{"id":907,"date":"2023-01-13T07:48:18","date_gmt":"2023-01-13T05:48:18","guid":{"rendered":"https:\/\/vuosikertomus.panostaja.fi\/vuosikertomus-2022\/?page_id=907"},"modified":"2024-01-16T13:50:35","modified_gmt":"2024-01-16T11:50:35","slug":"annual-report-2023","status":"publish","type":"page","link":"https:\/\/vuosikertomus.panostaja.fi\/vuosikertomus-2023\/en\/","title":{"rendered":"Annual Report 2023"},"content":{"rendered":"\n<div class=\"m-0 p-0 wp-block-section-id section-id\" id=\"ceo\">\n\t<\/div>\n\n\n<div class=\"wp-block-custom-media-display katsaus\" style=\"background:#cde8f4\"><div class=\"wp-block-custom-media-display_heading\" style=\"background:url(https:\/\/vuosikertomus.panostaja.fi\/vuosikertomus-2023\/wp-content\/uploads\/sites\/4\/2022\/01\/Johtoryhma\u0308-panostaja.jpg)\"><div class=\"wp-block-custom-media-display_heading-imgcontainer\" style=\"align-items:center\"><img decoding=\"async\" src=\"https:\/\/vuosikertomus.panostaja.fi\/vuosikertomus-2023\/wp-content\/uploads\/sites\/4\/2023\/12\/Tapio_Tommila.png\" style=\"width:100%\"\/><\/div><\/div><div class=\"wp-block-custom-media-display_content\"><div class=\"wp-block-custom-media-display_content-container-heading\" style=\"background-color:white\"><div class=\"wp-block-custom-media-display_content-container-heading-wrapper\" style=\"padding-top:50px;padding-bottom:50px\"><h1 style=\"color:black\"><strong>We carried out profitability measures and promoted responsibility efforts<\/strong><\/h1><\/div><\/div><div class=\"wp-block-custom-media-display_content-container\"><p>The economic environment remained uncertain in the 2023 financial period, and we focused on driving profitability measures broadly across our entire portfolio.<\/p><div class=\"wp-block-custom-media-display_content-button\"><a href=\"https:\/\/vuosikertomus.panostaja.fi\/vuosikertomus-2023\/en\/ceo-review-2023\/\" class=\"btn btn-primary\"><img decoding=\"async\" src=\"https:\/\/vuosikertomus.panostaja.fi\/vuosikertomus-2023\/wp-content\/uploads\/sites\/4\/2023\/12\/panostaja_musta_nuoli_uusi-1.png\"\/> Read more<\/a><\/div><\/div><\/div><\/div>\n\n\n\n<div class=\"m-0 p-0 wp-block-section-id section-id\" id=\"panostaja\">\n\t<\/div>\n\n\n\n<div class=\"wp-block-article-columns article-columns bg-septenary alignfull py-6 py-xl-8\">\n    <div class=\"container\">\n\n                    <div class=\"row\">\n                <div class=\"col col-12 col-md-10 offset-md-1 col-xl-6 offset-xl-3 text-center\">\n                                            <h2>Panostaja<\/h2>\n                                                        <\/div>\n            <\/div>\n        \n                    <div class=\"row justify-content-center\">\n                                    \n                            <div class=\"col col-12 col-xl-4 lift mt-5 emerge emerge-bottom\" data-emergence=\"hidden\">\n                                <div class=\"h-100 p-5 d-flex flex-column\">\n                                    <div class=\"flex-grow-1\">\n                                        <h3 class=\"mb-4\">Panostaja in brief<\/h3>\n                                                                                    <p class=\"mb-4\">Panostaja is a growth partner focused on Finnish SMEs in the service and software industries, which strives to help and assist companies in reaching their full potential. Panostaja has invested in growing unique Finnish SMEs and strived to develop new Finnish success stories for four decades. Panostaja is actively looking for companies that have the enthusiasm and drive for continuous development and growing their business operations.<\/p>\n                                           \n                                    <\/div>\n                                    <div>\n                                        <a class=\"button\" href=\"https:\/\/vuosikertomus.panostaja.fi\/vuosikertomus-2023\/en\/panostaja-in-brief-2\/\"><img decoding=\"async\" src=\"https:\/\/vuosikertomus.panostaja.fi\/vuosikertomus-2023\/wp-content\/themes\/panostaja-2023\/dist\/images\/panostaja_sininen_nuoli_uusi.png\" style=\"margin-right: 15px; position: relative; top: -2px;\"\/> Lue lis\u00e4\u00e4<\/a>   \n                                    <\/div>   \n                                <\/div>                                                \n                            <\/div>                     \n\n                            <!-- Lightbox -->\n                            \n\t\n    \n    <div class=\"lightbox lightbox-678 rounded bg-white\">\n                    <div class=\"cover cover-top bg-white\" style=\"background-image:url(https:\/\/vuosikertomus.panostaja.fi\/vuosikertomus-2023\/wp-content\/uploads\/sites\/4\/2024\/01\/045_Panostaja_17062022-scaled.jpg);\">\n            <\/div>\n                <div class=\"container\">\n            <div class=\"row h-100\">\n                <div class=\"col col-12 col-xl-10 col-xxl-8 offset-xl-1 offset-xxl-2 px-4 px-md-5 pt-6 pb-8 lightbox-text\">\n                    <h3><span class=\"TextRun SCXW597884 BCX4\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"none\"><span class=\"NormalTextRun SCXW597884 BCX4\">We invest in growing SMEs<\/span><\/span><span class=\"EOP SCXW597884 BCX4\" data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:600,&quot;335559740&quot;:240}\">\u00a0<\/span><\/h3>\n<p><span data-contrast=\"none\">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 in the service and software sectors. Investing in growing and unlisted Finnish SMEs is appealing to many, and we can offer a good channel for this through our segments and operating model.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:525,&quot;335559740&quot;:240}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"none\">We are actively looking for companies that have the enthusiasm and drive for continuous development and growing their business operations. When a company has the finances and growth potential, Panostaja can help it climb to the top of its field. At Panostaja, the identification of growth potential and the facilitation of growth, as well as ownership, are responsible and long-term efforts toward success. Our basic mission is always to generate value as a responsible owner-partner, accelerating growth and the implementation of changes.<\/span><\/p>\n<blockquote>\n<h4>\u201cWe invest in growing Finnish companies that have already demonstrated the feasibility of their operating model.\u201d<\/h4>\n<\/blockquote>\n<h3 style=\"text-align: center;\">Our operating method<\/h3>\n<p><img decoding=\"async\" class=\"aligncenter wp-image-680\" src=\"https:\/\/vuosikertomus.panostaja.fi\/vuosikertomus-2022\/wp-content\/uploads\/sites\/4\/2022\/01\/Acquisition-945x1024.png\" alt=\"Acquisition\" width=\"500\" height=\"542\" srcset=\"https:\/\/vuosikertomus.panostaja.fi\/vuosikertomus-2023\/wp-content\/uploads\/sites\/4\/2022\/01\/Acquisition-945x1024.png 945w, https:\/\/vuosikertomus.panostaja.fi\/vuosikertomus-2023\/wp-content\/uploads\/sites\/4\/2022\/01\/Acquisition-277x300.png 277w, https:\/\/vuosikertomus.panostaja.fi\/vuosikertomus-2023\/wp-content\/uploads\/sites\/4\/2022\/01\/Acquisition-768x833.png 768w, https:\/\/vuosikertomus.panostaja.fi\/vuosikertomus-2023\/wp-content\/uploads\/sites\/4\/2022\/01\/Acquisition.png 1000w\" sizes=\"(max-width: 500px) 100vw, 500px\" \/><\/p>\n<p>&nbsp;<\/p>\n<p><img decoding=\"async\" class=\"aligncenter wp-image-679\" src=\"https:\/\/vuosikertomus.panostaja.fi\/vuosikertomus-2022\/wp-content\/uploads\/sites\/4\/2022\/01\/Development-284x300.png\" alt=\"Development\" width=\"500\" height=\"529\" srcset=\"https:\/\/vuosikertomus.panostaja.fi\/vuosikertomus-2023\/wp-content\/uploads\/sites\/4\/2022\/01\/Development-284x300.png 284w, https:\/\/vuosikertomus.panostaja.fi\/vuosikertomus-2023\/wp-content\/uploads\/sites\/4\/2022\/01\/Development-969x1024.png 969w, https:\/\/vuosikertomus.panostaja.fi\/vuosikertomus-2023\/wp-content\/uploads\/sites\/4\/2022\/01\/Development-768x812.png 768w, https:\/\/vuosikertomus.panostaja.fi\/vuosikertomus-2023\/wp-content\/uploads\/sites\/4\/2022\/01\/Development.png 1000w\" sizes=\"(max-width: 500px) 100vw, 500px\" \/><\/p>\n<p>&nbsp;<\/p>\n<p><img decoding=\"async\" class=\"aligncenter wp-image-681\" title=\"Divestment\" src=\"https:\/\/vuosikertomus.panostaja.fi\/vuosikertomus-2022\/wp-content\/uploads\/sites\/4\/2022\/01\/Divestment-300x260.png\" alt=\"Divestment\" width=\"500\" height=\"432\" srcset=\"https:\/\/vuosikertomus.panostaja.fi\/vuosikertomus-2023\/wp-content\/uploads\/sites\/4\/2022\/01\/Divestment-300x260.png 300w, https:\/\/vuosikertomus.panostaja.fi\/vuosikertomus-2023\/wp-content\/uploads\/sites\/4\/2022\/01\/Divestment-768x664.png 768w, https:\/\/vuosikertomus.panostaja.fi\/vuosikertomus-2023\/wp-content\/uploads\/sites\/4\/2022\/01\/Divestment.png 1000w\" sizes=\"(max-width: 500px) 100vw, 500px\" \/><\/p>\n                <\/div>          \n            <\/div>\n        <\/div>\n    <\/div>\n\n    <a class=\"close-lightbox button button-close close-678\" href=\"#\">\n        <svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"22.211\" height=\"22.212\" viewBox=\"0 0 22.211 22.212\"><g transform=\"translate(-3310.509 -4671.799)\"><path d=\"M.221,1.174,25.479,0l-.221,4.759L0,5.933Z\" transform=\"translate(3314.704 4671.8) rotate(45)\" fill=\"#fff\"\/><path d=\"M0,0,25.257,1.174l.221,4.759L.221,4.759Z\" transform=\"translate(3310.509 4689.815) rotate(-45)\" fill=\"#fff\"\/><\/g><\/svg>         Sulje    <\/a>                            \n\n    <div class=\"lightbox-backdrop backdrop-678\"><\/div>     \n       \n\n                                                        \n                            <div class=\"col col-12 col-xl-4 lift mt-5 emerge emerge-bottom\" data-emergence=\"hidden\">\n                                <div class=\"h-100 p-5 d-flex flex-column\">\n                                    <div class=\"flex-grow-1\">\n                                        <h3 class=\"mb-4\">Panostaja as an investment target and owner<\/h3>\n                                                                                    <p class=\"mb-4\">Panostaja is an investment company developing Finnish companies in the service and software sectors as an active shareholder. Panostaja provides investors with a unique channel for investing in Finnish growth companies with high expected yields through a balanced diversified portfolio. The company aims to be the most sought-after partner for business owners selling their companies as well as for the best managers and investors. Together with its partners, Panostaja strives to increase shareholder value and create Finnish success stories.<\/p>\n                                           \n                                    <\/div>\n                                    <div>\n                                        <a class=\"button\" href=\"https:\/\/vuosikertomus.panostaja.fi\/vuosikertomus-2023\/en\/panostaja-as-an-investment-target-and-owner-2\/\"><img decoding=\"async\" src=\"https:\/\/vuosikertomus.panostaja.fi\/vuosikertomus-2023\/wp-content\/themes\/panostaja-2023\/dist\/images\/panostaja_sininen_nuoli_uusi.png\" style=\"margin-right: 15px; position: relative; top: -2px;\"\/> Lue lis\u00e4\u00e4<\/a>   \n                                    <\/div>   \n                                <\/div>                                                \n                            <\/div>                     \n\n                            <!-- Lightbox -->\n                            \n\t\n    \n    <div class=\"lightbox lightbox-906 rounded bg-white\">\n                    <div class=\"cover cover-top bg-white\" style=\"background-image:url(https:\/\/vuosikertomus.panostaja.fi\/vuosikertomus-2023\/wp-content\/uploads\/sites\/4\/2023\/12\/107_Panostaja_17062022-scaled.jpg);\">\n            <\/div>\n                <div class=\"container\">\n            <div class=\"row h-100\">\n                <div class=\"col col-12 col-xl-10 col-xxl-8 offset-xl-1 offset-xxl-2 px-4 px-md-5 pt-6 pb-8 lightbox-text\">\n                    <p>Panostaja is an investment company developing <a href=\"https:\/\/www.youtube.com\/watch?v=oZPDJSxNaLM\">companies in the service and software sectors as an active shareholder<\/a>. Panostaja provides investors with a unique channel for investing in Finnish growth companies with high expected yields through a balanced diversified portfolio. The company aims to be the most sought-after partner for business owners selling their companies as well as for the best managers and investors. Together with its partners, Panostaja strives to increase shareholder value and create Finnish success stories.<\/p>\n<p><a href=\"https:\/\/panostaja.fi\/ajankohtaista\/panostaja-aktiivisena-omistajana-mita-se-tarkoittaa\/\">Panostaja\u2019s active ownership model<\/a> is divided into four areas: the acquisition process, takeover process, development phase and divestment. Panostaja partners with SMEs for a specific period of time, which can be three or ten years, for example, or until the planned goals have been achieved.<\/p>\n<p>Panostaja\u2019s strategy involves three main goals:<\/p>\n<ul>\n<li>securing the top expertise in the capital investment field and building an adviser network for the selected service and software sectors in Finland,<\/li>\n<li>creating a balanced investment portfolio whose total value creation is also supported by the competence synergies between the segments, and<\/li>\n<li>cementing responsibility as a key element in value creation and investment activities.<\/li>\n<\/ul>\n<p>Potential investment targets that match Panostaja\u2019s investment criteria are Finnish service and software companies with net sales in the range of MEUR 5\u201350. The investment targets boast significant growth potential, a positive cash flow forecast, competent management and a responsible business model. To realize the value creation potential, we choose the moment of divestment independently with our owner partners.<\/p>\n<div class=\"row\">\n<div class=\"col-xs-12\">\n<div class=\"section-title \">\n<h3 class=\"section-header\">Why invest in Panostaja?<\/h3>\n<ul>\n<li>Competitive advantage through sector-specific focus<\/li>\n<li>Unlisted growth companies have high profit potential<\/li>\n<li>Diverse and balanced investment portfolio supported by growth trends<\/li>\n<li>Active value creation<\/li>\n<\/ul>\n<p>Read more: <a href=\"https:\/\/panostaja.fi\/en\/investors\/panostaja-as-an-investment-target\/\">Panostaja as an investment target<\/a><\/p>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"row\">\n<div class=\"col-xs-12\">\n<div class=\"matrix_2x2 matched-border-color\">\n<div class=\"has-background-color is-background-blue\"><\/div>\n<\/div>\n<\/div>\n<\/div>\n                <\/div>          \n            <\/div>\n        <\/div>\n    <\/div>\n\n    <a class=\"close-lightbox button button-close close-906\" href=\"#\">\n        <svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"22.211\" height=\"22.212\" viewBox=\"0 0 22.211 22.212\"><g transform=\"translate(-3310.509 -4671.799)\"><path d=\"M.221,1.174,25.479,0l-.221,4.759L0,5.933Z\" transform=\"translate(3314.704 4671.8) rotate(45)\" fill=\"#fff\"\/><path d=\"M0,0,25.257,1.174l.221,4.759L.221,4.759Z\" transform=\"translate(3310.509 4689.815) rotate(-45)\" fill=\"#fff\"\/><\/g><\/svg>         Sulje    <\/a>                            \n\n    <div class=\"lightbox-backdrop backdrop-906\"><\/div>     \n       \n\n                                                        \n                            <div class=\"col col-12 col-xl-4 lift mt-5 emerge emerge-bottom\" data-emergence=\"hidden\">\n                                <div class=\"h-100 p-5 d-flex flex-column\">\n                                    <div class=\"flex-grow-1\">\n                                        <h3 class=\"mb-4\">2023 and outlook for 2024<\/h3>\n                                                                                    <p class=\"mb-4\">In the 2023 financial year, Panostaja mainly focused on promoting profitability measures. Net sales grew in two of the four segments, and the entire Group\u2019s net sales decreased by 1.3%. New investment targets were not gained during the year, but Panostaja made a significant investment in one of its investment targets. In 2024, the promotion of profitability measures and the exploration of new investment opportunities will continue actively.