Timo Ala-Heikkilä

“This would not have been possible without the incredible flexibility and dedication of every single employee. A wholehearted thank you – 485 times over.”

Here are our 2020 key figures:


121.7 M€

Operating Margin (EBITDA)

4.6 M€

Operating Profit (EBIT)

2.2 M€


118.7 M€

Net Profit

2.1 M€

Cash Flow

6.4 M€

Petri Mäkinen

Our CFO Petri Mäkinen is pleased with the long-term improvement of the corporate finances:

“The fact that we were able to turn the net result and increase it manyfold from the year before is a great achievement and something that everyone at VEO should be extremely proud of.”

Jukka Nurmi

"Last year, I needed to travel four times to Norway for commissioning. Going on a journey as the world shut down because of the pandemic was a little scary as the situation was new and included uncertainty. However, everything was well planned, so all commissions and test runs went smoothly and safely.”

Jukka Nurmi

Technical Expert

Jouko Linjamäki

"The best thing in 2020 was that despite the twists and turns, we honoured our contracts and got the work done. It was also great to see how the atmosphere remained positive on site, and that the exceptional circumstances further increased the team spirit between the different actors."

Jouko Linjamäki

Technical Expert

Jari Vataja

Jari Vataja, Vice President, Power Generation, thanks the team, especially those who travelled:

"Without the devotion and courage of our people, we would not have been able to deliver on our promises and be where we are today.”

Ralf Soderholm

"In several projects, the design and testing overlapped, causing quite a rush. But thanks to splendid teamwork, we were able to respond well to different situations and managed to carry out a large number of projects excellently."

Ralf Söderholm

Engineering Manager 

VEO_Aleksi Peltola_500x500px

"Despite the massive workload, it was extremely nice to see great successes, superb teamwork and dedication to the projects from the entire personnel."

Aleksi Peltola

Head of Project Management

Ari Patsi

"2020 was a record year for modular substation deliveries, measured in both the number of units and square metres. The largest substation we have in the pipeline is already over 400 m2 in size.”

Ari Pätsi

Development and Sales Support Manager

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"Bringing together VEO’s system expertise and our knowledge of local requirements and way of working has allowed for better synergies than anyone could have wished for.”

Willy Palm & Andreas Yttermark

Founders of TT360

Fredrik Grankull

Fredrik Grankull, Vice President of Power Distribution, is proud of the business unit’s accomplishments and thankful for the teams’ phenomenal input:

“The Power Distribution teams worked more efficiently than ever before and managed to build a stronger and more international foundation for the future.”

Marko Viinonen

"The Singapore delivery got off to a rapid start. But just as we had got our machines up and running, as they say, the plans had to be changed because of the coronavirus. In projects of this size, even small changes cause a lot of work.”

Marko Viinonen

Project Manager, Singapore

Matias Ringvall

"A medium-voltage switchgear entity was also delivered to Neste in Singapore at the same time as the low-voltage delivery. At VEO, we are used to having several different-sized projects running simultaneously, so from that standpoint, the situation was business as usual. However, both projects were larger in volume than average, which made them particularly laborious.”

Matias Ringvall

Project Manager, Singapore

Seppo Peratalo

"Neste is one of the world's most significant developer of biofuels and does notable global work for sustainable development. Therefore, I'm really grateful that we at VEO have had the privilege to cooperate with Neste for almost twenty years already."

Seppo Perätalo

Key Account Manager

Visa Yliluoma

Visa Yliluoma, Executive Vice President, Marketing and Sales, attributes the 2020 successes to the team’s fighting spirit:

“We are very grateful to our amazing people, who are so important to us. Meeting our customers’ needs last year would have been impossible without them.”

Tero Vainionpää

"The year included several massive deliveries, and from time to time, the situation in production was tight due to the overlap of projects. However, with a good team spirit, we got everything done on schedule. I would argue that not everyone is capable of such a performance. This also had a positive impact on our professional pride."

Tero Vainionpää

Production Manager, Singapore LV project

Marko Silvennoinen

“One of our most successful solutions was to lease another production facility for FAT testing. We received a lot of positive feedback from both customers and our own inspectors about this arrangement which provided not only more space but also peaceful working conditions."

Marko Silvennoinen

Chief Shop Steward

Terhi Anttila Storas

"2020 was really busy, but a year of learning as well. Large projects provided an opportunity to test the effectiveness of process improvement actions, practise new approaches and see the benefits they bring. All this required an atmosphere of working together, and in my opinion, we succeeded excellently."

Terhi Antila-Storås

Logistics Manager

Mikko Tolvanen

Mikko Tolvanen, Director of VEO’s switchgear factory, praises the employees:

“The fact that our production was able to perform so well and even improve its efficiency, despite the global challenges, is quite remarkable.”

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“By the end of March we had produced, reviewed and sent out documentation to advise and allow our site teams to approach the unique situation for all our active projects”

Shaun Marriott

Engineering Director, I.C. Electrical Ltd

Pat Radford

“I was safe in the knowledge that the company was going above and beyond what was recommended to ensure the health and safety of its employees.”

Pat Radford

Site Manager, I.C. Electrical Ltd

Tim McNeilly

Tim McNeilly, Managing Director at I.C. Electrical, praises the hard-working UK staff but wants to point out the importance of the parent company:

“Our greatest gratitude is towards the VEO Group that had their arms around us in the darkest of times. I have never felt a stronger togetherness.”

Mauri Holma

“On behalf of the board, I would like to warmly thank the entire VEO staff for their excellent performance under quite different and challenging circumstances."

Mauri Holma, Chairman of the Board