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Annual Report 2007 Annual Report Annual 2007 Annual Report 2007 www.rapala.com Rapala VMC Corporation is a public company listed on the OMX Nordic Exchange in Helsinki © 2008 Rapala VMC Corporation Locations of Business Operations 87 CONTENT RAPALA ANNUAL REPORT 2007 | ANNUAL REPORT RAPALA Business Operations and Strategy Financial Statements - Crafted from Experience – - Review of the Board of Directors 24 Investor Information Positioned for Growth 4 - Auditors’ Report 28 - Shareholder Information 86 - Rapala and Year 2007 in Brief 6 - Consolidated Financial Statements, IFRS 29 - Locations of Business Operations 87 - Statement by President and CEO 8 - Key Financial Figures 71 - Strategy, Strengths and Priorities 10 - Parent Company Financials, FAS 74 - Lure Business 12 - Corporate Governance and Management 76 - Fishing Hook Business 16 - Shares and Shareholders 79 - Fishing Accessories Business 18 - Risk Management 82 - Third Party Fishing Products 20 - Environmental Affairs 84 - Hunting, Winter Sports and Outdoor 22 Group manufacturing and sourcing units Group administration units Group distribution units Shimano distribution companies Printed in Finland by Libris | Paper: Edixion 300/120 | Design and layout by Kuudes Kerros | www.kuudes.fi Crafted from Experience 4 RAPALA ANNUAL REPORT 2007 | RAPALA ANNUAL REPORT 1936 1945 1959 1962 With a history of 60 years as a business, 70 years of lure making experience and close to 300 world-record catches, Rapala and its products are clearly crafted from experience. With its track record and current unique distribution network, manufacturing platform and brand portfolio, the Group is well positioned for growth. by step. Despite the increased production volumes, records. Consequently, piles of orders started to Necessity – The Mother of Invention (1936–1945) Lauri insisted on testing every single lure to make pour in necessitating major capacity and production Lauri Rapala, the founder of the Rapala business, was sure that the action was correct. Even today, all increases. born into poverty in Finland in 1905. He made his Rapala-branded lures are tested before packing. living by farm working and fi shing. To make a better International Co-operation (1965–1975) living for himself and his family, Lauri started to The American Dream (1955–1965) develop a lure that would increase the productivity While Rapala continued to grow and gain its of his fi shing. In 1936, he fi nally managed to carve a Foreign visitors to the Helsinki Olympic Games worldwide reputation, copies started to enter the rough-looking lure that produced an off-centre and of 1952 were amongst the fi rst to take Rapala lures market: at one time there were more than 40 copies enticing wobbling action – the one that is still the outside Finland. In 1955, the fi rst export sales started in the US market from all over the world. Since then, basis for many Rapala lures. The story of Rapala lures to Sweden and Norway and later to the USA. In 1957, Rapala has defended itself against copies with legal had begun. the business was formalized and the Rapala-Uistin actions but more importantly with consistent high (Lauri Rapala and Sons) company was established. quality that has differentiated its original products The successful Rapala lures started to build a good from copies. After export sales were expanded in the The Business Is Born (1945–1955) reputation in North America, and in 1959, Ron early 60’s from the US to Canada, Rapala strengthened After World War II, Lauri revived his small lure Weber and Ray Ostrom started to distribute Rapala the distribution in Sweden in the mid-60’s and made making business that had blossomed just before lures in the USA, a business later to become Normark the fi rst contacts with the French companies Ragot the war. He was sure he had found a successful lure Corporation. In 1962, Life magazine published and VMC. Many new lure models were introduced in design, which he developed further. Lauri fi rst made a long article on Rapala. It happened to be in the 60’s and the fi rst Rapala fi llet knives were launched in all the lures himself but was soon joined by his family. same edition that covered the history of Marilyn 1967 – the start of the co-operation with Marttiini. By Production techniques and processes developed step Monroe who had just died and it broke all circulation the mid-1970’s, Normark had established distribution Positioned for Growth 5 RAPALA ANNUAL REPORT 2007 | ANNUAL REPORT RAPALA 1975 1989 1998 2005- companies in Canada, the UK and Sweden. At the restructuring followed: in a few years Rapala sold lines. The Williamson and Guigo big game fi shing same time, Rapala signed distribution agreements to both the boat and caravan business and acquired the businesses were acquired in 2004. Denmark and France. The new factory at Vääksy was Normark distribution companies in the USA, Canada, opened in 1973. the UK, Sweden, Norway, Denmark, Holland and Profi table Growth Continues (2005- ) Finland as well