Annual Report 2004: Tilinpäätöksen liitetiedot

Notes to the financial statements (1–24)

	Consolidated		Parent company
EUR 1000	2004	2003	2004	2003
1. NET TURNOVER BY BUSINESS SEGMENT AND BY MARKET AREA
Net turnover by business segment
Food Division	130 596	114 862	101 516	109 548
Agricultural Division	294 245	282 659	6 028	5 493
Machinium Division	48 954	94 494
Total	473 795	492 015	107 544	115 041
Exports from Finland	48 467	48 565	4 126	4 655
Net turnover by market area
Finland	383 158	377 507	103 418	110 410
European Union	59 558	72 239	2 081	2 321
Rest of Europe	21 286	34 097	1 252	1 752
Other	9 793	8 172	793	558
Total	473 795	492 015	107 544	115 041
2. OTHER OPERATING INCOME
Gains from sales of non-current assets	1 687	56	605	39
Rental income	880	895	264	156
Payments received	368	670	139	404
Other	476	502	91	6
Total	3 411	2 123	1 099	605
3. RAW MATERIALS AND SERVICES
Raw materials and consumables
Purchases during the financial year	325 202	350 198	77 804	85 106
Variation in stocks	3 126	627	394	123
External services	12 374	13 926	817	794
Total	340 702	364 751	79 015	86 023
4. PERSONNEL EXPENSES AND NUMBER OF PERSONNEL
Personnel expenses
Wages and salaries	33 827	36 416	11 331	10 546
Pension expenses	5 751	6 269	1 982	1 780
Other social security expenses	3 722	4 659	994	1 049
Total	43 300	47 344	14 307	13 375
about which salaries and fees to the corporate management;
the members of the Supervisory Board and the Board of Directors and the Managing Directors;	1 214	1 352	381	252
Average number of personnel
Food Division	405	331	297	308
Agricultural Division	485	442	64	57
Machinium Division	182	388
Total	1 072	1 161	361	365
about which personnel abroad	140	252
The commitments of the retirement for the members of the Board of Directors and the President
The retirement age for the parent company´s President has been set at 60 years.

5. DEPRECIATION
Depreciation according to plan has been calculated from the original acquisition cost on a straight line basis based on the probable economic life of the asset as follows.
Formation expenses	5 years
Intangible rights	5 tai 10 years
Goodwill	10 years
Goodwill on consolidation	5 - 10 years
Other capitalized long-term expenses	5 or 10 years
Buildings, made of stone and wood	20-40 years
ther buildings and constructions	5 or 10 years
Machinery and equipment	5 or 10 years
Other tangible assets	5 or 10 years

	Consolidated		Parent company
EUR 1000	2004	2003	2004	2003
Depreciation according to plan
Formation expenses	4	7
Intangible rights	571	571	466	469
Goodwill	2 372	2 489	370	414
Other capitalized long-term expenses	677	811	124	100
Buildings	2 578	2 396	1 198	1 196
Machinery and equipment	4 470	4 634	1 956	2 005
Other tangible assets	43
Total	10 715	10 908	4 114	4 184
Goodwill on consolidation	819	885
Total	11 534	11 793
6. SHARE OF PROFIT/LOSS OF ASSOCIATED UNDERTAKINGS
Performed before operating profit
Sucros Group	2 407	3 242
Other	46	-86
Total	2 453	3 156
7. OPERATING PROFIT/LOSS BY BUSINESS SEGMENT
Food Division	5 208	6 496
Agricultural Division	8 214	8 298
Machinium Division	-4 700	-3 100
Total	8 722	11 694

8. FINANCIAL INCOME AND EXPENSES
Dividend income
From Group undertakings				1 455
From associated undertakings			1 540	1 799
From others	665	313	380	221
Avoir fiscal income	271	119	784	1 412
Total	936	432	2 704	4 887
Interest income from long-term investments
From Group undertakings			717	89
From others	16		16
Total	16		733	89
Other interest and financial income
From Group undertakings			881	702
From others	902	2 746	640	569
Total	902	2 746	1 521	1 271
Financial income, total	1 854	3 178	4 958	6 247
Reduction in value of investments
Reduction in value of holdings in Group undertakings				3 000
Interest expenses and other financial expenses
To Group undertakings			90	258
To others	2 924	6 504	1 509	2 850
Total	2 924	6 504	1 599	3 108
Financial income and expenses, total	-1 070	-3 326	3 359	139
9. EXTRAORDINARY ITEMS
Group contributions			1 400	3 400
Profit of merger				2 294
Total			1 400	5 694
10. APPROPRIATIONS
Depreciation in excess of or less than plan
Intangible rights			1	2
Other capitalized long-term expenses			-21	-9
Buildings			314	290
Machinery and equipment			286	394
Total			580	677
11. INCOME TAXES
For the financial year	2 122	1 584	520	1 654
For the previous years	37	119	40	108
Change in deferred tax receivable	-315	718	-365	-290
Change in deferred tax liability	-406	204
Total	1 438	2 625	195	1 472

