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ANNUAL REPORT 2014


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CONTENTS

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CEO’S REVIEW

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VEO 25 YEARS

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COOPERATION

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SEGMENTS

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CORE STRENGTHS

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SUBSTATIONS

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HYDROPOWER

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THERMAL POWER

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EXPERT SERVICES

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CORPORATE RESPONSIBILITY

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BOARD OF DIRECTORS’ REPORT 2014

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INCOME STATEMENT

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BALANCE SHEET

VEO ANNUAL REPORT 2014

SHARPENING THE EDGE 2014 WAS A YEAR during which a new operational model was implemented, processes were refined, and a set of key performance indicators for management and development purposes was created. These steps taken in order to streamline our activities and improve profitability, proved to be very successful. Our focus on boosting the efficiency of our sales and production activities resulted in a 28% growth in order intake by the end of 2014, and an all-time high manufacturing efficiency by early 2015. MASTERING THE ENTIRE CHAIN from power generation and distribution to power utilization is both a challenge as well as the competitive edge of VEO. By seeing and understanding the whole picture, we can offer our customers customized and flexible solutions and a wider range of services. We now intend to serve our customers in an even smarter and more effective way by including more digitalized automation and data management options in our project deliveries.


CEO’S REVIEW

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DURING THE YEARS TO COME, we aim to strengthen our position further in renewable energy solutions, industrial and smart power plant electrifications and hydro power modernizations. We also plan to enforce our status as a trusted partner in the strengthening of the power distribution infrastructure in Finland, Sweden and Norway – at both utility and national grid levels. TODAY we can clearly see the advantage of having merged the group companies into a single strong, integrated entity. VEO is a solid company with not only the know-how and experience, but also the equity and liquidity to engage in bigger and more complex projects within our focus markets. I would like to extend my thanks our customers and business partners for the fruitful cooperation during 2014. Special thanks go to our skillful personnel for their hard work, dedication and flexibility in the midst of all the changes we have made during the last couple of years. We are looking forward to the challenges and interesting opportunities the ongoing year offers. Marko Ekman CEO

“An equity ratio of 57% gives us the muscle to engage in more complex, long-term projects and partnerships.” Marko Ekman, CEO

VEO ANNUAL REPORT 2014


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VEO 25 YEARS

25

years of responsibility for Energy THE THREE GIANTS — ASEA, Brown Boveri and Strömberg — merged in 1986. The competitive situation of the Nordic energy technology market changed significantly and customers were concerned that prices would rise. We wondered, whether there was anything to be done in order to maintain and develop domestic electricity technology know-how and decided to become entrepreneurs ourselves. The company Vaasa Engineering Oy was founded on Independence Day 6 December 1989. Apart from me, the founding members included Harri Niemelä, Henrik Skytte, Martti Manner, Pekka Haakana, Jan Sandvik, Heikki Ojakoski and Martti Ehrnrooth. All of us strong minded and true Ostrobothnians. Pekka Haakana pointed out that it would be nice to have an office where you can go to work, so that was arranged. We were the first energy technology company to settle down in Runsor, Vaasa. However, the company quickly became much more than a roof over our heads.

THE FIRST ELECTRIFYING 25 YEARS We received our first orders from Savon Voima for the hydropower plant in Karjalankoski and from Wärtsilä for a diesel power plant in Mecca. We are very proud to say that both companies remain long-term customers and partners to this day. An important milestone during our 25 years was purchasing our business facilities here in Runsor from Onninen Oy in 1992. Due to the recession, we acquired the facilities at an affordable price, and were able to use them as guarantee for working capital loans. The next year, 1993, we participated in establishing Vaasa Control Oy, currently known as Vacon. At the beginning, our share was 37%. In hard times, we have been able to realize our shares in order to maintain and develop our own operations.

VEO ANNUAL REPORT 2014

In 1994, Vaasa Electronics Oy (later VAMP Oy) was founded, which is nowadays incorporated in Schneider Electrics. Our initial share was 40%. Since then we have used their arc protection relays. The same year we initiated the development of our own switchgear. VEDA and VEKE were born. All did not always go as planned. In 2002, two automation businesses we acquired in Sweden went bankrupt after three struggling years. 2002–2009 was a period of great growth. Our turnover leapt from 25 to 80 MEUR and our staff from 200 to 400. We also founded sales companies in Norway, Sweden and Russia.