<\/p>\n                                           \n                                    <\/div>\n                                    <div>\n                                        <a class=\"button\" href=\"https:\/\/vuosikertomus.panostaja.fi\/vuosikertomus-2023\/en\/2023-and-outlook-for-2024\/\"><img decoding=\"async\" src=\"https:\/\/vuosikertomus.panostaja.fi\/vuosikertomus-2023\/wp-content\/themes\/panostaja-2023\/dist\/images\/panostaja_sininen_nuoli_uusi.png\" style=\"margin-right: 15px; position: relative; top: -2px;\"\/> Lue lis\u00e4\u00e4<\/a>   \n                                    <\/div>   \n                                <\/div>                                                \n                            <\/div>                     \n\n                            <!-- Lightbox -->\n                            \n\t\n    \n    <div class=\"lightbox lightbox-1275 rounded bg-white\">\n                    <div class=\"cover cover-top bg-white\" style=\"background-image:url(https:\/\/vuosikertomus.panostaja.fi\/vuosikertomus-2023\/wp-content\/uploads\/sites\/4\/2023\/12\/OscarSoftware-0987-scaled.jpg);\">\n            <\/div>\n                <div class=\"container\">\n            <div class=\"row h-100\">\n                <div class=\"col col-12 col-xl-10 col-xxl-8 offset-xl-1 offset-xxl-2 px-4 px-md-5 pt-6 pb-8 lightbox-text\">\n                    <h2><strong>2023 financial period in brief<\/strong><\/h2>\n<p>During the November 1, 2022\u2013October 31, 2023 financial period, Panostaja primarily focused on promoting profitability measures and achieved a clear improvement in profitability overall. Comparable EBIT improved in three of the four segments, while EBIT for the entire Group declined to MEUR -1.1 from the reference period. The EBIT for the reference period includes MEUR 9.4 in sales profit from the SokoPro deal.<\/p>\n<p>Over the course of the financial period, Panostaja segments Grano, Hygga and Oscar achieved a clear improvement in profitability. CoreHW\u2019s investments in its own product business and the slow progress of projects dragged down the profits, which were lower than in the reference period. The market situation has been poor for Gugguu but, despite the clear decline in net sales, profitability was successfully protected during the financial period. In the latter half of 2023, the slowing economic development was also clearly mirrored by the demand situation and profit performance of the segments.<\/p>\n<p>Panostaja made a significant additional investment in its current portfolio in 2023: a total of four million euros in the development and commercialization of CoreHW\u2019s own product business. The financing consisted of Panostaja\u2019s subordinate loan and a product development loan granted by Business Finland. The company also invested in other strategic growth areas, such as Oscar Software\u2019s cloud transition and Hygga\u2019s software business.<\/p>\n<p>In spring, Panostaja was selected as a growth partner for the software entrepreneur organization Software Finland Association, which has strengthened the company\u2019s position and notoriety among software companies. The sector-specific focus for the software and service fields, as outlined in Panostaja\u2019s updated strategy, also progressed well otherwise: the projects were of high quality and in alignment with the strategy.<\/p>\n<h2><strong>Focuses for the 2024 financial period<\/strong><\/h2>\n<p>The general economic situation is expected to continue in a relatively poor state, and there are still uncertainties related to the development of the operating environment in 2024. In the coming year, Panostaja will continue to focus on promoting profitability measures throughout its segments and exploring new investment opportunities, which is the company\u2019s most important goal for the year.<\/p>\n<p>As regards responsibility, Panostaja\u2019s companies have clearer goals and measures for the new year, which is why more concrete steps related to responsibility can be expected across all Panostaja segments in 2024.<\/p>\n                <\/div>          \n            <\/div>\n        <\/div>\n    <\/div>\n\n    <a class=\"close-lightbox button button-close close-1275\" href=\"#\">\n        <svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"22.211\" height=\"22.212\" viewBox=\"0 0 22.211 22.212\"><g transform=\"translate(-3310.509 -4671.799)\"><path d=\"M.221,1.174,25.479,0l-.221,4.759L0,5.933Z\" transform=\"translate(3314.704 4671.8) rotate(45)\" fill=\"#fff\"\/><path d=\"M0,0,25.257,1.174l.221,4.759L.221,4.759Z\" transform=\"translate(3310.509 4689.815) rotate(-45)\" fill=\"#fff\"\/><\/g><\/svg>         Sulje    <\/a>                            \n\n    <div class=\"lightbox-backdrop backdrop-1275\"><\/div>     \n       \n\n                                                <\/div>\n        \n    <\/div>\n<\/div>\n\n\n<div class=\"m-0 p-0 wp-block-section-id section-id\" id=\"figures\">\n\t<\/div>\n\n\n\n<div class=\"wp-block-numbers numbers bg-primary text-white alignfull cover py-6 py-xl-8\" style=\"background-image: url();\">\n    <div class=\"container\">\n\n                    <div class=\"row\">\n                <div class=\"col col-12 col-md-10 offset-md-1 col-xl-6 offset-xl-3 pb-5 text-center\">\n                                            <h2>Key figures<\/h2>\n                                                                <p>Panostaja and its investment targets work for more than 1,100 professionals. In 2023, Panostaja achieved a clear overall profitability improvement in a challenging operating environment compared to the comparison period adjusted for SokoPro sale. Among the investment targets, profitability improved for Grano, Hygga and Oscar Software, whereas the development of profitability was somewhat weaker for CoreHW and Gugguu.<\/p>\n                                    <\/div>\n            <\/div>\n        \n                    <div class=\"row emerge emerge-fade\" data-emergence=\"hidden\">\n                                                        <div class=\"col col-6 col-lg-4 col-xxl-3 mb-5 text-center text-lg-left number\">\n                        <div class=\"row\">\n                            <div class=\"col col-12 col-lg-9 offset-lg-3 offset-xl-2 order-2 order-lg-1\">\n                                                                    <h4 class=\"mb-1 number-title \">Net sales<\/h4>\n                                                            <\/div>\n                            <div class=\"col col-12 col-lg-3 col-xl-2 order-1 order-lg-2 icon-wrap\">\n                                                        <\/div>\n                            <div class=\"col col-12 col-lg-9 col-xl-10 order-3\">\n                                                                    <h2 class=\"mb-1\">\n                                        136.2                                                                                    <span class=\"font-weight-medium font-size-h3 d-block d-sm-inline\">M\u20ac<\/span>\n                                                                                    \n                                    <\/h2>\n                                  \n                                                                    <p class=\"mb-0\">(2022 137.9 M\u20ac)<\/p>\n                                 \n                            <\/div>\n                        <\/div>                                                \n                    <\/div>\n                                                        <div class=\"col col-6 col-lg-4 col-xxl-3 mb-5 text-center text-lg-left number\">\n                        <div class=\"row\">\n                            <div class=\"col col-12 col-lg-9 offset-lg-3 offset-xl-2 order-2 order-lg-1\">\n                                                                    <h4 class=\"mb-1 number-title \">Profit\/loss for the financial period<\/h4>\n                                                            <\/div>\n                            <div class=\"col col-12 col-lg-3 col-xl-2 order-1 order-lg-2 icon-wrap\">\n                                                        <\/div>\n                            <div class=\"col col-12 col-lg-9 col-xl-10 order-3\">\n                                                                    <h2 class=\"mb-1\">\n                                        -3.6                                                                                    <span class=\"font-weight-medium font-size-h3 d-block d-sm-inline\">M\u20ac<\/span>\n                                                                                    \n                                    <\/h2>\n                                  \n                                                                    <p class=\"mb-0\">(2022 3.9 M\u20ac)<\/p>\n                                 \n                            <\/div>\n                        <\/div>                                                \n                    <\/div>\n                                                        <div class=\"col col-6 col-lg-4 col-xxl-3 mb-5 text-center text-lg-left number\">\n                        <div class=\"row\">\n                            <div class=\"col col-12 col-lg-9 offset-lg-3 offset-xl-2 order-2 order-lg-1\">\n                                                                    <h4 class=\"mb-1 number-title \">Profit before taxes<\/h4>\n                                                            <\/div>\n                            <div class=\"col col-12 col-lg-3 col-xl-2 order-1 order-lg-2 icon-wrap\">\n                                                        <\/div>\n                            <div class=\"col col-12 col-lg-9 col-xl-10 order-3\">\n                                                                    <h2 class=\"mb-1\">\n                                        -4.3                                                                                    <span class=\"font-weight-medium font-size-h3 d-block d-sm-inline\">M\u20ac<\/span>\n                                                                                    \n                                    <\/h2>\n                                  \n                                                                    <p class=\"mb-0\">(2022 3.2 M\u20ac)<\/p>\n                                 \n                            <\/div>\n                        <\/div>                                                \n                    <\/div>\n                                                        <div class=\"col col-6 col-lg-4 col-xxl-3 mb-5 text-center text-lg-left number\">\n                        <div class=\"row\">\n                            <div class=\"col col-12 col-lg-9 offset-lg-3 offset-xl-2 order-2 order-lg-1\">\n                                                                    <h4 class=\"mb-1 number-title \">Personnel<\/h4>\n                                                            <\/div>\n                            <div class=\"col col-12 col-lg-3 col-xl-2 order-1 order-lg-2 icon-wrap\">\n                                                        <\/div>\n                            <div class=\"col col-12 col-lg-9 col-xl-10 order-3\">\n                                                                    <h2 class=\"mb-1\">\n                                        1,188                                                                                    \n                                    <\/h2>\n                                  \n                                                                    <p class=\"mb-0\">(2022 1,246)<\/p>\n                                 \n                            <\/div>\n                        <\/div>                                                \n                    <\/div>\n                                                        <div class=\"col col-6 col-lg-4 col-xxl-3 mb-5 text-center text-lg-left number\">\n                        <div class=\"row\">\n                            <div class=\"col col-12 col-lg-9 offset-lg-3 offset-xl-2 order-2 order-lg-1\">\n                                                                    <h4 class=\"mb-1 number-title \">EBIT<\/h4>\n                                                            <\/div>\n                            <div class=\"col col-12 col-lg-3 col-xl-2 order-1 order-lg-2 icon-wrap\">\n                                                        <\/div>\n                            <div class=\"col col-12 col-lg-9 col-xl-10 order-3\">\n                                                                    <h2 class=\"mb-1\">\n                                        -1.1                                                                                    <span class=\"font-weight-medium font-size-h3 d-block d-sm-inline\">M\u20ac<\/span>\n                                                                                    \n                                    <\/h2>\n                                  \n                                                                    <p class=\"mb-0\">(2022 5.2 M\u20ac)<\/p>\n                                 \n                            <\/div>\n                        <\/div>                                                \n                    <\/div>\n                                                        <div class=\"col col-6 col-lg-4 col-xxl-3 mb-5 text-center text-lg-left number\">\n                        <div class=\"row\">\n                            <div class=\"col col-12 col-lg-9 offset-lg-3 offset-xl-2 order-2 order-lg-1\">\n                                                                    <h4 class=\"mb-1 number-title \">Market cap<\/h4>\n                                                            <\/div>\n                            <div class=\"col col-12 col-lg-3 col-xl-2 order-1 order-lg-2 icon-wrap\">\n                                                        <\/div>\n                            <div class=\"col col-12 col-lg-9 col-xl-10 order-3\">\n                                                                    <h2 class=\"mb-1\">\n                                        26.4                                                                                    <span class=\"font-weight-medium font-size-h3 d-block d-sm-inline\">M\u20ac<\/span>\n                                                                                    \n                                    <\/h2>\n                                  \n                                                                    <p class=\"mb-0\">(2022 31.6 M\u20ac)<\/p>\n                                 \n                            <\/div>\n                        <\/div>                                                \n                    <\/div>\n                                                        <div class=\"col col-6 col-lg-4 col-xxl-3 mb-5 text-center text-lg-left number\">\n                        <div class=\"row\">\n                            <div class=\"col col-12 col-lg-9 offset-lg-3 offset-xl-2 order-2 order-lg-1\">\n                                                                    <h4 class=\"mb-1 number-title \">Profit\/loss from continuing operations<\/h4>\n                                                            <\/div>\n                            <div class=\"col col-12 col-lg-3 col-xl-2 order-1 order-lg-2 icon-wrap\">\n                                                        <\/div>\n                            <div class=\"col col-12 col-lg-9 col-xl-10 order-3\">\n                                                                    <h2 class=\"mb-1\">\n                                        -3.6                                                                                    <span class=\"font-weight-medium font-size-h3 d-block d-sm-inline\">M\u20ac<\/span>\n                                                                                    \n                                    <\/h2>\n                                  \n                                                                    <p class=\"mb-0\">(2022 3.6 M\u20ac)<\/p>\n                                 \n                            <\/div>\n                        <\/div>                                                \n                    <\/div>\n                                                        <div class=\"col col-6 col-lg-4 col-xxl-3 mb-5 text-center text-lg-left number\">\n                        <div class=\"row\">\n                            <div class=\"col col-12 col-lg-9 offset-lg-3 offset-xl-2 order-2 order-lg-1\">\n                                                                    <h4 class=\"mb-1 number-title \">Profit\/loss from sold or discontinued operations<\/h4>\n                                                            <\/div>\n                            <div class=\"col col-12 col-lg-3 col-xl-2 order-1 order-lg-2 icon-wrap\">\n                                                        <\/div>\n                            <div class=\"col col-12 col-lg-9 col-xl-10 order-3\">\n                                                                    <h2 class=\"mb-1\">\n                                        0.0                                                                                    <span class=\"font-weight-medium font-size-h3 d-block d-sm-inline\">M\u20ac<\/span>\n                                                                                    \n                                    <\/h2>\n                                  \n                                                                    <p class=\"mb-0\">(2022 0.4 M\u20ac)<\/p>\n                                 \n                            <\/div>\n                        <\/div>                                                \n                    <\/div>\n                                                        <div class=\"col col-6 col-lg-4 col-xxl-3 mb-5 text-center text-lg-left number\">\n                        <div class=\"row\">\n                            <div class=\"col col-12 col-lg-9 offset-lg-3 offset-xl-2 order-2 order-lg-1\">\n                                                                    <h4 class=\"mb-1 number-title \">Earnings per share, undiluted<\/h4>\n                                                            <\/div>\n                            <div class=\"col col-12 col-lg-3 col-xl-2 order-1 order-lg-2 icon-wrap\">\n                                                        <\/div>\n                            <div class=\"col col-12 col-lg-9 col-xl-10 order-3\">\n                                                                    <h2 class=\"mb-1\">\n                                        -0.06                                                                                    <span class=\"font-weight-medium font-size-h3 d-block d-sm-inline\">\u20ac<\/span>\n                                                                                    \n                                    <\/h2>\n                                  \n                                                                    <p class=\"mb-0\">(2022 0.03 \u20ac)<\/p>\n                                 \n                            <\/div>\n                        <\/div>                                                \n                    <\/div>\n                                                        <div class=\"col col-6 col-lg-4 col-xxl-3 mb-5 text-center text-lg-left number\">\n                        <div class=\"row\">\n                            <div class=\"col col-12 col-lg-9 offset-lg-3 offset-xl-2 order-2 order-lg-1\">\n                                                                    <h4 class=\"mb-1 number-title \">Equity per share<\/h4>\n                                                            <\/div>\n                            <div class=\"col col-12 col-lg-3 col-xl-2 order-1 order-lg-2 icon-wrap\">\n                                                        <\/div>\n                            <div class=\"col col-12 col-lg-9 col-xl-10 order-3\">\n                                                                    <h2 class=\"mb-1\">\n                                        0.62                                                                                    <span class=\"font-weight-medium font-size-h3 d-block d-sm-inline\">\u20ac<\/span>\n                                                                                    \n                                    <\/h2>\n                                  \n                                                                    <p class=\"mb-0\">(2022 0.71 \u20ac)<\/p>\n                                 \n                            <\/div>\n                        <\/div>                                                \n                    <\/div>\n                                                        <div class=\"col-12 col-lg-5 col-xl-5 text-center\">\n                                        <a class=\"button sininen-painike\" href=\"https:\/\/vuosikertomus.panostaja.fi\/vuosikertomus-2023\/wp-content\/uploads\/sites\/4\/2024\/01\/Panostaja_Financial-Statements_2023.pdf\" target=\"_blank\"><img decoding=\"async\" src=\"https:\/\/vuosikertomus.panostaja.fi\/vuosikertomus-2023\/wp-content\/themes\/panostaja-2023\/dist\/images\/panostaja_valkoinen_nuoli_uusi.png\" style=\"margin-right: 15px;position: relative; top: -2px;\"\/>Financial Statement and Investor Information (pdf)<\/a>\n                <\/div>\n                    <\/div>\n        \n    <\/div>\n\n<\/div>\n\n\n<div class=\"m-0 p-0 wp-block-section-id section-id\" id=\"segments\">\n\t<\/div>\n\n\n\n<div class=\"wp-block-investments-listing investments-listing alignfull py-6 py-xl-8\">\n    <div class=\"container\">\n\n                    <div class=\"row\">\n                <div class=\"col col-12 col-md-10 offset-md-1 col-xl-6 offset-xl-3 text-center\">\n                                            <h2>Our Investment Companies<\/h2>\n                                                                <p>Panostaja\u2019s investment companies are growing and unlisted Finnish SMEs. Continuous development is something shared by each one of our companies. This is why our segments are companies that are genuinely appealing investments.<\/p>\n                                    <\/div>\n            <\/div>\n        \n                    <div class=\"row\">\n                \n                        <!-- \"Card\" -->\n\n                        \n                        <div class=\"col col-12 col-sm-6 col-xxl-4 lift flex-column emerge emerge-bottom\" data-emergence=\"hidden\">\n                                                        <div class=\"cover d-flex align-items-center px-4\">\n                                                                        <img decoding=\"async\" class=\"d-inline\" src=\"https:\/\/vuosikertomus.panostaja.fi\/vuosikertomus-2023\/wp-content\/uploads\/sites\/4\/2023\/12\/oscar_logo_cmyk_vaalealle-taustalleR.png\" alt=\"oscar logo cmyk vaalealle taustalle(R)\" \/>\n                                                            <\/div>\n                            <div class=\"text flex-grow-1 d-flex flex-column px-4 pb-4\">\n                                <div class=\"flex-grow-1\">\n                                    <p>Oscar made progress with its basic business and strategic direction over the course of the year, and the transition from project work to a more product-oriented model began to take shape. Challenges were presented by the general economic situation and a data security breach.<\/p>\n                                <\/div>\n                                <div>\n                                    <a class=\"text-primary button\" href=\"https:\/\/vuosikertomus.panostaja.fi\/vuosikertomus-2023\/en\/?investment=oscar-8\"><img decoding=\"async\" src=\"https:\/\/vuosikertomus.panostaja.fi\/vuosikertomus-2023\/wp-content\/themes\/panostaja-2023\/dist\/images\/panostaja_sininen_nuoli_uusi.png\" style=\"margin-right: 15px; position: relative; top: -2px;\"\/> Lue lis\u00e4\u00e4<\/a>\n                                <\/div>\n                            <\/div>\n                        <\/div>\n\n                        <!-- Lightbox  -->\n                        \n    \n    <div class=\"lightbox lightbox-1283 rounded bg-white\">\n        <div class=\"container-fluid h-100\">\n            <div class=\"row h-100\">\n                <!-- Content -->\n                <div class=\"col col-12 col-xl-8 col-xxl-9 order-2 order-xl-1 px-0\">\n                                            <div class=\"cover\" style=\"background-image: url(https:\/\/vuosikertomus.panostaja.fi\/vuosikertomus-2023\/wp-content\/uploads\/sites\/4\/2023\/12\/OscarSoftware-0927-scaled.jpg);\">\n                        <\/div>\n                                        <div class=\"px-4 pt-4 px-md-5 pt-md-5 px-md-8 pt-md-8 pb-8\">\n                        <h1>Major strategic changes crystallized during the year<\/h1>\n<p>The year 2023 was a challenging year for Oscar Software, and there were a lot changes over the year, especially within the company. In March, Oscar was targeted by a major data breach, which was also covered in the media. Fortunately, the company handled the situation well thanks to solid preparations, but it will take time to recuperate. Many lessons for the future were learned from the cyberattack, but what transpired also impacted Oscar\u2019s result for the financial period. The second major event of the year was the changing of the CEO, when Mika Yletyinen left the position in September. Markku Virtanen has served as the interim CEO for the remainder of the year.<\/p>\n<h2><strong>From projects to a more product-oriented model<\/strong><\/h2>\n<p>The profit\/loss for the 2023 financial period improved from the previous year, but the net sales remained at the same level.<\/p>\n<p>Oscar\u2019s basic business and selected strategy progressed at an even rate during the year. Late in the year, however, the poor economic situation began to manifest itself as investment-related caution and delayed decisions among new customers. Over the course of the year, resources have been diverted from new sizeable deployments toward existing customers to find new development projects. The slow decisions among new customers are expected to continue for some time. Oscar\u2019s competitive situation has not weakened, because other operators in the field are wrestling with the same challenges.<\/p>\n<p>The share of direct project work is decreasing as Oscar is steering its operations increasingly toward a more product-oriented model. This transition has been in the works for a couple of years, and it began to approach completion in the past financial year. Massive growth was achieved in the order book. Other successes of the year were related to internal development, in relation to which breakthroughs were achieved in projects related to background infrastructure and the SaaS transition, for example. The changes are invisible to customers but some emerge as more stable, achievable and efficient services.<\/p>\n<h2><strong>The ERP campaign sparked wide-spread interest<\/strong><\/h2>\n<p>Over the course of the year, the company also launched an ERP campaign, promising to donate its product, the Oscar business platform (ERP), to two companies in the production industry or wholesale and retail sector. The campaign sparked a lot of interest and drew in applications. The campaign also had a direct impact on Oscar\u2019s sales, even though the market situation was otherwise stagnant.<\/p>\n<p>Panostaja assisted Oscar through the year with updating background funding and insurance solutions, for example. With Panostaja\u2019s assistance, Oscar has done things more boldly and strongly in alignment with its strategy: for example, owner and board efforts have supported the transition to more product-oriented operations. Oscar has also received expert support through Panostaja\u2019s network.<\/p>\n<h2><strong>Positive outlook for the coming years<\/strong><\/h2>\n<p>In the past year, Oscar has also made even more investments than before into responsibility. The company has begun to work on responsibility themes with regard to its own footprint (e.g., server choices and data security) and handprint (e.g., more efficient resource usage and transparency). These efforts will continue in 2024. During the new year, the company also expects the investment levee to break and intends to continue its strategic transition. Oscar believes that in 2024, customers will more concretely see what the ERP platform of the future will be like. Over the course of the next two years, the results are expected to be more widely apparent among the customer base: Oscar\u2019s modern ERP platform differs from its traditional counterparts and will begin to yield benefits in the near future.<\/p>\n                    <\/div>\n                <\/div>\n                <!-- Sidebar -->\n                <div class=\"col col-12 col-xl-4 col-xxl-3 order-1 order-xl-2 bg-primary text-white\">\n                    <div class=\"p-4 p-md-5 h-100\">\n                                                        <img decoding=\"async\" class=\"d-table mb-5\" src=\"https:\/\/vuosikertomus.panostaja.fi\/vuosikertomus-2023\/wp-content\/uploads\/sites\/4\/2023\/12\/oscar_logo_cmyk_vaalealle-taustalleR.png\" alt=\"oscar logo cmyk vaalealle taustalle(R)\" \/>\n                        \n                        <p class=\"m-0\">Oscar made progress with its basic business and strategic direction over the course of the year, and the transition from project work to a more product-oriented model began to take shape. Challenges were presented by the general economic situation and a data security breach.