DOCSLIB.ORG

Cheese Market

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Cheese Market MARKET U.S. Dairy Export Council® RESEARCH RUSSIA Cheese Market MAY 2007 Copyright ©2007. USDEC. All rights reserved. Russian Cheese Market CONTENTS Introduction 3 1. Main Indicators of Domestic Cheese Industry 6 1.1. Market Capacity 6 1.2. Domestic Production: Key Trends 7 1.3. Foreign Trade: General Indicators 10 1.4. Exports 10 2. Foreign Trade Operations 11 2.1. Import Duties 11 2.2. Exporters to Russia 11 2.2.1. CIS countries 12 2.2.2. Baltic States 12 2.2.3. Non-CIS countries 12 2.3. Import Structure by Types and Varieties 16 2.3.1. Natural cheeses 16 2.3.2. Process cheeses 18 2.4. Leading Imported Cheeses 19 3. Distribution System 21 3.1. Leading Regional Cheese Markets: Main Product Trade & Distribution Flows 21 3.2. Main Operators 21 3.2.1. Domestic manufacturers 21 3.2.2. Foreign manufacturers 22 3.2.3. Foreign trade branches 23 3.2.4. Wholesalers 24 3.2.5. Role of retail chains: 20 largest domestic food chains. 25 3.3. Major Wholesalers/Distributors 26 4. Consumption 30 4.1. Industrial Consumption 30 4.2. Horeca 31 5. Forecast of Domestic Cheese Market Development 33 June 2007 U.S Dairy Export Council Russian Cheese Market Introduction Since the year 2000, consumption of cheese continues to rise along with the growth of disposable income of the Russian population. Even in 2004-05, despite a slow down, the growth of market capacity remained at double digits. In 2006 domestic consumption remained steady due to a combination of two factors: first and foremost, the imposition of administrative import barriers against the Ukraine, a leading exporter and; second, the introduction of new, higher import tariffs. In the near future, Russia expects further increase in its physical market capacity. As a result, the per capita consumption is expected to reach 6.6 kg by 2010 (2006: 4.6 kg). Domestic production is increasing by about 5-10% per annum, mainly at the expense of process cheese. The share of process cheese in total domestic production reached 40%, due to some extent to the launching of production in Russia by multinational companies, such as Hochland and Lactalis. In the 90s, production of hard and semi-hard cheeses diminished and only recently resumed growth. Due to increased demand of cheese, imported cheese will continue to saturate the market. In 2004 imports amounted to 254,500 mt while in 2005 it amounted to 306,000 mt. The decrease in 2006 should be overcome in 2007. Domestic cheese manufacturers face numerous problems ranging from low quality to high seasonality. Another growing problem is consolidation at wholesale and retail companies, which prefer to cooperate with foreign manufacturers that are able to bypass both quality and seasonality problems. More than half of all imported cheeses are being delivered from two CIS countries: the Ukraine and Belarus. They supply the same type of cheeses as Russian manufacturers, but are more price competitive. The decrease of imports from the Ukraine from 110,000 mt in 2005 to 37,000 mt in 2006 was partly substituted with cheeses from Belarusian and Baltic States. Among non-CIS countries, Germany plays a major role. Its physical volume import share amounts to 15%. Semi-hard cheeses are its most important category. Poland (7%), Argentina (4%), France (2.5%) and Finland (6.1%) are all leading exporters to Russia in the process cheese category. All together Russia imports cheese from more than 40 countries. The most popular variety is Rossiyskiy, which is manufactured by Russian, Ukrainian and Belarus cheese makers. Other popular domestic varieties include Gollandskiy, Kostromskoy, Poshekhonskiy. Most recently, Lamber has started to gain in popularity. It is manufactured by WBD, the region’s largest domestic dairy company. Among imported cheeses, Gouda, Edam, Maasdam, Tilsiter and Rokishkio lead. Process cheeses are also gaining in popularity including domestic “sausage cheese”, Hochland varieties, the famous domestic Druzhba (“Friendship”) and Viola. Ten major wholesalers dominate the domestic imported cheese pipelines. They control the main parts of the distribution system, both in terms of institutional and regional channels. Exporting Countries According to the Russian Customs Service, Russia has imported cheese from more than 40 countries, including 7 countries of the FSU. In 2006 the number of exporters consisted of 36 countries. June 2007 2 U.S Dairy Export Council Russian