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Podravka Eng 21/06/04 14:38 Page 1 Podravka Eng 21/06/04 14:38 Page 2 Podravka eng 21/06/04 14:38 Page 1 Podravka eng 21/06/04 14:38 Page 2 02-03 Podravka eng 21/06/04 14:38 Page 3 04-07 The Letter to Shareholders, 08-09 What’s in Their Hearts?, 10-19 Key Information, 20-21 Hostess’s/Host’s Image, 22-23 Seating Arrangements, 24-39 Strategic Business Units, 40-41 Setting the Table for Lunch and Dinner, 42-43 Heart Patterns, 44-93 Finance Report, 94-95 Report by the Supervisory Board, 96-99 Napkins for Favorite Guests, 100-104 Supervisory Board, 105-109 Management Board, 110-111 Useful Advice, 112-117 Stock Trade Statement for the Year 2003, 118-119 Technical Procedures, 120-121 Red Enjoyment, 122-123 Sweets, 124-125 The Order of Washing the Dishes, 126-127 Romantic Dinner, 128-138 Table Manners, 139 Secrets of Good Cuisine Podravka eng 21/06/04 14:38 Page 4 The Letter from the President of the Board Dear Shareholders, end we showed the pure economic result and as technological redundant labour, has been In the previous year Podravka managed its balance, establishing a sound base for the realised in agreement with legal regulations affairs in accordance with the company's following business year. During the year 2003, and during the last year 189 employees left business strategy in order to achieve further we achieved net profit in the amount of 10 the company as part of this program. company growth and development. Podravka's million kuna. The realised profit is less than total income amounted to 3,321.9 million kuna the year before but represents a positive move and grew by 15% in comparison with the year compared to the first six months when a loss Podravka on the Croatian market realises before. The sales revenue was 3,217.7 of 29 million kuna was disclosed. It is over a half of its revenue, and last year a 15% million kuna and grew by 17% compared to necessary to emphasise that Podravka in the growth was recorded compared to the year last year. The mentioned growth rates from second half of last year achieved net profit in before, with sales in the amount of 1,748.2 the previous year are in compliance with the amount of about 39 million kuna. However, million kuna. It is necessary to highlight that the company's business strategy and the if we exclude the costs of taking care of all product groups contributed to the growth market circumstances in which we operate. technological redundant labour, the net profit of sales on the domestic market. On foreign would be about 63 million kuna, as non- markets Podravka achieves over 45.7% of its recurring redundant labour costs in the sales revenue. The sales results on foreign The Podravka Group achieved less profit than second half of the year were about 24 million markets and growth of 20% compared to last planned for the previous year. As we realised kuna. The program for taking care of year, respectively, indicate good and loss in the first half of the year, at the year redundant labour, covering employees defined successful management operations on these 04-05 Podravka eng 21/06/04 14:38 Page 5 markets taken that the food industry average 140.5 million kuna and an increase of 10%, ranges from 1 to 5%. and project markets had a growth of 27%. The markets of Central Europe, including the The markets of Poland and the Baltic states Czech Republic, Slovakia and Hungary, have realised a drop of sales of 46% last year. In the markets of South-eastern Europe realised 361.6 million kuna which makes 11% When speaking about the Polish market, I Podravka is the leading food company in the of the total sales revenue, recording a 63% would like to stress this market has stabilised region with its recognisable brands. These growth. This growth was supported by the after the entire management was replaced markets have recorded a growth of 35% sales of acquired companies that are in the and the results achieved in the second year and further increase is expected in the process of integrating and adjusting to half are much better than planned, yet this forthcoming period. This growth was also Podravka Group operations. could not cover the loss from the first half of supported by the distribution agreement the year and written off receivables in the with the company Nestlé concluded last amount of 47.3 million kuna. year, which has put us in a more favourable The markets of Eastern Europe recorded negotiating position making us one of the sales revenue in the amount of 82.9 million strongest food suppliers. On the markets of kuna and is 12% higher compared to the From the aspect of product groups, all South-eastern Europe a revenue of 687.2 previous year, while the markets of the USA, Podravka's strategic business units marked a million kuna was achieved which is 21% of Canada, Western Europe and Scandinavia growth compared to last year, only Vegeta the total sales revenue of the Podravka Group. recorded sales revenue in the amount of recorded a drop of sales, primarily on the Podravka eng 21/06/04 14:38 Page 6 markets of Poland and the Baltic states, while packaging and energy compared to the on other markets the sales of our most former technology, as well as high flexibility Podravka's distribution network, stretching distinguished brand grew. The largest growth for new programs and new products from the from the North Sea to the Adriatic, has of sales was achieved by beverages, even 39%, Podravka Dishes range of products. strengthened during the year 2003. followed by the brands Lino, Dolcela and Kviki Cooperation agreements with Adria and (6%), and the program of fruit and vegetables. Heinz for the market of Hungary were signed. Meat products from our meat industry Danica During the year 2003, there was a change also marked an increase of 6%, mill and in the Management Board of Podravka. New bakery products grew by 5%, and the program Board members were appointed: Mr Dušan During the previous one-year Commercial of Podravka Dishes had a 2% growth. This Tomaševiµ for finance and controlling, Mr Note Issue Program Podravka successfully year a new factory for Podravka Dishes was Miroslav Vitkoviµ for the markets of South- released six issues of commercial notes in constructed with an annual capacity of about eastern Europe and Mr Dragan Habdija for the total value of 240 million kuna. We also 12 500 tons, which means the production of business programs and marketing. The released the seventh issue of commercial about 130 million different individual Supervisory Board confirmed the new notes in the amount of 52 million kuna. The packings. The value of the whole investment members. Mr Davor Cimaš, responsible for issue of commercial notes enabled Podravka is 123 million kuna. Modern and sophisticated non-core operations, and Ms Nevenka to swap short-term loans and reduce technology shall enable significant savings in Cerovsky, responsible for finance and financing costs, and optimise the currency the consumption of material, raw material, controlling, were relieved of their duties. debt structure. Preparations have also been 06-07 Podravka eng 21/06/04 14:38 Page 7 made for the issue of Podravka corporate Podravka Dishes, the central warehouse innovativeness, knowledge, revenue and bonds, which will enable the refinancing of and Podravka's companies in Poland and consumer relations. Our task is to create short-term loan taken for the redemption of Slovenia were integrated into the SAP system. top quality products with brands that capture preferential shares of the European Bank consumer trust. In order to accomplish these for Reconstruction and Development and goals, great effort from all company noticeably improve the current debt structure In our strategy we have defined knowledge employees is required, as well as their of the Podravka Group. and people as the sources of our competitive confidence in both personal and company advantage. In accordance to this strategy we potential. That is the reason why one of our established our own management academy company's priorities lies in permanent The investment cycle continued in the year called Pomak with the aim of developing, investment in human resource development 2003. Besides the mentioned new factory of acquiring and supplementing managerial and education. Our employees and our brands Podravka Dishes, investments were made in competencies of Podravka's employees for are our greatest value and the foundation the development of a business information more successful achievement of business for building our future. system, respectively, in investment and asset goals and therefore, strengthening the management integrated in the SAP system, company's competitive capacity. Podravka optimisations in controlling, introduction of wants to become the leading company with Cash Management and Business Warehouse, headquarters in the regions of South-eastern, Darko Marinac, and the companies Ital-Ice, the new factory Central and Eastern Europe in terms of Chairman of the Board Podravka d.d. Podravka eng 21/06/04 14:38 Page 8 What’s in Their Hearts? From left to right: Chairman of the Management Board: Darko Marinac; Members of the Board: Željko Ðurðina, Damir Polan∂ec... Scratch the heart and reveal the secret! Podravka eng 21/06/04 14:38 Page 9 ...Dušan Tomaševiµ, Miroslav Vitkoviµ, Dragan Habdija Podravka eng 21/06/04 14:38 Page 10 The Podravka Group in the Year 2003 01. Increase of external sales by 17% 02. Increase of domestic sales by 15% 03.
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