HKScan's 2012 – nothing has changed

One would not believe that HKScan has made, for example in Sweden,  ​​all kinds of efficiency measures for several years.  Yes it really has, but the money just is lost somewhere. Streamlining  does not show up in the earnings.  To me it seems as if the company had potential but the actual result is always a disappointment.  I wonder if my logic goes like this:  Tomorrow HKScan will be good because today it is bad.

HKScan’s quarterly EBITs starting from 2009.  Q4-2012 non-recurring items are excluded. The readings are highly unofficial and possible errors are all mine.

In its 2012 financial statement report the HKScan once again tells about new efficiency measures, particularly in Sweden and Finland.  The company talks about development, reorganization, restructuring, functions, operations, “actively managing the dynamics of future business”. Nonsense all the way, but it takes time and effort to write such text, no wonder that Group administration costs rose about 13% compared to 2011.  In my opinion, managing group should make money, not take.  Most worrying is if Anne Mere, new Managing Director of HKScan Finland, left her practicality to Estonia.  Or perhaps the case is that the corporate culture maintained by cooperative owners prevents all real renovations.

In Estonia practicality is still honored.  HKScan Baltics' several projects aimed at improving efficiency are truly carried out, for instance energy-saving projects.

In Denmark, the company earned due to fire only.  HKScan’s organizational reform may go wrong especially in Rose Poultry, company’s sales director, having plenty of experience in the export trade, left the company.  One person only but may be an indication of wider dissatisfaction with HKScan’s new Away from Home business sector, which really seems to be an artificial mixture of businesses from food service to export.

One big disappointment is that the new rapeseed pork product line in Sweden was mentioned in the report but no specific details of its success.  Evidently it has not been a true success.

Sokołów goes well.  Annual turnover increased by approximately 15%, EBIT by nearly 25%.

We will discuss HKScan later but on Friday, March 15^th we will look at Atria’s businesses. Go skiing if you wish but get back before the snow melts.  Summer is coming.

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