Market Overview
Finland
Food & Drinks Industry Day
Thursday 27th November 2008
Contents
•
Finnish economy
•
Finnish foreign trade
•
Market size and structure
•
Retail legislation
•
Retail sector
– Definitions
– Major players
•
Catering and foodservice
•
Alcoholic beverages
•
Restaurant chains
•
Import, wholesale and service – Major players
•
Trends
•
Reasons for targeting Finland
•
Barriers & Challenges
•
Bord Bia Services
Finnish economy
Economy
•
The Finnish economy grew by 4.7% in 2007. It was slightly slower growth
than in 2006, however better than in the beginning of the decade.
•
Forecast growth for 2008 is 2.9%, decreasing further to 2.5% in 2009.
•
The 2007 inflation rate was 4.4%.
•
Household consumption grew by 5.4%, which did not mean more
consumption, but rather, higher prices.
•
Unemployment rate was at 6.8% in June 2008.
•
Finland’s population totals 5.2 million, making it the third largest of the
Scandinavian countries.
•
Population densities are highest in the south of the country, with 18.9% of
the population concentrated in the three largest cities, Helsinki, Espoo and
Tampere.
Finnish foreign trade
Foreign trade
•
Finnish exports were worth €65.5 billion in 2007
•
Germany is Finland’s most important trading partner, accounting for
10.9% of exports, followed by Sweden and Russia.
•
Finnish imports were worth €59.5 billion
•
Germany and Russia lead the import trade, with 14.1% of imports coming
from each country. They are followed by Sweden.
•
In 2007, exports grew by 7%, which is a notable decrease from the
previous year’s 14% increase. The majority of the growth was exports to
the new EU countries.
Finland trading with Ireland
•
•
Imports to Finland from Ireland in 2007 were worth €616 M
Exports to Ireland from Finland in 2007 were worth €230 M
•
Main product groups imported to Finland were
– Manufactured products €399 M
– Machinery, transport equipment €194 M
– Crude materials, inedible, except fuels €148 M
– Food and live animals €16 M
– Beverages and tobacco €10 M
•
Main product groups exported from Finland were
– Manufactured products (€223 M)
– Machinery, transport equipment €111 M
– Basic manufactures €48 M
– Food and live animals €5 M
– Beverages and tobacco €0,5 M
Finnish food import and
export by SITC 2007
SITC
Import
1000 e
%
Export
1000 e
%
2 332 133,9
+11
1 133 630,4
+19
5 498,5
+18
6 122,8
+14
0
Food and live animals
00
Live animals
01
Meat and meat preparations
188 597,5
+14
129 639,9
+11
02
Dairy products and birds' eggs
221 166,6
+9
376 095,5
+15
03
Fish and fish preparations
211 830,5
+14
34 257,7
+64
04
Cereals and cereal preparations
218 231,4
+7
233 517,4
+64
05
Vegetables and fruit
642 338,7
+13
46 194,5
+1
06
Sugars, sugar preparations and honey
133 070,9
+11
77 738,4
-8
07
Coffee, tea, cocoa, spices
281 674,8
+9
87 900,7
+9
08
Feeding stuff for animals
165 094,1
+7
25 772,5
+5
09
Miscellaneous edible products and preparations
264 630,9
+13
116 391,0
+12
486 217,2
+10
126 628,2
+13
1
Beverages and tobacco
11
Beverages
358 512,3
+11
123 188,6
+14
12
Tobacco and tobacco manufactures
127 704,9
+9
3 439,7
-14
4
Animal, vegetable oil, fat
69 690,3
+43
32 718,5
-55
41
Animal oils and fats
7 523,7
+12
3 576,1
+23
42
Fixed vegetable fats and oils
53 411,7
+122
27 683,0
+2
43
Processed animal or veg. oils, etc
8 754,8
-51
1 459,5
-97
Finnish food and live animals
import and export by country 2007
Import
M€
Export
M€
Germany
344
Russia
267
Sweden
315
Sweden
193
Netherlands
236
Germany
77
Denmark
196
USA
44
Spain
125
Great Britain
36
Brazil
117
Norway
31
Norway
11
France
31
France
97
Belgium
30
Belgium
82
Netherlands
29
Italia
70
Denmark
28
Ireland at place 19 (€16 M)
Ireland at place 26 (€5 M)
Market size and structure
Market Size and Structure - Retail
•
Finland’s grocery retail market is worth €21,404 billion.
