ANNUAL REPORT 2003 INEX PARTNERS OY

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INEX GROUP PURPOSE The purpose of the Inex Croup is to supply such goods and services to its clients, competitively, cost effectively and profi tably, that will provide them with a competitive edge. STRUCTURE AND ORGANISATION 31.12.2003 OWNERS BOARD OF DIRECTORS INEX GROUP PARENT COMPANY INEX PARTNERS OY Managing Director Martti Haaman FINANCE Director Finance Juhani Siltanen ADMINISTRATION Director Administration Veikko Kesti DEVELOPMENT Director Devlopment Jyrki Räsänen Inex Partners Oy is fi fty-fi fty owned by SOK and the Cooperative Tradeka Corporation. 4 INEX BUSINESS OPERATIONS Retail trade purchasing and logistics Deputy Managing Director Risto Pyykönen MEIRA NOVA OY HoReCa trade purchasing and logistics Managing Director Jouni Nurmi FINNFROST OY Associated Company Frozen food purchasing and logistics Managing Director Seppo Reunanen
INEX GROUP The Inex Group focuses on developing product ranges and providing purchasing services for the grocery trade, and logistics services for the grocery and speciality products trade. Inex Partners Oy, the parent company, is in charge of the Group’s business operations serving retail chains and is responsible for Group management and Intra-Group services. Meira Nova Oy, a subsidiary of Inex Partners Oy, serves the hotel, restaurant and catering (HoReCa) businesses. Purchasing and logistics related to frozen food are handled in co-operation with the associated company, Finnfrost Oy. Last year, growth in the grocery retail trade and the HoReCa sector diminished substantially compared to 2002. The retail trade was characterised by a battle for market share and a related fall in prices. Major international retailers have plans to expand their networks into new market areas in Europe. This also affects the competitive situation and business environment in Finland. Finnish retail groups will continue to tighten up the co-ordination of their grocery retail chains, streamline their processes, substantially upgrade their logistics and invest in retailer brands. The most signifi cant structural change in the Finnish retail trade was the merger of two trading cooperatives, Elanto Cooperative and the Helsinki Cooperative Society HOK, to form the new Helsinki Cooperative Society Elanto (HOK- Elanto) at the turn of 2003/2004. The Inex Group further improved the operational model of its partner network, which has already proved effi cient in the grocery retail trade and the HoReCa sector. All parties in the value chain, including Inex and its customer chains and partners, participated in this work, which signifi cantly improved the Group’s operational effi ciency, reliability, quality and profi ts. The Inex Group’s customer chains consolidated their position on the retail market in 2003. This favourable trend is expected to continue. The Group continued to maintain and improve the physical and mental health of its staff in line with the former Vire project. Focusing on employee well-being, these activities are now managed by supervisors as part of their everyday work. The purpose of Inex’s logistics network is to meet the changing needs of its customer chains in an effi - cient and fl exible manner. In line with this strategy, the Group continued to improve the equipment and functionality of its logistics centres. The most signifi cant investments were implemented at the Kilo logistics centre. In the summer of 2003, the Hakkila logistics centre adopted a new conveyor sorter, and Inex and Meira Nova Oy upgraded their SAP R/3 information systems. Inex Group’s investments totalled EUR 3.2 million. 5 The Inex Group saw the continuation of positive trends in 2003. Net turnover grew by 5 per cent, to EUR 1,784 million, and the average number of staff was 2,242, an increase of 174. The Group’s result after fi nancial items was profi table, exceeding the planned level, and its fi nancial position was stable, proving even better than expected. The changes in the operating environment cause uncertainties in the general economic development in 2004. This is also refl ected in the expectations of the trade and commerce sector, making the outlook for the grocery trade more challenging than in 2003. The continuous and systematic development work of the Inex Group companies is creating the foundations for positive development, expected to continue into 2004.
Page 1: ANNUAL REPORT 2003 INEX PARTNERS OY
Page 4 and 5: KEY FIGURES INEX GROUP 1999 - 2003
Page 8 and 9: INEX PARTNERS OY The core task of I
Page 10 and 11: FINNFROST OY Finnfrost Oy provides
Page 12 and 13: INEX AND ITS STAFF The purpose of t
Page 14 and 15: BOARD OF DIRECTORS´ REPORT FOR 200
Page 16 and 17: The Group’s equity ratio fell to
Page 18 and 19: EUR 1,000 31.12.2003 31.12.2002 ASS
Page 20 and 21: INEX PARTNERS OY INCOME STATEMENT E
Page 22 and 23: INEX PARTNERS OY CASH FLOW STATEMEN
Page 24 and 25: NOTES TO THE INCOME STATEMENTS Inex
Page 26 and 27: NOTES TO THE ASSETS IN THE BALANCE
Page 28 and 29: Inex Group Inex Partners Oy EUR 1,0
Page 36 and 37: BOARD OF DIRECTORS’ PROPOSAL TO T
Page 38: CONTACT INFORMATION Inex Group, Ine

ANNUAL REPORT 2003 INEX PARTNERS OY

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