{"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":"2025-04-24T14:15:03","modified_gmt":"2025-04-24T11:15:03","slug":"cfos-review","status":"publish","type":"page","link":"https:\/\/ar.veo.fi\/2024\/cfos-review\/","title":{"rendered":"CFO’S REVIEW"},"content":{"rendered":"

Six months that crowned a historic year<\/h1>\n

Our previous annual report showed that the last, extended financial period was a success. Since then, that positive momentum has not only continued \u2014 it has steadily grown.<\/span><\/h4>\n

VEO has recently completed a series of financial periods that were irregular in length. The previous financial period was extended to 18 months due to uncertainties surrounding a project in one subsidiary. As a result, the financial period under review is exceptionally short, only six months, to allow VEO to return to a calendar-year-based reporting cycle going forward.<\/p>\n

\u201cDuring this six-month period, we achieved nearly the same result as in the previous 18-month financial period, which is a remarkable outcome. Internally, we have consistently monitored our financial performance based on calendar years, and from that perspective, there is every reason to celebrate. Financially, 2024 was the best year in VEO\u2019s history so far,\u201d VEO\u2019s CFO Outi M\u00e4ntyl\u00e4 notes.<\/p>\n

 <\/p>\n

Record results across three key areas<\/b><\/h2>\n

 <\/p>\n

Orders at an all-time high with strong margins<\/b><\/h3>\n

In 2024, VEO achieved record results on several areas. The total value of received orders, the margin in euros, and the margin percentage all reached the highest levels in the company\u2019s history. The order backlog entering 2025 was also at a record level in terms of value, margin, and margin percentage.<\/p>\n

\u201cThe Swedish market played a notable role in this growth. Sweden has traditionally accounted for around 10 per cent of the company\u2019s overall volume, but its share increased significantly in 2024. Orders from Sweden made up 25 per cent of all received orders and as much as 36 per cent of large projects. As the market has grown, we have already increased our investment in Sweden \u2013 including recruitments, additional resourcing, and the development of local expertise \u2013 and we will continue to do so to meet market needs and successfully execute the strong order backlog,\u201d M\u00e4ntyl\u00e4 says.<\/p>\n

 <\/p>\n

Record-high net profit<\/b><\/h3>\n

In 2024, VEO also delivered its highest-ever net profit. For the first time in its history, all four quarters of the calendar year were profitable, resulting in a record-breaking full-year result.<\/p>\n

\u201cA key factor behind this performance was a major organisational change implemented two years ago. The shift to a functional organisational structure brought us greater focus, more streamlined decision-making, improved efficiency and synergy savings.\u201d<\/p>\n

\u201cIn addition, the challenges faced in the UK in 2023, which led to the extension of the previous financial year, were resolved during 2024. The subsidiary successfully executed a true business turnaround in H1 2024, which laid the foundation for the strong, stable, and highly profitable performance that followed in H2 2024,\u201d M\u00e4ntyl\u00e4 explains.<\/p>\n

 <\/p>\n

Record liquidity and strong financial standing<\/b><\/h3>\n

In the calendar year, VEO\u2019s cumulative cash flow reached its highest level in the company\u2019s history, and the year was also closed with record-high cash levels.<\/p>\n

\u201cWe currently have a solid balance sheet, a high level of cash available for use, an excellent equity ratio and minimal external debt. Strong liquidity enables us to invest in our products, processes, and future growth. We currently manage our capital flexibly by investing in fixed income funds as part of our cash management process,\u201d M\u00e4ntyl\u00e4 says.<\/p>\n

 <\/p>\n

A solid foundation for renewal driven by courage<\/b><\/h2>\n

VEO\u2019s strong financial position has opened a new level of latitude and growth potential.<\/p>\n

\u201cThe profitability targets set in our previous strategy were reached ahead of schedule, and thus we are now refining our strategic direction,\u201d M\u00e4ntyl\u00e4 says.<\/p>\n

\u201cI\u2019m truly proud of how we, as a company, have delivered a major business turnaround and built a solid foundation of profitable operations. It\u2019s this success that now gives us the opportunity to elevate the company to an entirely new level. We have an incredible drive for renewal, and the perfect moment to rethink the current. I genuinely believe that, with this foundation, we can achieve meaningful progress towards our mission and help shape the future of energy,\u201d she concludes.<\/p>\n

 <\/p>\n

 <\/p>\n

 <\/p>\n

READ OUR CEO’s LETTER<\/strong><\/a><\/p>\n

 <\/p>\n

GO BACK TO MAIN PAGE<\/strong><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Six months that crowned a historic year Our previous annual report showed that the last, extended financial period was a success. Since then, that positive momentum has not only continued \u2014 it has steadily grown. VEO has recently completed a series of financial periods that were irregular in length. The previous financial period was extended […]<\/p>\n","protected":false},"author":12,"featured_media":1951,"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","has-post-thumbnail","hentry"],"acf":[],"yoast_head":"\nCFO'S REVIEW - Annual Report 2024<\/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\/2024\/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 2024\" \/>\n<meta property=\"og:description\" content=\"Six months that crowned a historic year Our previous annual report showed that the last, extended financial period was a success. 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