Cheese Market Table 1 Dynamics of cheese imports from CIS and non-CIS countries (000 mt) 2006 2005 2004 Total 273 300 256 Non - CIS 164 120 111 inc. Baltic countries 48 30 29 CIS 109 180 145 inc. Ukraine 37 111 90 Belarus 70 65 53 In 2006 a noticeable shift in the import structure took place, mainly because of the “Ukrainian ban”. As the result, the market share for CIS countries decreased, while non-CIS countries increased their market share to 60% of total imports. Diagram 1 Distribution of imported cheeses among the main group of countries in 2006 (% of imports) other CIS* 0.7% Baltic countries 17.6% non - CIS* 42.5% Belarus 25.6% Ukraine 13.6% *CIS – 12 countries Source: IKAR based on Rosstat, Belarus Stat service and industry information Role of CIS Countries Two CIS countries play a leading role in domestic cheese supply: Ukraine and Belarus In 2005 combined total imports amounted to 57%. The cheese quality is comparable to Russian cheese, but is more price competitive. In 2006 Belarusian cheeses were offered at wholesale prices 15-20% lower than domestic ones, while Ukrainian prices were comparable to Russian. Belarus has gained momentum and has increased its amount of cheese deliveries to Russia to 70,000 mt. Imports from other CIS countries have been negligible. Armenia, Kazakhstan and Kyrgyz export nonfat cheese for further processing. Lactalis exports cheddar from Moldova (250 mt). Some small amounts of mozzarella are delivered from Azerbaijan (manufactured with support of Italian partners). June 2007 3 U.S Dairy Export Council Russian Cheese Market Baltic States Lithuania plays a very important role in the Russian cheese import market, with physical volume share at about 15% of total imports. However, re-export plays a dominant role in Lithuanian exports, amounting to almost 30%. German cheese also plays a significant role. Latvia and Estonia’s shares are insignificant. June 2007 4 U.S Dairy Export Council Russian Cheese Market 1. Main Indicators of Domestic Cheese Industry 1.1. Market Capacity Since 2000 cheese consumption has increased along with growth of disposable incomes. In 2004 and 2005 growth rates decreased, but were still in the double digits category. In 2006 physical market capacity remained about the same because of regulatory barriers on cheese imports from the Ukraine and an increase on import tariffs from non-CIS countries. Diagram 1.1.1 Physical market capacity in 2000-2006 (000 mt) 2006г. 668 2005г. 671 2004г. 595 2003г. 540 2002г. 430 2001г. 353 2000г. 253 0 100 200 300 400 500 600 700 800 Source: IKAR based on Rosstat, Russian customs and Belarus statistical service Note: the letter “r”, which precedes the date (represented in the y-axis) represents the word “year”. Up until 2006, domestic market growth took place mainly due to an increase in imports. Domestic production is also growing, but at a slower pace. Table 1.1.1 Structure of market capacity: domestic vs. imported cheese* Production Import Export Total Total (000 mt) (000 mt) (000 mt) (000 mt) ($ million) 2004 351.6 254.5 2.3 595 1,720 2005 378 306 3.5 671 2,350 2006 400 273 5.5 668 2,490 *wholesale prices Note: total numbers for 2004 and 2005 do not equal the sum of production, imports and exports. Some quantity, whether produced or imported, of natural cheeses were used as raw materials to manufacture process cheeses. Hence, total figure was adjusted to avoid double counting. However, for 2006 preliminary import and production figures were used. Since FINAL figures are always higher (final annual figures appear in July), the data need not be adjusted for double counting, as it would elicit lower figures than actual TOTAL MARKET SIZE. Source: IKAR based on Rosstat, Russian customs and Belarus statistical service In 2006 market capacity slightly decreased in terms of physical volume, but increased by about 6% in terms of price to US $2,490 million. June 2007 5 U.S Dairy Export Council Russian Cheese Market Diagram 1.1.2 Physical and dollar cheese market capacity in 2002 –2006 (000 mt, US$ mil) 700 3000 671 668 650 595 600 2500 540 2 490 550 2 350 500 2000 430 450 1720 400 1500 1500 350 300 TM T $ mlllion 1000 1020 250 200 500 2002г. 2003г. 2004г. 2005г. 2006г. Note: the letter “r”, which precedes the date (represented in the x-axis) represents the word “year”. Source: IKAR based on Rosstat, Russian customs and Belarus statistical service 1.2. Domestic Production: Key Trends According to the Russian Ministry of Agriculture, currently 600 plants