Sales-wise I was particularly pleased with the latter half of 2016. Overall our sales grew by 30 %, which is a very remarkable result. Combined with our turnover, the growth was 15 % compared to previous years. In other words, 2017 begins with a big backlog, which in turn promises a substantial turnover growth for this year. I’m also pleased to announce that a successful working capital improvement campaign brought our operational cash flow to an all-time high. I salute the entire project and sales team – great job! VEO is now in a strong financial position. Our equity ratio is around 60 %, and we are a debt-free corporation with sufficient monetary resources to grow our business.
I believe in the energy industry and the growth potential this international market can offer. Megatrends – e.g. delivery reliability, energy storage solutions, waste-to-energy, circular economy and digitalisation – are quickly altering the industry. As an International Integrator, VEO has every possibility to embrace the change. Through our knowledge in project management, electrification and automation we can always connect the right technologies with the right knowledge and thus create a tailor-made customer experience. However, we need to stay awake and grab opportunities as they arise. VEO must always be ready to take a new direction. But we also need an inspiring intention that has our entire organisation aiming for the same destination. That way, 2017 will also be a year of growth.
Marko Ekman, CEO