
118
166
", "dimensions": { "concept": "ifrs-full:DisclosureOfCollateralExplanatory", "language": "en", "entity": "scheme:743700G7A9J1PHM3X223", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "ID_103": { "value": "
Accounting
\u00a0
principles
Contingent
\u00a0
liabilities
\u00a0
are
\u00a0
possible
\u00a0
obligations
\u00a0
resulting
\u00a0
from
\u00a0
previous
\u00a0
events,
\u00a0
the
\u00a0
existence
\u00a0
of
\u00a0
which
\u00a0
will
\u00a0
only
be
\u00a0
ascertained
\u00a0
once
\u00a0
the
\u00a0
uncertain
\u00a0
event
\u00a0
that
\u00a0
is
\u00a0
beyond
\u00a0
the
\u00a0
Group\u2019s
\u00a0
control
\u00a0
materialises.
\u00a0
Existing
obligations
\u00a0
that
\u00a0
are
\u00a0
not
\u00a0
likely
\u00a0
to
\u00a0
require
\u00a0
the
\u00a0
fulfilment
\u00a0
of
\u00a0
a
\u00a0
payment
\u00a0
obligation,
\u00a0
or
\u00a0
the
\u00a0
amount
\u00a0
of
\u00a0
which
\u00a0
cannot
be
\u00a0
reliably
\u00a0
determined,
\u00a0
are
\u00a0
also
\u00a0
considered
\u00a0
contingent
\u00a0
liabilities.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialGuaranteesExplanatory", "language": "en", "entity": "scheme:743700G7A9J1PHM3X223", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "ID_102": { "value": "
Accounting
\u00a0
principles
Contingent
\u00a0
liabilities
\u00a0
are
\u00a0
possible
\u00a0
obligations
\u00a0
resulting
\u00a0
from
\u00a0
previous
\u00a0
events,
\u00a0
the
\u00a0
existence
\u00a0
of
\u00a0
which
\u00a0
will
\u00a0
only
be
\u00a0
ascertained
\u00a0
once
\u00a0
the
\u00a0
uncertain
\u00a0
event
\u00a0
that
\u00a0
is
\u00a0
beyond
\u00a0
the
\u00a0
Group\u2019s
\u00a0
control
\u00a0
materialises.
\u00a0
Existing
obligations
\u00a0
that
\u00a0
are
\u00a0
not
\u00a0
likely
\u00a0
to
\u00a0
require
\u00a0
the
\u00a0
fulfilment
\u00a0
of
\u00a0
a
\u00a0
payment
\u00a0
obligation,
\u00a0
or
\u00a0
the
\u00a0
amount
\u00a0
of
\u00a0
which
\u00a0
cannot
be
\u00a0
reliably
\u00a0
determined,
\u00a0
are
\u00a0
also
\u00a0
considered
\u00a0
contingent
\u00a0
liabilities.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForCollateralExplanatory", "language": "en", "entity": "scheme:743700G7A9J1PHM3X223", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "ID_15": { "value": "
Accounting
\u00a0
principles
Contingent
\u00a0
liabilities
\u00a0
are
\u00a0
possible
\u00a0
obligations
\u00a0
resulting
\u00a0
from
\u00a0
previous
\u00a0
events,
\u00a0
the
\u00a0
existence
\u00a0
of
\u00a0
which
\u00a0
will
\u00a0
only
be
\u00a0
ascertained
\u00a0
once
\u00a0
the
\u00a0
uncertain
\u00a0
event
\u00a0
that
\u00a0
is
\u00a0
beyond
\u00a0
the
\u00a0
Group\u2019s
\u00a0
control
\u00a0
materialises.
\u00a0
Existing
obligations
\u00a0
that
\u00a0
are
\u00a0
not
\u00a0
likely
\u00a0
to
\u00a0
require
\u00a0
the
\u00a0
fulfilment
\u00a0
of
\u00a0
a
\u00a0
payment
\u00a0
obligation,
\u00a0
or
\u00a0
the
\u00a0
amount
\u00a0
of
\u00a0
which
\u00a0
cannot
be
\u00a0
reliably
\u00a0
determined,
\u00a0
are
\u00a0
also
\u00a0
considered
\u00a0
contingent
\u00a0
liabilities.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:743700G7A9J1PHM3X223", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "ID_13": { "value": "
7.2.
\u00a0
RELATED
\u00a0
PARTY
\u00a0
DISCLOSURES
Related
\u00a0
parties
\u00a0
comprise
\u00a0
the
\u00a0
parent
\u00a0
company,
\u00a0
subsidiaries,
\u00a0
the
\u00a0
associated
\u00a0
companies,
\u00a0
and
\u00a0
joint
\u00a0
ventures.