VEO 25 YEARS

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In the history of Finnish energy technology, significant events are scarce, occurring once every 100 years. Oy Strömberg Ab was established in 1889. VEO in 1989.

In 2010 VEO got its share of the recession. We managed through leaning on our corner stones, and the company yet again started to grow. We have kept VEO in Finnish ownership, strongly anchored in Vaasa, in times when many energy businesses from the region have been sold to foreign investors. VEO has an unyielding position at the very heart of the Energy cluster in Vaasa. From the bottom of my heart I would like to thank all those at VEO for what we have achieved over the past years. I would also like to thank all of our clients and partners for their trust and excellent co-operation. The future looks bright!

In the beginning there was VEO. Then Wärtsilä also moved its project operations to Runsor. The current Airport Park came into existence and plenty of know-how in the energy business was concentrated to Runsor.

Mauri Holma, long-term CEO of VEO, currently chairman of the board

VEO ANNUAL REPORT 2014


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COOPERATION

A LONG-TERM PARTNERSHIP VEO RECEIVED ITS FIRST ORDER IN 1989 soon after the company was founded. The customer was Savon Voima Oy. The assignment was the upgrade of the control system at the hydropower plant in Karjalankoski. “We knew Martti Ehrnrooth from earlier remote operation projects. We put our trust in that the founders of this new business, Vaasa Engineering, knew what they were doing. We also wished to encourage domestic know-how and promote competition in the business. We were not disappointed,” maintenance manager at Savon Voima Juha Räsänen ensures. The partnership between VEO and Savon Voima has continued for 25 years. Over these years, many projects big and small have been completed. “Savon Voima has 11 hydropower plants, which require regular maintenance and upgrades. When our partnership with VEO began, their services included project planning and control cabinets. By the beginning of the 90s, VEO launched their own switchgear,” Räsänen recalls. When upgrading the power plant in Juankoski in 1995, VEO also introduced their own voltage regulator. The Juankoski project was memorable in many ways. The control panels ordered by Savon Voima were ready for installation, when there was a fire at the Vuolenkoski hydropower plant. VEO enquired whether they might deliver the control panels to Vuolenkoski instead to assist them in their hour of need. “VEO assured us that our project schedule would not suffer. They kept their promise. The new control panels were delivered to Juankoski according to plan,” Räsänen praises. VEO ANNUAL REPORT 2014

The development continued. During 1995–1996 VEO offered Savon Voima even more comprehensive and integrated solutions – turbine generators with automation. The automation delivery for the Atro power plant in 1998 also included vacuum circuit breakers and generator protection relays. In 2006 a brand new turbine was ordered for the power plant in Sorsakoski, built in 1935. On recommendation from VEO, Savon Voima chose the turbine of Czech Mavel. “Many groups of visitors have later come to see and admire at this specialty,” Räsänen points out. Around the same time, Savon Voima also implemented mobile controls, by means of which the control centre could be bypassed if needed. “At first we used Q-Tech equipment, which was later replaced by Nokia Communicators – Finnish technology to our pride and joy. In 2012 the data security was improved when we transferred to Citrix software,” Räsänen recalls. The partnership between VEO and Savon Voima has included ten significant power plant upgrade projects and numerous service and maintenance contracts. “In 2015 we are upgrading the local automation at the hydropower plant in Liuna. This will be the tenth large project we complete together. With VEO we have a mutual understanding. Strong technical expertise, flexibility, continuity and economic stability are important to us. VEO meets all of these criteria,” Räsänen concludes.


COOPERATION

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A strong partnership based on 25 years of cooperation and 10 significant power plant upgrade projects. VEO ANNUAL REPORT 2014


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SEGMENTS

CREATING SOLUTIONS FOR ALL STEPS IN THE ENERGY CHAIN

Power generation VEO offers automation and electrification systems for different kinds of power generation. Our competence covers a wide range of plants producing electricity and district heating for communities or industries. The power plants can be based on different combustion technologies and fuels. You find us in hydropower plants, in wind parks, in thermal power plants or in oil and gas power plants.

Power distribution VEO delivers substations for transmission and distribution networks, as well as medium voltage switchgears for utility companies and industry as turnkey or part-delivery projects. Deliveries often include distribution automation. In industrial and power plant power distribution, the primary focus is on process reliability, safety, preventive maintenance and damage situation control.

