The shareholders of Vapo Oy have unanimously decided at a meeting held on 18 March 2019 to change Vapo Oy’s financial year to be the calendar year. The change will take effect on 1 January 2020. At present, Vapo Oy’s financial year is 1 May–30 April. Due to the change, the financial year beginning on 1 May 2019 will be 8 months long and it will end on 31 December 2019.
The change in the financial year will facilitate the process of integration with the Netherlands-based BVB Substrates B.V., which has used the calendar year as its financial year. The calendar year is better suited to the annual business cycle of the growing media business (Grow&Care division) as well as the launch of new businesses. The Grow&Care division’s turnover represents approximately half of Vapo Group’s total turnover.