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Annual Report COOP 2003.PDF Date An intensive year for Coop Norden “The foundations are laid.” CEO Svante Nilsson’s comments on page 3. Major synergy benefits in the Coop Group Logistics are Coop Norden’s joint base. Pages 10–11. Coop’s own brands are positive driving forces We’re now investing in joint brands. Page 12. 2003 Annual Report Sales of and ecological and social results organic products attached reduced the use of chemical pesticides by 57,000 kg. Page 18. 1 THE BUSINESS IN 2003. FINANCIAL, ECOLOGICAL AND SOCIAL. THE YEAR IN BRIEF OPERATING PROFIT/LOSS, MSEK IMPROVED PROFIT. POSITIVE CASHFLOW 450 457 The group’s pre-tax profit was MSEK 22 for 2003 compared to 320 300 255 MSEK –353 in 2002, representing an improvement of MSEK 375. The operating profit was MSEK 457, an increase of MSEK 348 150 134 compared to 2002. The profit was affected by costs of a struc- 0 tural and one-off nature to the order of MSEK –553, plus a total COOP NORDEN 2003 –150 of MSEK 296 from the sale of Margarinfabrikken Norge and the income from KF’s guarantee in respect of Coop Sverige’s profit in Svante Nilsson, President and CEO –300 –252 2002. of Coop Norden AB 3 Coop Norden Coop Danmark Coop Norge Coop Sverige The group’s cashflow after net financial items was strongly Parent company Coop Norden AB improved compared to previous year. The positive cashflow is due Vision and business concept 5 + others mainly to less capital tied up in operating capital and a lower Market 6 investment level. Logistics 10 Roger Gehrman, Vice President of IMPROVED PROFIT IN SUBSIDIARIES Coop Norden and head of Logistics 11 Coop Danmark showed a significant increase in results compared with 2002. The operating result before structural costs rose by MDKK 280 to MDKK 275, which is largely explained by the costs in Coop’s own brands 12 the previous year for conversion of the Obs! stores into Kvickly xtra. All chains had a result equal to or better than the 2002, with the greatest rise for SuperBrugsen and Fakta. Fakta grew by a total Coop’s retail concept 14 of 22 shops and showed good development both regarding sales and result during 2003. Financial results in brief 16 Coop Norge’s result grew both in the retain and the industrial sectors. The operating result before structural costs increased by from MNOK 157 in 2002 to MNOK 177 for 2003 (MNOK 293 includ- Ecological results in brief 18 ing the sale of the margarine activity). All shop chains operated by the co-operative societies showed sales increases over the previous year, with the exception of Coop Marked where there was a reduc- Social results in brief 20 tion in the number of shops. Coop Sverige’s income rose by 1 per cent compared with 2002, with an increase for Coop Forum What does Coop mean to you? 22 and a slight fall for Coop Konsum, the latter due to a reduction in the number of shops. The operat- Ebbe Lundgaard, Chairman ing result before structural costs increased by MSEK 156 to MSEK 225, which was partly explained by of Coop Norden AB 23 significant reserves for the company’s pension fund previously and the sale of premises during 2003. THE BIGGEST BUYER IN THE NORDIC REGION COOP DANMARK 26 The fact that Coop is the biggest buyer of FMCGs in the Nordic region ensures that customers have The year in brief: financial, ecological, social 27 an attractive range of products at good prices. To make the most of this potential, Coop has reor- ganised the purchasing and category organisations. The fully integrated Nonfood category organ- H.C. Madsen, President of Coop Danmark 28 isation is based in Copenhagen. The category organisation for DIY & Gardens is located in Stock- holm and Oslo. The category organisation for food products has its main location in Copenhagen, COOP NORGE 29 but there are also national mirror organisations to guarantee that allowances are made for the dif- The year in brief: financial, ecological, social 30 ferences in the markets. Svein Fanebust, President of Coop Norge 31 INCREASED FOCUS ON JOINT BRANDS COOP SVERIGE 32 Coop is the new Nordic brand for standard products with high quality and a lower price than other leading brands. X-tra will be Coop’s new joint discount brand in the Nordic region. The prices are among The year in brief: financial, ecological, social 33 the lowest in each market. The range will consist of a limited number of products in strategically select- Svein E Skorstad, President of Coop Sverige 34 ed categories. Id, ideas daily, is a new brand for disposable articles, candles and serviettes. Id will in due course also include household items such as pans, glass, crockery and home textiles. Tero is Coop’s own Board of directors and management 35 brand for basic products in