<\/p>\n\n                        <hr class=\"border-white mb-1 mb-md-2 mt-4 mt-md-5\">\n\n                                                    <div class=\"row\">\n                                \n                                    <div class=\"col col-6 col-lg-3 col-xl-12 d-flex d-xl-block flex-column\">\n                                        <h3 class=\"mt-4 flex-grow-1\">Panostaja&#8217;s shareholding<\/h3>\n                                        <h2 class=\"m-0 \">\n                                            57.9                                                                                            <span class=\"font-weight-medium font-size-h3\">%<\/span>\n                                                                                    <\/h2>\n                                    <\/div>\n\n                                \n                                    <div class=\"col col-6 col-lg-3 col-xl-12 d-flex d-xl-block flex-column\">\n                                        <h3 class=\"mt-4 flex-grow-1\">Year of investment<\/h3>\n                                        <h2 class=\"m-0 \">\n                                            2018                                                                                    <\/h2>\n                                    <\/div>\n\n                                \n                                    <div class=\"col col-6 col-lg-3 col-xl-12 d-flex d-xl-block flex-column\">\n                                        <h3 class=\"mt-4 flex-grow-1\">Net sales<\/h3>\n                                        <h2 class=\"m-0 \">\n                                            11.5                                                                                            <span class=\"font-weight-medium font-size-h3\">M\u20ac<\/span>\n                                                                                    <\/h2>\n                                    <\/div>\n\n                                \n                                    <div class=\"col col-6 col-lg-3 col-xl-12 d-flex d-xl-block flex-column\">\n                                        <h3 class=\"mt-4 flex-grow-1\">Personnel<\/h3>\n                                        <h2 class=\"m-0 \">\n                                            132                                                                                    <\/h2>\n                                    <\/div>\n\n                                                            <\/div>\n                                            <\/div>\n                <\/div>                                    \n            <\/div>\n        <\/div>\n    <\/div>\n\n    <a class=\"close-lightbox button button-close close-1283\" href=\"#\">\n        <svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"22.211\" height=\"22.212\" viewBox=\"0 0 22.211 22.212\"><g transform=\"translate(-3310.509 -4671.799)\"><path d=\"M.221,1.174,25.479,0l-.221,4.759L0,5.933Z\" transform=\"translate(3314.704 4671.8) rotate(45)\" fill=\"#fff\"\/><path d=\"M0,0,25.257,1.174l.221,4.759L.221,4.759Z\" transform=\"translate(3310.509 4689.815) rotate(-45)\" fill=\"#fff\"\/><\/g><\/svg>         Sulje    <\/a>\n\n    <div class=\"lightbox-backdrop backdrop-1283\"><\/div>\n\n\n                \n                        <!-- \"Card\" -->\n\n                        \n                        <div class=\"col col-12 col-sm-6 col-xxl-4 lift flex-column emerge emerge-bottom\" data-emergence=\"hidden\">\n                                                        <div class=\"cover d-flex align-items-center px-4\">\n                                                                        <img decoding=\"async\" class=\"d-inline\" src=\"https:\/\/vuosikertomus.panostaja.fi\/vuosikertomus-2023\/wp-content\/uploads\/sites\/4\/2023\/12\/corehw_logo-hires.png\" alt=\"corehw logo hires\" \/>\n                                                            <\/div>\n                            <div class=\"text flex-grow-1 d-flex flex-column px-4 pb-4\">\n                                <div class=\"flex-grow-1\">\n                                    <p>Big changes took place at CoreHW in 2023 with the company beginning to invest more into devices and their product development, alongside the design of microchips and antenna modules. The company\u2019s goal is to become more of a product business by 2025.<\/p>\n                                <\/div>\n                                <div>\n                                    <a class=\"text-primary button\" href=\"https:\/\/vuosikertomus.panostaja.fi\/vuosikertomus-2023\/en\/?investment=1285\"><img decoding=\"async\" src=\"https:\/\/vuosikertomus.panostaja.fi\/vuosikertomus-2023\/wp-content\/themes\/panostaja-2023\/dist\/images\/panostaja_sininen_nuoli_uusi.png\" style=\"margin-right: 15px; position: relative; top: -2px;\"\/> Lue lis\u00e4\u00e4<\/a>\n                                <\/div>\n                            <\/div>\n                        <\/div>\n\n                        <!-- Lightbox  -->\n                        \n    \n    <div class=\"lightbox lightbox-1285 rounded bg-white\">\n        <div class=\"container-fluid h-100\">\n            <div class=\"row h-100\">\n                <!-- Content -->\n                <div class=\"col col-12 col-xl-8 col-xxl-9 order-2 order-xl-1 px-0\">\n                                            <div class=\"cover\" style=\"background-image: url(https:\/\/vuosikertomus.panostaja.fi\/vuosikertomus-2023\/wp-content\/uploads\/sites\/4\/2023\/12\/CoreHW-2022-2264-scaled.jpg);\">\n                        <\/div>\n                                        <div class=\"px-4 pt-4 px-md-5 pt-md-5 px-md-8 pt-md-8 pb-8\">\n                        <h1>Big steps of growth<\/h1>\n<p>CoreHW has two main areas of business operation, which both developed in 2023.<\/p>\n<p>Net sales for the microchip design services and IP licensing (DS) increased slightly over the course of the year, even through there were some profitability challenges. That said, corrective measures were successfully carried out in relation to profitability. Next year, business profitability is expected to be better. During the year, new technologies with considerable commercial potential were created. The customer base of the design services consists of a wide range of companies from start-ups to the largest equipment and microchip manufacturers in the world. In 2023, CoreHW expanded its customer base particularly in the United States.<\/p>\n<p>The indoor positioning module and equipment sales business (RTLS) includes the sale of components, modules and devices developed by CoreHW, whereas contract manufacturers produce the components themselves. In 2023, CoreHW was able to start the mass production of its proprietary antenna modules. Late in the year, some main customers were still finalizing their own products, but customers have still made advance orders for more than 2,500 antenna module boards for preproduction series.<\/p>\n<h2><strong>Device product development was initiated due to growing demand<\/strong><\/h2>\n<p>In the past financial period, CoreHW also took significant new steps by deciding to get involved in the indoor positioning equipment business. In addition to the design of microchips and antenna modules, the company began to invest more in devices, such as locators and tags, and began their product development. The devices utilize CoreHW\u2019s own microchips, antennas and algorithms, which ensures a unique competitive advantage. The intention is to get the devices into mass production midway through 2024.<\/p>\n<blockquote><p>A decision was made to begin the new business due to high customer demand.<\/p><\/blockquote>\n<p>A decision was made to begin the new business due to high customer demand. The customer base includes equipment manufacturers, indoor positioning system providers and system integrators, for example. The devices can be used to monitor goods in warehouses and factories or ensure patient and staff safety in hospital environments, among other applications. CoreHW\u2019s aim in all of its business operations is to develop microchip technology that enables providing better products to customers.<\/p>\n<h2><strong>Significant investment assistance from Panostaja<\/strong><\/h2>\n<p>In 2023, CoreHW faced challenges due to the payment delays of some customers, which has made CoreHW\u2019s own cash management more difficult. There was no credit loss, however, and there has been none over the company\u2019s entire history.<\/p>\n<p>CoreHW has ensured responsibility through measures such as minimizing the environmental impacts of its products and operations and fostering safe and productive jobs in all operating areas. The company also promotes responsibility through its management structure, which regularly reviews thorough internal and third-party inspections. For CoreHW responsibility, honesty and lawfulness come first with regard to partners throughout the entire supply chain.<\/p>\n<p>Panostaja assisted CoreHW substantially during the year, particularly with growing the module and equipment sales business for the next phase. Together with Business Finland, CoreHW invested about four million euros in product development in the spring of 2023. Panostaja\u2019s role was also evident through its activity in the company\u2019s Board of Directors and other expert assistance: for example, Panostaja organized a variety of theme days with portfolio companies, and the peer support also benefited the further development of CoreHW\u2019s business operations.<\/p>\n<p>For CoreHW, 2024 looks to be very positive for both design services and the module and equipment sales business. The company develops its products constantly and believes that it will become even more of a product company by 2025: at that point, a significant portion of the net sales will be generated by indoor positioning and the company\u2019s own products.<\/p>\n                    <\/div>\n                <\/div>\n                <!-- Sidebar -->\n                <div class=\"col col-12 col-xl-4 col-xxl-3 order-1 order-xl-2 bg-primary text-white\">\n                    <div class=\"p-4 p-md-5 h-100\">\n                                                        <img decoding=\"async\" class=\"d-table mb-5\" src=\"https:\/\/vuosikertomus.panostaja.fi\/vuosikertomus-2023\/wp-content\/uploads\/sites\/4\/2023\/12\/corehw_logo-hires.png\" alt=\"corehw logo hires\" \/>\n                        \n                        <p class=\"m-0\">Big changes took place at CoreHW in 2023 with the company beginning to invest more into devices and their product development, alongside the design of microchips and antenna modules. The company\u2019s goal is to become more of a product business by 2025.<\/p>\n\n                        <hr class=\"border-white mb-1 mb-md-2 mt-4 mt-md-5\">\n\n                                                    <div class=\"row\">\n                                \n                                    <div class=\"col col-6 col-lg-3 col-xl-12 d-flex d-xl-block flex-column\">\n                                        <h3 class=\"mt-4 flex-grow-1\">Panostaja&#8217;s shareholding<\/h3>\n                                        <h2 class=\"m-0 \">\n                                            55.8                                                                                            <span class=\"font-weight-medium font-size-h3\">%<\/span>\n                                                                                    <\/h2>\n                                    <\/div>\n\n                                \n                                    <div class=\"col col-6 col-lg-3 col-xl-12 d-flex d-xl-block flex-column\">\n                                        <h3 class=\"mt-4 flex-grow-1\">Year of investment<\/h3>\n                                        <h2 class=\"m-0 \">\n                                            2017                                                                                    <\/h2>\n                                    <\/div>\n\n                                \n                                    <div class=\"col col-6 col-lg-3 col-xl-12 d-flex d-xl-block flex-column\">\n                                        <h3 class=\"mt-4 flex-grow-1\">Net sales<\/h3>\n                                        <h2 class=\"m-0 \">\n                                            7.9                                                                                            <span class=\"font-weight-medium font-size-h3\">M\u20ac<\/span>\n                                                                                    <\/h2>\n                                    <\/div>\n\n                                \n                                    <div class=\"col col-6 col-lg-3 col-xl-12 d-flex d-xl-block flex-column\">\n                                        <h3 class=\"mt-4 flex-grow-1\">Personnel<\/h3>\n                                        <h2 class=\"m-0 \">\n                                            75                                                                                    <\/h2>\n                                    <\/div>\n\n                                                            <\/div>\n                                            <\/div>\n                <\/div>                                    \n            <\/div>\n        <\/div>\n    <\/div>\n\n    <a class=\"close-lightbox button button-close close-1285\" href=\"#\">\n        <svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"22.211\" height=\"22.212\" viewBox=\"0 0 22.211 22.212\"><g transform=\"translate(-3310.509 -4671.799)\"><path d=\"M.221,1.174,25.479,0l-.221,4.759L0,5.933Z\" transform=\"translate(3314.704 4671.8) rotate(45)\" fill=\"#fff\"\/><path d=\"M0,0,25.257,1.174l.221,4.759L.221,4.759Z\" transform=\"translate(3310.509 4689.815) rotate(-45)\" fill=\"#fff\"\/><\/g><\/svg>         Sulje    <\/a>\n\n    <div class=\"lightbox-backdrop backdrop-1285\"><\/div>\n\n\n                \n                        <!-- \"Card\" -->\n\n                        \n                        <div class=\"col col-12 col-sm-6 col-xxl-4 lift flex-column emerge emerge-bottom\" data-emergence=\"hidden\">\n                                                        <div class=\"cover d-flex align-items-center px-4\">\n                                                                        <img decoding=\"async\" class=\"d-inline\" src=\"https:\/\/vuosikertomus.panostaja.fi\/vuosikertomus-2023\/wp-content\/uploads\/sites\/4\/2023\/12\/hygga-logo-m-blue.png\" alt=\"hygga logo m blue\" \/>\n                                                            <\/div>\n                            <div class=\"text flex-grow-1 d-flex flex-column px-4 pb-4\">\n                                <div class=\"flex-grow-1\">\n                                    <p>Hygga experienced a lot of changes in the 2023 financial period. As a result of the new CEO, the company particularly focused on personnel and improving profitability.