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4 ANNUAL REPORT VALORA VALORA 2009 ceo’s introduction determination, rapidly adding impetus to the Valora Group’s turnaround. Major milestones were achieved according to plan. The relocation of Valora’s logistics operations from Muttenz to Egerkingen was a decisive step towards enhanced efficiency levels. The move also paves the way for future growth. The project was completed to an ambitious schedule, in both time and cost terms. Further progress has also been made in upgrading and renewing Valora’s IT infrastructure. Besides implementing the closed loop inventory management system in early 2009, we also rolled out WAMAS, a major new logistics software application. In addition to these fundamental adaptations at Group level, the individual divisions also carried out some major innovations and changes. Valora retail The Retail division raised its net revenues by 1.4% to CHF 1 592 million in 2009. Attention at the division attention at the Division retail was focuseD on the swiss operations anD raiseD its ebit. was focused on the profitability of the Swiss operations. This enabled Valora Retail to raise its EBIT by some CHF 7.3 million (before restructuring cost of CHF 13 million in 2008) to CHF 28.3 million. 2009 also saw the division initiate various strategic projects, some of which have now been completed. Formats were streamlined, providing the outlets with more focused profiles attuned to customer requirements specific to each location. Oversized k kiosk outlets, for example, were transformed into avec. convenience stores or rented out to third parties. Today, Valora has a network of some 60 avec. units. Major progress was also made in re-configuring and streamlining product ranges. Following the success of its initial launch, Valora’s own ok.– product line has now been extended to some 100 items. Development of the new «ready?» services is progressing according to plan. With pilot tests successfully completed at 55 outlets, a roll out to some 400 locations is planned for 2010. The new P&B brand emphasises Valora’s press product expertise, which it is complementing with a selected range of books. P&B are the only shops in Switzerland to offer a «print on demand» service, thus meeting a new customer need. The four outlets now offering this service in Switzerland will be followed by other P&B locations in 2010. The press product range on offer at all units has been enhanced and more space devoted to the titles available. Retail Germany turned in an excellent performance in 2009 and has now achieved an impressive 36% market share. Konrad Wittwer and Media Center Berlin, the division’s two recent German acquisitions, have been successfully integrated into its overall network. In Luxembourg, all Valora’s outlets operate under the uniform k kiosk banner. Valora media During the first six months of 2009, the Media division was markedly affected by the recession in all its national markets. In contrast to prior years, its profitable magazine operations experienced a particularly steep fall in sales. Thanks to the recovery staged by the magazine market in the second half of the year, Valora Media’s adjusted net sales for 2009 as a whole were down 6.9% on 2008 levels (half year 2009 down 14%). For 2009 as a whole, the division managed to halt the decline in operating profit reported for the first six months of the year. Valora Media’s situation nevertheless remains unsatisfactory. To address this, our new media strategy aims to focus our press wholesaling more closely on the needs of the retail sector and of consumers. The relocation and modernisation of press logistics marks an important and successful step towards improved efficiency and quality levels. In addition, product range configuration services and a variety of sales promotion measures (e.g. the targeted placement the relocation anD moDernisation of press logistics marks an important anD successful step towarDs improveD efficiency anD quality levels. of the top 50 press products at 250 outlets) are being developed further, in order to stop the decline in press sales and return to a growth trajectory in the medium term. We intend to adopt the same strategy with our third party customers. Further initiatives are planned to make Valora more competitive and strengthen its position in the increasingly demanding press market. Press wholesalers across Europe are now engaged in boosting their efficency by grouping previously decentralised functions together at key node locations. The transfer of Valora’ Melisa SA unit’s press operations from Bedano in the canton of Ticino to Egerkingen is one element in the efficiency programme at Valora Media. Valora trade This division’s main activity, the distribution of branded consumer goods, performed extremely well in the demanding economic climate seen in 2009. The division’s Nordic businesses turned in a particularly strong performance. Thanks to advances of 75% in Finland and 30% in Norway, the recessioninduced 21% drop in net sales in Sweden was offset. The division’s positive
Alex Minder (CEO Valora Trade) Stefan Gächter* (Head of Logistics) Markus Guggenbühler* (CIO) [* extended Group Executive Management] Thomas Vollmoeller (CEO Valora) Lorenzo Trezzini (CFO Valora) Kaspar Niklaus (CEO Valora Retail) ANNUAL REPORT VALORA 2009 ceo’s introduction aggregate performance is testimony to its excellent product range and the high quality of the principals portfolio it has built up. The division also succeeded in signing up further new principals during the year (e.g. San Carlo in Switzerland, Düring in Austria, Storck in Denmark and Norway, Estrella in Denmark and Finland, Göteborg Kex in Germa- the traDe Division’s positive aggregate performance is testimony to its excellent proDuct range anD the high quality of the principals portfolio it has built up. ny and PrimeFood in Sweden). The division’s operating profit in 2009 was up about a third on 2008 levels, reaching CHF 22.3 million. The major changes made during 2009 proved to be well-chosen. They are important elements in securing a promising future for Valora. They could not have been achieved without the commendable commitment displayed by every employee throughout the Valora Group. Particularly during a restructuring phase, it is crucial to be able to count on motivated and reliable staff. That is why, in 2009, we started offering a range of targeted programmes such as the «Leadership Weeks» and other internal training modules. The new Code of Conduct we introduced in 2009 aims to demonstrate our desire not only to be measured by our economic performance, but also by the manner in which we achieve it and the principles by which we do business. Our «People» strategic initiative focuses not only on our employees, but also on our customers. Through inten- 5
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