Power utilisation VEO delivers standardised and customised independent, line-up and system drives for demanding industrial applications for customers in industries such as steel, pulp and paper manufacturing, oil refining and mining. VEO also carries out drive modernisation projects for industrial applications based on its extensive drives experience and partner network.

VEO ANNUAL REPORT 2014


CORE STRENGTHS

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OUR CORE STRENGTHS • Highly qualified staff with extensive experience • Our design engineers and project managers are project management experts and have the expertise to choose cost effective and the technically most suitable solutions for each project • Our own manufacturing facilities – our switchgear factory in Vaasa, Finland, is the largest one in the Nordic countries • Proven logistic capacity • Comprehensive after sales services for all our deliveries that enhance our customers’ life-cycle management

50% 50% of VEO’s revenue derives from renewable energy

70% 70% of VEO’s revenue is exported

VEO ANNUAL REPORT 2014


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SUBSTATIONS

READY FOR THE NEXT DECADE VEO HAS A STRONG POSITION as a supplier of distribution network power stations and automation. “A majority of the power stations from the 70s have reached the end of their lifecycle. VEO has proven its strengths in upgrading the stations over a long time. Thorough renovations are challenging projects for all voltage levels. After all, we are talking about the availability of energy! The distribution of electricity should not be disturbed,” Sales Manager Antti Hiironniemi emphasizes. Investments into guaranteed uninterrupted distribution are governed by legislation, which is one of the reasons why the largest upgrade of the Nordic main grid infrastructure in history has commenced. The upgrade is estimated to span the following decade. In Finland alone, the power companies are investing approximately EUR 5 billion in electricity distribution upgrades until 2020. A significant share of these funds is used to strengthen and modernize the national grid. The power output transferred in the national grids is greater and the reliability requirements extremely strict. The national grid is the backbone of the entire electric system. “For years we have developed our services and solutions for the main grid. Now our work is starting to pay off. Our own design, an optimized project organization, and a strong economic foundation make us a reliable partner. We are interested in both green field and renovation projects up to 400 kV voltage level, and we deliver everything needed from foundation work to switchgear and automation,” Hiironniemi ensures.

VEO ANNUAL REPORT 2014


CASE FINGRID OYJ | CASE STATNETT SF

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UPDGRADE OF THE 110 KV SUBSTATION IN MELTAUS

EXPANSION OF TWO 132 KV TRANSFORMER STATIONS IN NORWAY

Fingrid Oyj standardized the equipment at the power station in Meltaus, Rovaniemi, built at the end of the 70s. The station building and area was also renewed. VEO Oy was the main contractor for the project. The project, which improved the reliability of the distribution of electricity in Lapland, was completed by the end of 2014. The upgrade of the 110 kV power station in Meltaus included replacements of necessary primary equipment (circuit breakers, disconnectors, measurement transformers and busbar earthing switches) and station automation. The structures of the station building and the surrounding area were also restored to live up to current standards. In Fingrid’s supplier evaluation, VEO got top scores. The work was conducted according to special security measures, on time and within budget, with no unplanned downtime. The partnership with Fingrid Oyj continues in 2015 with the extension of a power station in Keminmaa.

Norway is investing in renewable energy, especially hydropower and wind power, which sets new requirements for the national grid. Statnett SF has reserved an annual NOK 5-7 billion for maintenance and development of the national grid, for a period of ten years. In 2014, VEO delivered two transformer station expansions to Statnett in Melbu and Kilbotn. “Statnett is known to be a demanding customer, who pays extra attention to the reliability of the solutions, to work safety and environmental issues. We are really happy that VEO now is an approved supplier for Statnett,” CEO Viktor Forss, VEO Norway concludes.

WIND POWER NEWS VEO continues to win ground on the wind power market. In 2014, VEO supplied the substation for the Torkkola wind farm in Vähäkyrö, the largest wind farm in Ostrobothnia. The partnership with EPV Tuulivoima Oy continues in 2015 in Santavuori, Ilmajoki, where the first industrial scale wind farm in South Ostrobothnia is under construction.