manufacture cheese with half of these facilities producing less than 100 mt. Among the total number of plants, 150 are specialized cheese making facilities. Despite recent growth, Russia has still not reached its maximum historic production level of 1990, when the total country output was 458,000 mt. Diagram 1.2.1 Fat cheese output (including cheese in salted solution) in Russia (000 mt) 500 458 450 407 394 400 400 378 349 352 332 299 350 313 316 299 285 300 262 218 253 250 222 193 200 174 185 150 100 50 0 1970 1975 1980 1985 1990 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 Source: IKAR based on Rosstat Recent growth in domestic production is mainly attributed to process cheeses, manufactured by both domestic and newly established affiliates of multinational companies, such as Hochland Group (Germany) and Lactalis (France).
Load more

Recommended publications
  • Overnight Thrills for Ice Cream Lovers: the World’S First Ice Cream Hotel Room to Open in Helsinki, Finland
    Overnight thrills for ice cream lovers: The world’s first ice cream hotel room to open in Helsinki, Finland Leading Finnish dairy company Valio and hotel Klaus K Helsinki are opening an ice cream-themed hotel room on 1 March, the first of its kind in the world. This delicious ice cream suite has been named the Sweet Suite, and it is available for reservation from March to September. It is located at the heart of Helsinki. Interior design for the sweet, indulgent suite is the product of the minds of interior designers Anna Pirkola and Kirsikka Simberg. Opening soon, the Valio Jäätelöfabriikki Sweet Suite, named after Valio’s ice cream brand, is a staycation at its best. Immerse yourself in entertainment, lay in the luxurious sheets, soak in a bubble bath – and most of all, enjoy all the ice cream you want. Helsinki is a natural choice for an ice cream-themed suite, as Finns consume the most ice cream in Europe per capita. “Valio Jäätelöfabriikki aims to make you happy. To many, ice cream is a break from the daily grind. We wanted to create a small, surprising experience around delicious ice cream. This luxurious hotel suite and our beloved ice creams are a match made in heaven,” says Valio’s ice cream business manager Tea Ijäs on where the delicious partnership was born. The newly completed hotel suite has been refurbished in a Valio Jäätelöfabriikki inspired decor. The interior design and style is the handiwork of designers Anna Pirkola and Kirsikka Simberg. Hotel guests can expect an ice cream-filled freezer and enchanting details.
    [Show full text]
  • Organizational Response to Institutional Change: EU Membership and the Finnish Dairy Sector
    Organizational Response to Institutional Change: EU Membership and the Finnish Dairy Sector Lampros Lamprinakis, NILF, Norway Abstract: Changes in the institutional and market environments can present new challenges for organizations. The ability to properly and adequately change and adapt to these new conditions can be crucial for organizations’ competitiveness and their long-term survival. The article offers a qualitative case study analysis on the transformation process of the biggest Finnish dairy or- ganization, Valio, in the light of the country’s accession to the EU. The analysis is based on thirteen personal in-depth semi-structured interviews with management employees, executives, past directors and industry insiders. The examination covers several aspects of the organization’s efforts to adapt with a particular focus on processes, strategies, and transition stages, and thus provides invaluable insight that allows the better understanding of a successful transformation.” Keywords: Organizational Change, Institutional Adaptation, Qualitative Case Study, Dairy Sector, European Union, Valio, Finland INTRODUCTION hanges in the institutional and market environments can present new challenges for organizations. The ability to properly and adequately change and adapt to these new conditions can be crucial for organizations in keeping their position in the market Cand remaining competitive. Examining cases of successful adaptation to such challenges can provide invaluable insight and allow the better understanding of a successful transformation. Even though organizational change has been extensively studied, the published estimates show that success can be as low as 10% (Beer et al. 1990; Beer and Nohria 2000; Cope 2003), thus keeping the studies in organizational change high in the research agenda.
