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Valio Annual Report

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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 2,097.7 2,003.2 2,015.4 Change % -28.6 +3.1 +4.7 -0.6 -0.5 Balance sheet total, FIM million 4,575.1 5,364.3 4,348.2 3,898.4 3,525.9 Liabilities as a % of the balance sheet 53.6 61.3 64.8 64.4 63.0 Equity + provisions as a % of the balance sheet 46.4 38.7 35.2 35.6 37.0 Personnel expenditure, FIM million 945.2 752.5 597.8 560.1 616.6 Personnel, average 5,101 4,265 3,234 3,165 3,804 Inventories, FIM million 749.8 874.1 679.9 741.9 759.8 Capital expenditure, FIM million 279.1 194.2 227.1 291.3 243.9 Total depreciation, FIM million 262.6 264.1 216.9 191.9 198.4 3 focus was placed on positioning of bers and for the operative manage- our key brands and on devising de- ment. New structures to safeguard velopment programs to support the interests of the dairy industry them. Modern marketing skills and and dairy farmers took shape during concepts were therefore widely the year. They will clarify methods instilled in both personnel and and channels in the new situation. elected council and board members. Financial performance for the The aim has been to ensure that all past year and the market changes in parts of the organization are contri- the new operating environment buting towards the building up of brought on by membership in the the market-oriented operations nee- European Union took place much as ded in the new competitive environ- we had anticipated. We have avoi- ment. An extensive training program ded the worst of the potential set- for category management as the backs. The future entails needs for central tool for leadership and oper- adjustment of which we are already ations was introduced during the aware, and which will require skill year. Category management is a and determination on the part of continuous process through which both Valio milk producers and emp- we improve our understanding of loyees. With the progress already the needs of consumers and cus- made I look forward to the future of Review by the CEO tomers; we can build and imple- the Valio dairy farms and dairy in- ment plans that will give us a lead- dustry with confidence. I would like For Valio, 1995 was the 90th year ing edge over competition and de- to thank all Valio people for their of operations and the first year of liver business benefits to both our work. I would also like to thank all Finnish membership in the Europe- company and our customers. those we have worked with. The an Union. The changes made in Va- As the past year brought major new year poses another tough chal- lio throughout the 1990s with the changes in the competitive situation, lenge for every one in the milk in- aim of developing the Group were attention was focused on monitoring dustry and I want to wish all of you now put to the test. of the market situation and the res- every success in this joint effort. Concentration of marketing and ponses necessitated by it. During distribution in 1993 was followed by the current year attention must be Matti Kavetvuo similar measures in processing in paid not only to the market situation 1994. The development programs but also to improving the efficiency were carried out in accordance with of internal processes and to imple- agreements approved by the share- menting measures to increase pro- holding dairies. ductivity. Here our tool is quality A new organizational structure management which will provide us based on product lines was establis- with an understanding not only of hed during the fiscal year. The new technological quality but also of the model focuses more keenly on mar- quality of customers’ needs. Neither kets and customers and is expected can the Valio Group relax an inch to further enhance profitabily within in its efforts to improve cost effecti- the Valio Group. Milk producer veness. Cost effectiveness is a cru- councils have been elected to each cial factor in competition in the dai- product division to make a plat- ry sector. Management must be able form for following market develop- to assess the cost structures of ope- ments and for steering and supervi- rations continuously in order to allo- sing activities. The aim is to outline cate available resources correctly for the producers the operations of and to secure both the paid-out the company from a definite market milk price and the necessary input point-of-view. Challenging objecti- in development. ves can thus be set for the operative During the fiscal year the Valio management, while the producers Group also drew up an owner stra- are able to give management factual tegy, which was discussed in the support. The latter has been crucial Valio Ltd Supervisory Board on the in pursuing the rationalization pro- basis of the statements from the ow- gram now in progress. ner co-operatives. This program out- To increase market and customer lines the expectations of sharehol- orientation in strategic planning is a ders regarding future development fundamental goal. To achieve this, for both council and board mem- 4 The Best Milk in Europe – Fresh Every Day Finnish milk gained important recognition during the first year of Finland’s EU mem- bership; it placed first in the EU quality statistics. Finnish milk is the best in the EU. Years of work on milk quality by the Valio Group have produced this estimable result. Valio products begin their journey to consumers on Finnish farms. On 24,000 farms dairy cattle are nurtured, fed and milked with professional skill and care, mor- ning and evening, every day of the year. High-quality Valio products can only be pro- duced from first-class raw material. Milk is taken from refrigerated farm tanks to dairies where it is converted into Valio Milk, Valio Yoghurt, Valio Edam, Valio Butter, Valio Ice Cream and Tutteli baby pro- ducts. There are around 800 products, when all the packaging alternatives are taken into account. Valio markets ready products in an unbroken refrigerated chain from the dairy to food stores, convenience shops, day-care centers and restaurants. Valio has 380 deli- very trucks and on weekdays they log a total of 70,000 kilometers. Products are supplied to 20,000 customers. Finns rely on Finnish food products. They are familiar and safe; the manufacturer knows his responsibility for them. Finnish products suit Finnish tastes and Finnish professionals - men and women - make Finnish food. Valio is the standard at every Finnish table. Fresh every day. Valio, Group Organization January 1, 1995 •Milk Pool Valio Domestic Sales •Farm Services General Manager •Member Relations Markku Määttänen •Research and Development Veijo Meriläinen Valio Fresh Products General Manager Pentti Paloranta Valio Cheese General Manager BOARD OF Ensio Hytönen ANNUAL SUPER- DIRECTORS GENERAL VISORY CEO MEETING BOARD Matti Kavetvuo Valio Edible Fats General Manager Tuomo Keurulainen Kuivamaito (Powdered Products & UHT) General Manager Pentti Moisio Central Administration and Business Support • Finance and Administration Valio Ice Cream • Auditing General Manager • Corporate Communications Liisi Myllykangas Heikki Halkilahti 5 VALIO LTD Supervisory Board Term began Term ends Term began Term ends Niilo Mäki 1982 1997 Kauko Puurula 1992 1996 dairy farmer, Kortesjärvi dairy farmer, Reisjärvi Chairman Osmo Sikanen 1991 1996 Markku Heikkinen 1991 1997 dairy farmer, Joroinen dairy farmer, Tohmajärvi Vice Chairman Veikko Sinkkonen 1994 1997 dairy farmer, Parikkala Pertti Hahl 1995 1998 dairy farmer, Mikkeli Matti Suntela 1988 1995 as of April 27, 1995 dairy farmer, Asikkala until April 27, 1995 Seppo Hakola 1994 1996 dairy farmer, Kuortane Reino Tapani 1992 1997 managing director, Turku Pertti Heinonen 1992 1996 dairy farmer, Oripää Tauno Uitto 1992 1997 dairy farmer, Tyrnävä Eero Hiironen 1991 1998 dairy farmer, Saarijärvi Juhani Väänänen 1995 1998 dairy farmer, Maaninka Eero Jukkara 1989 1998 as of April 27, 1995 dairy farmer, Savitaipale Matti Karvo 1994 1998 dairy farmer, Rovaniemi Board of Directors Ilmari Tuovinen 1992 1997 Juhani Myllykangas 1987 1996 dairy farmer, Varpaisjärvi dairy farmer, Leivonmäki Chairman
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