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Annual Report 2020 Smart Choices for Everyday Healthcare

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Annual Report 2020 Smart Choices for Everyday Healthcare Smart choices for everyday healthcare Annual Report 2020 Annual Report 2020 Table of Contents 32 Becoming a faster Management and smarter digital Financial review business statements 34 Share and shareholders 06 Karo Pharma at a glance 38 Statutory administration “Despite COVID-19, report 07 Our strategy we’ve continued to 49 Five-year summary 08 Our commitments develop our business at a fast pace.” 52 Corporate governance 10 Letter from the CEO: report Making good on our – Christoffer Lorenzen, purpose CEO, Karo Pharma 56 Board 12 Letter from the Chairman: 58 Management A business well set for success 60 Financial Statements 14 Highlights 2020 68 Notes 16 Connecting with 94 Signatures consumers: The key to competitiveness 95 Audit report 21 Anticipating a 99 Definitions of key indicators post —COVID market 100 Product Information 24 Focusing on what matters most 101 Annual general meeting 28 Tackling conditions and defeating stigma 30 Connectivity: The key to a strong com munity and an even stronger business 3 Karo Pharma Annual Report 2020 Management review 4 Management review 5 Management review Fast Our vision is to become a pan-European Our strategy is to help shape the Approx. facts leader in everyday healthcare future within everyday healthcare and 200 respond intelligently to changes in employees in 10 countries. Headquar- Products sold in the environment around us. tered in Stockholm, Sweden 60+ Karo Pharma To guide our actions, we have made important strategic choices regarding markets We are an equal ‘where to play’ and ‘how to win’. opportunities employer. at a glance Women represent 80+ Where to play 50% of Executive Manage- brands across ment and 50% of our six different Purpose Smart choices for everyday healthcare people managers are categories women. Vision To build a leading, highly profitable, fast-growing pan-European consumer healthcare company with distinct category and brand positions. Revenue in SEK We embrace diversity Values CHALLENGE ACT CONNECT CARE and our employee base represents more than 2.9bn Operating A range of trusted A virtual company All brands are model and original partnering for research and easily accessible to brands production consumers 20 different countries Quoted on NASDAQ Scalable Scalable operating platform to drive efficiency Stockholm platform and profitability of origin Exchange’s Mid Cap list Circles of Superior portfolio Commercial Supply chain and M&A execution We regularly measure excellence management disciplines and integrated business and integration employee engage ment execution management and have an employee Net Promotor Score (eNPS)1 of How to win 52 We serve six categories within everyday healthcare. 01 Intimate care / 02 Dermatology / 03 Foot care / 04 Pain, cough & cold / 05 Wellness / 06 Rx pharma Working to realise our vision we aim to accelerate our organic growth Ambitious goals need a strong founda- over the next years. Our priority is to add brands in areas where we see the strongest growth tion, and we have already laid the From our strong Nordic core, we opportunities based on capabilities and brand portfolio. groundwork to make our vision a reality. have expan ded our business geograph- Currently these categories are: From 2019 to 2020, we grew more than ically. This has been driven by Mergers 3% organically, which is higher than and Acquisitions (M&A), and we now comparable healthcare market indices have direct business in several European in our markets. We’re taking share in countries. We also have a growing e-commerce channels, and our global presence outside Europe through strong growth brands are outgrowing their mar- partner collaborations, and we have kets with an average high single-digit consoli da ted our brand portfolio. 01 Intimate care / 02 Dermatology / 1) Bain & Co, the source of growth. With targeted investments and the eNPS system, indicates strong, empowered local organisations, that a score above 50 is 03 Foot care excellent. 6 Management review 7 Management review We are committed to contribute to the creation of Total sales by product segment healthy and sustainable societies Hospital Rx Hospital Rx Supply 32% Supply 46% 3% 2020 6% 2019 Smart 2,883 1,901 choices for SEK m SEK m OTC OTC everyday 65% 48% healthcare Key indicators SEK m 2020 2019 2018 2017 2016 Net sales 2,882.9 1,901.2 1,615.1 657.6 347.3 Cost of goods sold -1,287.5 -917.2 –676.3 –315.7 –198.5 Operating expenses -1,365.0 -811.9 -524.4 –262.0 –119.2 01. Society 05. Consumers We aim to help raise the general We engage with consumers to learn EBITDA 725.0 491.9 632.2 141.6 49.3 standard of health and well-being about their needs and understand in society by offering excellent how to break down the barriers that Earnings per share (SEK) 0.37 