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Annual Report 2001

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Annual Report 2001 Annual Report 2001 KESKO ANNUAL REPORT 2001 THE TRADE MAKER Kesko Corporation, Satamakatu 3, FIN-00016 Kesko, Helsinki, Finland. Tel. +358 10 5311, www.kesko.fi 95 Kesko’s business idea Brands Kesko is Finland’s leading trading sector marketing and Kesko was a brand maker long before the notion of 'brands' had become Kesko Food reformed its chain con- logistics company. We actively develop the trading services established in Finland. Kesko and the blue and white K-emblem have cepts in February 2002, and will con- valued by both retail and wholesale customers. We also become well known to all Finns over Kesko's 60 plus years of existence. centrate operations within five store act as a retailer on our own account and in close chain chains. The chains' brand images were Kesko's store chains, organised by division, are both brands in themselves co-operation with retailers. modified to display the K-emblem and the Group's strength. An image, basic promise and target group have more prominently. This will enhance Our core competence areas: been defined for each chain. Chain brands are created with long-term per- recognition of the K-Alliance stores and • creation of new trading systems and store types spectives in mind and are, without exception, strong, highly respected and highlight the positive image of the K- • purchasing and logistics services well-known factors in each product line. emblem. The reform is aimed at better • marketing meeting the diversified needs of mod- • development of retail store network ern consumers and at more effective Brands well-known to all Finns In addition to chain brands, Kesko marketing. Some of the chain brands are clearly has a strong and loyal customer brand The success of Plussa has relied on linked to the K-emblem and Kesko, thus in Plussa, and own product brands, the successful, long-term marketing and a exploiting the Kesko image as some- best known of which is Pirkka. Accord- functioning customer loyalty system. thing that is synonymous with a tradi- ing to surveys, both Plussa and Pirkka Plussa is the K-Alliance's supporting Contents tional, reliable Finnish store. Some are well known to almost all Finns. brand, which awards customers for chains are marketed independently with Kesko's role as brand maker and mar- centralising their purchases and unites Year 2001 in brief .......................................................... 3 their own brands. This is particularly keting company is highlighted by the the product and service provision of Kesko – the Trade Maker .................................................. 4 true of the speciality goods trade, fact that it sells, markets and imports the Alliance's chains and partners. Strategy ........................................................................ 5 where store images must be profiled thousands of brand products through Plussa acts as a unifying element Review by the President and CEO ....................................... 6 Operating environment ................................................... 8 more closely to specific segments. its division parent companies. throughout the Alliance's marketing, Values ........................................................................ 12 Positioning is aimed at ensuring chains' and it is used for deepening the rela- Divisions in brief .......................................................... 13 competitiveness and creating brands Benefiting from division expertise tion between stores and consumers. Personnel ................................................................... 14 that are as strong as possible and that Each chain handles its marketing opera- Kesko is Finland's leading trading Corporate responsibility at Kesko ..................................... 18 Risk management ........................................................ 22 support the set objectives. Kesko and tions independently. This enables them company, which invests in strong Real estate .................................................................. 23 its chains share a strong, positive image to capitalise on their division-specific ex- brands, marketing and in intensifying of retailer enterprise, good customer pertise and to answer the requirements trading concepts and operating sys- Kesko Food ................................................................. 24 Rautakesko ................................................................. 28 service, local operations and customer of competition. Actual marketing and tems. Strong brands create confidence Kesko Agro .................................................................. 32 satisfaction. For more information about brand operations use all modern chan- in consumers, make it easier to distin- Keswell ...................................................................... 