as the French company Ragot. In 1991, Rapala started a distribution alliance with Shimano. A new era of strong growth started in 2005 when Family Business to Next Generation (1975–1989) These changes were followed by a management buy- Rapala continued to implement its strategy for After Lauri Rapala died in 1974, the company name out, where the management together with some profi table growth. In less than a year, the Group was changed to Rapala Oy and the eldest son Risto was investment bankers bought the company from the acquired or established distribution companies in appointed President of Rapala while his brothers Esko family and listed Rapala Normark Oy on the Helsinki South Africa, Australia, Malaysia, China, Thailand and Ensio had their own responsibilities. Production Stock Exchange in 1998. and Switzerland and bought lure manufacturer Luhr methods and technology were further developed Jensen in the USA, knife manufacturer Marttiini and the capacity increased markedly: while a total in Finland, fi shing line supplier Tortue in France Expansion and Diversifi cation (1998–2005) of 25 million lures were produced during 1936-1975, and cross-country ski manufacturer Peltonen in the total number of manufactured lures reached In the late 1990’s, Rapala bought Storm lures Finland. Thereafter, Rapala has established a lure 100 million in 1988. The range of lures was further (USA) and a Norwegian distribution company Elbe, factory in Russia, a distribution company to Korea, widened, the Blue Fox spinner brand was introduced established a distribution company in Japan and acquired the Terminator spinner bait business in and a manufacturing unit was established in Ireland. started to develop a manufacturing unit in Estonia. the USA and widened the distribution alliance with During this time, the Group acquired the Flipper boat The French VMC hook business was acquired in 2000 Shimano. Simultaneously the Group has developed a company and a caravan business. and the Chinese lure manufacturer Willtech in 2001. large variety of new products and product categories These deals increased the Group’s manufacturing including Rapala Pro Wear clothing, Rapala Vision capabilities markedly and made the Viellard family Gear and new Trigger X attractants that include A Time of Change (1989–1998) and William Ng important shareholders of Rapala. The Ultrabite fi sh pheromone. With this product offering, In 1989, Esko’s son Jarmo Rapala, who had led distribution network was further expanded to Eastern distribution network, manufacturing platform and the product development from the mid-80’s, was Europe, Switzerland and Brazil. Simultaneously, the brand portfolio, the Group is well positioned to appointed as President of Rapala and Jorma Kasslin product range was increased to include a wide variety continue its profi table growth. as Deputy President. Consequently, a major of fi shing accessories as well as rods, reels and fi shing Rapala and Year 2007 In Brief 6 es and improvement initiatives were Focus on Fishing Tackle Business Rapala in 2007 – started also at the Group’s manufactur- RAPALA ANNUAL REPORT 2007 | RAPALA ANNUAL REPORT Positive Turnaround in Profi tability Rapala’s business organization can be ing unit in China. divided to manufacturing and distri- Implementation of the Group’s strategy Investments in growth continued bution and, on the other hand, into fi ve for profi table growth continued in 2007 to increase Group net sales, which in- different product lines: Lures, Fishing with increasing emphasis on perform- creased 7% from last year and amount- Hooks, Fishing Accessories, Third Par- ance improvement initiatives targeting ed to EUR 242.5 million. Comparable ty Fishing Products and Other Prod- to turnaround the trend of declining net sales were up 11% from 2006. Sev- ucts. The Group’s core business is fi sh- profi t margins and to further improve eral performance improvement initia- ing tackle business, which is represent- the profi tability. This turnaround was tives started also gradually to capitalize ed by four of these product lines. successfully achieved in 2007. and increased the operating profi t 30% Rapala is an undisputed market lead- During 2007, the Group expanded to EUR 28.3 million. Operating profi t er in hard-bodied lures, metal lures, tre- its strategic cooperation with Shimano margin increased from 9.6% to 11.7%. ble hooks and fi llet knives. Other Prod- by establishing distribution joint ven- The outlook for 2008 is quite posi- ucts include products, like hunting and tures in Russia, Ukraine and Hungary. tive. Assuming 2007 currency rates, the winter sports, which fi t well into Rapa- Investment in growth continued also Group’s net sales for the fi nancial year la’s distribution network in the Nordic by acquiring the Terminator lure busi- 2008 are expected to increase 8–12%. countries and smoothen the seasonality ness in the USA, establishing a lure as- Possible additional acquisitions during of the fi shing tackle business.
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