    [Show full text]
  • Valio with Sievo
    Valio with Sievo. Valio Case Study Savings Lifecycle Valio Case Study Savings Lifecycle “Sievo has had a tremendous impact on how our sourcing organization works today. It has been a key building block in creating a systematic JORMA RUIKKA Vice-President, management and follow-up Procurement process for our performance VALIO Helsinki, Finland and it has vastly increased the Dairy 25,000+ employees credibility of all our reporting www.valio.fi towards business stakeholders, finance and top management.” 01. Starting point 02. Sievo solution Objective There existed a clear drive and need to take To enable sourcing function development in the way of organization operated to a new Valio by providing one solution for managing level, but the existing inforomation systems all spend and performance data as well as didn’t really support the envisioned new other essential information way of working. Challenges The Sievo solution was quickly adopted by → Lack of visibility and access to purchasing the sourcing organization and became the data and information, which greatly main source for data and information for slowed down sourcing and category sourcing and category managers. managers in implementing new ideas → Top management was missing credible Sievo works as a single source of data and figures and visibility on how the sourcing information for our sourcing and category organization actually performed managers relieving them from many routine tasks and thus enabling them to focus on the essentials of sourcing work. 03. Benefits 04. Solution
    [Show full text]
  • PROCESSED CHEESE MARKET: TRENDS and CONSUMPTION 25.05.2016 | Raul Lönnström, Valio Russia CEO RAUL LÖNNSTRÖM
    PROCESSED CHEESE MARKET: TRENDS AND CONSUMPTION 25.05.2016 | Raul Lönnström, Valio Russia CEO RAUL LÖNNSTRÖM • Education: M.Sc. (Chem. Eng.), executive MBA • 14 years of experience in developing the Valio’s Russian business: Valio Russia strategic developments since 2002 Establishment of Valio Center Odintsovo 2006 and start of the operations in 2009 Coordination and managing of the major developments over the last 10 years Outsourcing development: Galaktika, Polar Spring and Ehrmann KEY FACTORS OF PROCESSED CHEESE CONSUMPTION IN EUROPE CONSUMPTION OF PROCESSED CHEESE IN EU, KILOS 1 Processed cheese is one of the most sustainable and conservative categories in EU according to its consumption rate. 10 Average consumption 8 1,2 6 per year 4 2 1.2 1.2 1.2 1.1 1.2 1.2 0 2009 2010 2011 2012 2013 2014 Source: ZMB Zentrale Milchmarkt Berichterstattung GmbH, Credinform EU EXPORT OF PROCESSED CHEESE IN 2014 VS. 2015 2 Export of PC is more concentrated in Middle East. Till 2014 Russia was number two in the list. In 2015 with Russia leaving the list the volumes were redistributed to other countries. 35% 30% EU-EXPORT OF PROCESSED CHEESE, 2014 25% EU-EXPORT OF PROCESSED CHEESE, FIRST 20% HALF OF 2015 15% 10% 5% 0% Source: ZMB Zentrale Milchmarkt Berichterstattung GmbH R&D CHALLENGES 3 Experiments with the package and different tastes are among the ways to preserve the level of consumption. Novelties compensate conservativeness. KEY WAYS TO DEVELOP THE CATEGORY IN EU The rising trends in the European cheese market are as follows: low content of/lack of lactose, low content of/lack of gluten, and premium quality.