<\/p>\n                                <\/div>\n                                <div>\n                                    <a class=\"text-primary button\" href=\"https:\/\/vuosikertomus.panostaja.fi\/vuosikertomus-2023\/en\/?investment=hygga-8\"><img decoding=\"async\" src=\"https:\/\/vuosikertomus.panostaja.fi\/vuosikertomus-2023\/wp-content\/themes\/panostaja-2023\/dist\/images\/panostaja_sininen_nuoli_uusi.png\" style=\"margin-right: 15px; position: relative; top: -2px;\"\/> Lue lis\u00e4\u00e4<\/a>\n                                <\/div>\n                            <\/div>\n                        <\/div>\n\n                        <!-- Lightbox  -->\n                        \n    \n    <div class=\"lightbox lightbox-1288 rounded bg-white\">\n        <div class=\"container-fluid h-100\">\n            <div class=\"row h-100\">\n                <!-- Content -->\n                <div class=\"col col-12 col-xl-8 col-xxl-9 order-2 order-xl-1 px-0\">\n                                            <div class=\"cover\" style=\"background-image: url(https:\/\/vuosikertomus.panostaja.fi\/vuosikertomus-2023\/wp-content\/uploads\/sites\/4\/2023\/12\/Hygga-2022-3219-scaled.jpg);\">\n                        <\/div>\n                                        <div class=\"px-4 pt-4 px-md-5 pt-md-5 px-md-8 pt-md-8 pb-8\">\n                        <h1>The year of great changes becomes a success<\/h1>\n<p>During this financial period, Hygga got back to the basics and focused particularly on the profitability of its dental clinic which provides outsourcing services to the City of Helsinki. The Hygga Flow system, which was developed by Hygga to save valuable health care resources, was widely adopted by Finland\u2019s new wellbeing services counties, and the company is taking strides in its internationalization efforts.<\/p>\n<p>The year 2023 got off to a tumultuous start with Hygga\u2019s CEO and the manager of the dental clinic located in Kamppi, Helsinki, leaving their positions almost at the same time. The new CEO was found inside the company, as Christoffer Nordstr\u00f6m, who had previously served as Chief Digital Officer, was selected for the task. During the first quarter, Hygga and its new CEO focused on the dental clinic operations and reorganizing the management. The focus was particularly on operational management and data-based measurement, and results were gained very swiftly.<\/p>\n<h2><strong>Investing in personnel pays off<\/strong><\/h2>\n<p>The big picture required substantial changes and new thinking across the board. Investments were made in clinic management and supervisory work to make Hygga better equipped to recruit professionals in the highly competitive field. Staff satisfaction and comfort are now key focuses, which has also required investments through the new pay model, for example. On the other hand, Hygga has noticed that investing in personnel increases profits \u2013 the clinic already became profitable in March. More than 50% of the clinic\u2019s net sales come from the City of Helsinki and the rest from private customers.<\/p>\n<h2><strong>Hygga Flow is generating interest in Finland and across Europe<\/strong><\/h2>\n<p>The service business focusing on the Hygga Flow ERP system gained a new CBO at the beginning of September. In addition to oral health care, fields such as basic and special health care\u00a0 are interested in Hygga Flow, and the public sector has adopted the solution widely for oral health care in Finland. \u00a0In Sweden, the county of \u00d6rebro is already using the system for oral health care, and a pilot agreement was signed with another county last year. In 2024, Hygga Flow will be piloted for the first time for specialized health care in Belgium\u00a0at the Roeselaren AZ Delta hospital. At the same time, the pilot is the first trial of the system for the purposes of radiology.<\/p>\n<p>Hygga Flow is based on the idea that patients are provided with the treatment they need in one go. This saves in back-and-forth travel costs and treatment room cleaning. The ERP system increases the efficiency of patient care and saves resources but is also a highly responsible solution at the same time. For example, in \u00d6rebro, Sweden, Hygga Flow received the county\u2019s environmental award. In this financial period, Hygga\u2019s overall responsibility efforts were focused on human wellbeing, without forgetting other essential factors.<\/p>\n<h2><strong>The future seems promising<\/strong><\/h2>\n<p>The most significant successes of the year were experienced in finding a focus and in the management team\u2019s spirit of pulling together\u00a0. These were also reflected in the staff satisfaction. Overall profitability was also better at the end of the financial period. Panostaja\u2019s team has been actively involved in the development of Hygga\u2019s financial processes and has financed the operations in an occasionally challenging situation.<\/p>\n<p>The year 2024 appears promising for Hygga. Hygga Flow has sparked a lot of interest among Finnish public sector operators, because all of the new wellbeing services counties are having difficulties with sustainability and long waiting times. There is also demand on the international markets, which is indicated by good pilot results and new initiatives. The profitability of the clinic business is expected to improve, which is why the new financial period is anticipated to be a good one. Despite the changing situation, Hygga is on a path of growth together with Panostaja.<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n                    <\/div>\n                <\/div>\n                <!-- Sidebar -->\n                <div class=\"col col-12 col-xl-4 col-xxl-3 order-1 order-xl-2 bg-primary text-white\">\n                    <div class=\"p-4 p-md-5 h-100\">\n                                                        <img decoding=\"async\" class=\"d-table mb-5\" src=\"https:\/\/vuosikertomus.panostaja.fi\/vuosikertomus-2023\/wp-content\/uploads\/sites\/4\/2023\/12\/hygga-logo-m-blue.png\" alt=\"hygga logo m blue\" \/>\n                        \n                        <p class=\"m-0\">Hygga experienced a lot of changes in the 2023 financial period. As a result of the new CEO, the company particularly focused on personnel and improving profitability.<\/p>\n\n                        <hr class=\"border-white mb-1 mb-md-2 mt-4 mt-md-5\">\n\n                                                    <div class=\"row\">\n                                \n                                    <div class=\"col col-6 col-lg-3 col-xl-12 d-flex d-xl-block flex-column\">\n                                        <h3 class=\"mt-4 flex-grow-1\">Panostaja&#8217;s shareholding<\/h3>\n                                        <h2 class=\"m-0 \">\n                                            79.8                                                                                            <span class=\"font-weight-medium font-size-h3\">%<\/span>\n                                                                                    <\/h2>\n                                    <\/div>\n\n                                \n                                    <div class=\"col col-6 col-lg-3 col-xl-12 d-flex d-xl-block flex-column\">\n                                        <h3 class=\"mt-4 flex-grow-1\">Year of investment<\/h3>\n                                        <h2 class=\"m-0 \">\n                                            2015                                                                                    <\/h2>\n                                    <\/div>\n\n                                \n                                    <div class=\"col col-6 col-lg-3 col-xl-12 d-flex d-xl-block flex-column\">\n                                        <h3 class=\"mt-4 flex-grow-1\">Net sales<\/h3>\n                                        <h2 class=\"m-0 \">\n                                            7.8                                                                                            <span class=\"font-weight-medium font-size-h3\">M\u20ac<\/span>\n                                                                                    <\/h2>\n                                    <\/div>\n\n                                \n                                    <div class=\"col col-6 col-lg-3 col-xl-12 d-flex d-xl-block flex-column\">\n                                        <h3 class=\"mt-4 flex-grow-1\">Personnel<\/h3>\n                                        <h2 class=\"m-0 \">\n                                            103                                                                                    <\/h2>\n                                    <\/div>\n\n                                                            <\/div>\n                                            <\/div>\n                <\/div>                                    \n            <\/div>\n        <\/div>\n    <\/div>\n\n    <a class=\"close-lightbox button button-close close-1288\" href=\"#\">\n        <svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"22.211\" height=\"22.212\" viewBox=\"0 0 22.211 22.212\"><g transform=\"translate(-3310.509 -4671.799)\"><path d=\"M.221,1.174,25.479,0l-.221,4.759L0,5.933Z\" transform=\"translate(3314.704 4671.8) rotate(45)\" fill=\"#fff\"\/><path d=\"M0,0,25.257,1.174l.221,4.759L.221,4.759Z\" transform=\"translate(3310.509 4689.815) rotate(-45)\" fill=\"#fff\"\/><\/g><\/svg>         Sulje    <\/a>\n\n    <div class=\"lightbox-backdrop backdrop-1288\"><\/div>\n\n\n                \n                        <!-- \"Card\" -->\n\n                        \n                        <div class=\"col col-12 col-sm-6 col-xxl-4 lift flex-column emerge emerge-bottom\" data-emergence=\"hidden\">\n                                                        <div class=\"cover d-flex align-items-center px-4\">\n                                                                        <img decoding=\"async\" class=\"d-inline\" src=\"https:\/\/vuosikertomus.panostaja.fi\/vuosikertomus-2023\/wp-content\/uploads\/sites\/4\/2023\/12\/GRANO_LOGO_BLACK_CMYK.png\" alt=\"GRANO LOGO BLACK CMYK\" \/>\n                                                            <\/div>\n                            <div class=\"text flex-grow-1 d-flex flex-column px-4 pb-4\">\n                                <div class=\"flex-grow-1\">\n                                    <p>Grano\u2019s year included considerable organizational changes and a challenging autumn season with change negotiations. The company was also granted the new EcoVadis sustainability label.<\/p>\n                                <\/div>\n                                <div>\n                                    <a class=\"text-primary button\" href=\"https:\/\/vuosikertomus.panostaja.fi\/vuosikertomus-2023\/en\/?investment=grano-8\"><img decoding=\"async\" src=\"https:\/\/vuosikertomus.panostaja.fi\/vuosikertomus-2023\/wp-content\/themes\/panostaja-2023\/dist\/images\/panostaja_sininen_nuoli_uusi.png\" style=\"margin-right: 15px; position: relative; top: -2px;\"\/> Lue lis\u00e4\u00e4<\/a>\n                                <\/div>\n                            <\/div>\n                        <\/div>\n\n                        <!-- Lightbox  -->\n                        \n    \n    <div class=\"lightbox lightbox-1290 rounded bg-white\">\n        <div class=\"container-fluid h-100\">\n            <div class=\"row h-100\">\n                <!-- Content -->\n                <div class=\"col col-12 col-xl-8 col-xxl-9 order-2 order-xl-1 px-0\">\n                                            <div class=\"cover\" style=\"background-image: url(https:\/\/vuosikertomus.panostaja.fi\/vuosikertomus-2023\/wp-content\/uploads\/sites\/4\/2023\/12\/Mika_Pakarinen_KEKSI_Grano_toimisto_13A2777-scaled.jpg);\">\n                        <\/div>\n                                        <div class=\"px-4 pt-4 px-md-5 pt-md-5 px-md-8 pt-md-8 pb-8\">\n                        <h1>A year of substancial changes<\/h1>\n<p>As advance estimates predicted, early 2023 was a period of positive growth for Grano. The start of the new financial period also involves significant organizational changes. Two separate business units were created within the company, both with clear profit responsibilities \u2013 this made it possible to move the responsibility down across organizational levels. Sales efforts were also streamlined by dividing them into three areas: sector-specific sales with comprehensive customer responsibility, expert sales, and a sales support and development unit which is responsible for internal sales policies, for example.<\/p>\n<p>After the positive early part of the year, the second part was exceptionally challenging for Grano and the entire field. The summer season was already unusually slow, and the stagnation of the market was painfully evident especially in the fields of trade and construction. During the final quarter of the period, the company was forced to take financial corrective measures, the most radical of which was the decision to initiate change negotiations. As a result, Grano let go 27 employees.<\/p>\n<h2><strong>The measures taken helped <\/strong><\/h2>\n<p>Amid the challenges of 2023, many measures taken in the previous year proved valuable. For example, overcoming the material inflation brought on by the Ukraine War salvaged net sales and profitability in 2023.<\/p>\n<p>The new Vantaa factory opened in 2022 also provided a favorable boost in 2023. Customers have provided a lot of positive feedback about the factory and, as an example, the showroom constructed on the premises, which showcases Grano\u2019s wide product selection from basic print products to marketing services.<\/p>\n<h2><strong>Silver-level EcoVadis sustainability label<\/strong><\/h2>\n<p>Prominent themes for the company during the year were responsibility and artificial intelligence. Grano has been engaged in long-term responsibility efforts at a high level of quality but, in recent times, the efforts have been crystallized into an undeniable strength for the company in competitive bidding, for example. In 2023, Grano also achieved the silver level of the esteemed EcoVadis sustainability label. Grano has already been at the bronze level for a couple of years. Attaining and maintaining the silver level requires continuous development of responsibility efforts.<\/p>\n<blockquote><p>Several AI training courses have been organized for employees, and the company is in the process of creating its own AI strategy.<\/p><\/blockquote>\n<p>Alongside environmental matters, Grano has placed special emphasis on comprehensive employee satisfaction and motivation: as a general trend, the personnel of industrial manufacturing companies are getting older, which is why maintaining work capacity and drawing new people to the field are key interests among the companies. Responsibility is also demonstrated by new innovations, such as the ecological cardboard furniture solutions, which were launched in the fall. In terms of AI, Grano has made sure that its personnel stays up to date in the rapidly developing world. Several AI training courses have been organized for employees, and the company is in the process of creating its own AI strategy. Grano has also utilized the Responsibility Strategy workbook released by Panostaja and the related tools.