{"id":83,"date":"2020-05-28T08:12:49","date_gmt":"2020-05-28T05:12:49","guid":{"rendered":"https:\/\/ar.veo.fi\/2020\/?page_id=83"},"modified":"2024-11-14T11:03:42","modified_gmt":"2024-11-14T09:03:42","slug":"cfos-review","status":"publish","type":"page","link":"https:\/\/ar.veo.fi\/2023\/cfos-review\/","title":{"rendered":"CFO’S REVIEW"},"content":{"rendered":"

New CFO in the middle of exceptional financial period<\/h1>\n

The <\/span>financial<\/span> period <\/span>reviewed <\/span>in this annual report was exceptional <\/span>in many ways<\/span><\/span>.<\/span><\/h4>\n

 <\/p>\n

Extended financial period<\/h2>\n

 <\/p>\n

First<\/span>ly<\/span>, the<\/span> financial<\/span> period <\/span>was particularly long<\/span>. It lasted<\/span> 18 months, instead of the usual 12 months.<\/span><\/span><\/p>\n

 <\/p>\n

“The reason for the extension of the <\/span>financial<\/span> period was the uncertainty <\/span>around<\/span> one specific project.\u202fThe project was already <\/span>large scoped<\/span> in the <\/span>beginning but<\/span> grew <\/span>from the original scope <\/span>by more than 40 per cent during the delivery.\u202f<\/span>The commercial negotiations<\/span> related to the <\/span>additional<\/span> work o<\/span>f<\/span> the project <\/span>were scheduled for late February 2024<\/span>, which would have forced us to <\/span>close the <\/span>f<\/span>inancial<\/span> period<\/span> at the end of 2023 <\/span>with insufficient information and extremely conservative assumptions<\/span>,\u201d<\/span> explains <\/span>Outi M\u00e4ntyl\u00e4<\/span><\/b>, CFO of VEO.<\/span>\u00a0<\/span><\/p>\n

\u202f<\/span>\u00a0<\/span><\/p>\n

M\u00e4ntyl\u00e4 <\/span>started in her<\/span> new role as VEO<\/span>\u2019<\/span>s <\/span>chief financial officer<\/span> in the mi<\/span>ddle <\/span>of <\/span>this<\/span> exceptional <\/span>situation but <\/span>says that extending the <\/span>financial<\/span> period has turned out to be a <\/span>wise <\/span>decision<\/span>.<\/span><\/span><\/p>\n

 <\/p>\n

“The <\/span>commercial closing of\u202f<\/span>the <\/span>project in question w<\/span>as<\/span> held at the beginning of 2024 and <\/span>we were able to recognise the full project with additional revenue during this 18-month <\/span>financial<\/span> period<\/span>,” M\u00e4ntyl\u00e4 says.<\/span><\/span><\/p>\n

 <\/p>\n

Record breaking results<\/h2>\n

 <\/p>\n

Although the figures of this extraordinary <\/span>financial<\/span> period are not directly proportional to <\/span>VEO\u2019s <\/span>previous years, one thing is certain: <\/span>the results are excellent.<\/span><\/span><\/p>\n

 <\/p>\n

“<\/span>Even though <\/span>one of our subsidiaries <\/span>struggled with profitability<\/span> mainly due to the project described earlier, <\/span>we can be pleased with the positive results achieved<\/span>, <\/span>e<\/span>specially<\/span> in our <\/span>Nordic operations.<\/span>\u202fWe broke many records during the <\/span>financial<\/span> period<\/span>: record<\/span>–<\/span>high turnover<\/span> and <\/span>profit, <\/span>record-high margin for<\/span> orders received <\/span>as well as the <\/span>highest cash peaks in the company<\/span>\u2019<\/span>s history<\/span>.\u202fThese are results we can all be proud of.”<\/span><\/span><\/span><\/p>\n

 <\/p>\n

\"VEO<\/p>\n

<\/h2>\n

Profitable organisational change<\/h2>\n

 <\/p>\n

One of the major factors behind the results is an <\/span>organi<\/span>s<\/span>ational change made at the turn of 2022 and 2023, combining three separate business units into <\/span>one united profit responsible VEO<\/span>.\u202f<\/span><\/span><\/p>\n

 <\/p>\n

“By working as one VEO, we are more efficient, have <\/span>clear<\/span>er<\/span> leadership structures<\/span>, are able to focus on profitable projects and serve our customers better.\u202fThrough these development efforts, the profitability at the core of our strategy has improved significantly.\u201d<\/span><\/span>\u00a0<\/span><\/p>\n

\u202f<\/span>\u00a0<\/span><\/p>\n

Even though the direction is right, it still takes continuous work to <\/span>get the<\/span> organi<\/span>s<\/span>ational change<\/span> fully implemented<\/span>.<\/span><\/span><\/p>\n

