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Annual Report NorgesGruppen ANNUAL REPORT NorgesGruppen’s reporting NorgesGruppen annual report 2016 for the year 2016 k NorgesGruppen CONTENTS ÅRSRAPPORT Annual Report 2016 [Norwegian] contains statutory information related to Page 3 Important events during the past year NorgesGruppen’s annual reporting. Page 4 Key financial figures Page 5 This is NorgesGruppen Matnyttig Page 6 NorgesGruppen’s value creation Et magasin fra NorgesGruppen nr. 1/2016 Handleliste Page 7 Message from the CEO: A look at the industry Kjøleskapstemperatur NorgesGruppen Restemiddag Page 9 Annual results 2016: Financial development ÅRSRESULTAT 2016 Page 11 Our value creation Vinn+ Delta i quiz Page 13 Future outlook og vinn matvarer for kr. 3000,– Gode grep for mindre matsvinn Page 14 Sustainability Spar penger og miljø DAGLIGVAREBRANSJEN FLYKTNINGEN SOM EN HANDLINGENS OG FOLKEHELSEN BLE BUTIKKSJEF KJØPMANN Page 16 Business – Retail Randi Flesland, Wasim Zahid og Møt Ali fra Afghanistan Oppskriften på et Yngve Ekern utfordrer bransjen levende lokalsamfunn Page 18 Business – Brands Page 20 Business – Wholesale Stock Exchange Report 2016 [Norwegian] Page 22 Business – Real estate contains the annual result for 2016. Page 24 Business – Corporate functions and shared services Magasinet «Matnyttig» Page 26 Board of Directors of NorgesGruppen ASA Ambisjon: 1 • Et sunnere Norge Page 28 Annual report 2016 Matnyttig Et magasin fra NorgesGruppen nr. 1/2016 Page 38 Consolidated financial statement 2016 Handleliste Kjøleskapstemperatur NorgesGruppenRestemiddag BÆREKRAFTSRAPPORT Vinn+ Delta i quiz og vinn matvarer for kr. 3000,– Gode grep for mindre matsvinn Spar penger og miljø Et sunnereDAGLIGVAREBRANSJEN Et miljøvennligFLYKTNINGEN Et mangfoldigSOM ENEt HANDLINGENS levende OG FOLKEHELSEN BLE BUTIKKSJEF KJØPMANN Norge Norge Norge Norge Randi Flesland, Wasim Zahid og Møt Ali fra Afghanistan Oppskriften på et Yngve Ekern utfordrer bransjen levende lokalsamfunn Annual report in Norwegian is available here: Sustainability Report 2016 [Norwegian] describes and documents in detail www.norgesgruppen.no/finansiell-info/rapportering/ NorgesGruppen’s work regarding sustainability. NorgesGruppen Annual report 2016 / 2 Annual report: IMPORTANT EVENTS Important events during the past year Organic growth Deli de Luca to ASKO got Bunnpris exceeding market 65 Esso stations. back again as a growth. KIWI is the customer from growth champion. 1 January 2017. Part-ownership of Eurocash MENY and SPAR launched their NorgesGruppen signed new gives NorgesGruppen more online shopping solutions in agreements with Leger Uten knowledge of consumer trends 2016, with a plan to expand Grenser and Kirkens Bymisjon. and product selections. further in 2017. NorgesGruppen continued NorgesGruppen Establishment of the to invest in eco-friendly launched healthy Retail Payment system buildings and climate-neutral snacks and removed will help to ensure distribution solutions. 700 tonnes of sugar customers a seamless from beverages. payment platform. NorgesGruppen Annual report 2016 / 3 Annual report: KEY FINANCIALFIGURES Key financial figures Result 2016 2015 2014 2013 2012 2011 Total operating revenues NOK mill. 80 162 76 224 71 391 67 396 62 083 58 641 Cash flow (EBITDA) 1) NOK mill. 4 846 4 729 4 357 3 899 3 896 3 750 2.5 billion Operating profit (EBIT) NOK mill. 3 266 3 170 2 945 2 636 2 572 2 459 Annual profit after tax in 2016 Ordinary profit before tax NOK mill. 3 164 3 001 2 616 2 405 2 268 2 155 Net result NOK mill. 2 465 2 361 1 930 1 793 1 654 1 556 Shares Earnings per share 2) NOK 62.29 59.58 48.89 45.46 40.87 37.02 Dividend per share NOK 16.00 15.00 13.00 12.00 11.00 10.00 NOK 6 Dividend per share in 2016 Capital Total assets NOK mill. 36 382 35 104 33 515 30 914 28 105 26 355 Equity NOK mill. 16 728 14 820 13 007 11 455 10 220 9 505 Equity ratio % 46.0 42.2 38.8 37.1 36.4 36.1 Net interest bearing debt NOK mill. 5 578 7 100 7 309 7 188 6 914 6 406 36.4 billion Profitability Operating margin EBITDA 3) % 6.0 6.2 6.1 5.8 6.3 6.4 Total capital 2016 Operating margin 4) % 4.1 4.2 4.1 3.9 4.1 4.2 Profit margin 5) % 4.2 4.2 4.1 4.0 4.1 4.2 Return on capital employed 6) % 14.5 14.6 14.6 14.5 15.2 15.3 1) Operating profit before amortisation and write-downs and revenues from investments in associated companies 2) Net profit to majority interest/average number of shares 3) EBITDA/Operating revenue 14.5% 4) Operating profit/operating revenue 5) Profit before tax + interest expense/operating revenues Return on capital employed 6) Profit before tax/(average equity + interest-bearing debt) in 2016 NorgesGruppen Annual report 2016 / 4 Annual report: THIS IS NORGESGRUPPEN This is NorgesGruppen Our vision to provide you with a better in a fair and credible way, and we will, through our actions, lower prices and a wider selection of products. Independent create trust and security. We will ensure a holistic perspec- retailers get lower costs and a higher turnover of products everyday