•
Market dominated by domestic players S Group 39.9%, Kesko 33.5% and
Tradeka Ltd 11.9%.
•
The three leading players hold a combined market share of 85.3%.
•
The rise of the discount format with the market entry of Lidl in 2002 has
focussed the price perception of the domestic players. Lidl’s market share is
4.1%
•
The growing Baltic state economies, are providing an attractive destination for
the Finnish operators to expand internationally.
Household spending in Finland
% of all spending of income
on food according to household type
Elderly people
Single parent
Others
Families with children
All households
Families, no children
Single people
Source: Statistics Finland 2008
Household spending on food
1985 - 2006
Spending in food %
1985
2006
100
100
Bread and cereals
16
17
Meat
22
18
3
4
18
17
Fats and oils
6
2
Fruit and berries
7
7
Vegetables, incl. potato
7
10
Sugar, jams, honey, sweets
7
8
Other food products
4
8
Non alcoholic drinks
9
8
Food and non alcoholic beverages
Fish
Milk, cheese, eggs
Source: Statistics Finland 2008
Retail legislation
news and trends
•
Local authorities control the urban planning system in Finland. The current
trend in new developments favours the building of large shopping centres
outside of city centres.
•
The government is making plans to reduce VAT on food to 12% in 2009. The
current rate is highest in the EU, 22%.
•
Opening hours legislation was relaxed in 1997, however only food stores
under 400 sqm are permitted to open on Sundays. Opening hours legislation
continues to be a current political ‘talking point’.
•
Alcohol sales are tightly controlled. The state owned Alko chain monopolises
the sale of alcohol beverages over 4.7% ABV. However tax reductions of on
average 33% were implemented in March 2004 to reduce the influx of cheaper
foreign alcohol particularly from Estonia.
Retail sector
Definitions
The Grocery Retail Market
•
is defined as all food, drink and non-food products (i.e. health & beauty,
pet care, clothing, DIY, electronics, etc) sold through all retail outlets
selling predominantly food in a given market
– This includes the total turnover of hypermarkets and Cash & Carry
stores
– This is a consistent definition applied to all markets.
Store definitions
•
Hypermarket is a retail store selling a variety of goods in different
categories, operating mainly in self-service, with the sales area exceeding
2,500 sq m. Food accounts for less than half of the total area but the focus
of sales is on groceries. A hypermarket can be located in or near city
centres, in a shopping centre or in other areas with good traffic access.
•
Supermarket is a mainly self-service-oriented grocery store focusing on
food, with at least 400 sqm sales area and food accounting for over half of
the sales area. In the practical statistics of the sector, the supermarket
stores are divided into the large ones with over 1,000 sq m and small with
400–1,000 sq m convenience stores.
Store definitions
•
Large self-service shops are grocery stores of 200–399 sqm while the
small stores in this category have 100–199 sqm. The Sunday opening of a
self-service store is permitted also in the areas covered by a town plan
during the times defined in the Act. The term “corner shop” or
“neighbourhood store” often refers to self-service stores. This group also
includes the discount stores
Retail sector
Major players
Major players in 2007
Group
Chain
Store type
Market
share %
S Group
Prisma
Hypermarket
11,7
47
S-Market
Supermarket
22,7
414
Alepa + Sale
Convenience
5,3
297
1,3
111
Others
Kesko Food
K-Citymarket
Hypermarket
10,0
54
K-Supermarket
Supermarket
11,3
152
K-Market
Convenience
10,0
428
K-Extra
Discount
1.7
222
0,9
162
Others
Tradeka
Number
of outlets
Euromarket
Hypermarket
2,4
26
Siva
Discount
5,5
538
Valintatalo
Discount
4.0
183
Lidl
Discount
4,7
107
Stockmann
Department store
1,5
7
Source: Finnish Grocery Trade Association 2008
Sales M € per group
Total sales / group
6000
5000
4000
3000
2000
1000
0
S Group
Kesko Food
Source: Finnish Grocery Trade Association 2008
Tradeka
Lidl
Stockmann
Turnover M € 2007
3500
2961
3000
2500
2000
1526
1305
1500
1000
1474
1305
717
692
500
170
222
117
613
535
300
202
up
-S
K
