{"id":619,"date":"2021-04-26T09:46:03","date_gmt":"2021-04-26T06:46:03","guid":{"rendered":"https:\/\/ar.veo.fi\/2020\/?page_id=619"},"modified":"2021-05-11T13:09:23","modified_gmt":"2021-05-11T10:09:23","slug":"finance","status":"publish","type":"page","link":"https:\/\/ar.veo.fi\/2020\/finance\/","title":{"rendered":"Finance"},"content":{"rendered":"

T<\/span><\/b>he\u00a0<\/span><\/b>page<\/span><\/b>\u00a0<\/span><\/b>has turned<\/span><\/b>\u00a0<\/span><\/b>\u00a0<\/span><\/h1>\n

\u00a0<\/span><\/p>\n

From an operative point of view,\u00a0VEO\u2019s\u00a0year 2020\u00a0and\u00a0net\u00a0result\u00a0were\u00a0historic.\u00a0The company\u00a0had\u00a0one\u00a0of the best\u00a0years\u00a0ever\u00a0in terms of\u00a0profitability and\u00a0cash flow.\u00a0<\/strong><\/p>\n

For VEO\u2019s CFO\u00a0<\/span>Petri M\u00e4ki<\/span><\/b>nen<\/span><\/b>, the long-term development of corporate finance shows that VEO\u00a0<\/span>has finally<\/span>\u00a0<\/span>turned<\/span>\u00a0the\u00a0<\/span>page<\/span>\u00a0on<\/span>\u00a0both<\/span>\u00a0the deficit\u00a0<\/span>of<\/span>\u00a0<\/span>2018 and<\/span>\u00a0drastic\u00a0<\/span>restructuring<\/span>\u00a0in 2019<\/span>.\u00a0<\/span>\u00a0<\/span>\u00a0<\/span><\/p>\n

Improved profitability<\/span><\/b>\u00a0<\/span><\/h2>\n

In 2020<\/span>\u00a0<\/span>VEO\u00a0<\/span>re<\/span>claimed<\/span>\u00a0<\/span>its<\/span>\u00a0<\/span>position<\/span>\u00a0<\/span>as a profitable\u00a0<\/span>company.<\/span>\u00a0<\/span>\u00a0<\/span><\/p>\n

\u201c<\/span>Th<\/span>is was the result of\u00a0<\/span>our<\/span>\u00a0<\/span>employees<\/span>\u2019<\/span>\u00a0dedication to their work<\/span>.\u00a0<\/span>Our\u00a0<\/span>f<\/span>inance<\/span>\u00a0team<\/span>\u00a0was able to define and implement\u00a0<\/span>a\u00a0<\/span>significant improvement in terms of KPI<\/span>s<\/span>\u00a0and\u00a0<\/span>financ<\/span>ial<\/span>\u00a0<\/span>reporting\u00a0<\/span>on\u00a0<\/span>a\u00a0<\/span>quarterly level<\/span>, which<\/span>\u00a0enabled VEO to monitor and\u00a0<\/span>analy<\/span>s<\/span>e\u00a0<\/span>its operations<\/span>\u00a0closely<\/span>\u00a0and take\u00a0<\/span>the necessary\u00a0<\/span>corrective measures when needed<\/span>,\u201d<\/span>\u00a0<\/span>says\u00a0<\/span>M\u00e4ki<\/span>nen<\/span>\u00a0<\/span>before continuing<\/span>:<\/span>\u00a0<\/span><\/p>\n

\u201c<\/span>The fact that we were able to turn<\/span>\u00a0<\/span>the<\/span>\u00a0net result<\/span>\u00a0and increase it\u00a0<\/span>man<\/span>y<\/span>fold from the year before<\/span>\u00a0is a great achievement. 2<\/span>.<\/span>1<\/span>\u00a0million\u00a0<\/span>EUR\u00a0<\/span>in 2020 is something that\u00a0<\/span>everyone at<\/span>\u00a0VEO should be extremely proud of.<\/span>\u201d<\/span>\u00a0<\/span><\/p>\n

