In the 2018 financial year, the net turnover of the VTT parent company increased by 4.3% but that of the VTT Group declined due to the divestment of subsidiaries. For the same reason, the result for the financial year showed a profit for both the parent company and the Group (parent company €15.5 million, Group €13.5 million).
“VTT had a successful year. We launched several innovation ecosystems and turned our result for the financial year to positive track despite the challenging situation in RDI funding. Because VTT is a non-profit company, our purpose is not to make money for our owners but to reinvest profits in research. Having said that, our operations must, of course, be profitable,” said CEO Antti Vasara.
The comparable operating result before special items and not including the proceeds from the divestment of the subsidiaries shows a slight loss (parent company €-1.8 million, Group €-2.4 million). “Although we did not yet achieve a neutral result or show an operating profit, I am really pleased at how our finances have evolved,” said Vasara. “The parent company’s net turnover growth was largely due to EU funding and commercial operations: customer revenue grew by 12% on the previous year. Between 2014 and 2018, VTT received a total of €134 million from the world’s largest research funding program, the Horizon 2020 European Funding Programme. The share of VTT equals approximately 17% of all the H2020 funding granted to Finland.”