Our main focus during the year was to achieve profitability, which we managed splendidly. We could not have done it without working together for this common goal.

On behalf of the board, I would like to warmly thank all of VEO’s personnel for their excellent work during 2019. I think we can proceed very satisfactorily, based on what we achieved together last year.

At the Power Generation unit, 2019 was a year of significant and rewarding development.

Both VEO’s contract manufacturing and project-driven business finished the year 2019 with a lot of positive news to share.

The Power Distribution unit had a steady year sales-wise in its main markets in Finland, Sweden and Norway.

We had a clear direction of where we wanted to go when we started to develop the production – and we have done well as a result.

We made well-planned decisions and added new areas of skills and competence to our organisation.

The finance organisation now has a more active role to play in company decision-making, as we provide business management with more accurate financial and follow-up data.

During the year, ICE has evolved from being VEO’s British sales office to a more independent member of the VEO Group.