The<\/span>\u00a0impr<\/span>o<\/span>ved<\/span>\u00a0<\/span>profitability <\/span>provides<\/span>\u00a0an<\/span>\u00a0excellent starting point for\u00a0<\/span>VEO\u2019s<\/span>\u00a05-year-strategy work, which\u00a0<\/span>began<\/span>\u00a0in<\/span>\u00a0late<\/span>\u00a0<\/span>2020 and will be finished <\/span>by<\/span>\u00a0the<\/span>\u00a0<\/span>mid<\/span>dle<\/span>\u00a0of<\/span>\u00a02021.\u00a0<\/span>Petri\u00a0<\/span>M\u00e4ki<\/span>nen<\/span>\u00a0sees\u00a0<\/span>the\u00a0<\/span>significantly improved profitability<\/span>\u00a0as\u00a0<\/span>an outcome\u00a0<\/span>of the employees\u2019\u00a0<\/span>persev<\/span>e<\/span>r<\/span>a<\/span>nce<\/span>\u00a0and devotion<\/span>,\u00a0<\/span>along with a systematic development of purchasing operations and cost savings\u00a0<\/span>especially\u00a0<\/span>related to travel.<\/span>\u00a0<\/span>\u201c<\/span>Despite\u00a0<\/span>the uncertainty caused by COVID-19<\/span>\u00a0<\/span>and its<\/span>\u00a0negative<\/span>\u00a0<\/span>impact\u00a0<\/span>for certain businesses<\/span>, VEO<\/span>\u2019s employees<\/span>\u00a0<\/span>were<\/span>\u00a0<\/span>still\u00a0<\/span>able\u00a0<\/span>to improve\u00a0<\/span>their<\/span>\u00a0productivity\u00a0<\/span>as well as the<\/span>\u00a0project profitability during the year<\/span>.<\/span>\u00a0<\/span>The record-high opening backlog for 2021\u00a0<\/span>provides<\/span>\u00a0us\u00a0<\/span>with\u00a0<\/span>promising prospects for<\/span>\u00a0the<\/span>\u00a0future as well<\/span>\u201d<\/span>.<\/span>\u00a0<\/span><\/p>\n

Securing liquidity<\/span><\/b>\u00a0<\/span><\/h2>\n

Another<\/span>\u00a0<\/span>remarkable 2020\u00a0<\/span>key figure<\/span>\u00a0<\/span>was<\/span>\u00a0the<\/span>\u00a0VEO group cash flow.<\/span>\u00a0<\/span>The<\/span>\u00a0<\/span>net cash flow of\u00a0<\/span>EUR\u00a0<\/span>6.<\/span>4<\/span>\u00a0<\/span>million<\/span>\u00a0<\/span>was\u00a0<\/span>the\u00a0<\/span>sum of numerous measures<\/span>, such as<\/span>\u00a0<\/span>negotiating projects with better payment terms,\u00a0<\/span>setting a goal for stock turnover, reducing the inventory<\/span>,<\/span>\u00a0and enhancing the recovery of receivables<\/span>.<\/span>\u00a0<\/span>\u00a0<\/span><\/p>\n

\u201c<\/span>I<\/span>n\u00a0<\/span>S<\/span>pring\u00a0<\/span>2020<\/span>\u00a0we decided,<\/span>\u00a0due to the pandemic, to actively seek measures<\/span>\u00a0to\u00a0<\/span>secure the company\u2019s liquidity<\/span>,<\/span>\u00a0<\/span>which<\/span>\u00a0<\/span>we succeeded<\/span>\u00a0to do<\/span>\u00a0excellent<\/span>ly<\/span>,\u201d\u00a0<\/span>M\u00e4ki<\/span>nen<\/span>\u00a0<\/span>says\u00a0<\/span>with\u00a0<\/span>satisf<\/span>action<\/span>.\u00a0<\/span>\u00a0<\/span><\/p>\n

B<\/span><\/b>etter\u00a0<\/span><\/b>economic\u00a0<\/span><\/b>outlook<\/span><\/b>\u00a0<\/span><\/b>\u00a0<\/span><\/h2>\n

Year 2020 was<\/span>\u00a0also<\/span>\u00a0the first<\/span>\u00a0complete<\/span>\u00a0year with more extensive\u00a0<\/span>financ<\/span>ial<\/span>\u00a0<\/span>reporting.<\/span>\u00a0<\/span>The quarterly\u00a0<\/span>financial<\/span>\u00a0<\/span>report<\/span>ing<\/span>\u00a0<\/span>concerning<\/span>\u00a0<\/span>each business unit as well as\u00a0<\/span>the whole\u00a0<\/span>VEO group\u00a0<\/span>provided<\/span>\u00a0<\/span>accurate<\/span>\u00a0data for\u00a0<\/span>the\u00a0<\/span>company\u2019s decision-making<\/span>\u00a0and enabled<\/span>\u00a0correctiv<\/span>e<\/span>\u00a0<\/span>fact<\/span>–<\/span>based decision<\/span>s<\/span>.\u00a0<\/span>\u00a0<\/span><\/p>\n

\u201cI feel that\u00a0<\/span>the<\/span>\u00a0financ<\/span>e<\/span>\u00a0team has succeeded in building a circle of trust with our business units<\/span>.<\/span>\u00a0A m<\/span>utual respect<\/span>\u00a0<\/span>enable<\/span>s<\/span>\u00a0smooth cooperation<\/span>.<\/span>\u00a0Year 2020 showed that\u00a0<\/span>fact<\/span>–<\/span>based financial data enabled us to make correct decision<\/span>s<\/span>\u00a0faster and\u00a0<\/span>helped\u00a0<\/span>us\u00a0<\/span>to deliver one of the best results in the history of VEO.<\/span>\u00a0\u00a0<\/span>\u00a0<\/span><\/p>\n

