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Valio Annual Report 2001

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Valio Annual Report 2001 Annual Report 2001 Our Mission Generating quality, pleasure and added value for consumers, success for committed partners, and thereby promoting the business of Valio milk producers. Our Values Responsibility for well-being Ensuring safe and high-quality products from farm to consumer. Developing co-operation between Valio and its clients. Promoting the well-being of our personnel, the development of individuals and their work community, and fostering co-operation. Caring for the environment and tending to the well-being of animals. Securing the continuity of our dairy farmers’ work. Contents Annual Review by the CEO 3 Supervisory Board, Board of Directors, Notes to the Consolidated and Parent Research and Development 4 Auditors 23 Company Financial Statements 35 Production 8 Board of Directors’ Report 24 Notes to the Income Statements 35 Personnel 11 Consolidated Income Statement 27 Notes to the Balance Sheet 37 Domestic Sales and Marketing 12 Consolidated Balance Sheet 28 Proposal by the Board of Directors Materials Operations 14 Consolidated Statement of Changes to the Annual General Meeting 43 Valio International 16 in Financial Position 30 Auditors’ Report 44 Environment 19 Parent Company Income Statement 31 Statement by the Supervisory Board 44 Valio Group Organization 20 Parent Company Balance Sheet 32 Valio Ltd Owners 45 Net Turnover and Personnel 20 Parent Company Statement of Addresses 46 Division Boards 21 Changes in Financial Position 34 Five-year Group Statistics 22 2 Annual Review by the CEO A significant downturn in the leading significant investment move. New genera- understanding of the different aspects of international economies was reflected in tion systems enhance the efficient flow of milk processing. Finland’s weakening export figures. goods and information together with our The core value at Valio is responsibility Positive expectations for the domestic customers. for well-being. This means ensuring safe economy in early 2001 were marked The decision was taken in spring to and high-quality products from farm to down and consumer spending slowed. concentrate fresh products production in consumer. Devoting resources to research Nevertheless, production levels in the just three dairies by the end of the decade. and development while driving the highest Finnish food industry developed quite This will reduce costs and help to direct in- hygiene expertise is a prerequisite. Seam- well and better than many other busi- vestments in the long-term. This extensive less co-operation working as a partner- ness sectors in 2001. This was due to increased demand in domestic and international markets. Food prices rose in both Finland and export markets, improving profitability for companies in the industry. Demand and prices in international dairy markets had developed well for al- most a year and a half but fell fast after the early months of last year. The change especially affected trading in ingredients and no significant improvement is likely in the near future. But Finland’s dairy business remains secure, given the positive outlook in both domestic and key Valio export markets. Valio Group set and reached its financial goals with a fair degree of success in 2001. The company main- tained its position in the domestic mar- ket and some cost increases were development program makes Valio ship with suppliers and retail personnel is passed on in retail prices. International stronger and more competitive in dealing another essential part of responsibility. operations exceeded targets and made with imported foods, and advances logis- Confidence in continuing success in significant inroads in new markets. We tics co-operation with different customer the current year is high. Ongoing training of were able to pay a higher milk price to groups. the working community at Valio along with owner co-operatives and so to dairy International operations implemented the development of ethical and environ- farmers as well. new product and area guidelines to direct mental values secures a solid base for the Valio made several significant deci- export resources into key Valio markets future. sions in 2001 to ensure favourable abroad. This gets us the best possible price I am happy to thank Finnish consumers development. Valio brand strategy was for the more than one-third of Finnish milk and our co-operation partners in Finland sharpened in line with overall policy. exported. and overseas for the part they have played Good all the way is the promise that Valio Valio Board of Directors took the in the past year. Valio’s dairy farmers and is the reliable Finnish company with a decision that offers a system of payment their elected representatives have been household name that produces a good by results to all staff. This is one of the key particularly constructive in their approach. feeling for people every day. The core of means by which the company will reach its Our personnel