Responsible operations are not only essential for sustaining the company’s legacy; they are also vital for maintaining and developing Fazer’s solid reputation as a premium brand. For many years, Fazer’s reputation in Finland has been measured with the Reputation Institute’s RepTrakR model. This year, the study was extended to Sweden and the St Petersburg area in Russia. The results indicate that Fazer has a good reputation in all of these markets.
Fazer Group ensures its ability to foster economic well-being by maintaining profitability in its operations. Despite a challenging market situation in 2013, Fazer fared well in fulfilling its commitments with regard to developing and managing its business. During the year, the Group paid 564 million euros in salaries, wages and other indirect employee costs and 46 million euros in taxes. It also purchased 966 million euros worth of goods and services from nearly 7,500 suppliers.
Maintaining a healthy profitability
Financial responsibility is instrumental to Fazer’s sustainable development. A healthy profitability benefits customers and consumers, suppliers, subcontractors, and the Group’s own personnel and shareholders.
“Innovation, product development and the novelties that result from these processes are a good base for enabling Fazer’s profitable growth on the global markets,” says Jouni Grönroos, CFO and Deputy CEO of the Fazer Group.
“It is important for us to present new offerings that interest our customers and consumers and deliver value. To do this, continuous development and improvement are essential,” states Jouni Grönroos, who also highlights agility, a clear focus on costs, and close partnership with customers as advantages that enable Fazer to adjust efficiently to rapidly changing needs.
Fazer follows valid legislation in all of its activities and the Group's ethical principles serve as a standard for conducting all business operations responsibly. Fazer’s ethical principles are based on the Group’s values and on international principles stated by the UN Global Compact. They guide work in all business areas and countries of operation. It is essential that employees are informed about the ethical principles and antitrust issues and relevant guidance is secured.
Transparency in reporting
While it is a privately held company, Fazer chooses to disclose comprehensive information on its activities and financial position in its Annual Review. In the interest of greater transparency, the Group has also elected to publish its tax footprint for the first time as part of its reporting for 2013.
Furthermore, after signing the United Nations Global Compact, Fazer began reporting on its progress in fulfilling the initiative’s ten international principles in 2012. The principles concern human rights, labour, the environment and anti-corruption.