n
km
an
dl
Li
oc
ity
Source: Finnish Grocery Trade Association 2008
St
e r k et
m
ar
ke
K
-M t
ar
ke
t
K
-E
xt
ra
O
E u the
rs
ro
m
ar
ke
t
Si
Va
va
l in
ta
ta
lo
m
ar
er
th
-C
Sa
s
le
O
K
A
le
p
a
+
ar
M
S-
Pr
is
m
ke
t
a
0
Market share %
by store type 2007
11,3
10
Prisma
1,3
S-Market
5,3
Alepa + Sale
10
Others
1,7
0,9
2,4
5,5
22,7
4
4,7
11,7
Source: Finnish Grocery Trade Association 2008
1,5
K-Citymarket
K-Supermarket
K-Market
K-Extra
Others
Euromarket
Siva
Valintatalo
Lidl
Stockmann
Number of outlets 2007
223
453
151
Prisma
S-Market
26
Alepa + Sale
Others
158
K-Citymarket
56
544
K-Supermarket
K-Market
K-Extra
112
Others
Euromarket
Siva
309
Valintatalo
184
417
Source: Finnish Grocery Trade Association 2008
517
121
Lidl
Stockmann
S Group
•
S Group has been trading as a co-operative society since 1904, within a
vertically integrated business, including farming, food retail, hotels, and
department stores. Social responsibility and ethical trading underpin S
Group’s commercial ethics.
•
Current Strategy:
– Continued drive to recruit member owners to the co-operative,
membership stands at 1.7 million, approximately 70% of Finnish
households.
– S Group’s own bank will continue to be a bank for “normal people”
offering the basic banking services, excluding loans and mortgages.
– Store development strategy focuses on non-food trade, in 2008
improvements will be done on logistics and purchase systems.
S Group
•
Future Priorities
– New logistics centre to be opened in 2012 in Sipoo, 30 km from
Helsinki.
– Increasing awareness of origin of food, safety and reliability.
•
Private labels
(X-tra and Rainbow are international brands)
•
Loyal customer programme for co-owners S-etukortti can be combined
with debit and Visa credit card.
Kesko
•
Kesko is a public company, dating from 1940, being a multi merchandise and
service retailer. Food retailing is operated under the Kesko food division.
•
Current Strategy
– Regaining the number one position of the market share by focusing on
customer service, especially on food retail.
– Focus on quality private labels increases
– This year’s growth is expected to be higher than in 2007.
– Efficient development of entrepreneur driven chain stores.
•
Future Priorities
– Private label development is ongoing
– More focus on international trade, new openings in the Baltic region and
Russia are planned.
– Development of e-commerce
Kesko
•
Private labels
(Euroshopper: International private label brand)
•
Loyal customer programme Plussa, can be combined with debit card, and
Master Card or Visa credit card
Tradeka
•
Tradeka Ltd is a centrally organised retailing company, third largest in
Finland, which owns all of its centrally managed retail stores. Its business is
divided into the following three nationwide store brands: Siwa, Valintatalo and
Euromarket.
•
Since 2005, Tradeka Ltd has been owned by Cooperative Tradeka Corporation,
Wihuri Oy, members of its corporate management and IK Investment
Partners, an international private equity company.
•
Current Strategy
– Brand development of the three chains, Siwa, Valintatalo and Euromarket.
– Increasing focus on Fair Trade products, fastest growing brand in food
retail.
– Development of low-cost brand varieties is essential in the current
economic situation.
Tradeka
•
Future Priorities
– Increasing gas prices positively influence neighbourhood stores.
– Further openings of Siwa and Valintatalo stores.
– Local planning of store product ranges according to the local demand.
• Private labels
(Eldorado: international brand, also used by Axfood)
•
Loyal customer programme
Lidl
•
Lidl opened the first store in Finland in 2002
•
Since then they have expanded and opened 121 stores in total
•
Finnish Lidl is part of the international chain, all their purchase decisions are
made at the head quarters.
•
Lidl plans to open new stores in Finland in the future
•
Despite it’s huge success in Finland, Lidl still made nearly €4 M loss in 2007
due to the aggressive expansion policy of the chain.
Stockmann
•
Stockmann is a Finnish fast expanding listed company engaged in the retail
trade. The company was established in 1862 and it has now about 40,000
shareholders.
