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Suomen Osuuskauppojen Keskuskunta SOK Corporation Suomen Osuuskauppojen Keskuskunta SOK Corporation Annual Report 2005 Suomen Osuuskauppojen Keskuskunta SOK Corporation Annual Report 2005 1 Contents 4 CEO’s Review 7 The S Group 13 SOK Corporation 19 Business-by-business review 19 Market trade 21 Service station stores and fuel sales 22 Department store and speciality store trade 24 Hotel and restaurant business 26 Motor trade and accessories 28 Agricultural trade 29 Procurements and logistics 31 Neighbouring countries 32 Corporate governance within SOK Corporation 38 Accountability 38 Personnel 43 Environment 46 Sponsorship and international contacts 48 Financial Statements 2005 48 Executive Board Report on Operations 54 Consolidated Income Statement 55 Consolidated Balance Sheet 56 Consolidated Cash Flow Statement 57 SOK Income Statement 58 SOK Balance Sheet 59 SOK Cash Flow Statement 60 Accounting Policies 63 Notes to the Consolidated and SOK Income Statement and Balance Sheet 77 Key Ratios and their Method of Calculation 78 Executive Board’s Proposal for the Disposal of SOK’s Profi t for the Year 79 Auditors’ Report 79 Statement of the Supervisory Board 3 CEO’s Review The S Group’s cooperative enterprises Increasing patronage by our – customer-owners’ own store customer-owners Th e S Group’s task is to provide services and benefi ts for its Th e S Group succeeded well in carrying out its mission last year. members, its customer-owners. Th is mission guides both strategic Bonus sales targeted at customer-owners outstripped the development and practical operations, and it underlies day-to-day S Group’s overall sales growth. Customer-owners thus showed their service for customer-owners at all our S Group locations. confi dence in the S Group and the way it operates. Over 115,000 Carrying out the mission is thus the starting point and goal new customer-owners became members of cooperative enterprises of everything the S Group does. Th e performance of the entire during the year. At the end of the year, the cooperative enterprises Group can be assessed by how well we have succeeded in accom- had a total of 1,534,710 members, representing 64 per cent of all plishing this task. Finnish households. What kind of retail and service organisation does the S Group More and more, customer-owners are making the bulk of their want to be over the next few years? We have jointly sought an purchases at S Group locations. Th is is one of the Group’s success answer to this question during 2005. As a result of discussions and factors. Bonus sales accounted for 63 per cent of the S Group’s brainstorming, the new “Your Own Store” vision has been forged. sales in 2005, up 13 per cent on the previous year, whereas the In every aspect of its operations, the S Group strives to give our S Group’s overall sales in Finland increased by 6.6 per cent. Bonus customer-owners the feeling that when they are in one of our loca- sales accounted for over 70 per cent of sales in the grocery, service tions, they are customers of their own store. station store, fuel and department store trade. Th e S Group’s owners are more than 1.5 million Finns. Th is When customer-owners make the bulk of their purchases at our group of companies is Finnish in its objectives, in the way it oper- locations, they receive a cash bonus. Th e Bonus paid to customer- ates and by virtue of its core values. owners reached a total of EUR 194 million in 2005. Bonuses paid Furthermore, the Your Own Store vision defi nes the S Group as to members increased by 16 per cent on the previous year. Th e co- a Finnish group of companies which is decidedly modern in the operative enterprises will furthermore distribute to their members, way it operates and international – in its sourcing activities, for for the 2005 fi nancial year, interest on cooperative capital and a example. payout from surplus funds to a total amount of about EUR 15–20 Th e S Group operates through a regional cooperative enter- million. prise structure that bestows a distinct regional identity upon the Th e S Group’s cooperative enterprises and SOK Corporation cooperative enterprises. In the Your Own Store vision, regional have participated in a number of nationwide and regional develop- operations bring the cooperative enterprise’s services close to cus- ment projects involving business, culture and sports during 2005. tomer-owners because the cooperative enterprises know the special Th ese initiatives have been a means of developing economic, social needs of customer-owners in their own territory. Decision making and cultural well-being in diff erent parts of Finland in accordance takes place in the cooperative’s