life is going to be realised by tive through the whole value chain. Further, adjustments will in the stores. providing service, staying competitive, be made for independent retail-owners and good business giving inspiration, ensuring quality and acumen. We will inspire initiative, participation and prosper- NorgesGruppen is operating in an industry with its core busi- supplying food you can trust. ity to the employees. ness being in the retail-store sector, in addition to services and institutional catering. Chain management for different Our national business operations forms an important foun- profiles, industry, property management and development, NorgesGruppen’s business idea is to be a leading wholesale dation for the local value creation in the Norwegian society. in addition to internal service areas like IT, accounting and and retail company within consumer products in Scandina- A total of 1,850 grocery stores, spread all over the country, wage production, provide many jobs in the country. We via, with focus on Norway. The customers’ needs are going where about 60 percent are independent retailers, offering employ more than 28,800 employees in the business owned to be what drives the company, and our business is going food-and drinking products, ranging all over the spectre by NorgesGruppen and closer to 40,000 in total when the to focus on foresight, trust, competence, effectiveness and from large international suppliers to local Norwegian sup- employees in franchises are included. Establishing a new profit ability in the whole value chain. pliers. The independent retailers contribute to creating value medium-sized store generates about 30 new jobs. and jobs in the local community. Documentation shows that The key values for NorgesGruppen are to be responsible, keeping a local store is important to stop emigration from Annual report in Norwegian is available here: customer-oriented and ready to cooperate. We will always act the districts. Effective product delivery gives the consumers www.norgesgruppen.no/finansiell-info/rapportering/ NORGESGRUPPEN ASA BRAND WHOLESALE RETAILING REAL ESTATE OTHER ACTIVITIES > Production > Logistics > Corporate-owned > Catering > Own brands > Distribution > Retail and service > Other > Storage chains > Market/sale NorgesGruppen Annual report 2016 / 5 Annual report: NORGESGRUPPEN’S VALUE CREATION NorgesGruppen’s value creation Important How we work Value that resources we create Long-term ownership For society The ownership of NorgesGruppen ensures long-term We invest in the green shift, in public management of assets, and facilitates long-term health and in creating value in the investments for the benefit of society. districts. 1,850 grocery stores, 850 retail For consumers convenience outlets We are working to help consumers to NorgesGruppen is present throughout Norway with make greener and healthier choices and discount stores, supermarkets, district stores, kiosks are continuing to make new shopping and outlets. experiences better and less expensive. We contribute to a diverse selection of 1,000 independent retailers p products throughout the country. Around 60 per cent of NorgesGruppen’s stores are The customer’s Competitiveness retailer-owned. (As at 31.12.2016 NorgesGruppen had preferred retailer throughout the value For suppliers 819 directly-owned stores.) chain We purchased raw materials and p p products for close to NOK 59 billion Effective distribution in 2016 and work to make product We distribute goods to every part of the country and p ranges greener, healthier and better. are continuously working to streamline operations and logistics. This ensures full store shelves and For employees competitive prices for consumers. For many young people, a job with us is their first workplace experience. In 40,000 employees 2016, we welcomed 5,220 new employ- NorgesGruppen has 28,800 employees in its organi- ees and continued our efforts to create sation, while independent retailers have 12,000 Sustainable and climate-neutral an arena for integration and learning. employees. In 2016, NorgesGruppen’s chains and ASKO had employees representing more than For owners and independent 70 different nationalities. retailers The profit after tax totalled NOK 2.5 1,120 suppliers billion in 2016. NorgesGruppen has a We cooperate with over a thousand large and small responsible dividend policy. Retail- suppliers, of which many are local and regional. ers throughout Norway must have competitive prices and a wide range of products when they are part of For more information about Norgesgruppen: NorgesGruppen. www.norgesgruppen.no NorgesGruppen Annual report 2016 / 6 Annual report: MESSAGE FROM THE CEO “The favourable development in results in 2016 is strong recognition A LOOK AT of the day-to-day work in our grocery stores THE INDUSTRY and of the entire service Increased sales revenue shows that more office in the chains and and more consumers are choosing our stores.
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