has successfully applied Valio brand strategy is to strengthen our future goals. It means reward according to new work in practice. We have a good position as the leading company in the expertise and increasing the number of platform on which to build into the future. Finnish dairy business. personnel representatives in the compa- Thank you all. Valio began a complete overhaul of ny’s administrative bodies. That supports its information systems in a financially long-term development and a broader Olavi Kuusela 3 Research and Development Research and Development emphasizes innovation and know-how Valio R & D investment totalled FIM 59 million or 0.7 per cent of net turnover in the year 2001. The company commits 120 members of staff to the task, and around a third of those works in long- term development projects seeking new production technologies and new pro- ducts. The focus of product develop- ment continues to lie in functional foods. Valio has high-quality, in-house expertise in microbiology, nutrition and technolo- gy; combining with clinical research carried out in co-operation with leading medical experts. The size of the global The long-term goal of R & D at market for functional foods is estimated Valio is to develop new functional to multiply by a factor of ten to fifteen over foods in line with international the next five years. demand. And to hold position as The health benefits of how different the leading dairy products manu- milk components work and the treat- facturer in Finland’s domestic mar- ments that can be applied are an in- ket. Core products remain secure creasingly popular subject of discussion and competitive, meeting consumer in the media and elsewhere. Lactose expectations. intolerance was "discovered" in the 4 1970’s. Valio developed low-lactose HYLA products and there are currently as many as 80 different HYLA items on the market in different product groups. The effects of milk fat on cardiovascular diseases came under the spotlight in the Research and development activities 1980’s. Valio responded with low-fat also focus on maintaining the quality of and fat-free products as well as those items already on the market. Production containing vegetable fat. This type of processes and products themselves are product is taking a significant and ever- under continuous development to meet growing proportion of the market in a consumer needs. Valio placed a parti- variety of product groups. cular emphasis on the development of The topical issue now is milk proteins, technology in low-fat cheese production which may cause intestinal problems in 2001, improving taste, composition Valio Group R & D expenses similar to those of lactose intolerance, and texture. in a few per cent of the adult population. Year FIM mill. The effect of the homogenization pro- 1997 58 Evolus product family grows cess has also emerged in Finland as one 1998 50 that may produce unintended side Launched in autumn 2000, Evolus fer- 1999 52 effects. Valio of course takes all milk- mented milk drink established a regular 2000 56 related problems seriously and runs user group during the year under review. 2001 59 investigative clinical tests. If problems are Evolus lowers blood pressure, and has found, they are considered new opportu- aroused wide international interest. The nities and challenges to develop special taste and composition of the product has products for the consumer groups con- been developed further, and production cerned. technology has been improved for inter- 5 Research and Development 6 national licensing, which commenced in researched probiotic, i.e. a live bacterium autumn 2001. The favourable effect of that has positive effects on health. LGG Evolus on elevated blood pressure has effects are unambiguously proven in been proven in clinical trials, and clinical tests. High-quality research research continues in different target data helps in LGG international licensing groups. and marketing; and the research con- Evolus Benecol yogurts with plant tinues. stanol that lowers cholesterol were launched in the Evolus product family in Lactose-free milk drink May 2001. The yogurts (in three flavours) is a huge hit contain only a little fat, and no milk fat. Just one cup (150 ml) per day is enough Milk is not just milk. It can be branded to lower cholesterol by around 14 %. in many ways for the needs of different The development of the product family consumer groups. Lactose-free milk Properties of lactose-free continues and export potential is under drink is an excellent example of a new milk drink: examination. generation product for people with lactose intolerance. Approximately one • 100 % lactose-free in five Finns suffers from intestinal symp- • tastes just like real milk More information on toms caused by the lactose in milk. • less calories than the health effects of LGG Lactose tolerance levels vary from one semi-skimmed milk Products containing Lactobacillus GG person to another, and HYLA products • ideal for cooking (LGG) are available in 29 countries.
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