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Stockmann Annual Report 2003 2003 ANNUAL REPORT Contents Stockmann Group’s core values ............................................3 Stockmann in 2003 ............................................................4 Divisions in short ................................................................5 Important events in 2003....................................................6 Information for shareholders ................................................7 CEO’s review ......................................................................8 Board of Directors and auditors..........................................10 Corporate management.....................................................11 Review of operations Department Store Division .................................................12 Vehicle Division .................................................................18 Hobby Hall .......................................................................22 Seppälä ...........................................................................26 Corporate Governance.......................................................30 Financing and management of financial risks.........................33 Personnel ........................................................................34 Environment and social responsibility ...................................36 Report and accounts, December 31, 2003 Board report on operations................................................38 Shares and share capital ...................................................44 Key figures ......................................................................49 Per-share data .................................................................50 Profit and loss account......................................................51 Balance sheet ..................................................................52 Funds statement ..............................................................54 Notes to the accounts.......................................................55 Proposal for the distribution of parent company profit ............64 Auditors’ report................................................................65 Frenckellin Kirjapaino Oy, Espoo 2004 Contact information...........................................................66 CONTENTS • STOCKMANN 1 New Stockmann staff – young salespeople in front of the Riga department store. 2 STOCKMANN • STOCKMANN IN BRIEF Stockmann in brief Stockmann is a Finnish listed company which was established in 1862 and is engaged in the retail trade. It has about 16 000 shareholders. Customer satisfaction is the central objective of Stockmann’s trading in all its areas of business. Stockmann’s four divisions are the Department Store Division, the Vehicle Division, the Hobby Hall Division, which is specialized in mail order sales and e-commerce, and Seppälä, a chain of fashion stores. Stockmann operates in Finland, Russia, Estonia, Latvia and Lithuania. Stockmann Group’s core values Profit orientation Commitment We are in business to make money; all our op- In all our activities, success calls for an under- erations should support this goal. Healthy earn- standing of the importance of Stockmann’s ings mean a good return for investors and lati- company-wide success factors and the role of tude of movement and risk-taking ability for the our own unit in achieving them as well as a company. For good people who are committed commitment to the goals we all share together. to our common goals, it means a highly respec- ted job and an opportunity for self-development. Respect for our people We respect and value people’s capacity for com- Customer orientation mitment, taking calculated risks and producing We earn money only by offering benefits which results. We reward success. the customer perceives as real and better than those of our competitors. The sum total of these Social responsibility benefits is high customer satisfaction and loyal- Our way of operating is ethical, just and shows ty. Competitive pricing, reliable quality and good respect for environmental values. customer service are vital elements in achieving these goals. Efficiency By performing better than our competitors, we boost sales, secure high cost-effectiveness and use capital efficiently. Cover picture: The evening before the opening of the Stockmann department store in Riga in October 2003. STOCKMANN IN BRIEF • STOCKMANN 3 Stockmann in 2003 Key figures Sales by quarter 2002–2003, EUR mill. Operating profit by quarter 2002–2003, EUR mill. Sales Profit before extraordinary items by quarter 2002-2003 by quarter 2002-2003 EUR mill. EUR mill. 500 35 30 400 25 300 20 200 15 10 100 5 0 0 1-3 4-6 7-9 10-12 1-3 4-6 7-9 10-12 2003 2003 2002 2002 Other operating income 4 STOCKMANN • STOCKMANN IN 2003 