    [Show full text]
  • Effect of Integration on the Gross Value Added in the Baltic States Dairy Sector
    Proc. Latv. Univ. Agr., 2012, 28(323) DOI: 10.2478/v10236-012-0011-4 Efficiency of the European Social Fund Contribution Effect of Integration on the Gross Value Added in to the Regions of Latvia the Baltic States Dairy Sector Secondary Level Ilze Latviete* Jānis Ozoliņš* Department of Economics, LLU Faculty of Economics, LLU Abstract. From 2004 till mid-2007, the economics of Latvia experienced fast development, which to some Abstract. Dairy sector is an essential part of Baltic States economies in terms of created gross value added extent was influenced by accessing the European Union (EU), which in its turn provided access to the EU funds (GVA) and labour usage. The dairy sector’s potential to create economic effect is underutilised as a result of and subsequently to significant investment in the country’s development, thus also affecting the topicalities of fragmented production structure and ensuing low economic efficiency. Integration can facilitate concentration social security and employment. Because of the world recession, the EU has experienced an economic downfall of the sector’s market structure. The aim of this paper is to evaluate the effect of dairy sector secondary-level which hit Latvia and its regions very hard, causing a significant reduction in the economic activity, increase in company integration on the creation of GVA. To accomplish the aim, an extensive sample of 54 companies the unemployment level, and the risk of social stratification. To facilitate the socio-economic development of is used whereas previous research has been based on data of only 5–10 largest Baltic States companies.
    [Show full text]
  • Superbrands Finland 100 Market Milk and Dairy Products Are an Important
    ness and consumers became more interested cium-rich milk products and in nutritional facts and values. Valio responded a growing line of functional to the demand for light products with a line of foods. products containing less fat. Valio has always One of Valio’s revo- listened carefully to consumers and met their lutionary discoveries in needs accordingly throughout its hundred the field of probiotics is years of existence. This is one of the keys to Lactobacillus GG (LGG), Valio’s success and its present leading status a special type of lactic in the dairy industry. acid bacteria with proven Since the first ship loaded with Valio but- health effects. In 1990, Valio ter sailed to the UK in 1906, export activities launched the world’s first have played a key role in the company’s his- LGG product under the achievements Industries’ Federation for five consecutive tory. Acquiring subsidiaries from various parts brand name Valio Gefilus. Valio has achieved years since 2001. The winning row started with of the world and having co-operation agree- Today Valio Gefilus is a a solid standing in fermented milk drink Valio Evolus, the first ments since the late 1980s, Valio has trans- well-known and trusted the field of func- European functional food to help lower blood formed itself from an export co-operative into brand with a product range tional and health- pressure. In 2005, Star product winners were an international business, yet deeply rooted in including milk, ferment- promoting foods. daily dose drinks: Valio Gefilus, Valio Evolus Finland. ed milk, yoghurts, juices, The patented tech- and Valio Benecol – all with health-promoting daily dose drinks, cheese, nologies and food qualities.
    [Show full text]
  • Valio Group Corporate Responsibility, Values and Operating Policy
    VALIO GROUP CORPORATE RESPONSIBILITY, VALUES AND OPERATING POLICY COMPANY Our mission : We create well -being and taste sensations responsibly. Our values: Personal responsibility; Listening to customers and consumers, and exceeding their expectations; Caring for people, animals and the environment, succeeding together. Our goal: International profitable growth with world class value added. Promise Implementation We promote Finnish milk production. • We pay all our profit to our owners, Finnish dairy farmer entrepreneurs. • From our owners’ perspective, the goal is to pay the highest raw milk price in Europe to the owner entrepreneurs. We generate financial well -being in • In 2015, Valio Group generated income of over one billion euros in Finland. Finland. • We employ directly and indirectly around 30,000 Finns. • We secure the vitality of the countryside in Finland. • We favour domestic suppliers whenever feasible in terms of quality, availability, and sustainable business. We have identified and take our • We take our stakeholders’ expectations into account in the development of our stakeholders’ expectations into business operations. account in our business operations. • We grant, on consideration, political subsidies according to the equality principle, to candidates who we believe act in a manner that promotes Valio’s business environment. • We have reviewed our operations’ value chain and societal impact, and update the goals for responsible operations on the basis thereof. We have identified risks in our • We continuously develop risk evaluation and management procedures to business operations and manage them ensure the safety of products and operations, and the continuity of business accordingly. operations. • We regularly map, working together with insurance companies, the accident risks related to our business operations and production plants.
