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Spar Finland Annual Report 1997

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Spar Finland Annual Report 1997 Spar Finland ANNUAL REPORT 1997 CONTENTS INFORMATION FOR SHAREHOLDERS Spar Finland 1997 1 Annual General Meeting Chief Executive’s review 2 The 1998 Annual General Meeting of Spar Finland plc sharehol- Retailer operation 4 ders will be held on Thursday 16 April 1998 in the auditorium of Own stores 5 Spar Finland, Tiilenpolttajankuja 5, Vantaa, commencing at 2.00 SPAR group 6 pm. Shareholders wishing to attend the Meeting should inform the company no later than 4.00 pm on Tuesday 14 April 1998, EUROSPAR 8 tel. +358 205 32 6034. SUPERSPAR 10 Shareholders may attend the AGM who have registered them- SPAR market 12 selves in the Company’s shareholder register maintained by the SPAR express 14 Finnish Central Securities Depository Ltd. no later than 9 April Rabatti 16 1998. Shareholders whose shares have not been transferred to the Financial statements December 31, 1997 book-entry securities system may also attend the AGM on con- Report by the Board of Directors 18 dition that such shareholders were registered in the Company’s Profit and loss accounts 21 shareholders register before 23 September 1994. In such a case, Balance sheets 22 the shareholder must present at the AGM their share certifica- Cashflow statements 24 tes, or other evidence that their shareholding rights have not Notes to the financial statements 25 been transferred to the book-entry securities system. Shares and shareholders 33 Per share data 35 Dividend payment Five years in figures 36 The Board will propose that a dividend of FIM 4.00 on K and A Distribution of profit 37 Series shares be distributed for the financial year ending on 31 Auditors’ report 37 December 1997. The dividend decided by the General Meeting will Board of Directors, Auditors and be paid to shareholders who are registered in the Finnish Central Company Management 38 Securities Depository Ltd. on the record date 21 April 1998. The Addresses 40 Board proposes that the dividend payment date is 24 April 1998. Amendments to shareholder information Shareholders are required to give details of any changes in con- tact information or shareholdings to the register holding his sha- res. Financial information In 1998 Spar Finland plc publishes two interim reports. The first interim report will be published on 18 June, 1998 and the second report in October. The annual report and the interim reports are available in Finnish, Swedish and English. This information mate- rial can be obtained by telephone +358 205 32 6010, telefax +358 205 32 6011, or by writing to the following address: Spar Finland plc, P O Box 140, FIN-01721 Vantaa, Finland. SPAR, FAIR FOOD TRADERS Spar Finland 1997 SPAR FINLAND PLC WAS FORMED IN 1997 BY MERGING SUOMEN SPAR OY ACQUIRED FROM KESKO OY WITH SENTRA PLC. SENTRA’S SALE OF ITS CARROLS BUSINESS TO KESKO OY MEANT SENTRA’S WITHDRAWAL FROM THE FASTFOOD BUSINESS. THIS TRANSACTION ADDED ABOUT 350 SPAR RETAIL FOOD SHOPS TO THE SENTRA GROUP, WHOSE ANNUAL TURNOVER IS NOW EXPECTED TO RISE TO FIM 4 BILLION. ON 2 JANUARY 1998 SENTRA PLC WAS RENAMED SPAR FINLAND PLC AND UNDER THAT NAME THE COMPANY’S SHARES ARE QUOTED ON THE OTC LIST OF THE HELSINKI STOCK EXCHANGE. THE SHARES ARE CODED SPAAV AND SPAKV. Highlights of 1997 Spar Finland Group, FIM million 1997*) 1996-97 Net turnover 2,847.5 774.6 Operating profit 58.4 16.6 Profit after financial items 60.1 17.1 Earnings per share, FIM 34.31 9.91 Return on investment, % 27.3 9.9 Return on shareholders’ equity, % 23.1 7.2 Solvency ratio, % 24.4 55.1 Equity per share, FIM 161.74 134.84 Personnel on 31 Dec. / 28 Feb. 1,374 1,519 *) Sentra plc’s financial year was 10 months, 1 March - 31 December. Suomen Spar Oy operations were included from 1 May 1997 (8 months). Spar Finland plc is a nationwide food wholesaler and retailer. Its shares are quoted on the OTC List of the Helsinki Stock Exchange and the company has about 600 shareholders. Spar Finland develops the SPAR chain concepts, the network of stores, product ranges and marketing, and it also coordinates purchasing and joint operations on behalf of the SPAR Group. The company offers SPAR traders a range of services covering consulting, accounting and training. The Group’s logistics and transport services are handled by Spar Finland plc’s associated company TukoSpar Oy. Spar Finland’s head office and the regional office of its South Finland region are in Vantaa. The other regional offices are in Turku, Kuopio and Oulu. The Group employs more than one thousand food trading professionals. 1 Chief Executive’s Review The financial period just ended was in the parent company, Sentra plc, to Spar been postponed while the company many respects an exceptional one for Finland plc with effect from the begin- was part of the Tuko group. In particu- Spar Finland plc and it cannot be di- ning of 1998, coinciding with the merger lar we made an immediate start on rectly compared to previous years. of Suomen Spar Oy and Sentra plc. refurbishing the SPAR stores as soon The financial statements encompass In 1997 we concentrated on inte- as the merger decision was made. By Sentra plc’s ten-month period as well grating the Sentra and Suomen Spar the end of the period 70 SPAR stores as the accounts of Suomen Spar Oy operations. Our aim was to rapidly turn had been completely refurbished to and the associated company TukoSpar all Sentra’s Priima stores into SPAR correspond with consumers’ percep- Oy for the last eight months of 1997. stores, thereby strengthening the tions of a successful and well managed Even before the merger of the Sentra SPAR brand by increasing its visibility food retail store today and their expec- and Suomen Spar operations in May, especially in the Uusimaa area of tations based on the image projected Sentra’s corporate structure had southern Finland. This did not include by SPAR marketing. changed when the company divested Sentra’s Rabatti stores, which work on At the same time we began exten- its Carrols fastfood operation to con- a different concept to the SPAR stores. sive renewal of Suomen Spar’s own centrate exclusively on food retailing. Through its Rabatti chain, Spar Fin- store network. Essential modifications The merger of the Sentra and Suomen land competes in the neighbourhood had been deferred in recent years, Spar operations marked a manyfold discount store segment of the food partly as a result of changes in the increase in the Group’s turnover. It also retail market. company’s ownership structure. The meant adoption of the SPAR brand Besides integration, we also re- need for change had built up and re- name. A shareholders’ meeting in the started a number of development quired rapid action. The renewal pro- autumn decided to change the name of projects in Suomen Spar which had cess during the period involved closure 2 SPAR, FAIR FOOD TRADERS or divestment of 25 stores and conver- a strong commitment to the SPAR stores will decline as their number sion of another six SPAR stores to brand. The essence of the Spar group, decreases. Rabatti outlets. The costs arising from a voluntary association of independ- The profit in 1998 is forecast to be this streamlining had a substantial ent traders and Spar Finland’s own lower than in 1997 owing to the excep- impact on the result for the period but stores, creates a solid foundation for tional profit on disposals included in their effect will decline noticeably in developing a well functioning and prof- review period’s accounts. However, our successive financial years. itable entity by combining the best fea- result of operations is expected to Despite the changes, our operative tures of entrepreneurship and chain show further strong development. performance developed well during marketing. The future challenge which 1997. The Group’s net turnover to- all Spar employees must address is Björn Westerholm talled FIM 2,847.5 million and our how well we can turn the benefits of profit was FIM 39,3 million. The profit cooperation into profitable action. includes FIM 20 million in exceptional non-recurring costs arising from the Bringing store network up restructuring as well as a FIM 40 mil- to standard lion profit on the sale of the Carrols Spar Finland’s third area of develop- operation. ment besides joint marketing and a stronger common bond, is to develop Heavier spotlight on the store network. Our policy is three- Fair Food Trader theme fold. The least profitable stores in the One of the most significant new moves SPAR market group will be turned into in Spar Finland is a change in market- Rabatti stores, which will mean an ex- ing strategy which began before pansion of the Rabatti chain outside Suomen Spar Oy’s merger with the the Helsinki metropolitan area and the Sentra Group. This strategy puts high Uusimaa region. Secondly, new stores priority on strengthening the SPAR will mainly involve new outlets in the brand and developing the image of the EUROSPAR and SUPERSPAR groups SPAR stores. Our aim is to make and we will also look for new business SPAR stores the food shops of choice locations for the new SPAR express in their areas with an image based on chain. Thirdly, we will continue the re- a clear promise of good service. newal process in the trader-driven The image of the SPAR stores has SPAR markets with the aim of refur- already been built around the theme of bishing 50 stores during 1998.
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