A p<\/span><\/b>romising end\u00a0<\/span><\/b>to<\/span><\/b>\u00a02020<\/span><\/b>\u00a0<\/span><\/h2>\n

After\u00a0<\/span>a<\/span>\u00a0<\/span>silent autumn in<\/span>\u00a0<\/span>business industr<\/span>ies<\/span>\u00a0d<\/span>u<\/span>e to the global pandemic<\/span>, VEO\u00a0<\/span>has<\/span>\u00a0<\/span>now\u00a0<\/span>started to\u00a0<\/span>receive good signs of a new\u00a0<\/span>up<\/span>swing<\/span>\u00a0at the\u00a0<\/span>end of the\u00a0<\/span>year.\u00a0<\/span>VEO<\/span>\u00a0<\/span>entered 2021 with an<\/span>\u00a0<\/span>opening backlog\u00a0<\/span>that had grown<\/span>\u00a0<\/span>20%<\/span>\u00a0compared to\u00a0<\/span>last year.\u00a0<\/span>
\n\u201cThe good news for VEO\u2019s employees is that there\u00a0<\/span>is<\/span>\u00a0much work to\u00a0<\/span>do<\/span>\u00a0in 2021<\/span>\u00a0due to\u00a0<\/span>the\u00a0<\/span>strong order backlog<\/span>.\u00a0<\/span>Year 2020 showed that we<\/span>\u00a0are<\/span>\u00a0definitely going\u00a0<\/span>in<\/span>\u00a0<\/span>the\u00a0<\/span>right direction and need to continue our good work<\/span>\u00a0<\/span>of<\/span>\u00a0further developing our operations and processes<\/span>.<\/span>\u00a0This<\/span>\u00a0will\u00a0<\/span>enabl<\/span>e\u00a0<\/span>profita<\/span>bility<\/span>\u00a0<\/span>grow<\/span>th<\/span>\u00a0<\/span>in<\/span>\u00a0the<\/span>\u00a0future<\/span>\u201d,\u00a0<\/span>states\u00a0<\/span>M\u00e4kinen.<\/span>\u00a0<\/span>\u00a0<\/span><\/p>\n

O<\/span>ne of the first milestones\u00a0<\/span>i<\/span>n\u00a0<\/span>VEO\u2019s 5-year-strategy<\/span>\u00a0<\/span>is to further increase the company\u2019s profitability.\u00a0<\/span>This<\/span>\u00a0means that the company aims to double its\u00a0<\/span>net result percentage.<\/span>\u00a0<\/span><\/p>\n

\u201cAlthough we still have many things to improve and a long way to go, we now know<\/span>,<\/span>\u00a0<\/span>after\u00a0<\/span>the\u00a0<\/span>success<\/span>\u00a0of\u00a0<\/span>y<\/span>ear 2020<\/span>,<\/span>\u00a0<\/span>that VEO has\u00a0<\/span>talented and\u00a0<\/span>dedicated<\/span>\u00a0<\/span>employees<\/span>, who will\u00a0<\/span>together\u00a0<\/span>enabl<\/span>e<\/span>\u00a0<\/span>the company\u2019s\u00a0<\/span>further improve<\/span>ment<\/span>,\u201d concludes\u00a0<\/span>M\u00e4kinen<\/span>.\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

The\u00a0page\u00a0has turned\u00a0\u00a0 \u00a0 From an operative point of view,\u00a0VEO\u2019s\u00a0year 2020\u00a0and\u00a0net\u00a0result\u00a0were\u00a0historic.\u00a0The company\u00a0had\u00a0one\u00a0of the best\u00a0years\u00a0ever\u00a0in terms of\u00a0profitability and\u00a0cash flow.\u00a0 For VEO\u2019s CFO\u00a0Petri M\u00e4kinen, the long-term development of corporate finance shows that VEO\u00a0has finally\u00a0turned\u00a0the\u00a0page\u00a0on\u00a0both\u00a0the deficit\u00a0of\u00a02018 and\u00a0drastic\u00a0restructuring\u00a0in 2019.\u00a0\u00a0\u00a0 Improved profitability\u00a0 In 2020\u00a0VEO\u00a0reclaimed\u00a0its\u00a0position\u00a0as a profitable\u00a0company.\u00a0\u00a0 \u201cThis was the result of\u00a0our\u00a0employees\u2019\u00a0dedication to their work.\u00a0Our\u00a0finance\u00a0team\u00a0was able to define and implement\u00a0a\u00a0significant improvement in […]<\/p>\n","protected":false},"author":17,"featured_media":616,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_acf_changed":false,"footnotes":""},"class_list":["post-619","page","type-page","status-publish","has-post-thumbnail","hentry"],"acf":[],"yoast_head":"\nFinance - 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