    [Show full text]
  • An Eventful Milk Market in 2018
    An eventful milk market in 2018 For Valio, 2018 was variable. The global milk market supply exceeded demand, which reflected in the prices for both Finnish and export sales. We continued to see moderate growth in our turnover, and we launched completely new categories during the year. We continued our sustainability work throughout the supply chain, and we initiated partnerships in various projects, with the goal of resetting milk’s carbon footprint by 2035. From a business perspective, 2019 has been proceeding in the right direction. Valio Group’s turnover was €1,734 million (1,709), which means a growth of 1.5 percent compared to the previous year. Net sales in Finland grew by half a percent, and net sales abroad grew by 3 percent. Our milk margin* was €800 million (797) and our milk return** was 38.4 percent per litre (37.9). The situation on the global milk market, however, remained challenging. Supply exceeded demand, which reflected in the prices for both Finnish and export sales. It was a challenging year for Valio’s owner-entrepreneurs: milk prices fell and the summer was record-setting hot and dry. Valio and four other dairies reached a settlement in late 2018 and early 2019 in a compensation process regarding base milk pricing. One-off compensation pay-outs resulting from this process were a burden on Valio’s operational profits. “The greatest challenges arise from the dairy industry’s operating environment. Global milk production continued to grow, and last year we saw that weather conditions can have a significant effect on production conditions, both in Finland and around the world.
    [Show full text]
  • CPY Document
    t . I '-e Valio means 'best' in Finnish, and offering con- sumers only the best has been the watchword of the company since its start in 1905. Valio's re- search and development operations were headed for many years by the wil1ner of the 1945 Nobel prize for chemis- try,A.I. Virtanen. Finnish New lactose-free niche Between 1 Sand 20 per cent of the Finnishpopulation is lactose intolerant. Most of them have stopped drinking milk because their stomachs do not accept it. Valio has produced and sold lactose-reduced dairy Attitude products since 1980 under the H YI.AlIVI brand and today offers the largest range in the world, wnsisting of more than 100 different products. Finns, howcH'r, have not particularly liked sweet-tasting!ow-Iactose mile The Finnish milk-drinking tradition (140 litres per person per year) means that they have a very definite idea about how milk should taste. For this reason, Valio was quick to realise already in the 1980s that something had to be done to produce a wnstantly developing innovative products milk that could be accepted, and tolerated, by the Valio, Finland'sfor consumers largest who dairyare interested com. pany, in food is lactose intolerant. After a long period of research and that increases health and welJ-l)ling. Products that development, Valio was able to present a unique arc functional or provide dear added value are built process which, using among other things chromato- upon patent-protected innovation as far as possible. graphic separation, produced a lactose-free milk Valio häS\ acquired the global commercial rights to (dL01'X,) that tasted just as milk should, withoUl the hacterium 1.actohaâ/lus GG (LGG1~i), the most upsetting stomachs.
    [Show full text]
  • Brochure Download
    FINNISH DAIRY INDUSTRY meets IRANIAN DAIRY INDUSTRY “From farm to fork” means that program offers holistic view into the whole value chain in dairy industry. Main Target Who will Attend? To raise awareness of Finnish dairy industry and 100-150 people from Finnish Ministry of cluster among Iranian authorities. Build contacts Agriculture, Ministry of Health (FDA) and Ministry between Iranian and Finnish companies by sharing of Trade, Consumer Protection Organizations, common challenges and solutions. Find right Authorities and CEO, CSO, VPs, Head of Business partners for business. Fostering the business Development, Sales and Marketing VPs, Managers, between Iranian and Finnish Dairy Industry. Arise Country Managers of Universities, Research awareness of Finnish dairy cluster companies in institutes, farming organizations, Top Dairy Iran and get media publicity. companies, etc. Iran-Finland Country Profile 12.8% 93% 75.4 Y 72% Unemployment Literacy rate (19-40) Life Expectancy Iranians of working years old age (15-64) 6-8% 30% 5,075 US$ 406 bn US$ Expected Annual Investments/ GDP GDP Per capita GDP Growth (2016-2021) 81.1 Y 63% 8.7% 100% Life Expectancy Finnish of working Unemployment Literacy rate (19-40) years old age (15-64) 1.2% 20% 42,000 US$ 230 bn US$ Expected Annual Investments/ GDP GDP Per capita GDP Growth (2016-2021) Seminar Agenda Wednesday, February 14, 2018 08:00 – 17:00 Venue: Espinas Palace Hotel 08:00 – 08:30 Welcoming / Registration / Coffee 08:30 – 10:30 Keynotes Speeches 08:30 – 08:40 Holy Quran Recitation / National Anthems 08:40 – 08:50 Welcoming Remarks Ambassador of Finland, H.E Mr.