Related
\u00a0
parties
\u00a0
also
\u00a0
include
\u00a0
the
\u00a0
Board
\u00a0
of
\u00a0
Directors,
\u00a0
the
\u00a0
President
\u00a0
and
\u00a0
CEO,
\u00a0
the
\u00a0
Board
\u00a0
of
\u00a0
Management,
\u00a0
their
family
\u00a0
members,
\u00a0
and
\u00a0
entities
\u00a0
controlled
\u00a0
directly
\u00a0
or
\u00a0
indirectly
\u00a0
by
\u00a0
them.
Management
\u00a0
remuneration
The
\u00a0
holdings
\u00a0
of
\u00a0
W\u00e4rtsil\u00e4
\u00a0
shares
\u00a0
of
\u00a0
the
\u00a0
President
\u00a0
and
\u00a0
CEO,
\u00a0
and
\u00a0
the
\u00a0
members
\u00a0
of
\u00a0
the
\u00a0
Board
\u00a0
of
\u00a0
Directors
\u00a0
and
Board
\u00a0
of
\u00a0
Management
\u00a0
at
\u00a0
year-end
\u00a0
were
\u00a0
302,097
\u00a0
shares
\u00a0
(252,627).
The
\u00a0
President
\u00a0
and
\u00a0
CEO
\u00a0
is
\u00a0
entitled
\u00a0
to
\u00a0
retire
\u00a0
on
\u00a0
reaching
\u00a0
63
\u00a0
years
\u00a0
of
\u00a0
age.
\u00a0
The
\u00a0
members
\u00a0
of
\u00a0
the
\u00a0
Board
\u00a0
of
Management
\u00a0
are
\u00a0
entitled
\u00a0
to
\u00a0
retire
\u00a0
on
\u00a0
reaching
\u00a0
the
\u00a0
statutory
\u00a0
retirement
\u00a0
age.
\u00a0
One
\u00a0
member
\u00a0
of
\u00a0
the
\u00a0
Board
\u00a0
of
Management
\u00a0
is
\u00a0
entitled
\u00a0
to
\u00a0
retire
\u00a0
earlier,
\u00a0
on
\u00a0
reaching
\u00a0
60
\u00a0
years
\u00a0
of
\u00a0
age.
\u00a0
The
\u00a0
Group
\u00a0
has
\u00a0
no
\u00a0
loan
\u00a0
receivables
\u00a0
from
the
\u00a0
executive
\u00a0
management
\u00a0
or
\u00a0
the
\u00a0
Board
\u00a0
of
\u00a0
Directors.
\u00a0
No
\u00a0
pledges
\u00a0
or
\u00a0
other
\u00a0
commitments
\u00a0
have
\u00a0
been
\u00a0
given
\u00a0
on
behalf
\u00a0
of
\u00a0
management
\u00a0
or
\u00a0
shareholders.
Business
\u00a0
transactions
\u00a0
with
\u00a0
the
\u00a0
associated
\u00a0
companies
\u00a0
and
\u00a0
joint
\u00a0
ventures
Detailed
\u00a0
financial
\u00a0
information
\u00a0
on
\u00a0
the
\u00a0
associated
\u00a0
companies
\u00a0
and
\u00a0
joint
\u00a0
ventures
\u00a0
is
\u00a0
presented
\u00a0
in
\u00a0
Note
\u00a0
6.5.
Investments
\u00a0
in
\u00a0
associates
\u00a0
and
\u00a0
joint
\u00a0
ventures.
-
Benefits
\u00a0
recognised
\u00a0
in
\u00a0
the
statement
\u00a0
of
\u00a0
income
TEUR
2022
2021
President
\u00a0
and
\u00a0
CEO
Salaries
\u00a0
and
\u00a0
other
\u00a0
short-term
\u00a0
benefits
980
1,215
Short-term
\u00a0
incentive
\u00a0
schemes
443
379
Statutory
\u00a0
pension
\u00a0
costs
223
249
Voluntary
\u00a0
pension
\u00a0
costs
289
262
Other
\u00a0
members
\u00a0
of
\u00a0
the
\u00a0
Board
\u00a0
of
\u00a0
Management
Salaries
\u00a0
and
\u00a0
other
\u00a0
short-term
\u00a0
benefits
2,890
2,623
Short-term
\u00a0
incentive
\u00a0
schemes
853
790
Statutory
\u00a0
pension
\u00a0
costs
465
346
Voluntary
\u00a0
pension
\u00a0
costs
572
401
Total
6,714
6,266
Board
\u00a0
of
\u00a0
Directors
\u00a0
on
\u00a0
31
\u00a0
December
\u00a0
2022
Tom
\u00a0
Johnstone,
\u00a0
Chairman
231
160
Risto
\u00a0
Murto,
\u00a0
Deputy
\u00a0
Chairman
126
123
Karen
\u00a0
Bomba,
\u00a0
member
101
78
Morten
\u00a0
H.