12. INTANGIBLE ASSETS
Formation
Acquisition cost Jan. 1	37	37
Discontinuing operations, original acquisition cost	-37
Acquisition cost Dec. 31		37
Accumulated depreciation	-33	-26
Discontinuing operations, accumulated depreciation	37
Depreciation for the year	-4	-7
Accumulated depreciation Dec. 31		-33
Book value Dec. 31		4
Intangible rights
Acquisition cost Jan. 1	6 298	6 285	5 103	5 105
Difference on translation	-2	-5
Acquired companies, original acquisition cost	118
Increases	87	49		18
Decreases	-2 881	-31	-2 881	-20
Acquisition cost Dec. 31	3 620	6 298	2 222	5 103
Accumulated depreciation	-4 507	-3 956	-3 809	-3 348
Difference on translation	1	12
Acquired companies, accumulated depreciation	-11
Accumulated depreciation on decreases	2 828	8	2 828	8
Depreciation for the year	-571	-571	-466	-469
Accumulated depreciation Dec. 31	-2 260	-4 507	-1 447	-3 809
Book value Dec. 31	1 360	1 791	775	1 294
Goodwill
Acquisition cost Jan. 1	26 878	26 799	6 334	6 334
Difference on translation	-5	79
Discontinuing operations, original acquisition cost	-575
Acquisition cost Dec. 31	26 298	26 878	6 334	6 334
Accumulated depreciation	-14 857	-12 273	-5 964	-5 550
Difference on translation	11	-95
Discontinuing operations, accumulated depreciation	569
Depreciation for the year	-2 372	-2 489	-370	-414
Accumulated depreciation Dec. 31	-16 649	-14 857	-6 334	-5 964
Book value Dec. 31	9 649	12 021		370

Goodwill on consolidation
Acquisition cost Jan. 1	9 823	9 823
Increases	79
Discontinuing operations, original acquisition cost	-2 890
Acquisition cost Dec. 31	7 012	9 823
Accumulated depreciation	-4 255	-3 370
Discontinuing operations, original acquisition cost	2 407
Depreciation for the year	-819	-885
Accumulated depreciation Dec. 31	-2 667	-4 255
Book value Dec. 31	4 345	5 568
Consolidation reserve
Accumulated decreases		-5 456
Balanced against buildings		5 326
Acquisition value Dec. 31		-130
Accumulated decreases		130
Accumulated decreases Dec. 31		130
Book value Dec. 31
Other capitalized long-term expenses
Acquisition cost Jan. 1	4 853	4 422	984	776
Difference on translation	-1	1
Acquired companies, original acquisition cost	84
Increases	537	471	162	249
Discontinuing operations, original acquisition cost	-1 141
Decreases	-3	-41	-3	-41
Transfers between items	-64		-64
Acquisition cost Dec. 31	4 265	4 853	1 079	984
Accumulated depreciation	-2 745	-2 000	-556	-390
Difference on translation	-1
Acquired companies, accumulated depreciation	-59
Discontinuing operations, accumulated depreciation	456
Accumulated depreciation on decreases	2	66	3	-66
Depreciation for the year	-677	-811	-124	-100
Accumulated depreciation Dec. 31	-3 024	-2 745	-677	-556
Book value Dec. 31	1 241	2 109	402	428
Advance payments
Acquisition cost Jan. 1	98		98
Increases	24	126	24	126
Decreases	-122	-28	-122	-28
Acquisition cost Dec. 31		98		98
Intangible assets, total	16 594	21 591	1 177	2 190