 <\/p>\n

“We are now <\/span>analy<\/span>s<\/span>ing profitability in customer segment and market area level, which enables us to make corrective actions in much more <\/span>agile ways <\/span>than before<\/span>.\u202f<\/span>In my opinion, <\/span>the<\/span> outstanding performance<\/span> we saw in this <\/span>financial<\/span> period<\/span> is <\/span>an indication<\/span> that VEO has <\/span>a very positive<\/span> outlook for the future and all the opportunities for <\/span>strong growth<\/span> as well.\u202fHowever, <\/span>in the near future<\/span>, our goal is to systematically <\/span>improve our <\/span>bottom line<\/span> year<\/span>–<\/span>over<\/span>–<\/span>year<\/span>.\u201d<\/span><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

New CFO in the middle of exceptional financial period The financial period reviewed in this annual report was exceptional in many ways.   Extended financial period   Firstly, the financial period was particularly long. It lasted 18 months, instead of the usual 12 months.   “The reason for the extension of the financial period was […]<\/p>\n","protected":false},"author":12,"featured_media":0,"parent":0,"menu_order":2,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_acf_changed":false,"footnotes":""},"class_list":["post-83","page","type-page","status-publish","hentry"],"acf":[],"yoast_head":"\nCFO'S REVIEW - Annual Report 2023<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ar.veo.fi\/2023\/cfos-review\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"CFO'S REVIEW - Annual Report 2023\" \/>\n<meta property=\"og:description\" content=\"New CFO in the middle of exceptional financial period The financial period reviewed in this annual report was exceptional in many ways.   Extended financial period   Firstly, the financial period was particularly long. It lasted 18 months, instead of the usual 12 months.   “The reason for the extension of the financial period was […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/ar.veo.fi\/2023\/cfos-review\/\" \/>\n<meta property=\"og:site_name\" content=\"Annual Report 2023\" \/>\n<meta property=\"article:modified_time\" content=\"2024-11-14T09:03:42+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/ar.veo.fi\/2023\/wp-content\/uploads\/sites\/10\/2024\/09\/veo-quote-outi-1080x1080px-1024x1024.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1024\" \/>\n\t<meta property=\"og:image:height\" content=\"1024\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data1\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/ar.veo.fi\\\/2023\\\/cfos-review\\\/\",\"url\":\"https:\\\/\\\/ar.veo.fi\\\/2023\\\/cfos-review\\\/\",\"name\":\"CFO'S REVIEW - Annual Report 2023\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/ar.veo.fi\\\/2023\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/ar.veo.fi\\\/2023\\\/cfos-review\\\/#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/ar.veo.fi\\\/2023\\\/cfos-review\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/ar.veo.fi\\\/2023\\\/wp-content\\\/uploads\\\/sites\\\/10\\\/2024\\\/09\\\/veo-quote-outi-1080x1080px-1024x1024.jpg\",\"datePublished\":\"2020-05-28T05:12:49+00:00\",\"dateModified\":\"2024-11-14T09:03:42+00:00\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/ar.veo.fi\\\/2023\\\/cfos-review\\\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/ar.veo.fi\\\/2023\\\/cfos-review\\\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/ar.veo.fi\\\/2023\\\/cfos-review\\\/#primaryimage\",\"url\":\"https:\\\/\\\/ar.veo.fi\\\/2023\\\/wp-content\\\/uploads\\\/sites\\\/10\\\/2024\\\/09\\\/veo-quote-outi-1080x1080px.jpg\",\"contentUrl\":\"https:\\\/\\\/ar.veo.fi\\\/2023\\\/wp-content\\\/uploads\\\/sites\\\/10\\\/2024\\\/09\\\/veo-quote-outi-1080x1080px.jpg\",\"width\":1080,\"height\":1080,\"caption\":\"VEO quote Outi\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/ar.veo.fi\\\/2023\\\/cfos-review\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/ar.veo.fi\\\/2023\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"CFO’S REVIEW\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/ar.veo.fi\\\/2023\\\/#website\",\"url\":\"https:\\\/\\\/ar.veo.fi\\\/2023\\\/\",\"name\":\"Annual Report 2023\",\"description\":\"VEO Annual Report 2023\",\"publisher\":{\"@id\":\"https:\\\/\\\/ar.veo.fi\\\/2023\\\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/ar.veo.fi\\\/2023\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\\\/\\\/ar.veo.fi\\\/2023\\\/#organization\",\"name\":\"VEO