36 the chains, see respective divisions, nels and media depending on which guish them from the competition and Kaukomarkkinat .......................................................... 40 pp. 24-45. best suit each case and target group. ensure future competitiveness. VV-Auto ..................................................................... 43 Report by the Board of Directors ..................................... 46 Income statement ........................................................ 53 Balance sheet .............................................................. 54 Cash flow statement ..................................................... 56 Notes to the financial statements .................................... 57 Key indicators by quarter ............................................... 71 Group in figures ........................................................... 72 Calculation of key indicators ........................................... 74 Auditors' report ........................................................... 75 Shares and shareholders ............................................... 76 Corporate Governance ................................................... 83 Kesko's Board of Directors .............................................. 86 Corporate Management Board ......................................... 88 The K-emblem was born over 50 years The first Pirkka products were The Plussa customer loyalty Addresses and subsidiary information .............................. 90 ago. In March 1947, this quality symbol introduced in K-stores in 1986. programme was launched in Additional information about Kesko for investors ............... 93 was introduced simultaneously in about November 1997. Information for shareholders .......................................... 94 2,500 K-store windows. Brands ....................................................................... 95 3 Year 2001 in brief Net sales and profit Group net sales, EUR million The Group’s net sales were EUR 6,214 million, a decrease of 1.5%. The profit before extraordinary items was EUR 85.7 million, 7,000 a decrease of 31.9%. 6,000 286 159 / 390 152 / 133 / / 5,000 / Introduction of chain operations 6,022 5,952 5,824 5,840 4,000 5,737 A chain operations reform involving Kesko and about 1,450 K-retailers was introduced at the beginning of 2001. 3,000 2,000 Incorporation of business operations 1,000 Business operations were incorporated into four subsidiaries: 5,992 6,111 6,214 5,870 0 6,308 Kesko Food Ltd, Rautakesko Ltd, Kesko Agro Ltd and Keswell Ltd. 1997 1998 1999 2000 2001 Finland Exports and foreign operations Concentration on core businesses continued In October, Rautakesko made a logistics co-operation agreement with Finland Post Corporation. Kesko Corporation sold a majority shareholding (80%) in its Group operating profit, EUR million IT subsidiary, Tietokesko Oy, to TietoEnator Corporation. At the beginning of 2002, Kesko sold the business operations 140 of the Carrols hamburger chain to the Burger-In Group. 120 100 Focus on growth and competitiveness 96 16 94 22 80 94 23 Active programme of investments to develop the retail store network 88 42 60 in Finland, Sweden and the Baltic countries was continued. 64 13 The Group’s investments totalled EUR 206.4 million 40 20 112 130 117 116 0 77 1997 1998 1999 2000 2001 Non-recurring gain/loss on disposals of fixed assets KEY FIGURES 2000 2001 Change, % Earnings and dividend per share, EUR Net sales, EUR million 6,308 6,214 -1.5 1.6 Operating profit, EUR million 117 77 -34.3 Profit before extraordinary items, EUR million 126 86 -31.9 1.00 Return on invested capital, % 8.5 6.6 1.2 Return on equity, % 6.4 4.1 Investments, EUR million 247 206 -16.4 1.01 1.00 0.50 0.8 0.98 0.98 Cash flow from operations, EUR million 129209 62.1 Equity ratio, % 54.7 53.6 0.67 0.61 Gearing ratio, % 16.3 12.7 0.4 0.60 0.50 0.50 Personnel (average) 11,099 11,544 4.0 0.50 Dividend per share, EUR 1.00 0.60* -40.0 0.0 Earnings per share, EUR 1.00 0.61 -39.4 1997 1998 1999 2000 2001* Equity per share, adjusted, EUR 15.31 14.93 -2.5 Earnings per share * proposal to the Annual General Meeting Dividend Additional dividend per share per share 4 Kesko – the Trade Maker Chains combine the benefits of local the Finnish trading sector, with a total of superiority. International alliances, such enterprise and centralisation nearly 2.7 million cardholders. as AMS, EP:International, EuroMat, Kesko and the K-retailers act in close Intersport and the World Wide Retail chain co-operation for each store type. Centralised purchasing gives Exchange increase the efficiency of pur- In a chain operation, the whole business competitive advantage chasing logistics by creating volume and is managed from
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