•
Stockmann's four divisions are the Department Store Division, the fashion
store chains Lindex and Seppälä and Hobby Hall, which is specialized in
distance retail.
•
Current Strategy
– Stockmann’s Herkku (deli) has 7 stores in the 6 largest cities in Finland
and at the Helsinki-Vantaa airport.
– Herkku specialises in delicatessen and gourmet food
•
– There is a Alko wine store adjoined to each Herkku store
Future visions
– Stockmann department stores emphasise the Baltic and Russian market
developments.
– Currently there are no plans to open new stores in Finland.
Private label
•
According to research about private label in food retail conducted in June
2008, Prisma supermarket (S-Group) was the most inexpensive choice.
•
X-tra (S-group) was most often the cheapest choice of all Private Labels.
•
In all stores private label was priced lower than general brands. The biggest
difference between these two groups was in Prisma, where on average the
difference was 37 %. Citymarket’s private label prices are approximately 36%
lower.
Source: State Provincial Office of Oulu 2008
Catering and Foodservice
Catering/Foodservice
Sodexho Oy
•
Sodexho Oy manages public sector kitchens, school canteens, staff
restaurants, and hotel restaurants nationwide.
•
Sodexho Oy also provides building management services
•
Sodexho Oy has launched a campaign “feeling
good” which provides information and tips on
better quality of life in their restaurants. The
campaign gives guidelines for the food served on
Sodexho’s premises.
•
Sodexho Oy is a member of the international Sodexho Alliance.
•
Turnover €172 M, 2,600 employees
Catering/Foodservice
Fazer Amica
•
Fazer Amica operates in staff and student dining in the Nordic and Baltic
countries. The company also operates in the sectors of congress, conference
and catering restaurants, conference centres, cafeterias and restaurants in
department stores and restaurant services at large-scale public events, as
well as the organisation of festivities.
•
Fazer Amica is part of the Fazer Group, operating in four divisions offering
meals, bakery products and confectionery: Fazer Amica, Fazer Bakeries,
Candyking and Fazer Russia.
•
Fazer’s most important associated company is Cloetta Fazer AB, which is the
leading confectionery company in the Nordic countries.
•
Additionally, they operate in the growing business of catering services at day
care centres, hospitals and service homes.
•
Turnover €460 M, 7,300 employees, 900 restaurants
Catering/Foodservice
Finncatering Oy
•
Finncatering Oy is part of Finnair Group. It is a food supply and service
company.
•
Their customers are, in addition to Finnair, restaurants and cafeterias,
industrial kitchens, retail chains and other airlines.
•
Their main brands are:
– Go! Take-away products and
– Aitoja Makuja “home-made” meals for retail chains.
•
Turnover €20 M, 260 employees
Catering/Foodservice
Eurest Oy
•
Eurest Oy runs staff canteens around Finland and is a member of the
Compass Group.
•
Eurest also offers conference, fast food and vending machine service, kiosk
service, reception service at the customer companies, event catering
•
Turnover €10 M, 200 employees
•
Eurest Oy is part of Compass Group. Other Compass Group members in
Finland:
– Avecra Oy – catering for the National Railways - www.avecra.fi
– Selecta Oy – snack and drink vending machines - www.selecta.fi
– SPP Finland Oy – Helsinki Airport catering - www.gatewayrestaurants.fi
Catering/Foodservice
S Group HoReCa
•
ABC Service stations www.abcasemat.fi
•
•
•
•
•
•
Amarillo restaurant www.amarillo.fi
Fransmanni restaurant www.fransmanni.fi
Memphis restaurant www.mphis.fi
Rosso restaurant www.rosso.fi
Sevilla restaurant www.ravintolasevilla.fi
Torero restaurant www.s-ravintolat.com/torero
•
•
•
Holiday Club Hotels www.holidayclubhotels.fi
Radisson SAS www.radissonsas.com
Sokos Hotels www.sokoshotels.fi
Buyer contact: Inex Partners Oy
Catering/Foodservice
Restel HoReCa (Tradeka)
•
Helmisimpukka service stations www.helmisimpukka.fi
•
•
Huviretki restaurants www.huviretki.fi
Martina restaurants www.martina.fi
•
•
•
•
•
Cumulus hotels www.cumulus.fi
Holiday Inn hotels www.holidayinn.fi
Ramada hotels www.ramada.fi
Rantasipi hotels www.rantasipi.fi
Restel Spa hotels www.restel.fi
Buyer contact: Tradeka
Alcoholic beverages
Alcoholic beverages
Oy Alko Ab
•
Alko Inc. is an independent, entirely State-owned company. Alko is
administered and supervised by the Ministry of Social Affairs and Health. The
company was formed on 5th April, 1932.