own territory and cash fl ows are with the S Group’s principles of responsible business operations. largely retained to further the development and future of each Part of the earnings of the cooperative enterprises and SOK Cor- individual region. poration are used for the benefi t of the membership and local areas Th e S Group is a cooperative group of companies. Th e members via community activities of this kind. of a cooperative enterprise have a say in deciding how the store operates by taking part in its diff erent administrative bodies. One Financial performance of the S Group of the central tenets of the Your Own Store vision is that members and SOK Corporation are on an even and equal footing. In a cooperative enterprise, the members are genuinely customer-owners who are involved in Th e S Group’s retail sales in Finland in 2005 totalled EUR 8,464 operations and in decision making. million. Th e increase on the previous year was 6.6 per cent. Sales Th e Your Own Store vision stresses that the S Group is a outpaced the market, particularly in the supermarket trade as well retail and service company with a human face. Th e cooperative as the service station store and fuel trade. Apart from the motor enterprises and SOK Corporation strive to operate in a responsible trade, the other business areas also achieved sales growth that was manner both within Finnish society and economic life and in the at least on a par with the market average. international operating environment. Purposeful and long-term Th e cooperative enterprises reported retail sales of EUR 7,244 development work, healthy fi nances, openness and trust among million, or 85.6 per cent of the S Group’s sales. SOK Corporation’s the personnel and other stakeholders coupled with a customer share of this fi gure was 14.4 per cent last year. focus that fl ows from our regional structure and is bolstered by Th e S Group’s grocery trade grew by 6.9 per cent in Finland, a respect for sustainable ethical values in business – these are reaching EUR 4,237 million. the characteristics which the companies in the S Group wish to Th e S Group’s grocery sales last year grew at a considerably faster emphasise. rate than the nationwide average. Th is meant that the Group’s Th e Your Own Store vision furnishes a framework for carry- market share of the grocery trade strengthened markedly last year. ing out the S Group’s mission in day-to-day operations. Th is is Sales by the ABC service station stores and fuel outlets likewise the kind of retail and service company the S Group aspires to be clearly outpaced the average rate of growth in Finland. – now and in the future. SOK Corporation’s net turnover in 2005 totalled EUR 4,209 million (up 11.3%). In line with the S Group’s strategy, business 4 CEO’s Review that is targeted directly at customer-owners has been transferred is gaining in importance. It is by developing its business and serv- from SOK Corporation to the cooperative enterprises, notably in ice operations that the S Group must meet these challenges. the department store business area. Th e sourcing and service functions which SOK Corporation Net turnover from business operations amounted to EUR 1,473 carries out for the entire S Group will become an ever more million of SOK Corporation’s total net turnover. Sourcing compa- prominent success factor for the S Group in coming years. SOK nies’ share of SOK Corporation’s net turnover has grown rapidly Corporation is increasingly taking on the role of a service, compe- over the past few years. Th is happened in 2005 too. Last year the tence and procurement centre for the entire S Group. net turnover of SOK Corporation’s sourcing companies that pro- In harmony with the Your Own Store vision, the S Group must cure goods and services for the cooperative enterprises and SOK further develop the range of services it off ers its customer-own- Corporation’s operating companies already rose to EUR 1,273 ers. As our customer-owners’ needs become ever more diversifi ed million. A notable sales increase was reported by North European and new service needs arise, we must cope with the challenge of Oil Trade Oy, the subsidiary that is engaged in fuel procurement. developing our services. Over the next few years this will mean a SOK’s operating companies in the Baltic area generated sales of substantial increase in investments. Th e strategies of all our busi- EUR 169 million last year (up 11.7%). Supermarket sales as well ness areas can thus be characterised as growth-driven. as the hotel and restaurant business saw an especially favourable Th e S Group’s near-term development projects will be geared sales trend.
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