0.05 4.63 0.17 1.42 everyday healthcare products and prevent people from addressing and services to people. treating their everyday health issues. Cash flow from operating activities 329.2 106.8 318.0 33.5 –36.1 Cash and cash equivalents and other 570.4 248.8 398.6 838.6 121.3 02. Environment 06. Employees investments in securities We continually strive to reduce our We work to create a dynamic work- climate footprint and work closely place where collective intelligence, with our suppliers and customers diverse backgrounds, and experience to reduce waste and minimise our come together to support Karo activities' environmental impact. Pharma's purpose. Net sales and EBITDA, Net sales 2016-2020 SEK m EBITDA 03. Partners 07. Shareholders We aim to be a trusted partner to all We aim to provide best-in-class 347 our stakeholders. To each one, we risk-adjusted economic returns 2016 52 act as effective problem solvers with to our owners and deliver on our 658 a win-win mindset and a high level of promises to the market. We do 2017 integrity. this by executing our strategy and 169 delivering on our purpose. 1,615 2018 04. Customers and healthcare 632 professionals 1,901 We engage with customers and 2019 healthcare professionals to ensure 492 we meet consumer needs and 2,883 2020 simplify their choices. The insights 725 we gather inspire our product and service development. 8 Management review 9 Management review “We enter 2021 stronger and Letter from the CEO more focused than we were a year ago, ready to take the next steps on Karo Pharma's development and expansion journey.” – Christoffer Lorenzen, CEO, Karo Pharma All this means that we enter 2021 stronger and more Making focused than we were a year ago, ready to take the next steps on Karo Pharma’s development and expansion journey. In 2021, we will continue to develop our commer- good cial capabilities, expand geographically and continue our M&A activities. At the very end of 2020, we established a subsidiary in Italy, and getting this business off to a good start is a priority. In Q1 2021, we on our announced the acquisition of a portfolio of products from Teva Pharmaceuticals. The transaction is in full alignment with our strategy of owning and commer- cialising strong consumer brands within everyday purpose healthcare, and it works to further strengthen our consumer healthcare profile. Increasing our efforts within sustainability is high on our agenda for 2021 as well. We want to find new and better ways of producing, packaging and distributing our products to reduce our environmen- tal impact. Specifically, we are mapping our CO2 In last year’s Annual Report, we introduced Karo meritocracy we are, by definition, a diverse, equal Despite COVID-19, we’ve continued to develop our footprint in order to identify gaps and prioritise our Pharma’s new purpose, Smart choices for everyday opportunities employer. At the time of writing, 50% business at a fast pace. Our new businesses in the efforts. We are also reviewing our product packaging healthcare. Our purpose addresses an important of our managers are women as are 50% of my UK, Switzerland, Germany and Austria are devel- to reduce our footprint and cut waste. societal agenda around health and quality of life. leadership team. oping well. The integration of Trimb is complete, and Karo Pharma is fortunate to have a team of highly It’s about playing our part in raising the standard of COVID-19 has challenged us in 2020. Like many the take-over and integrations of the product port- engaged colleagues and managers. We embark on health and well-being in society by offering people other businesses, we’ve had to work hard with our folio acquisitions from Leo Pharma and Johnson & 2021 with confidence and resolve, and we will con- excellent healthcare products and services. Driven partners to keep our products available. Overall, our Johnson are progressing according to plan. tinue to push our business and promote our purpose by this, we engage with customers, healthcare pro­­ supply chain has stood up well, which testifies to During 2020, we’ve simplified our commercial of providing smart choices in everyday healthcare fes sionals and consumers to raise awareness about our strong supplier relationships. We’ve adjusted to set-up by divesting the Hospital Supply business forward. treat ments and break down the barriers that pre- social distancing and lower traffic in physical stores, to the private Swedish investment firm J2L. We’ve vent people from seeking treatment for everyday as well as shifts in consumer behaviour, including also continued to develop our scalable business health problems. And we make sure our products more online purchasing and switching of consump- platform, upgrading systems and tools to help us Christoffer Lorenzen, are accessible, safe, reliable and optimised to meet tion from pharmacies to food and convenience better capture, manage and exploit our data.
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