VEO ANNUAL REPORT 2014


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HYDROPOWER

HIGHER EFFICIENCY — HIGHER REVENUES VEO IS THE MARKET LEADER in hydropower plant modernizations in Finland and also a strong player on the entire Scandinavian hydropower market. “Hydropower plants are typically upgraded every 20–30 years, which means that during the lifecycle of a turbine, the automation is renewed about three times. We already have 25 years of experience from hydropower automation, so we have a good track record,” says Markus Nyman, Sales Manager, Hydropower and Substations. Modern automation systems have an immediate impact on the plant’s efficiency and productivity. They also enable preventive maintenance planning in order to minimize downtime and extend the plant’s economic life. “Time is money. When unplanned downtime is cut to the absolute minimum and the plant generates income further into the future, the cost for the modernization is quickly reimbursed,” Nyman promises. VEO is an independent supplier, using systems from different manufacturers in the projects according to the customers’ wishes. “Our independence makes us flexible in all situations. It also saves time and money, when the existing and still functional equipment and structures can be utilized in the solutions,” Nyman points out.

VEO ANNUAL REPORT 2014


CASE SKELLEFTEÅ KRAFT

VEO MODERNIZED THE KLIPPEN HYDROPOWER PLANT IN SWEDEN IN RECORD TIME

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At the beginning of 2014, VEO received an order from Swedish Skellefteå Kraft to modernize the Klippen hydropower plant located in Hemavan. The Klippen hydropower plant is a medium-sized underground tunnel plant of 27 MW, built in the 1990s. This was the first modernization of the plant. The customer requested a Siemens logic system for the plant. Apart from the new automation, VEO also upgraded the excitation, the turbine regulator and the medium-voltage protective relays. VEO has long experience from Siemens systems in industrial and power generation processes. The existing automation system was updated with a new S7-1500 Siemens automation logic system and TIA-Portal software. Siemens provided technical support and training. The extremely tight schedule made the project challenging. The order was placed in the beginning of 2014, and the plant was run down already on 1 April 2014. After that, the plant was out of operation for six weeks, until the water started to flow through the turbines once more, controlled by the brand new automation system. Everything went very well, and the plant was delivered to Skellefteå Kraft on the exact date as originally planned

VEO ANNUAL REPORT 2014


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THERMAL POWER

EXTENSIVE THERMAL POWER EXPERTISE VEO ELECTRIFIES AND AUTOMATES power plants based on different combustion technologies and fuels. Turnkey deliveries typically comprise process electrification and instrumentation, automation system design, implementation and commissioning. The projects also include design and programming, control system automation cabinets and switchgear deliveries, project management and implementation, installation, testing and user training. “Our customer-oriented engineering teams offer a combination of profound expertise and experience and a fresh, innovative approach to achieving quality and cost-efficiency. Close co-operation with the users, designers and component suppliers is an integral aspect of our way of working,” Key Account Manager Rami Luoma explains. VEO has delivered 40 thermal power and CHP projects globally to 14 different countries. “In Finland the investments in electricity and heat cogeneration plants utilizing biomass have decreased over the past years. The reasons for this are the low price of electricity and the current subsidy policy. At the moment, in Finland it is more profitable to build power plants which generate district heat only. Still, where performance is concerned, cogeneration would be a greener alternative than mere heat generation,” Luoma states. VEO ANNUAL REPORT 2014


CASE SKÖVDE VÄRMEVERK AB

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SKÖVDE VÄRMEVERK AB IS THE LARGEST BIOENERGY POWER PLANT PROJECT IN THE HISTORY OF VEO At the beginning of 2015, VEO signed its largest thermal power contract in the company’s history. VEO will deliver the automation and electrification for a large CHP power plant in Skövde, Sweden. The power plant runs on biomass — wood chips and bark — generating district heat for the local network and electricity for the Swedish national grid. The thermal output of the power plant is 38 MWth and the electric power output 8 MWe. The generation corresponds to the total annual district heating consumption of approximately 18,000 private houses, and approximately 2,500 houses with electric heating. Valmet Technologies Oy is the main contractor of the plant. VEO’s scope of delivery will include planning and design, equipment, software, automation and instrumentation for process equipment control as well as commissioning and training — everything that is needed to monitor, control and optimize the plant’s electricity and heat generation process. “VEOs support was of great significance when we were making export efforts in Sweden. The end customer and we both appreciate their expertise,” Sales Director of Valmet, long-time partner of VEO, Mikael Barkar reveals. The total value of the Skövde Värmeverk AB power plant investment is approximately MEUR 40. The power plant is due to commence operations at the end of 2016. The automation and electrification equipment is planned and manufactured by VEO in Finland. For VEO, the project brings about 20 man-years of employment, of which half is spent on design and manufacturing, and half on work on site.