the electrical field with a complete range of light bulbs – from regular light bulbs and energy-saving bulbs to halogen bulbs. The Tero brand also includes batteries. The Coop Group 2003 is described in two sections: a commercial report and a separate report of the results for 2003. Both publications reflect the results JOINT POLICIES FOR SUSTAINABLE DEVELOPMENT as a whole – financial, ecological and social. These Joint purchasing means joint requirements, which is why the board of Coop Norden took up the matter of joint policies in the areas of the environment, ethics, product safety and health. These are based on units and supplementary information are available at: co-operative values, and express high ambitions in these areas in relation to both products and www.coopnorden.com, www.coop.dk, operations. www.coop.no and www.coop.se. The results will be published, as part of the annual report and in other ways. We will conduct a continuous dialogue with owners, consumers and other interested parties to influence develop- ments. TO MAKE IT EASIER FOR THE READER THE FOLLOWING The next accounts will be published in March 2005. COLOUR CODES HAVE BEEN USED: As of December 31st 2003 SEK 1 = DKK 1.218 and NOK 1.076. ÖMÄR ILJ KT M NORDIC REGION DENMARK NORWAY SWEDEN Enclosed: Coop Norden’s Annual Report, 2003 with ecological and social results. T Financial I I I I RYCKSAK Production: Coop Norden AB in collaboration with Intellecta Communication AB. 341 039 Ecological I I I I Translation: SpråkCentrum. Repro and print: Fagerblads 2004. Social I I I I Environment-friendly printed matter. Paper: Arctic Silk, Scandia 2000. 2 Photo: Magnus Fond, Anders Qwarnström. Illustrations: Nausikaa. The foundations are laid The time has come to sum up a very into Coop Norden’s food organisation. intensive 2003, the group’s second We are of course continuing the stra- financial year and my first as President tegic collaboration with our Finnish col- and CEO of Coop Norden AB. Even if leagues, with a shared objective of the profit represents a significant increasing our joint trading transac- improvement on the previous year, we tions. To cut distances and reduce our are of course still not satisfied. But we overall travelling, on October 1st we do feel that we have taken several steps also moved our head office from in the right direction. Psychologically it Gothenburg to Stockholm. means a lot, not least for all of our excel- Through all of these measures we lent employees, that in 2003 we also have created the organisation platform achieved a profit after financial expenses. required to enable us in the years ahead Poor profits in several of the chains, to realise all of the efficiency improve- excessive overheads and major structur- ments and synergies that our merger has al costs are reasons why we have not made possible. reached our profit objectives. In the shorter term there is most potential in the field of logis- profitability that our owners clearly “Psychologically it means a lot, tics, where we are now mak- demand. Merging three companies not least for all of our excellent ing full use of our purchas- while at the same time turning round ing power in negotiations the business takes time. We have now employees, that in 2003 we with our suppliers in the var- laid good foundations, and we expect ious areas. the results to become evident during the also achieved a profit after In the longer term, of next 12–18 months. financial expenses.” course, the biggest potential Tougher international competition, is in the stores. We are now industry fragmentation, the shifting of However, if we take a look at what we in full swing with joint group business roles between suppliers and retailers – have actually accomplished during the development, in which concept devel- there are many forces for change in our year, we have good reason to feel a sense opment and best practice are corner- industry. The battle for customers is get- of pride. We have created a totally new stones of the process. The areas where ting ever tougher. After what we have management and organisational struc- we have made most progress are super- achieved in 2003, Coop Norden is bet- ture, and are now an integrated group markets and hypermarkets, where this ter equipped to be one of the winners in with joint group functions for the year we will already be able to see the this battle. strategic areas of logistics, business results when we open the very first development and IT. In parallel with Coop Forum hypermarkets under our Stockholm, March 2004 these major structural changes, we have renewed hypermarket concept and the implemented substantial efficiency pro- first redeveloped Coop Extra stores.
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