Dear all,

 

I am pleased to present our annual report for the year 2022. Despite a challenging first half of the year, with inflation having an impact on our project profitability, I am proud to say that VEO was able to turn things around.  

 

Our renewed organisation brought additional efficiency to our operative work, and we continued to make improvements in our project management and sales work, thereby mitigating the impact of inflation on our profitability. Our team was also quick to adapt to the changing market conditions. They focused on new sales, which resulted in a record order backlog for 2023, valued at 84 MEUR, giving us a phenomenal outlook for the year ahead. 

 

Committed to drive meaningful change 

 

In times when Europe is accelerating its efforts to phase out fossil fuels, VEO’s expertise is more relevant than ever. 55 % of our projects are already supporting the energy transition and that number keeps growing. 

 

We make sure to practise what we preach and have a strategic aim to have carbon-neutral operations by 2030. In this important mission, every employee is important. We strive to make sure that everyone at VEO can carry out this mission in a work environment which is open, fair and honest.  

 

Solid experience combined with an innovative approach 

 

In addition to having decades of experience in integrating renewable energies to the grid, we integrate and optimise low-emission solutions around our clients’ projects, utilising energy-storage, hybrid, carbon-capture and hydrogen-based technologies. 

 

One of the highlights of 2022 was when we got to see our latest R&D innovation in operational use. Our hybrid turbine governor combines hydropower with energy storage technologies, allowing for swift grid support. Such solutions are significant when increased levels of renewable energy sources are introduced.  

 

Positioned for growth on global energy markets 

 

All our business segments and countries are experiencing growth. We are particularly thrilled about the success we have seen in the UK, which gives us confidence that markets beyond the Nordics are ready for VEO’s expertise. VEO is well-positioned to play a significant role in the development of smart national grids in any country. 

 

Finally, I want to express my deepest gratitude to the people at VEO. Your flexibility, drive and dedication are the renewable energies that fuel our journey. 

 

Sincerely, 

Timo Ala-Heikkilä 

CEO