VEO Annual Report CEO Timo Ala-Heikkilä

“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.”

Timo Ala-Heikkilä


VEO’s 2021 in numbers


124.8 M€

Operating Margin (EBITDA)

4.6 M€

Operating Profit (EBIT)

2.3 M€


103.2 M€

Net Profit

1.4 M€

Net Cash Flow

1.0 M€

VEO Annual Report CFO Petri Mäkinen

“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


VEO Annual Report Jarkko Aro

“We are thankful for the contributions from all the parties involved in the strategy work.”

Jarkko Aro

Head of Marketing and Business Development


“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

VEO Annual Report Visa Yliluoma

“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

VEO Annual Report Fredrik Grankull

“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

MicrosoftTeams-image (80)

“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

VEO Annual Report Seppo Hatunen

“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 Annual Report Tim McNeilly

“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 Annual Report Mats Warg

“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

VEO Annual Report Kim Råholm

“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

VEO Annual Report Piia Tuliniemi

“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

VEO Annual Report William Thao

“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.

VEO Annual Report Rune Höiem

“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.

VEO Annual Report Ville Vieri

“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.

Mauri Holma

”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