•
Alko has a sole right in Finland on the retail sale of alcoholic beverages
containing over 4.7 per cent of alcohol by volume.
•
Alko maintains a wide and constantly renewing selection of alcoholic
beverages.
•
Alko buys products from domestic producers and importers of alcoholic
beverages and has an import service available for suppliers abroad.
Alko has no own production or own products.
•
Information on Alko’s listing policies can be found at www.alko.fi
Alcoholic beverages
•
Other distributors for HoReCa sector:
–
–
–
–
–
–
Altia Oy - www.altia.fi - I, W, P
Beverage Partners Finland - www.bpf-finland.fi - I, W
Heinon Tukku - www.heinontukku.fi - I, W
Maxxium Finland - www.liquidinspiration.fi - I, W
Norex Spirits - www.norex.fi - I, W
V&S Finland - www.vsfinland.fi - I, W, P
I=Import, W= Wholesale, P=Production, C=Consumer sale
Restaurant chains
Major players
Restaurant chain
Hesburger
•
Hesburger is a franchising hamburger chain.
•
Currently they have 232 units, both chain owned and with a franchising
license, both in Finland and in the Baltic states.
•
The products include several types of burgers and combination meals. The
chain controls the product range and new products are taken in through a
centralised product development process.
•
From the central warehouse in Kaarina, all the materials are transported to
restaurant outlets in various parts of Finland by means of centralized logistics.
•
Hesburger fast food restaurants are located in city centres and commercial
centres.
•
Hesburger’s turnover in 2007 was €83 M, 4,000 employees
Restaurant chain
McDonalds
•
McDonald’s Finland operates under the international chain.
•
They have 82 fast food restaurants in Finland, of which 68 are entrepreneur
driven.
•
McDonald’s Finnish suppliers are: Baco Oy, Ingman, Salico Oy, Paulig,
Primula, Fazer, Moilas Oy.
•
McDonald’s turnover in 2007 was €139 M, 3,200 employees
Fast Food Chains
•
Cafe Picnic www.picnic.fi -> baguettes, salads, coffees, bakery
•
Subway www.subway.fi -> baguettes, salads
•
Kotipizza www.kotipizza.fi -> pizzas, salads
•
Coffee House www.coffeehouse.fi -> coffee shop
•
Robert’s Coffee www.robertscoffee.com -> coffee shop
•
Golden Rax Pizza buffet www.rax.fi -> pizzas, salads
Import, Wholesale and Service
Import/wholesale/service
Heinon Tukku
•
Heinon Tukku Ltd, a family business for more than a century, is now
developing under a fourth generation of entrepreneurs. The company’s focus
is on the wholesale of daily consumer goods, mainly in southern Finland. The
line of business also includes importing foodstuffs and spirits, and the
wholesale of office supplies.
•
Heinon Tukku offers a full range of services for HoReCa customers (hotel,
restaurant and catering) and food retailers through cash & carry and
wholesale delivery units.
•
Heinon Toimistopalvelu provides a comprehensive office supplies service to
companies.
•
Heinon’s own imports are growing all the time, today covering over 2,000
items of fresh foods, industrially made food products and alcoholic beverages.
•
Heinon Tukku Oy is a shareholder of Tuko Logistics Ltd
Import/wholesale/service
Kesko Food/ Kespro
•
Kespro, part of Kesko Food, is the leading wholesaler in the Finnish HoReCa
business. Its customers include hotels, restaurants, catering companies,
service station stores, kiosks, bakeries, manufacturing industry and
distributors.
•
Kespro's net sales totalled €688 M in 2006. The company has 550 employees
and is expanding its operations in the Nordic countries, the Baltic countries
and Russia.
•
Kesko Food and Neste Oil Corporation’s subsidiary, Neste Markkinointi, each
own half of Pikoil Oy, which operates in the retail market for fuel and daily
consumer goods. Pikoil runs K-pikkolo neighbourhood and service station
shops.
