“With the stamina and motivation that everyone at VEO is showing, I am confident we will continue to speed up the energy transition process, together with our clients.”
Annual Report 2021
Scroll down or use keyboard arrows to navigate
During 2021, VEO managed to take huge strides ahead by finetuning its processes and working relentlessly together as a group.
Timo Ala-Heikkilä
CEO
VEO’s 2021 in numbers
Turnover
124.8 M€
Operating Margin (EBITDA)
4.6 M€
Operating Profit (EBIT)
2.3 M€
Orders
103.2 M€
Net Profit
1.4 M€
Net Cash Flow
1.0 M€
“VEO’s EBIT improved for the third year in a row. Likewise, the net cash flow was decidedly positive for the second consecutive year.”
Petri Mäkinen
CFO
In 2021, VEO underwent a tremendous strategy process, engaging a broad front of employees as well as key clients to the strategy work.
VEO’s renewed vision, mission and values created a solid starting point for the work.
Mission: We create well-being through our expertise in the energy sector.
Vision: To deliver leading energy solutions for a sustainable future.
“We are thankful for the contributions from all the parties involved in the strategy work.”
Jarkko Aro
Head of Marketing and Business Development
VEO continued building efficient cross-border cooperation by implementing the right mix of project processes enhanced with local expertise.
Hydropower development in Sweden shows no sign of abating. In 2021, VEO secured large hydropower deals with several long-term clients and successfully established new client relations with major European renewable energy producers.
In Norway, return customer Bulk Infrastructure chose VEO for the electrification of the second phase of their Campus N01 data centre. The extension will bring the data centre closer to its aim of being the world’s largest data centre powered by 100% green energy.
“The electrification of the society will continue with full force and VEO is a major player in this arena. This is a journey that young engineers want to be part of, and we are more than happy to welcome them onboard.”
Viktor Forss
Vice President Nordics
For VEO’s business in Finland, 2021 will be remembered as the year when the company’s employees showed great commitment in overcoming unforeseen obstacles in exceptional times. In the end, VEO managed to deliver all projects to agreed time schedules.
“The proactivity that our people showed last year was better than ever before and the collaboration between our project teams, procurement and production was admirable.”
Visa Yliluoma
Production Director
Looking at VEO’s national and regional grid projects in Finland, 2021 was a year of fierce competition, but collaboration continued closely with long-term clients.
In 2021, wind power continued its growth in Finland, being one of VEO’s most successful business segments in the country and by far the strongest segment for the power distribution unit.
After a quiet 2020, when the heavy industry segment largely hit the brakes on investments, business bounced back in 2021 in the process industry segment, marking a successful year for VEO.
“VEO has been able to make new actors our clients thanks to our extensive list of references in all the Nordic countries and our experience in working with large wind parks and clients. We are seen as a trustworthy supplier with a great modular substation concept.”
Fredrik Grankull
Vice President, Substations and Power Distribution
“Our VEDA development project progressed side by side with our project deliveries last year, and we were happy to see that its motor control central upgrading project was successfully completed during 2021, adding more value for our customers.”
Jakob Lövdahl
Vice President, Industry
“The latter half of the year was busy to an extreme. This was seen especially in the engine power segment and the very promising hybrid power segment.”
Seppo Hatunen
Vice President, Power Generation
VEO’s UK-based branch I.C. Electrical Ltd. (ICE) made a remarkable recovery in 2021. After a tough 2020, ICE made an all-time high result and saw a massive order intake in 2021.
“I’m tremendously proud of the team, which made sure we not only survived, but came out stronger than before. We believed in our company and the VEO Group did the same. Having that belief is one of the key elements to why we had such enormous growth in 2021.”
Tim McNeilly
MD for ICE
VEO’s brand-new Automation unit combines all of VEO’s automation knowledge under one umbrella. The new unit had an eventful year with development work in hybridisation solutions and cyber security.
“Bringing together our automation experience, processes, and tools into one organisation makes us more efficient. Instead of developing our offering for separate needs in separate business units, we can now offer a well-working cross function for all our clients’ needs.”
Mats Warg
Director Automation
In 2021, VEO actively enhanced its processes and drew up detailed action plans to advance the company’s strategic goals in Health and Safety as well as Environmental and Quality targets (HSEQ).
VEO succeeded in reaching the “Level I – In the World’s Forefront of Safety” for the sixth year running.
“As part of our continuous process development, we increased and simplified the communication between different process stages, and introduced different check lists to improve quality.”
Kim Råholm
Development and HSEQ director
People are VEO’s most valuable asset, now and in the future.
Although COVID-precautions and restrictions stubbornly remained from the year before and set limitations to teamwork and physical meetings, VEO still managed to effectively create and implement its own hybrid work model.
“We need to be proactive and take care of our employees, who truly make our competitive edge. The prerequisite for VEO’s future growth is that the employees’ competences and skills are continuously maintained and developed to meet the needs of tomorrow.”
Piia Tuliniemi
HR Director
As a large, international employer, VEO can offer exciting opportunities for its employees. Every employee has a chance to improve their knowledge and abilities based on their individual goals.
“VEO is full of interesting and qualified workers with whom you can grow and develop your own knowledge”, says William Thao, System Engineer at VEO’s UK-based branch I.C. Electrical after a period of training at VEO’s headquarters in Vaasa, Finland.
“The will, the drive and the competence of the people here is unique. I am thankful and honoured to be part of VEO’s team”, says Rune Höiem, Project Manager at VEO in Sweden.
“Without VEO’s operations in multiple countries I would not have achieved the position I have today”, says Ville Vieri, Sales Manager for both VEO AS in Norway and VEO AB in Sweden.
”VEO is in good shape today and we can now return to the growth path in line with our new strategy. On behalf of the Board, I thank the entire staff for a job well done. Let's take VEO towards a bright future together.”
Mauri Holma
Chairman of the Board