\u00a0
Engelstoft,
\u00a0
member
88
Karin
\u00a0
Falk,
\u00a0
member
96
78
Johan
\u00a0
Forssell,
\u00a0
member
95
83
Mats
\u00a0
Rahmstr\u00f6m,
\u00a0
member
91
76
Tiina
\u00a0
Tuomela,
\u00a0
member
116
96
Board
\u00a0
of
\u00a0
Directors,
\u00a0
until
\u00a0
3
\u00a0
March
\u00a0
2022
Maarit
\u00a0
Aarni-Sirvi\u00f6,
\u00a0
member
2
98
Board
\u00a0
of
\u00a0
Directors,
\u00a0
until
\u00a0
4
\u00a0
March
\u00a0
2021
Markus
\u00a0
Rauramo,
\u00a0
Deputy
\u00a0
Chairman
2
Total
944
791
Management
\u00a0
remuneration,
\u00a0
total
7,658
7,057
MEUR
2022
2021
Sales
\u00a0
to
\u00a0
the
\u00a0
associates
\u00a0
and
\u00a0
joint
\u00a0
ventures
25
31
Purchases
\u00a0
from
\u00a0
the
\u00a0
associates
\u00a0
and
\u00a0
joint
\u00a0
ventures
56
69
Receivables
\u00a0
from
\u00a0
the
\u00a0
associates
\u00a0
and
\u00a0
joint
\u00a0
ventures
7
7
Advances
\u00a0
paid
\u00a0
to
\u00a0
the
\u00a0
associates
\u00a0
and
\u00a0
joint
\u00a0
ventures
16
4
Payables
\u00a0
to
\u00a0
the
\u00a0
associates
\u00a0
and
\u00a0
joint
\u00a0
ventures
7
4
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:743700G7A9J1PHM3X223", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "ID_12": { "value": "
7.3.
\u00a0
AUDITORS\u2019
\u00a0
FEES
\u00a0
AND
\u00a0
SERVICES
The
\u00a0
following
\u00a0
remuneration
\u00a0
was
\u00a0
paid
\u00a0
to
\u00a0
auditors
\u00a0
and
\u00a0
accounting
\u00a0
firms
\u00a0
for
\u00a0
audits
\u00a0
based
\u00a0
on
\u00a0
applicable
\u00a0
legislation
and
\u00a0
for
\u00a0
other
\u00a0
services.
In
\u00a0
2022,
\u00a0
the
\u00a0
AGM
\u00a0
appointed
\u00a0
the
\u00a0
audit
\u00a0
firm
\u00a0
PricewaterhouseCoopers
\u00a0
Oy
\u00a0
as
\u00a0
W\u00e4rtsil\u00e4
\u00a0
Corporation's
\u00a0
auditor.
PricewaterhouseCoopers
\u00a0
Oy
\u00a0
has
\u00a0
provided
\u00a0
non-audit
\u00a0
services
\u00a0
totalling
\u00a0
EUR
\u00a0
0.2
\u00a0
million
\u00a0
to
\u00a0
entities
\u00a0
of
\u00a0
W\u00e4rtsil\u00e4
Group.
\u00a0
These
\u00a0
services
\u00a0
included
\u00a0
tax
\u00a0
services
\u00a0
(EUR
\u00a0
0.1
\u00a0
million)
\u00a0
and
\u00a0
minor
\u00a0
amount
\u00a0
related
\u00a0
to
\u00a0
other
\u00a0
services.
-
2022
2021
MEUR
PwC
Others
PwC
Others
Audit
3.6
1.3
3.6
0.8
Tax
\u00a0
advisory
0.1
0.5
0.2
0.1
Other
\u00a0
services
0.0
0.0
0.0
0.0
Total
3.8
1.9
3.9
1.0
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:743700G7A9J1PHM3X223", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "ID_11": { "value": "
7.4.
\u00a0
EVENTS
\u00a0
AFTER
\u00a0
THE
\u00a0
REPORTING
\u00a0
PERIOD
In
\u00a0
October,
\u00a0
W\u00e4rtsil\u00e4
\u00a0
announced
\u00a0
that,
\u00a0
effective
\u00a0
as
\u00a0
of
\u00a0
1
\u00a0
January
\u00a0
2023,
\u00a0
W\u00e4rtsil\u00e4
\u00a0
Voyage
\u00a0
Business
\u00a0
will
\u00a0
be
integrated
\u00a0
into
\u00a0
W\u00e4rtsil\u00e4
\u00a0
Marine
\u00a0
Power
\u00a0
Business
\u00a0
as
\u00a0
a
\u00a0
business
\u00a0
unit
\u00a0
to
\u00a0
strengthen
\u00a0
end-to-end
\u00a0
offering
\u00a0
and
\u00a0
to
accelerate
\u00a0
net
\u00a0
sales.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:743700G7A9J1PHM3X223", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } } } }