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Annual Report 2019 PRISMA.FI/KAUPPAKASSI Annual Report 2019 PRISMA.FI/KAUPPAKASSI Alepa.fi/kauppakassi ANNUAL REPORT 2019 CONTENTS Group key figures 4 CEO's review 5 Report by the Board of Directors 6 Financial statements 31 December 2019 12 Notes to the financial statements 16 Disposal of the surplus 33 Auditor’s report 34 Statement of the Supervisory Board 36 Governance 37 Governing bodies 38 3 KEY FIGURES FOR THE HELSINKI COOPERATIVE ELANTO GROUP 2015–2019 2015 2016 2017 2018 2019 Net sales, EUR million 1,871.4 1,953.8 1,980.2 2,065.3 2125.1 Operating profit - EUR million 90.3 56.2 43.7 15.8 5.8 -% of net sales 4.8 2.9 2.2 0.8 0.3 Pre-tax profit - EUR million 84.9 58.2 50.5 12.4 47.0 -% of net sales 4.5 3.0 2.6 0.6 2.2 Return on shareholders’ equity, % 12.2 7.9 6.3 1.3 5.2 Return on investment, % 15.9 9.9 8.2 4.4 6.9 Equity ratio, % 78.9 76.0 74.6 75.9 77.1 Gross investments in fixed assets - EUR million 34.7 35.5 68.0 47.8 52.7 -% of net sales 1.9 1.8 3.4 2.3 2.5 Average number of personnel 5,805 5,554 5,537 5,912 5952 during the financial year Wages, salaries and remuneration, EUR million 155.5 157.8 161.0 169.6 175.4 CALCULATION OF KEY FIGURES profit after financial items – taxes Return on shareholders’ equity, % = × 100 equity + minority interest, average pre-tax profit + interest and other financial costs Return on I,nvestment, % = balance sheet total – non-interest-bearing liabilities – mandatory provisions, × 100 average equity + minority interest Equity ratio, % = × 100 balance sheet total – advance payments Gross investments in fixed assets = amount paid for non-current assets The average number of personnel during the financial period is calculated as an average. 4 CEO’S REVIEW When compiling this annual report, the situation in the whole world changed dramati- cally due to the coronavirus. ‏The mission of the Cooperative Society is to provide services, benefits and well-being for its customer owners, and this will be done during the crisis even more strongly and responsibly than before. HOK-Elanto implements its mission at 340 supermarkets, department stores, restaurants, car wash and petrol stations, and at funeral and legal services, with more than 6,000 professionals. The result of the 2019 HR survey was excellent, clearly above the average for Finnish com- panies. The new incentive scheme covering the entire personnel was introduced during the year. In 2019, approximately six million euros were spent on personnel benefits, recreation and leisure activities as well as performance bonuses and other rewards. We grow with our area of operation. The annual population growth in our area is ap- proximately 20,000. New residential areas are created and services are needed. Last year, we opened 17 new or renewed outlets and developed our services with EUR 53 million. The larg- est single investment was the Mall of Tripla in Pasila, where a Prisma market, a pick-up point for the online store, a co-op member service point, Alepa, Emotion and the Fredde’s, Urban Rabbit and Ratamo restaurants were opened. Climate issues are a popular topic in public debate. S Group’s goal is to be carbon negative in 2025, and as the largest regional cooperative, HOK-Elanto is making a strong contribution to this. Energy efficiency, renewable forms of energy, refrigerants in refrigeration equipment, various measures to reduce wastage, the charger network for electric cars, the cooperation in city bikes, recycling of packaging materials are examples of work that we have already done for several years to reduce our environmental loads. With its 630,000 co-op members, HOK-Elanto has the largest owner base in Finland. In spring 2020, the co-op members selected the Council of Representatives, a 60-member body using the highest decision-making power of the cooperative. In addition to its statutory du- ties, the Council of Representatives discusses and highlights topical themes and initiatives for management, which is extremely welcome: as its name suggests, the Council of Representa- tives represents the members of the cooperative, in other words its customer owners. The current year 2020 will be unpredictable due to the coronavirus. When, for example, demand in the restaurants petered out in mid-March, we decided to close all of our restau- rants for the time being and to offer work to the restaurant staff in the retail chains, to which the demand was transferred in these exceptional circumstances. The entire HOK-Elanto per- sonnel has shown an excellent ability to ensure the supply of food to households in our area. Online grocery trade is growing rapidly and we are introducing an extensive home delivery service for Alepa’s an Prisma’s online stores. The S-market chain will be completely re- newed over the next two years. The number of employees will increase by about 200. As our area of operations develops, we will invest nearly EUR 80 million in the renewal and expan- sion of the network and in new services. HOK-Elanto’s personnel and shop stewards have done an excellent job for the benefit of customers – I extend my warmest thanks for it. Thanks are also due to the entire S Group for good cooperation. Helsinki, March 2020 Veli-Matti Liimatainen CEO 5 REPORT BY THE BOARD OF DIRECTORS OF HELSINKI COOPERATIVE SOCIETY ELANTO 2019 Helsinki Cooperative Society Elanto is S Group's largest regional DEVELOPMENT IN THE HELSINKI REGION cooperative. With its 630,000 co-op members, it has the largest In the Helsinki metropolitan area, population growth continued owner base in Finland. The main lines of business of the coop- to be rapid. According to preliminary data, the growth was erative are supermarket trade, department stores, restaurant 19,203 (16,419), or 1.4 business, fuel and car wash sales. HOK-Elanto operates in the per cent (1.2%). At the turn of the year, there were Helsinki, Espoo, Vantaa, Nurmijärvi, Tuusula, Kerava, Järvenpää, 1.404.241 people (1,388,023), or 25.5 per cent (25.5%) of Hyvinkää and Mäntsälä regions. the entire population of Finland, living in our operating area. Owned by its customers, HOK-Elanto is responsible for In 2017–2019, 62 new grocery trade outlets have been providing benefits and services to its owners, Finnish households. opened in the Helsinki region. of these, 23 are HOK-Elanto When the business operations are profitable and the balance outlets. sheet is strong, we can continue to develop our services, improve our offerings, expand our network and fulfil our customers’ DEVELOPMENT IN THE S GROUP IN 2019 wishes. Households using the diverse services of the cooperative S Group comprises the cooperatives and SOK with its subsidiaries. and its partners benefited more than EUR 1,000 per year. In 2019, S Group’s retail sales excluding VAT were EUR 11,713 The cooperative developed services for EUR 53 million and million, an increase of 1.7 per cent from the previous year. opened 17 new or renewed outlets. Our net sales for 2019 were A total of 71,233 new members joined the cooperatives EUR 2,125.1 million, representing an increase of 2.9% from the participating in the Bonus system in 2019. The total previous year. number of co-op members was 2,425,167 at the end of 2019. HOK-Elanto is one of the largest private employees in its Co-op members were paid a total of EUR 341 million in Bonus region. In 2019, it had more than 6,000 employees. It also has rewards. a major indirect employment impact in the area. S Group’s investments amounted to EUR 496 million (EUR 598 The environmental load generated by our own operations million). S Group’s combined non-consolidated result before in HOK-Elanto has been systematically reduced. Action against appropriations and taxes showed a profit of EUR 367 million (EUR climate change and for the promotion of circular economy will 346 million). be taken in all business areas. When starting its 115th year of At the end of the year, S Group had 37,764 employees operation, HOK-Elanto is more strongly than ever on its path (37,931). towards a more carbon neutral society. In 2025, S Group’s objec- tive is to be carbon negative. EVENTS AT HOK-ELANTO IN 2019 The cooperative developed services for EUR 53 million and OPERATING ENVIRONMENT opened 17 new or renewed outlets. According to estimates, economic growth in Finland will remain In October 2019, a Prisma market, a pick-up point for the close to or below 1% during the next few years. In 2019, online store, a co-op member service point, Alepa, Emotion and economic growth is expected to be 1.5%, driven by domestic the Fredde’s, Urban Rabbit and Ratamo restaurants were consumption. Growth of private consumption will decelerate, opened in the Mall of Tripla in Pasila. The Prisma at Tripla was as savings will return to a normal level. Unemployment has the first new Prisma store of HOK-Elanto for 10 years. decreased slowly, and this trend is expected to continue. The In addition to these, six Alepa stores, Memphis, Amarillo inflation rate is expected to be 1.4% in 2020 and to increase and Sing & Pore restaurants, as well as Emotion in shopping slightly in the following year. Interest rates will also be unusu- centre Ainoa were opened.
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