Divisions in short Divisions and Offerings Locations Share of their management Stockmann’s sales Department Offers customers a knowledge- • 6 department stores, 5 Academic Book- EUR 851.3 mill. Store Division able shopping environment and stores, 3 Zara stores and 7 Stockmann Jukka Hienonen good service in a congenial Beauty stores in Finland atmosphere. The key to Stock- • A department store, a Zara store and mann’s success is a unique and a boutique in Moscow, Russia broad assortment of good prod- • 2 speciality stores in St Petersburg, Russia 50% ucts at competitive prices. • A department store in Tallinn, Estonia • A department store in Riga, Latvia Vehicle Division Offers a very wide range of • 11 outlets in the Helsinki metropolitan EUR 480.4 mill. Esa Mäkinen high quality car makes and mod- area: Ford, Volkswagen and Audi cars, els. Reliable quality and custo- a wide selection of trade-in vehicles as well mer service are especially as vehicle servicing and repair centres important advantages within • An outlet in Turku: Ford dealership, servicing, repair and spare vehicle servicing and repair centre 28% parts for customers’ vehicles. • An outlet in Tampere: Skodaˇ dealership, a wide selection of trade-in vehicles as well as vehicle servicing and repair centre Hobby Hall Division Hobby Hall offers an easy, • Finland’s largest mail order sales company EUR 235.7 mill. Henri Bucht reliable and pleasant alternative and leading online store for buying quality products at • 2 stores in Finland: in Helsinki and Vantaa affordable prices. Its offerings • Estonia’s largest mail order sales company, consist primarily of household an online store, a store in Tallinn and leisure articles. • Latvia’s largest mail order sales company 14% • Lithuania’s largest mail order sales company Seppälä Division Offers customers women’s, • Finland’s and Estonia’s most extensive EUR 130.3 mill. Heikki Väänänen men’s and children’s apparel, chain of fashion stores shoes and cosmetics at rea- • 127 stores in Finland sonable prices. The collections • 13 stores in Estonia are based on Seppälä’s own • 4 stores in Latvia product design and own brands. 8% Seppälä’s expertise rests on the correct combination of basic and trendy products. Sales by market Sales by sector 89.0% Finland 32% Fashion 5.1% Russia 28% Motor vehicles 4.4% Estonia 14% Home 1.2% Latvia 11% Food 0.3% Lithuania 10% Leisure 5% Books, publications, stationery DIVISIONS IN SHORT • STOCKMANN 5 Major events in 2003 February age to arrange the financing required for implementing the • The first issue of the stylish Exclusive magazine for shopping centre by the deadline specified in the agreement. Stockmann’s Exclusive Loyal Customers came out both in a Finnish and in a Swedish language version. The new September magazine is published four times a year. • Hobby Hall closed its store in Helsinki’s Herttoniemi district. • Moscow’s first Zara store was opened in the Mega Shop- ping Centre. October • Hobby Hall’s mail order operations in Lithuania got under • Stockmann’s new department store opened its doors in way in earnest by distributing a nationwide customer the centre of Riga. The department store, which has 11 000 acquisition catalogue in conjunction with supporting tele- square metres of retail space, is part of a joint project vision advertising. between Stockmann and Rautakirja, in which Rautakirja’s • Loyal Customer marketing was launched in St Petersburg. share comprises a 14-cinema film centre. Seppälä opened • Environmental system covering Stockmann’s Helsinki its fourth store in Latvia in the same property. department store and the Academic Bookstore in the cen- • Stockmann entered into an agreement with IKEA on open- tre of Helsinki as well as the the purchasing and ware- ing a Stockmann department store with 10 000 square housing functions of the Department Store Division metres of retail space in the Mega North Shopping Centre received the Stockmann Group’s first ISO 14001 certificate. too. IKEA will build the Mega North on the north side of Moscow. This department store, Stockmann’s third in March Moscow, is to be opened at the end of 2004. • In line with its strategy of freeing up capital, Stockmann sold • Stockmann’s territory as an Audi dealer was extended to its department store property in Espoo's Tapiola district to a eastern and western Uusimaa province in addition to the wholly-owned subsidiary of the Dutch property company existing dealership in the Helsinki metropolitan area. Wereldhave N.V. At the same time, Stockmann leased the di- Stockmann announced it was starting refurbishing and vested property from the new owner for the Tapiola depart- enlargement works in the Stockmann-owned building that ment store’s use under a long-term leaseback agreement. is located in the Suomenoja
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