<\/p>\n<h2><strong>Panostaja assists with streamlining the portfolio<\/strong><\/h2>\n<p>In 2023, Panostaja assisted Grano particularly with streamlining the overall portfolio. In the spring, Grano sold its subsidiary in Tallinn and, after the summer, also its shares in the Maker3D company. In the past year, Panostaja\u2019s mentoring program for the management team members of various companies was also extremely useful in terms of peer support.<\/p>\n<p>Grano is expecting 2024 to be challenging, and the economy is expected to provide little to no boost for growth. In the coming year, Grano will continue to invest particularly in responsibility, artificial intelligence, innovations and data security. Market-driving growth is expected in the packaging and food business. Despite the challenges, the company is confident in its wide range of strengths, competent and committed staff and good products.<\/p>\n                    <\/div>\n                <\/div>\n                <!-- Sidebar -->\n                <div class=\"col col-12 col-xl-4 col-xxl-3 order-1 order-xl-2 bg-primary text-white\">\n                    <div class=\"p-4 p-md-5 h-100\">\n                                                        <img decoding=\"async\" class=\"d-table mb-5\" src=\"https:\/\/vuosikertomus.panostaja.fi\/vuosikertomus-2023\/wp-content\/uploads\/sites\/4\/2023\/12\/GRANO_LOGO_BLACK_CMYK.png\" alt=\"GRANO LOGO BLACK CMYK\" \/>\n                        \n                        <p class=\"m-0\">Grano\u2019s year included considerable organizational changes and a challenging autumn season with change negotiations. The company was also granted the new EcoVadis sustainability label.<\/p>\n\n                        <hr class=\"border-white mb-1 mb-md-2 mt-4 mt-md-5\">\n\n                                                    <div class=\"row\">\n                                \n                                    <div class=\"col col-6 col-lg-3 col-xl-12 d-flex d-xl-block flex-column\">\n                                        <h3 class=\"mt-4 flex-grow-1\">Panostaja&#8217;s shareholding<\/h3>\n                                        <h2 class=\"m-0 \">\n                                            55.2                                                                                            <span class=\"font-weight-medium font-size-h3\">%<\/span>\n                                                                                    <\/h2>\n                                    <\/div>\n\n                                \n                                    <div class=\"col col-6 col-lg-3 col-xl-12 d-flex d-xl-block flex-column\">\n                                        <h3 class=\"mt-4 flex-grow-1\">Year of investment<\/h3>\n                                        <h2 class=\"m-0 \">\n                                            2008                                                                                    <\/h2>\n                                    <\/div>\n\n                                \n                                    <div class=\"col col-6 col-lg-3 col-xl-12 d-flex d-xl-block flex-column\">\n                                        <h3 class=\"mt-4 flex-grow-1\">Net sales<\/h3>\n                                        <h2 class=\"m-0 \">\n                                            109.1                                                                                            <span class=\"font-weight-medium font-size-h3\">M\u20ac<\/span>\n                                                                                    <\/h2>\n                                    <\/div>\n\n                                \n                                    <div class=\"col col-6 col-lg-3 col-xl-12 d-flex d-xl-block flex-column\">\n                                        <h3 class=\"mt-4 flex-grow-1\">Personnel<\/h3>\n                                        <h2 class=\"m-0 \">\n                                            869                                                                                    <\/h2>\n                                    <\/div>\n\n                                                            <\/div>\n                                            <\/div>\n                <\/div>                                    \n            <\/div>\n        <\/div>\n    <\/div>\n\n    <a class=\"close-lightbox button button-close close-1290\" href=\"#\">\n        <svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"22.211\" height=\"22.212\" viewBox=\"0 0 22.211 22.212\"><g transform=\"translate(-3310.509 -4671.799)\"><path d=\"M.221,1.174,25.479,0l-.221,4.759L0,5.933Z\" transform=\"translate(3314.704 4671.8) rotate(45)\" fill=\"#fff\"\/><path d=\"M0,0,25.257,1.174l.221,4.759L.221,4.759Z\" transform=\"translate(3310.509 4689.815) rotate(-45)\" fill=\"#fff\"\/><\/g><\/svg>         Sulje    <\/a>\n\n    <div class=\"lightbox-backdrop backdrop-1290\"><\/div>\n\n\n                \n                        <!-- \"Card\" -->\n\n                        \n                        <div class=\"col col-12 col-sm-6 col-xxl-4 lift flex-column emerge emerge-bottom\" data-emergence=\"hidden\">\n                                                        <div class=\"cover d-flex align-items-center px-4\">\n                                                                        <img decoding=\"async\" class=\"d-inline\" src=\"https:\/\/vuosikertomus.panostaja.fi\/vuosikertomus-2023\/wp-content\/uploads\/sites\/4\/2023\/12\/Gugguu-logo-png.png\" alt=\"Gugguu logo png\" \/>\n                                                            <\/div>\n                            <div class=\"text flex-grow-1 d-flex flex-column px-4 pb-4\">\n                                <div class=\"flex-grow-1\">\n                                    <p>For children\u2019s clothing brand Gugguu, 2023 marked the company\u2019s 10th anniversary. The celebrations brought about many enjoyable events and encounters, but the uncertain global situation also took its toll on Gugguu\u2019s operations.<\/p>\n                                <\/div>\n                                <div>\n                                    <a class=\"text-primary button\" href=\"https:\/\/vuosikertomus.panostaja.fi\/vuosikertomus-2023\/en\/?investment=gugguu-7\"><img decoding=\"async\" src=\"https:\/\/vuosikertomus.panostaja.fi\/vuosikertomus-2023\/wp-content\/themes\/panostaja-2023\/dist\/images\/panostaja_sininen_nuoli_uusi.png\" style=\"margin-right: 15px; position: relative; top: -2px;\"\/> Lue lis\u00e4\u00e4<\/a>\n                                <\/div>\n                            <\/div>\n                        <\/div>\n\n                        <!-- Lightbox  -->\n                        \n    \n    <div class=\"lightbox lightbox-1292 rounded bg-white\">\n        <div class=\"container-fluid h-100\">\n            <div class=\"row h-100\">\n                <!-- Content -->\n                <div class=\"col col-12 col-xl-8 col-xxl-9 order-2 order-xl-1 px-0\">\n                                            <div class=\"cover\" style=\"background-image: url(https:\/\/vuosikertomus.panostaja.fi\/vuosikertomus-2023\/wp-content\/uploads\/sites\/4\/2023\/12\/Gugguu_Panostaja.jpg);\">\n                        <\/div>\n                                        <div class=\"px-4 pt-4 px-md-5 pt-md-5 px-md-8 pt-md-8 pb-8\">\n                        <h1>The anniversary year was a happy time but challenges were not avoided<\/h1>\n<p>The 2023 customer satisfaction survey indicated that the company\u2019s NPS is extremely high. Gugguu\u2019s customers are committed and satisfied and also willing to recommend the products to others. On the other hand, challenges could not be avoided in the changed global situation. There have been significant changes in the purchasing behavior of consumers, and production costs and prices have increased, for example.<\/p>\n<p>Many memorable events were organized over the year and new model ranges were also launched. Still, Gugguu\u2019s sales did not develop in the desired manner. Fortunately, the company had prepared for the uncertain outlook through a variety of measures, such as reducing production volumes, which is why the challenges and changes were not as much of a surprise.<\/p>\n<h2><strong>Responsibility brings people together<\/strong><\/h2>\n<p>The support from Panostaja is very significant for Gugguu, and responsibility, which is important to both companies, is at the core of the company\u2019s operations. Gugguu is a responsible producer that manufactures ecological products entirely within Europe. Increasing awareness of the Gugguu Preloved shop, which was launched in late 2022 to encourage the recycling of children\u2019s clothing, has been one of the responsibility themes in 2023.<\/p>\n<p>Gugguu finds that being part of Panostaja\u2019s portfolio is also beneficial in terms of networking and the exchange of ideas. This year, too, the various events organized by Panostaja, such as the Financial Management Days and Management Forum, have provided important discussion forums for the company\u2019s key personnel.<\/p>\n<p>The coming year will surely continue to be challenging for Gugguu. However, there are also positive prospects in the figure. As an example, the efforts to drive internationalization will pick up speed with Gugguu opening a subsidiary in Norway in 2024.<\/p>\n<p><strong>* In contrast to Panostaja, Gugguu\u2019s financial period is April 1\u2013March 31\u00a0<\/strong><\/p>\n                    <\/div>\n                <\/div>\n                <!-- Sidebar -->\n                <div class=\"col col-12 col-xl-4 col-xxl-3 order-1 order-xl-2 bg-primary text-white\">\n                    <div class=\"p-4 p-md-5 h-100\">\n                                                        <img decoding=\"async\" class=\"d-table mb-5\" src=\"https:\/\/vuosikertomus.panostaja.fi\/vuosikertomus-2023\/wp-content\/uploads\/sites\/4\/2023\/12\/Gugguu-logo-png.png\" alt=\"Gugguu logo png\" \/>\n                        \n                        <p class=\"m-0\">For children\u2019s clothing brand Gugguu, 2023 marked the company\u2019s 10th anniversary. The celebrations brought about many enjoyable events and encounters, but the uncertain global situation also took its toll on Gugguu\u2019s operations.<\/p>\n\n                        <hr class=\"border-white mb-1 mb-md-2 mt-4 mt-md-5\">\n\n                                                    <div class=\"row\">\n                                \n                                    <div class=\"col col-6 col-lg-3 col-xl-12 d-flex d-xl-block flex-column\">\n                                        <h3 class=\"mt-4 flex-grow-1\">Panostaja&#8217;s shareholding<\/h3>\n                                        <h2 class=\"m-0 \">\n                                            43                                                                                            <span class=\"font-weight-medium font-size-h3\">%<\/span>\n                                                                                    <\/h2>\n                                    <\/div>\n\n                                \n                                    <div class=\"col col-6 col-lg-3 col-xl-12 d-flex d-xl-block flex-column\">\n                                        <h3 class=\"mt-4 flex-grow-1\">Year of investment<\/h3>\n                                        <h2 class=\"m-0 \">\n                                            2018                                                                                    <\/h2>\n                                    <\/div>\n\n                                \n                                    <div class=\"col col-6 col-lg-3 col-xl-12 d-flex d-xl-block flex-column\">\n                                        <h3 class=\"mt-4 flex-grow-1\">Net sales*<\/h3>\n                                        <h2 class=\"m-0 \">\n                                            3.4                                                                                            <span class=\"font-weight-medium font-size-h3\">M\u20ac<\/span>\n                                                                                    <\/h2>\n                                    <\/div>\n\n                                \n                                    <div class=\"col col-6 col-lg-3 col-xl-12 d-flex d-xl-block flex-column\">\n                                        <h3 class=\"mt-4 flex-grow-1\">Personnel*<\/h3>\n                                        <h2 class=\"m-0 \">\n                                            9                                                                                    <\/h2>\n                                    <\/div>\n\n                                                            <\/div>\n                                            <\/div>\n                <\/div>                                    \n            <\/div>\n        <\/div>\n    <\/div>\n\n    <a class=\"close-lightbox button button-close close-1292\" href=\"#\">\n        <svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"22.211\" height=\"22.212\" viewBox=\"0 0 22.211 22.212\"><g transform=\"translate(-3310.509 -4671.799)\"><path d=\"M.221,1.174,25.479,0l-.221,4.759L0,5.933Z\" transform=\"translate(3314.704 4671.8) rotate(45)\" fill=\"#fff\"\/><path d=\"M0,0,25.257,1.174l.221,4.759L.221,4.759Z\" transform=\"translate(3310.509 4689.815) rotate(-45)\" fill=\"#fff\"\/><\/g><\/svg>         Sulje    <\/a>\n\n    <div class=\"lightbox-backdrop backdrop-1292\"><\/div>\n\n\n                \n                <div class=\"col col-12 col-sm-6 col-xxl-4 aling-items-center extra-teksti emerge emerge-bottom\" data-emergence=\"hidden\">\n                    <div class=\"text flex-grow-1 d-flex flex-column pt-5 px-4 pb-4\">\n                        <img decoding=\"async\" src=\"https:\/\/vuosikertomus.panostaja.fi\/vuosikertomus-2023\/wp-content\/themes\/panostaja-2023\/dist\/images\/quote.png\" width=\"80\"\/>\n                        <p style=\"font-size: 30px; font-weight: bold; font-family: futura-pt, sans-serif;\">After a positive beginning of the year, the second half of the year was challenging for many.<\/p>\n                    <\/div>\n                <\/div>\n\n                        <!-- Mobile load more -->\n                        <!-- <div class=\"col col-12 pt-5 d-block d-sm-none\">\n                            <div class=\"d-table mx-auto\">\n                                <a class=\"investments-load-more button button-primary\" href=\"#\">Lataa lis\u00e4\u00e4<\/a>\n                            <\/div>\n                        <\/div> -->\n                            <\/div>\n\n\n            <\/div>\n<\/div>\n\n\n<div class=\"wp-block-custom-media-display\" style=\"background:#FFF1E6\"><div class=\"wp-block-custom-media-display_heading\" style=\"background:url(https:\/\/vuosikertomus.panostaja.fi\/vuosikertomus-2023\/wp-content\/uploads\/sites\/4\/2022\/01\/Johtoryhma\u0308-panostaja.jpg)\"><div class=\"wp-block-custom-media-display_heading-container\"><h2 style=\"color:white\">Responsibility is at the core of Panostaja\u2019s strategy<\/h2><\/div><\/div><div class=\"wp-block-custom-media-display_content\"><div class=\"wp-block-custom-media-display_content-container\"><p>As a growth partner, Panostaja helps its segments develop responsible and sustainable business and take concrete steps in business responsibility.