13. TANGIBLE ASSETS
Land and waters
Acquisition cost Jan. 1	4 376	4 376	2 494	2 495
Acquired companies, original acquisition cost	164
Increases	4
Decreases	-4		-3	-1
Book value Dec. 31	4 540	4 376	2 491	2 494
Buildings
Acquisition cost Jan. 1	58 631	59 225	29 468	28 435
Difference on translation	-33	-43
Acquired companies, original acquisition cost	4 630
Increases	1 300	4 775	300	3 740
Transfer from consolidation liability		-5 326
Discontinuing operations, original acquisition cost	-226
Discontinuing operations, cancellation of internal margin	1 094
Decreases	-139		-110	-2 707
Transfers between items	-360
Acquisition cost Dec. 31	64 897	58 631	29 658	29 468
Accumulated depreciation	-18 606	-16 224	-10 819	-10 992
Difference on translation	54	14
Acquired companies, accumulated depreciation	-162
Discontinuing operations, accumulated depreciation	126
Discontinuing operations, accumulated corrections of depreciation on internal margin	-456
Accumulated depreciation on decreases	76		76	1 369
Depreciation for the year	-2 621	-2 396	-1 198	-1 196
Transfers between items	189
Accumulated depreciation Dec. 31	-21 400	-18 606	-11 941	-10 819
Book value Dec. 31	43 497	39 854	17 717	18 649
Machinery and equipment
Acquisition cost Jan. 1	51 761	49 730	26 331	27 861
Difference on translation	-40	-5
Acquired companies, original acquisition cost	2 481
Increases	4 633	3 566	1 750	1 990
Discontinuing operations, original acquisition cost	-3 288
Decreases	-475	-1 530	-166	-3 520
Acquisition cost Dec. 31	55 072	51 761	27 915	26 331
Accumulated depreciation	-31 297	-27 853	-18 953	-19 974
Difference on translation	20	48
Acquired companies, accumulated depreciation	-892
Discontinuing operations, accumulated depreciation	1 752
Accumulated depreciation on decreases	227	1 142	144	3 026
Depreciation for the year	-4 470	-4 634	-1 956	-2 005
Accumulated depreciation Dec. 31	-34 660	-31 297	-20 765	-18 953
Book value Dec. 31	20 412	20 464	7 150	7 378
Share of machinery and equipment in book value Dec. 31	19 880	18 354	6 471	6 539
Other tangible assets
Increases	37
Decreases	-4
Transfers between items	424		64
Acquisition cost Dec. 31	457		64
Depreciation for the year	-43
Transfers between items	-187
Accumulated depreciation Dec. 31	-230
Book value Dec. 31	227		64
Advance payments and construction in progress
Acquisition cost Jan. 1	812	323	44	1
Acquired companies, original acquisition cost	563
Increases	3 054	3 126	1 547	1 289
Decreases	-3 707	-2 637	-1 591	-1 246
Book value Dec. 31	722	812		44
Tangible assets, total	21 361	65 596	7 214	28 599
Revaluation
Land and waters Jan. 1 and Dec. 31	1 850	1 850	1 850	1 850
Buildings Jan. 1 and Dec. 31	812	812	812	812

14. INVESTMENTS
Holdings in Group undertakings
Acquisition cost Jan. 1			17 249	46 113
Increases			5 107	13 929
Vähennykset			-3 124	-42 793
Book value Dec. 31			19 232	17 249
Holdings in associated and participating interest undertakings
Holdings in associated undertakings
Acquisition cost Jan. 1	19 332	18 906	11 773	11 773
Increases	930	1 627	26
Acquired companies, original acquisition cost	17
Decreases		-1 201
Book value Dec. 31	20 279	19 332	11 799	11 773
Holdings in participating interest undertakings
Acquisition cost Jan. 1	1 092	1 092
Book value Dec. 31	1 092	1 092
Holdings in associated and participating interest undertakings total	21 371	20 424	11 799	11 773
Own shares
Acquisition cost Jan. 1	778	778	778	778
Book value Dec. 31	778	778	778	778
Receivables from Group undertakings
Acquisition cost Jan. 1			9 430
Increases				9 430
Book value Dec. 31			9 430	9 430
Other shares and holdings
Acquisition cost Jan. 1	1 443	1 470	1 267	1 161
Acquired companies, original acquisition cost	1
Increases	7			133
Decreases, discontinuing operations	-7
Other decreases	-9	-27	-9	-27
Transfers between items	-329		-329
Book value Dec. 31	1 106	1 443	929	1 267
Other receivables
Acquisition cost Jan. 1		8
Transfers between items	329		329
Decreases	-15	-8	-15
Book value Dec. 31	314		314
Other investments, total	1 420	1 443	1 242	1 267
Investments total	23 569	22 645	42 481	40 497