VEO ANNUAL REPORT 2014


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EXPERT SERVICES

ENSURING PLANT AVAILABILITY INCREASING INTELLIGENCE is required in power generation in order to fulfill the modern demands for availability, maintenance planning and data security. The lifespan of thoroughly serviced and regularly updated automation equipment is approximately 20 years. For control centre programming and equipment it is merely 5-10 years due to the fast development in information technology. Still, the implementation of new technology is not only necessary, but also profitable. “The contents and scale of a control centre upgrade vary greatly. Sometimes it is enough to simply update the software version for the control system. New bus networks and automation components may require a system upgrade, in order to guarantee the compatibility and optimal functionality of the entire system,” Esa Ala-Honkola, Vice President, Expert Services explains. A control centre upgrade is usually incited by a need for more efficient information and reporting flow in order to improve the availability of the plant and reduce operating costs, as well as reduce the data security risks involved with remote operation. The new reporting systems enable improved condition based monitoring and reduce unplanned downtime significantly. “The operations at a power plant can now be monitored and controlled in real-time even from a mobile phone or ipad. These changes in way of working present entirely new challenges for system protection,” Ala-Honkola points out.

VEO ANNUAL REPORT 2014


CASE LAPUAN ENERGIA OY

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AUTOMATION SYSTEM UPGRADE OF LAPUA ENERGIA OY’S CHP PLANT The 25 MW CHP power plant of Lapuan Energia Oy, commissioned in 2008, generates both district heat and electricity by means of locally harvested biomass, wood and peat. 99% of the fuel used originates from the region within a 100 km radius from the plant. In summer 2014, VEO upgraded the automation system of the power plant within the frames of the valid service agreement. The delivery included automation, electrification planning, installation and user training. The previous Siemens SIMATIC PCS7 system was upgraded to the latest 8.1 version. The servers were duplicated to ensure good reliability and the operator stations renewed. Due to the solid fuel feeding solution,

more mechanics and adjustments were required than for example for an oil boiler process. “We have co-operated with VEO since 1993, so they know our needs and processes. The fact that we use different solid fuels means greater challenges for process automation. The quality and composition of the fuels vary and each power plant is unique in its own way. When the software upgrade became necessary, we decided to strenghten our system by duplicating our servers, too. The entire upgrade was completed during our normal summer maintenance period. Now we feel twice as safe!” CEO of Lapuan Energia Oy Ilkka Järvinen says.

VEO ANNUAL REPORT 2014


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CORPORATE RESPONSIBILITY

1 CORPORATE RESPONSIBILITY OUR MISSION IS TO CREATE growth and well-being through our energy sector expertise and responsible operations. Our goal is to create added value for our shareholders, customers, suppliers, employees and the local community. A strong economic basis secures the continuity of our business and enables us to meet our social and environmental responsibilities. We recognise our shareholders’ goal of return on their long-term investments. We create added value for our customers by delivering solutions that meet their expectations. Our objective is to provide our key suppliers with favourable conditions for long-term and mutually beneficial co-operation. We want to provide our employees with an enjoyable and safe working environment, competitive pay and opportunities for selfdevelopment. We fulfil our tax obligations in all of the countries in which we operate and condemn all forms of corruption or fraudulent practice.

VEO ANNUAL REPORT 2014


CORPORATE RESPONSIBILITY

+

2

Environmental responsibility

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OUR OBJECTIVE IS to offer energy and material efficient solutions and processes. We strive to minimise the amount of waste generated by our activities and to maximise waste recycling. In addition to waste management, the most significant environmental considerations related to our operations are energy consumption and the management and control of isolated incidents. We are committed to recognising and observing all environmental laws and regulations related to our operations. We monitor the environmental impact of our activities and implement environmental programmes aimed at reducing negative environmental effects. Our environmental management system has been certified to ISO 14001:2004.

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Social responsibility

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WE STRIVE TO MINIMISE any potential negative effects of our operations or products on health and safety. We promote the physical, mental and social welfare of our employees through preventive health care and measures aimed at maintaining work ability. We also encourage healthy lifestyles among our employees.

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Sponsorship

WE SPONSOR HIGH-LEVEL local sports clubs. In addition, we sponsor the recreational activities of our employees and their children, as well as customers, associations and organisations. Sponsorship is granted on the basis of interactive cooperation. In 2014 we sponsored, among others, VPS and VIFK (football) and Vaasan Sport (icehockey), and several junior teams in different sports, as well as student organisations. In autumn 2012, we also entered into a longterm sponsorship agreement with the Finnish international cross-country skier Toni Ketel채, who is from Vaasa.