<\/p><div class=\"wp-block-custom-media-display_content-button\"><a href=\"https:\/\/vuosikertomus.panostaja.fi\/vuosikertomus-2023\/en\/responsibility-is-at-the-core-of-panostajas-strategy\/\" class=\"btn btn-primary\"><img decoding=\"async\" src=\"https:\/\/vuosikertomus.panostaja.fi\/vuosikertomus-2023\/wp-content\/uploads\/sites\/4\/2023\/12\/panostaja_musta_nuoli_uusi-1.png\"\/> Read more<\/a><\/div><\/div><\/div><\/div>\n\n\n\n<div class=\"m-0 p-0 wp-block-section-id section-id\" id=\"us\">\n\t<\/div>\n\n\n\n\n    <div class=\"wp-block-people people bg-secondary alignfull cover py-6 py-xl-8\" style=\"background-color: #fff !important;\">\n        <div class=\"container container-people\">\n\n                            <div class=\"row\">\n                    <div class=\"col col-12 col-md-10 offset-md-1 col-xl-6 offset-xl-3 text-center\">\n                                                    <h2 style=\"color: #212121;\">Management Team<\/h2>\n                                                                    <\/div>\n                <\/div>\n            \n                            <div class=\"row \">\n                                                                    <div class=\"col col-12 col-sm-6 col-xxl-3 lift mt-5 emerge emerge-left\" data-emergence=\"hidden\">\n                            <div class=\"cover cover-top d-flex align-items-end\" style=\"background-image:url(https:\/\/vuosikertomus.panostaja.fi\/vuosikertomus-2023\/wp-content\/uploads\/sites\/4\/2022\/12\/Tapio-Tommila.jpg);\">\n                                <div class=\"person-info w-100 p-4\">\n                                    <div class=\"name-title mb-3\">\n                                                                                    <h4 class=\"mb-3\">Tapio Tommila<\/h4>\n                                                                                                                            <p class=\"m-0\">CEO<\/p>\n                                         \n                                    <\/div> \n                                                                            <a href=\"#\" class=\"show-additional lisatietoa\"><img decoding=\"async\" src=\"https:\/\/vuosikertomus.panostaja.fi\/vuosikertomus-2023\/wp-content\/themes\/panostaja-2023\/dist\/images\/panostaja_sininen_nuoli_uusi.png\" style=\"margin-right: 8px; position: relative; top: -2px;\"\/> More about Tapio<\/a>\n                                     \n                                                                            <div class=\"additional\" style=\"display:none;\">\n                                            <p>CEO since 2019<br \/>\r\nM.Sc. (Econ.), eMBA<br \/>\r\n<br \/>\r\nborn 1978<br \/>\r\n<br \/>\r\nPrevious work experience: <br \/>\r\nCFO of Panostaja Oyj 2015-2018, Senior Vice President 2015-2018 and CIO 2008-2015, Deloitte Corporate Finance Oy, PricewaterhouseCoopers Oy<br \/>\r\n<br \/>\r\nOther positions of trust: <br \/>\r\nMember of the Supervisory Board at Fennia Mutual Insurance Company <\/p>\n                                        <\/div>\n                                       \n                                                                            <a href=\"#\" class=\"hide-additional\" style=\"display:none;\"><img decoding=\"async\" src=\"https:\/\/vuosikertomus.panostaja.fi\/vuosikertomus-2023\/wp-content\/themes\/panostaja-2023\/dist\/images\/panostaja_sininen_nuoli_uusi.png\" style=\"margin-right: 8px; transform: rotate(90deg)\"\/>Sulje<\/a>\n                                                                                                   \n                                <\/div>\n                            <\/div>                                                \n                        <\/div>\n                                                                    <div class=\"col col-12 col-sm-6 col-xxl-3 lift mt-5 emerge emerge-left\" data-emergence=\"hidden\">\n                            <div class=\"cover cover-top d-flex align-items-end\" style=\"background-image:url(https:\/\/vuosikertomus.panostaja.fi\/vuosikertomus-2023\/wp-content\/uploads\/sites\/4\/2022\/12\/Minna-Telanne-1.jpg);\">\n                                <div class=\"person-info w-100 p-4\">\n                                    <div class=\"name-title mb-3\">\n                                                                                    <h4 class=\"mb-3\">Minna Telanne<\/h4>\n                                                                                                                            <p class=\"m-0\">Development Director<\/p>\n                                         \n                                    <\/div> \n                                                                            <a href=\"#\" class=\"show-additional lisatietoa\"><img decoding=\"async\" src=\"https:\/\/vuosikertomus.panostaja.fi\/vuosikertomus-2023\/wp-content\/themes\/panostaja-2023\/dist\/images\/panostaja_sininen_nuoli_uusi.png\" style=\"margin-right: 8px; position: relative; top: -2px;\"\/> More about Minna<\/a>\n                                     \n                                                                            <div class=\"additional\" style=\"display:none;\">\n                                            <p>Development Director since 2013<br \/>\r\nLic.Sc. (Admin.)<br \/>\r\n<br \/>\r\nborn 1964<br \/>\r\n<br \/>\r\nPrevious work experience: <br \/>\r\nBusiness Director of Leading Partners Oy, HR Director of OpusCapita Oy, Profit Center Manager of MPS Finland Consulting Oy, Development Manager of Suomen Posti Oy<\/p>\n                                        <\/div>\n                                       \n                                                                            <a href=\"#\" class=\"hide-additional\" style=\"display:none;\"><img decoding=\"async\" src=\"https:\/\/vuosikertomus.panostaja.fi\/vuosikertomus-2023\/wp-content\/themes\/panostaja-2023\/dist\/images\/panostaja_sininen_nuoli_uusi.png\" style=\"margin-right: 8px; transform: rotate(90deg)\"\/>Sulje<\/a>\n                                                                                                   \n                                <\/div>\n                            <\/div>                                                \n                        <\/div>\n                                                                    <div class=\"col col-12 col-sm-6 col-xxl-3 lift mt-5 emerge emerge-left\" data-emergence=\"hidden\">\n                            <div class=\"cover cover-top d-flex align-items-end\" style=\"background-image:url(https:\/\/vuosikertomus.panostaja.fi\/vuosikertomus-2023\/wp-content\/uploads\/sites\/4\/2022\/12\/Antti-Kauppila.jpg);\">\n                                <div class=\"person-info w-100 p-4\">\n                                    <div class=\"name-title mb-3\">\n                                                                                    <h4 class=\"mb-3\">Antti Kauppila<\/h4>\n                                                                                                                            <p class=\"m-0\">CFO<\/p>\n                                         \n                                    <\/div> \n                                                                            <a href=\"#\" class=\"show-additional lisatietoa\"><img decoding=\"async\" src=\"https:\/\/vuosikertomus.panostaja.fi\/vuosikertomus-2023\/wp-content\/themes\/panostaja-2023\/dist\/images\/panostaja_sininen_nuoli_uusi.png\" style=\"margin-right: 8px; position: relative; top: -2px;\"\/> More about Antti<\/a>\n                                     \n                                                                            <div class=\"additional\" style=\"display:none;\">\n                                            <p>CFO since 2021<br \/>\r\n(Employed by Panostaja until 30 November 2023)<br \/>\r\nM.Sc. (Econ.) <br \/>\r\n<br \/>\r\nborn 1982<br \/>\r\n<br \/>\r\nPrevious work experience: <br \/>\r\nHead of Financial Planning and Analysis Enento Group Oyj, CFO at Asiakastieto Group Oyj, Senior Manager EY\u2019s Transaction Advisory services, CFO at PerkinElmer Group\u2019s Diagnostics business unit<\/p>\n                                        <\/div>\n                                       \n                                                                            <a href=\"#\" class=\"hide-additional\" style=\"display:none;\"><img decoding=\"async\" src=\"https:\/\/vuosikertomus.panostaja.fi\/vuosikertomus-2023\/wp-content\/themes\/panostaja-2023\/dist\/images\/panostaja_sininen_nuoli_uusi.png\" style=\"margin-right: 8px; transform: rotate(90deg)\"\/>Sulje<\/a>\n                                                                                                   \n                                <\/div>\n                            <\/div>                                                \n                        <\/div>\n                                                                    <div class=\"col col-12 col-sm-6 col-xxl-3 lift mt-5 emerge emerge-left\" data-emergence=\"hidden\">\n                            <div class=\"cover cover-top d-flex align-items-end\" style=\"background-image:url(https:\/\/vuosikertomus.panostaja.fi\/vuosikertomus-2023\/wp-content\/uploads\/sites\/4\/2022\/12\/Niko-Skytta.jpg);\">\n                                <div class=\"person-info w-100 p-4\">\n                                    <div class=\"name-title mb-3\">\n                                                                                    <h4 class=\"mb-3\">Niko Skytt\u00e4<\/h4>\n                                                                                                                            <p class=\"m-0\">Investment Director<\/p>\n                                         \n                                    <\/div> \n                                                                            <a href=\"#\" class=\"show-additional lisatietoa\"><img decoding=\"async\" src=\"https:\/\/vuosikertomus.panostaja.fi\/vuosikertomus-2023\/wp-content\/themes\/panostaja-2023\/dist\/images\/panostaja_sininen_nuoli_uusi.png\" style=\"margin-right: 8px; position: relative; top: -2px;\"\/> More about Niko<\/a>\n                                     \n                                                                            <div class=\"additional\" style=\"display:none;\">\n                                            <p>Investment Director since 2020<br \/>\r\nM.Sc. (Tech.)<br \/>\r\n<br \/>\r\nborn 1982<br \/>\r\n<br \/>\r\nPrevious work experience:\u202f<br \/>\r\nCIO Panostaja Oyj, Controller at Fiskars Group<br \/>\r\n<\/p>\n                                        <\/div>\n                                       \n                                                                            <a href=\"#\" class=\"hide-additional\" style=\"display:none;\"><img decoding=\"async\" src=\"https:\/\/vuosikertomus.panostaja.fi\/vuosikertomus-2023\/wp-content\/themes\/panostaja-2023\/dist\/images\/panostaja_sininen_nuoli_uusi.png\" style=\"margin-right: 8px; transform: rotate(90deg)\"\/>Sulje<\/a>\n                                                                                                   \n                                <\/div>\n                            <\/div>                                                \n                        <\/div>\n                                    <\/div>\n            \n        <\/div>\n    <\/div>\n\n\n\n\n\n\n    <div class=\"wp-block-people people bg-white alignfull cover py-6 py-xl-8\" style=\"background-color: #078AC7 !important;\">\n        <div class=\"container container-people\">\n\n                            <div class=\"row\">\n                    <div class=\"col col-12 col-md-10 offset-md-1 col-xl-6 offset-xl-3 text-center\">\n                                                    <h2 style=\"color: #fff;\">Board of Directors<\/h2>\n                                                                    <\/div>\n                <\/div>\n            \n                            <div class=\"row justify-content-center\">\n                                                                    <div class=\"col col-12 col-sm-6 col-xxl-4 lift mt-5 emerge emerge-right\" data-emergence=\"hidden\">\n                            <div class=\"d-flex align-items-end shadow h-100\">\n                                <div class=\"person-info w-100 h-100 bg-white\">\n                                                                            <div class=\"object-cover\">\n                                            <img decoding=\"async\" class=\"w-100 h-auto\" src=\"https:\/\/vuosikertomus.panostaja.fi\/vuosikertomus-2023\/wp-content\/uploads\/sites\/4\/2023\/12\/Jukka_Ala-Mello.jpg\">\n                                        <\/div>\n                                                                        <div class=\"p-4 bgWhite\">\n                                        <div class=\"name-title mb-3\">\n                                                                                            <h4 class=\"mb-3\">Jukka Ala-Mello<\/h4>\n                                                                                                                                        <p class=\"m-0\">Chairman of the Board since 2011<\/p>\n                                             \n                                        <\/div> \n                                                                                    <a href=\"#\" class=\"show-additional lisatietoa\"><img decoding=\"async\" src=\"https:\/\/vuosikertomus.panostaja.fi\/vuosikertomus-2023\/wp-content\/themes\/panostaja-2023\/dist\/images\/panostaja_sininen_nuoli_uusi.png\" style=\"margin-right: 15px; position: relative; top: -2px;\"\/> More about Jukka<\/a>\n                                         \n                                                                                \t<div class=\"additional position-absolute my-0 mx-2 p-4 h-100 overlay\" style=\"display:none;\">\n        \t                                    <p>born 1963<br \/>\r\n<br \/>\r\nChairman of the Board since 2011, Board member since 2006<br \/>\r\n <br \/>\r\nM.Sc. (Econ.) and Authorized Public Accountant,\u202fCEO of Security Trading Oy and Holding Manutas Oy\u202f<br \/>\r\n<br \/>\r\nPrevious work experience: Director and Secretary to the Board of Directors of Kone Oyj 2006-2022, shareholder in PricewaterhouseCoopers Oy 1995-2006, Finnish Institute of Authorized Public Accountants approved auditor 1993-2006 and auditor 1987-1990, and Financial Manager at Panostaja Oyj 1990-1993 <br \/>\r\n<br \/>\r\nOther positions of trust: Board member at Security Trading Oy and Holding Manutas Oy, and Chairman of the Board at Johtopanostus Oy and OWH-Yhti\u00f6t Oy. <br \/>\r\n<br \/>\r\nIndependent of the company and of major shareholders. <\/p>\n\n                                                                                                    <a href=\"#\" class=\"hide-additional\" style=\"display:none;\"><img decoding=\"async\" src=\"https:\/\/vuosikertomus.panostaja.fi\/vuosikertomus-2023\/wp-content\/themes\/panostaja-2023\/dist\/images\/panostaja_sininen_nuoli_uusi.png\" style=\"margin-right: 