    [Show full text]
  • Valio Annual Report
    ANNUAL REPORT 1995 1 CONTENTS Five-year Group Statistics 3 Review by the CEO 4 The Best Milk in Europe - Fresh Every Day 5 Valio, Group Organization 5 Supervisory Board, Board of Directors, Auditors 6 Annual Report by the Board of Directors 8 Consolidated Statement of Income 11 Consolidated Balance Sheet 12 Consolidated Statement of Sources and Application of Funds 14 Parent Company Statement of Income 15 Parent Company Balance Sheet 16 Parent Company Statement of Sources and Application of Funds 18 Notes to the Consolidated and Parent Company Financial Statements 19 Proposal by the Board of Directors to the Annual General Meeting 28 Report of the Auditors 29 Statement by the Supervisory Board 29 The Impact of EU Membership on the Milk Market 30 Milk Procurement and Development 30 Fresh Products 33 Cheese 35 Edible Fats 38 Milk Powder and UHT Products 39 Ice Cream 40 Domestic Sales 42 GG - An International Breakthrough 43 Valio Owners 44 Valio Consolidated and Shareholder Dairies 44 Addresses 45 Cover: Swimmer Anu Koivisto Nordic Junior Championships 1994, gold medal European Junior Championships 1995, silver medal Finnish Junior Championships 1996: • four gold medals • one silver relay medal • one bronze relay medal • three Finnish records 2 Five-year Group Statistics 1995 1994 1993 1992 1991 Net sales, FIM million 7,966.1 8,578.0 8,624.8 7,369.9 7,566.6 Change % -7.1 -0.5 +17.0 -2.6 +3.7 Domestic, FIM million 6,422.7 6,416.3 6,527.1 5,366.7 5,551.2 Change % +0.1 -1.7 +21.6 -3.3 +5.3 International operations, FIM million 1,543.4 2,161.7
    [Show full text]
  • NEW VALIO LACTOSE FREE Technology Development Continues LACTOSE FREE POWDERS Packaged for Consumers CONTENTS
    RESEARCH • RESULTS • PARTNERSHIP • PROGRESS • 2/2015 NEW VALIO LACTOSE FREE Technology development continues LACTOSE FREE POWDERS Packaged for consumers CONTENTS 3 Farewell and thanks to all! 4 Next generation lactose free dairy for even more sensitive stomachs 6 Valio Lactose Free Milks Going Global ReseaRch • Results • paRtneRship • pRogRess • 2/2015 10 Valio Lactose Free powders for consumers – a new opportunity at the right time 12 New Products 16 Contact information neW Valio lactose FRee technology development continues lactose FRee poWDeRs packaged for consumers Healthy fun for kids in the Finnish snow, helped along by nutritious Valio milks. Valio Foods&Functionals Published by Valio Ltd P.O. Box 30, FI-00039 Helsinki, Finland Editor-in-Chief: Kalle Leporanta, [email protected] Editorial staff: MCI Press and Comword Ltd. Cover photo: Timo Raunio Valio Foods&Functionals online: http://www.valio.com/ff/ 2 FOODS & FUNCTIONALS EDITORIAL Farewell and thanks to all! his is my final editorial for Valio Foods&Functionals and I write it acknowledging that I’ve been privileged to spend almost half of my career working in the field of Technology Sales at Valio Ltd. T It could be described as the story of a shy Finnish country boy who went on to work in international business. I was fortunate that just a few months after I joined Valio in 1980 the company organized a one-month training course on Fermented Milks for the FAO with participants from more than 10 countries around the world. I remember meeting one of them again 20 years later in South America working for an LGG® customer dairy company.
    [Show full text]