Oy\",\"url\":\"https:\\\/\\\/ar.veo.fi\\\/2023\\\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/ar.veo.fi\\\/2023\\\/#\\\/schema\\\/logo\\\/image\\\/\",\"url\":\"https:\\\/\\\/ar.veo.fi\\\/2023\\\/wp-content\\\/uploads\\\/sites\\\/10\\\/2021\\\/04\\\/veo-rgb.png\",\"contentUrl\":\"https:\\\/\\\/ar.veo.fi\\\/2023\\\/wp-content\\\/uploads\\\/sites\\\/10\\\/2021\\\/04\\\/veo-rgb.png\",\"width\":803,\"height\":366,\"caption\":\"VEO Oy\"},\"image\":{\"@id\":\"https:\\\/\\\/ar.veo.fi\\\/2023\\\/#\\\/schema\\\/logo\\\/image\\\/\"}}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"CFO'S REVIEW - Annual Report 2023","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/ar.veo.fi\/2023\/cfos-review\/","og_locale":"en_US","og_type":"article","og_title":"CFO'S REVIEW - Annual Report 2023","og_description":"New CFO in the middle of exceptional financial period The financial period reviewed in this annual report was exceptional in many ways.   Extended financial period   Firstly, the financial period was particularly long. It lasted 18 months, instead of the usual 12 months.   “The reason for the extension of the financial period was […]","og_url":"https:\/\/ar.veo.fi\/2023\/cfos-review\/","og_site_name":"Annual Report 2023","article_modified_time":"2024-11-14T09:03:42+00:00","og_image":[{"width":1024,"height":1024,"url":"https:\/\/ar.veo.fi\/2023\/wp-content\/uploads\/sites\/10\/2024\/09\/veo-quote-outi-1080x1080px-1024x1024.jpg","type":"image\/jpeg"}],"twitter_card":"summary_large_image","twitter_misc":{"Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/ar.veo.fi\/2023\/cfos-review\/","url":"https:\/\/ar.veo.fi\/2023\/cfos-review\/","name":"CFO'S REVIEW - Annual Report 2023","isPartOf":{"@id":"https:\/\/ar.veo.fi\/2023\/#website"},"primaryImageOfPage":{"@id":"https:\/\/ar.veo.fi\/2023\/cfos-review\/#primaryimage"},"image":{"@id":"https:\/\/ar.veo.fi\/2023\/cfos-review\/#primaryimage"},"thumbnailUrl":"https:\/\/ar.veo.fi\/2023\/wp-content\/uploads\/sites\/10\/2024\/09\/veo-quote-outi-1080x1080px-1024x1024.jpg","datePublished":"2020-05-28T05:12:49+00:00","dateModified":"2024-11-14T09:03:42+00:00","breadcrumb":{"@id":"https:\/\/ar.veo.fi\/2023\/cfos-review\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/ar.veo.fi\/2023\/cfos-review\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/ar.veo.fi\/2023\/cfos-review\/#primaryimage","url":"https:\/\/ar.veo.fi\/2023\/wp-content\/uploads\/sites\/10\/2024\/09\/veo-quote-outi-1080x1080px.jpg","contentUrl":"https:\/\/ar.veo.fi\/2023\/wp-content\/uploads\/sites\/10\/2024\/09\/veo-quote-outi-1080x1080px.jpg","width":1080,"height":1080,"caption":"VEO quote Outi"},{"@type":"BreadcrumbList","@id":"https:\/\/ar.veo.fi\/2023\/cfos-review\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/ar.veo.fi\/2023\/"},{"@type":"ListItem","position":2,"name":"CFO’S REVIEW"}]},{"@type":"WebSite","@id":"https:\/\/ar.veo.fi\/2023\/#website","url":"https:\/\/ar.veo.fi\/2023\/","name":"Annual Report 2023","description":"VEO Annual Report 2023","publisher":{"@id":"https:\/\/ar.veo.fi\/2023\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/ar.veo.fi\/2023\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/ar.veo.fi\/2023\/#organization","name":"VEO Oy","url":"https:\/\/ar.veo.fi\/2023\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/ar.veo.fi\/2023\/#\/schema\/logo\/image\/","url":"https:\/\/ar.veo.fi\/2023\/wp-content\/uploads\/sites\/10\/2021\/04\/veo-rgb.png","contentUrl":"https:\/\/ar.veo.fi\/2023\/wp-content\/uploads\/sites\/10\/2021\/04\/veo-rgb.png","width":803,"height":366,"caption":"VEO Oy"},"image":{"@id":"https:\/\/ar.veo.fi\/2023\/#\/schema\/logo\/image\/"}}]}},"_links":{"self":[{"href":"https:\/\/ar.veo.fi\/2023\/wp-json\/wp\/v2\/pages\/83","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ar.veo.fi\/2023\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/ar.veo.fi\/2023\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/ar.veo.fi\/2023\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/ar.veo.fi\/2023\/wp-json\/wp\/v2\/comments?post=83"}],"version-history":[{"count":77,"href":"https:\/\/ar.veo.fi\/2023\/wp-json\/wp\/v2\/pages\/83\/revisions"}],"predecessor-version":[{"id":1933,"href":"https:\/\/ar.veo.fi\/2023\/wp-json\/wp\/v2\/pages\/83\/revisions\/1933"}],"wp:attachment":[{"href":"https:\/\/ar.veo.fi\/2023\/wp-json\/wp\/v2\/media?parent=83"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}