15px; transform: rotate(90deg)\"\/> Sulje<\/a>\n                                                      \n        \t                                <\/div>\n                                           \n                                    <\/div>                                                         \n                                <\/div>\n                            <\/div>                                                \n                        <\/div>\n                                                                    <div class=\"col col-12 col-sm-6 col-xxl-4 lift mt-5 emerge emerge-right\" data-emergence=\"hidden\">\n                            <div class=\"d-flex align-items-end shadow h-100\">\n                                <div class=\"person-info w-100 h-100 bg-white\">\n                                                                            <div class=\"object-cover\">\n                                            <img decoding=\"async\" class=\"w-100 h-auto\" src=\"https:\/\/vuosikertomus.panostaja.fi\/vuosikertomus-2023\/wp-content\/uploads\/sites\/4\/2023\/12\/Eero_Eriksson.jpg\">\n                                        <\/div>\n                                                                        <div class=\"p-4 bgWhite\">\n                                        <div class=\"name-title mb-3\">\n                                                                                            <h4 class=\"mb-3\">Eero Eriksson<\/h4>\n                                                                                                                                        <p class=\"m-0\">Board member since 2011<\/p>\n                                             \n                                        <\/div> \n                                                                                    <a href=\"#\" class=\"show-additional lisatietoa\"><img decoding=\"async\" src=\"https:\/\/vuosikertomus.panostaja.fi\/vuosikertomus-2023\/wp-content\/themes\/panostaja-2023\/dist\/images\/panostaja_sininen_nuoli_uusi.png\" style=\"margin-right: 15px; position: relative; top: -2px;\"\/> More about Eero<\/a>\n                                         \n                                                                                \t<div class=\"additional position-absolute my-0 mx-2 p-4 h-100 overlay\" style=\"display:none;\">\n        \t                                    <p>born 1963<br \/>\r\n<br \/>\r\nBoard member since 2011 <br \/>\r\n<br \/>\r\nMaster of Social Sciences, Senior Advisor <br \/>\r\n<br \/>\r\nPrevious work experience: Senior Advisor S-Pankki Oyj 2021\u20132023, CEO of Fennia Asset Management 2017\u20132021, CIO of Fennia Group 2002\u20132020, Senior Vice President of Fennia 2003\u20132017, Investment Director of El\u00e4ke-Fennia 1998\u22122001, Investment Director of Merita Henkivakuutus Oy, Bank Manager of Suomen Yhdyspankki <br \/>\r\n<br \/>\r\nOther positions of trust: Chairman of the Board of S-Pankkikiinteist\u00f6t Oy, member of the Board of S-Pankki Rahastoyhti\u00f6 Oy, member of the Board, Employment Committee and Investment Committee of the Diabetes Research Foundation, member of the Board and Investment Committee of Oulun Diakonissalaitoksen s\u00e4\u00e4ti\u00f6 foundation, Chairman of the Board of the Kyllikki and Uolevi Lehikoinen Foundation, and Chairman of the Investment Committee of the Finnish Standards Association SFS.<br \/>\r\n<br \/>\r\nIndependent of the company and of major shareholders.<\/p>\n\n                                                                                                    <a href=\"#\" class=\"hide-additional\" style=\"display:none;\"><img decoding=\"async\" src=\"https:\/\/vuosikertomus.panostaja.fi\/vuosikertomus-2023\/wp-content\/themes\/panostaja-2023\/dist\/images\/panostaja_sininen_nuoli_uusi.png\" style=\"margin-right: 15px; transform: rotate(90deg)\"\/> Sulje<\/a>\n                                                      \n        \t                                <\/div>\n                                           \n                                    <\/div>                                                         \n                                <\/div>\n                            <\/div>                                                \n                        <\/div>\n                                                                    <div class=\"col col-12 col-sm-6 col-xxl-4 lift mt-5 emerge emerge-right\" data-emergence=\"hidden\">\n                            <div class=\"d-flex align-items-end shadow h-100\">\n                                <div class=\"person-info w-100 h-100 bg-white\">\n                                                                            <div class=\"object-cover\">\n                                            <img decoding=\"async\" class=\"w-100 h-auto\" src=\"https:\/\/vuosikertomus.panostaja.fi\/vuosikertomus-2023\/wp-content\/uploads\/sites\/4\/2023\/12\/Mikko-Koskenkorva.jpg\">\n                                        <\/div>\n                                                                        <div class=\"p-4 bgWhite\">\n                                        <div class=\"name-title mb-3\">\n                                                                                            <h4 class=\"mb-3\">Mikko Koskenkorva<\/h4>\n                                                                                                                                        <p class=\"m-0\">Board member since 2011<\/p>\n                                             \n                                        <\/div> \n                                                                                    <a href=\"#\" class=\"show-additional lisatietoa\"><img decoding=\"async\" src=\"https:\/\/vuosikertomus.panostaja.fi\/vuosikertomus-2023\/wp-content\/themes\/panostaja-2023\/dist\/images\/panostaja_sininen_nuoli_uusi.png\" style=\"margin-right: 15px; position: relative; top: -2px;\"\/> More about Mikko<\/a>\n                                         \n                                                                                \t<div class=\"additional position-absolute my-0 mx-2 p-4 h-100 overlay\" style=\"display:none;\">\n        \t                                    <p>born 1982<br \/>\r\n<br \/>\r\nBoard member since 2011 <br \/>\r\n<br \/>\r\nVocational Qualification in Business Information Technology, Treindex Oy CEO<br \/>\r\n<br \/>\r\nPrevious work experience: IT Manager of Jyki Group Oy 2018\u20132023, IT Project Manager of Pajakulma Oy 2008\u20132018 <br \/>\r\n<br \/>\r\nOther positions of trust: Board member of Johtopanostus Oy, Board member of Treindex Oy, Board member and CEO of Oy Koskenkorva Ab. <br \/>\r\n<br \/>\r\nIndependent of the company. <\/p>\n\n                                                                                                    <a href=\"#\" class=\"hide-additional\" style=\"display:none;\"><img decoding=\"async\" src=\"https:\/\/vuosikertomus.panostaja.fi\/vuosikertomus-2023\/wp-content\/themes\/panostaja-2023\/dist\/images\/panostaja_sininen_nuoli_uusi.png\" style=\"margin-right: 15px; transform: rotate(90deg)\"\/> Sulje<\/a>\n                                                      \n        \t                                <\/div>\n                                           \n                                    <\/div>                                                         \n                                <\/div>\n                            <\/div>                                                \n                        <\/div>\n                                                                    <div class=\"col col-12 col-sm-6 col-xxl-4 lift mt-5 emerge emerge-right\" data-emergence=\"hidden\">\n                            <div class=\"d-flex align-items-end shadow h-100\">\n                                <div class=\"person-info w-100 h-100 bg-white\">\n                                                                            <div class=\"object-cover\">\n                                            <img decoding=\"async\" class=\"w-100 h-auto\" src=\"https:\/\/vuosikertomus.panostaja.fi\/vuosikertomus-2023\/wp-content\/uploads\/sites\/4\/2023\/12\/Tarja-Pa\u0308a\u0308kko\u0308nen.jpg\">\n                                        <\/div>\n                                                                        <div class=\"p-4 bgWhite\">\n                                        <div class=\"name-title mb-3\">\n                                                                                            <h4 class=\"mb-3\">Tarja P\u00e4\u00e4kk\u00f6nen<\/h4>\n                                                                                                                                        <p class=\"m-0\">Board member since 2016<\/p>\n                                             \n                                        <\/div> \n                                                                                    <a href=\"#\" class=\"show-additional lisatietoa\"><img decoding=\"async\" src=\"https:\/\/vuosikertomus.panostaja.fi\/vuosikertomus-2023\/wp-content\/themes\/panostaja-2023\/dist\/images\/panostaja_sininen_nuoli_uusi.png\" style=\"margin-right: 15px; position: relative; top: -2px;\"\/> More about Tarja<\/a>\n                                         \n                                                                                \t<div class=\"additional position-absolute my-0 mx-2 p-4 h-100 overlay\" style=\"display:none;\">\n        \t                                    <p>born 1962<br \/>\r\n<br \/>\r\nBoard member since 2016 <br \/>\r\n<br \/>\r\nD.Sc. (Tech.) (business strategies), M.Sc. (Tech.) (building technology) and Partner at Boardman Oy <br \/>\r\n<br \/>\r\nPrevious work experience: Head of Sales and Marketing unit and Management Group member of Itella Oyj group 2005-2010, Nokia Mobile Phones Management Group member of Nokia Oyj and several global Senior Vice President level positions in Europe, USA and Asia 1994-2004 <br \/>\r\n<br \/>\r\nOther board duties: Board and Remuneration Committee member of SATO Oyj, Board and Remuneration Committee member of United Bankers Oyj, Board member of GRK Infra Oy, Board and HR Committee member of YLVA, Board member of software company Cardu Global Oy and Chairman of Andiata Oy\u2019s Advisor Board. <br \/>\r\n<br \/>\r\nIndependent of the company and of major shareholders. <\/p>\n\n                                                                                                    <a href=\"#\" class=\"hide-additional\" style=\"display:none;\"><img decoding=\"async\" src=\"https:\/\/vuosikertomus.panostaja.fi\/vuosikertomus-2023\/wp-content\/themes\/panostaja-2023\/dist\/images\/panostaja_sininen_nuoli_uusi.png\" style=\"margin-right: 15px; transform: rotate(90deg)\"\/> Sulje<\/a>\n                                                      \n        \t                                <\/div>\n                                           \n                                    <\/div>                                                         \n                                <\/div>\n                            <\/div>                                                \n                        <\/div>\n                                                                    <div class=\"col col-12 col-sm-6 col-xxl-4 lift mt-5 emerge emerge-right\" data-emergence=\"hidden\">\n                            <div class=\"d-flex align-items-end shadow h-100\">\n                                <div class=\"person-info w-100 h-100 bg-white\">\n                                                                            <div class=\"object-cover\">\n                                            <img decoding=\"async\" class=\"w-100 h-auto\" src=\"https:\/\/vuosikertomus.panostaja.fi\/vuosikertomus-2023\/wp-content\/uploads\/sites\/4\/2023\/12\/Tommi-Juusela.jpg\">\n                                        <\/div>\n                                                                        <div class=\"p-4 bgWhite\">\n                                        <div class=\"name-title mb-3\">\n                                                                                            <h4 class=\"mb-3\">Tommi Juusela<\/h4>\n                                                                                                                                        <p class=\"m-0\">Board member since 2021<\/p>\n                                             \n                                        <\/div> \n                                                                                    <a href=\"#\" class=\"show-additional lisatietoa\"><img decoding=\"async\" src=\"https:\/\/vuosikertomus.panostaja.fi\/vuosikertomus-2023\/wp-content\/themes\/panostaja-2023\/dist\/images\/panostaja_sininen_nuoli_uusi.png\" style=\"margin-right: 15px; position: relative; top: -2px;\"\/> More about Tommi<\/a>\n                                         \n                                                                                \t<div class=\"additional position-absolute my-0 mx-2 p-4 h-100 overlay\" style=\"display:none;\">\n        \t                                    <p>born 1973<br \/>\r\n<br \/>\r\nBoard member since 2021 <br \/>\r\n<br \/>\r\nBachelor of Laws, LL.M. (Columbia University), independent advisor <br \/>\r\n<br \/>\r\nPrevious work experience: Neste Oyj, Vice President, member of the management team of the Sales and Business unit 2016-2018, Director, Sales 2014-2016; Nokia Oyj, several managerial positions in sales, marketing and strategy 2006-2014, Shearman &#038; Sterling LLP, Associate, 2002-2004 (London), International Associate 1999-2000 (New York) <br \/>\r\n<br \/>\r\nOther positions of trust: Vice Chairman of the John Nurminen Foundation, Chaiman of the Board of Baltic Sea Services Oy, Board member of Algol Technics Oy, Board member of Elpac Oy. <br \/>\r\n<br \/>\r\nIndependent of the company and its major shareholders.<\/p>\n\n                                                                                                    <a href=\"#\" class=\"hide-additional\" style=\"display:none;\"><img decoding=\"async\" src=\"https:\/\/vuosikertomus.panostaja.fi\/vuosikertomus-2023\/wp-content\/themes\/panostaja-2023\/dist\/images\/panostaja_sininen_nuoli_uusi.png\" style=\"margin-right: 15px; transform: rotate(90deg)\"\/> Sulje<\/a>\n                                                      \n        \t                                <\/div>\n                                           \n                                    <\/div>                                                         \n                                <\/div>\n                            <\/div>                                                \n                        <\/div>\n                                    <\/div>\n            \n        <\/div>\n    <\/div>\n\n","protected":false},"excerpt":{"rendered":"","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":-1,"comment_status":"closed","ping_status":"closed","template":"frontpage.php","meta":{"_acf_changed":false,"footnotes":""},"class_list":["post-907","page","type-page","status-publish","hentry"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.9 - 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