Valio's Annual Report 2008
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Valio Group's financial performance before extraordinary items and taxes culminated in a loss of MEUR 4 and was down MEUR 19 compared with the previous year. The most significant cause of the loss was the weakening of the Russian rouble, and also of the Swedish krona, against the Euro towards the end of the year. The price paid for raw milk was MEUR 135 more than for the year 2007.
In Finland, Valio took in 1 881 million litres of milk, or 34 million litres less than in the previous year.
The average procurement share by owner co-operatives delivering to Valio remained at 86% of the Finnish dairy milk volume. Valio Group took in total deliveries of 2 044 million litres of milk, which includes procurement for Valio dairies in Estonia.
Valio Group net turnover was 8% higher than that for 2007.
Domestic net turnover rose by 16%, with the sales by value of cheeses, milks, butter and spreads showing the greatest improvement.
Foreign subsidiaries showed a 7% decrease in net turnover compared with 2007. Net turnover in subsidiaries operating in Russia, Estonia and Sweden grew, while that of the Belgian subsidiary fell back considerably as ownership of the products packed and supplied by the company was transferred to the customer, excluding inventory.
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