15. SHARES AND HOLDINGS
	Group holding-%		Parent company holding-%
Owned by the parent company
Owned by the parent company
Suomen Rehu Ltd, Helsinki	100,00		100,00
Avena Nordic Grain Oy, Helsinki	100,00		100,00
Apetit Kala Oy, Kuopio	50,91		50,91
Harviala Oy, Janakkala	100,00		100,00
Cibarius Oy, Turku	100,00		100,00
7 non-operative companies, Säkylä	100,00		100,00
Owned by other Group undertakings
Lännen Rehu Oy, Säkylä	100,00
Hiven Oy, Paimio	100,00
SIA Baltic Feed, Latvia	100,00
Rehu Eesti Oü, Estonia	100,00
ZAO Avena St. Petersburg, Russia	100,00
Associated and participating interest undertakings
Associated undertakings
Sucros Ltd, Helsinki	20,00		20,00
Ateriamestarit Oy, Raisio	50,00		50,00
Movere Oy, Helsinki	33,33
Farmit Website Oy, Helsinki	50,00
Ab Silva Seafood Oy, Kaskinen	10,18
Participating interest undertakings
Lannen Polska Sp. z o.o., Poland	19,00		19,00
Mildola Oy, Kirkkonummi	17,50
Other shares and holdings and connection charges owned by the parent company
	Number of shares	Book value of shares EUR 1 000	Market value of shares EUR 1 000
Julkisesti noteeratut
Kesko Corporation, B, Helsinki	100 000	709	1 795
OMX AB (publ), Stockholm	37 800	15	357
Raisio Group plc, K, Raisio	6 000	10	11
Neomarkka plc, B, Helsinki	280	2	2
Elisa Communications Corporation, A, Helsinki	1 185	4	14
Other
Shares and holdings		188
Connection charges		314
Total		1 242

	Consolidated		Parent company
	2004	2003	2004	2003
16. STOCKS
Raw materials and consumables	18 266	21 085	2 135	2 384
Work in progress	906	2 492	140	123
Finished products/goods	26 773	56 630	9 743	9 767
Advance payments	6	38	6
Total	45 951	80 245	12 024	12 274
17. LONG-TERM RECEIVABLES
Loans receivable from Group undertakings			1 404	1 204
18. CURRENT RECEIVABLES
Accounts receivable	30 764	37 774	9 397	10 427
Amounts owed by the Group undertakings
Accounts receivable			261	524
Loans receivable			30 951	38 593
Prepayments and accrued income			1 510	4 251
Total			32 722	43 368
Amounts owed by the associated and participating interest undertakings
Accounts receivable	2 406	1 102	2 320	1 080
Loans receivable	62
Prepayments and accrued income	79	51	79
Total	2 547	1 153	2 399	1 080
Other receivables	527	1 918		93
Prepayments and accrued income
Raw materials and services	594	711
Warranty indemnities		337
Insurance indemnities	252
Pension assurance and other legal assurances	374	744	355	489
Tax compensation receivables	1 228	1 813	784	1 512
Other	745	1 713	256	424
Total	3 193	5 318	1 395	2 425
Current receivables total	37 032	46 162	45 913	57 391

19. CHANGES IN CAPITAL AND RESERVES
Share capital Jan. 1	12 245	12 245	12 245	12 245
Targeted share issue	390		390
Share capital Dec. 31	12 635	12 245	12 635	12 245
Share issue premium account Jan. 1	21 443	21 443	21 441	21 441
Share issue premium	1 950		1 950
Deduction of share issue premium account	-2
Share issue premium account Dec. 31	23 391	21 443	23 391	21 441
Reserve for own shares Jan. 1	778	778	778	778
Reserve for own shares Dec. 31	778	778	778	778
Capital reserve account Jan. 1	59	45
Transfer from retained earnings	16	14
Deduction of capital reserve account	-51
Capital reserve account Dec. 31	24	59
Contingency reserve Jan. 1	7 232	7 232	7 232	7 232
Contingency reserve Dec. 31	7 232	7 232	7 232	7 232
Retained earnings Jan. 1	44 881	45 402	29 886	30 318
Transfer from previous year profit	6 731	2 415	5 803	1 385
Dividend distribution	-3 937	-1 817	-3 937	-1 817
Transfer to capital reserve account	-16	-14
Changes and translation differences during elimination	-202	-1 105
Retained earnings Dec. 31	47 457	44 881	31 752	29 886
Profit/loss for the financial year	5 974	6 731	-1 709	5 803
Preferred capital loans Jan. 1	1 682	1 682
Decrease of preferred capital loans	-1 682
Preferred capital loans Dec. 31		1 682
Capital and reserves Dec. 31	97 491	95 052	74 079	77 385
Distributable funds
Contingency reserve	7 232	7 232	7 232	7 232
Retained earnings	47 457	44 881	31 752	29 886
Profit/loss for the financial year	5 974	6 731	-1 709	5 803
./.Activated formation expenses		-4
./.Balance sheet provisions included in capital and reserves	-8 230	-7 448
./.Balance sheet provisions of associated ndertakings included in capital and reserves	-3 872	-3 895
Distributable funds Dec. 31	48 561	47 497	37 275	42 921

