Tapio Tommila

Added depth to ownership and partnership

The year 2020 was different and unique in many ways. The period was characterized by a continuous and close dialogue between organizations.

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Panostaja in brief

We want to help businesses reach their full potential and work with them to build success stories. We are an investment company that owns and develops unique SMEs. Investing in growing and unlisted Finnish SMEs is appealing to many, and we can offer a good channel for this through our segments.


Panostaja as an investment target and owner

We increase shareholder value by developing and supporting the growth of our segments. Our aim is for the company’s value to have clearly increased once we divest it.


The past financial year and outlook for 2021

The financial period November 1, 2019–October 31, 2020 was in many ways extraordinary due to the uncertainty caused by the coronavirus outbreak. Despite this, Panostaja furthered its development projects and strengthened its role as an active owner.


Key Figures

Panostaja and its segments employ almost 1,600 professionals. Even though the total net sales of Panostaja’s segments dropped by 13% from the reference period, profitability was maintained despite the onset of the coronavirus pandemic in the spring, thanks to quick reactions and cutbacks among the segments.

The profit and loss figures for the financial year include goodwill of EUR 3.3 million impairment (excluding discontinued operations).

Net sales

159.0 M€

(2019 182.9 M€)

Profit/loss for the financial period

-3.4 M€

(2019 2.5 M€)

Profit before taxes

-1.8 M€

(2019 1.9 M€)



(2019 1,895)


0.8 M€

(2019 3.8 M€)

Net worth

37.2 M€

(2019 40.8 M€)

Profit/loss from continuing operations

-3.0 M€

(2019 0.6 M€)

Profit/loss from sold or discontinued operations

-0.4 M€

(2019 2.0 M€)

Earnings per share, undiluted


(2019 0.03€)

Equity per share


(2019 0.96€)

Our Business Segments

Panostaja’s segments are growing and unlisted Finnish SMEs. Continuous development is something shared by each one of our segments. This is why our segments are companies that are genuinely appealing investments.



The year was good for CoreHW. The planned development measures progressed well and the company grew on many fronts. The Group’s net sales were 40% higher compared to the previous season. The recruitments succeeded well and the company gained 11 new team members.

Gugguu logo


Gugguu’s second year in Panostaja’s portfolio has included a massive amount of development, and many ongoing development measures took significant leaps forward. Internationalization and laying the foundation for growth were the focuses throughout the year.

Grano logo


Grano’s financial period was successful despite the challenging conditions. The largest leaps in growth were seen in software, translation services and illuminated advertisements. The group’s net sales dropped due to the coronavirus pandemic and the decline in sheet printing. Net sales for other product lines primarily either increased or remained at the level of the previous financial period.



Oscar’s net sales and EBIT increased, and the company’s strategic projects progressed. The product development of the business platform took a huge leap forward. The advanced product combines systems that steer the operations of companies and is aimed at SMEs.

Hygga logo


Over the course of the year, Hygga, which also turned ten years old as a company, managed to drive its strategy forward substantially. Hygga decided to boldly seek growth opportunities for its licensing business in the basic health care sector. Pilot projects are currently under way in Rauma and Porvoo. Hygga also developed product and service solutions as well as its clinic and licensing business for the domestic and international markets.



Carrot is a swift, caring and responsible partner in employment that aims to ensure a good and satisfying working life for everyone. The structural change implemented by Carrot in 2019 shifted the focus of its operating model toward job seekers. In 2020, even stronger efforts were made to put the operating model into practice across a variety of fronts. The results of these efforts to enable growth and change are now clearly apparent in Carrot’s day-to-day operations.

Heatmasters logo


Heatmasters continues its internationalization while focusing increasingly on producing value-added services that support its customers. Over the course of the year, Heatmasters directed its product development investments mostly on the further development of gas heating technology and temperature adjustment systems.

Helakeskus logo


Opening a new website and ending the brokerage of consumer light fixtures were among the most important events for Helakeskus during the financial period. The decisions indicate a tighter focus on product selection and an increase in the significance of digitalization in terms of the company’s business.


Senior Management Team

Tapio Tommila


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Miikka Laine

Investment Director

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Minna Telanne

Development Director

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Katri Lahtinen


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Niko Skyttä

Investment Director

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Board of Directors

Jukka Ala-Mello

Chairman of the Board since 2011, Board member since 2006

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Eero Eriksson

Board member since 2011

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Mikko Koskenkorva

Board member since 2011

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Tarja Pääkkönen

Board member since 2016

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Kalle Reponen

Board member since 2018

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