VEO ANNUAL REPORT 2014


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BOARD OF DIRECTORS’ REPORT 2014

BOARD OF DIRECTORS’ REPORT 2014 BUSINESS STRATEGY The mission of VEO Group is to responsibly create growth and well-being through our energy sector knowledge. The business strategy of VEO Group is to deliver automation, operating and distribution solutions for the energy sector and process industry. We supply our European customers with products and services that fulfil their local and global needs. Our main market is the Nordic countries. Our vision is to be known as a professional and responsible supplier within our business area. The company will continue its profitable growth strategy. In the long run, our goal is an annual growth of around 10% and continuous growth in profitability. CORPORATE STRUCTURE At the balance sheet date, VEO Group consisted of the parent company VEO Oy and the subsidiaries Vaasa Engineering AS, Vaasa Engineering AB, OOO Vaasa Engineering, Vaasa Engineering Magnetointi Oy and Engineering Kiinteistöt Oy. In addition, the parent company held 100% of Vaasa Group Automation Oy, which had no operations during the financial period and is not included in the consolidated financial statements. FINANCIAL STANDING The consolidated net sales for the financial period amounted to EUR 65.3 million (EUR 63.8 million), of which the parent company’s share was EUR 60.6 million (EUR 62.0 million). The consolidated operating profit stood at 19.9 million (EUR 0.3 million), and the net profit was EUR 15.9 million (EUR 68.6 thousand). The parent company’s operating profit came to EUR 20.0 million (EUR 0.4 million), and the net profit was EUR 16.0 million (EUR 109.7 thousand). The non-recurring gain during the year amounted to EUR 19.5 million (EUR 0.6 million). ESSENTIAL TRANSACTIONS DURING THE FINANCIAL PERIOD During the financial period of VEO Oy, a co-operation procedure was conducted with the result that 20 persons were made redundant. After the financial period VEO Oy purchased 96,970 shares from Keskinäinen työeläkevakuutusyhtiö Varma on 12 February 2015. After the purchase VEO Oy holds a total of 152,756 shares. PERSONNEL During the financial period, the Group employed an average of 344 (375) persons. Of these, the parent company employed an average of 340 (372) persons. The average age of the employees was 39.5 years, and the female versus male ratio was 17% to 83%. PRODUCT DEVELOPMENT During the financial period, the amount invested in product development by VEO Group was EUR 807 thousand, or 1.3 percent of the net revenue. VEO ANNUAL REPORT 2014


BOARD OF DIRECTORS’ REPORT 2014

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Board of Directors 2014 Stefan Storholm, Pasi Tuominen, Mauri Holma (Chairman of the Board), Jan-Christer Eriksson, Marko Ekman (CEO), Jarmo Saaranen and Henrik Skytte

VEO ANNUAL REPORT 2014


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INCOME STATEMENT

Income statement VEO Group

TURNOVER Change in inventories of finished goods and work in progress

1,000 € 1.1.–31.12.2014

1.1.–31.12.2013

65 312

63 766

101

-979

Other operating income

19 714

767

Variable and fixed costs

-63 856

-61 708

21 271

1 846

-1 386

-1 556

19 885

290

OPERATING MARGIN Depreciations and write-downs

OPERATING PROFIT Share of result of associated company Financing income and expences

PROFIT BEFORE EXTRAORDINARY ITEMS AND TAXES Income taxes

PROFIT FOR THE FINANCIAL YEAR

VEO ANNUAL REPORT 2014

170

162

-228

-390

19 827

62

-3 885

7

15 942

69


BALANCE SHEET

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Balance sheet VEO Group

1,000 € 1.1.–31.12.2014

1.1.–31.12.2013

ASSETS Fixed assets and other long-term investment

8 765

24 475

32 018

21 220

40 783

45 695

Invested capital

2 808

15 206

Available capital

18 725

2 973

Long-term liabilities

693

6 254

Short-term liabilities

18 557

21 262

40 783

45 695

Current assets

ASSETS IN TOTAL

SHAREHOLDERS’ EQUITY AND LIABILITIES

LIABILITIES

LIABILITIES IN TOTAL

VEO ANNUAL REPORT 2014


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VEO Annual Report 2014  
VEO Annual Report 2014  

Key financial figures and significant milestones from year 2014.

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