•
In the Baltic countries, Kesko Food and ICA Baltic AB, part of the Swedish ICA
Group, have equal ownership in Rimi Baltic AB, which operates in the field of
daily consumer goods.
Import/wholesale/service
Wihuri Oy Aarnio
•
Wihuri Oy Aarnio is one of Finland's oldest grocery wholesalers.
•
The company includes three chains; Metro cash-and-carry wholesale outlets,
the Tarmo chain of independent grocers, and the Kymppi chain of
independent convenience stores.
•
Wihuri Oy Aarnio is one of the divisions in the Wihuri group, together with the
packaging, technical trade, specialty products and services divisions.
•
The group is also the largest shareholder in Tuko Logistics, a leading Finnish
wholesaler of groceries and other household products.
•
Turnover €1,500 M, 1,800 employees
Import/wholesale/service
Tuko Logistics
•
Tuko Logistics Oy provides acquisition and logistics services to its ownercustomers throughout Finland.
•
The company acquires and delivers daily consumer goods for its customer
chain stores: processed and fresh food, fruit, vegetables and non-foodproducts as well as domestic and foreign consumer goods. Its product range
covers both retail and HoReCa-products.
•
Tuko Logistics is owned by its main customer chains; Wihuri, Tradeka,
Stockmann and Heinon Tukku.
•
Turnover €844 M, 800 employees
Import/wholesale/service
Inex Group
•
Inex Group is the S Group’s sourcing and logistics company, a subsidiary of
SOK.
•
Inex Partners Oy purchases and distributes a large proportion of S Group
stores’ grocery supplies and, in addition, provides logistics services for special
products to the S Group. Inex Partners Oy’s turnover in 2006 was €1,863.4
million. Inex has nearly 2,200 employees.
•
Meira Nova Oy is an Inex subsidiary. The product range includes fruit and
vegetables, meat, processed meat, dairy products, processed foods, frozen
foods, tobacco, alcohol products and non food product for HoReCa sector.
Meira Nova’s turnover in 2006 was €254 M and they employ 260 people.
•
Inex Partners Oy owns half of Finnfrost Oy, the other half belonging to Tuko
Logistics Oy. Finnfrost is a purchase and logistics company that handles
frozen foods. Finnfrost has a turnover of €223 M and 160 employees.
International partners
•
AMS Sourcing BV
– Since 1987 AMS Sourcing BV has been initiating, managing, and
coordinating joint buying activities for its members, European retailers.
– Kesko Food is the only Finnish member
•
Coop Trading
– Coop Trading is the inter-nordic procurement company for Coop in
Denmark, Norway and Sweden.
– S Group and Inex co-operate with Coop.
Trends
•
Sales of daily consumer goods have grown by 9.4% in 2008 and this trend is
expected to continue.
•
Partially this trend is explained by increased prices. Food prices especially
have risen.
•
According to international statistics, food in Finland is approx. 10% more
expensive than in European Union countries on average. The government has
made plans to reduce the VAT on food to 12% from the current 22%
•
HoReCa sector continues to grow slowly. According to Finnish Grocery Trade
Association, the growth was 3% in 2007.
Trends
•
Opening hours in the retail sector cause debate in Finland. The majority of
consumers would like to see shops open on Sundays. The labour union PAM
is afraid that it would cause too much stress to the sector’s work force while
the government seems unable to make up its mind.
•
Responsibility, food safety, sustainable development, green values and
functional food are the core values in current and future food marketing.
Source: Finnish Grocery Trade Association PTY www.pty.fi
Reasons for Targeting Finland
• Finns have high per capita income and enjoy high levels of disposable income
• Ireland’s ‘music and pub tradition’ portrays an ideal image for supplying
alcoholic beverages
• Unlike its neighbours, Finland is in the Euro system
Barriers & Challenges
• Transport costs from Ireland to Finland are high and can place suppliers at a
competitive disadvantage
• Internal distribution is costly and demands co-operation with established
players
• Domestic preference is strong
• Language is often a barrier to doing business – few speak good English
Bord Bia Services
• Market Information for exporters
• Tailored research for companies in key market segments
• Mentoring service for Irish companies
• Contact Bord Bia HO Dublin
Frank.murray@bordbia.ie
Mobile +353 87 7680567