20. ACCUMULATED APPROPRIATIONS
Accumulated depreciation in excess of plan	15 824	15 086	7 872	8 453
Share of capital and reserves	11 709	10 711
-transferred to minority interest	-128	-638
-utilized to elimination of subsidiary holdings	-3 352	-2 624
Including in capital and reserves	8 229	7 449
21. PROVISIONS
Guarantee provision		151
Provision for expenses incurred by Machinium Group	2 095	1 908	2 095	1 000
Total	2 095	2 059	2 095	1 000
22. DEFERRED TAX RECEIVABLES AND DEFERRED TAX LIABILITY
Deferred tax receivables
From accruals	659	420	655	290
Deferred tax liability
From appropriations	4 114	4 375

23. LIABILITIES
Long-term liabilities
Loans from credit institutions	23 104	34 797	12 800	19 200
Pension loans		6 749
Other liabilities		2 343
Total	23 104	43 889	12 800	19 200
Debts falling due after five or more years
Loans from credit institutions	3 025
Current liabilities
Loans from credit insitutions	10 157	11 977	6 400	6 400
Pension loans		1 101
Advances received	54	2 447	27	38
Accounts payable	24 207	36 537	5 495	5 951
Total	34 418	52 062	11 922	12 389
Amounts owed to Group companies
Accounts payable			26	13
Other liabilities			63	63
Accruals and deferred income			6 460	3 576
Total			6 549	3 652
Amounts owed to associated and participating interest undertakings
Accounts payable	6 829	8 393	5 071	5 961
Other current liabilities	19 263	21 330	13 878	15 771
Accrued expenses and deferred income
Holiday pay reserve including social security expenses	4 817	5 649	1 692	1 608
Other salaries and fees including social security expenses	1 158	1 522	699	448
Raw materials and services	3 100	3 109	88	554
Interests on the loans	320	503	245	309
Income taxes	1 438	1 912	554	687
Other	3 689	4 947	202	233
Total	14 522	17 642	3 480	3 839
Current liabilities, total	40 614	47 365	22 429	25 571

24. CONTINGENT LIABILITIES
Debts against which mortgages have been given
Pension loans		7 850
Loans from credit institutions	31 683	46 609	19 200	25 600
Mortgages given for debts
Real estate mortgages	34 916	32 546	18 888	18 888
Corporate mortgages	51 407	76 021	30 071	30 071
Shares pledged	3 600	3 600	3 600	3 600
Other securities given
Corporate mortgages	177	6 939
Pledges	5	8	4	4
Leasing liabilities
Falling due during the following year	534	978	196	322
Falling due at later date	446	1 074	219	222
Contingent liabilities for own commitments
Guarantees			420	340
Repurchasing commitments	158	18 995	158	358
Other commitments	471	2 430
Contingent liabilities on behalf of the Group companies
Guarantees			11 986	18 698
Contingent liabilities on behalf of the associated undertakings
Guarantees	210
Other contingent liabilities
Redemption liability of leased buildings	2 472	2 613	2 472	2 613
Outstanding derivative instruments
Forward currency contracts
Market value	84	-300
Value of underlying instruments	3 306	9 456
Interest rate swaps
Market value	-653	-271	-653	-271
Value of underlying instruments	25 000	25 000	25 000	25 000
Raw material futures
Market value	117	-469
Value of underlying instruments	4 134	10 646

 

 

 

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